Document:

<PAGE>

                                                                  EXECUTION COPY

                   HONDA AUTO RECEIVABLES 2002-1 OWNER TRUST,
                                   as Issuer,

                       AMERICAN HONDA FINANCE CORPORATION,
                                as Administrator,

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                              JPMorgan Chase Bank,
                              as Indenture Trustee

                            ADMINISTRATION AGREEMENT

                           Dated as of January 1, 2002

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

Section 1.01   Capitalized Terms; Interpretive Provisions...................   1
Section 1.02   Duties of the Administrator..................................   2
Section 1.03   Records......................................................   7
Section 1.04   Compensation.................................................   7
Section 1.05   Additional Information to be Furnished to the Issuer.........   7
Section 1.06   Independence of the Administrator............................   8
Section 1.07   No Joint Venture.............................................   8
Section 1.08   Other Activities of Administrator............................   8
Section 1.09   Term of Agreement; Resignation and Removal of Administrator..   8
Section 1.10   Action Upon Termination, Resignation or Removal..............   9
Section 1.11   Notices......................................................   9
Section 1.12   Amendments...................................................  10
Section 1.13   Successors and Assigns.......................................  10
Section 1.14   Governing Law................................................  10
Section 1.15   Headings.....................................................  11
Section 1.16   Counterparts.................................................  11
Section 1.17   Severability.................................................  11
Section 1.18   Limitation of Liability of Owner Trustee and Indenture
                    Trustee.................................................  11
Section 1.19   Third-Party Beneficiary......................................  11
Section 1.20   Rights of the Indenture Trustee..............................  11

                                    EXHIBITS

Exhibit A - Form of Power of Attorney ...................................... A-1

<PAGE>

         This Administration Agreement, dated as of January 1, 2002 (the
"Agreement"), is among Honda Auto Receivables 2002-1 Owner Trust, as issuer (the
"Issuer"), American Honda Finance Corporation ("AHFC"), as administrator (in
such capacity, the "Administrator"), American Honda Receivables Corp. ("AHRC"),
as depositor (in such capacity, the "Depositor"), and JPMorgan Chase Bank, as
indenture trustee (the "Indenture Trustee").

         WHEREAS, the Issuer was created pursuant to the Amended and Restated
Trust Agreement, dated as of January 29, 2002 (the "Trust Agreement"), among the
Depositor, U.S. Bank National Association, as owner trustee (the "Owner
Trustee") and U.S. Bank Trust National Association, as Delaware Trustee;

         WHEREAS, the Issuer is issuing 1.82% Asset Backed Notes, Class A-1,
2.55% Asset Backed Notes, Class A-2, 3.50% Asset Backed Notes, Class A-3 and
4.22% Asset Backed Notes, Class A-4 (collectively, the "Notes") pursuant to an
Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and
the Indenture Trustee;

         WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Notes and of certain beneficial ownership interests of
the Issuer, including (i) the Indenture, (ii) a Sale and Servicing Agreement,
dated as of the date hereof (the "Sale and Servicing Agreement"), among the
Issuer, AHRC, as transferor (in such capacity, the "Seller"), and AHFC, as
servicer (in such capacity, the "Servicer"), and (iii) a Letter of
Representations, dated January 29, 2002 (the "Note Depository Agreement" and,
together with this Agreement, the Indenture, the Sale and Servicing Agreement,
the Control Agreement and the Trust Agreement, the "Related Documents"), among
the Issuer, the Indenture Trustee and The Depository Trust Company;

         WHEREAS, pursuant to the Related Documents, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (i) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) the beneficial ownership interests in the Issuer (the registered
holders of such interests being referred to herein as the "Owners");

         WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause and to provide such additional services
consistent with the terms of this Agreement and the other Related Documents as
the Issuer and the Owner Trustee may from time to time request; and

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

         Section 1.01 Capitalized Terms; Interpretive Provisions.

         (a) Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto or incorporated by reference in the Sale and
Servicing Agreement, the

<PAGE>

Trust Agreement or the Indenture, as the case may be. Whenever used herein,
unless the context otherwise requires, the following words and phrases shall
have the following meanings:

         "Agreement" means this Administration Agreement, as amended,
supplemented or modified from time to time.

         "Related Documents" has the meaning set forth in the Preamble.

         (b) For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the
singular, (ii) references to this Agreement include all Exhibits hereto, (iii)
references to words such as "herein", "hereof" and the like shall refer to this
Agreement as a whole and not to any particular part, Article or Section within
this Agreement, (iv) the term "include" and all variations thereof shall mean
"include without limitation", (v) the term "or" shall include "and/or" and (vi)
the term "proceeds" shall have the meaning ascribed to such term in the UCC.

         Section 1.02 Duties of the Administrator.

         (a) The Administrator agrees to perform all its duties as Administrator
and, except as specifically excluded herein, agrees to perform all the duties of
the Issuer and the Owner Trustee under the Related Documents. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Related Documents. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the respective duties of the Issuer and the
Owner Trustee under the Related Documents. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, or shall cause the preparation by
other appropriate persons of, all such documents, reports, notices, filings,
instruments, certificates and opinions that it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the Related
Documents. In furtherance of the foregoing, the Administrator shall take (or, in
the case of the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuer or the Owner Trustee is required to take
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to Sections of the Indenture):

               (i) the preparation of or obtaining of the documents and
         instruments required for execution and authentication of the Notes and
         delivery of the same to the Indenture Trustee (Section 2.02);

               (ii) the duty to cause the Note Register to be kept and to give
         the Indenture Trustee notice of any appointment of a new Note Registrar
         and the location, or change in location, of the Note Register (Section
         2.04);

               (iii) the notification of Noteholders and the Rating Agencies of
         the final principal payment on the Notes (Section 2.07(b));

                                       2
<PAGE>

               (iv) the fixing or causing to be fixed of any special record date
         and the notification of the Indenture Trustee and Noteholders with
         respect to special payment dates, if any (Section 2.07(c));

               (v) the preparation of Definitive Notes in accordance with the
         instructions of the Clearing Agency (Section 2.11);

               (vi) the preparation, obtaining or filing of the instruments,
         opinions and certificates and other documents required for the release
         of collateral (Section 2.12);

               (vii) the duty to cause newly appointed Paying Agents, if any, to
         deliver to the Indenture Trustee the instrument specified in the
         Indenture regarding funds held in trust (Section 3.03);

               (viii) the direction to the Indenture Trustee to deposit monies
         with Paying Agents, if any, other than the Indenture Trustee (Section
         3.03);

               (ix) the obtaining and preservation of the Issuer's
         qualifications to do business, including under the Pennsylvania Motor
         Vehicle Sale Finance Act (Section 3.04);

               (x) the preparation of all supplements and amendments to the
         Indenture and all financing statements, continuation statements,
         instruments of further assurance and other instruments and the taking
         of such other action as are necessary or advisable to protect the Owner
         Trust Estate (Section 3.05);

               (xi) the delivery of the Opinion of Counsel on the Closing Date
         and the annual delivery of Opinions of Counsel as to the Owner Trust
         Estate, and the annual delivery of the Officer's Certificate and
         certain other statements as to compliance with the Indenture (Sections
         3.06 and 3.09);

               (xii) the identification to the Indenture Trustee in an Officer's
         Certificate of a Person with whom the Issuer has contracted to perform
         its duties under the Indenture (Section 3.07(b));

               (xiii) the notification of the Indenture Trustee and the Rating
         Agencies of each Servicer Default and, if such Servicer Default arises
         from the failure of the Servicer to perform any of its duties or
         obligations under the Servicing Agreement with respect to the
         Receivables, the taking of all reasonable steps available to remedy
         such failure (Section 3.07(d));

               (xiv) the preparation and obtaining of documents and instruments
         required for the release of the Issuer from its obligations upon the
         merger or consolidation of the Issuer under the Indenture and the
         obtaining of the Opinion of Counsel and the Officer's Certificate
         relating thereto (Section 3. 10);

               (xv) the duty to cause the Servicer to comply with Sections 3.10,
         3.11, 3.12, 4.10 and Article Eight of the Sale and Servicing Agreement
         (Section 3.14);

                                       3
<PAGE>

               (xvi) the delivery of written notice to the Indenture Trustee and
         each Rating Agency of each Event of Default and each default by the
         Servicer or the Seller under the Sale and Servicing Agreement (Section
         3.19);

               (xvii) the monitoring of the Issuer's obligations as to the
         satisfaction and discharge of the Indenture and the preparation of an
         Officer's Certificate and the obtaining of the Opinion of Counsel and
         the Independent Certificate relating thereto (Section 4.01);

               (xviii) the compliance with Section 5.04 of the Indenture with
         respect to the sale of the Owner Trust Estate in a commercially
         reasonable manner if an Event of Default shall have occurred and be
         continuing (Section 5.04);

               (xix) the preparation and delivery of notice to Noteholders of
         the removal of the Indenture Trustee and the appointment of a successor
         Indenture Trustee (Section 6.08);

               (xx) the preparation and delivery to each Noteholder such
         information as may be required to enable such holder to prepare its
         federal and state income tax returns (Section 6.06);

               (xxi) the preparation of any written instruments required to
         confirm more fully the authority of any co-trustee or separate trustee
         and any written instruments necessary in connection with the
         resignation or removal of the Indenture Trustee or any co-trustee or
         separate trustee (Sections 6.08 and 6. 10);

               (xxii) the furnishing of the Indenture Trustee with the names and
         addresses of Noteholders during any period when the Indenture Trustee
         is not the Note Registrar (Section 7.01);

               (xxiii) the preparation and, after execution by the Issuer, the
         filing with the Commission, any applicable state agencies and the
         Indenture Trustee of documents required to be filed on a periodic basis
         with, and summaries thereof as may be required by rules and regulations
         prescribed by, the Commission and any applicable state agencies and the
         transmission of such summaries, as necessary, to the Noteholders
         (Section 7.03);

               (xxiv) the opening of one or more accounts in the Issuer's name
         and the taking of all other actions necessary with respect to
         investment and reinvestment of funds in the Accounts (Sections 8.02 and
         8.03);

               (xxv) the preparation of an Issuer Request and Officer's
         Certificate and the obtaining of an Opinion of Counsel and Independent
         Certificates, if necessary, for the release of the Owner Trust Estate
         (Sections 8.04 and 8.05);

               (xxvi) the preparation of Issuer Requests, the obtaining of
         Opinions of Counsel and the certification to the Indenture Trustee with
         respect to the execution of supplemental indentures and the mailing to
         the Noteholders of notices with respect to such supplemental indentures
         (Sections 9.01 and 9.02);

                                       4
<PAGE>

               (xxvii) the execution and delivery of new Notes conforming to any
         supplemental indenture (Section 9.06);

               (xxviii) the duty to notify Noteholders and the Rating Agencies
         of redemption of the Notes or to cause the Indenture Trustee to provide
         such notification (Sections 10.01 and 10.02);

               (xxix) the preparation and delivery of all Officer's
         Certificates, Opinions of Counsel and Independent Certificates with
         respect to any requests by the Issuer to the Indenture Trustee to take
         any action under the Indenture (Section 11.01(a));

               (xxx) the preparation and delivery of Officer's Certificates and
         the obtaining of Independent Certificates, if necessary, for the
         release of property from the Lien of the Indenture (Section 11.01(b));

               (xxxi) the notification of each Rating Agency, upon the failure
         of the Issuer, the Owner Trustee or the Indenture Trustee to give such
         notification, of the information required pursuant to Section 11.04 of
         the Indenture (Section 11.04); and

               (xxxii) the recording of the Indenture, if applicable (Section
         11.15).

         (b) The Administrator shall:

               (i) pay from time to time reasonable compensation to (A) the
         Indenture Trustee for all services rendered by the Indenture Trustee
         under the Basic Documents and (B) the Owner Trustee for all services
         rendered under the Trust Agreement (in each case which compensation
         shall not be limited by any provision of law in regard to the
         compensation of a trustee of an express trust);

               (ii) except as otherwise expressly provided in the Indenture,
         reimburse the Indenture Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the Indenture
         Trustee in accordance with any provision of the Basic Documents
         (including the reasonable compensation, expenses and disbursements of
         its agents and counsel), except any such expense, disbursement or
         advance as may be attributable to its willful misconduct, negligence or
         bad faith;

               (iii) except as otherwise expressly provided in the third
         sentence of Section 7.01 of the Trust Agreement, reimburse the Owner
         Trustee and the Delaware Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the Owner
         Trustee and the Delaware Trustee in accordance with any provision of
         the Trust Agreement (including reasonable compensation, expenses and
         disbursements of its agents and counsel), except any such expense,
         disbursement or advance as may be attributable to its willful
         misconduct, gross negligence or bad faith; and

               (iv) indemnify the Indenture Trustee, the Delaware Trustee, the
         Owner Trustee and their respective agents for, and hold them harmless
         against, any loss, liability or expense incurred without negligence
         (or, in the case of the Owner Trustee or the Delaware Trustee only,
         gross negligence), willful misconduct or bad faith on their part,

                                       5
<PAGE>

         arising out of or in connection with the acceptance or administration
         of the transactions contemplated by the Basic Documents, as the case
         may be, including the reasonable costs and expenses of defending
         themselves against any claim or liability in connection with the
         exercise or performance of any of their powers or duties thereunder.

         The obligations of the Administrator under this Section 1.02(b) shall
survive the termination of this agreement.

         (c) In addition to the duties set forth in Sections 1.02(a) and (b),
the Administrator shall perform such calculations and shall prepare or shall
cause the preparation by other appropriate Persons of, and shall execute on
behalf of the Issuer or the Owner Trustee, all such documents, notices, reports,
filings, instruments, certificates and opinions that the Issuer or the Owner
Trustee are required to prepare, file or deliver pursuant to the Related
Documents, and at the request of the Owner Trustee shall take all appropriate
action that the Issuer or the Owner Trustee are required to take pursuant to the
Related Documents. In furtherance thereof, the Owner Trustee shall, on behalf of
itself and of the Issuer, execute and deliver to the Administrator and to each
successor Administrator appointed pursuant to the terms hereof, one or more
powers of attorney substantially in the form of Exhibit A hereto, appointing the
Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the
purpose of executing on behalf of the Owner Trustee and the Issuer all such
documents, reports, filings, instruments, certificates and opinions. Subject to
Section 1.06, and in accordance with the directions of the Owner Trustee, the
Administrator shall administer, perform or supervise the performance of such
other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator.

         (d) Notwithstanding anything in this Agreement or the Related Documents
to the contrary, the Administrator shall be responsible for promptly notifying
the Owner Trustee in the event that any withholding tax is imposed on the
Issuer's payments (or allocations of income) to a Trust Certificateholder as
contemplated in Section 5.02(c) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld by the Owner
Trustee pursuant to such provision.

         (e) Notwithstanding anything in this Agreement or the Related Documents
to the contrary, the Administrator shall be responsible for performance of the
duties of the Owner Trustee set forth in Section 5.05 of the Trust Agreement
with respect to, among other things, accounting and reports to Owners; provided,
however, that the Owner Trustee shall retain responsibility for the distribution
of the Schedule K-1's, necessary to enable each Owner to prepare its federal and
state income tax returns.

         (f) The Administrator shall perform any duties expressly required to be
performed by the Administrator under the Trust Agreement.

         (g) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its Affiliates; provided, however, that the terms
of any such transactions or dealings shall be in

                                       6
<PAGE>

accordance with any directions received from the Issuer and shall be, in the
Administrator's opinion, no less favorable to the Issuer than would be available
from unaffiliated parties.

         (h) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Owner Trustee of the proposed action and
the Owner Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, "non-ministerial matters"
shall include:

               (i) the amendment of or any supplement to the Indenture;

               (ii) the initiation of any claim or lawsuit by the Issuer and the
         compromise of any action, claim or lawsuit brought by or against the
         Issuer (other than in connection with the collection of the
         Receivables);

               (iii) the amendment, change or modification of the Basic
         Documents;

               (iv) the appointment of successor Note Registrars, successor
         Paying Agents and successor Indenture Trustees pursuant to the
         Indenture or the appointment of successor Administrators or successor
         Servicers, or the consent to the assignment by the Note Registrar, any
         Paying Agent or Indenture Trustee of its obligations under the
         Indenture; and

               (v) the removal of the Indenture Trustee.

         (i) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (i) make any payments
to the Noteholders under the Related Documents, (ii) sell the Owner Trust
Estate pursuant to Section 5.04 of the Indenture, (iii) take any other action
that the Issuer directs the Administrator not to take on its behalf or (iv)
take any other action which may be construed as having the effect of varying
the investment of the Trust Certificateholders.

         Section 1.03 Records. The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer
and the Depositor at any time during normal business hours.

         Section 1.04 Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to an annual
payment of compensation which shall be solely an obligation of the Depositor.

         Section 1.05 Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

                                       7
<PAGE>

         Section 1.06 Independence of the Administrator. For all purposes of
this Agreement, the Administrator shall be an independent contractor and shall
not be subject to the supervision of the Issuer or the Owner Trustee with
respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the
Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

         Section 1.07 No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Administrator and either the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

         Section 1.08 Other Activities of Administrator. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other Person or entity, even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

         Section 1.09 Term of Agreement; Resignation and Removal of
Administrator. This Agreement shall continue in force until the dissolution of
the Issuer, upon which event this Agreement shall automatically terminate.

         (a) Subject to Sections 1.09(d) and 1.09(e), the Administrator may
resign its duties hereunder by providing the Issuer with at least 60 days' prior
written notice.

         (b) Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

         (c) Subject to Sections 1.09(d) and 1.09(e), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

               (i) the Administrator shall default in the performance of any of
         its duties under this Agreement and, after notice of such default,
         shall not cure such default within ten days (or, if such default cannot
         be cured in such time, shall not give within ten days such assurance of
         cure as shall be reasonably satisfactory to the Issuer);

               (ii) the existence of any proceeding or action, or the entry of a
         decree or order for relief by a court or regulatory authority having
         jurisdiction over the Administrator in an involuntary case under the
         federal bankruptcy laws, as now or hereafter in effect, or appointing a
         receiver, liquidator, assignee, trustee, custodian, sequestrator or
         other similar official of the Administrator or of any substantial part
         of its property, or ordering the winding up or liquidation of the
         affairs of the Administrator and the continuance of any such action,
         proceeding, decree or order unstayed and, in the case of any such order
         or decree, in effect for a period of 90 consecutive days; or

                                       8
<PAGE>

               (iii) the commencement by the Administrator of a voluntary case
         under the federal bankruptcy laws, as now or hereafter in effect, or
         the consent by the Administrator to the appointment of or taking of
         possession by a receiver, liquidator, assignee, trustee, custodian,
         sequestrator or other similar official of the Administrator or of any
         substantial part of its property or the making by the Administrator of
         an assignment for the benefit of creditors or the failure by the
         Administrator generally to pay its debts as such debts become due or
         the taking of corporate action by the Administrator in furtherance of
         any of the foregoing.

      The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) above shall occur, it shall give written notice thereof to the
Issuer and the Indenture Trustee within seven days after the occurrence of
such event.

         (d) No resignation or removal of the Administrator pursuant to this
Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed
in writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

         (e) The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

         (f) Subject to Sections 1.09(d) and 1.09(e), the Administrator
acknowledges that upon the appointment of a successor Servicer pursuant to the
Sale and Servicing Agreement, the Administrator shall immediately resign and
such successor Servicer shall automatically become the Administrator under this
Agreement.

         Section 1.10 Action Upon Termination, Resignation or Removal. Promptly
upon the effective date of termination of this Agreement pursuant to the first
sentence of Section 1.09 or the resignation or removal of the Administrator
pursuant to Section 1.09(a), (b) or (c), respectively, the Administrator shall
be entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to the first sentence of Section 1.09
deliver to the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or
(c), respectively, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

         Section 1.11 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier (followed by hard copy by overnight delivery), and
addressed in each case as follows: (a) if to the Issuer or the Owner Trustee,
to: U.S. Bank National Association, 400 North Michigan Avenue, 2nd Floor,
Chicago, Illinois 60611, Attention: Patricia M. Child, (b) if to the
Administrator, to: American Honda Finance Corporation, 700 Van Ness Avenue,
Building 300, Torrance, California 90501, Attention: President; (c) if to the
Depositor, to: American Honda Receivables Corp., 700 Van Ness Avenue, Building
300, Torrance, California 90501, Attention: President; and (d) if to the

                                       9
<PAGE>

Indenture Trustee, to: JPMorgan Chase Bank, 450 West 33rd Street, 14th Floor,
New York, New York 10001, Attention: Institutional Trust Services, Honda 2002-1;
or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

         Section 1.12 Amendments. This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the parties hereto,
with the written consent of the Owner Trustee but without the consent of the
Noteholders or the Certificateholders, 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, that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any of the Noteholders or the Certificateholders. This Agreement
may also be amended by the parties hereto with the written consent of the Owner
Trustee and the Holders of Notes evidencing at least a majority of the
Outstanding Amount and the Holders of Trust Certificates evidencing at least a
majority of the Percentage Interests evidenced by the Trust Certificates 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 may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders or (ii) reduce the aforesaid percentage of the Holders of
Notes and Trust Certificates which are required to consent to any such
amendment, without the consent of the Holders of all outstanding Notes and Trust
Certificates. Notwithstanding the foregoing, the Administrator may not amend
this Agreement without the permission of the Depositor, which permission shall
not be unreasonably withheld.

         Section 1.13 Successors and Assigns. This Agreement may not be assigned
by the Administrator unless such assignment is previously consented to in
writing by the Issuer and the Owner Trustee and subject to the satisfaction of
the Rating Agency Condition in respect thereof. An assignment with such consent
and satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided, that such successor organization
executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee
an agreement, in form and substance reasonably satisfactory to the Owner Trustee
and the Indenture Trustee, in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder. Subject to the foregoing, this
Agreement shall bind any successors or assigns of the parties hereto.

         Section 1.14 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE

                                       10
<PAGE>

DETERMINED IN ACCORDANCE WITH SUCH LAWS, EXCEPT THAT THE DUTIES OF THE INDENTURE
TRUSTEE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         Section 1.15 Headings. The headings of the various Sections herein are
for convenience of reference only and shall not define or limit any of the terms
or provisions hereof.

         Section 1.16 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 1.17 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 1.18 Limitation of Liability of Owner Trustee and Indenture
Trustee.

         (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by U.S. Bank National Association, in its
capacity as Owner Trustee of the Issuer and in no event shall U.S. Bank National
Association, in its individual capacity or any beneficial owner of the Issuer
have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder, as to all of which recourse shall be
had solely to the assets of the Issuer. For all purposes of this Agreement, in
the performance of any duties or obligations of the Issuer hereunder, the Owner
Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles Six, Seven and Eight of the Trust Agreement.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by JPMorgan Chase Bank in its capacity as Indenture
Trustee under the Indenture and in no event shall JPMorgan Chase Bank in its
individual capacity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

         Section 1.19 Third-Party Beneficiary. The Owner Trustee and the
Delaware Trustee are third-party beneficiaries to this Agreement and are
entitled to the rights and benefits hereunder and may enforce the provisions
hereof as if they were a party hereto.

         Section 1.20 Rights of the Indenture Trustee. The Indenture Trustee
shall be afforded the same rights, protections, immunities and indemnities set
forth in the Indenture as if specifically set forth herein.

                                       11
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                           HONDA AUTO RECEIVABLES 2002-1 OWNER TRUST,
                           as Issuer

                           By: U.S. BANK NATIONAL ASSOCIATION,
                               not in its individual capacity
                               but solely as Owner Trustee

                           By: /s/ Melissa A. Rosal
                               -----------------------------
                               Name: Melissa A. Rosal
                               Title: Vice President

                           AMERICAN HONDA RECEIVABLES CORP.
                           as Depositor

                           By: /s/ Y. Kohama
                               -----------------------------
                               Name: Y. Kohama
                               Title: President

                           JPMorgan Chase Bank,
                           not in its individual capacity but solely as
                           Indenture Trustee

                           By: /s/ Ryan Biasi
                               -----------------------------
                               Name: Ryan Biasi
                               Title: Trust Officer

                           AMERICAN HONDA FINANCE CORPORATION,
                           as Administrator

                           By: /s/ Y. Kohama
                               -----------------------------
                               Name: Y. Kohama
                               Title: President

<PAGE>

                                                                       EXHIBIT A

                          POWER OF ATTORNEY PURSUANT TO
                   SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

         KNOW ALL MEN BY THESE PRESENTS, that U.S. Bank National Association
(the "Grantor"), located at 400 North Michigan Avenue, 2nd Floor, Chicago,
Illinois 60611, as owner trustee of Honda Auto Receivables 2002-1 Owner Trust, a
Delaware business trust (the "Issuer"), does hereby appoint American Honda
Finance Corporation, a California corporation (the "Grantee"), located at 700
Van Ness Avenue, Building 300, Torrance, California 90501, as its
attorney-in-fact with full power of substitution and hereby authorizes and
empowers the Grantee, in the name of and on behalf of the Grantor or the Issuer,
to take the following actions from time to time with respect to the duties of
the Administrator under the Administration Agreement, dated as of January 1,
2002 (the "Administration Agreement"), among the Issuer, the Administrator,
American Honda Receivables Corp., as depositor and JPMorgan Chase Bank, as
indenture trustee, for the purpose of executing on behalf of the Grantor or the
Issuer all such documents, reports, filings, instruments, certificates and
opinions required pursuant to the Related Documents:

         The Grantee is hereby empowered to do any and all lawful acts necessary
or desirable to effect the performance of the duties under the Administration
Agreement and the Grantor hereby ratifies and confirms any and all lawful acts
the Grantee shall undertake pursuant to and in conformity with this Power of
Attorney.

         This Power of Attorney is revocable in whole or in part as to the
powers herein granted upon notice by the Grantor. If not earlier revoked, this
Power of Attorney shall expire completely or, if so indicated, in part, upon the
earlier of (i) the termination of the amended and restated trust agreement,
dated January 29, 2002 (the "Trust Agreement"), among American Honda Receivables
Corp., as depositor, the Grantor, as owner trustee, and U.S. Bank Trust National
Association, as Delaware Trustee, or (ii) the termination of the Administration
Agreement, as each may be amended, restated or supplemented from time to time.
Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in the Trust Agreement or the Administration
Agreement, as the case may be.

         THIS POWER OF ATTORNEY SHALL BE CREATED UNDER AND GOVERNED AND
CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK.

         The Grantor executes this Power of Attorney with the intent to be
legally bound hereby, and with the intent that such execution shall have the
full dignity afforded by the accompanying witnessing and notarization and all
lesser dignity resulting from the absence of such witnessing and notarization or
any combination thereof.

                                       A-1
<PAGE>

         Dated this 29th day of January, 2002.

[Seal]                                U.S. BANK NATIONAL ASSOCIATION,
                                      not in its individual capacity but solely
                                      as Owner Trustee of the Honda Auto
                                      Receivables 2002-1 Owner Trust

                                      By:
                                          -----------------------------
                                          Name:
                                          Title:

Signed and delivered in the presence of.

-------------------------------

Address: -------------------------------

[Unofficial Witness]

                                       A-2<PAGE>
                                                                    EXHIBIT 4.03

                                     FORM OF

                           SUPPLEMENTAL INDENTURE NO.

                                      FROM

                                XCEL ENERGY INC.
                            (A MINNESOTA CORPORATION)

                                       TO

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
                                     TRUSTEE
                       -----------------------------------

                                   DATED AS OF
                                         ,

                            SUPPLEMENTAL TO INDENTURE
                          DATED AS OF DECEMBER 1, 2000

<PAGE>

         SUPPLEMENTAL INDENTURE No.  , made as of the   day of        ,    , by
and between XCEL ENERGY INC., a corporation duly organized and existing under
the laws of the State of Minnesota (the "Company"), and WELLS FARGO BANK
MINNESOTA, NATIONAL ASSOCIATION, a national banking association organized and
existing under the laws of the United States, as trustee (the "Trustee"):

                                   WITNESSETH:

         WHEREAS, the Company has heretofore executed and delivered its
Indenture (hereinafter referred to as the "Indenture"), made as of December 1,
2000; and

         WHEREAS, Section 2.5 of the Indenture provides that Securities shall be
issued in series and that a Company Order shall specify the terms of each
series; and

         WHEREAS, the Company has this day delivered a Company Order setting
forth the terms of a series of Securities designated "  % Senior Notes, Series
due      " (hereinafter sometimes referred to as the "Notes due    "); and

         WHEREAS, Section 12.1 of the Indenture provides that the Company and
the Trustee may enter into indentures supplemental thereto for the purposes,
among others, of establishing the form of Securities or establishing or
reflecting any terms of any Security and adding to the covenants of the Company;
and

         WHEREAS, the execution and delivery of this Supplemental Indenture No.
(herein, "this Supplemental Indenture") have been duly authorized by a
resolution or written consent adopted by the Board of Directors of the Company;

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

         That in order to set forth the terms and conditions upon which the
Notes due       are, and are to be, authenticated, issued and delivered, and in
consideration of the premises of the purchase and acceptance of the Notes due
        by the Holders thereof and the sum of one dollar duly paid to it by the
Trustee at the execution of this Supplemental Indenture, the receipt whereof is
hereby acknowledged, the Company covenants and agrees with the Trustee for the
equal and proportionate benefit of the respective Holders from time to time of
the Notes due , as follows:

                                  ARTICLE ONE
                       RELATION TO INDENTURE; DEFINITIONS

         SECTION 1.01. This Supplemental Indenture constitutes an integral part
of the Indenture.

         SECTION 1.02. For all purposes of this Supplemental Indenture:

                  (a)     Capitalized terms used herein without definition shall
         have the meanings specified in the Indenture;

<PAGE>

                  (b)      All references herein to Articles and Sections,
         unless otherwise specified, refer to the corresponding Articles and
         Sections of this Supplemental Indenture; and

                  (c)      The terms "hereof," "herein," "hereby," "hereto,"
         "hereunder" and "herewith" refer to this Supplemental Indenture.

                                  ARTICLE TWO
                           % SENIOR NOTES, SERIES DUE

         SECTION 2.01. There shall be a series of Securities designated the " %
Senior Notes, Series due   " (the "Notes due    "). The Notes due    shall be
limited to $     aggregate principal amount.

         SECTION 2.02. Except as otherwise provided in Section 2.05 hereof, the
principal amount of the Notes due       shall be payable on the stated maturity
date of         ,     .

         SECTION 2.03. The Notes due    shall be dated their date of
authentication as provided in the Indenture and shall bear interest from their
date at the rate of   % per annum, payable semi-annually on         and
of each year, commencing . The Regular Record Dates with respect to such
and     interest payment dates shall be    and    , respectively. Principal and
interest shall be payable to the persons and in the manner provided in Sections
2.4 and 2.12 of the Indenture.

         SECTION 2.04. The Notes due    shall be payable at the corporate trust
office of the Trustee and at the offices of such paying agents as the Company
may appoint by Company Order in the future.

         SECTION 2.05. [The Company may not redeem the Notes due ___ prior to
the stated maturity dated.] [The Company may redeem the Notes due at any time,
in whole or in part, at a redemption price equal to _____.]

         The Notes due shall not be subject to any sinking fund.

         SECTION 2.06. The Notes due    shall be issued in fully registered form
without coupons in denominations of $1,000 and integral multiples thereof.

         SECTION 2.07. The Notes due    shall initially be in the form attached
as Exhibit A hereto.

                                 ARTICLE THREE
                                 MISCELLANEOUS

         SECTION 3.01. The recitals of fact herein and in the Notes due
(except the Trustee's Certificate) shall be taken as statements of the Company
and shall not be construed as made by the Trustee.

         SECTION 3.02. This Supplemental Indenture shall be construed in
connection with and as a part of the Indenture.

                                       2
<PAGE>

         SECTION 3.03.

         (a) If any provision of this Supplemental Indenture limits, qualifies,
or conflicts with another provision of the Indenture required to be included in
indentures qualified under the Trust Indenture Act of 1939 (as enacted prior to
the date of this Supplemental Indenture) by any of the provisions of Sections
310 to 317, inclusive, of said Act, such required provisions shall control.

         (b) In case any one or more of the provisions contained in this
Supplemental Indenture or in the notes issued hereunder should be invalid,
illegal, or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein and therein shall
not in any way be affected, impaired, prejudiced or disturbed thereby.

         SECTION 3.04. Whenever in this Supplemental Indenture either of the
parties hereto is named or referred to, this shall be deemed to include the
successors or assigns of such party, and all the covenants and agreements in
this Supplemental Indenture contained by or on behalf of the Company or by or on
behalf of the Trustee shall bind and inure to the benefit of the respective
successors and assigns of such parties, whether so expressed or not.

         SECTION 3.05.

         (a) This Supplemental Indenture may be simultaneously executed in
several counterparts, and all said counterparts executed and delivered, each as
an original, shall constitute but one and the same instrument.

         (b) The Table of Contents and the descriptive headings of the several
Articles of this Supplemental Indenture were formulated, used and inserted in
this Supplemental Indenture for convenience only and shall not be deemed to
affect the meaning or construction of any of the provisions hereof.

                                       3
<PAGE>

         IN WITNESS WHEREOF, XCEL ENERGY INC. has caused this Supplemental
Indenture to be signed by its President or a Vice President, and attested by its
Secretary or an Assistant Secretary and WELLS FARGO BANK MINNESOTA, NATIONAL
ASSOCIATION, has caused this Supplemental Indenture to be signed by its
President, Vice President, Assistant Vice President or authorized Corporate
Trust Officer, and attested by an authorized officer, this _____ day of
___________, _______.

                                         XCEL ENERGY INC.

                                         By:_____________________________
                                            Name:
                                            Title:
ATTEST:

By:_____________________________

                                         WELLS FARGO BANK MINNESOTA,
                                         NATIONAL ASSOCIATION, as Trustee

                                         By:_____________________________
                                            Name:
                                            Title:
ATTEST:

By:_____________________________
   Name:
   Title:

                                       4
<PAGE>

                                                                       EXHIBIT A

                                     FORM OF
                           % SENIOR NOTES, SERIES DUE

REGISTERED

         THIS NOTE IS A GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITORY
(REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE
OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS
GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

                                XCEL ENERGY INC.
             (Incorporated under the laws of the State of Minnesota)
                            % SENIOR NOTE, SERIES DUE

CUSIP:                                     NUMBER:

ORIGINAL ISSUE DATE(S):                    PRINCIPAL AMOUNT(S):  $

INTEREST RATE:    %                        MATURITY DATE:

         XCEL ENERGY INC., a corporation of the State of Minnesota (the
"Company"), for value received hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of ___________________________________
DOLLARS on the Maturity Date set forth above, and to pay interest thereon from
the Original Issue Date (or if this Global Security has two or more Original
Issue Dates, interest shall, beginning on each such Original Issue Date, begin
to accrue for that part of the principal amount to which that Original Issue
Date is

                                      A-1
<PAGE>

applicable) set forth above or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semiannually in arrears on
the        and       in each year, commencing on the first such Interest Payment
Date succeeding the applicable Original Issue Date set forth above, at the per
annum Interest Rate set forth above, until the principal hereof is paid or made
available for payment. No interest shall accrue on the Maturity Date, so long as
the principal amount of this Global Security is paid on the Maturity Date. The
interest so payable and punctually paid or duly provided for on any such
Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Note is registered at the close of business on the Regular
Record Date for such interest, which shall be the      or       , as the case
may be, next preceding such Interest Payment Date; provided, that the first
Interest Payment Date for any part of this Note, the Original Issue Date of
which is after a Regular Record Date but prior to the applicable Interest
Payment Date, shall be the Interest Payment Date following the next succeeding
Regular Record Date; and provided, that interest payable on the Maturity Date
set forth above or, if applicable, upon redemption or acceleration, shall be
payable to the Person to whom principal shall be payable. Except as otherwise
provided in the Indenture (as defined below), any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and shall be paid to the Person in whose name
this Note is registered at the close of business on a Special Record Date for
the payment of such defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Securityholders not more than fifteen days or fewer
than ten days prior to such Special Record Date. On or before Noon, New York
City time, or such other time as shall be agreed upon between the Trustee and
the Depository, of the day on which such payment of interest is due on this
Global Security (other than maturity), the Trustee shall pay to the Depository
such interest in same day funds. On or before 11:30 a.m., New York City time, or
such other time as shall be agreed upon between the Trustee and the Depository,
of the day on which principal, interest payable at maturity and premium, if any,
is due on this Global Security and following receipt of the necessary funds from
the Company, the Trustee shall deposit with the Depository the amount equal to
the principal, interest payable at maturity and premium, if any, by wire
transfer into the account specified by the Depository. As a condition to the
payment, on the Maturity Date or upon redemption or acceleration, of any part of
the principal and applicable premium of this Global Security, the Depository
shall surrender, or cause to be surrendered, this Global Security to the
Trustee, whereupon a new Global Security shall be issued to the Depository.

         This Global Security is a global security in respect of a duly
authorized issue of Senior Notes, Series due      (the "Notes of this Series",
which term includes any Global Securities representing such Notes) of the
Company issued and to be issued under an Indenture dated as of December 1, 2000
between the Company and Wells Fargo Bank Minnesota, National Association, as
trustee (herein called the "Trustee", which term includes any successor Trustee
under the Indenture) and indentures supplemental thereto (collectively, the
"Indenture"). Under the Indenture, one or more series of Securities may be
issued and, as used herein, the term "Securities" refers to the Notes of this
Series and any other outstanding series of Securities. Reference is hereby made
for a more complete statement of the respective rights, limitations of rights,
duties and immunities under the Indenture of the Company, the Trustee and the
Securityholders and of the terms upon which the Securities are and are to be
authenticated and delivered. This Global Security has been issued in respect of
the series designated on the first page hereof, limited in aggregate principal
amount to $        .

                                      A-2
<PAGE>

         Each Note of this Series shall be dated and issued as of the date of
its authentication by the Trustee and shall bear an Original Issue Date or
Dates. Each Security or Global Security issued upon transfer, exchange or
substitution of such Security or Global Security shall bear the Original Issue
Date or Dates of such transferred, exchanged or substituted Security or Global
Security, as the case may be.

         [The Company may not redeem the Notes of this Series prior to the
Maturity Date.] [The Company may redeem the Notes of this Series at any time, in
whole or in part, at a redemption price equal to _____.]

         Interest payments for this Global Security shall be computed and paid
on the basis of a 360-day year of twelve 30-day months. In any case where any
Interest Payment Date or date on which the principal of this Global Security is
required to be paid is not a Business Day, then payment of principal, premium or
interest need not be made on such date but may be made on the next succeeding
Business Day with the same force and effect as if made on such Interest Payment
Date or date on which the principal of this Global Security is required to be
paid and, in the case of timely payment thereof, no interest shall accrue for
the period from and after such Interest Payment Date or the date on which the
principal of this Global Security is required to be paid.

         The Company, at its option, and subject to the terms and conditions
provided in the Indenture, will be discharged from any and all obligations in
respect of the Securities (except for certain obligations including obligations
to register the transfer or exchange of Securities, replace stolen, lost or
mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the
Trustee money, U.S. Government Obligations which through the payment of interest
thereon and principal thereof in accordance with their terms will provide money,
or a combination of money and U.S. Government Obligations, in any event in an
amount sufficient, without reinvestment, to pay all the principal of and any
premium and interest on the Securities on the dates such payments are due in
accordance with the terms of the Securities.

         If an Event of Default shall occur and be continuing, the principal of
the Securities may be declared due and payable in the manner and with the effect
provided in the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modifications of the rights and obligations of the
Company and the rights of the Securityholders under the Indenture at any time by
the Company and the Trustee with the consent of the Holders of not less than a
majority in principal amount of the outstanding Securities. Any such consent or
waiver by the Holder of this Global Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Global Security and of any
Note issued upon the registration of transfer hereof or in exchange therefor or
in lieu thereof whether or not notation of such consent or waiver is made upon
the Note.

         As set forth in and subject to the provisions of the Indenture, no
Holder of any Securities will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder unless such Holder shall
have previously given to the Trustee written notice of a continuing Event of
Default with respect to such Securities, the Holders of not less than a

                                      A-3
<PAGE>

majority in principal amount of the outstanding Securities affected by such
Event of Default shall have made written request and offered reasonable
indemnity to the Trustee to institute such proceeding as Trustee and the Trustee
shall have failed to institute such proceeding within 60 days; provided,
however, that such limitations do not apply to a suit instituted by the Holder
hereof for the enforcement of payment of the principal of and any premium or
interest on this Note on or after the respective due dates expressed here.

         No reference herein to the Indenture and to provisions of this Global
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any
premium and interest on this Global Security at the times, places and rates and
the coin or currency prescribed in the Indenture.

         As provided in the Indenture and subject to certain limitations therein
set forth, this Global Security may be transferred only as permitted by the
legend hereto.

         If at any time the Depository for this Global Security notifies the
Company that it is unwilling or unable to continue as Depository for this Global
Security or if at any time the Depository for this Global Security shall no
longer be eligible or in good standing under the Securities Exchange Act of
1934, as amended, or other applicable statute or regulation, the Company shall
appoint a successor Depository with respect to this Global Security. If a
successor Depository for this Global Security is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company's election to issue this Note in global form shall no
longer be effective with respect to this Global Security and the Company will
execute, and the Trustee, upon receipt of a Company Order for the authentication
and delivery of individual Notes of this Series in exchange for this Global
Security, will authenticate and deliver individual Notes of this Series of like
tenor and terms in definitive form in an aggregate principal amount equal to the
principal amount of this Global Security.

         The Company may at any time and in its sole discretion determine that
all Notes of this Series (but not less than all) issued or issuable in the form
of one or more Global Securities shall no longer be represented by such Global
Security or Securities. In such event, the Company shall execute, and the
Trustee, upon receipt of a Company Order for the authentication and delivery of
individual Notes of this Series in exchange for such Global Security, shall
authenticate and deliver, individual Notes of this Series of like tenor and
terms in definitive form in an aggregate principal amount equal to the principal
amount of such Global Security or Securities in exchange for such Global
Security or Securities.

         Under certain circumstances specified in the Indenture, the Depository
may be required to surrender any two or more Global Securities which have
identical terms (but which may have differing Original Issue Dates) to the
Trustee, and the Company shall execute and the Trustee shall authenticate and
deliver to, or at the direction of, the Depository a Global Security in
principal amount equal to the aggregate principal amount of, and with all terms
identical to, the Global Securities surrendered thereto and that shall indicate
all Original Issue Dates and the principal amount applicable to each such
Original Issue Date. The Indenture and the Securities shall be governed by, and
construed in accordance with, the laws of the State of Minnesota.

                                      A-4
<PAGE>

         Unless the certificate of authentication hereon has been executed by
the Trustee, directly or through an Authenticating Agent by manual signature of
an authorized officer, this Global Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

         All terms used in this Global Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture unless
otherwise indicated herein.

         In Witness Whereof, the Company has caused this instrument to be duly
executed.

Dated:  __________________

                                           XCEL ENERGY INC.

                                           By:______________________________
                                           Title:___________________________
Attest:

______________________________
Title:

                              TRUSTEE'S CERTIFICATE
                                OF AUTHENTICATION

         This Note is one of the Securities of the series herein designated,
described or provided for in the within-mentioned Indenture.

                                           WELLS FARGO BANK MINNESOTA,
                                           NATIONAL ASSOCIATION, as Trustee

                                           By:________________________________
                                              Authorized Officer

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations.

TEN COM--as tenants in common             UNIF GIFT
                                          MIN ACT--  ________ Custodian ________

                                      A-5
<PAGE>

                                                      (Cust)            (Minor)

TEN ENT--as tenants by the entireties        Under Uniform Gifts to Minors

JT TEN--as joint tenants with right of       ______________________________
survivorship and not as tenants in common                State

                      Additional abbreviations may also be
                       used though not in the above list.

                                ___________________

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

Please print or typewrite name and address including postal zip code of assignee

the within security and all rights thereunder, hereby irrevocably constituting
and appointing                  attorney to transfer said security on the books
of the Company, with full power of substitution in the premises.

Dated:_______________________

NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatever.

                                      A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]