Document:

Exhibit 10.3

 

 

 

 

 

 

OWNER TRUST ADMINISTRATION AGREEMENT

 

among

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[  ],
as Issuer,

 

HYUNDAI CAPITAL AMERICA, as Administrator,

 

and

 

[                            ], as Indenture Trustee

 

Dated as of [               ],
20[__]

 

 

 

 

 

 

    		 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	 	 	 
	Section 1.1	Duties of the Administrator with Respect to the Depository Agreement and the Indenture	2
	 	 	 
	Section 1.2	Additional Duties	6
	 	 	 
	Section 1.3	Non-Ministerial Matters	7
	 	 	 
	Section 2.	Records	7
	 	 	 
	Section 3.	Representations and Warranties of the Administrator	8
	 	 	 
	Section 4.	Compensation	9
	 	 	 
	Section 5.	Additional Information To Be Furnished to the Issuer	9
	 	 	 
	Section 6.	Independence of the Administrator	9
	 	 	 
	Section 7.	No Joint Venture	9
	 	 	 
	Section 8.	Other Activities of Administrator	9
	 	 	 
	Section 9.	Term of Agreement; Resignation and Removal of Administrator	9
	 	 	 
	Section 10.	Action upon Termination, Resignation or Removal	11
	 	 	 
	Section 11.	Notices	12
	 	 	 
	Section 12.	Amendments	12
	 	 	 
	Section 13.	Successors and Assigns	13
	 	 	 
	Section 14.	GOVERNING LAW	14
	 	 	 
	Section 15.	Headings	14
	 	 	 
	Section 16.	Counterparts; Electronic Signatures and Transmission	14
	 	 	 
	Section 17.	Severability	15
	 	 	 
	Section 18.	Not Applicable to [] in Other Capacities	15
	 	 	 
	Section 19.	Limitation of Liability of Owner Trustee and Indenture Trustee	15
	 	 	 
	Section 20.	Third-Party Beneficiary	16
	 	 	 
	Section 21.	Nonpetition Covenants	16
	 	 	 
	Section 22.	Liability of Administrator	16
	 	 	 
	Exhibit A	POWER OF ATTORNEY	A-1

 

    		-i-	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

This OWNER TRUST ADMINISTRATION AGREEMENT dated
as of [               ], 20[__] ) (this “Agreement”)
among HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[ ], a Delaware statutory trust (the “Issuer”), HYUNDAI CAPITAL AMERICA,
a California corporation, as administrator (the “Administrator”), and [                                  ],
a [                          ],
not in its individual capacity but solely as Indenture Trustee (the “Indenture Trustee”).

 

W I T N E S S E T H :

 

WHEREAS, the Issuer was formed pursuant to a Trust
Agreement dated as of [               ], 20[__] and is governed
by an Amended and Restated Trust Agreement dated as of [               ],
20[__] (as amended and supplemented from time to time, the “Trust Agreement”), by and among Hyundai ABS Funding, LLC,
as depositor (the “Depositor”),                        [                                 ],
not in its individual capacity but solely as owner trustee (the “Owner Trustee”), and Hyundai Capital America, as
administrator (the “Administrator”), and is issuing [         ]% Asset
Backed Notes, Class A-1, [         ]% Asset Backed Notes, Class A-2[-A], [insert
applicable floating rate benchmark] + [__]% Asset Backed Notes, Class A-2-B,] [         ]%
Asset Backed Notes, Class A-3 and [         ]% Asset Backed Notes, Class A-4 (collectively,
the “Class A Notes”), [         ]% Asset Backed Notes, Class B
(the “Class B Notes”), [         ]% Asset Backed Notes, Class C
(the “Class C Notes”), and [         ]% Asset Backed Notes, Class D
Notes (the “Class D Notes” and, collectively with the Class A Notes, the Class B Notes and the Class C
Notes, the “Notes”) pursuant to the Indenture dated as of [               ],
20[__] (as amended and supplemented from time to time, the “Indenture”), between the Issuer and the Indenture Trustee,
and is issuing asset backed certificates (the “Trust Certificates” and, collectively with the Notes, the “Securities”)
pursuant to the Trust Agreement (capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms
in Appendix A to the Sale and Servicing Agreement);

 

WHEREAS, the Issuer has entered into certain agreements
in connection with the issuance of the Securities (collectively, the “Related Agreements”), including (i) a Sale and
Servicing Agreement dated as of [               ], 20[__]
(as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among Hyundai Capital America,
as seller (in such capacity, the “Seller”) and as servicer (in such capacity the “Servicer”), the
Depositor, the Issuer and the Indenture Trustee, (ii) a Letter of Representations dated [               ],
20[__] (as amended and supplemented from time to time, the “Depository Agreement”), executed by the Issuer in favor
of The Depository Trust Company (“DTC”) relating to the Notes and (iii) the Indenture.

 

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

 

    		1	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

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 Related Agreements 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 covenants
contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree
as follows:

 

		Section 1.1	Duties of the Administrator with Respect to the Depository
Agreement and the Indenture.

 

The Administrator agrees to perform all its duties
as Administrator and all the duties of the Issuer and the Owner Trustee under the Depository Agreement. In addition, the Administrator
shall consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the Indenture and the Depository Agreement.
The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with
the Issuer’s or the Owner Trustee’s duties under the Indenture and the Depository Agreement. The Administrator shall prepare
for execution by the Issuer, or shall cause the preparation by other appropriate persons of, all such documents, reports, 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 Indenture
and the Depository Agreement. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of
the Issuer or the Owner Trustee 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 (parenthetical section references are to sections of the Indenture):

 

(a)            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);

 

(b)            the
notification of Noteholders of the final principal payment on their Notes (Section 2.08(b));

 

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

 

(d)            [reserved];

 

    		2	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(e)            [reserved];

 

(f)            the
preparation, obtaining or filing of the instruments, opinions and certificates and other documents required for the release of collateral
(Section 4.04);

 

(g)            the
maintenance of an office for registration of transfer or exchange of Notes (Section 3.02);

 

(h)            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);

 

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

 

(j)            the
obtaining and preservation of the Issuer’s qualification to do business in each jurisdiction in which such qualification is or
shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument and
agreement included in the Trust Estate (Section 3.04);

 

(k)            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 is necessary or advisable to protect the Trust Estate
(Section 3.05);

 

(l)            the
delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel as to the 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);

 

(m)            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));

 

(n)            the
delivery of written notice to the Indenture Trustee and the Rating Agencies of a Servicer Termination Event under the Sale and Servicing
Agreement and, the taking of all reasonable steps available to remedy such failure (Section 3.07(d));

 

(o)            the
duty to cooperate with the Indenture Trustee to facilitate the voting related to an Asset Representations Review (Section 7.05);

 

(p)            the
preparation and obtaining of documents and instruments required for the release of the Issuer from its obligations under the Indenture
(Section 4.01);

 

    		3	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(q)            the
delivery of written notice to the Indenture Trustee and the Rating Agencies of each Event of Default under the Indenture and each
default by the Servicer or the Seller under the Sale and Servicing Agreement and by the Seller or the Depositor under the
Receivables Purchase Agreement (Section 3.19);

 

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

 

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

 

(t)            the
preparation and delivery of notice to Noteholders of the removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee (Section 6.09);

 

(u)            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 any co-trustee or separate trustee (Sections 6.08 and 6.10);

 

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

 

(w)            the
duty to provide reasonable and appropriate assistance to the Depositor or its designees, as applicable, with the preparation and filing
with the Commission 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 the transmission of such summaries, as necessary, to the
Noteholders (Section 7.03);

 

(x)            the
opening of one or more accounts in the Issuer’s name, the preparation and delivery of Issuer Orders, Officer’s Certificates
and Opinions of Counsel and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts (Sections
8.02 and 8.03);

 

(y)            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 Trust Estate (Sections 8.04 and 8.05);

 

    		4	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(z)            the
preparation of Issuer Orders and the obtaining of Opinions of Counsel 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, 9.02 and 9.03);

 

(aa)     the
execution and delivery of new Notes conforming to any supplemental indenture (Section 9.05);

 

(bb)     the
duty to notify Noteholders of redemption of the Notes or to cause the Indenture Trustee to provide such notification (Section 10.02);

 

(cc)     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));

 

(dd)     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));

 

(ee)     the
notification of the Rating Agencies, upon the failure of the Indenture Trustee to give such notification, of the information required
pursuant to Section 11.04 of the Indenture (Section 11.04);

 

(ff)     the
preparation and delivery to Noteholders and the Indenture Trustee of any agreements with respect to alternate payment and notice provisions
(Section 11.06);

 

(gg)     the
recording of the Indenture, if applicable (Section 11.14);

 

(hh)     the
preparation of Definitive Notes in accordance with the instructions of the Clearing Agency (Section 2.12);

 

(ii)            the
direction to Paying Agents to pay to the Indenture Trustee all sums held in trust by such Paying Agents (Section 3.03); and

 

(jj)     the
duty to provide the Indenture Trustee with the information necessary to deliver to each Noteholder such information as may be reasonably
required to enable such Holder to prepare its United States federal and state income tax returns (Section 6.07).

 

The Administrator shall make available to each Rating
Agency notice of (i) any resignation of the Indenture Trustee pursuant to Section 6.09 of the Indenture; (ii) any merger,
consolidation or conversion of the Indenture Trustee pursuant to Section 6.10 of the Indenture; (iii) any breach of the perfection
representations contained in Section 11.21 of the Indenture; (iv) any redemption of the Notes pursuant to Section 10.01
of the Indenture; (v) any resignation of the Owner Trustee pursuant to Section 10.02 of the Trust Agreement; (vi) any
acceptance of appointment of a successor Owner Trustee pursuant to Section 10.03 of the Trust Agreement; (vii) any merger,
conversion or consolidation of the Owner Trustee pursuant to Section 10.04 of the Trust Agreement; and (viii) any amendment
to the Trust Agreement pursuant to Section 11.01 of the Trust Agreement; in the case of each of (i) through (viii), promptly
upon the Administrator being notified thereof by the Indenture Trustee, the Owner Trustee or the Servicer, as applicable.

 

    		5	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

		Section 1.2	Additional Duties.

 

(a)            In
addition to the duties of the Administrator set forth above, the Administrator shall (i) perform all duties and obligations applicable
to or required of the Issuer as set forth in Appendix A to the Sale and Servicing Agreement in accordance with the terms and conditions
thereof and (ii) 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, reports, 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 Agreements or Section 5.04(a),
(b), (c) or (d) of the Trust Agreement, and at the request of the Owner Trustee shall take all appropriate action that it is
the duty of the Issuer or the Owner Trustee to take pursuant to the Related Agreements and perform such duties and obligations as required
under the Asset Representations Review Agreement. 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 5 of this Agreement, 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 Agreements) 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. Such responsibilities shall include providing to the Depositor and the Indenture
Trustee the monthly servicing report in an appropriate electronic form.

 

(b)            Notwithstanding
anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for performance of the duties
of the Owner Trustee set forth in Section 5.04 and Section 5.05(a) of the Trust Agreement with respect to, among other
things, accounting and reports to Certificateholders; provided, however, that the Certificate Registrar on behalf of the Owner Trustee
shall retain responsibility for the distribution of the Schedule K-1s (as prepared by the Administrator) necessary to enable each Certificateholder
to prepare its United States federal and applicable state income tax returns.

 

(c)            The
Administrator shall satisfy its obligations with respect to clause (b) above by retaining, at the expense of the Trust payable by
the Administrator, a firm of independent public accountants (the “Accountants”) acceptable to the Owner Trustee, which
shall perform the obligations of the Administrator thereunder.

 

    		6	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(d)            The
Administrator shall perform the duties of the Administrator including, without limitation, those specified in Sections 8.01, 8.02 and
10.02 of the Trust Agreement required to be performed in connection with the fees, expenses and indemnification and the resignation or
removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the Trust Agreement.

 

(e)            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 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.

 

		Section 1.3	Non-Ministerial Matters.

 

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. Unless explicitly provided under this Administration Agreement, for the purpose of the
preceding sentence, “non-ministerial matters” shall include, without limitation:

 

(a)            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);

 

(b)            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, Paying Agent or Indenture
Trustee of its obligations under the Indenture; and

 

(c)            the
removal of the Indenture Trustee.

 

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 Agreements, (ii) sell
the Trust Estate pursuant to Section 5.04 of the Indenture or (iii) take any other action that the Issuer directs the Administrator
not to take on its behalf.

 

Section 2.     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 at any time during normal business hours.

 

    		7	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

Section 3.     Representations
and Warranties of the Administrator. The Administrator hereby represents and warrants as follows to the Issuer and the Indenture
Trustee as of the Closing Date:

 

(a)            Organization
and Good Standing. The Administrator is duly organized and validly existing as a corporation in good standing under the laws of the
State of its incorporation, with the corporate 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)            Due
Qualification. The Administrator is duly qualified to do business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions where the failure to do so would materially and adversely affect the Administrator’s
ability to perform its obligations under this Agreement.

 

(c)            No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of its terms 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 or both) a default
under, the articles of incorporation or bylaws of the Administrator, or any indenture, agreement, mortgage, deed of trust or other instrument
to which the Administrator is a party or by which it is bound; or 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 this Agreement, or violate any law, or to the
best of the Administrator’s knowledge, any order, rule or regulation applicable to the Administrator of any court or federal
or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Administrator or any
of its properties. There shall be no breach of the representations and warranties in this paragraph resulting from any of the foregoing
breaches, violations, Liens or other matters which, individually or in the aggregate, would not materially and adversely affect the Administrator’s
ability to perform its obligations under this Agreement.

 

(d)            Binding
Obligation. This Agreement, when duly executed and delivered by the other parties hereto and thereto, shall constitute legal, valid
and binding obligation of the Administrator, enforceable against the Administrator in accordance its terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency, reorganization and similar laws now or hereafter in effect relating to or affecting
creditors’ rights generally and to general principles of equity (whether applied in a proceeding at law or in equity).

 

(e)            No
Consents. The Administrator is not required to obtain the consent of any other party or any consent, license, approval, registration,
authorization or declaration of or with, any governmental authority, bureau or agency in connection with the execution, delivery, performance,
validity or enforceability of this Agreement that has not already been obtained, 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 Administrator
to perform its obligations under this Agreement.

 

    		8	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

Section 4.     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 paid by the Servicer in accordance with the Sale and Servicing Agreement.

 

Section 5.     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.

 

Section 6.     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 7.     No
Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and either of 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 8.     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.

 

The Administrator and its affiliates may generally
engage in any kind of business with any person party to a Related Agreement, any of its affiliates and any person who may do business
with or own securities of any such person or any of its affiliates, without any duty to account therefor to the Issuer, the Owner Trustee
or the Indenture Trustee.

 

Section 9.     Term
of Agreement; Resignation and Removal of Administrator.

 

(a)            This
Agreement shall continue in force until the dissolution of the Issuer, upon which event this Agreement shall automatically terminate.

 

(b)            Subject
to Sections 9(e) and (f), the Administrator may resign its duties hereunder by providing the Issuer with at least 60 days’
prior written notice.

 

    		9	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

 

(c)            Subject
to Sections 9(e) and (f), the Issuer may remove the Administrator without cause by providing the Administrator with at least 60 days’
prior written notice.

 

(d)            Subject
to Sections 9(e) and (f), 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 Business 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)            if
any representation or warranty of the Administrator, in its capacity as Administrator, made in this Agreement shall prove to be incorrect
in any material respect as of the time when the same shall have been made and the incorrectness of such representation or warranty has
a material adverse effect on the Issuer or the Noteholders and such failure continues unremedied for 90 days after discovery thereof by
a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or the
Noteholders representing not less than 50% of the Outstanding Amount of the Notes;

 

(iii)            a
court having jurisdiction in the premises shall enter a decree or order for relief, and such decree or order shall not have been vacated
within 60 days, in respect of the Administrator in any involuntary case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator
or any substantial part of its property or order the winding-up or liquidation of its affairs; or

 

(iv)            the
Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
shall consent to the entry of an order for relief in an involuntary case under any such law, shall consent to the appointment of a receiver,
liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator or any substantial part of its property,
shall consent to the taking of possession by any such official of any substantial part of its property, shall make any general assignment
for the benefit of creditors or shall fail generally to pay its debts as they become due.

 

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

 

(e)            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, (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 and (iii) the Owner Trustee and the Indenture Trustee
consent to the successor Administrator.

 

    	 	10 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(f)            The
appointment of any successor Administrator shall be effective only after the satisfaction of the Rating Agency Condition (other than with
respect to S&P, but with satisfaction of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding
Class of Notes) with respect to such appointment.

 

(g)            A
successor Administrator shall execute, acknowledge and deliver a written acceptance of its appointment hereunder to the resigning Administrator
and to the Issuer. Thereupon the resignation or removal of the resigning Administrator shall become effective, and the successor Administrator
shall have all the rights, powers and duties of the Administrator under this Agreement. The successor Administrator shall mail a notice
of its succession to the Noteholders and the Certificateholders. The resigning Administrator shall promptly transfer or cause to be transferred
all property and any related agreements, documents and statements held by it as Administrator to the successor Administrator and the resigning
Administrator shall execute and deliver such instruments and do other things as may reasonably be required for fully and certainly vesting
in the successor Administrator all rights, power, duties and obligations hereunder.

 

(h)            In
no event shall a resigning Administrator be liable for the acts or omissions of any successor Administrator hereunder.

 

(i)            In
the exercise or administration of its duties hereunder and under the Related Documents, the Administrator may act directly or through
its agents or attorneys pursuant to agreements entered into with any of them, and the Administrator 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 Administrator with due care.

 

Section 10.            Action
upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section 9(a) or
the resignation or removal of the Administrator pursuant to Section 9(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 Section 9(a) 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 9(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.

 

    	 	11 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

Section 11.            Notices.
Any notice, report or other communication given hereunder shall be in writing and addressed as follows:

 

(a)           if
to the Issuer or the Owner Trustee, to:

 

Hyundai Auto Receivables Trust 20[__]-[ ]

In care of [                                 ]

[                                 ]

[                                 ]

[                                 ]

Attention: [                                 ]

 

(b)           if
to the Administrator, to:

 

Hyundai Capital America

3161 Michelson Drive

Suite 1900

Irvine, CA 92612

Attention: Treasurer

 

(c)           if
to the Indenture Trustee, to:

 

[                                  ]

[                                  ]

[                                  ]

Attention: [                                  ]

 

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 12.            Amendments.

 

(a)            This
Agreement may be amended by the Issuer, the Administrator and the Indenture Trustee, but without the consent of the Owner Trustee, 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 correcting any inconsistency with the Prospectus, or for the purpose of adding any provisions to or changing in any manner
or eliminating any of the 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:

 

(i)            the
Issuer or the Administrator 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

 

(ii)            the
Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with
respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

    	 	12 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(b)            This
Agreement may also be amended from time to time by the Issuer, the Administrator and the Indenture Trustee, with the prior written consent
of the Noteholders holding not less than a majority of the Outstanding Amount of the Controlling Class of Notes, 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 Securityholders; provided, however, that no such amendment shall (i) reduce the interest rate or
principal amount of any Note or delay the Stated Maturity Date of any Note without the consent of the Holder of such Note or (ii) reduce
the aforesaid percentage of the Outstanding Amount of the Notes, the Securityholders of which are required to consent to any such amendment,
without the consent of the Noteholders holding all Outstanding Notes and Certificateholders holding all outstanding Certificates.

 

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

 

It shall not be necessary for the consent of Securityholders
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.

 

Prior to the execution of any amendment to this Agreement,
the Owner Trustee, on behalf of the Issuer, and the Indenture 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, on behalf of the Issuer,
and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s or
the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

 

Section 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 (other than with respect to S&P,
but with satisfaction of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding Class of Notes)
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 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 and represents that it has the financial ability to satisfy
its indemnification obligations hereunder. Notwithstanding the foregoing, the Administrator can transfer its obligations to any affiliate
that succeeds to substantially all of the assets and liabilities of the Administrator and who has represented and warranted that it is
not less creditworthy than the Administrator. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

 

    	 	13 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

Section 14.            GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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 15.            Headings.
The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction
or effect of this Agreement.

 

Section 16.            Counterparts;
Electronic Signatures and Transmission.

 

(a)            This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of
this Agreement by Electronic Transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            For
purposes of this Agreement, any reference to “written” or “in writing” means any form of written communication,
including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission.
The Indenture Trustee and the Issuer are authorized to accept written instructions, directions, reports, notices or other communications
signed manually, by way of faxed signatures, or delivered by Electronic Transmission. In the absence of bad faith or negligence on its
part, each of the Indenture Trustee and the Issuer may conclusively rely on the fact that the Person sending instructions, directions,
reports, notices or other communications or information by Electronic Transmission is, in fact, a Person authorized to give such instructions,
directions, reports, notices or other communications or information on behalf of the party purporting to send such Electronic Transmission
and, in the absence of bad faith or negligence, shall not have any liability for any losses, liabilities, costs or expenses incurred or
sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications
or information to the Indenture Trustee or the Issuer, including, without limitation, the risk of either the Indenture Trustee or Issuer
acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse
by third parties.

 

(c)            The
words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating
to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any
other similar state laws based on the Uniform Electronic Transactions Act.

 

    	 	14 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(d)            Notwithstanding
anything to the contrary in this Agreement, any and all communications (both text and attachments) by or from the Indenture Trustee that
the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information and sent by Electronic
Transmission will be encrypted. The recipient of the Electronic Transmission may be required to complete a one-time registration process.

 

Section 17.            Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall 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 18.            Not
Applicable to [                                  ]
in Other Capacities. Nothing in this Agreement shall affect any obligation [                                  ]
may have in any other capacity.

 

Section 19.            Limitation
of Liability of Owner Trustee and Indenture Trustee.

 

(a)            Notwithstanding
anything contained herein to the contrary, (a) this instrument is executed and delivered by [________________], not individually
or personally but solely as Owner Trustee of Hyundai Auto Receivables Trust 2021-C, in the exercise of the powers and authority conferred
and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by [________________] but is made and intended for the purpose for
binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on [________________] individually
or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived
by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) [________________] has made no investigation
as to the accuracy or completeness of any representations or warranties made by the Issuer in this instrument and (e) under no circumstances
shall [________________] be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this instrument or any other
related documents. 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 6, 7 and 8 of the Trust Agreement.

 

    	 	15 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

(b)            Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned by the Indenture Trustee solely as Indenture
Trustee and in no event shall the Indenture Trustee 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.

 

(c)            No
recourse under any obligation, covenant or agreement of the Issuer contained in this Agreement shall be had against any agent of the Issuer
(including the Administrator and the Owner Trustee) as such by the enforcement of any assessment or by any legal or equitable proceeding,
by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely an obligation of the Issuer
as a Delaware statutory trust, and that no personal liability whatever shall attach to or be incurred by any agent of the Issuer (including
the Administrator and the Owner Trustee), as such, under or by reason of any of the obligations, covenants or agreements of the Issuer
contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Issuer of any such obligations,
covenants or agreements, either at common law or at equity, or by statute or constitution, of every such agent is hereby expressly waived
as a condition of and in consideration for the execution of this Agreement.

 

Section 20.            Third-Party
Beneficiary. The Seller, the Depositor and the Owner 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 each were a party hereto.

 

Section 21.            Nonpetition
Covenants. Notwithstanding any prior termination of this Agreement, the Administrator and the Indenture Trustee shall not, prior to
the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court of government authority for the purpose of commencing or sustaining a case
against the Issuer under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer.

 

Section 22.            Liability
of Administrator. Notwithstanding any provision of this Agreement, the Administrator shall not have any obligations under this Agreement
other than those specifically set forth herein, and no implied obligations of the Administrator shall be read into this Agreement. Neither
the Administrator nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken
in good faith by it or them under or in connection with this Agreement, except for its or their own negligence or willful misconduct
and in no event shall the Administrator be liable under or in connection with this Agreement for indirect, special or consequential losses
or damages of any kind, including lost profits, even if advised of the possibility thereof and regardless of the form of action by which
such losses or damages may be claimed. Without limiting the foregoing, the Administrator may (a) consult with legal counsel (including
counsel for the Issuer), independent public accountants and other experts selected by it and shall not be liable for any action taken
or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts and (b) shall incur
no liability under or in respect of this Agreement by acting upon any notice (including notice by telephone), consent, certificate or
other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	16 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

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

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[ ]

 

		By:	[                                 ],
not in its individual capacity but solely as Owner Trustee

 

		By:	

	 	Name:
	 	Title:

 

    	 	S-1 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

	 	[                                  ],
not in its individual capacity but solely as Indenture Trustee

 

		By:	 

	 	Name:
	 	Title:

    	 	S-2 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

	 	HYUNDAI CAPITAL AMERICA, as Administrator

 

		By:	 

	 	Name:
	 	Title:

    	 	S-3 	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

EXHIBIT A

 

POWER OF ATTORNEY

 

	STATE OF	)
	 	)
	COUNTY OF	)

 

KNOW ALL MEN BY THESE PRESENTS, that Hyundai Auto
Receivables Trust 20[__]-[ ] (the “Issuer”), does hereby make, constitute and appoint Hyundai Capital America, as administrator
(the “Administrator”) under the Owner Trust Administration Agreement dated [               ],
20[__] (the “Administration Agreement”), among the Issuer, the Administrator, and [                                  ],
as Indenture Trustee, as the same may be amended from time to time, and its agents and attorneys, as Attorneys-in-Fact to execute on behalf
of the Issuer all such documents, reports, filings, instruments, certificates and opinions as it should be the duty of the Owner Trustee
or the Issuer to prepare, file or deliver pursuant to the Basic Documents, or pursuant to Section 5.04(a), (b), (c) or (d) of
the Trust Agreement, including, without limitation, to appear for and represent the Issuer in connection with the preparation, filing
and audit of federal, state and local tax returns pertaining to the Issuer, and with full power to perform any and all acts associated
with such returns and audits that the Issuer could perform, including without limitation, the right to distribute and receive confidential
information, defend and assert positions in response to audits, initiate and defend litigation, and to execute waivers of restrictions
on assessments of deficiencies, consents to the extension of any statutory or regulatory time limit, and settlements.

 

All powers of attorney for this purpose heretofore
filed or executed by the Issuer are hereby revoked.

 

Capitalized terms that are used and not otherwise
defined herein shall have the meanings ascribed thereto in the Administration Agreement.

 

EXECUTED this [       ]
day of [              ], 20[__].

 

	 	HYUNDAI AUTO RECEIVABLES TRUST

20[__]-[ ]

 

		By:	[                                 ],
not in its individual capacity but solely as Owner Trustee

 

    	 	Exhibit A - 1	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

		By:	 

	 	Name:
	 	Title:

 

    	 	Exhibit A - 2	(20[__]-[ ] Owner Trust Administration Agreement)

     

    

 

	STATE OF	)
	 	)
	COUNTY OF	)

 

Before me, the undersigned authority, on this day
personally appeared _______________________, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged
to me that he/she signed the same for the purposes and considerations therein expressed.

 

Sworn to before me this ______

day of [              ], [      ].

 

Notary Public - State of _________________

 

    	 	Exhibit A - 3	(20[__]-[ ] Owner Trust Administration Agreement)Exhibit 10.4

 

(Multicurrency—Cross Border)

 

 

ISDA®

 

International Swap and Derivatives Association, Inc.

 

MASTER AGREEMENT

 

dated as of [                ]

 

between

 

[                ]                                                                                                and    HYUNDAI
AUTO RECEIVABLES TRUST

                                  20[  ]-[  ]

 

have entered and/or anticipate entering into one
or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule
(the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the
parties confirming those Transactions.

 

Accordingly, the parties agree as follows:—

 

1.            Interpretation

 

(a)            Definitions.
The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement.

 

(b)            Inconsistency.
In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule),
such Confirmation will prevail for the purpose of the relevant Transaction.

 

(c)            Single
Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single
agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into
any Transactions.

 

2.            Obligations

 

(a)            General
Conditions.

 

(i)            Each
party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

 

(ii)            Payments
under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation
or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency.
Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner
customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

 

Copyright
 © 1992 by International Swap and Derivatives Association, Inc.

 

     

     

    

 

(iii)            Each
obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential
Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination
Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other applicable condition precedent
specified in this Agreement.

 

(b)            Change
of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least
five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party
gives timely notice of a reasonable objection to such change.

 

(c)            Netting.
If on any date amounts would otherwise be payable:—

 

(i)            in
the same currency; and

 

(ii)            in
respect of the same Transaction,

 

by each party to the other, then, on such date,
each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate
amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the
other party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other
party the excess of the larger aggregate amount over the smaller aggregate amount.

 

The parties may elect in respect of two or more
Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of
such Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the
Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject
to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such
Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each
pairing of Offices through which the parties make and receive payments or deliveries.

 

(d)            Deduction
or Withholding for Tax.

 

(i)            Gross-Up.
All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction
or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in
effect. If a party is so required to deduct or withhold, then that party (“X”) will:—

 

(1)  promptly notify the other party
(“Y”) of such requirement;

 

(2)  pay to the relevant authorities
the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional
amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required
or receiving notice that such amount has been assessed against Y;

 

(3)  promptly forward to Y an official
receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and

 

(4)  if such Tax is an
Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional
amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed
against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will
not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:—

 

(A)            the
failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

 

(B)            the
failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred
but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which
a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a
Change in Tax Law.

 

(ii)            Liability.
If:—

 

(1)  X is required by any applicable
law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which
X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

 

(2)  X does not so deduct or withhold;
and

 

    
	2	ISDA ® 1992

     

    

 

(3)  a liability resulting from such
Tax is assessed directly against X,

 

then, except to the extent Y has satisfied or then satisfies
the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest,
but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d)).

 

(e)            Default
Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c),
be required to pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency
as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment,
at the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior
to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the
performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided
for in the relevant Confirmation or elsewhere in this Agreement.

 

3.            Representations

 

Each party represents to the other party (which
representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this Agreement) that:—

 

(a)            Basic
Representations.

 

(i)            Status.
It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under
such laws, in good standing;

 

(ii)            Powers.
It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to
perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and
has taken all necessary action to authorise such execution, delivery and performance;

 

(iii)            No
Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any
provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of
its assets or any contractual restriction binding on or affecting it or any of its assets;

 

(iv)            Consents.
All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support
Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been
complied with; and

 

(v)            Obligations
Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid
and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

 

(b)            Absence
of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it
has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations
under this Agreement or any Credit Support Document to which it is a party.

 

(c)            Absence
of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding
at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the
legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability
to perform its obligations under this Agreement or such Credit Support Document.

 

    
	3	ISDA ® 1992

     

    

 

(d)            Accuracy
of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and
is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and
complete in every material respect.

 

(e)            Payer
Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is
accurate and true.

 

(f)            Payee
Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is
accurate and true.

 

4.            Agreements

 

Each party agrees with the other that, so long
as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:—

 

(a)            Furnish
Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government
or taxing authority as the other party reasonably directs:—

 

(i)            any
forms, documents or certificates relating to taxation specified in the Schedule or any

Confirmation;

 

(ii)            any
other documents specified in the Schedule or any Confirmation; and

 

(iii)            upon
reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow
such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without
any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion,
execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt
of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and
to be executed and to be delivered with any reasonably required certification,

 

in each case by the date specified in the Schedule
or such Confirmation or, if none is specified, as soon as reasonably practicable.

 

(b)            Maintain
Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other
authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party
and will use all reasonable efforts to obtain any that may become necessary in the future.

 

(c)            Comply
with Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so
to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which
it is a party.

 

(d)            Tax
Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure.

 

(e)            Payment
of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or
performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have
its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”)
and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s
execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect
to the other party.

 

5.            Events
of Default and Termination Events

 

(a)            Events
of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”)
with respect to such party:—

 

    
	4	ISDA ® 1992

     

    

 

(i)            Failure
to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to the party;

 

(ii)            Breach
of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any
agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance
with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party;

 

(iii)            Credit
Support Default.

 

(1)  Failure by the party or any
Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in
accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;

 

(2)  the expiration or termination
of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full force and effect for the purpose
of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party
under each Transaction to which such Credit Support Document relates without the written consent of the other party; or

 

(3)  the party or such Credit Support
Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document;

 

(iv)            Misrepresentation.
A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated
by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect
or misleading in any material respect when made or repeated or deemed to have been made or repeated;

 

(v)            Default
under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party
(1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs
a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after
giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery
or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local
Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects,
in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or
act on its behalf);

 

(vi)            Cross
Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of
(1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support
Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified
Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared,
due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such
party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due
date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving
effect to any applicable notice requirement or grace period);

 

(vii)            Bankruptcy.
The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:—

 

(1)  is dissolved (other than
pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in
writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition
with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of
insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’
rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted
or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an
order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or
restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or
becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other
similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or
substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued
on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed,
discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to
it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses
(1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts; or

 

    
	5	ISDA ® 1992

     

    

 

(viii)            Merger
Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or
into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger
or transfer:—

 

(1)  the resulting, surviving or
transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit
Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to
the other party to this Agreement; or

 

(2)  the benefits of any Credit Support
Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity
of its obligations under this Agreement.

 

(b)            Termination
Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax
Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified
to be applicable, a Credit Event Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event
if the event is specified pursuant to (v) below:—

 

(i)            Illegality.
Due to the adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation
of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable
law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which
will be the Affected Party):—

 

(1)  to perform any absolute or contingent
obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other
material provision of this Agreement relating to such Transaction; or

 

(2)  to perform, or for any Credit
Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under
any Credit Support Document relating to such Transaction;

 

(ii)            Tax
Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the
date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement)
or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will,
on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable
Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive
a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under
Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
than by reason of Section 2(d)(i)(4)(A) or (B));

 

    
	6	ISDA ® 1992

     

    

 

(iii)            Tax
Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be
required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for
or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by
reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging
with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action
does not constitute an event described in Section 5(a)(viii);

 

(iv)            Credit
Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party
(“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges
with or into, or transfers all or substantially all its assets to, another entity and such action does not constitute an event described
in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that
of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event,
X or its successor or transferee, as appropriate, will be the Affected Party); or

 

(v)            Additional
Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying,
the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination
Event in the Schedule or such Confirmation).

 

(c)            Event
of Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also
constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

 

6.            Early
Termination

 

(a)            Right
to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”)
has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to
the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified
in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately
upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to
the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation
of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or,
to the extent analogous thereto, (8).

 

(b)            Right
to Terminate Following Termination Event.

 

(i)            Notice.
If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature
of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the
other party may reasonably require.

 

(ii)            Transfer
to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is
only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will,
as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which
will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives
notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions
to another of its Offices or Affiliates so that such Termination Event ceases to exist.

 

If the Affected Party is not able to make such a transfer
it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer
within 30 days after the notice is given under Section 6(b)(i).

 

Any such transfer by a party under this Section 6(b)(ii) will
be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s
policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

 

    
	7	ISDA ® 1992

     

    

 

(iii)            Two
Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties,
each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on
action to avoid that Termination Event.

 

(iv)            Right
to Terminate. If:—

 

(1)  a transfer under Section 6(b)(ii) or
an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within
30 days after an Affected Party gives notice under Section 6(b)(i); or

 

(2)  an Illegality under Section 5(b)(i)(2),
a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not
the Affected Party,

 

either party in the case of an Illegality, the Burdened Party
in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more
than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination
Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination
Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of
all Affected Transactions.

 

(c)            Effect
of Designation.

 

(i)            If
notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the
date so designated, whether or not the relevant Event of Default or Termination Event is then continuing.

 

(ii)            Upon
the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or
2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this
Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e).

 

(d)            Calculations.

 

(i)            Statement.
On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on
its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable
detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving
details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source
of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence
of the existence and accuracy of such quotation.

 

(ii)            Payment
Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable
on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a
result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is
effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid
together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency,
from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed.

 

(e)            Payments
on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election
in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First
Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule,
it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount,
if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off.

 

    
	8	ISDA ® 1992

     

    

 

(i)            Events
of Default. If the Early Termination Date results from an Event of Default:—

 

(1)  First Method and Market Quotation. If the
First Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of
(A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination
Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid
Amounts owing to the Defaulting Party.

 

(2)  First Method and Loss. If the First Method
and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss
in respect of this Agreement.

 

(3)  Second Method and Market Quotation. If the
Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the Settlement Amount (determined by
the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing
to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting
Party will pay the absolute value of that amount to the Defaulting Party.

 

(4)  Second Method and Loss. If the Second Method
and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount
is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party
will pay the absolute value of that amount to the Defaulting Party.

 

(ii)            Termination
Events. If the Early Termination Date results from a Termination Event:—

 

(1)  One Affected Party. If there is one
Affected Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or
Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting
Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if
Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated
Transactions.

 

(2)  Two Affected Parties. If there are two Affected
Parties:—

 

(A)            if
Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will
be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher
Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the
Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts
owing to Y; and

 

(B)            if
Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated,
in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party
with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”).

 

If the amount payable is a positive number,
Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y.

 

(iii)            Adjustment
for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies
in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate
and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other
party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

 

    
	9	ISDA ® 1992

     

    

 

(iv)            Pre-Estimate.
The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate
of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as
otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses.

 

7.            Transfer

 

Subject to Section 6(b)(ii), neither this
Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either
party without the prior written consent of the other party, except that:—

 

(a)            a
party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer
of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and

 

(b)            a
party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e).

 

Any purported transfer that is not in compliance
with this Section will be void.

 

8.            Contractual
Currency

 

(a)            Payment
in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement
for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments
under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual
Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable
manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short
of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent
permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for
the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable
in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess.

 

(b)            Judgments.
To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount
described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party
is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall
of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the
other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such
shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted
into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is
able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the
Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of
exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion
into the Contractual Currency.

 

(c)            Separate
Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from
the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding
any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof
being made for any other sums payable in respect of this Agreement.

 

(d)            Evidence
of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered
a loss had an actual exchange or purchase been made.

 

    
	10	ISDA ® 1992

     

    

 

9.            Miscellaneous

 

(a)            Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter
and supersedes all oral communication and prior writings with respect thereto.

 

(b)            Amendments.
No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic
messaging system.

 

(c)            Survival
of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement
will survive the termination of any Transaction.

 

(d)            Remedies
Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative
and not exclusive of any rights, powers, remedies and privileges provided by law.

 

(e)            Counterparts
and Confirmations.

 

(i)            This
Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile
transmission), each of which will be deemed an original.

 

(ii)            The
parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally
or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including
by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging
system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify
therein or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation.

 

(f)            No
Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed
to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

 

(g)            Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

 

10.            Offices;
Multibranch Parties

 

(a)            If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than
its head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation
or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or
home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into.

 

(b)            Neither
party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

 

(c)            If
a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under
any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with
respect to a Transaction will be specified in the relevant Confirmation.

 

11.            Expenses

 

A Defaulting Party will, on demand, indemnify
and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred
by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which
the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection.

 

    
	11	ISDA ® 1992

     

    

 

 

12.            Notices

 

(a)            Effectiveness.
Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the
address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed
effective as indicated:—

 

(i)            if
in writing and delivered in person or by courier, on the date it is delivered;

 

(ii)            if
sent by telex, on the date the recipient’s answerback is received;

 

(iii)            if
sent by facsimile transmission, on the date that transmission is received by a responsible employee of the recipient in legible form (it
being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s
facsimile machine);

 

(iv)            if
sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered
or its delivery is attempted; or

 

(v)            if
sent by electronic messaging system, on the date that electronic message is received,

 

unless the date of that delivery (or attempted
delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as
applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective
on the first following day that is a Local Business Day.

 

(b)            Change
of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system
details at which notices or other communications are to be given to it.

 

13.            Governing
Law and Jurisdiction

 

(a)            Governing
Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule.

 

(b)            Jurisdiction.
With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:—

 

(i)            submits
to the jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction
of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this
Agreement is expressed to be governed by the laws of the State of New York; and

 

(ii)            waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that
such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings,
that such court does not have any jurisdiction over such party.

 

Nothing in this Agreement precludes either party
from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting
States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment
thereof for the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings
in any other jurisdiction.

 

(c)            Service
of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive,
for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as
such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party.
The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement
will affect the right of either party to serve process in any other manner permitted by law.

 

(d)            Waiver
of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its
revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from
(i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery
of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment
to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably
agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

 

    	 	12	ISDA ® 1992

     

    

 

14.            Definitions

 

As used in this Agreement:—

 

“Additional
Termination Event” has the meaning specified in Section 5(b).

 

“Affected
Party” has the meaning specified in Section 5(b).

 

“Affected
Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax
Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination
Event, all Transactions.

 

“Affiliate”
means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose,
 “control” of any entity or person means ownership of a majority of the voting power of the entity or person.

 

“Applicable
Rate” means:—

 

(a)            in
respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default
Rate;

 

(b)            in
respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance
with Section 6(d)(ii)) on which that amount is payable, the Default Rate;

 

(c)            in
respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting
Party, the Non-default Rate; and

 

(d)            in
all other cases, the Termination Rate.

 

“Burdened
Party” has the meaning specified in Section 5(b).

 

“Change
in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any
law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is
entered into.

 

“consent”
includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

 

“Credit
Event Upon Merger” has the meaning specified in Section 5(b).

 

“Credit
Support Document” means any agreement or instrument that is specified as such in this Agreement. “Credit Support
Provider” has the meaning specified in the Schedule.

 

“Default
Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant
payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum.

 

“Defaulting
Party” has the meaning specified in Section 6(a).

 

“Early
Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 

“Event of Default” has
the meaning specified in Section 5(a) and, if applicable, in the Schedule.

 

“Illegality” has the
meaning specified in Section 5(b).

 

“Indemnifiable
Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for
a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of
such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related
person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade
or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but
excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received
a payment under, or enforced, this Agreement or a Credit Support Document).

 

    	 	13	ISDA ® 1992

     

    

  

“law”
includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental
revenue authority) and “lawful” and “unlawful” will be construed accordingly.

 

“Local
Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings
in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified
in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant
account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation
to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account
is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified
Transaction.

 

“Loss”
means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed
as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case
may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred
as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting
from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming
satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees
and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date,
or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not)
determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets.

 

“Market
Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an
amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would
be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an
agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such
party) and the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would
have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation
was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under
Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect
of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any payment or
delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable
condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be subject to such
documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its
agent) will request each Reference Market-maker to provide its quotation to the extent reasonably practicable as of the same day and
time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The
day and time as of which those quotations are to be obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the quotations, without regard to the quotations having
the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that
the Market Quotation in respect of such Terminated Transaction or group of Terminated Transactions cannot be determined.

 

    	 	14	ISDA ® 1992

     

    

 

 

“Non-default
Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting
Party (as certified by it) if it were to fund the relevant amount.

 

“Non-defaulting
Party” has the meaning specified in Section 6(a).

 

“Office”
means a branch or office of a party, which may be such party’s head or home office.

 

“Potential
Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute
an Event of Default.

 

“Reference
Market-makers” means four leading dealers in the relevant market selected by the party determining a Market Quotation
in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally
at the time in deciding whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers
having an office in the same city.

 

“Relevant
Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which
such payment is made.

 

“Scheduled
Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect
to a Transaction.

 

“Set-off”
means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of
an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise)
that is exercised by, or imposed on, such payer.

 

“Settlement
Amount” means, with respect to a party and any Early Termination Date, the sum of:—

 

(a)            the
Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

 

(b)            such
party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group
of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making
the determination) produce a commercially reasonable result.

 

“Specified
Entity” has the meaning specified in the Schedule.

 

“Specified
Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise,
as principal or surety or otherwise) in respect of borrowed money.

 

“Specified
Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto)
now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable
Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or
any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions
and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

 

“Stamp
Tax” means any stamp, registration, documentation or similar tax.

 

“Tax”
means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement
other than a stamp, registration, documentation or similar tax.

 

“Tax
Event” has the meaning specified in Section 5(b).

 

“Tax
Event Upon Merger” has the meaning specified in Section 5(b).

 

“Terminated
Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination Event, all
Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before
the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately
before that Early Termination Date).

 

    	 	15	ISDA ® 1992

     

    

 

  

“Termination
Currency” has the meaning specified in the Schedule.

 

“Termination
Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”),
the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount
of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is
determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign
exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in
the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for
the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will,
if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will
be agreed by the parties.

 

“Termination
Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event
Upon Merger or an Additional Termination Event.

 

“Termination
Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost)
to each party (as certified by such party) if it were to fund or of funding such amounts.

 

“Unpaid
Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect
of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to
such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination
Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have
been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which
has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been)
required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable
law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required
to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to
in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or,
if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined
by both parties.

 

[Signature
Pages Follow]

  

    	 	16	ISDA ® 1992

     

    

 

IN
WITNESS WHEREOF, the parties have executed this document on the respective dates specified below with effect from the date
specified on the first page of this document.

 

 

	[____________]	
    HYUNDAI AUTO RECEIVABLES TRUST

 20[__]–[_]

     

    By: [____________], not in its individual capacity
    but solely as owner trustee

     

 

	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:
	 	Date:	 	 	Date:

 

 

    	 	17	ISDA ® 1992

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