Document:

Exhibit
10.7

***
text ommitted and filed seperately

confidential
treatment requested

under
17 c.f.r.§§200.80(b)(4) and 240.24b-2

rgn-137
LICENSE Agreement

 

This License Agreement (this “Agreement”
or this “License Agreement”) is effective as of March 7, 2014 (the “Effective Date”) by and
between RegeneRx Biopharmaceuticals, Inc., a company organized and existing under the laws of the state of Delaware, with offices
at 15245 Shady Grove Road, Suite 470, Rockville, Maryland, U.S.A. (hereinafter “Licensor”), and Digital Aria
Co., Ltd. with offices at 22nd FL, Parkview Tower, 248 Jungjail-ro, Bundang-gu, Seongnam-si, Gyeonggi-do 463-863, Republic
of Korea (hereinafter “Licensee”), each a “Party” and, collectively, the “Parties.”

 

Recitals

 

WHEREAS, Licensor is engaged in the business
of developing biopharmaceutical products, including the clinical development of a drug candidate referred to as RGN-137 which utilizes
Tβ4 (as defined herein) as the biologically active ingredient;

 

WHEREAS, Licensee is engaged in the business
of developing, marketing, manufacturing, and distributing biopharmaceutical products;

 

WHEREAS, Licensee wishes to obtain the rights
to develop, manufacture finished product and commercialize the Licensed Product in the Field, in the Territory (as each such term
is defined herein); and

 

WHEREAS, Licensor and Licensee wish to specify
certain terms relating to the manufacture and supply of the Licensed Product and/or the API (as defined herein).

 

NOW, THEREFORE, in consideration of the premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Section
1. Definitions

 

As used in this Agreement, the following capitalized
terms shall have the following meanings:

 

“Affiliate” shall mean,
with respect to a Person, any Person that Controls, is Controlled by or is under common Control with such first Person. For purposes
of this definition only, “Control” means (a) to possess, directly or indirectly, the power to direct the management
or policies of a Person, whether through ownership of voting securities, or by contract relating to voting rights or corporate
governance, or (b) to own, directly or indirectly, at least fifty percent (50%) of the outstanding voting securities or other ownership
interest of such Person.

 

“Agreement” shall have
the meaning given such term in the preamble.

 

“API” shall mean Tβ4
in the form of an active ingredient to be utilized as a component in the Licensed Product.

 

“Challenge” shall have the meaning given
such term in Section 8.8(b).

 

“Change of Control” shall mean, with respect
to a Party, the occurrence of any of the following:

 

(a) any consolidation, merger, recapitalization
or reorganization of a Party with or into any Third Party, or any other corporate reorganization involving a Third Party (“Merger”),
as long as the stockholders of such Party immediately prior to the Merger own less than fifty percent (50%) of the surviving entity’s
voting power immediately after the Merger;

 

    	1 | Page

    	 

    

 

(b) a change in the beneficial ownership
of more than fifty percent (50%) of the voting securities of any Party (whether in a single transaction or series of related transactions)
where, immediately after giving effect to such change, the legal or beneficial owner of more than fifty percent (50%) of the voting
securities of such Party is a Third Party.

 

(c) the sale, transfer, lease, license or
other disposition to a Third Party of all or substantially all of a Party’s assets, to which this Agreement relates, in one
or a series of related transactions.

 

“Commercialization Plan”
shall have the meaning given such term in Section 4.1.

 

“Commercially Diligent
Efforts” shall mean, with respect to the development and commercialization by Licensee of at least one Licensed Product,
the level of efforts and resources generally used by similarly situated pharmaceutical companies marketing compounds or products
throughout the Territory (including internally developed, acquired and in-licensed compounds or products) with similar commercial
potential at a similar stage in their lifecycle (assuming continuing development of such product).

 

“Confidential Information”
shall mean any and all information, data, results, Inventions, trade secrets, techniques, material, or compositions of matter of
any type or kind, including without limitation all Know-How and all other scientific, pre-clinical, clinical, regulatory, manufacturing,
marketing, personnel, financial, legal and commercial information or data, whether communicated in writing, orally or by any other
method, that a Party treats or identifies as confidential and, in each case, is disclosed by one Party to the other Party under
this Agreement.

 

“Control”, “Controls”
and “Controlled” shall mean, with respect to a particular item of information or intellectual property right,
that the applicable Party or any Affiliate of such Party owns or has a license to such item or right and has the ability to grant
to the other Party access to and a license or sublicense (as applicable) under such item or rights as provided for herein without
violating the terms of any agreement or other arrangement with any Third Party existing as of the Effective Date or thereafter.

 

“Development Plan” shall
have the meaning given such term in Section 3.1.

 

“Disclosing Party” shall
have the meaning given such term in Section 9.1.

 

“Distributor” shall mean
any Third Party appointed by Licensee to distribute, market and sell Licensed Product purchased from Licensee or any of its Affiliates
(regardless of whether such Third Party has the right or obligation to provide packaging or labeling services with respect to such
Licensed Product).

 

“Effective Date” shall
have the meaning given such term in the preamble.

 

“FDA” shall mean the United
States Food and Drug Administration or any successor U.S. governmental agency performing similar functions.

 

“Field” shall mean the
treatment of all human dermal diseases and conditions in the Territory using Tβ4 in any formulation delivered topically to
the dermis, provided, however, that “Field” shall not include any use of the Licensed Product incorporated into the
form of any type of cosmetic or food product.

 

    	2 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

“First Commercial
Sale” shall mean the initial sale of Licensed Product by or on behalf of Licensee, its Affiliates, Sublicensees or Distributors
in exchange for cash or some equivalent to which value can be assigned for the purpose of determining Net Sales in the Territory
following Regulatory Approval of the Licensed Product in the Territory. For clarity, First Commercial Sale shall not include transfers
of Licensed Product at below cost by or on behalf of Licensee, its Affiliates, Sublicensees or Distributors in connection with
compassionate use, emergency use, treatment INDs, or the like authorized by the FDA or any corresponding Governmental Authorities
in the Territory.

 

“GAAP” shall mean, in the
case of the Licensor, Generally Accepted Accounting Principles recognized in the United States, and in the case of the Licensee,
Generally Accepted Accounting Principles recognized in the Republic of Korea.

 

“Generic or Branded Generic”
shall mean a drug product containing the same active ingredients as Licensed Products and is subject to the regulations of the
governments of countries where they are dispensed and is comparable to brand/reference listed drug product in dosage form, strength,
route of administration, quality and performance characteristics, and intended use.

 

“GCP”
shall mean the then current good clinical practices as defined in U.S. Regulations 21 C.F.R. §§ 50, 54, 56, 312 and 314,
the International Conference of Harmonization (ICH) E6 “Good Clinical Practice: Consolidated Guidance,” and in any
successor regulation or any official guidance documents issued by a Governmental Authority.

 

“GLP”
shall mean the then current good laboratory practice standards as defined by the FDA pursuant to 21 C.F.R. Part 58, and in any
successor regulation or any official guidance documents issued by a Governmental Authority.

 

“GMP” shall mean the then
current good manufacturing practices as defined by the FDA pursuant to 21 C.F.R. §§ 210 and 211 and in any successor
regulation or any official guidance documents issued by a Governmental Authority.

 

“Governmental Action” shall
have the meaning given such term in Section 13.2(b).

 

“Governmental Authority”
shall mean: (i) any national, federal, provincial, state, municipal or other governmental body in any jurisdiction in the Territory
or elsewhere, (ii) any international or multi-lateral body, (iii) any subdivision, ministry, department, secretariat, bureau,
agency, commission, board, instrumentality or authority of any of the foregoing governments or bodies, (iv) any quasi-governmental
or private body exercising any regulatory, expropriation or taxing authority under or for any of the foregoing governments or bodies,
or (v) any international, multi-lateral, or multi-national judicial, quasi-judicial, arbitration or administrative court, grand
jury, tribunal, commission, board or panel, in each case having jurisdiction over the jurisdiction in the Territory.

 

“ICC Rules” shall have
the meaning given such term in Section 14.8(c).

 

“IND” shall mean an investigational
new drug application filed with the FDA.

 

“Indemnified Party” shall
have the meaning given such term in Section 11.3.

 

“Indemnifying Party” shall
have the meaning given such term in Section 11.3.

 

    	3 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

“Intellectual Property”
shall mean any Inventions, Patents, patent rights, utility models, copyrights, trade secrets, Trademarks, service marks, Know-How,
technical information and all other intellectual property rights.

 

“Invention” shall mean
any process, method, use, composition of matter, article of manufacture, discovery, finding or invention, whether or not patentable.

 

“Joint Development Committee”
shall have the meaning given such term in Section 3.4.

 

“Joint Inventions” shall
have the meaning given such term in Section 8.2(c).

 

“Know-How” shall mean all
tangible and intangible (i) techniques, technology, practices, trade secrets, methods, knowledge, know-how, skill, experience,
test data and results (including pharmacological, toxicological and clinical test data and results), analytical and quality control
data, results or descriptions, software and algorithms, and (ii) compounds, compositions of matter, and physical, biological or
chemical material.

 

“Laws” shall mean (i) all
constitutions, treaties, laws, statutes, codes, ordinances, guidance, orders, decrees, rules, regulations, and municipal by-laws,
whether domestic or international, anywhere in the Territory or as may otherwise be agreed in writing between the Parties, (ii)
all judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Authority, and (iii) all
policies, practices and guidelines of any Governmental Authority.

 

“Licensed Know-How”
shall mean Know-How owned or Controlled by Licensor that exists as of the Effective Date or at any time thereafter during the Term,
in each case that is necessary or useful for the development, registration, manufacture, promotion, marketing, distribution, or
sale of the Licensed Product in the Field in the Territory.

 

“Licensed Patents” shall
mean the Patents owned or Controlled by Licensor as of the Effective Date (as listed in Exhibit A hereto), to the extent that
such Patents disclose or claim the Licensed Product as well as any future Patents owned or Controlled by Licensor or its Affiliates
during the Term, to the extent that such future Patents disclose or claim the Licensed Product.

 

“Licensed Product” shall
mean the Licensor’s drug candidate referred to as RGN-137 that utilizes Tβ4 as at least one of the biologically active
ingredients and/or improvements thereto developed or acquired by or on behalf of Licensor for the Field in the Territory, in each
case to the extent such improvements are owned or Controlled by Licensor. The term “Licensed Product” shall include
both clinical and commercial applications of any such product.

 

“Licensee” shall have the
meaning given such term in the preamble.

 

“Licensee Inventions” shall
have the meaning given such term in Section 8.2(a).

 

“Licensee Product Data”
shall have the meaning given such term in Section 13.3(b)(i).

 

“Licensor” shall have the
meaning given such term in the preamble.

 

“Licensor Inventions” shall
have the meaning given such term in Section 8.2(b).

 

“Losses” shall have the meaning
given such term in Section 11.1.

 

    	4 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

“Marketing Approval” shall
mean all approvals, licenses, registrations, or authorizations of a Regulatory Authority in any jurisdiction of the Territory necessary
for the manufacture, use, storage, marketing, importation or sale of the Licensed Product in such jurisdiction.

 

“Marketing Year” shall
mean the period commencing on the date of the first Marketing Approval in any country in the Territory and ending on December 31
of the same year. Thereafter, and for the duration of this Agreement, each subsequent Marketing Year will correspond to a calendar
year period (i.e., from January 1 to December 31).

 

“Net Sales” shall mean
the gross receipts for sales made by Licensee, its Affiliates, Sublicensees and Distributors of the Licensed Product to other
independent buyer(s) in bona fide arm’s length transactions, less the following deductions with respect to such sale, to
the extent applicable to the Licensed Product and to the extent actually allowed and taken: (i) quantity and/or cash discounts
actually allowed or taken to the extent customary; (ii) customs, duties, excise taxes, if any, directly related to the sale of
the Licensed Product and actually paid; (iii) amounts allowed by reason of rejections and return of goods; (iv) Third-Party rebates
related to the sale of the Licensed Product; and (v) import tax, value-added tax and other similar sales taxes related to
the sale of the Licensed Product, all to the extent in accordance with GAAP as consistently applied across all products of Licensee.
No deductions shall be made for commissions paid to individuals, whether with independent sales agencies or regularly employed
by Licensee, its Affiliates, Sublicensees or Distributors, and on its payroll, or for the cost of collections. On sales made in
other than in arm’s length transaction, the value of Net Sales attributed to such a transaction shall be that which would
have been received in an arm’s length transaction, based on sales of like quantity and quality products on or about the time
of such transaction.

 

“Panel” shall have the
meaning given such term in Section 14.8(c)(i).

 

“Parties” and “Party”
shall have the meanings given such terms in the preamble.

 

“Patents” shall mean any
and all patents and/or patent applications, and any patents issuing on such patent applications, as well as any continuations,
divisions, reissues and re-examinations of any of the foregoing.

 

“Person” shall mean an
individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization,
including a government or political subdivision, department or agency of a government.

 

“PHS” shall mean the National
Institutes of Health, the Centers for Disease Control, and/or the FDA, agencies of the United States Public Health Service within
the Department of Health and Human Services.

 

“PHS License” shall mean
the Patent License Agreement, dated as of February 6, 2001, between PHS and Licensor, attached hereto as Exhibit B.

 

“Product Liability Claim”
shall mean any Third Party proceedings involving any actual or alleged death or bodily injury arising out of or resulting from
the use of the Licensed Product sold by Licensee or its Sublicensees.

 

“Prohibited List” shall
mean (a) the HHS/OIG List of Excluded Individuals/Entities (available through the Internet at http://www.oig.hhs.gov); (b)
the General Services Administration’s List of Parties Excluded from Federal Programs (available through the Internet at http://www.epls.gov);
and (c) the FDA Debarment List (available through the Internet at http://www.fda.gov/ora/compliance_ref/debar/).

 

    	5 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

“Prosecute” shall have
the meaning given such term in Section 8.5(a).

 

“Receiving Party” shall
have the meaning given such term in Section 9.1.

 

“Regulatory Approval” shall
mean any and all approvals (including, to the extent necessary, pricing approvals), licenses, registrations or authorizations of
any Governmental Authority, necessary for the promotion, development (including without limitation the conduct of clinical trials),
marketing, distribution, manufacture, sale or importation of a Licensed Product.

 

“Regulatory Authority”
shall mean any applicable Governmental Authority in any jurisdiction in the Territory from which Regulatory Approval is required
to be obtained.

 

“Regulatory Laws”
shall mean all applicable Laws governing (i) marketing approval or clearance, import, export, testing, investigation, development,
manufacture, packaging, labeling, handling, storage, distribution, installation, servicing, marketing, or sale, (ii) recordkeeping
and reporting obligations, (iii) recalls, or (iv) similar regulatory matters, with respect to the Licensed Product.

 

“Relevant Period”
shall mean the period starting from the Effective Date and ending on (i) the expiration of the last-to-expire valid and applicable
Licensed Patent within the Territory or (ii) the fifteenth (15th) anniversary of the First Commercial Sale of the Licensed
Product in the Territory, whichever is later.

 

“RGN-259 Agreement”
shall mean that certain RGN-259 License Agreement dated as of even date herewith and executed concurrently herewith between the
Parties.

 

“Royalty Term” shall mean
the period commencing on the First Commercial Sale and ending at the expiration of or the effective date of termination of this
Agreement.

 

“Sublicensee” shall mean
any Affiliate or Third Party to whom Licensee sublicenses any rights as permitted by Section 2.1(d).

 

“Tβ4” shall mean the
43 amino acid peptide commonly referred to as Thymosin Beta 4.

 

“Territory” shall mean
the United States of America.

 

“Third Party” shall
mean any Person other than Licensor, Licensee, and Affiliates of either Party.

 

“Trademark” shall mean
any trademark, trade dress, brand mark, trade name, brand name, logo, business symbol or other similar indicia of origin.

 

“Valid Claim” shall mean
a claim of an issued and unexpired Licensed Patent, that has not been revoked or held unenforceable or invalid by a decision of
a court or other Governmental Authority of competent jurisdiction, and that is not appealable or has not been appealed within the
time allowed for appeal, and that has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through
reissue, re-examination, disclaimer or otherwise.

 

    	6 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

Section
2.  License Grant and Other Rights

 

2.1           License
Grants to Licensee

 

(a)          Non-Exclusive
License to Use to Develop. Subject to the terms of this Agreement, Licensor hereby grants to Licensee a non-exclusive, irrevocable
(except as otherwise provided for in this Agreement and in the PHS License), royalty-free license to use the Licensed Patents and
the Licensed Know-How to develop the Licensed Product in the Field in the Territory.

 

(b)          Exclusive
License to Make and Sell. Subject to the terms of this Agreement, Licensor hereby grants to Licensee an exclusive irrevocable
(except as otherwise provided for in this Agreement and in the PHS License) royalty-bearing license to use the Licensed Patents
and the Licensed Know-How to manufacture, offer to sell, sell and import the Licensed Product in the Field in the Territory.

 

(c)          Early
Termination of License. Subject to the terms of this Agreement, the License granted to Licensee in the Territory shall terminate
if Licensee does not initiate and begin enrollment of patients in at least one Phase 2 dermal clinical trial within the Territory
within three (3) years from the execution date of this Agreement. In such a case, this Agreement shall be automatically terminated.

 

(d)        Sublicensing.

 

(i)          Licensee
shall be entitled to sublicense any or all of the rights granted to Licensee pursuant to Sections 2.1(a) and 2.1(b) to any
of its Affiliates or Third Party upon thirty (30) days’ prior written notice to Licensor (subject to Licensor’s approval,
which approval shall not be unreasonably withheld), which notice shall include the identity of such Affiliate or Third Party.

 

(ii)         All
sublicenses granted to Affiliates or Third Parties pursuant to Section above 2.1(d)(i) shall be subject to all terms, conditions,
obligations and covenants of this Agreement and all applicable provisions of the PHS License. No sublicense shall relieve Licensee
of any of its obligations hereunder.

 

(e)        No
Further Licenses. Except for the licenses granted to Licensee pursuant to Sections 2.1(a) and 2.1(b) no further rights
or licenses are granted to Licensee in or under this Agreement, whether expressly or by implication.

 

(f)        Licensor’s
Retained Rights. Notwithstanding the rights granted to Licensee in Sections 2.1(a) and 2.1(b) and without limiting the generality
of Section 2.1(g), Licensor retains the rights to:

 

(i)          conduct
or have conducted clinical trials and other studies involving the Licensed Product in the Territory for the generation of data
in support of regulatory submissions to the Regulatory Authorities outside the Territory; or

 

(ii)         conduct
activities in the Territory with respect to the manufacture, formulation and processing of the Licensed Product for use and commercialization
outside the Territory.

 

(g)        Negative
Covenant. Licensee covenants that it will not, and it will not permit any of its Affiliates to, use or practice any Licensed
Patents and Licensed Know-How outside the scope of the license granted to it under Sections 2.1(a) and 2.1(b) above.

 

    	7 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

2.2           Transfer
of Licensed Know-How. Upon the reasonable request of Licensee and at no cost to Licensee, Licensor shall promptly provide Licensee
with such tangible embodiments of the Licensed Know-How as are in Licensor’s possession or control so as to permit Licensee
to enjoy the licenses granted to it pursuant to Sections 2.1(a) and 2.1(b).

 

2.3           Use
of Affiliates. At Licensor’s option, any of Licensor’s rights under this Agreement may be exercised by any Affiliate
of Licensor. Further, at Licensor’s option, any of Licensor’s obligations under this Agreement may be performed by
any Affiliate of Licensor, and such obligations will be deemed satisfied upon performance by such Affiliate. For the avoidance
of doubt, nothing contained in this Article 2.3 shall relieve Licensee of any of its obligations hereunder unless fully performed
by its Affiliate.

 

2.4           PHS
Reserved Rights. Notwithstanding anything contained in Section 2.1 to the contrary, Licensee:

 

(a)          acknowledges
that PHS has retained certain rights and interests in the Licensed Patents pursuant to the PHS License;

 

(b)          agrees
that the provisions of the PHS License contained in Exhibit C shall be binding on Licensee and its successors as if Licensee
or its successors were the licensee under the PHS License; and

 

(c)          shall
assist Licensor in complying with Licensor’s obligations under the PHS License.

 

Section
3. Development

 

3.1           Development
Plan.

 

(a)          Initial
Development Plan. Licensee shall carry out all development activities with respect to the Licensed Product in the Territory
in accordance with a development plan as agreed upon in writing by the Parties (the “Development Plan”).

 

(b)          Development
Activities. For purposes of this Agreement, development activities shall mean all activities that are reasonably required to
obtain Regulatory Approval of the Licensed Product in the Territory, including without limitation toxicology, in vitro testing,
in vivo testing, in silico testing, stability testing, statistical analysis and report writing, packaging and regulatory affairs,
preclinical studies and clinical trials.

 

3.2           Content
of Development Plans. The Development Plan (as amended after the Effective Date) shall include, to the extent applicable, (i)
the identity of the Licensed Product to be developed, (ii) a description of the overall program of development for such Licensed
Product through Regulatory Approval in the Territory, (iii) a description of the development activities including preclinical
studies, pharmacology, toxicology, formulation, clinical pharmacology studies, clinical studies and regulatory plans and other
key elements necessary to obtain Regulatory Approval for the Licensed Product, (iv) specific plans and protocols for clinical studies,
including Licensee’s good faith forecast of the quantity of clinical supplies of API that Licensee will require, (v) a
schedule for all such activities, and (vi) specific tentative deadlines for meeting specified regulatory milestones.

 

    	8 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

3.3           Updates
and Amendments to the Development Plan. The Parties shall amend the Development Plan at least once every twelve (12) months
to expand and refine the description of the activities specified in the initial Development Plan or other then current Development
Plan and to add other development activities, and the anticipated schedule and budgets for all such activities. Such amended Development
Plan shall become effective only upon the approval of the Joint Development Committee. If the Parties fail to update the Development
Plan as required by this Section 3.3 the most recently approved Development Plan shall continue in effect until such time as an
amended Development Plan becomes effective.

 

3.4           Joint
Development Committee. Within ninety (90) days from the Effective Date, the Parties shall establish a joint development committee
(the “Joint Development Committee”) to coordinate and oversee the development of the Licensed Product in the
Territory.

 

(a)          Composition
of the Joint Development Committee. The Joint Development Committee shall be comprised of an equal number of representatives
from each Party, initially consisting of four persons (two persons from each Party), each of whom has relevant experience and skill
appropriate for service on the Joint Development Committee, such as heads of clinical, manufacturing, and commercial development.
The Parties may establish and later change the number of representatives that each Party has on the Joint Development Committee,
as long as an equal number of representatives from each Party is maintained (unless such Party desires to have fewer representatives).
Each Party may change any of its representatives on the Joint Development Committee at any time upon notice to the other Party.

 

(b)          Decisions
of the Joint Development Committee. Except as otherwise provided in this Agreement, in the event that the Joint Development
Committee cannot reach a decision in any matter properly before it, Licensee shall have final decision-making authority with respect
to such matter, including approval and amendments of the Development Plan; provided, however, that any such matter under dispute
shall first be referred to the Parties’ respective Presidents or chief executive officers, for attempted resolution by good
faith negotiations within fourteen (14) days; further provided, that any final decision made by Licensee shall (i) be consistent
with the terms of this Agreement (including Licensee’s diligence obligations hereunder); (ii) not materially affect the rights
and obligations of Licensor under this Agreement without Licensor’s consent; (iii) not materially affect the development,
manufacture or commercialization of the Licensed Products outside the Field and/or outside the Territory, as reasonably determined
by Licensor.

 

(c)          Activities
of the Joint Development Committee. The Joint Development Committee shall be responsible for establishing and approving the
Development Plan.

 

(d)          Meetings
of the Joint Development Committee. The Joint Development Committee shall hold its first meeting within ninety (90) days after
the Effective Date and shall meet thereafter on a schedule and at locations mutually determined by the Parties. The Joint Development
Committee will convene at least monthly by teleconference and periodically in person either in Korea or in the U.S. to discuss
and agree on the development of the Licensed Products in the Territory and share information relating thereto. Ad hoc meetings
of the Joint Development Committee may be called by either Party upon reasonable advance notice to the other. Subject to the Parties’
mutual agreement, regular and ad hoc meetings may be face-to-face or by teleconference or videoconference.

 

(e)          Joint
Development Committee Expenses. Each Party shall bear the expense of the participation of its representatives on the Joint
Development Committee and in Joint Development Committee meetings.

 

    	9 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

3.5           Clinical
Trials. Licensee shall be responsible for conducting or having conducted all clinical trials of the Licensed Product in the
Territory and for paying all fees, costs and other expenses associated therewith.

 

3.6           Regulatory
Approvals. Licensee shall be responsible for obtaining and maintaining all Regulatory Approvals necessary to conduct such clinical
trials and for paying all fees, costs and other expenses associated therewith.

 

3.7           Licensor’s
Cooperation. As reasonably requested by Licensee, Licensor shall cooperate with and assist Licensee in obtaining any Regulatory
Approvals necessary to conduct clinical trials and commercialization of the Licensed Product in the Territory. In connection therewith,
Licensor shall provide Licensee upon request with copies of any regulatory materials and/or data as are reasonably necessary for
these purposes.

 

3.8           Clinical
Supply of Licensed Product.

 

(a)          Clinical
Supply. Licensor shall supply Licensee with up to a combined total of fifty (50) grams free of charge of the API as required
by Licensee in order to conduct development activities in accordance with the Development Plan hereunder and the Development Plan
as defined in the RGN-259 Agreement, including clinical trials of the Licensed Product hereunder and as defined therein.

 

(b)          Clinical
Supply Costs. Subject to the other provisions hereof, Licensor shall supply API for clinical trials required by Licensee over
and above the fifty (50) grams as provided in Section 3.8(a), at Licensor’s cost plus fifteen percent (15%). In all cases,
Licensee shall be responsible for the cost of formulating, filling and finishing Licensed Product in accordance with applicable
Laws in the relevant jurisdiction.

 

3.9           Diligence.
Notwithstanding anything specified in any Development Plan, Licensee shall at all times exert no less than Commercially Diligent
Efforts to develop the Licensed Product in the Territory, including seeking Regulatory Approval and Marketing Approval of the Licensed
Product in the Territory. Licensee shall require any Affiliates, Sublicensees, and/or Third Parties it uses to develop the Licensed
Product to use such efforts on Licensee's behalf.

 

Section
4. Commercialization of Licensed Product 

 

4.1           Commercialization
Plan.

 

(a)          Initial
Commercialization Plan. Licensee shall provide Licensor with the plan for commercialization of the Licensed Product in the
Territory (the “Commercialization Plan”) and carry out all commercialization activities with respect to the
Licensed Product in the Territory. The initial Commercialization Plan shall be provided to Licensor within ninety (90) days from
the expected First Commercial Sale date within the Territory.

 

(b)          Commercialization
Activities. For purposes of this Agreement, commercialization activities shall mean all appropriate activities undertaken before
and after Regulatory Approval relating specifically to the marketing, sale and distribution of the Licensed Product in the Territory,
including, without limitation, (i) sales force detailing, advertising, education, planning, marketing, sales force training and
distribution, (ii) scientific and medical affairs, and (iii) pricing and related terms for the Licensed Product.

 

    	10 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

4.2           Content
of Commercialization Plan.

 

(a)          Description
of Activities. The Commercialization Plan (as amended, if needed) shall include a reasonable description of the activities
that Licensee shall undertake in order to market the Licensed Product in the Territory, including, but not limited to, (i) media
marketing plans, promotional activities and similar matters, including detailed budgets, and (ii) the identity of intended major
Distributors and Sublicensees, if any.

 

(b)          Net
Sales Targets. The Parties acknowledge that, as of the Effective Date, specific Net Sales targets in any Marketing Year are
difficult to determine. The Commercialization Plan shall specific a broad range of Net Sales targets that will be refined and updated
in amendments to the Commercialization Plan as the Licensed Product in the Territory approaches Regulatory Approval.

 

4.3           Amendments
to the Commercialization Plan. The Parties shall amend the Commercialization Plan at least once every twelve (12) months after
the First Commercial Sale to refine the description of the activities specified in the initial Commercialization Plan and any subsequently
amended Commercialization Plan, and to add other commercialization activities, to update the anticipated schedule and budgets for
all such activities, and to update the Net Sales targets. Such amended Commercialization Plan shall comply with the provisions
of Section 4.2. If the Parties fail to update the Commercialization Plan as required by this Section 4.3, the most recently
approved Commercialization Plan shall continue in effect until such time as an amended Commercialization Plan becomes effective
pursuant to this Section 4.3.

 

4.4           Diligence.
Licensee shall at all times exert no less than Commercially Diligent Efforts to promote, market and distribute at least one Licensed
Product in the Territory. Licensee shall require any Affiliates, Sublicensees, Distributors, and/or other Third Parties it uses
to promote, market and distribute the Licensed Product to use such efforts on Licensee's behalf.

 

4.5           Notification
of Benchmarks and Milestones. Licensee shall report in writing to Licensor the date of the First Commercial Sale in the Territory
and the achievement of any milestone specified in this Agreement within ten (10) days of such occurrences.

 

Section
5. Manufacture and Supply of Licensed Product 

 

5.1           Supply
Terms. Licensee shall purchase all of its commercial requirements of API from Licensor at a cost plus price to be discussed
and agreed upon by the Parties, subject to Licensor’s ability to deliver required amounts of API pursuant to the terms of
a commercial supply agreement to be negotiated by the Parties. Upon reasonable request by Licensee, Licensor shall provide Licensee
with data supporting its calculation of cost in reasonable details. Licensee shall be entitled to manufacture or source API from
suppliers of its choice, only if Licensor is unable or unwilling to provide API according to the terms herein. In such a case,
Licensor shall promptly identify and introduce to Licensee one or more alternative sources of API which together shall possess
adequate capacity to supply such required amount of API to Licensee.

 

5.2           Manufacturing
License. Licensor hereby grants to Licensee the rights under the Licensed Patents and Licensed Know-How as may be necessary
in order for Licensee to manufacture or have manufactured by an Affiliate or by a Third Party the API, pursuant to Section 5.1
and the Licensed Product in the Territory for the sole purpose of exercising the licenses granted to Licensee pursuant to Sections 2.1(a)
and 2.1(b).

 

    	11 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

Section
6. Royalties, License Fees and Equity Investments 

 

6.1           Royalties.

 

(a)          During
the Royalty Term, on a semi-annual basis, Licensee shall pay Licensor royalties equal to [***] and [***] percent [***] % of aggregate
annual Net Sales. Each such payment shall be due and payable no later than sixty (60) days after the end of the semi-annual period
ending on December 31st and June 30th, in which the applicable Net Sales were made. In case any Generic/Branded
Generic of any Licensed Product by any Third Party becomes commercially available in the Territory without a direct or indirect
agreement with the Licensee, its Affiliates or their Sublicensees or Distributors and such Generic/Branded Generic taken in the
aggregate have according to IMS or similar data source a market share (in terms of unit quantity) in the Territory of at least
30% (thirty percent), then the royalties’ rate applicable and payable by Licensee on the Net Sales in the Territory will
be reduced by fifty percent (50%).

 

(b)          If
it is necessary for Licensee to obtain a license from a Third Party under any Patent in the Territory in order to use, make, or
sell a Licensed Product and Licensee obtains such a license, Licensee may deduct, from the royalty payment that would otherwise
have been due pursuant to Section 6.1(a) with respect to Net Sales of the applicable Licensed Product in the Territory in a particular
applicable semi-annual period an amount equal to fifty percent (50%) of the royalties paid by Licensee to such Third Party pursuant
to such license on account of the sale of such Licensed Product in the Territory during such applicable semi-annual period.

 

6.2           License
Fee and Equity Investment.

 

(a)          On
February 10, 2014, Licensee paid Licensor US$150,000 as a license fee ($50,000 of which is to be allocated to this RGN-137 License)
pursuant to the terms set forth in the Binding Term Sheet that was executed between the Parties on February 7, 2014, the receipt
of which is hereby acknowledged by Licensor.

 

(b)          Licensee
shall purchase US$1.35 million of Licensor common stock by March 28, 2014 at a price of US$0.12 per share.

 

(c)          Licensee
shall purchase US$1.0 million of Licensor common stock by August 31, 2014 at a price of US$0.12 per share.

 

(d)          A
failure of Licensee to make payments pursuant to Sections 6.2(a) and 6.2(c) by the deadlines set forth herein shall constitute
a breach of material obligation under Section 13.1(a) and give Licensor the right to terminate this Agreement as provided in Section
13. For the avoidance of doubt, the equity investments provided in this Section 6.2 refer to the same equity investments provided
in the Section 6.2 of the RGN-259 Agreement.

 

6.3           Equity
Investment Option. Licensor hereby grants Licensee an option to purchase 5.5 million shares of Licensor common stock in a single
tranche at a price of US$0.15 per share, at any time during the period commencing on the date hereof and expiring on January 31,
2015. Upon exercise of the option, Licensee shall immediately pay the entire sum due. For the avoidance of doubt, the equity investment
option provided in this Section 6.3 refers to the same equity investment option provided in the Section 6.3 of the RGN-259 Agreement.

 

    	12 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

6.4           Commercial
Milestone Payments.

  

(a)          Licensee
shall promptly pay to Licensor a non-refundable sum of US$[***] upon the First Commercial Sale of Licensed Product in the Territory.

 

(b)          Licensee
shall promptly pay to Licensor a non-refundable sum of US $[***] million upon obtaining US $[***] million of aggregate, cumulative
commercial Net Sales of Licensed Product in the Territory (one time only), and Licensee shall pay to Licensor such US $[***] million
in three equal installments of US $[***] million per year for three (3) consecutive years with the first payment due by the thirtieth
(30th) day from obtaining the Net Sales defined hereunder and the two (2) subsequent payments due on the first and second
anniversary of such first due date.

 

6.5           Royalty
Reports. Licensee shall furnish to Licensor on each of March 1 and September 1 of each calendar year during the Royalty Term,
a complete, detailed and accurate written report for the preceding six month period from the prior report showing (i) the
gross amount of sales, on an item-by-item basis, of Licensed Products by Licensee, Sublicensees and Distributors to independent
buyers (whether an end-user, wholesaler or otherwise) in bona fide arm’s length transactions; (ii) the adjustments resulting
from the deductions in the definition of “Net Sales; (iii) total Net Sales and (iv) the conversion into United
States Dollars, pursuant to Section 6.7, of any such Net Sales made in another currency; and (v) the calculation of royalties
due.

 

6.6           Manner
of Payments. All payments due Licensor under this Agreement shall be payable in United States Dollars by wire transfer of immediately
available funds to such bank account(s) as Licensor shall designate, or by such other method as Licensor may reasonably designate.

 

6.7           Exchange
Rate. When converting any amount in another currency into United States Dollars, Licensee shall use an exchange rate
equal to New York foreign exchange rate quoted in the Wall Street Journal on the business day that is five (5) days prior
to the date a payment under this Agreement is due.

 

6.8           Interest
on Late Payments. Any payment not paid within thirty (30) calendar days from the date such payment is due under this Agreement
shall be subject to interest from and including the date such payment is due through and including the date such payment is actually
made at an annual rate equal to the sum of two percent (2%) plus the annual prime rate of interest quoted in the Money Rates Section of
the Wall Street Journal calculated daily on the basis of a 365-day year, or, if such rate is not available for any reason,
similar reputable data source, or, if lower, the highest rate permitted under applicable law. The payment of such interest shall
not limit Licensor from exercising any other rights it may have as a consequence of the lateness of any payment.

 

6.9           Records;
Audit Rights.

 

(a)          Records.
Licensee shall maintain, and shall require its Affiliates, Sublicensees and Distributors to maintain, during the Term and for a
period of five (5) years thereafter, complete, detailed and accurate books and records in connection with the sale of Licensed
Product as necessary to allow the accurate determination of any and all financial and accounting information relevant to either
Party’s payment obligations hereunder, including without limitation as necessary for the calculation of the royalties due
to Licensor hereunder.

 

    	13 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

(b)        Audit
Rights.

 

(i)          Licensor
or its representative shall have the right to annually audit Licensee’s, its Affiliates’, its Sublicensees’ and
its Distributors’ records as set forth in this Section 6.99. Licensee shall permit Licensor or its representative to
have access during normal business hours to such records of Licensee, its Affiliates and its Sublicensees as may be reasonably
necessary to verify the accuracy of the royalty reports hereunder for any Marketing Year ending not more than five (5) years prior
to the date of such request. Annual audits can take place no more often than once per each calendar year. Notice of Licensor’s
intent to conduct an audit must be provided within thirty (30) days of the later of: (i) Licensor’s receipt of the periodic
royalty report reflecting full yearly sales of Licensed Product or (ii) Licensee’s filing of its official report in accordance
with the Korean Stock Exchange regulations. Except as otherwise provided in Section 6.9(b)(ii), Licensor shall be responsible
for its own costs and expenses relating to any audit conducted under this Section 6.9(b)(i). Licensee shall cause its Affiliates
and Sublicensees to agree to make their records available for audit by Licensor or its representative as set forth in this Section 6.9.

 

(ii)         If
any audit conducted by Licensor or its representative shows an underpayment of royalties to Licensor, Licensee shall remit to Licensor
the amount of such underpayment within thirty (30) days after its receipt of Licensor’s request therefor. If an underpayment
in royalties exceeds five percent (5%) of the total amount owed for the period then being audited, Licensee shall be responsible,
and promptly shall reimburse Licensor, for Licensor’s reasonable out-of-pocket costs for conducting the audit. If any audit
conducted by Licensor or its representative shows an overpayment of royalties to Licensor, such overpayment shall be refunded to
Licensee promptly.

 

(c)          Confidentiality.
Licensor shall treat all financial information of Licensee, its Affiliates, Sublicensees and Distributors that Licensor reviews
in connection with any audit conducted under this Section 6.9 as Confidential Information of Licensee subject to the provisions
of Section 9 of this Agreement.

 

Section
7. Regulatory Matters

 

7.1           Regulatory
Approvals. Licensee shall have the sole authority and responsibility to obtain in its own name and maintain any Regulatory
Approvals and Marketing Approvals with respect to the Licensed Product in the Territory. Licensor shall, promptly after the Effective
Date, provide Licensee with a copy of any relevant data related to the Licensed Product owned by Licensor that have been filed
with the FDA. Subject to the prevailing applicable Regulatory Law in the Territory, Licensor shall retain the sole right, but not
the obligation, to be designated as the sponsor of any and all clinical trials of Licensed Product conducted by Licensee. Irrespective
of the exercise of such rights, Licensee shall at all times be responsible for ensuring that any and all clinical trials are conducted
in compliance with all applicable Regulatory Laws and other requirements of any Regulatory Authority in the Territory, and all
Regulatory Laws and other requirements of any Governmental Authority (including any promulgated by the FDA) that would be applicable
if such clinical trials were sponsored under Licensor’s IND or otherwise subject to the jurisdiction of the FDA.

 

7.2           Contact
with Governmental Authorities. Subject to the other provisions of this Section 7.2, Licensee shall be solely responsible
for responding to all inquiries, notices of violation, warning letters, inspectional observations, and other actions from or by
Governmental Authorities in the Territory, in each case to the extent related to the Licensed Product in the Territory. Licensor
and Licensee shall immediately forward to each other copies of any material correspondence from any Governmental Authority that
it receives in respect of the Licensed Product. Notwithstanding the other provisions of this Section 7.2, Licensee shall not
respond to any inquiries or other correspondence from a Governmental Authority with respect to the Licensed Product in the Territory
without first providing Licensor with a copy of its proposed response, and incorporating any reasonable comments of Licensor in
such response. Licensor shall cooperate with Licensee in responding to any inquiry or other correspondence from a Governmental
Authority in a timely manner, including by promptly responding to all inquiries of Licensee relating thereto.

 

    	14 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

7.3           Regulatory
Information. Each Party agrees to provide the other Party with all reasonable assistance and take all actions reasonably requested
by the other Party that are necessary or desirable to enable the other Party to comply with any Law or other requirement of any
Governmental Authority applicable to the Licensed Product. Such assistance and actions shall include, among other things, (a) informing
the other Party, within five (5) business days, of receiving notice of any action by, or notification or other information which
it receives (directly or indirectly) from any Governmental Authority that: (i) raises any material concerns regarding the safety
or efficacy of the Licensed Product; (ii) indicates or suggests a potential material liability for either Party to Third Parties
arising in connection with the Licensed Product; or (iii) is reasonably likely to lead to a field alert report, recall or market
withdrawal of the Licensed Product; provided, that neither Party shall be obliged to disclose information in breach of any contractual
restriction; and (b) Licensee immediately reporting to Licensor the occurrence of any adverse reaction (including without
limitation death) or other incident during any clinical trial or medicinal exam and any other information so as to enable Licensor
to fulfill its reporting obligations to any Governmental Authority, as further specified by the Safety Agreement.

 

7.4           Official
Documentation. Licensee shall provide to Licensor one exact copy of any official registration and/or importation documents
supplied by the relevant Regulatory Authorities immediately upon issuance. In case of early termination of this Agreement, Licensee
shall provide to Licensor any original versions of such registrations and/or documents that are not otherwise in Licensor’s
possession as per Section 13.3(a).

 

7.5           Clinical
Trial Reports. Without limiting any of Licensee’s obligations under this Agreement, Licensee shall be responsible for
preparing the clinical trial yearly progress reports, clinical trial final report and any other reports as may be required by a
Regulatory Authority in connection with clinical trials of the Licensed Product; provided, however that Licensee shall provide
drafts of such reports for Licensor’s knowledge prior to submission to the applicable Regulatory Authority and provide all
final reports submitted to applicable Regulatory Authorities. With respect to all clinical trials for products containing Tβ4
that are directly related to the development of Licensed Products in the Field and the Territory that have been completed prior
to, or are in progress as of the date hereof, Licensor shall provide Licensee with copies of the related clinical trial reports,
that Licensor has the right to disclose, promptly upon the execution hereof or upon the finalization of the report, as applicable.

 

7.6           Unknown
Side Effects; Adverse Reactions

 

(a)          Reporting
Unknown Side Effects and Adverse Reactions. Each Party shall provide promptly to the other Party any information and data relating
to any serious or previously unknown side effects or adverse reactions relating to the Licensed Product that the providing Party
receives from any source, as further specified in the Safety Agreement.

 

(b)          Safety
Agreement. Promptly after the Effective Date and before the date that Licensee commences any clinical trials of the Licensed
Product in the Territory, the Parties shall enter into a separate written safety agreement containing (i) appropriate provisions
addressing safety issues relating to the Licensed Products, (ii) a description of the types of side effects and reactions
that must be reported pursuant to Section 7.6(a) and any other complaints or information requests that must be reported, and
(iii) such cooperative working procedures as are reasonably necessary to ensure that satisfactory systems and processes are in
place to ensure the effective exchange of safety and other medical information relating to the Licensed Product (the “Safety
Agreement”).

 

    	15 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

Section
8.  Intellectual Property

 

8.1           Trademarks.
Licensee shall be free to use Licensee’s Trademarks or any other Trademark(s) owned by the Licensee in the Territory for
the Licensed Product.

 

8.2           Ownership
of Inventions.

 

(a)          Licensee
Inventions. Subject to any licenses granted to Licensor herein, Licensee shall own all Inventions having as inventors only
employees, consultants or contractors of Licensee (“Licensee Inventions”). Licensee shall have written agreements
in place with its employees, consultants, and contractors giving Licensee all rights and authority necessary to grant the license
in Section 8.3(a).

 

(b)          Licensor
Inventions. Subject to any licenses granted to Licensee herein, Licensor shall own all Inventions having as inventors only
employees, consultants or contractors of Licensor (“Licensor Inventions”). Licensor shall have written agreements
in place with its employees, consultants, and contractors giving Licensor all rights and authority necessary to grant the license
in Section 8.3(b).

 

(c)          Joint
Inventions. Licensee and Licensor shall own jointly all Inventions having as inventors employees, consultants or contractors
of both Licensee and Licensor (“Joint Inventions”). The Parties will agree on a case-by-case basis the appropriate
allocation of cost and control concerning matters regarding the prosecution, maintenance, defense and infringement of Patents for
such Joint Inventions.

 

8.3           Licenses
to Certain Inventions. 

 

(a)          License
Grant to Licensor. To the extent that any Licensee Invention or any Joint Invention relates to the development, promotion,
marketing, distribution, manufacturing or sale of the Licensed Product, Licensee hereby grants to Licensor, and Licensor hereby
accepts, an exclusive, perpetual, transferable, sublicensable (through multiple tiers) license under Licensee’s rights in
such Licensee Invention or Joint Invention, as applicable, to research, develop, promote, market, distribute, manufacture, have
manufactured, sell, offer for sale or import the Licensed Product outside the Territory and/or outside the Field. The foregoing
license shall include a right of reference (transferable by Licensor to its Affiliates and sublicensees) to all regulatory filings
made by Licensee in the Territory and all data from any clinical trials conducted by Licensee pursuant to this Agreement for the
development, manufacture and commercialization of any Licensed Product outside the Territory and/or outside the Field. Licensee
shall promptly disclose all Licensee Inventions and Joint Inventions in writing to Licensor. If Licensor desires to use any such
Licensee Invention and/or Joint Invention for the development, manufacture and commercialization of the Licensed Products outside
the Territory and/or outside the Field, Licensor shall notify Licensee in writing.

 

(b)          License
Grant to Licensee. To the extent that any Licensor Invention or any Joint Invention relates to the development, promotion,
marketing, distribution, or sale of the Licensed Product, then such Licensor Invention or Licensor’s interest in such Joint
Invention, as applicable, shall be deemed a Licensed Patent and shall be subject to the licenses granted to Licensee pursuant to
Sections 2.1(a) and 2.1(b). The Parties shall promptly disclose to the other Party all Inventions that are relevant to Licensed
Products and subject to the Licenses granted hereunder.

 

    	16 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

8.4           Patent
Marking. Licensee shall, and shall cause its Affiliates, Sublicensees and Distributors to mark all Licensed Products sold or
otherwise distributed pursuant to this Agreement in accordance with the applicable patent statutes and other relevant regulations
in the jurisdiction of the Territory in which such Licensed Product is manufactured, sold or otherwise distributed.

 

8.5           Prosecution
and Maintenance of Licensed Patents in the Territory.

 

(a)          Prosecution.
As between Licensor and Licensee, Licensor shall have the right, but not the obligation, to prepare, file, prosecute, and maintain
the Licensed Patents in the Territory, and to pursue any proceeding (including interferences, re-examinations, examinations, protests,
reissues, opposition proceedings and the like) relating to any of the Licensed Patents (collectively “Prosecute”)
in the Territory, such costs and expenses shall be shared equally by the Parties. The Parties agree to utilize Licensee’s
local intellectual property counsel and counsel shall promptly provide Licensor with all information related to such prosecution.
In the event that Licensor decides not to Prosecute any Licensed Patent, Licensor shall notify Licensee of its decision and the
reason therefor, and subject to Licensor’s consent (which will not be unreasonably withheld or delayed), Licensee shall have
the right to Prosecute such Licensed Patent in the Territory at its expense.

 

(b)          Cooperation.
In connection with any of Licensor’s activities to Prosecute any of the Licensed Patents, Licensee shall cooperate fully
and provide Licensor with any information or assistance that Licensor reasonably requests, including executing such documents as
may be necessary with respect to such prosecution activity. If Licensee becomes aware of any patent, information, proceeding or
other matter that may affect the preparation, filing, prosecution, or maintenance of any of the Licensed Patents or that may adversely
impact the validity, scope, title or enforceability of any of the Licensed Patents, Licensee shall promptly notify Licensor of
such patent, information, proceeding, or matter.

 

8.6           Infringement
by Third Parties.

 

(a)          Notice.
If Licensee learns of any actual or possible infringement of any Licensed Patent in the Territory, or any actual or possible
misappropriation or misuse of Licensed Know-How, Licensee shall promptly notify Licensor of such infringement, misappropriation
or misuse.

 

(b)          Right
to Bring Suit in the Territory.

 

(i)          As
between Licensor and Licensee, Licensor shall have the right, but not the obligation, to bring and control any legal action or
proceeding with respect to any infringement of Licensed Patents or any misappropriation or misuse of Licensed Know-How by Third
Parties in the Territory, at its own expense and using counsel of its own choice.

 

(ii)         In
the event that Licensor declines to take legal action with respect to any infringement of the Licensed Patents, Licensee shall
have the right, after giving Licensor ten (10) working days’ prior notice of its intent to do so, to take such legal action
at its own expense, with the concomitant right to choose legal counsel reasonably acceptable to Licensor and to determine legal
strategy. Licensor shall have the right to participate in any such legal action using its own counsel, at its own expense. Licensee
may not settle or compromise any such controversy with any Third Party without the prior written approval of Licensor, which shall
not be unreasonably withheld or delayed.

 

(iii)        For
any action or proceeding brought by Licensor pursuant to this Section 8.6, if Licensor is unable to initiate or prosecute
such action solely in its own name, then Licensee shall join such action voluntarily and shall execute all documents necessary
to initiate litigation to prosecute and maintain such action.

 

    	17 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

(iv)        In
connection with any action or proceeding brought by Licensor pursuant to this Section 8.6, Licensee shall cooperate fully
and will provide Licensor with any information or assistance that Licensor reasonably requests.

 

8.7           Certifications.
Each Party shall inform the other Party of any certification related to the Licensed Product regarding any Licensed Patents
it receives pursuant to either 21 U.S.C. §§ 355(b)(2)(A)(iv) or (j)(2)(A)(vii)(IV) or its successor provisions,
or any equivalent regulations in any jurisdiction of the Territory, and shall provide the other Party with a copy of such certification
within five (5) days of receipt by such Party. Licensor’s and Licensee’s rights with respect to the initiation
and prosecution of any legal action as a result of such certification or any recovery obtained as a result of such legal action
shall be as set forth in this Section 8.

 

8.8           Defense
of Third Party Claims.

 

(a)          Notice.
If either Party learns that a Third Party has commenced or plans to commence, either as a claim, a counterclaim, or an action for
declaratory judgment, an action or proceeding challenging any of the Licensed Patents in any jurisdiction of the Territory, such
Party shall promptly provide the other Party with notice thereof.

 

(b)          Licensor’s
Right to Defend. As between Licensor and Licensee, Licensor shall have the right, but not the obligation, to defend and control
any claim, counterclaim or other action initiated by a Third Party challenging any of the Licensed Patents in any jurisdiction
of the Territory (each a “Challenge”), at its own expense and using counsel of its own choice.

 

(i)          For
the defense of any Challenge pursuant to this Section 8.8, if Licensor is unable to initiate or prosecute such defense solely
in its own name, then Licensee (subject to any necessary approval of the relevant court) shall join such action voluntarily and
shall execute all documents necessary to initiate litigation to prosecute and maintain such action.

 

(ii)         In
connection with the defense of any Challenge brought by Licensor pursuant to this Section 8.8, Licensee shall cooperate fully
and will provide Licensor with any information or assistance that Licensor reasonably requests.

 

8.9           Awards
and Recovery. Any recovery obtained by Licensor in connection with or as a result of any action contemplated by Section 8.6
or 8.8, whether by settlement of otherwise, shall be shared by the Parties as follows:

 

(a)          such
recovery shall first be allocated to Licensor for reimbursement in respect of its respective out-of-pocket costs and expenses incurred
in connection with such action; and

 

(b)          any
remaining amounts after such reimbursement shall be split equally by the Parties.

 

    	18 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

Section
9. Confidentiality and Press Releases

 

9.1           Confidential
Information. Except to the extent expressly authorized by this Agreement, or otherwise agreed in writing by the Parties, the
Parties agree that the receiving Party (the “Receiving Party”) shall keep confidential and shall not publish
or otherwise disclose or use for any purpose other than as provided for in this Agreement any Confidential Information which is
disclosed to it by the other Party (or an Affiliate thereof) (each, a “Disclosing Party”), except to the extent
that the Receiving Party can demonstrate by competent written evidence that such Confidential Information:

 

(a)          was
already legally in the possession of the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure
by the Disclosing Party;

 

(b)          was
generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party;

 

(c)          became
generally available to the public or was otherwise part of the public domain after its disclosure and other than through any act
or omission of the Receiving Party in breach of this Agreement;

 

(d)          was
disclosed to the Receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to
the Disclosing Party not to disclose such information to others; or

 

(e)          is
independently discovered or developed by the Receiving Party without the use of Confidential Information provided by the Disclosing
Party.

 

9.2           Exceptions.
The obligations of this Section 9 shall not apply to Confidential Information that:

 

(a)          is
submitted to Governmental Authorities by the Receiving Party to facilitate the issuance of any Regulatory Approval for the Licensed
Product, or to obtain, maintain, enforce or defend Patents (in each case only to the extent permitted by this Agreement; provided
that (A) such disclosure may be only to the extent reasonably necessary to obtain Regulatory Approvals or Patents, as applicable,
and (B) the Receiving Party shall take reasonable measures to assure confidential treatment of such information to the extent applicable;

 

(b)          is
provided by the Receiving Party to Third Parties (including, in the case of Licensee, to its Affiliates, Sublicensees or Distributors)
under written confidentiality agreements having provisions at least as stringent as those in this Agreement, for consulting, development,
external testing, marketing trials and other similar activities to the extent that such Receiving Party is permitted to conduct
such activities pursuant to this Agreement; or

 

(c)          is
otherwise required to be disclosed by the Receiving Party in compliance with Laws (including, without limitation and for the avoidance
of doubt, the requirements of the U.S. Securities and Exchange Commission, the American Stock Exchange, the Korean Stock Exchange,
and any other stock exchange on which securities issued by a Party are traded) or order by a court or other Governmental Authority
having competent jurisdiction; provided, however, that the Receiving Party shall first give written notice to the Disclosing Party
in order to allow the Disclosing Party the opportunity to seek confidential treatment of the Confidential Information. Confidential
Information that is disclosed pursuant to Law or an order by a court or other Governmental Authority shall remain otherwise subject
to the confidentiality and non-use provisions of this Section 9, and the Party disclosing Confidential Information pursuant to
a Law or order by a court or other Governmental Authority shall take all reasonable steps necessary, including without limitation
obtaining an order of confidentiality, to ensure the continued confidential treatment of such Confidential Information.

 

    	19 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

9.3           Disclosure
to PHS. Licensor may disclose certain Confidential Information of Licensee to PHS in order to comply with the PHS License.
In such event, such Confidential Information shall be subject to the applicable confidentiality provisions of the PHS License.

 

9.4           Return
of Confidential Information Upon Expiration or Termination of Agreement. Within thirty (30) days after any expiration
or termination of this Agreement, each Party shall destroy (and certify to the other Party such destruction) or return (as requested
by the other Party) all Confidential Information provided by the other Party except as otherwise set forth in this Agreement, and
except that each Party may retain a single copy of the Confidential Information in its confidential legal files for the sole purpose
of ascertaining its ongoing rights and responsibilities regarding the Confidential Information and for defending or enforcing its
legal rights.

 

9.5           Written
Agreements. The Receiving Party shall have in effect or obtain written agreements from each of its employees, consultants
and contractors who have access to Confidential Information of the Disclosing Party, which agreements shall obligate such persons
to similar obligations of confidentiality, and to assign to the Receiving Party all Know-How, information and Inventions conceived,
made or reduced to practice by such persons during the course of performing the Receiving Party’s obligations under this
Agreement. Each Party will notify the other Party promptly upon discovery of any unauthorized use or disclosure of the Confidential
Information of the other Party.

 

9.6           Remedies.
Each Party shall be entitled, in addition to any other right or remedy it may have, at law or in equity, to seek an injunction,
without the posting of any bond or other security, enjoining or restraining the other Party from any violation or threatened violation
of this Section 9.

 

9.7           Prior
Confidentiality Agreement. The Confidential Disclosure Agreement, dated as of November 6, 2013, between Licensor and Licensee
shall remain in effect with respect to disclosures made thereunder prior to the Effective Date.

 

9.8           Press
Releases. Except as required by Law (including, without limitation and for the avoidance of doubt, the requirements of the
U.S. Securities and Exchange Commission, the American Stock Exchange, the Korean Stock Exchange, and any other stock exchange on
which securities issued by a Party are traded) or any Governmental Authority, neither Party shall make any press release or other
public announcement relating to this Agreement or the transactions described herein without the prior written consent of the other
Party.

 

Section
10. Representations, Warranties and Covenants

 

10.1         Licensor
Representations, Warranties and Covenants. Licensor hereby represents, warrants and covenants to Licensee as follows:

 

(a)          the
execution, delivery and performance by Licensor of this Agreement and the consummation of the transactions contemplated hereby
are within Licensor’s corporate powers and have been duly authorized by all necessary corporate action on the part of Licensor.
This Agreement constitutes the legal, valid and binding obligation of Licensor, enforceable against Licensor in accordance with
its terms;

 

    	20 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

 

(b)          the
execution, delivery and performance of this Agreement by Licensor will not violate any Law or any order of any Governmental Authority;

 

(c)          except
as may be required to permit the sale or exportation of Licensed Product into the Territory from time to time during the Term,
the execution, delivery or performance of this Agreement by Licensor will not require Licensor to obtain any permits, authorizations
or consents from any Governmental Authority, and such execution, delivery and performance will not result in a material breach
of or give rise to any termination of any agreement or contract to which Licensor is a Party;

 

(d)          Licensor
has the right and authority to grant the licenses granted in Section 2 of this Agreement;

 

(e)          to
the best of our knowledge, without any investigation or due inquiry, all issued Licensed Patents are valid;

 

(f)          Licensor
has not received any written communication from a third party alleging that Licensor’s practice of the Licensed Patents
infringes the right of such third party; and

 

(g)          Licensor,
its Affiliates, and its and their respective employees, agents, contractors and consultants have never been (i) debarred
or (ii) convicted of a crime for which a person can be debarred, under Section 306(a) of the Generic Drug Enforcement
Act of 1992 (Section 306 (a) or (b)) or similar Laws of any foreign jurisdiction. Licensor, its Affiliates, and its and their
respective employees, agents, contractors and consultants have never been (i) threatened to be debarred or (ii) indicted
for a crime or otherwise engaged in conduct for which a person can be debarred, under Section 306(a) or (b) of the Generic
Drug Enforcement Act of 1992 or similar Laws of any other jurisdiction. Licensor shall promptly notify Licensee upon learning
of any such debarment, conviction, threat or indictment.

 

10.2         Licensee
Representations, Warranties and Covenants. Licensee hereby represents, warrants and covenants to Licensor as follows:

 

(a)          the
execution, delivery and performance by Licensee of this Agreement and the consummation of the transactions contemplated hereby
are within Licensee’s corporate powers and have been duly authorized by all necessary corporate action on the part of Licensee.
This Agreement constitutes the legal, valid and binding obligation of Licensee, enforceable against Licensee in accordance with
its terms;

 

(b)          Licensee
will be at all times properly registered, licensed and qualified, and have all requisite power and authority under its organizational
documents and in accordance with the Laws of the Territory to develop (including without limitation the conduct of clinical trials),
promote, market, distribute, import, export and sell the Licensed Product in the Territory, and to conduct its business and perform
its obligations hereunder and, during the Term, it shall take all action as may be required and necessary to obtain and keep current
any governmental licenses, permits, registrations and approvals (including without limitation Regulatory Approvals) that are necessary
or advisable for it to carry out its activities hereunder;

 

(c)          the
execution, delivery and performance of this Agreement by Licensee will not violate any Law or any order of any Governmental Authority;

 

    	21 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

(d)          except
for Regulatory Approvals and as may be required to permit the sale or importation of Licensed Product from time to time into the
Territory during the Term, the execution, delivery or performance of this Agreement by Licensee will not require Licensee to obtain
any permits, authorizations or consents from any Governmental Authority, and such execution, delivery and performance will not
result in a material breach of or give rise to any termination of any agreement or contract to which Licensee is a Party;

 

(e)          Licensee,
its Affiliates, and its and their respective employees, agents, contractors and consultants have never been (i) debarred
or (ii) convicted of a crime for which a person can be debarred, under Section 306(a) of the Generic Drug Enforcement
Act of 1992 (Section 306 (a) or (b)) or similar Laws of any foreign jurisdiction. Licensee, its Affiliates, and its and their
respective employees, agents, contractors and consultants have never been (i) threatened to be debarred or (ii) indicted
for a crime or otherwise engaged in conduct for which a person can be debarred, under Section 306(a) or (b) of the Generic
Drug Enforcement Act of 1992 or similar Laws of any other jurisdiction. Licensee shall promptly notify Licensor upon learning
of any such debarment, conviction, threat or indictment;

 

(f)          Licensee
and its Affiliates and its and their respective employees, agents, contractors and consultants shall not use any Person on a Prohibited
List in connection with the performance of any of its obligations or activities under this Agreement;

 

(g)          Licensee
shall carry out its obligations and activities under this Agreement, including the development, promotion, marketing, distribution
and sale of Licensed Products, in accordance with: (i) the terms hereof, (ii) all applicable Laws and Regulatory Laws, and any
subsidiary legislation thereunder; and (iii) GCP, GLP, and, to the extent Licensee manufactures or has manufactured any Licensed
Products pursuant to Section 5.1, GMP;

 

(h)          As
of the Effective Date, Licensee believes in good faith that it will have sufficient financial resources available to carry out,
or to have carried out, all of its obligations and activities contemplated under this Agreement;

 

(i)          Licensee
and its Affiliates shall not develop, promote, market, distribute, or sell during the Term any product in the Field that utilizes
or otherwise contains Tβ4 or any derivatives, analogs or fragments thereof without Licensor’s prior written approval.
and

 

(j)          Licensee
shall not reverse engineer or otherwise deconstruct any API or component part of finished Licensed Product for the purpose of
developing a product that would compete with the Licensed Product in the Field. 

 

10.3         Disclaimer
of Warranties. EXCEPT AS SET FORTH IN THIS AGREEMENT, NEITHER PARTY GIVES ANY OTHER WARRANTY, EXPRESS OR IMPLIED REGARDING
THE LICENSED PRODUCTS, THE LICENSED KNOW-HOW, THE LICENSED PATENTS, OR THE SCOPE OR VALIDITY THEREOF. ALL OTHER WARRANTIES, INCLUDING,
WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT ARE EXPRESSLY DISCLAIMED.

 

    	22 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

Section
11. Indemnification

 

11.1         Indemnification
by Licensor. Licensor shall defend, indemnify and hold harmless Licensee, its Affiliates, and its and their respective officers,
directors, employees and agents from and against any and all losses, liabilities, claims, damages, penalties, fines, costs and
expenses (including reasonable legal fees and other litigation costs, regardless of outcome) (collectively “Losses”)
arising as a result of (a) any breach of representations or warranties of Licensor provided in Section 10.1; (b) any Product Liability
Claims or mandatory or voluntary recall of the Licensed Product in any jurisdiction of the Territory, if and to the extent that
such Losses are caused by (i) failure of any Licensed Product provided by Licensor to conform to the relevant specifications
therefor as specified with any clinical supplies provided to Licensee; or (ii) any willful act or negligence of Licensor
and/or its manufacturer of clinical supplies in relation to the Licensed Product; provided, however, that Licensor shall have
no obligation under this Section 11.1 if Licensee or any of its Affiliates, Sublicensees or Distributors has been negligent,
whether in testing, storing, handling or otherwise dealing with the Licensed Product, or in case such Losses arise out of or are
attributable to any breach of this Agreement by Licensee.

 

11.2         Indemnification
by Licensee. Licensee shall defend, indemnify and hold harmless Licensor, its Affiliates, and its and their respective officers,
directors, employees and agents from and against any and all Losses arising as a result of (a) any breach of representations or
warranties of Licensee provided in Section 10.2; and (b) any and all Third Party claims if and to the extent that such Losses
are caused by Licensee’s and/or any Affiliate’s, Sublicensee’s or Distributor’s manufacture, storage,
development, use, promotion, marketing, distribution, and sale of the Licensed Product, provided, however, that Licensee shall
have no obligation under this Section 11.2 if Licensor and/or its manufacturer have been negligent, whether in manufacturing,
testing, storing, handling or otherwise dealing with the Licensed Product, or in the case said claims arise out of or are attributable
to any breach of this Agreement by Licensor.

 

11.3         Procedures.
The Party seeking indemnification under this Section 11 (the “Indemnified Party”) shall give prompt notice
to the Party against whom indemnity is sought (the “Indemnifying Party”) of the assertion or commencement of
any claim for indemnification pursuant to this Section 11, and shall provide the Indemnifying Party such information with respect
thereto that the Indemnifying Party may reasonably request. The failure to give such notice will relieve the Indemnifying Party
of its indemnification obligations hereunder only to the extent that the Indemnifying Party has suffered actual prejudice thereby.
The Indemnifying Party shall assume and control the defense and settlement of any such action, suit or proceeding at its own expense.
The Indemnified Party shall, if requested by the Indemnifying Party, cooperate in all reasonable respects in such defense, at
the Indemnifying Party’s expense, subject to the following. The Indemnified Party will be entitled at its own expense to
participate in such defense and to employ separate counsel for such purpose. For so long as the Indemnifying Party is diligently
defending any action, suit or proceeding pursuant to this Section 11, the Indemnifying Party will not be liable under this Section
11 for any settlement effected without its consent. No Party shall enter into any compromise or settlement which commits the other
Party to take, or to forbear to take, any action without the other Party’s prior written consent.

 

11.4         Consequential
Damages. NEITHER PARTY SHALL BE LIABLE TO OR OTHERWISE RESPONSIBLE TO THE OTHER PARTY HERETO FOR ANY LOSS OF PROFITS, DIMINUTION
IN VALUE, OR INCIDENTAL, INDIRECT, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES THAT ARISE OUT OF OR RELATE TO THIS AGREEMENT
OR THE PERFORMANCE OR BREACH HEREOF OR OTHERWISE AND WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE; PROVIDED, THAT,
THE FOREGOING LIMITATION SHALL NOT APPLY: (I) TO A PARTY’S INDEMNIFICATION OBLIGATIONS PURSUANT TO SECTIONS 11.1 AND
11.2 ABOVE; (II) TO ANY GROSSLY NEGLIGENT ACT OR WILLFUL MISCONDUCT OF A PARTY; OR (III) TO A PARTY’S BREACH OF ITS CONFIDENTIALITY
OBLIGATIONS PURSUANT TO SECTION 9 HEREOF.

 

    	23 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

11.5         Insurance.

 

(a)          General
Liability. Each Party shall maintain as and when available comprehensive general liability insurance, including blanket contractual
liability insurance through the Term and for five (5) years thereafter, which insurance shall afford limits of not less than US$3,000,000
for each occurrence for bodily injury liability, personal injury liability, products liability, property damage liability, contractual
liability and completed operations liability. Each Party shall ensure that such insurance will include coverage for defense costs.

 

(b)          Product
Liability. Each Party shall maintain as and when available and thereafter throughout the Term product liability insurance
on commercially standard terms for the pharmaceutical manufacturing industry, with a reputable insurer, in an amount not less
than US$5,000,000 per occurrence and US$5,000,000 in the annual aggregate.

 

(c)          Certificate
of Insurance. Each Party will provide, upon request and as and when available, the other with certificate(s) of insurance
evidencing the above and showing the name of the issuing company, the policy number, the effective date, the expiration date and
the limits of liability. Each Party shall cause its insurance policy to name the other Party hereto as an additional insured.
Each Party’s general liability insurance policy shall contain a waiver of subrogation rights which that Party’s insurer(s)
may have against the other Party.

 

Section
12. Information and Reporting

 

12.1         After
the completion of equity investment as provided in Section 6.2, Licensee may examine, upon reasonable prior written request having
been made to Licensor, but not more than twice per year, the books, records and accounts of Licensor. Licensee shall be entitled
to receive reasonable information, including management accounts and operating statistics and other business and financial information,
which exist at the time of request, to keep it properly informed about the business and affairs of Licensor and relevant to its
interest as a shareholder.

 

12.2         Licensor
shall provide reasonable access to Licensee’s personnel, upon reasonable notice and during normal business hours, but not
more than twice per year, to access such books, records, accounts and other information relating to Licensor, which exist at the
time of request, as may be necessary for them to review the information provided to Licensee pursuant to Sections 12.1.

 

12.3         Any
information or documents provided to or made available for review by Licensee shall constitute Confidential Information and shall
be protected accordingly as provided under Section 9 above.

 

Section
13. Term and Termination

 

13.1         Term
and Rules Post Expiration: This Agreement shall enter into full force and effect at the Effective Date and as provided under
this Section 13, the term of this Agreement (the “Term”) shall continue until the expiration of the last-to-expire
valid and applicable patent within the patent rights in the Territory, or following fifteen (15) years from the first commercial
sale of the Licensed Product in the Territory, whichever is later.

 

    	24 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

13.2         Term
and Rules Post Termination:

 

(a)          In
the event either Party is in breach of any material obligation hereunder or under the RGN-259 License Agreement (the “Breaching
Party”), the non-breaching Party may give written notice to the Breaching Party specifying the claimed particulars of
such breach, and in the event such material breach is not cured, within sixty (60) days following the date of such written notification,
without prejudice to any other rights and remedies available at any time to the non-breaching Party, the non-breaching Party shall
have the right thereafter to terminate this Agreement by giving thirty (30) days prior written notice to the Breaching Party to
such effect.

 

(b)          Termination
for Governmental Action. Either Party may terminate this Agreement upon ten (10) days’ prior written notice in
the event that any Governmental Authority takes any action or raises any objection (“Governmental Action”)
that prevents Licensee, for a period of not less than one hundred eighty (180) days, from importing, exporting, purchasing or
selling the Licensed Product in the Territory, or that has the effect of making Licensor’s manufacture of the Licensed Product
unlawful.

 

(c)          Termination
by Licensor for Patent Challenge. Licensor may terminate this Agreement in its entirety immediately upon written notice to
Licensee if Licensee or its Affiliates, Sublicensees or Distributors (directly or indirectly, individually or in association with
any person or entity) challenges the validity, enforceability or scope of any Licensed Patents anywhere in the world.

 

(d)          
Termination or Conversion Pursuant to the PHS License. In the event that PHS terminates the PHS License under Article 13
therein or rescinds a Licensed Field of Use (as that term is defined in the PHS License) that includes any portion of the Field
in which Licensee is licensed hereunder, Licensee may, at its option:

 

(i)          terminate
this Agreement; or

 

(ii)        convert
this Agreement to a license between Licensee, on the one hand, and Licensor and PHS, on the other hand, with such conversion subject
to the approval of PHS, which shall not be unreasonably withheld, and contingent upon Licensee’s acceptance of all of the
provisions of the PHS License.

 

(e)          Termination
for Bankruptcy. To the extent permitted under applicable Law, if at any time during the Term, an Event of Bankruptcy (as defined
below) relating to either Party (the “Bankrupt Party”) occurs, the other Party (the “Other Party”) shall
have, in addition to all other legal and equitable rights and remedies available hereunder, the option to terminate this Agreement
upon sixty (60) days written notice to the Bankrupt Party. It is agreed and understood that if the Other Party does not elect
to terminate this Agreement upon the occurrence of an Event of Bankruptcy, except as may otherwise be agreed with the trustee
or receiver appointed to manage the affairs of the Bankrupt Party, the Other Party shall continue to make all payments required
of it under this Agreement as if the Event of Bankruptcy had not occurred, the Bankrupt Party shall not have the right to terminate
any license granted herein. The term “Event of Bankruptcy” means: (i) filing in any court or agency pursuant to any
statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement
or for the appointment of a receiver or trustee of the Bankrupt Party or of its assets; (ii) proposing a written agreement of
composition or extension of a Bankrupt Party’s debts; (iii) being served with an involuntary petition against the Bankrupt
Party, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof;
(iv) proposing or being a party to any dissolution or liquidation when insolvent; or (v) making an assignment for the benefit
of creditors. Without limitation, the Bankrupt Party’s rights under this Agreement shall include those rights afforded by
11 U.S.C. § 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”) and any successor thereto. If
the bankruptcy trustee of a Bankrupt Party as a debtor or debtor-in-possession rejects this Agreement under 11 U.S.C. § 365(o)
of the Bankruptcy Code, the Other Party may elect to retain its rights licensed from the Bankrupt Party hereunder (and any other
supplementary agreements hereto) for the duration of this Agreement and avail itself of all rights and remedies to the full extent
contemplated by this Agreement and 11 U.S.C. § 365(n) of the Bankruptcy Code, and any other relevant laws.

 

    	25 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

13.3         Effects
of Termination.

 

(a)          Return
of Material. In the event of early termination of this Agreement for any reason: (i) all rights and licenses granted to Licensee
under this Agreement shall terminate (including all rights and licenses with respect to Licensed Patents and Licensed Know-How),
and (ii) Licensee shall transfer to Licensor all data, files, records, information and other materials (including clinical supplies
of Licensed Product and including the originals of any registrations and/or importation documents as specified in Section 7.4)
in its possession or control relating to, containing or comprising the Licensed Product, including Licensor’s Confidential
Information.

 

(b)          Transfer
of Materials. In the event of early termination of this Agreement for any reason:

 

(i)          to
the extent not transferred pursuant to Section 13.3(a), Licensee shall provide to Licensor a copy of any and all documentation
and data owned by Licensee and in tangible form at the time of termination of the Agreement that has been generated with respect
to the Licensed Product and is necessary to enable Licensor to continue development of a Licensed Product and the commercialization
thereof in the Territory (collectively, the “Licensee Product Data”), and Licensor may use such Licensee Product
Data at its discretion on an exclusive basis, to the extent necessary to enable Licensor, its Affiliates and Third Parties on
behalf of Licensor or its Affiliates to continue to develop and commercialize a Licensed Product in the Territory; and

 

(ii)         if
such termination occurs after a Licensed Product has received Regulatory Approval, Licensee shall, if permitted under applicable
Law, promptly transfer and deliver to Licensor original copies of any and all Regulatory Approvals obtained in connection with
the Licensed Product in the Territory (including any and all official registrations, licenses, permits, certificates, and/or importation
documents issued by Regulatory Authorities in the Territory), as well as any and all regulatory documentation and applications
for Regulatory Approval submitted to Regulatory Authorities in the Territory in connection with the Licensed Product; Licensor
shall pay Licensee’s direct, out-of-pocket costs for compliance with this Section 13.3(b)(ii);

 

(iii)        to
the extent that any Regulatory Approval is issued in the name of Licensee, its Affiliates, Sublicensees or other designee, Licensee
shall, to the extent permitted by applicable Law, promptly assign or procure the assignment to Licensor (or its designee) such
Regulatory Approvals, and in the event assignment is not permitted under applicable Law or cannot be carried out for any other
reason, the Licensee shall take all steps that are necessary and/or desirable to assist Licensor to obtain such Regulatory Approvals
in the name of Licensor (or its designee) in the Territory, with such actions including without limitation coordinating with the
applicable Regulatory Authority, furnishing all necessary information and documents in respect thereof, and promptly cancelling
and terminating (as necessary) all Regulatory Approvals held by the Licensee, its Affiliate(s), Sublicensee(s) and/or other designee(s)
which are not otherwise assignable or transferable to the Licensor (or its designee); Licensor shall pay Licensee’s direct,
out-of-pocket costs for compliance with this Section 13.3(b)(iii); and

 

    	26 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

(iv)        Licensee
shall assign (or cause its Affiliates to assign) to Licensor all agreements with any Third Party with respect to the conduct of
clinical trials for the Licensed Product, including agreements with contract research organizations, clinical sites and investigators,
unless expressly prohibited by any such agreement or unless such agreement covers clinical trials for products in addition to
the Licensed Products (in which case Licensee shall cooperate with Licensor in all reasonable respects to secure the consent of
such Third Party to such assignment or to the conclusion of a new agreement between the Licensor and the Third Party on terms
substantially similar to the agreement between Licensee and the Third Party), and Licensor shall assume all obligations under
all such agreements.

 

(c)          Survival
of Sublicenses. All sublicenses granted by Licensee to Sublicensees shall survive termination of this Agreement, and Licensor
shall assume all such sublicenses as the Licensor thereunder in accordance with the terms of such sublicenses; provided, however,
that Licensor may elect to terminate any such sublicenses, and Licensor shall not be required under this Section 13 to assume
obligations under any such sublicense that are greater in scope than those set forth in this Agreement.

 

(d)          Remedies
for Termination. Expiration or termination of this Agreement by either Party shall not affect any claim, demand, liability
or right of a Party arising pursuant to this Agreement prior to such termination or expiration hereof.

 

13.4         Survival.
The following provisions shall survive the termination or expiration of this Agreement: Section 6 (with respect to Net Sales made
prior to expiration or termination of this Agreement), Sections 7.3, 7.6(a), Section 9, Section 11, 13.3, 13.4, and 14, and all
provisions of the PHS License that are binding on Licensee and are specified in the PHS License as surviving the expiration or
termination thereof.

 

Section
14. Miscellaneous

 

14.1         Waiver.
The waiver by any Party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any
subsequent breach.

 

14.2         Modification.
No change, modification, or waiver of any term of this Agreement shall be valid unless it is in writing and signed by both Parties.

 

14.3         Entire
Agreement. This Agreement (including all exhibits and attachments hereto, all of which are incorporated herein by reference)
constitutes the entire agreement between the Parties (and their Affiliates) with respect to the subject matter hereof and thereof,
and supersedes all prior agreements and understandings, whether oral or written, between the Parties, except for the Confidential
Disclosure Agreement described in Section 9.7.

 

14.4         English
Language. This Agreement is written and executed in the English language. Any translation into any other language shall not
be an official version of this Agreement and in the event of any conflict in interpretation between the English version and such
translation, the English version shall prevail.

 

14.5         Assignment.
Except as expressly permitted otherwise in this Agreement, Licensor and Licensee may not assign its rights or delegate its obligations
hereunder to any Person without the consent of the other Party; provided that either Party may (i) assign its rights or delegate
its obligations hereunder to any of its Affiliates without the consent of the other Party upon (30) thirty days’ prior written
notice to the other Party and (ii) either Party may assign or transfer this Agreement and any rights and obligations hereunder
to any Third Party in connection with a change in control. All sublicenses granted to Affiliates or Third Parties in accordance
with this Agreement shall be subject to all terms, conditions, obligations and covenants of this Agreement and all applicable
provisions of the PHS License. No such assignment shall remove or mitigate the obligations or liability of the assigning Party
unless otherwise agreed in writing by the non-assigning Party. If Licensor is involved in a Change of Control, the Intellectual
Property of the Third Party that has become an Affiliate of Licensor through the transaction that constituted such Change of Control
and the Intellectual Property of such Third Party’s Affiliates existing as of the closing of such Change of Control or developed
outside of any activities under this Agreement, shall be automatically excluded from the definitions of Licensed Patents and Licensed
Know-How licensed to Licensee under this Agreement.

 

    	27 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

14.6         Independent
Contractor. This Agreement shall not be construed as constituting a partnership, joint venture or any other form of legal
association that would impose liability upon one Party for the act or failure to act of the other Party, or as providing either
Party with the right, power or authority (express or implied) to create any duty or obligation of the other Party.

 

14.7         Third
Party Beneficiaries. Any sublicense granted by Licensee to an Affiliate or Third Party pursuant to Section 2.1(d) is
intended by the Parties to be a third party beneficiary of this Agreement; provided that such Sublicense is in compliance with
all of its obligations under any such sublicense to the extent that such obligations are required under this Agreement. Except
as expressly provided in this Section 14.7, the Parties do not intend, nor will any Section of this Agreement be interpreted,
to create for any person any third party beneficiary rights.

 

14.8         Disputes.
Disputes regarding the scope, validity or enforceability of Patents are excluded from this Section 14.8.

 

(a)          Good
Faith Negotiations by Officers. In the event of disputes between the Parties arising out of or relating to this Agreement,
or the breach, termination (other than termination for convenience in accordance with Section 13.2(d)) or invalidity thereof,
a Party seeking to resolve such dispute will, by written notice to the other, have such dispute referred to their respective chief
executive officers, for attempted resolution by good faith negotiations within fourteen (14) days after such notice is received.

 

(b)          Mediation.
In the event that the Parties are unable to resolve a dispute through good faith negotiations pursuant to Section 14.8(a), the
Parties agree to submit such dispute to non-binding mediation using an industry expert mutually acceptable to the Parties. The
costs of any such mediation shall be shared by the Parties equally.

 

(c)          Arbitration.
If all good faith attempts to resolve a dispute through negotiations and mediation pursuant to Sections 14.8(a) and (b) have failed
after sixty (60) days from notice provided pursuant to Section 14.8(a), then upon the request of either Party, the dispute shall
be finally resolved by binding arbitration administered by I.C.C. Arbitration (the “ICC Rules”).

 

(i)          The
arbitration shall be conducted by a panel of three neutral arbitrators (the “Panel”) appointed in accordance
with the ICC Rules.

 

(ii)         The
arbitration proceedings shall take place in New York, NY, USA. The arbitral proceedings and all pleadings shall be in the English
language.

 

(iii)        The
Panel shall have the power to decide all questions of arbitrability.

 

    	28 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

(iv)        At
the request of either Party, the Panel will enter an appropriate protective order to maintain the confidentiality of information
produced or exchanged in the course of the arbitration proceedings.

 

(v)         The
Panel is empowered to award any remedy allowed by law, including monetary damages, prejudgment interest and punitive damages,
and to grant final, complete, interim or interlocutory relief, including injunctive relief.

 

(vi)        The
Parties may apply to a court of competent jurisdiction within the United States for a temporary restraining order, preliminary
injunction, or other interim or conservatory relief, as necessary, without breach of this arbitration agreement and without any
abridgment of the powers of the arbitrators. Judgment on the award rendered by the Panel may be entered in any court having jurisdiction
thereof. Each Party hereby waives any defenses it may have to the personal jurisdiction and venue of such courts to resolve such
disputes, including without limitation the defense of forum non conveniens, and each Party agrees not to file any motion
to seek any relief under any forum non conveniens defense.

 

(vii)       Each
Party shall bear its own legal fees arising in connection with the dispute. The Panel may assess costs, fees and expenses of the
ICC and the Panel to the Parties in the manner the Panel deems appropriate under the circumstances.

 

14.9         Notices.
Except as otherwise provided herein, all notices or other communications hereunder shall be deemed sufficient if given in writing,
via registered mail (return receipt requested), postage paid, or by reputable high speed delivery service (e.g., FedEx)
or by courier addressed to the appropriate Party at the address set forth below, or at such other place as such Party may designate
in writing to the other Party.

 

	If to Licensor:	 	RegeneRx Biopharmaceuticals, Inc.
	 	 	15245 Shady Grove Road
	 	 	Suite 470
	 	 	Rockville, Maryland 20850
	 	 	U.S.A.
	 	 	Attn:  President and CEO
	 	 	Phone: 301.208.9191
	 	 	Fax:  (301) 208.9194
	 	 	 
	With a copy to:	 	Ken Krisko, Esq.
	 	 	Cooley LLP
	 	 	One Freedom Square
	 	 	Reston Town Center
	 	 	11951 Freedom Drive
	 	 	Reston, VA  20190-5656
	 	 	Direct: (703) 456-8187
	 	 	Fax: (703) 456-8100

 

    	29 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

	If to Licensee:	 	Digital Aria Co., Ltd.
	 	 	22nd FL, Parkview Tower
	 	 	248 Jungjail-ro, Bundang-gu
	 	 	Seongnam-si, Gyeonggi-do 463-863
	 	 	Republic of Korea
	 	 	Attn:  CEO
	 	 	Phone: +82 31 786 7700
	 	 	Fax.:  +82 31 786 7801

 

All such notices shall be effective upon
receipt.

 

14.10         Governing
Law. This Agreement shall be governed and construed in accordance with the laws of New York, USA without regard to
its principles of conflict of laws. The Parties agree to exclude the application to this Agreement of the United Nations Convention
on Contracts for the International Sale of Goods.

 

14.11         Severability.
The provisions of this Agreement are severable. If any item or provision of this Agreement shall to any extent be invalid or unenforceable,
the remainder of this Agreement shall not be affected thereby, and each term and provision of this Agreement shall be valid and
shall be enforced to the fullest extent permitted by law. The Parties will use diligent good faith efforts to revise this Agreement
as and to the extent reasonably necessary to effectuate their original intent and purpose under this Agreement.

 

end
of page

[signatures appear on following page]

 

    	30 | Page *** Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.

    	 

    

 

 

IN WITNESS WHEREOF, this Agreement has been executed by a duly
authorized officer of each Party as of the Effective Date.

 

	 	RegeneRx Biopharmaceuticals, Inc.
	 	 	 
	 	By:	/s/J.J. Finkelstein
	 	Name: J.J. Finkelstein
	 	Title: President & CEO
	 	 
	 	Digital Aria Co., Ltd.
	 	 	 
	 	By:	/s/ Ill Park
	 	Name: Ill Park
	 	Title: CEO

  

    	31 | Page

    	 

    

 

Exhibits

 

Exhibit A - Licensed Patents: to be filled
by RegeneRx

Exhibit B - PHS License Terms Applicable to
Licensee

 

    	32 | Page

    	 

    

 

Exhibit
A

 

LICENSED PATENTS

 

Summary of DERMAL
Patents and Patent Applications with Relevant Claims in U.S.

  

	2600-	 	Country	 	Serial No.

    or

    Patent

    No.	 	Filing Date	 	Status	 	Representative Claims
	 	 	 	 	 	 	 	 	 	 	 
	109	 	United States	 	09/772445	 	1-29-2001	 	Pending	 	United States

         

        295. In a method for treating tissue in a human with
        thymosin beta 4 (Tβ4), the method comprising targeting cells of said tissue to be treated prior to administration
        of said Tβ4, then administering said Tβ4 to said targeted tissue so as to promote repair and revitalization
        of said tissue, wherein said Tβ4 is administered in an amount effective to promote repair and revitalize said tissue,
        wherein said human is suffering from a wound.

	 	 	 	 	 	 	 	 	 	 	 
	124	 	United States	 	7,268,118	 	5-26-2004	 	Issued	 	United States

         

        1. A composition comprising a polypeptide comprising
        amino acid sequence LKKTET [SEQ ID NO:1] or a conservative variant thereof, the composition further comprising a carrier
        for application to a surface of human body, wherein said carrier is for application to an external surface of said body
        or to an internal surface of said body, the composition comprising a gel, cream, paste, lotion, spray, suspension, dispersion,
        salve, hydrogel or ointment, wherein said polypeptide is gelsolin, vitamin D binding protein (DBP), profilin, cofilin,
        depactin, DNaseI, vilin, fragmin, severin, capping protein, beta-actinin, acumentin, TB4, TB4ala, TB9, TB10,
        TB11, TB12, TB13, TB14, or TB15, wherein said polypeptide is at a concentration in said carrier of at least about 0.01
        ng/ml, and up to about 60 micrograms per 300 microliter.

         

        7. A composition comprising a polypeptide agent consisting
        essentially of TB4, TB4ala, TB9, TB10, TB11, TB12, TB13, TB14, or TB15, the composition further comprising
        a carrier for application to a surface of human body, wherein said carrier is for application to an external surface of
        said body or to an internal surface of said body, the composition comprising a gel, cream, paste, lotion, spray, suspension,
        dispersion, salve, hydrogel or ointment, wherein said polypeptide is at a concentration in said carrier of at least about
        0.01 ng/ml, and up to about 60 micrograms per 300 microliter.

 

    	A-1

    	 

    

 

	182	 	United States	 	8,143,218	 	11-22-2005	 	Issued	 	United States

         

        4. A method for improving damage to the skin, the method
        comprising: applying topically to said damaged skin a composition comprising a tissue regeneration promoting amount of
        human thymosin β4 of SEQ ID NO:3; and a pharmaceutically acceptable topical vehicle.

	 	 	 	 	 	 	 	 	 	 	 
	208	 	United States	 	11/715997	 	3-9-2007	 	Pending	 	United States

         

        21. A method of treatment for treating damage or injury
        to skin, dermal or epidermal tissue or portion of said tissue, for promoting regeneration of skin, or for inducing an
        epidermal cellular mechanism or process for formation or maintenance of an epidermal tissue or portion thereof, in a subject
        in need thereof, the method comprising contacting said skin, tissue or portion of said tissue with a composition comprising
        an agent comprising at least one of gelsolin, vitamin D binding protein (DBP), profilin, cofilin, depactin, DNaseI, vilin,
        fragmin, severin, capping protein, beta-actinin, acumentin TB4, a TB4 isoform, a functional fragment of TB4 or a TB4 isoform
        having biological activity of TB4 or a TB4 isoform, TB4ala, TB9, TB10, TB11, TB12, TB13, TB14, or TB15.

 

    	A-2

    	 

    

 

	258	 	United States	 	13/758,751	 	2-04-2013	 	Pending	 	United States

         

        1. A peptide having an amino acid sequence selected
        from Ac-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH (SEQ ID NO: 3), Ac-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH
        (SEQ ID NO: 4), a variant of said Ac-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH which has an amino
        acid substituent substituted for said methionine residue, an isolated R-enantiomer of Ac-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH
        (SEQ ID NO: 3) or Ac-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH (SEQ ID NO: 4), an isolated S-enantiomer of Ac-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH
        (SEQ ID NO: 3) or Ac-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH (SEQ ID NO: 4), or a methionine-containing variant thereof in which
        any methionine is oxidized or superoxidized.

         

        5. A method of at least one of suppressing inflammation
        in tissue of a subject in need thereof, stimulating cell migration in tissue of a subject in need thereof, protecting
        tissue from cytotoxicity in tissue of a subject in need thereof, inhibiting apoptosis in tissue of a subject in need thereof,
        stimulating collagen in tissue of a subject in need thereof, inhibiting collagen in tissue of a subject in need thereof,
        stimulating collagen IV in tissue of a subject in need thereof, stimulating elastin in tissue of a subject in need thereof,
        inhibiting NFkB translocation in tissue of a subject in need thereof, inhibiting tissue damage caused by ultraviolet (UV)
        radiation in need thereof, protecting tissue from ultraviolet (UV) radiation damage in need thereof, promoting neurite
        outgrowth in a subject in need thereof, promoting neuron survival in a subject in need thereof, stimulating production
        of L1 in a subject in need thereof, inhibiting IKBa phosphorylation in a subject in need thereof, or restoring impaired
        T-lymphocyte blastogenic response in a subject in need thereof comprising administering to said subject a peptide having
        an amino acid sequence selected from Ac-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH (SEQ ID NO: 3),
        Ac-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH (SEQ ID NO: 4), H-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH (SEQ
        ID NO: 3), H-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH (SEQ ID NO: 4), a variant of Ac- or H-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH
        (SEQ ID NO: 3) that has an amino acid substituent substituted for said methionine residue, an isolated R-enantiomer of
        Ac- or H-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH (SEQ ID NO: 3) or Ac- or H-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH
        (SEQ ID NO: 4), an isolated S-enantiomer of Ac- or H-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH (SEQ
        ID NO: 3) or Ac- or H-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH (SEQ ID NO: 4), a methionine-containing variant thereof in which
        any methionine is oxidized or superoxidized, or a combination thereof.

         

        19. A composition comprising a peptide having amino
        acid sequence Ac-Ser-Asp-Lys-Pro-Asp-Met-Ala-Glu-Ile-Glu-Lys-Phe-Asp-Lys-Ser-OH (SEQ ID NO: 3) and a peptide having amino
        acid sequence Ac-Leu-Lys-Lys-Thr-Glu-Thr-Gln-OH (SEQ ID NO: 4).

  

    	A-3

    	 

    

 

Exhibit B

 

PHS LICENSE TERMS

APPLICABLE TO LICENSEE

 

For the purposes of this Exhibit C only, terms in bold
have the meanings given such terms in the PHS License.

 

		5.01	PHS reserves on behalf of the Government
an irrevocable, nonexclusive, non-transferable, royalty-free license for the practice of all inventions licensed under the Licensed
Patent Rights throughout the world by or on behalf of the Government and on behalf of any foreign government or international
organization pursuant to any existing or future treaty or agreement to which the Government is a signatory. Prior to the
First Commercial Sale, Licensee agrees to provide PHS reasonable quantities of Licensed Products or
materials made through the Licensed Processes solely for PHS research use and not for purposes of commercial development,
manufacture or distribution, at a price equal to Licensee’s cost of such.

 

		5.02	Licensee agrees that products used or sold in the
United States embodying Licensed Products or produced through use of Licensed Processes shall be manufactured substantially
in the United States, unless a written waiver is obtained in advance from PHS.

 

		5.03	Licensee acknowledges that PHS may enter
into future Cooperative Research and Development Agreements (CRADAs) under the Federal Technology Transfer Act of 1986 that relate
to the subject matter of this Agreement. PHS agrees to notify Licensee, as soon as is practical of any proposed
CRADA that relates to the subject matter of this Agreement. Licensee agrees not to unreasonably deny requests for
a Research License from such future collaborators with PHS when acquiring such rights is necessary in order to make
a Cooperative Research and Development Agreement (CRADA) project feasible. As of the effective date of this Agreement,
Licensee requests that Licensee have an opportunity to join as a party to any proposed Cooperative Research and
Development Agreement (CRADA).

 

		5.04	In addition to the reserved license of Paragraph 5.01 above,
PHS reserves the right to grant such nonexclusive Research Licenses directly or to require Licensee to grant
nonexclusive Research Licenses on commercially reasonable terms. The purpose of this Research License is to encourage
basic research, whether conducted at an academic or corporate facility. In order to safeguard the Licensed Patent Rights,
however, PHS shall consult with Licensee before granting to commercial entities a Research License or providing
to them research samples of Licensed Products or materials made through the Licensed Processes, provided however
that PHS will not provide materials obtained from Licensee under Paragraph 5.01 above to third parties, except with
Licensee’s prior written consent, which shall not be unreasonably withheld.

 

		8.01	Licensee agrees to keep accurate and correct records
of Licensed Products made, used, sold, or imported and Licensed Processes practiced under this Agreement
appropriate to determine the amount of royalties due PHS. Such records shall be retained for at least five (5) years following
a given reporting period and shall be available during normal business hours upon five (5) business days prior written notice
from PHS to Licensee for inspection at the expense of PHS by an accountant or other designated auditor selected
by PHS for the sole purpose of verifying reports and payments hereunder. The accountant or auditor shall only disclose
to PHS information relating to the accuracy of reports and payments made under this Agreement. If an inspection shows an
under reporting or underpayment in excess of five percent (5%) for any twelve (12) month period, then Licensee shall reimburse
PHS for the cost of the inspection at the time Licensee pays the unreported royalties, including any late charges
as required by Paragraph 9.08 of this Agreement. All payments required under this Paragraph shall be due within thirty
(30) days of the date PHS provides Licensee notice of the payment due.

 

    	B-1

    	 

    

 

		10.01	Licensee shall use its reasonable
best efforts to bring the Licensed Products and Licensed Processes to Practical Application. “Reasonable
best efforts” for the purposes of this provision shall include substantial adherence to the Commercial Development Plan
at Appendix F and substantial performance of the Benchmarks at Appendix E as may be amended from time to time by mutual
written consent. The efforts of sublicensees and Affiliates shall be considered the efforts of Licensee. To the extent
that the Benchmarks or development obligations set forth in Appendix E differ from or conflict with those set forth in
the Commercial Development Plan in Appendix F, Appendix E shall be considered to supersede Appendix F and the Commercial
Development Plan in Appendix F shall be amended to be consistent with Appendix E.

 

		10.02	Upon the First Commercial Sale, until the expiration
of this Agreement, Licensee shall use its reasonable best efforts to make Licensed Products and Licensed
Processes reasonably accessible to the United States public.

 

		12.05	Licensee shall indemnify and hold PHS, its
employees, students, fellows, agents, and consultants (the “Indemnified Parties”) harmless from and against
all liability, demands, damages, expenses, and losses, including but not limited to death, personal injury, illness, or property
damage (the “Indemnified Losses”) suffered by an Indemnified Party in connection with or arising out
of a) the use by or on behalf of Licensee, its sublicensees, directors, employees, or third parties of any Licensed
Patent Rights, or b) the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes
or materials by Licensee, or other products or processes developed in connection with or arising out of the Licensed
Patent Rights. Licensee agrees to maintain a liability insurance program consistent with sound business practice. Notwithstanding
any other provision to the contrary, Licensee shall have no obligation to indemnify an Indemnified Party from an
Indemnified Loss in connection with or arising out of the design, manufacture, distribution or use of any Licensed Product
or Licensed Process by or on behalf of the Indemnified Party.

 

		13.05	PHS shall specifically have the right to terminate
or, with Licensee’s consent, modify, at its option, this Agreement, if PHS determines that the Licensee:
1) is not using its reasonable best efforts to effectuate the Commercial Development Plan submitted with its request
for a license and the Licensee cannot otherwise demonstrate to PHS’s satisfaction that the Licensee
has taken, or can be expected to take within a reasonable time, effective steps to achieve Practical Application of the
Licensed Products or Licensed Processes; 2) has not used its reasonable best efforts to achieve the Benchmarks
as my be modified under Paragraph 9.02; 3) has willfully made a false statement of, or willfully omitted, a material
fact in the license application or in any report required by this Agreement; 4) has committed a material breach of
a covenant or agreement contained in the license; 5) is not keeping Licensed Products or Licensed Processes
reasonably available to the public after commercial use commences; 6) cannot reasonably satisfy unmet health and safety needs;
or 7) cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.02 unless waived.
In making this determination, PHS will take into account the normal course of commercial development programs conduct with
sound and reasonable business practices and judgment and the annual reports submitted by Licensee under Paragraph 9.02.
Prior to invoking this right, PHS shall give written notice to Licensee providing Licensee specific notice
of, and a ninety (90) day opportunity to respond to, PHS’s concerns as to the previous items 1) to 7). If Licensee
fails to alleviate PHS’s concerns as to the previous items 1) to 7) or fails to initiate corrective action to
PHS’s reasonable satisfaction, PHS may terminate this Agreement.

 

    	B-2

    	 

    

 

		13.07	PHS reserves the right according to 35 U.S.C. § 209(1)(4)
to terminate or modify this Agreement if it is determined that such action is necessary to meet requirements for public
use specified by federal regulations issued after the date of the license and such requirements are not reasonably satisfied by
Licensee.

 

		13.08	Within thirty (30) days of receipt of written notice of
PHS’s unilateral decision to modify or terminate this Agreement, Licensee may, consistent with the
provisions of 37 C.F.R. 404.11, appeal the decision by written submission to the designated PHS official. The decision of the
designated PHS official shall be the final agency decision. Licensee may thereafter exercise any and all administrative
or judicial remedies that may be available.

 

		13.09	Within ninety (90) days of expiration or termination of
this Agreement under this Article 13, a final report shall be submitted by Licensee. Any royalty payments, including
those incurred but not yet paid (such as the full minimum annual royalty), and those related to patent expense, due to PHS
shall become immediately due and payable upon termination or expiration. If terminated under this Article 13, sublicensees
may elect to convert their sublicenses to direct licenses with PHS and Licensee pursuant to Paragraph 4.03.

 

    	B-3Exhibit  4.1

 

EXECUTION COPY

 

AMENDED AND RESTATED TRUST AGREEMENT

 

among

 

HYUNDAI ABS FUNDING CORPORATION,

as Depositor

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Owner Trustee

 

and

 

HYUNDAI CAPITAL AMERICA,

 

as Administrator

 

Dated as of May 14, 2014

 

    	 	 	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1.	DEFINITIONS	 
	 	 	 
	Section 1.01	Capitalized Terms	1
	Section 1.02	Other Definitional Provisions	4
	 	 	 
	ARTICLE 2.	ORGANIZATION	 
	 	 	 
	Section 2.01	Name	4
	Section 2.02	Office	4
	Section 2.03	Purposes and Powers	5
	Section 2.04	Appointment of Owner Trustee	5
	Section 2.05	Initial Capital Contribution of Trust Estate	6
	Section 2.06	Declaration of Trust	6
	Section 2.07	Title to Trust Property	6
	Section 2.08	Situs of Trust	6
	Section 2.09	Representations, Warranties and Covenants of the Depositor	7
	Section 2.10	Federal Income Tax Allocations	8
	 	 	 
	ARTICLE 3.	TRUST CERTIFICATES
    AND TRANSFER OF INTERESTS	 
	 	 	 
	Section 3.01	Initial Ownership	8
	Section 3.02	The Trust Certificates	8
	Section 3.03	Execution, Authentication and Delivery of Trust Certificates	9
	Section 3.04	Registration of Transfer and Exchange of Trust Certificates	9
	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates	10
	Section 3.06	Persons Deemed Owners	10
	Section 3.07	Access to List of Certificateholders’ Names and Addresses	10
	Section 3.08	Maintenance of Office or Agency	11
	Section 3.09	Appointment of Paying Agent	11
	Section 3.10	Form of Trust Certificates	11
	Section 3.11	Transfer Restrictions	12
	Section 3.12	Legending of Trust Certificates	16
	Section 3.13	Authenticating Agent	17
	Section 3.14	Actions of Certificateholders	19
	 	 	 
	ARTICLE 4.	ACTIONS BY
    OWNER TRUSTEE	 
	 	 	 
	Section 4.01	Prior Notice with Respect to Certain Matters	19
	Section 4.02	Action by Servicer with Respect to Certain Matters	21
	Section 4.03	Action by Certificateholders with Respect to Bankruptcy	21
	Section 4.04	Restrictions on Certificateholders’ Power	21
	Section 4.05	Majority Control	21
	 	 	 
	ARTICLE 5.	APPLICATION
    OF TRUST FUNDS; CERTAIN DUTIES	 
	 	 	 
	Section 5.01	Establishment of Trust Account	22
	Section 5.02	Application of Trust Funds	22
	Section 5.03	Method of Payment	23

 

    	 	i	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section 5.04	Accounting and Reports to Certificateholders, the Internal Revenue Service and Others	23
	Section 5.05	Signature on Returns; Tax Matters Partner	23
	Section 5.06	Duties of Depositor on Behalf of Trust	24
	 	 	 
	ARTICLE 6.	AUTHORITY AND
    DUTIES OF OWNER TRUSTEE	 
	 	 	 
	Section 6.01	General Authority	24
	Section 6.02	General Duties	24
	Section 6.03	Action upon Instruction	25
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	26
	Section 6.05	No Action Except Under Specified Documents or Instructions	26
	Section 6.06	Restrictions	26
	 	 	 
	ARTICLE 7.	CONCERNING
    THE OWNER TRUSTEE	 
	 	 	 
	Section 7.01	Acceptance of Trusts and Duties	27
	Section 7.02	Furnishing of Documents	28
	Section 7.03	Representations and Warranties	28
	Section 7.04	Reliance; Advice of Counsel	29
	Section 7.05	Not Acting in Individual Capacity	29
	Section 7.06	Owner Trustee Not Liable for Trust Certificates or for Receivables	29
	Section 7.07	Owner Trustee May Own Trust Certificates and Notes	30
	Section 7.08	Doing Business in Other Jurisdictions	30
	Section 7.09	Paying Agent; Authenticating Agent	30
	 	 	 
	ARTICLE 8.	COMPENSATION
    OF OWNER TRUSTEE	 
	 	 	 
	Section 8.01	Owner Trustee’s Fees and Expenses	31
	Section 8.02	Indemnification	31
	Section 8.03	Payments to the Owner Trustee	31
	 	 	 
	ARTICLE 9.	TERMINATION
    OF TRUST AGREEMENT	 
	 	 	 
	Section 9.01	Termination of Trust Agreement	31
	 	 	 
	ARTICLE 10.	SUCCESSOR OWNER
    TRUSTEES AND ADDITIONAL OWNER TRUSTEES	 
	 	 	 
	Section 10.01	Eligibility Requirements for Owner Trustee	32
	Section 10.02	Resignation or Removal of Owner Trustee	33
	Section 10.03	Successor Owner Trustee	33
	Section 10.04	Merger or Consolidation of Owner Trustee	34
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	34
	 	 	 
	ARTICLE 11.	MISCELLANEOUS	 
	 	 	 
	Section 11.01	Supplements and Amendments	35
	Section 11.02	No Legal Title to Trust Estate in Certificateholders	37
	Section 11.03	Limitations on Rights of Others	37

 

    	 	ii	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section 11.04	Notices	37
	Section 11.05	Severability	38
	Section 11.06	Separate Counterparts	38
	Section 11.07	Successors and Assigns	38
	Section 11.08	Covenants of the Depositor	38
	Section 11.09	No Petition	38
	Section 11.10	No Recourse	38
	Section 11.11	Headings	39
	Section 11.12	GOVERNING LAW	39
	Section 11.13	[Reserved]	39
	Section 11.14	Sarbanes-Oxley	40
	 	 	 
	ARTICLE 12.	COMPLIANCE
    WITH REGULATION AB	 
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	40
	Section 12.02	Additional Representations and Warranties of the Owner Trustee	40
	Section 12.03	Information to Be Provided by the Owner Trustee	41
	Section 12.04	Indemnification; Remedies	42
	 	 	 
	EXHIBITS	 	 
	 	 	 
	Exhibit A	Form of Trust Certificate	A-1
	Exhibit B	Reserved	B-1
	Exhibit C	Form of Transferee Certificate (QIB Letter)	C-1
	Exhibit D	Form of Transferee Certificate (Investment Letter)	D-1
	Exhibit E	Form of Certificate of Trust of Hyundai Auto Receivables Trust 2014-B	E-1

 

    	 	iii	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

This AMENDED AND RESTATED
TRUST AGREEMENT, dated as of May 14, 2014, is among HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation, as depositor
(the “Depositor”), WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, acting hereunder
not in its individual capacity but solely as owner trustee (the “Owner Trustee”), and HYUNDAI CAPITAL AMERICA,
a California corporation, as administrator (the “Administrator”).

 

WHEREAS, on February
20, 2014, the Depositor, the Owner Trustee and the Administrator entered into a Trust Agreement (the “Original Trust Agreement”);
and

 

WHEREAS, the parties
hereto wish to amend and restate the Original Trust Agreement in its entirety;

 

NOW, THEREFORE, in consideration
of the foregoing, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto amend
and restate the Original Trust Agreement in its entirety and agree as follows:

 

ARTICLE
1.

DEFINITIONS

 

Section 1.01         Capitalized
Terms. For all purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Administration
Agreement” shall mean the Owner Trust Administration Agreement dated as of May 14, 2014 among the Trust, Hyundai
Capital America, as Administrator, and Citibank, N.A., as Indenture Trustee, as amended, supplemented, amended and restated or
otherwise modified from time to time.

 

“Administrator”
shall mean Hyundai Capital America.

 

“Agreement”
shall mean this Amended and Restated Trust Agreement, as the same may be amended and supplemented from time to time.

 

“Authenticating
Agent” shall have the meaning assigned to such term in Section 3.13(a) and shall initially be Citibank, N.A.

 

“Benefit Plan
Investor” shall have the meaning assigned to such term in Section 3.11(b).

 

“Certificate Distribution Account”
shall have the meaning assigned to such term in Section 5.01.

 

“Certificate
of Trust” shall mean the Certificate of Trust, substantially in the form of Exhibit E filed for the Trust pursuant to
Section 3810 of the Statutory Trust Act.

 

“Certificate
Percentage Interest” shall mean with respect to any Trust Certificate, the percentage interest of ownership in the Trust
represented thereby as set forth on the face thereof.

 

    	 	 	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

“Certificate
Register” and “Certificate Registrar” shall mean the register mentioned in and the registrar appointed
pursuant to Section 3.04.

 

“Certificateholder”
or “Holder” shall mean a Person in whose name a Trust Certificate is registered.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

 

“Corporate Trust
Office” shall mean, with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee
located at Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, or at such
other address in the State of Delaware as the Owner Trustee may designate by notice to the Certificateholders and the Depositor,
or the principal corporate trust office of any successor Owner Trustee at the address (which shall be in the State of Delaware)
designated by such successor Owner Trustee by notice to the Certificateholders and the Depositor.

 

“Definitive
Trust Certificates” shall have the meaning set forth in Section 3.10.

 

“Depositor”
shall mean Hyundai ABS Funding Corporation and its successors, in its capacity as depositor hereunder.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended.

 

“Expenses”
shall have the meaning assigned to such term in Section 8.02.

 

“Indemnified
Parties” shall have the meaning assigned to such term in Section 8.02.

 

“Indenture”
shall mean the Indenture, dated as of May 14, 2014 between the Trust and Citibank, N.A., as Indenture Trustee, as amended,
supplemented, amended and restated or otherwise modified from time to time.

 

“Indenture Trustee”
shall mean Citibank, N.A., a national banking association.

 

“Initial Certificate Transfer Opinion”
means an opinion rendered by nationally recognized tax counsel (i) upon the initial transfer by the Depositor of a Certificate
that results in the Issuer being treated as a partnership for federal income tax purposes and (ii) while any Note retained by the
Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes is outstanding
that (x) such Notes will be debt for United States federal income tax purposes or (y) the transfer by the Depositor of such Certificate
will not cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation.

 

    	 	2	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

“Owner Trustee”
shall mean Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as
owner trustee under this Agreement, and any successor Owner Trustee hereunder.

 

“Paying Agent”
shall mean any paying agent or co paying agent appointed pursuant to Section 3.09 and shall initially be Citibank, N.A.

 

“Person”
shall mean any individual, corporation, estate, partnership, limited liability company, joint venture, association, joint stock
company, trust or business trust (including any beneficiary thereof), unincorporated organization or government or any agency or
political subdivision thereof.

 

“Record Date”
shall mean, with respect to a Payment Date, the close of business on the day immediately preceding such Payment Date.

 

“Sale and Servicing
Agreement” shall mean the Sale and Servicing Agreement dated as of May 14, 2014, among the Depositor, Hyundai Capital
America, as Seller and Servicer, the Trust and the Indenture Trustee, as amended, supplemented, amended and restated or otherwise
modified from time to time.

 

“SEC”
means the Securities and Exchange Commission.

 

“Secretary of
State” shall mean the Secretary of State of the State of Delaware.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Statutory Trust
Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code ss. 3801 et seq., as the same may be amended
from time to time.

 

“Treasury Regulations”
shall mean regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

 

“Trust”
shall mean the trust established by this Agreement.

 

“Trust Certificate”
shall mean a certificate evidencing the beneficial interest of a Certificateholder in the Trust, substantially in the form attached
hereto as Exhibit A.

 

“Trust Estate”
shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article
II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and the Certificate Distribution
Account, and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant
to the Sale and Servicing Agreement and the Administration Agreement.

 

    	 	3	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 1.02         Other
Definitional Provisions.

 

(a)          Capitalized
terms used and not otherwise defined herein have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined
therein, in the Indenture.

 

(b)          All
terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

 

(c)          As
used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement
or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of accounting terms in this Agreement or in any such
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles,
the definitions contained in this Agreement or in any such certificate or other document shall control.

 

(d)          The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references
contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; “or”
includes “and/or”; and the term “including” shall mean “including without limitation”.

 

(e)          The
definitions contained in this Agreement are applicable to the singular and plural forms of such terms and to the masculine, feminine
and neuter genders of such terms.

 

(f)          Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of
agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are
also to its permitted successors and assigns.

 

ARTICLE
2.

ORGANIZATION

 

Section 2.01         Name.
The Trust created hereby shall be known as “Hyundai Auto Receivables Trust 2014-B,” in which name the Owner Trustee
may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

 

Section 2.02         Office.
The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in Delaware
as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor.

 

    	 	4	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 2.03         Purposes
and Powers. The purpose of the Trust is to engage in the following activities and the Trust shall have the power and authority:

 

(a)          to
issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to sell, transfer and exchange
the Notes and the Trust Certificates and to pay interest on and principal of the Notes and distributions on the Trust Certificates,
all in accordance with the Basic Documents;

 

(b)          with
the proceeds of the sale of the Notes and the Trust Certificates, to purchase the Receivables, to fund the Reserve Account, to
pay the organizational, start-up and transactional expenses of the Trust and to pay the balance of such proceeds to the Depositor
pursuant to the Sale and Servicing Agreement;

 

(c)          to
assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute
to the Certificateholders pursuant to the terms of this Agreement and the Sale and Servicing Agreement any portion of the Trust
Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture;

 

(d)          to
enter into and perform its obligations under the Basic Documents to which it is to be a party;

 

(e)          to
engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing
or are incidental thereto or connected therewith;

 

(f)          to
enter into derivative transactions upon the satisfaction of the Rating Agency Condition (other than with respect to Standard &
Poor’s, but with satisfaction of the Rating Agency Notification with respect to Standard & Poor’s if Standard &
Poor’s is rating any Outstanding Class of Notes) with respect to such derivative transactions, at any time or from time to
time after the issuance of the Notes. The notional amount of those derivatives may (but need not) exceed the amount of the Notes
and need not relate to or counteract risks associated with the Notes or the Receivables; provided, however, that
any payments to the applicable counterparties to the derivative transactions on any Payment Date are to be made only after all
required payments to the Noteholders and deposits to the Reserve Account on such Payment Date; and

 

(g)          subject
to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of
the Trust Estate and the making of distributions to the Certificateholders and the Noteholders.

 

The Trust is hereby authorized
to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the Basic Documents.

 

Section 2.04         Appointment
of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof,
to have all the rights, powers and duties set forth herein.

 

    	 	5	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 2.05         Initial
Capital Contribution of Trust Estate. Pursuant to the Original Trust Agreement, the Depositor sold, assigned, transferred,
conveyed and set over to the Owner Trustee, as of the date thereof, the sum of $1.00. The Owner Trustee acknowledges receipt in
trust from the Depositor, on the date of the Original Trust Agreement, of the foregoing contribution, which shall constitute the
initial Trust Estate and shall be deposited in the Certificate Distribution Account. The Depositor shall pay organizational expenses
of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such
expenses paid by the Owner Trustee.

 

Section 2.06         Declaration
of Trust. The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents.
It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this
Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, for federal
income and state and local income and franchise tax purposes, until the Trust Certificates are beneficially owned by more than
one Person (and all such owners are not treated as the same Person for federal income tax purposes), the Trust will be disregarded
as an entity separate from the Depositor (or another Person that beneficially owns all of the Trust Certificates) and the Notes
will be characterized as debt. At such time that the Trust Certificates are beneficially owned by more than one Person (and all
such owners are not treated as the same Person for federal income tax purposes), it is the intention of the parties hereto that,
for income and franchise tax purposes, the Trust shall be treated as a partnership, with the assets of the partnership being the
Receivables and other assets held by the Trust, the partners of the partnership, being the Certificateholders, and the Notes being
debt of the partnership. The Depositor and the Certificateholders by acceptance of a Trust Certificate agree to such treatment
and agree to take no action inconsistent with such treatment. The parties agree that, unless otherwise required by appropriate
tax authorities, until the Trust Certificates are beneficially owned by more than one Person (and all such owners are not treated
as the same Person for federal income tax purposes), the Trust will not file or cause to be filed annual or other necessary tax
returns, reports and other forms inconsistent with the characterization of the Trust as a disregarded entity of its owner. Effective
as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Act
with respect to accomplishing the purposes of the Trust.

 

Section 2.07         Title
to Trust Property. Subject to the Indenture, legal title to all the Trust Estate shall be vested at all times in the Trust
as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate to be
vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate
trustee, as the case may be; provided that prior to taking title to any part of the Trust Estate, the Owner Trustee will notify
the Servicer and the Indenture Trustee.

 

Section 2.08         Situs
of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee
on behalf of the Trust shall be located in the State of Delaware, the State of Illinois or the State of New York. The Trust shall
not have any employees; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware. Payments will be received by the Trust

 

    	 	6	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

only in Delaware or New
York, and payments will be made by the Trust only from Delaware or New York. The only office of the Trust will be at the Corporate
Trust Office in the State of Delaware.

 

Section 2.09         Representations,
Warranties and Covenants of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that:

 

(a)          The
Depositor is duly organized and validly existing as a corporation in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as such properties are currently owned and such business
is presently conducted.

 

(b)          The
Depositor is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require such
qualifications.

 

(c)          The
Depositor has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor
has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor
has duly authorized such sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery
and performance of this Agreement have been duly authorized by the Depositor by all necessary corporate action.

 

(d)          The
Depositor has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation
of the Depositor, enforceable against the Depositor, in accordance with its terms, except as such enforcement may be limited by
applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors' rights generally or
by general equitable principles.

 

(e)          The
consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the
articles and bylaws of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which
it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the
Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties.

 

(f)          There
are no proceedings or investigations pending or, to the knowledge of the Depositor, threatened before any court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting
the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement
or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its
obligations under, or the validity or enforceability of, this Agreement.

 

    	 	7	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

(g)          The
Depositor is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration
or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity
or enforceability of this Agreement, other than (i) UCC filings and (ii) consents, licenses, approvals, registrations, authorizations
or declarations which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility
of the Receivables or would not materially and adversely affect the ability of the Depositor to perform its obligations under the
Basic Documents.

 

(h)          The
representations and warranties of the Depositor in Section 3.02 of the Sale and Servicing Agreement are true and correct.

 

Section 2.10         Federal
Income Tax Allocations. If the Trust Certificates are beneficially owned by more than one Person (and all such owners are not
treated as the same Person for federal income tax purposes), for federal income tax purposes each item of income, gain, loss, credit
and deduction for a month shall be allocated to the Certificateholders as of the first Record Date following the end of such month
in proportion to their Certificate Percentage Interests on such Record Date. The Trust (or the Administrator in accordance with
the Administration Agreement and Section 5.04) is authorized to modify the allocations in this paragraph if necessary or appropriate,
in its sole discretion, for the allocations to fairly reflect the economic income, gain or loss to the Certificateholders or otherwise
comply with the requirements of the Code.

 

ARTICLE
3.

TRUST
CERTIFICATES AND TRANSFER OF INTERESTS

 

Section 3.01         Initial
Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance
of the Trust Certificates, the Depositor shall be the sole beneficiary of the Trust.

 

Section 3.02         The
Trust Certificates. The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and
entitled to the benefit of this Agreement and shall be valid and binding obligations of the Trust, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did
not hold such offices at the date of authentication and delivery of such Trust Certificates.

 

If a transfer of the
Trust Certificates is permitted pursuant to Section 3.11, a transferee of a Trust Certificate shall become a Certificateholder
and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s
acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section 3.04.

 

    	 	8	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 3.03         Execution,
Authentication and Delivery of Trust Certificates. On the Closing Date, the Owner Trustee shall cause the Trust Certificates
in an aggregate Certificate Percentage Interest equal to 100% to be executed on behalf of the Trust, authenticated and delivered
to or upon the written order of the Depositor, signed by the Owner Trustee on behalf of the Trust, without further action by the
Depositor, in authorized denominations. No Trust Certificate shall entitle its Holder to any benefit under this Agreement or be
valid for any purpose unless there shall appear on such Trust Certificate a certificate of authentication substantially in the
form set forth in Exhibit A, executed by the Owner Trustee or Citibank, N.A., as the Owner Trustee’s Authenticating Agent,
by manual signature; such authentication shall constitute conclusive evidence that such Trust Certificate shall have been duly
authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication.

 

Section 3.04         Registration
of Transfer and Exchange of Trust Certificates. The Certificate Registrar shall keep or cause to be kept, at the office or
agency maintained pursuant to Section 3.08, a Certificate Register in which, subject to such reasonable regulations as it may prescribe,
the Owner Trustee shall provide for the registration of Trust Certificates and of transfers and exchanges of Trust Certificates
as herein provided. Wilmington Trust, National Association shall be the initial Certificate Registrar.

 

Upon surrender for registration
of transfer of any Trust Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee shall execute,
authenticate and deliver (or shall cause its Authenticating Agent to authenticate and deliver), in the name of the designated transferee
or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the date of authentication
by the Owner Trustee or any Authenticating Agent. At the option of a Certificateholder, Trust Certificates may be exchanged for
other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust Certificates to be
exchanged at the office or agency maintained pursuant to Section 3.08.

 

Every Trust Certificate
presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the related Certificateholder or such Certificateholder’s
attorney duly authorized in writing. Each Trust Certificate surrendered for registration of transfer or exchange shall be cancelled
and subsequently disposed of by the Owner Trustee in accordance with its customary practice.

 

No service charge shall
be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer
or exchange of Trust Certificates.

 

The preceding provisions
of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not register transfers or
exchanges of, Trust Certificates for a period of 10 days preceding the due date for any payment with respect to the Trust Certificates.

 

    	 	9	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the transfer of the
Trust Certificates.

 

Section 3.05         Mutilated,
Destroyed, Lost or Stolen Trust Certificates. If (a) any mutilated Trust Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity
as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been acquired
by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or the Owner Trustee’s
Authenticating Agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Trust Certificate, a new Trust Certificate of like tenor and denomination. In connection with the issuance of any new Trust Certificate
under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this
Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen
or destroyed Trust Certificate shall be found at any time.

 

Section 3.06         Persons
Deemed Owners. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any Paying Agent may treat the Person in whose name any Trust Certificate is registered in the Certificate Register
as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other
purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by any notice
to the contrary.

 

Section 3.07         Access
to List of Certificateholders’ Names and Addresses. The Owner Trustee shall furnish or cause to be furnished to the Servicer,
the Paying Agent and the Depositor, within 15 days after receipt by the Owner Trustee of a written request therefor from the Servicer,
the Paying Agent or the Depositor, a list, in such form as the Servicer or the Depositor may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. The Certificate Registrar shall also promptly furnish to
the Owner Trustee and the Paying Agent a copy of such list at any time there is a change therein. If (a) three or more Certificateholders
or (b) one or more Holders of Trust Certificates evidencing not less than 50% of the Certificate Percentage Interests apply in
writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders
with respect to their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy
of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five Business Days after the
receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders.
Each Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor,
the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure of its name and address, regardless of the
source from which such information was derived. The Certificate Registrar shall upon the request of the Owner Trustee provide such
list, or access to such list, of Certificateholders as contemplated by this Section.

 

    	 	10	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 3.08         Maintenance
of Office or Agency. The Trust shall designate in the State of Delaware an office or offices or agency or agencies where Trust
Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Trust and
Owner Trustee in respect of the Trust Certificates and the Basic Documents may be served. The Trust initially designates Wilmington
Trust, National Association as its office for such purposes. The Trust shall give prompt written notice to the Depositor and the
Certificateholders of any change in the location of the Certificate Register or any such office or agency.

 

Section 3.09         Appointment
of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account
pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred
to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion
that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect; provided, however,
the Owner Trustee shall have no duty to monitor or oversee the compliance by the Paying Agent of its obligations under this Agreement
or any other Basic Document. The Paying Agent initially shall be Citibank, N.A., and any co-paying agent chosen by the Trust. Citibank,
N.A. shall be permitted to resign as Paying Agent upon 30 days’ written notice to the Owner Trustee. In the event that Citibank,
N.A. shall no longer be the Paying Agent, the Depositor, with the consent of the Owner Trustee, shall appoint a successor to act
as Paying Agent (which shall be a bank or trust company). The Trust shall cause such successor Paying Agent or any additional Paying
Agent appointed hereunder to execute and deliver to the Trust an instrument in which such successor Paying Agent or additional
Paying Agent shall agree with the Trust that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold
all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner
Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee.
Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 

Section 3.10         Form
of Trust Certificates. The Trust Certificates, upon original issuance, will be issued in the form of a typewritten Trust Certificate
or Trust Certificates representing definitive, fully registered Trust Certificates (the “Definitive Trust Certificates”)
and shall be registered in the name of the Depositor or upon order of the Depositor as the initial registered owner thereof. The
Owner Trustee shall execute and authenticate, or cause to be authenticated, the Definitive Trust Certificates in accordance with
the instructions of the Depositor. The Depositor hereby orders the Owner Trustee to execute and authenticate, or cause to be authenticated,
the Definitive Trust Certificates. Neither the Certificate Registrar nor the Owner Trustee shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of
the Trust Certificates, the Owner Trustee and each Paying Agent shall recognize the Holders of the Trust Certificates as Certificateholders.
The Trust Certificates shall be printed, lithographed or engraved, or may be produced in any other manner as is reasonably acceptable
to the Owner Trustee, as evidenced by its execution thereof.

 

    	 	11	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 3.11         Transfer
Restrictions.

 

(a)          No
Trust Certificate may be sold, resold, assigned or transferred (including by pledge or hypothecation) unless such sale, resale,
assignment or transfer is (i) to a transferee that is the Depositor or a U.S. Affiliate of the Depositor, (ii) pursuant to an effective
registration statement under the Securities Act and any applicable state securities or “Blue Sky” laws, (iii) pursuant
to Rule 144A promulgated under the Securities Act (“Rule 144A”) or (iv) pursuant to another exemption from the registration
requirements of the Securities Act and subject to the receipt by the Owner Trustee and the Depositor of (A) a certification by
the prospective transferee of the facts surrounding such transfer, which certification shall be in form and substance satisfactory
to the Owner Trustee and the Depositor and (B) if requested by the Owner Trustee, an opinion of counsel (which will not be at the
expense of the Owner Trustee), satisfactory to the Depositor and the Owner Trustee, to the effect that the transfer is in compliance
with the Securities Act, and, in each case, in compliance with any applicable securities or “Blue Sky” laws of any
state of the United States; provided, that such certification by the prospective transferee and opinion of counsel will
not be required in the event of a transfer of 100% of the Trust Certificate to a U.S. Affiliate of the Depositor. In addition,
each transferee shall provide to the Owner Trustee its tax identification number, address, nominee name (if applicable) and wire
transfer instructions. Prior to any resale, assignment or transfer of the Trust Certificates described in clause (iii) above, each
prospective purchaser of the Trust Certificates shall have acknowledged, represented and agreed as follows:

 

(1)         It
is a “qualified institutional buyer” as defined in Rule 144A (“QIB”) and is acquiring the Trust Certificates
for its own institutional account (and not for the account of others) or as a fiduciary or agent for others (which others also
are QIBs).

 

(2)         It
acknowledges that the Trust Certificates have not been and will not be registered under the Securities Act or the securities laws
of any jurisdiction.

 

(3)         It
is familiar with Rule 144A and is aware that the sale is being made in reliance on Rule 144A and it is not acquiring the Trust
Certificates with a view to, or for resale in connection with, a distribution that would constitute a public offering within the
meaning of the Securities Act or a violation of the Securities Act, and that, if in the future it decides to resell, assign, pledge
or otherwise transfer any Trust Certificates, such Trust Certificates may be resold, assigned, pledged or transferred only (i)
to the Depositor or any Affiliate thereof, (ii) so long as such Trust Certificate is eligible for resale pursuant to Rule 144A,
to a person whom it reasonably believes after due inquiry is a QIB acting for its own account (and not for the account of others)
or as a fiduciary or agent for others (which others also are QIBs) to whom notice is given that the resale, pledge, assignment
or transfer is being made in reliance on Rule 144A, (iii) pursuant to an effective registration statement under the Securities
Act or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the
Securities Act, in which case (A) the Owner Trustee shall require that both the prospective transferor and the prospective transferee
certify to the Owner Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in
form and substance satisfactory to the Owner Trustee and the

 

    	 	12	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Depositor and
(B) the Owner Trustee shall require a written opinion of counsel (which will not be at the expense of the Depositor or the Owner
Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such transfer will not violate the Securities Act,
in each case in accordance with any applicable securities or “Blue Sky” laws of any state of the United States.

 

(4)         It
is aware that it (or any account for which it is purchasing) may be required to bear the economic risk of an investment in the
Trust Certificates for an indefinite period, and it (or such account) is able to bear such risk for an indefinite period.

 

(5)         It
understands that the Trust Certificates will bear legends substantially as set forth in Section 3.12.

 

(6)         If
it is acquiring any Trust Certificates for the account of one or more qualified institutional buyers, it represents that it has
sole investment discretion with respect to each such account and that it has full power to make the foregoing acknowledgements,
representations and agreements on behalf of each such account.

 

(7)         It
has neither acquired nor will it transfer any Trust Certificate it purchases (or any interest therein) or cause any such Trust
Certificate (or any interest therein) to be marketed on or through an “established securities market” within the meaning
of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system
that regularly disseminates firm buy or sell quotations.

 

(8)         Unless
the Owner Trustee has received an opinion from a nationally recognized tax counsel in form and substance acceptable to the Depositor
(which, for the avoidance of doubt, may rely on reasonable representations of the applicable transferee) to the effect that the
proposed transfer to such transferee without the representation pursuant to this paragraph (8) will not cause the Trust to be treated
as a publicly traded partnership within the meaning of Section 7704 of the Code, it (and any Person for which it holds Trust Certificates
as agent or nominee, collectively for purposes of this paragraph (8), a “transferee”) either (A) is not, and will not
become, a partnership, S corporation or grantor trust for U.S. federal income tax purposes (or a disregarded entity of any of the
foregoing) or (B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee
have allowed or caused, or will allow or cause, 50% or more of the value of such interests in the transferee to be attributable
to such transferee’s ownership of Trust Certificates.

 

(9)         It
understands that if it is acquiring any Trust Certificate for the account of one or more Persons as agent or nominee, (A) it shall
provide to the Owner Trustee and the Depositor information as to the number of such Persons and any changes in the number of such
Persons and (B) any such change in the number of Persons for whose account a Trust Certificate is held shall require the written
consent of the Owner Trustee, which consent shall be granted unless the Owner Trustee determines that such proposed change in number
of Persons would create a risk that the Trust would be

 

    	 	13	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

classified
for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation.

 

(10)        It
understands that no subsequent transfer of the Trust Certificates (or any interest therein) is permitted unless (A) such transfer
is of a Trust Certificate with a Certificate Percentage Interest of more than 2% (or of an interest in a Trust Certificate representing
a Certificate Percentage Interest of more than 2%), (B) the proposed transferee provides to the Owner Trustee and the Depositor
a letter substantially in the form of Exhibit C or Exhibit D hereto, as applicable (unless the Depositor shall have received an
opinion of nationally recognized tax counsel to the effect that such transfer without such an accompanying representation letter
will not cause the Trust to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal
income tax purposes and the Depositor shall consent in writing that no such written representation letter is required), or such
other written statement as the Owner Trustee shall prescribe and (C) the Trust consents in writing to the proposed transfer, which
consent shall be granted unless the Owner Trustee determines that such transfer would either create a risk that the Trust would
be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as
a corporation (e.g., the transfer contravenes any of clauses (7), (8), (9), (10), (11), (12) and (13) of this Section 3.11
or could cause the number of beneficial owners of Trust Certificates and Restricted Notes (or interests therein) in the aggregate
to exceed 95).

 

(11)        It
understands that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation
is dependent in part on the accuracy of the representations in paragraphs (7), (8), (9) and (10) above. It understands that if
it is acquiring the Certificates as agent or nominee for any other Person, such Person confirms the representations in paragraphs
(7), (8), (9) and (10) above as such representations apply to such Person(s).

 

(12)        It
(and any Person for which it holds Trust Certificates as agent or nominee) is a United States Person within the meaning of Section 7701(a)(30)
of the Code (or it is a partnership within the meaning of Section 7701(a)(2) of the Code that is not a “publicly traded partnership”
within the meaning of Section 7704 of the Code, all of the partners within the meaning of Section 7701(a)(2) of the Code of such
partnership are and will remain United States Persons within the meaning of Section 7701(a)(30) of the Code, it timely delivers
to the Owner Trustee and Depositor a valid, properly completed and duly executed IRS Form W-8IMY (with IRS Forms W-9 attached)
which states that it is “a look-through foreign partnership for purposes of Section 1446 of the Code”, and it receives
the consent of the Depositor). If, at any time, a beneficial owner of any Trust Certificates ceases to be in compliance with this
provision (12), the Depositor or Trust may in its sole and absolute discretion (x) withhold on distributions in respect of such
Trust Certificates, and/or require such beneficial owner to forfeit distributions in respect of such Trust Certificates, provided
that such remedies may only be exercised in respect of the periods of non-compliance, and/or (y) upon written notice to the beneficial
owner by the Depositor or Trust, require the beneficial owner promptly to dispose of such Trust Certificates to a United States
Person within the meaning of Section 7701(a)(30) of the Code (or if such disposition or other cure of non-compliance does not occur
within 10

 

    	 	14	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Business Days
after receiving such notice to dispose of the Trust Certificates, to the Depositor or a person designated by the Depositor for
an amount determined in good faith, but at the sole discretion of the Depositor).

 

(13)        It
(and any Person for which it holds Trust Certificates as agent or nominee) acknowledges that the Owner Trustee, the Depositor,
and their Affiliates, and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements.

 

Any transfer in violation of the foregoing
will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee.

 

Each transferee of the
Trust Certificates, other than a transfer of 100% of the Trust Certificates to a U.S. Affiliate of the Depositor, shall be required
to execute or to have executed a representation letter substantially in the form of Exhibit C or Exhibit D, as applicable (unless
the Depositor shall have received an opinion of nationally recognized tax counsel to the effect that such transfer without such
an accompanying representation letter will not cause the Trust to be treated as an association or publicly traded partnership taxable
as a corporation for U.S. federal income tax purposes and the Depositor shall consent in writing that no such written representation
letter is required), or may deliver such other representations (or an opinion of counsel) as may be approved by the Owner Trustee
and the Depositor, to the effect that such transfer may be made pursuant to an exemption from registration under the Securities
Act and any applicable state securities or “Blue Sky” laws.

 

Prior to any sale, resale,
assignment or transfer of the Trust Certificates (other than as described in clause (iii) of Section 3.11 which is addressed above),
each prospective purchaser and any subsequent transferee of the Trust Certificates (or any interest therein) shall be deemed to
have acknowledged, represented and agreed as to the matters contained in clauses (7), (8), (9), (10), (11), (12) and (13) above.

 

In addition, such prospective
purchaser shall be responsible for providing additional information or certification, as shall be reasonably requested by the Owner
Trustee or the Depositor, to support the truth and accuracy of the foregoing acknowledgments, representations and agreements, it
being understood that such additional information is not intended to create additional restrictions on the transfer of the Trust
Certificates. Neither the Depositor, the Trust nor the Owner Trustee shall be obligated to register or monitor compliance with
the Trust Certificates under the Securities Act or any state securities or “Blue Sky” laws.

 

In determining compliance
with the transfer restrictions contained in this Section, the Owner Trustee may rely upon a written opinion of counsel (which may
include in-house counsel of the transferor), the cost of obtaining which shall be an expense of the Holder of the Certificate to
be transferred.

 

(b)          The
Trust Certificates may not be acquired by or for the account of (i) an “employee benefit plan” (as defined in
Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a “plan” described in Section 4975(e)(1)
of the Code that is subject to Section 4975 of the Code or (iii) any entity whose underlying assets include plan assets by

 

    	 	15	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

reason of an employee
benefit plan’s or a plan’s investment in the entity (each, a “Benefit Plan Investor”). By accepting and
holding a Trust Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan
Investor.

 

(c)          In
the case of the first transfer of a Certificate that will result in the Trust being deemed to have more than one beneficial owner
for federal income tax purposes, the Depositor shall be entitled to request an Initial Certificate Transfer Opinion.

 

Section 3.12         Legending
of Trust Certificates. Each Trust Certificate shall bear a legend in substantially the following form, unless the Depositor
determines otherwise in accordance with applicable law:

 

THIS TRUST CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE
OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST
CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE TRUST CERTIFICATE IS ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO THE PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED
INSTITUTIONAL BUYER ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH
OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (B) TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE, (C) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (D) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS. IN SUCH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT
THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) IF REQUESTED BY THE OWNER TRUSTEE, A WRITTEN
OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE
AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY
PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE TRUST
CERTIFICATE FOR ALL PURPOSES.

 

    	 	16	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

NO TRUST CERTIFICATE
OR INTEREST THEREIN MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF (I) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE PROVISIONS
OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT PLAN INVESTOR”).
BY ACCEPTING AND HOLDING A TRUST CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT
A BENEFIT PLAN INVESTOR.

 

THIS TRUST CERTIFICATE
OR INTEREST HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO A PERSON THAT IS A U.S. TAX
PERSON. EACH HOLDER SHALL REPRESENT AND WARRANT THAT IT IS A U.S. PERSON. EACH TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS
AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL
BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY
TO THE TRUST, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE TRUST DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH
CERTIFICATE OR BENEFICIAL INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH
IN THE TRUST AGREEMENT, THE TRUST AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH
CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE TRUST.
TRANSFERS OF THIS CERTIFICATE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS
AS PROVIDED IN THE TRUST AGREEMENT.

 

Section 3.13         Authenticating
Agent.

 

(a)          The
Owner Trustee may appoint one or more Authenticating Agents (each, an “Authenticating Agent”) with respect to the Certificates
which shall be authorized to act on behalf of the Owner Trustee in authenticating the Certificates in connection with the issuance,
delivery, registration of transfer, exchange or repayment of the Certificates. The Owner Trustee hereby appoints Citibank, N.A.
as Authenticating Agent for the authentication of Certificates upon any registration of transfer or exchange of such Certificates.
Whenever reference is made in this Agreement to the authentication of Certificates by the Owner Trustee or the Owner Trustee's
certificate of authentication, such reference shall be deemed to include authentication on behalf of the Owner Trustee by an Authenticating
Agent and a certificate of authentication executed on behalf of the Owner Trustee by an Authenticating Agent. Each Authenticating
Agent (other than Citibank, N.A.) shall be subject to acceptance by the Depositor.

 

    	 	17	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

(b)          Any
institution succeeding to the corporate agency business of an Authenticating Agent shall continue to be an Authenticating Agent
without the execution or filing of any paper or any further act on the part of the Owner Trustee or such Authenticating Agent.

 

(c)          An
Authenticating Agent may at any time resign by giving written notice of resignation to the Owner Trustee and the Depositor. The
Owner Trustee may at any time terminate the agency of an Authenticating Agent by giving notice of termination to such Authenticating
Agent and to the Depositor. Upon receiving such a notice of resignation or upon such a termination, or in case at any time an Authenticating
Agent shall cease to be acceptable to the Owner Trustee or the Depositor, the Owner Trustee promptly may appoint a successor Authenticating
Agent with the consent of the Depositor. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent.

 

(d)          The
Depositor shall pay the Authenticating Agent from time to time reasonable compensation for its services under this Section 3.13.

 

(e)          Pursuant
to an appointment made under this Section 3.13, the Certificates may have endorsed thereon, in lieu of the Owner Trustee's certificate
of authentication, an alternate certificate of authentication in substantially the following form:

 

This is one of the
Certificates referred to in the within mentioned Agreement.

 

	 	 
	 	as Owner Trustee
	 	 
	 	By:
	 	Authorized Officer
	 	 
	 	or
	 	 
	 	 
	 	as Authenticating Agent for the Owner Trustee,
	 	 
	 	By:
	 	Authorized Officer

 

    	 	18	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 3.14         Actions
of Certificateholders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken
by the Certificateholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Owner Trustee and, when required, to the
Depositor or the Servicer. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Agreement and conclusive in favor of the Owner Trustee, the Depositor and the Servicer, if made in the
manner provided in this Section 3.14.

 

(b)          The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Owner Trustee deems sufficient. Any request, demand, authorization, direction, notice, consent, waiver or other act by
a Certificateholder shall bind every Holder of every Certificate issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof, in respect of anything done, or omitted to be done, by the Owner Trustee, the Depositor or the Servicer
in reliance thereon, regardless of whether notation of such action is made upon such Certificate.

 

(c)          The
Owner Trustee may require such additional proof of any matter referred to in this Section 3.14 as it shall deem necessary.

 

ARTICLE
4.

ACTIONS BY OWNER TRUSTEE

 

Section 4.01         Prior
Notice with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless
at least 30 days before the taking of such action, the Owner Trustee shall have notified the Servicer of record as of the preceding
Record Date in writing of the proposed action and such Servicer shall not have notified the Owner Trustee in writing prior to the
30th day after such notice is given that such Servicer has withheld consent or provided alternative direction:

 

(a)          the
initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables)
and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims
or lawsuits for collection of the Receivables);

 

(b)          the
election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Act);

 

(c)          the
amendment of the Indenture by a supplemental indenture or any other change to this Agreement or any Basic Document in circumstances
where the consent of any Noteholder is required;

 

    	 	19	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

(d)          the
amendment of the Indenture by a supplemental indenture or any other change to this Agreement or any Basic Document in circumstances
where the consent of any Noteholder is not required and such amendment would materially adversely affect the interests of the Certificateholders;

 

(e)          the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders;

 

(f)          the
appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement
of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee
or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable;

 

(g)          the
consent to the calling or waiver of any default of any Basic Document;

 

(h)          the
consent to the assignment by the Indenture Trustee or Servicer of their respective obligations under any Basic Document, unless
permitted in the Basic Documents;

 

(i)          except
as provided in Article 9 hereof, dissolve, terminate or liquidate the Trust in whole or in part;

 

(j)          merge
or consolidate the Trust with or into any other entity, or convey or transfer all or substantially all of the Trust’s assets
to any other entity;

 

(k)          cause
the Trust to incur, assume or guaranty any indebtedness other than as set forth in this Agreement or the Basic Documents;

 

(l)          do
any act that conflicts with any other Basic Document;

 

(m)          do
any act that would make it impossible to carry on the ordinary business of the Trust as described in Section 2.03 hereof;

 

(n)          confess
a judgment against the Trust;

 

(o)          possess
Trust assets, or assign the Trust’s right to property, for other than a Trust purpose;

 

(p)          cause
the Trust to lend any funds to any entity, unless permitted in the Basic Documents; or

 

(q)          change
the Trust’s purpose and powers from those set forth in this Agreement.

 

In addition, the Trust
shall not commingle its assets with those of any other entity. The Trust shall maintain its financial and accounting books and
records separate from those of any other entity. Except as expressly set forth herein, the Trust shall not pay the indebtedness,

 

    	 	20	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

operating expenses and
liabilities of any other entity. The Trust shall maintain appropriate minutes or other records of all appropriate actions and shall
maintain its office separate from the offices of the Depositor and the Servicer.

 

The Owner Trustee shall
not have the power, except upon the direction of the Servicer and to the extent otherwise consistent with the Basic Documents,
to (i) remove or replace the Indenture Trustee, (ii) institute proceedings to have the Trust declared or adjudicated a bankrupt
or insolvent, (iii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iv) file a petition
or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating
to bankruptcy, (v) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official)
of the Trust or a substantial portion of the property of the Trust, (vi) make any assignment for the benefit of the Trust’s
creditors, (vii) cause the Trust to admit in writing its inability to pay its debts generally as they become due or (viii) take
any action, or cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy
Action”). So long as the Indenture remains in effect, to the extent permitted by applicable law, no Certificateholder shall
have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take
any Bankruptcy Action with respect to the Trust.

 

Section 4.02         Action
by Servicer with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction
of the Servicer to (a) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof, (b) appoint a
successor Administrator pursuant to Section 8 of the Administration Agreement, (c) amend the Sale and Servicing Agreement pursuant
to Section 10.01(b) of such document or (d) except as expressly provided in the Basic Documents, sell the Receivables after the
termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholders and Servicer.

 

Section 4.03         Action
by Certificateholders with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding
in bankruptcy relating to the Trust without the unanimous prior approval of all Certificateholders and the delivery to the Owner
Trustee by each such Certificateholder of a certification certifying that such Certificateholder reasonably believes that the Trust
is insolvent.

 

Section 4.04         Restrictions
on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking
any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement
or any of the Basic Documents or would be contrary to Section 2.03; nor shall the Owner Trustee be obligated to follow any such
direction, if given.

 

Section 4.05         Majority
Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may
be taken by the Holders of Trust Certificates evidencing not less than a majority of the Certificate Percentage Interests. Except
as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective
if signed by Holders of Trust Certificates

 

    	 	21	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

evidencing not less than a majority of the
Certificate Percentage Interests at the time of the delivery of such notice.

 

ARTICLE
5.

APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01         Establishment
of Trust Account. The Paying Agent shall establish and maintain in the name of the Trust an Eligible Account (the “Certificate
Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the Certificateholders. The title of the Certificate Distribution Account shall be “Hyundai Auto Receivables Trust 2014-B:  Certificate
Distribution Account for the benefit of the Certificateholders”.

 

The Trust shall possess
all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds
thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and
control of the Owner Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases
to be an Eligible Account, the Paying Agent shall within 10 Business Days (or such longer period, not to exceed 30 calendar days,
subject to satisfaction of the Rating Agency Condition (other than with respect to Standard & Poor’s, but with satisfaction
of the Rating Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding
Class of Notes)) establish a new Certificate Distribution Account, as applicable, as an Eligible Account and shall transfer
any cash or any investments to such new Certificate Distribution Account.

 

Section 5.02         Application
of Trust Funds.

 

(a)          On
each Payment Date, the Paying Agent shall distribute to Certificateholders all amounts deposited in the Certificate Distribution
Account pursuant to Section 5.05 of the Sale and Servicing Agreement with respect to such Payment Date based upon each Certificateholder’s
Certificate Percentage Interest.

 

(b)          On
each Payment Date, the Paying Agent shall send to each Certificateholder the statement or statements provided by the Servicer pursuant
to Section 5.07 of the Sale and Servicing Agreement with respect to such Payment Date.

 

(c)          If
any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Certificateholder, such tax shall reduce
the amount otherwise distributable to the Certificateholder in accordance with this Section 5.2; provided that the Owner
Trustee or the Paying Agent shall not have an obligation to withhold any such amount if and for so long as the Depositor or a U.S.
Affiliate of the Depositor is the sole Certificateholder. The Owner Trustee or the Paying Agent is hereby authorized and directed
to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally
owed by the Trust (but such authorization shall not prevent the Owner Trustee or the Paying Agent from contesting any such tax
in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).
The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to

 

    	 	22	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

such Certificateholder
at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding
tax is payable with respect to a distribution, the Owner Trustee or the Paying Agent may in its sole discretion withhold such amounts
in accordance with this Section 5.2(c).

 

Section 5.03         Method
of Payment. Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be
made to each Certificateholder of record on the preceding Record Date by wire transfer, in immediately available funds, to the
account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall
have provided to the Certificate Registrar and the Paying Agent appropriate written instructions at least five Business Days prior
to such Payment Date.

 

Section 5.04         Accounting
and Reports to Certificateholders, the Internal Revenue Service and Others. At such time as there is more than one Certificateholder
(for tax purposes), the Administrator (or agent on its behalf) shall:

 

(a)          unless
otherwise required under the Code, maintain (or cause to be maintained) the books of the Trust on a calendar year basis and the
accrual method of accounting,

 

(b)          deliver
(or cause to be delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
information as may be required (including Schedule K-1) to enable each Certificateholder to prepare its federal and state income
tax returns,

 

(c)          file
(or cause to be filed) such tax returns relating to the Trust (including IRS Form 1065), and make such elections as from time to
time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as to
maintain the Trust’s characterization as a partnership for federal income tax purposes, and

 

(d)          cause
such tax returns to be signed in the manner required by law. The parties to this Agreement agree and acknowledge that the Administrator
shall perform the duties and obligations under this Section 5.04 in accordance with the Administration Agreement.

 

Section 5.05         Signature
on Returns; Tax Matters Partner.

 

(a)          The
Owner Trustee shall sign on behalf of the Trust the tax returns of the Trust provided to it in execution form, if any, unless applicable
law requires a Certificateholder or another Person to sign such documents.

 

(b)          As
long as the Trust is treated as a partnership for federal income tax purposes and the Depositor or a U.S. Affiliate is a beneficial
owner of a Trust Certificate, to the extent allowed by the Code, the Depositor shall be designated the “tax matters partner”
of the Trust pursuant to Section 6231(a)(7) of the Code and applicable Treasury Regulations. If the Depositor cannot be so designated
under law, an Affiliate of the Depositor that is a beneficial owner of a Trust Certificate shall be designated the “tax matters
partner” of the Trust pursuant to Section 6231(a)(7) of the Code and applicable Treasury Regulations.

 

    	 	23	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 5.06         Duties
of Depositor on Behalf of Trust. Except to the extent such responsibilities are assumed by the Administrator in the Administration
Agreement or the Servicer in the Sale and Servicing Agreement, the Depositor shall, on behalf of the Trust, prepare and, after
execution by the Trust, file with the Securities and Exchange Commission and all applicable state agencies all documents required
to be filed on a periodic basis with the SEC and all applicable state agencies (including any summaries thereof required by rules
and regulations prescribed thereby), and transmit such summaries to the Noteholders pursuant to Section 7.03 of the Indenture.

 

ARTICLE
6.

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

Section 6.01         General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the
Trust is to be a party, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s
execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions
required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action
as the Administrator recommends with respect to the Basic Documents.

 

Section 6.02         General
Duties. It shall be the duty of the Owner Trustee:

 

(a)          to
discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer the
Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement;
provided, however, that notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and
responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the Administration Agreement
to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall
not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement;

 

(b)          to
cooperate with the Administrator in carrying out the Administrator’s obligation to qualify and preserve the Trust’s
qualification to do business in each jurisdiction, if any, in which such qualification is or shall be necessary to protect the
validity and enforceability of the Indenture, the Notes, the Receivables and any other instrument and agreement included in the
Trust Estate; provided that the Owner Trustee may rely on advice of counsel with respect to such obligation; and

 

(c)          to
provide the Depositor and the Servicer (each, a “Hyundai Party” and, collectively, the “Hyundai Parties”)
with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated to the Owner
Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.03 of the Sale and Servicing Agreement
or Section 7.02 of the Receivables Purchase Agreement, as applicable and (ii) promptly upon written request by a Hyundai
Party, any other information reasonably requested by a Hyundai Party in the Owner Trustee’s possession and that can be provided
to the Hyundai

 

    	 	24	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Parties without unreasonable
effort or expense to facilitate compliance by the Hyundai Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and
1121(c) of Regulation AB. In no event shall the Owner Trustee have any responsibility or liability in connection with any filing
required to be made by a securitizer under the Exchange Act or Regulation AB or with any Hyundai Parties’ compliance with
the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase
activity or otherwise to assume any additional duties or responsibilities in respect of the Basic Documents or the transactions
contemplated thereby. For purposes of this section, a “demand” is limited to a written or oral demand for enforcement
of a repurchase remedy received by a Responsible Officer of the Owner Trustee from a person or entity entitled to request enforcement
of a repurchase remedy under the terms of the Basic Documents. A demand does not include general inquiries, including investor
inquiries, regarding asset performance or possible breaches of representations or warranties.

 

Section 6.03         Action
upon Instruction.

 

(a)          Subject
to Article 4 and in accordance with the terms of the Basic Documents, the Servicer may by written instruction direct the Owner
Trustee in the management of the Trust. Such direction may be exercised at any time by written instruction of the Servicer pursuant
to Article 4.

 

(b)          The
Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee
or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

 

(c)          Whenever
the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement
or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Servicer of record as of the preceding Record Date requesting instruction as to the course of action to be adopted, and
to the extent the Owner Trustee acts in good faith in accordance with any written instruction of such Servicer received, the Owner
Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction
within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this
Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability
to any Person for such action or inaction.

 

(d)          In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any
such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or
in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course
of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice
(in such form as shall be appropriate under the

 

    	 	25	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

circumstances) to the
Servicer requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance
with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person.
If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall
deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

 

Section 6.04         No
Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee
or the Trust is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction
received by the Owner Trustee pursuant to Section 6.03, and no implied duties or obligations shall be read into this Agreement
or any Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien
granted to it hereunder or to prepare or file any SEC filing or tax filing for the Trust or to record this Agreement or any Basic
Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary
to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee in its
individual capacity that are not related to the ownership or the administration of the Trust Estate.

 

Section 6.05         No
Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents or (iii) in accordance with any
document or instruction delivered to the Owner Trustee pursuant to Section 6.03.

 

Section 6.06         Restrictions.
The Owner Trustee shall not take any action that, to its actual knowledge, (a) is inconsistent with the purposes of the Trust set
forth in Section 2.03 or (b) would result in the Trust becoming taxable as a corporation (or publicly traded partnership) for federal
income tax purposes or for state or local income or franchise tax purposes. The Certificateholders and Servicer shall not direct
the Owner Trustee to take any action that would violate the provisions of this Section.

 

    	 	26	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

ARTICLE
7.

CONCERNING
THE OWNER TRUSTEE

 

Section 7.01         Acceptance
of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect
to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received
by it constituting part of the Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or accountable
hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee.
In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

(a)          The
Owner Trustee shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee;

 

(b)          The
Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions
of the Servicer, the Administrator or any Certificateholder;

 

(c)          No
provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to it;

 

(d)          Under
no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

 

(e)          The
Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or
for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Trust
Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder or to
any Certificateholder, other than as expressly provided for herein or expressly agreed to in the other Basic Documents;

 

(f)          The
Owner Trustee shall not be responsible for monitoring the performance of, and shall not be liable for the default or misconduct
of the Administrator, the Depositor, the Servicer, the Indenture Trustee or any other Person under any of the Basic Documents or
otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under the Basic
Documents other than as set forth in this Trust Agreement;

 

(g)          The
Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at

 

    	 	27	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

the request, order or
direction of the Servicer, unless such Servicer has offered to the Owner Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the
Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act; and

 

(h)          The
Certificateholders agree that during such time as the Owner Trustee is acting at the direction of the Servicer, any fiduciary duties
or liabilities of the Owner Trustee to the Certificateholders in connection therewith shall be deemed not to violate any fiduciary
duties owed by the Owner Trustee to the Certificateholders. However, in no event shall the Owner Trustee be deemed to owe any fiduciary
duties to the Servicer.

 

Section 7.02         Furnishing
of Documents. The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished
to the Owner Trustee under the Basic Documents.

 

Section 7.03         Representations
and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders,
that:

 

(a)          It
is a national banking association duly organized and validly existing under the laws of the United States of America. It has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

 

(b)          It
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will
be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

 

(c)          Neither
the execution or the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under
its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which
any of its properties may be bound; nor result in the creation or imposition of any Lien upon any of its properties.

 

(d)          This
Agreement constitutes legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance
with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or other similar
laws affecting the enforcement of creditors’ rights generally and to general principles of equity whether applied in a proceeding
in equity or at law.

 

(e)          To
the knowledge of the Owner Trustee, there are no proceedings or investigations pending or threatened against the Owner Trustee
before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Owner
Trustee or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to

 

    	 	28	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

prevent the consummation
of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might materially and
adversely affect the performance by the Owner Trustee of its obligations under, or the validity or enforceability of, this Agreement.

 

(f)          It
is a national banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Act with a principal
place of business in Delaware; authorized to exercise corporate trust powers; having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by federal or state authorities.

 

Section 7.04         Reliance;
Advice of Counsel.

 

(a)          The
Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed
by the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other
governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the
same is in full force and effect. As to any fact or matter the method of determination of which is not specifically prescribed
herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by
the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute
full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

 

(b)          In
the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Agreement
or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered
into with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such
agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants
and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything
done, suffered or omitted reasonably and in good faith by it in accordance with the opinion or advice of any such counsel, accountants
or other such Persons.

 

Section 7.05         Not
Acting in Individual Capacity. Except as provided in this Article 7, in accepting the Trust hereby created, Wilmington Trust,
National Association acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim
against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to
the Trust Estate for payment or satisfaction thereof.

 

Section 7.06         Owner
Trustee Not Liable for Trust Certificates or for Receivables. The recitals contained herein and in the Trust Certificates (other
than the signature and countersignature of the Owner Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. Except as set forth in Section 7.03, the
Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Trust
Certificates (other than the signature and authentication of the Owner Trustee on the Trust Certificates) or the Notes, or

 

    	 	29	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

of any Receivable or
related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Receivable or the perfection and priority of any security interest created by any Receivable
in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the
Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under this Agreement or the Noteholders
under the Indenture, including, without limitation:  (a) the existence, condition and ownership of any Financed Vehicle;
(b) the existence and enforceability of any insurance thereon; (c) the existence and contents of any Receivable on any computer
or other record thereof; (d) the validity of the assignment of any Receivable to the Trust or of any intervening assignment; (e) the
completeness of any Receivable; (f) the performance or enforcement of any Receivable; and (g) the compliance by the Depositor or
the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any
such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken
in the name of the Owner Trustee.

 

Section 7.07         Owner
Trustee May Own Trust Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner
or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer
in banking transactions with the same rights as it would have if it were not Owner Trustee.

 

Section 7.08         Doing
Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither Wilmington Trust, National
Association nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware
if the taking of such action will (a) require the consent or approval or authorization or order of, or the giving of notice to,
or the registration with, or the taking of any other action required by, any state or other governmental authority or agency of
any jurisdiction other than the State of Delaware; (b) result in any fee, tax or other governmental charge under the laws
of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming
payable by Wilmington Trust, National Association or the Owner Trustee; or (c) subject Wilmington Trust, National Association or
the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from
acts unrelated to the consummation of the transactions by Wilmington Trust, National Association or the Owner Trustee, as the case
may be, contemplated hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense
of the Administrator under Section 8.01 of this Agreement) to determine whether any action required to be taken pursuant to the
Agreement results in the consequences described in clauses (a), (b) and (c) of the preceding sentence. In the event that said counsel
advises the Owner Trustee that such action will result in such consequences, the Trust will appoint an additional trustee pursuant
to Section 10.05 hereof to proceed with such action.

 

Section 7.09         Paying
Agent; Authenticating Agent. The rights and protections afforded to the Owner Trustee pursuant to this Agreement, including
without limitation Articles 7 and 8 hereof, shall also be afforded to the Paying Agent, Authenticating Agent and Certificate Registrar.

 

    	 	30	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

ARTICLE
8.

COMPENSATION OF OWNER TRUSTEE

 

Section 8.01         Owner
Trustee’s Fees and Expenses. The Administrator shall pay to the Owner Trustee as compensation for its services hereunder
such fees as have been separately agreed upon before the date hereof between the Administrator and the Owner Trustee, and the Administrator
shall reimburse the Owner Trustee for its other reasonable expenses hereunder, including the reasonable compensation, expenses
and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise
and performance of its rights and its duties hereunder and under the Basic Documents.

 

Section 8.02         Indemnification.
The Administrator shall be liable as primary obligor for, and shall indemnify the Owner Trustee (including in its individual capacity)
and its officers, directors, employees, successors, assigns, agents and servants (collectively, the “Indemnified Parties”)
from and against, any and all liabilities, obligations, losses, damages, taxes (excluding any net income, profits, franchise or
similar taxes on income earned by the Owner Trustee), claims, actions and suits, and any and all reasonable costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”)
which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the Basic Documents, the Trust Estate, the administration of the Trust Estate or the action
or inaction of an Indemnified Party hereunder, except only that the Administrator shall not be liable for or required to indemnify
an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of
Section 7.01. The indemnities contained in this Section shall survive the resignation or termination of the Owner Trustee or the
termination of this Agreement. In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this
Section, the Indemnified Party’s choice of legal counsel shall be subject to the approval of the Administrator, which approval
shall not be unreasonably withheld.

 

Section 8.03         Payments
to the Owner Trustee. Any amounts paid pursuant to this Article 8 may be paid as set forth in Section 4.16 and Section 5.05(b)
of the Sale and Servicing Agreement and shall be deemed not to be a part of the Trust Estate immediately after such payment.

 

ARTICLE
9.

TERMINATION OF TRUST AGREEMENT

 

Section 9.01         Termination
of Trust Agreement.

 

(a)          This
Agreement (other than Section 5.05 and Article 8) and the Trust shall terminate and be of no further force or effect upon the final
distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms
of the Indenture, the Sale and Servicing Agreement and Article 5. The bankruptcy, liquidation, dissolution, death or incapacity
of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust, (ii) entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of all

 

    	 	31	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

or any part of the Trust
or Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto.

 

(b)          Except
as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the Trust.

 

(c)          Notice
of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates
to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the
Certificateholders mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to
Section 9.01 of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the
Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein
designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date
is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the office of the Paying
Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee)
and the Paying Agent at the time such notice is given to the Certificateholders. Upon presentation and surrender of the Trust Certificates,
the Paying Agent shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to
Section 5.02.

 

In the event that all
of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified
in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders
to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year
after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee may take
appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender
of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to
this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to
the Depositor, subject to applicable escheat laws.

 

(d)          Upon
the winding up of the Trust and the written instructions of the Depositor, the Owner Trustee shall cause the Certificate of Trust
to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section
3810 of the Statutory Trust Act. Thereupon the Trust and this Agreement (other than Article 8) shall terminate.

 

ARTICLE
10.

SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

 

Section 10.01         Eligibility
Requirements for Owner Trustee. The Owner Trustee shall at all times be a trust company, corporation or national banking association
satisfying the provisions of Section 3807(a) of the Statutory Trust Act; authorized to exercise corporate trust powers; having
a combined capital and surplus of at least $50,000,000 and subject to supervision

 

    	 	32	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

or examination by federal
or state authorities. If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

 

Section 10.02         Resignation
or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator and the Indenture Trustee. Upon receiving such notice of resignation, the Administrator
shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered
to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition
any court of competent jurisdiction for the appointment of a successor Owner Trustee.

 

If at any time the Owner
Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request
therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt
or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge
or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then
the Administrator may remove the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the
immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
and shall pay all fees owed to the outgoing Owner Trustee.

 

Any resignation or removal
of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner
Trustee to each Rating Agency.

 

Section 10.03         Successor
Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.01 or 10.02 shall execute, acknowledge and deliver
to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon
the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any
further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall, upon payment
of its fees and expenses, deliver to the successor Owner Trustee all documents and statements and monies held by it under this
Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments

 

    	 	33	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

and do such other things
as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers,
duties and obligations.

 

No successor Owner Trustee
shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

 

Upon acceptance of appointment
by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders, the
Servicer, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within
10 days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice
to be mailed at the expense of the Administrator.

 

Any successor Owner Trustee
appointed pursuant to this Section 10.03 shall promptly file an amendment to the Certificate of Trust with the Secretary of State
identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware.

 

Section 10.04         Merger
or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party,
or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor
of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant to
Section 10.01; and provided further, that the Owner Trustee shall mail notice of such merger or consolidation to the
Administrator and the Administrator shall make such notice available to each Rating Agency; and provided further, that such
successor Owner Trustee shall file an amendment to the Certificate of Trust as described in Section 10.03.

 

Section 10.05         Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time
be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments
to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee,
or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity,
such title to the Trust Estate or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not
have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have
the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms
of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 10.03.

 

    	 	34	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Each separate trustee
and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 

(a)          All
rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed
by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee
is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of
any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified
to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the
Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Owner Trustee;

 

(b)          No
trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement;
and

 

(c)          The
Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee.

 

Any notice, request or
other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article 10. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee
or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision
of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such
instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator.

 

Any separate trustee
or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any
separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights,
remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment
of a new or successor co-trustee or separate trustee.

 

ARTICLE
11.

MISCELLANEOUS

 

Section 11.01         Supplements
and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice made available
by the Administrator to each Rating Agency, without the consent of any of the Noteholders or the Certificateholders, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing
in any manner or eliminating any of the

 

    	 	35	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

provisions in this Agreement
or of modifying in any manner the rights of the Noteholders or the Certificateholders subject to the satisfaction of one of the
following conditions:

 

(a)          the
Depositor delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment
will not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone other
than the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

(b)          the
Rating Agency Condition is satisfied (other than with respect to Standard & Poor’s, but with satisfaction of the Rating
Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding Class
of Notes) with respect to such action.

 

This Agreement may also
be amended from time to time by the Depositor and the Owner Trustee, with prior written notice made available by the Administrator
to each Rating Agency, with the consent of the Holders (as defined in the Indenture) of the Controlling Class of Notes evidencing
not less than a majority of the Outstanding Amount of the Notes and the consent of the Holders of Trust Certificates evidencing
not less than a majority of the Certificate Percentage Interests, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall (a) reduce the interest rate or principal amount of
any Note or Certificate or delay the Stated Maturity Date of any Note without the consent of the Holder of such Note or (b) reduce
the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Percentage Interest required to consent to
any such amendment, without the consent of the Holders of all then-outstanding Notes and Trust Certificates.

 

This Agreement may be
amended by the Depositor and the Owner Trustee to modify the provisions of Section 2.03 to change the permitted purposes and powers
of the Trust; provided, however, that (i) the Indenture Trustee shall receive an Opinion of Counsel stating that
such amendment will not have a material adverse effect on any Noteholder and (ii) such amendment shall not, as evidenced by the
satisfaction of the Rating Agency Condition (other than with respect to Standard & Poor’s, but with satisfaction of the
Rating Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding
Class of Notes) with respect to such amendment, materially and adversely affect in any material respect the interests of any Noteholder.

 

Promptly after the execution
of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent
to each Certificateholder, the Indenture Trustee and the Administrator, and the Administrator shall provide such notice to each
Rating Agency.

 

It shall not be necessary
for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment
or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents
(and any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing
the authorization of the execution

 

    	 	36	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

thereof by Certificateholders
shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

 

Promptly after the execution
of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of
State.

 

Prior to the execution
of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee
may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or
immunities under this Agreement or otherwise.

 

In connection with the
execution of any amendment to this Agreement or any amendment of any other agreement to which the Trust is a party, the Owner Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that such amendment is authorized or
permitted by the Basic Documents and that all conditions precedent in the Basic Documents for the execution and delivery thereof
by the Trust or the Owner Trustee, as the case may be, have been satisfied.

 

Section 11.02         No
Legal Title to Trust Estate in Certificateholders. Neither the Depositor nor the Certificateholders shall have legal title
to any part of the Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided
ownership interest therein only in accordance with Articles 5 and 9. No transfer, by operation of law or otherwise, of any right,
title or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this
Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part
of the Trust Estate.

 

Section 11.03         Limitations
on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders,
the Administrator and, to the extent expressly provided herein, the Indenture Trustee, the Servicer and the Noteholders, and nothing
in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy
or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

 

Section 11.04         Notices.

 

(a)          Unless
otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon
receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that
notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed
to the Corporate Trust Office with a copy to Hyundai Auto Receivables Trust 2014-B, c/o Wilmington Trust, National Association,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware, 19890, Attention: Corporate Trust Administration; if to the
Depositor, addressed to 3161 Michelson Drive, Suite 1900, Irvine, CA 92612, Attention: President and Secretary; or, as to each
party, at such other address as shall be

 

    	 	37	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

designated by such party
in a written notice to each other party. A copy of any such notice shall also be mailed to the Servicer, addressed to 3161 Michelson
Drive, Suite 1900, Irvine, CA 92612, Attention: Treasurer.

 

(b)          Any
notice required or permitted to be given to a Certificateholder shall be given by first class mail, postage prepaid, at the address
of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice.

 

Section 11.05         Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 11.06         Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section 11.07         Successors
and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the
Depositor and its permitted assignees, the Owner Trustee and its successors and each Certificateholder and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder
shall bind the successors and assigns of such Certificateholder.

 

Section 11.08         Covenants
of the Depositor. The Depositor will not at any time institute against the Trust any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes,
this Agreement or any of the other Basic Documents.

 

Section 11.09         No
Petition. To the fullest extent permitted by applicable law, the Owner Trustee, by entering into this Agreement, each Certificateholder,
by accepting a Trust Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the Depositor or the Trust or join in any institution against
the Depositor or the Trust of, any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in
connection with any obligations relating to the Trust Certificates, the Notes, this Agreement or any of the Basic Documents.

 

Section 11.10         No
Recourse.

 

(a)          Each
Certificateholder by accepting a Trust Certificate acknowledges that such Trust Certificate represents a beneficial interest in
the Trust only and does not represent an interest in or an obligation of the Depositor, the Servicer, the Administrator, the Owner
Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or

 

    	 	38	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

their assets, except
as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents.

 

(b)          In
furtherance of and not in derogation of the foregoing, to the extent the Depositor enters into other securitization transactions,
each Certificateholder, by accepting a Trust Certificate, acknowledges and agrees that it shall have no right, title or interest
in or to any assets or interests therein of the Depositor (other than the Trust Estate and Reserve Account relating to this transaction)
conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons in connection
therewith (whether by way of a sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”).
To the extent that, notwithstanding the agreements and provisions contained herein, a Certificateholder either (i) asserts
an interest or claim to, or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned
by the Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of
law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of
the Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted
against or through the Depositor or any other Person owned by the Depositor, then each Certificateholder, by accepting a Trust
Certificate, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly
subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor which, under the terms of
the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the benefits
of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or
otherwise entitled to priority of distribution or application under applicable law, including insolvency laws, and whether asserted
against Depositor or any other Person owned by the Depositor), including the payment of post-petition interest on such other obligations
and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of
the Bankruptcy Code. Each Certificateholder, by acceptance of a Trust Certificate, further acknowledges and agrees that no adequate
remedy at law exists for a breach of this paragraph and the terms of this paragraph may be enforced by an action for specific performance.
The provisions of this paragraph shall be for the third party benefit of those entitled to rely thereon and shall survive the termination
of this Agreement.

 

Section 11.11         Headings.
The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

 

Section 11.12         GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

 

Section 11.13         [Reserved]

 

    	 	39	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Section 11.14         Sarbanes-Oxley.
Notwithstanding anything to the contrary herein or in any other document, the Owner Trustee shall not be required to execute, deliver
or certify on behalf of the Trust, the Servicer, the Depositor or any other Person any filings, certificates, affidavits or other
instruments required by the SEC or required under the Sarbanes-Oxley Act of 2002. Notwithstanding any Person’s right to instruct
the Owner Trustee, neither the Owner Trustee nor any agent, employee, director or officer of the Owner Trustee shall have any obligation
to execute any certificates or other documents required by the SEC or required pursuant to the Sarbanes-Oxley Act of 2002 or the
rules and regulations promulgated thereunder, and the refusal to comply with any such instructions shall not constitute a default
or breach under this Agreement or any other document in connection herewith.

 

ARTICLE
12.

COMPLIANCE WITH REGULATION AB

 

Section 12.01         Intent
of the Parties; Reasonableness. The Depositor and the Owner Trustee acknowledge and agree that the purpose of this Article
12 is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.
The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other
than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations
of the Commission under the Securities Act and the Exchange Act. The Owner Trustee acknowledges that interpretations of the requirements
of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus
among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable
requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations
of Regulation AB. The Owner Trustee shall cooperate in good faith with any reasonable request by the Depositor for information
regarding the Owner Trustee that is necessary or required, in the reasonable good faith determination of the Depositor, to permit
the Depositor to comply with the provisions of Regulation AB.

 

Section 12.02         Additional
Representations and Warranties of the Owner Trustee.

 

(a)          The
Owner Trustee shall be deemed to represent and warrant to the Depositor as of the date hereof and on each date on which information
is provided to the Depositor under Sections 12.01, 12.02(b) or 12.03 that, except as disclosed in writing to the Depositor
prior to such date: (i) it is not aware and has not received notice that any default, early amortization or other performance triggering
event has occurred as to any other securitization transaction due to any default of the Owner Trustee; (ii) there are no aspects
of its financial condition that could have a material adverse effect on the performance by it of its trustee obligations under
this Agreement or any other securitization transaction as to which it is a trustee; (iii) there are no material legal or governmental
proceedings pending (or known to be contemplated) against it that would be material to Noteholders; (iv) there are no relationships
or transactions (as described in Item 1119(b) of Regulation AB) relating to the Owner Trustee with respect to the Depositor or
any sponsor, issuing entity, servicer, trustee, originator, significant obligor, enhancement or support provider or other material
transaction party (as each of such terms are used in Regulation AB) relating to the securitization transaction contemplated by
this Agreement, as identified in the prospectus supplement related to such securitization transaction

 

    	 	40	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

(each, a “Transaction
Party”) that are outside the ordinary course of business or on terms other than would be obtained in an arm’s length
transaction with an unrelated third party, apart from the securitization transaction contemplated by this Agreement, and that are
material to the investors’ understanding of the Notes; and (v) the Owner Trustee is not an affiliate (as contemplated by
Item 1119(a) of Regulation AB) of any Transaction Party. The Depositor shall notify the Owner Trustee of any change in the identity
of a Transaction Party after the Closing Date at least five Business Days prior to January 31st of each calendar year.

 

(b)          If
so requested by the Depositor on any date following the Closing Date, the Owner Trustee shall, within five Business Days following
such request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section or,
if any such representation and warranty is not accurate as of the date of such confirmation, provide the pertinent facts, in writing,
to the Depositor. Any such request from the Depositor shall not be given more than once each calendar quarter, unless the Depositor
shall have a reasonable basis for questioning the accuracy of any of the representations and warranties.

 

Section 12.03         Information
to Be Provided by the Owner Trustee.

 

(a)          For
so long as the Notes are outstanding, for the purpose of satisfying the Depositor’s reporting obligation under the Exchange
Act with respect to the Notes, the Owner Trustee shall provide to the Depositor a written description of (i) the commencement of,
a material development in or, if applicable, the termination of, any and all legal proceedings against the Owner Trustee or any
and all proceedings of which any property of the Owner Trustee is the subject, that would be material to Noteholders; and (ii)
any such proceedings known to be contemplated by governmental authorities that would be material to Noteholders. The Owner Trustee
shall also notify the Depositor, in writing, as promptly as practicable following notice to or discovery by a Responsible Officer
of the Owner Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Owner Trustee
will furnish to the Depositor, in writing, the necessary disclosure regarding the Owner Trustee describing such proceedings required
to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant to the
Exchange Act. The Depositor will allow the Owner Trustee to review any disclosure relating to material litigation against the Owner
Trustee prior to filing such disclosure with the Commission to the extent the Depositor changes the information provided by the
Owner Trustee. Any descriptions required with respect to legal proceedings, as well as updates to previously provided descriptions,
under this Section 12.03(a) shall be given no later than five Business Days prior to the Determination Date following the
month in which the relevant event occurs.

 

(1)         For
so long as the Notes are outstanding, for the purpose of satisfying the Depositor’s reporting obligation under the Exchange
Act with respect to the Notes, the Owner Trustee shall, no later than January 31st of each calendar year, (i) provide
to the Depositor such information regarding the Owner Trustee as is required for the purpose of compliance with Item 1119 of Regulation
AB; provided, however, the Owner Trustee shall not be required to provide such information in the event that there has been no
change to the information previously provided by the Owner Trustee to the Depositor; and (ii) as promptly as practicable following
notice to or discovery by a Responsible Officer of the Owner Trustee of any changes to such information, provide to

 

    	 	41	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

the Depositor,
in writing, such updated information. Such information shall include, at a minimum, a description of any affiliation between the
Owner Trustee and any Transaction Party.

 

In addition, the Owner
Trustee shall provide a description of whether there is, and if so the general character of, any business relationship, agreement,
arrangement, transaction or understanding between the Owner Trustee and any Transaction Party that is entered into outside the
ordinary course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated
third party, apart from the securitization transaction contemplated by this Agreement, that currently exists or that existed during
the past two years and that is material to an investor’s understanding of the Notes.

 

(b)          As
of the related Payment Date with respect to each Report on Form 10-D with respect to the Notes filed by or on behalf of the Depositor,
and as of March 15th preceding the date each Report on Form 10-K with respect to the Notes is filed, the Owner Trustee
shall be deemed to represent and warrant that any information previously provided by the Owner Trustee under this Article 12 is
materially correct and does not have any material omissions unless the Owner Trustee has provided an update to such information.

 

Section 12.04         Indemnification;
Remedies.

 

(a)          The
Owner Trustee shall indemnify the Depositor, each affiliate of the Depositor, and the respective present and former directors,
officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any claims, losses,
liabilities (including penalties), actions, suits, judgments, demands, damages, costs and expenses (including reasonable fees and
expenses of attorneys or, as necessary, consultants and auditors and reasonable costs of investigations) that any of them may sustain
arising out of or based upon:

 

(1)         (A)
any untrue statement of a material fact contained or alleged to be contained in any information, report, certification or other
material provided under this Article 12 by or on behalf of the Owner Trustee (collectively, the “Owner Trustee Information”),
or (B) the omission or alleged omission to state in the Owner Trustee Information a material fact required to be stated in the
Owner Trustee Information or necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; or

 

(2)         any
failure by the Owner Trustee to deliver any information, report, certification or other material when and as required under this
Article 12.

 

(b)          In
the case of any failure of performance described in clause (2) of Section 12.04(a), the Owner Trustee shall (i) promptly reimburse
the Depositor for all costs reasonably incurred by the Depositor in order to obtain the information, report, certification or other
material not delivered by the Owner Trustee as required and (ii) cooperate with the Depositor to mitigate any damages that
may result from such failure.

 

    	 	42	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

(c)          The
Depositor shall indemnify the Owner Trustee, each affiliate of the Owner Trustee and the respective present and former directors,
officers, employees and agents of the Owner Trustee, and shall hold each of them harmless from and against any losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that
any of them may sustain arising out of or based upon (i) any untrue statement of a material fact contained or alleged to be
contained in any information provided under this Agreement by or on behalf of the Depositor for inclusion in any report filed with
Commission under the Exchange Act (collectively, the “Hyundai Information”), or (ii) the omission or alleged omission
to state in the Hyundai Information a material fact required to be stated in the Hyundai Information or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading, to the extent that such untrue
statement or omission or alleged omission does not result from or relate to (x) any information provided by the Owner Trustee pursuant
to this Article 12 or (y) any breach of covenant, negligence or misconduct by the Owner Trustee.

 

(d)          Notwithstanding
any provision in this Section 12.04 to the contrary, the parties agree that neither the Owner Trustee nor the Depositor shall
be liable to the other for any consequential or punitive damages whatsoever, whether in contract, tort (including negligence and
strict liability), or any other legal or equitable principle; provided, however, that such limitation shall not be
applicable with respect to third party claims made against a party.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	43	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their respective officers hereunto duly authorized, as of the
day and year first above written.

 

	 	HYUNDAI ABS FUNDING CORPORATION,
	 	as Depositor
	 	 
	 	By:	/s/ Min Sok Randy Park
	 	Name:        Min Sok Randy Park
	 	Title:          President and Secretary

 

    	 	S-1	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

	 	WILMINGTON TRUST,
	 	NATIONAL ASSOCIATION,
	 	as Owner Trustee
	 	 
	 	By:	/s/ Jeanne M. Oller
	 	Name:	Jeanne M. Oller
	 	Title:	Vice President

 

    	 	S-2	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

	 	HYUNDAI CAPITAL AMERICA,
	 	as Administrator
	 	 
	 	By:	/s/ Sukjin Oh
	 	Name:          Sukjin Oh
	 	Title:            Treasurer

 

    	 	S-3	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

HYUNDAI AUTO RECEIVABLES TRUST 2014-B

 

ASSET BACKED TRUST CERTIFICATE

 

(This Trust Certificate
does not represent an interest in or obligation of Hyundai ABS Funding Corporation or any of its Affiliates, except to the
extent described below.) (This Trust Certificate is subordinate to the Notes, as set forth in the Sale and Servicing Agreement)

 

THIS TRUST CERTIFICATE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE
OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION
THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. THE HOLDER HEREOF, BY PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST
CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30)
OF THE CODE AND (B) EITHER (i) SO LONG AS THE CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT, TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER ACTING FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL
BUYERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (ii) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (iii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT
THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) IF REQUESTED BY THE OWNER TRUSTEE, A WRITTEN
OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE) SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR,
TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
OR “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING
RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE TRUST CERTIFICATE
FOR ALL PURPOSES.

 

    	 	A-1	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

NO TRUST CERTIFICATE
OR INTEREST THEREIN MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF (I) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE PROVISIONS
OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)(1), OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY (EACH, A “BENEFIT PLAN INVESTOR”).
BY ACCEPTING AND HOLDING A TRUST CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT
A BENEFIT PLAN INVESTOR.

 

THIS TRUST CERTIFICATE
OR INTEREST HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT TO A PERSON THAT IS A U.S. TAX
PERSON. EACH HOLDER SHALL REPRESENT AND WARRANT THAT IT IS A U.S. PERSON. EACH TRANSFEREE WILL BE DEEMED TO HAVE MADE CERTAIN REPRESENTATIONS
AND AGREEMENTS SET FORTH IN THE TRUST AGREEMENT. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL
BE VOID AB INITIO, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY
TO THE TRUST, THE OWNER TRUSTEE, OR ANY INTERMEDIARY. IF AT ANY TIME, THE TRUST DETERMINES OR IS NOTIFIED THAT THE HOLDER OF SUCH
CERTIFICATE OR BENEFICIAL INTEREST IN SUCH CERTIFICATE WAS IN BREACH, AT THE TIME GIVEN, OF ANY OF THE REPRESENTATIONS SET FORTH
IN THE TRUST AGREEMENT, THE TRUST AND THE OWNER TRUSTEE MAY CONSIDER THE ACQUISITION OF THIS CERTIFICATE OR SUCH INTEREST IN SUCH
CERTIFICATE VOID AND REQUIRE THAT THIS CERTIFICATE OR SUCH INTEREST HEREIN BE TRANSFERRED TO A PERSON DESIGNATED BY THE TRUST.
TRANSFERS OF THIS CERTIFICATE MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS
AS PROVIDED IN THE TRUST AGREEMENT.

 

THIS CERTIFIES THAT Hyundai
ABS Funding Corporation is the registered owner of a 100% Certificate Percentage Interest that is nonassessable, fully-paid, beneficial
ownership interest in the assets of Hyundai Auto Receivables Trust 2014-B (the “Trust”) formed by Hyundai ABS Funding
Corporation, a Delaware corporation (the “Depositor”).

 

The Trust is governed
by a Amended and Restated Trust Agreement dated as of May 14, 2014 (the “Trust Agreement”), between the Depositor,
Administrator and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”), a summary of certain
of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Sale and Servicing Agreement among the Trust, the Depositor, Hyundai Capital America,
as Seller and Servicer (the “Servicer”) and Citibank, N.A., as Indenture Trustee (“Indenture Trustee”),
dated as of May 14, 2014 as the same may be amended or supplemented from time to time.

 

    	 	A-2	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

This Certificate is one
of the duly authorized Trust Certificates designated as Hyundai Auto Receivables Trust 2014-B Asset Backed Trust Certificates (herein
called the “Trust Certificates”). Also issued under the Indenture dated as of May 14, 2014 between the Trust
and the Indenture Trustee, are seven classes of Notes, designated as 0.18000% Asset Backed Notes, Class A-1 (the “Class
A-1 Notes”), 0.44% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.90% Asset Backed Notes, Class A-3
(the “Class A-3 Notes”), 1.46% Asset Backed Notes, Class A-4 (the “Class A-4 Notes”), 1.72% Asset Backed
Notes, Class B (the “Class B Notes”), 2.10% Asset Backed Notes, Class C (the “Class C Notes”) and 2.51%
Asset Backed Notes, Class D (the “Class D Notes”, collectively with the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes, the Class A-4 Notes, the Class B Notes, and the Class C Notes, the “Notes”). This Trust Certificate
is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder
of this Trust Certificate by virtue of the acceptance hereof assents and by which such holder is bound. Under the Trust Agreement,
there will be distributed on the 15th day of each month (or, if such 15th day is not a Business Day, the
next Business Day), commencing on June 16, 2014, to the Person in whose name this Trust Certificate is registered at the close
of business on the last day of the preceding month, such Certificateholder’s Certificate Percentage Interest of any amounts
available to be distributed to Certificateholders on such date.

 

The holder of this Trust
Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated
to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable.

 

It is the intent of the
Depositor and the Certificateholders that, for purposes of federal income, state and local income and franchise tax, until the
Trust Certificates are beneficially owned by more than one Person (and all such owners are not treated as the same Person for federal
income tax purposes), the Trust will be disregarded as an entity separate from its owner. At such time that the Trust Certificates
are beneficially owned by more than one Person (and all such owners are not treated as the same Person for federal income tax purposes),
it is the intent of the Depositor and the Certificateholders that, for purposes of federal income, state and local income and franchise
tax, the Trust will be treated as a partnership, the assets of which are the assets held by the Trust, and the Certificateholders
will be treated as partners in that partnership. The Depositor and the Certificateholders, by acceptance of a Trust Certificate,
agree to treat, and to take no action inconsistent with the treatment of, the Trust as such for tax purposes.

 

Each Certificateholder,
by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in or encourage any institution against the Depositor of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

 

    	 	A-3	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

Each Certificateholder
by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent beneficial interests
in the Trust only and do not represent interests in or obligations of Depositor, the Servicer, Administrator, Seller, Owner Trustee,
Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as expressly
set forth or contemplated in the Trust Agreement, the Trust Certificates or the Basic Documents. In furtherance of and not in derogation
of the foregoing, each Certificateholder, by accepting a Trust Certificate, acknowledges and agrees that it shall have no right,
title or interest in or to any assets or interests therein of the Depositor (other than the Trust Estate and Reserve Account relating
to this transaction) conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons
in connection therewith (whether by way of a sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”).
To the extent that, notwithstanding the agreements and provisions contained herein, a Certificateholder either (i) asserts an interest
or claim to, or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned by the
Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law,
legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the
Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted
against or through the Depositor or any other Person owned by the Depositor, then each Certificateholder, by accepting a Trust
Certificate, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly
subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor which, under the terms of
the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the benefits
of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or
otherwise entitled to priority of distribution or application under applicable law, including insolvency laws, and whether asserted
against Depositor or any other Person owned by the Depositor), including the payment of post-petition interest on such other obligations
and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of
the Bankruptcy Code. Each Certificateholder, by acceptance of a Trust Certificate, further acknowledges and agrees that no adequate
remedy at law exists for a breach of this paragraph and the terms of this paragraph may be enforced by an action for specific performance.
The provisions of this paragraph shall be for the third party benefit of those entitled to rely thereon and shall survive the termination
of the Trust Agreement.

 

The Trust Certificates
may not be acquired by or for the account of (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that
is subject to the provisions of Title I of ERISA, (ii) a “plan” described in Section 4975(e)(1) of the Code that is
subject to Section 4975 of the Code or (iii) any entity whose underlying assets include plan assets by reason of an employee
benefit plan’s or a plan’s investment in the entity (each, a “Benefit Plan Investor”). By accepting and
holding a Trust Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan
Investor.

 

Unless the certificate
of authentication hereon shall have been executed by an authorized officer of Owner Trustee, by manual signature, this Trust Certificate
shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for
any purpose.

 

    	 	A-4	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

THIS TRUST CERTIFICATE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 	A-5	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

IN WITNESS WHEREOF, Owner Trustee, on behalf
of the Trust and not in its individual capacity, has caused this Trust Certificate to be duly executed.

 

	Dated:________________, 2014	 
	 	HYUNDAI AUTO RECEIVABLES
	 	TRUST 2014-B
	 	 
	 	By:	WILMINGTON TRUST,
	 	 	NATIONAL ASSOCIATION,
	 	 	not in its individual capacity,
	 	 	but solely as Owner Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    	 	A-6	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Trust Certificates referred
to in the within-mentioned Trust Agreement.

 

	 	WILMINGTON TRUST,
	 	NATIONAL ASSOCIATION,
	 	as Owner Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	OR
	 	 
	 	Citibank, N.A.,
	 	as Authenticating Agent for the Owner Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	A-7	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED the
undersigned hereby sells, assigns and transfers unto

 

	 
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	 
	(Please print or type name and address, including postal zip code, of assignee)

 

the within Trust Certificate,
and all rights thereunder, and hereby irrevocably constitutes and appoints ____________________________________, attorney, to transfer
said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

 

Dated: ______________________        _____________________________________

 

Signature Guaranteed:

 

______________________________________

 

NOTICE: The signature
to this assignment must correspond with the name of the registered owner as it appears on the face of the within Trust Certificate
in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation
in STAMP or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    	 	A-8	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

EXHIBIT B

 

[RESERVED]

 

    	 	B-1	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

EXHIBIT C

 

FORM OF TRANSFEREE CERTIFICATE (QIB LETTER)

 

[         ], 20__

 

Hyundai Auto Receivables Trust
2014-B,

as Issuer

c/o Wilmington Trust, National
Association,

as Owner Trustee

 

Wilmington Trust, National Association,

as Owner Trustee

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of [ ]% Certificate Percentage Interest Asset Backed Trust Certificates (the “Trust Certificates”)
of Hyundai Auto Receivables Trust 2014-B (the “Issuer”), a trust formed by Hyundai ABS Funding Corporation (the “Depositor”),
we confirm that:

 

a.           We
are a “qualified institutional buyer” as defined in Rule 144A (“QIB”) and are acquiring the Trust Certificate
for our own institutional account (and not for the account of others) or as a fiduciary or agent for others (which others also
are QIBs).

 

b.           We
acknowledge that the Trust Certificates have not been and will not be registered under the Securities Act or the securities laws
of any jurisdiction.

 

c.           We
are familiar with Rule 144A and are aware that the sale is being made in reliance on Rule 144A and we are not acquiring the Trust
Certificates with a view to, or for resale in connection with, a distribution that would constitute a public offering within the
meaning of the Securities Act or a violation of the Securities Act, and that, if in the future we decide to resell, assign, pledge
or otherwise transfer any Trust Certificates, such Trust Certificates may be resold, assigned, pledged or transferred only (i)
to the Depositor or any Affiliate thereof, (ii) so long as such Trust Certificate is eligible for resale pursuant to Rule 144A,
to a person whom we reasonably believe after due inquiry is a QIB acting for its own account (and not for the account of others)
or as a fiduciary or agent for others (which others also are QIBs) to whom notice is given that the resale, pledge, assignment
or transfer is being made in reliance on Rule 144A, (iii) pursuant to an effective registration statement under the Securities Act
or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the Securities
Act, in which case (A) the Owner Trustee will require that both the prospective transferor and the prospective transferee certify
to the Owner Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and
substance satisfactory to the Owner Trustee and the Depositor and (B) the Owner Trustee will require a written opinion of counsel
(which will not be at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to
the effect that such transfer will not violate the Securities Act, in each case in accordance with any applicable securities or
“Blue Sky” laws of any state of the United States;

 

    	 	C-1	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

d.           We
have neither acquired nor will we transfer any Trust Certificate we purchase (or any interest therein) or cause any such Trust
Certificate (or any interest therein) to be marketed on or through an “established securities market” within the meaning
of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system
that regularly disseminates firm buy or sell quotations.

 

e.           Unless
the Owner Trustee has received an opinion from a nationally recognized tax counsel in form and substance acceptable to the Depositor
(which, for the avoidance of doubt, may rely on reasonable representations of the applicable transferee) to the effect that the
proposed transfer to such transferee without the representation pursuant to this paragraph (8) will not cause the Trust to be treated
as a publicly traded partnership within the meaning of Section 7704 of the Code, we either (A) are not, and will not become, a
partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes (or a disregarded entity of any of
the foregoing) or (B) are such an entity, but none of the direct or indirect beneficial owners of any of the interests in us have
allowed or caused, or will allow or cause, 50% or more of the value of such interests in us to be attributable to our ownership
of Trust Certificates.

 

f.            We
(A) are acquiring the Trust Certificate for the account of [______] Persons, as agent or nominee, and we will notify the Owner
Trustee of any changes in the number of such Persons and (B) understand that any such change in the number of Persons for
whose account a Trust Certificate is held shall require the written consent of the Owner Trustee, which consent shall be granted
unless the Owner Trustee determines that such proposed change in number of Persons would create a risk that the Trust would be
classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation.

 

g.           We
understand that no subsequent transfer of the Trust Certificates (or any interest therein) is permitted unless (A) such transfer
is of a Trust Certificate with a Certificate Percentage Interest of more than 2% (or of an interest in a Trust Certificate representing
a Certificate Percentage Interest of more than 2%), (B) the proposed transferee to provide to the Owner Trustee and the Depositor
a letter substantially in the form of this Exhibit C to the Trust Agreement (unless the Depositor shall have received an opinion
of nationally recognized tax counsel to the effect that such transfer without such an accompanying representation letter will not
cause the Trust to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes and the Depositor shall consent in writing that no such written representation letter is required) or such other written
statement as the Owner Trustee shall prescribe and (C) the Trust consents in writing to the proposed transfer, which consent shall
be granted unless the Owner Trustee determines that such transfer would create a risk that the Trust would be classified for federal
or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation (e.g. the transfer
contravenes any of paragraphs (d), (e), (f), (g), (h), (i) and (n) of this Certificate, or could cause the number of beneficial
owners of Trust Certificates and Restricted Notes (or interests therein) in the aggregate to exceed 95).

 

    	 	C-2	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

h.           We
understand that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation
is dependent in part on the accuracy of the representations in paragraphs (d), (e), (f) and (g) above. We understand that if we
are acquiring the Certificates as agent or nominee for any other Person(s), such Person(s) confirm the representations in paragraphs
(d), (e), (f) and (g) above as such representations apply to such Person(s).

 

i.            We
(and any Person for which we hold Trust Certificates as agent or nominee) are a United States Person within the meaning of Section 7701(a)(30)
of the Code (or we are a partnership within the meaning of Section 7701(a)(2) of the Code that is not a “publicly traded
partnership” within the meaning of Section 7704 of the Code, all of the partners within the meaning of Section 7701(a)(2)
of the Code of such partnership are and will remain United States Persons within the meaning of Section 7701(a)(30) of the Code,
we will timely deliver to the Owner Trustee and Depositor a valid, properly completed and duly executed IRS Form W-8IMY (with IRS
Forms W-9 attached) which states that we are “a look-through foreign partnership for purposes of Section 1446 of the Code”,
and we have received the consent of the Depositor). If, at any time, we cease to comply with this clause (i), the Depositor or
Issuer may in its sole and absolute discretion (x) withhold on distributions in respect of our Trust Certificates, and/or require
us to forfeit distributions in respect of such Trust Certificates, provided that such remedies may only be exercised in respect
of the periods of non-compliance, and/or (y) upon written notice to us by the Depositor or Trust, require us promptly to dispose
of such Trust Certificates to a United States Person within the meaning of Section 7701(a)(30) of the Code (or if such disposition
or other cure of non-compliance does not occur within 10 business days after receiving such notice to dispose of the Trust Certificates,
to the Depositor or a person designated by the Depositor for an amount determined in good faith, but at the sole discretion of
the Depositor).

 

j.            No
Trust Certificate will be acquired or held by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title
I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”)
that is subject to Section 4975 of the Code or (iii) any entity whose underlying assets include plan assets by reason of an employee
benefit plan’s or a plan’s investment in the entity. Each Person who acquires any Trust Certificate or interest therein
will certify that the foregoing conditions are satisfied.

 

k.          We
are aware that we (or any account for which we are purchasing) may be required to bear the economic risk of an investment in the
Trust Certificates for an indefinite period, and we (or such account) are able to bear such risk for an indefinite period.

 

l.            We
understand that the Trust Certificates will bear legends substantially as set forth in Section 3.12 of the Trust Agreement.

 

m.           If
we are acquiring any Trust Certificates for the account of one or more QIB, we represent that we have sole investment discretion
with respect to each such account and that we have full power to make the foregoing acknowledgments, representations and agreements
on behalf of each such account.

 

    	 	C-3	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

n.           We
(and any Person for which we hold Trust Certificates as agent or nominee) acknowledge that the Owner Trustee, the Depositor, and
their Affiliates, and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements.

 

You are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	C-4	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

EXHIBIT D

 

FORM OF TRANSFEREE CERTIFICATE (INVESTMENT
LETTER)

 

[            ], 20__

 

Hyundai Auto Receivables Trust
2014-B,

as Issuer

c/o Wilmington Trust, National
Association,

as Owner Trustee

 

Wilmington Trust, National Association,

as Owner Trustee

 

Re:      Hyundai
Auto Receivables Trust 2014-B Certificates

 

Ladies and Gentlemen:

 

In connection with our
acquisition of the above-referenced Certificates (the “Certificates”) we certify that (a) we understand that
the Certificates have not been registered under the Securities Act of 1933, as amended (the “Act”), or any state
securities laws and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and
any such laws, (b) we have such knowledge and experience in financial and business matters that we are capable of evaluating the
merits and risks of investments in the Certificates, (c) we have had the opportunity to ask questions of and receive answers concerning
the purchase of the Certificates and all matters relating thereto or any additional information deemed necessary to our decision
to purchase the Certificates, (d) we are acquiring the Certificates for investment for our own account and not with a view to any
distribution of such Certificates (but without prejudice to our right at all times to sell or otherwise dispose of the Certificates
in accordance with clause (f) below), (e) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates
from, any person, or otherwise approached or negotiated with any person with respect thereto, or taken any other action that would
result in a violation of Section 5 of the Act or any other applicable securities laws, (f) we will not sell, transfer or otherwise
dispose of any Certificates unless (1) such sale, transfer or other disposition is made pursuant to an effective registration statement
under the Act and in compliance with any relevant securities laws or is exempt from such registration requirements and (2) the
purchaser or transferee of such Certificate has executed and delivered to you a certificate to substantially the same effect as
this certificate and (3) the purchaser and the transferee has otherwise complied with all conditions for transfer set forth in
the Amended and Restated Trust Agreement to be dated as of May 14, 2014 (the “Trust Agreement”), among
Hyundai Auto Receivables Trust 2014-B (the “Trust”), Wilmington Trust, National Association, as Owner Trustee
and Hyundai Capital America, (g) we have executed the confidentiality agreement substantially in the form attached hereto and (h)
we are a United States Person within the meaning of Section 7701(a)(30) of the Code.

 

Further, we certify
the following (which we understand are generally intended to prevent the Issuer from being characterized as a “publicly traded
partnership” within the meaning of Section 7704 of the Internal Revenue Code of 1986, as amended):

 

    	 	D-1	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

i          We have neither
acquired nor will we transfer any Certificate we purchase (or any interest therein) or cause any such Certificate (or any interest
therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1)
of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system that regularly disseminates
firm buy or sell quotations.

 

ii.         We
either (A) are not, and will not become, a partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes
(or a disregarded entity of any of the foregoing) or (B) are such an entity, but none of the direct or indirect beneficial owners
of any of the interests in us have allowed or caused, or will allow or cause, 50% or more of the value of such interests in us
to be attributable to our ownership of Certificates.

 

iii.         We
(A) are acquiring the Certificate for the account of [______] Persons as agent of nominee and we will notify the Owner Trustee
of any changes in the number of such Persons and (B) understand that any such change in the number of Persons for whose account
a Certificate is held shall require the written consent of the Owner Trustee, which consent shall be granted unless the Owner Trustee
determines that such proposed change in number of Persons would create a risk that the Trust would be classified for federal or
any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation.

 

iv.         We
understand that no subsequent transfer of the Certificates (or any interest therein) is permitted unless (A) such transfer is of
a Certificate with a Certificate Percentage Interest of more than 2% (or of an interest in a Certificate representing a Certificate
Percentage Interest of more than 2%), (B) the proposed transferee provides to the Owner Trustee and Hyundai Capital America a letter
substantially in the form of this letter or such other written statement as the Owner Trustee shall prescribe and (C) the Trust
consents in writing to the proposed transfer, which consent shall be granted unless the Owner Trustee determines that such transfer
would create a risk that the Trust would be classified for federal or any applicable state tax purposes as an association (or a
publicly traded partnership) taxable as a corporation; provided, however, that any attempted transfer that (i) contravenes
any of clauses (7), (8), (9), (10), (11), (12) and (13) of Section 3.11 of the Trust Agreement, (ii) would either cause
the number of registered holders of Certificates (or interests therein) in the aggregate to exceed 95 or (iii) otherwise cause
the Trust to become a publicly traded partnership for income tax purposes shall be a void transfer ab initio.

 

v.           We
understand that the opinion of counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation
is dependent in part on the accuracy of the representations in paragraphs (i), (ii), (iii) and (iv) above. We understand that if
we are acquiring the Certificates as agent or nominee for any other person(s), such person(s) confirm the representations in paragraphs
(i), (ii), (iii) and (iv) above as such representations apply to such person(s).

 

    	 	D-2	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

vi.         We
acknowledge that the Owner Trustee, Hyundai Capital America, and their Affiliates, and others will rely upon the truth and accuracy
of the foregoing acknowledgments, representations and agreements.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	D-3	(2014-B Amended and Restated Trust Agreement)

    	 

    

 

EXHIBIT E

 

FORM OF CERTIFICATE OF TRUST OF

HYUNDAI AUTO RECEIVABLES TRUST 2014-B

 

This CERTIFICATE OF TRUST
of HYUNDAI AUTO RECEIVABLES TRUST 2014-B (the “Trust”), is being duly executed and filed by WILMINGTON TRUST, NATIONAL
ASSOCIATION, a national banking association, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
Code, ss. 3801 et seq.) (the “Act”).

 

1.          Name.
The name of the statutory trust formed hereby is HYUNDAI AUTO RECEIVABLES TRUST 2014-B.

 

2.          Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington Trust, National Association,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration.

 

3.          Effective
Date. This Certificate of Trust shall be effective upon filing with the Secretary of State.

 

IN WITNESS WHEREOF, the
undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust pursuant to Section 3811 (a) of the Act.

 

	 	WILMINGTON TRUST,
	 	NATIONAL ASSOCIATION,
	 	not in its individual capacity
	 	but solely as Owner Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	E-1	(2014-B Amended and Restated Trust Agreement)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00231-of-00352.parquet"}]]