Document:

EXHIBIT 4.1

 

AMENDED AND RESTATED TRUST AGREEMENT

among

HYUNDAI ABS FUNDING CORPORATION,

as Depositor

WILMINGTON TRUST COMPANY,

as Owner Trustee

and

HYUNDAI CAPITAL AMERICA,

as Administrator

Dated as of March 7, 2012

    	

    	 

    
 

TABLE OF CONTENTS

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE 1.	DEFINITIONS	 	 
	 	 	 	 
	Section 1.01	 	Capitalized Terms	 	1
	Section 1.02	 	Other Definitional Provisions	 	3
	 	 	 	 	 
	ARTICLE 2.	ORGANIZATION	 	 
	 	 	 	 
	Section 2.01	 	Name	 	4
	Section 2.02	 	Office	 	4
	Section 2.03	 	Purposes and Powers	 	4
	Section 2.04	 	Appointment of Owner Trustee	 	5
	Section 2.05	 	Initial Capital Contribution of Trust Estate	 	5
	Section 2.06	 	Declaration of Trust	 	6
	Section 2.07	 	Title to Trust Property	 	6
	Section 2.08	 	Situs of Trust	 	6
	Section 2.09	 	Representations, Warranties and Covenants of the Depositor	 	6
	Section 2.10	 	Federal Income Tax Allocations	 	8
	 	 	 	 	 
	ARTICLE 3.	TRUST CERTIFICATES AND TRANSFER OF INTERESTS	 	 
	 	 	 	 
	Section 3.01	 	Initial Ownership	 	8
	Section 3.02	 	The Trust Certificates	 	8
	Section 3.03	 	Execution, Authentication and Delivery of Trust Certificates	 	8
	Section 3.04	 	Registration of Transfer and Exchange of Trust Certificates	 	9
	Section 3.05	 	Mutilated, Destroyed, Lost or Stolen Trust Certificates	 	9
	Section 3.06	 	Persons Deemed Owners	 	10
	Section 3.07	 	Access to List of Certificateholders’ Names and Addresses	 	10
	Section 3.08	 	Maintenance of Office or Agency	 	10
	Section 3.09	 	Appointment of Paying Agent	 	11
	Section 3.10	 	Form of Trust Certificates	 	11
	Section 3.11	 	Transfer Restrictions	 	11
	Section 3.12	 	Legending of Trust Certificates	 	14
	Section 3.13	 	Authenticating Agent	 	16
	Section 3.14	 	Actions of Certificateholders	 	17
	 	 	 	 	 
	ARTICLE 4.	ACTIONS BY OWNER TRUSTEE	 	 
	 	 	 	 
	Section 4.01	 	Prior Notice with Respect to Certain Matters	 	17
	Section 4.02	 	Action by Servicer with Respect to Certain Matters	 	19
	Section 4.03	 	Action by Certificateholders with Respect to Bankruptcy	 	19
	Section 4.04	 	Restrictions on Certificateholders’ Power	 	19
	Section 4.05	 	Majority Control	 	20
	 	 	 	 	 
	ARTICLE 5.	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	 
	 	 	 	 
	Section 5.01	 	Establishment of Trust Account	 	20
	Section 5.02	 	Application of Trust Funds	 	20

 

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TABLE OF CONTENTS

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	Section 5.03	 	Method of Payment	 	20
	Section 5.04	 	Accounting and Reports to Certificateholders, the Internal Revenue Service and Others	 	21
	Section 5.05	 	Signature on Returns; Tax Matters Partner	 	21
	Section 5.06	 	Duties of Depositor on Behalf of Trust	 	21
	 	 	 	 	 
	ARTICLE 6.	AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	 
	 	 	 	 
	Section 6.01	 	General Authority	 	22
	Section 6.02	 	General Duties	 	22
	Section 6.03	 	Action upon Instruction	 	23
	Section 6.04	 	No Duties Except as Specified in this Agreement or in Instructions	 	24
	Section 6.05	 	No Action Except Under Specified Documents or Instructions	 	24
	Section 6.06	 	Restrictions	 	24
	 	 	 	 	 
	ARTICLE 7.	CONCERNING THE OWNER TRUSTEE	 	 
	 	 	 	 
	Section 7.01	 	Acceptance of Trusts and Duties	 	24
	Section 7.02	 	Furnishing of Documents	 	26
	Section 7.03	 	Representations and Warranties	 	26
	Section 7.04	 	Reliance; Advice of Counsel	 	27
	Section 7.05	 	Not Acting in Individual Capacity	 	27
	Section 7.06	 	Owner Trustee Not Liable for Trust Certificates or for Receivables	 	27
	Section 7.07	 	Owner Trustee May Own Trust Certificates and Notes	 	28
	Section 7.08	 	Doing Business in Other Jurisdictions	 	28
	Section 7.09	 	Paying Agent; Authenticating Agent	 	28
	 	 	 	 	 
	ARTICLE 8.	COMPENSATION OF OWNER TRUSTEE	 	 
	 	 	 	 
	Section 8.01	 	Owner Trustee’s Fees and Expenses	 	28
	Section 8.02	 	Indemnification	 	29
	Section 8.03	 	Payments to the Owner Trustee	 	29
	 	 	 	 	 
	ARTICLE 9.	TERMINATION OF TRUST AGREEMENT	 	 
	 	 	 	 
	Section 9.01	 	Termination of Trust Agreement	 	29
	 	 	 	 	 
	ARTICLE 10.	SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	 	 
	 	 	 	 
	Section 10.01	 	Eligibility Requirements for Owner Trustee	 	30
	Section 10.02	 	Resignation or Removal of Owner Trustee	 	31
	Section 10.03	 	Successor Owner Trustee	 	31
	Section 10.04	 	Merger or Consolidation of Owner Trustee	 	32
	Section 10.05	 	Appointment of Co-Trustee or Separate Trustee	 	32

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TABLE OF CONTENTS

(continued)

 

	 	 	 	 	 Page
	 	 	 	 	 
	ARTICLE 11.	MISCELLANEOUS	 	 
	 	 	 	 
	Section 11.01	 	Supplements and Amendments	 	33
	Section 11.02	 	No Legal Title to Trust Estate in Certificateholders	 	35
	Section 11.03	 	Limitations on Rights of Others	 	35
	Section 11.04	 	Notices	 	35
	Section 11.05	 	Severability	 	36
	Section 11.06	 	Separate Counterparts	 	36
	Section 11.07	 	Successors and Assigns	 	36
	Section 11.08	 	Covenants of the Depositor	 	36
	Section 11.09	 	No Petition	 	36
	Section 11.10	 	No Recourse	 	36
	Section 11.11	 	Headings	 	37
	Section 11.12	 	GOVERNING LAW	 	37
	Section 11.13	 	[Reserved]	 	37
	Section 11.14	 	Sarbanes-Oxley	 	37
	 	 	 	 	 
	ARTICLE 12.	COMPLIANCE WITH REGULATION AB	 	 
	 	 	 	 
	Section 12.01	 	Intent of the Parties; Reasonableness	 	38
	Section 12.02	 	Additional Representations and Warranties of the Owner Trustee	 	38
	Section 12.03	 	Information to Be Provided by the Owner Trustee	 	39
	Section 12.04	 	Indemnification; Remedies	 	40
	EXHIBITS	 	 	 	 

 

	 	 	 	 
	Exhibit A	Form of Trust Certificate	 	A-1
	Exhibit B	Reserved	 	B-1
	Exhibit C	Form of Transferee Certificate	 	C-1
	Exhibit D	Form of Certificate of Trust of Hyundai Auto Receivables Trust 2012-A	 	D-1

 

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This AMENDED AND RESTATED
TRUST AGREEMENT, dated as of March 7, 2012, is among HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation, as depositor
(the “Depositor”), WILMINGTON TRUST COMPANY, a Delaware corporation with trust powers, acting hereunder not
in its individual capacity but solely as owner trustee (the “Owner Trustee”), and HYUNDAI CAPITAL AMERICA, a
California corporation, as administrator (the “Administrator”).

WHEREAS, on October
7, 2011, the Depositor, the Owner Trustee and the Administrator entered into a Trust Agreement (the “Original Trust Agreement”);
and

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

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

ARTICLE
1.

DEFINITIONS

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

“Administration
Agreement” shall mean the Owner Trust Administration Agreement dated as of March 7, 2012 among the Trust, Hyundai
Capital America, as Administrator, and Citibank, N.A., as Indenture Trustee, as amended, supplemented, amended and restated or
otherwise modified from time to time.

“Administrator”
shall mean Hyundai Capital America.

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

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

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

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

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

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

    	 

    	 	

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

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

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

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

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

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

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

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

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

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

“Indenture”
shall mean the Indenture, dated as of March 7, 2012 between the Trust and Citibank, N.A., as Indenture Trustee, as amended, supplemented,
amended and restated or otherwise modified from time to time.

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

“Owner Trustee”
shall mean Wilmington Trust Company, a Delaware corporation with trust powers, not in its individual capacity but solely as owner
trustee under this Agreement, and any successor Owner Trustee hereunder.

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

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

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

“Sale and
Servicing Agreement” shall mean the Sale and Servicing Agreement dated as of March 7, 2012, among the Depositor,
Hyundai Capital America, as Seller and Servicer, the Trust and the Indenture Trustee, as amended, supplemented, amended and
restated or otherwise modified from time to time.

“SEC”
means the Securities and Exchange Commission.

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

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

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

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

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

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

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

Section 1.02Other
Definitional Provisions.

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

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

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

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

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

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

ARTICLE
2.

ORGANIZATION

Section 2.01Name.
The Trust created hereby shall be known as “Hyundai Auto Receivables Trust 2012-A,” in which name the Owner Trustee
may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Section 2.10Federal
Income Tax Allocations. If the Trust Certificates are held by more than one Person, for federal income tax purposes each item
of income, gain, loss, credit and deduction for a month shall be allocated to the Certificateholders as of the first Record Date
following the end of such month in proportion to their Certificate Percentage Interests on such Record Date. The Trust (or the
Administrator in accordance with the Administration Agreement and Section 5.04) is authorized to modify the allocations in this
paragraph if necessary or appropriate, in its sole discretion, for the allocations to fairly reflect the economic income, gain
or loss to the Certificateholders or otherwise comply with the requirements of the Code.

ARTICLE
3.

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Section 3.11Transfer
Restrictions.

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

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

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

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

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

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

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

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

(8)It (and
any Person for which it holds Trust Certificates, collectively for purposes of this paragraph (8), a “transferee”)
either (A) is not, and will not become, a partnership, S corporation or grantor trust for U.S. federal income tax purposes (or
a disregarded entity of any of the foregoing) or (B) is such an entity, but none of the direct or indirect beneficial owners of
any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or, if the Owner Trustee has
received an Opinion of Counsel in form and substance acceptable to the Depositor that the proposed transfer to such transferee
will not cause the Trust to be treated as a publicly traded partnership within the meaning of Section 7704 of the Code, such other
percentage as the Owner Trustee may establish prior to the time of such proposed transfer) of the value of such interests in the
transferee to be attributable to such transferee’s ownership of Trust Certificates.

(9)It understands
that if it is acquiring any Trust Certificate for the account of one or more Persons, (A) it shall provide to the Owner Trustee
and the Depositor information as to the number of such Persons and any changes in the number of such Persons and (B) any such change
in the number of Persons for whose account a Trust Certificate is held shall require the written consent of the Owner Trustee,
which consent shall be granted unless the Owner Trustee determines that such proposed change in number of Persons would create
a risk that the Trust would be classified for federal or any applicable state tax purposes as an association (or a publicly traded
partnership) taxable as a corporation.

(10)It understands
that no subsequent transfer of the Trust Certificates (or any interest therein) is permitted unless (A) such transfer is of a Trust
Certificate with a Certificate Percentage Interest of at least 5%, (B) it causes its proposed transferee to provide to the Owner
Trustee and the Depositor a letter substantially in the form of Exhibit C hereto, or such other written statement as the Owner
Trustee shall prescribe and (C) the Trust consents in writing to the proposed transfer, which consent shall be granted unless the
Owner Trustee determines that such transfer would either create a risk that the Trust would be classified for federal or any applicable
state tax purposes as an association (or a publicly traded partnership) taxable as a corporation; provided, however, that
any attempted transfer that would cause the number of beneficial owners of Trust Certificates in the aggregate to exceed 100 or
otherwise cause the Trust to become a publicly traded partnership for income tax purposes shall be a void transfer.

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(11)It understands
that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation is dependent
in part on the accuracy of the representations in paragraphs (7), (8), (9) and (10) above.

(12)It is
a United States Person within the meaning of Section 7701(a)(30) of the Code.

(13)It acknowledges
that the Owner Trustee, the Depositor, and their Affiliates, and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations and agreements.

Each transferee of
the Trust Certificates shall be required to execute or to have executed a representation letter substantially in the form of Exhibit
C, or may deliver such other representations (or an opinion of counsel) as may be approved by the Owner Trustee and the Depositor,
to the effect that such transfer may be made pursuant to an exemption from registration under the Securities Act and any applicable
state securities or “Blue Sky” laws.

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

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

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

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

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

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

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Section 3.13Authenticating
Agent.

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

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

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

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

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

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

	 	 
	 	as Owner Trustee	 
	 	 	 	 	 
	 	By:	 	 	 
	 	 	Authorized Officer	 
	 	 	 	 
	 	 	or	 

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	 	as Authenticating Agent for the Owner Trustee,	 

 

	 	 	 	 	 
	 	By:	 	 	 
	 	 	Authorized Officer	 

  

Section 3.14Actions of Certificateholders.

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

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

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

ARTICLE
4.

ACTIONS BY OWNER TRUSTEE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(n)confess a judgment
against the Trust;

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

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

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

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In addition, the Trust
shall not commingle its assets with those of any other entity. The Trust shall maintain its financial and accounting books and
records separate from those of any other entity. Except as expressly set forth herein, the Trust shall not pay the indebtedness,
operating expenses and liabilities of any other entity. The Trust shall maintain appropriate minutes or other records of all appropriate
actions and shall maintain its office separate from the offices of the Depositor and the Servicer.

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

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

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

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

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

ARTICLE
5.

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01Establishment
of Trust Account. The Paying Agent shall establish and maintain in the name of the Trust an Eligible Account (the “Certificate
Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the Certificateholders. The title of the Certificate Distribution Account shall be “Hyundai Auto Receivables Trust 2012-A:  Certificate
Distribution Account for the benefit of the Certificateholders”.

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

Section 5.02Application
of Trust Funds.

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

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

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

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

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

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

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

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

Section 5.05Signature
on Returns; Tax Matters Partner.

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

(b)As long as
the Trust is treated as a partnership for federal income tax purposes and the Depositor or an affiliate is a beneficial owner of
a Trust Certificate, to the extent allowed by the Code, Hyundai Capital America shall be designated the “tax matters partner”
of the Trust pursuant to Section 6231(a)(7) of the Code and applicable Treasury Regulations.

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

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ARTICLE
6.

AUTHORITY AND DUTIES OF OWNER TRUSTEE

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

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

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

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

(c)to provide
the Depositor and the Servicer (each, a “Hyundai Party” and, collectively, the “Hyundai Parties”)
with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated to the Owner
Trustee for the repurchase or replacement of any Receivable pursuant to Section 3.03 of the Sale and Servicing Agreement
or Section 7.02 of the Receivables Purchase Agreement, as applicable and (ii) promptly upon written request by a Hyundai
Party, any other information reasonably requested by a Hyundai Party in the Owner Trustee’s possession and that can be provided
to the Hyundai Parties without unreasonable effort or expense to facilitate compliance by the Hyundai Parties with Rule 15Ga-1
under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee have any responsibility
or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or with
any Hyundai Parties’ compliance with the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation
or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities in respect of the Basic
Documents or the transactions contemplated thereby. For purposes of this section, a “demand” is limited to a written
or oral demand for enforcement of a repurchase remedy received by a Responsible Officer of the Owner Trustee from a person or entity
entitled to request enforcement of a repurchase remedy under the terms of the Basic Documents. A demand does not include general
inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.

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Section 6.03Action
upon Instruction.

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

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

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

(d)In the event
that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that
this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the
Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as
shall be appropriate under the circumstances) to the Servicer requesting instruction and, to the extent that the Owner Trustee
acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable,
on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within
10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this
Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability
to any Person for such action or inaction.

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

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

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

ARTICLE
7.

CONCERNING THE OWNER TRUSTEE

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

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

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

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

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

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

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

(g)The Owner Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or
defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request,
order or direction of the Servicer, unless such Servicer has offered to the Owner Trustee security or indemnity satisfactory to
it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner
Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty,
and the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such
act; and

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

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

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

(a)It is a trust
company duly organized and validly existing under the laws of the State of Delaware. It has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Agreement.

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

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

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

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

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

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Section 7.04Reliance;
Advice of Counsel.

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

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

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

Section 7.06Owner
Trustee Not Liable for Trust Certificates or for Receivables. The recitals contained herein and in the Trust Certificates (other
than the signature and countersignature of the Owner Trustee on the Trust Certificates) shall be taken as the statements of the
Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. Except as set forth in Section 7.03, the
Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Trust
Certificates (other than the signature and authentication of the Owner Trustee on the Trust Certificates) or the Notes, or of any
Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to
the legality, validity and enforceability of any Receivable or the perfection and priority of any security interest created by
any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under this Agreement or
the Noteholders under the Indenture, including, without limitation:  (a) the existence, condition and ownership of any
Financed Vehicle; (b) the existence and enforceability of any insurance thereon; (c) the existence and contents of any Receivable
on any computer or other record thereof; (d) the validity of the assignment of any Receivable to the Trust or of any intervening
assignment; (e) the completeness of any Receivable; (f) the performance or enforcement of any Receivable; and (g) the compliance
by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or
the accuracy of any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer
or any subservicer taken in the name of the Owner Trustee.

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

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

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

ARTICLE
8.

COMPENSATION OF OWNER TRUSTEE

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

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

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

ARTICLE
9.

TERMINATION OF TRUST AGREEMENT

Section 9.01Termination of Trust
Agreement.

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

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

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

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

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

ARTICLE
10.

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01Eligibility
Requirements for Owner Trustee. The Owner Trustee shall at all times be a trust company, corporation or national banking association
satisfying the provisions of Section 3807(a) of the Statutory Trust Act; authorized to exercise corporate trust powers; having
a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities.
If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case
at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall
resign immediately in the manner and with the effect specified in Section 10.02.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ARTICLE
11.

MISCELLANEOUS

Section 11.01Supplements
and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice made available
by the Administrator to each Rating Agency, without the consent of any of the Noteholders or the Certificateholders, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, such action shall not, as evidenced by the satisfaction of the Rating Agency
Condition, materially and adversely affect in any material respect the interests of any Noteholder or Certificateholder.

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

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

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

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

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

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

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

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

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

Section 11.04Notices.

(a)Unless otherwise
expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by
the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to
the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the
Corporate Trust Office with a copy to Hyundai Auto Receivables Trust 2012-A, c/o Wilmington Trust Company, Rodney Square North,
1100 North Market Street, Wilmington, Delaware, 19890, Attention: Corporate Trust Administration; if to the Depositor, addressed
to 3161 Michelson Drive, Suite 1900, Irvine, CA 92612, Attention: Vice President, Finance, with a copy to General Counsel; or,
as to each party, at such other address as shall be designated by such party in a written notice to each other party. A copy of
any such notice shall also be mailed to the Servicer, addressed to 3161 Michelson Drive, Suite 1900, Irvine, CA 92612, Attention:
Vice President, Finance, with a copy to General Counsel.

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

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

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

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

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

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

Section 11.10No
Recourse.

(a)Each Certificateholder
by accepting a Trust Certificate acknowledges that such Trust Certificate represents a beneficial interest in the Trust only and
does not represent an interest in or an obligation of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set
forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents.

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

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

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

Section 11.13[Reserved]

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

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ARTICLE
12.

COMPLIANCE WITH REGULATION AB

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

Section 12.02Additional
Representations and Warranties of the Owner Trustee.

(a)The Owner Trustee
shall be deemed to represent and warrant to the Depositor as of the date hereof and on each date on which information is provided
to the Depositor under Sections 12.01, 12.02(b) or 12.03 that, except as disclosed in writing to the Depositor prior to such
date: (i) it is not aware and has not received notice that any default, early amortization or other performance triggering event
has occurred as to any other securitization transaction due to any default of the Owner Trustee; (ii) there are no aspects of its
financial condition that could have a material adverse effect on the performance by it of its trustee obligations under this Agreement
or any other securitization transaction as to which it is a trustee; (iii) there are no material legal or governmental proceedings
pending (or known to be contemplated) against it that would be material to Noteholders; (iv) there are no relationships or transactions
(as described in Item 1119(b) of Regulation AB) relating to the Owner Trustee with respect to the Depositor or any sponsor, issuing
entity, servicer, trustee, originator, significant obligor, enhancement or support provider or other material transaction party
(as each of such terms are used in Regulation AB) relating to the securitization transaction contemplated by this Agreement, as
identified in the prospectus supplement related to such securitization transaction (each, a “Transaction Party”) that
are outside the ordinary course of business or on terms other than would be obtained in an arm’s length transaction with
an unrelated third party, apart from the securitization transaction contemplated by this Agreement, and that are material to the
investors’ understanding of the Notes; and (v) the Owner Trustee is not an affiliate (as contemplated by Item 1119(a) of
Regulation AB) of any Transaction Party. The Depositor shall notify the Owner Trustee of any change in the identity of a Transaction
Party after the Closing Date at least five (5) Business Days prior to January 31 of each calendar year.

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(b)If so requested
by the Depositor on any date following the Closing Date, the Owner Trustee shall, within five (5) Business Days following such
request, confirm in writing the accuracy of the representations and warranties set forth in paragraph (a) of this Section or,
if any such representation and warranty is not accurate as of the date of such confirmation, provide the pertinent facts, in writing,
to the Depositor. Any such request from the Depositor shall not be given more than once each calendar quarter, unless the Depositor
shall have a reasonable basis for questioning the accuracy of any of the representations and warranties.

Section 12.03Information
to Be Provided by the Owner Trustee.

(a)For so long
as the Notes are outstanding, for the purpose of satisfying the Depositor’s reporting obligation under the Exchange Act with
respect to the Notes, the Owner Trustee shall provide to the Depositor a written description of (i) the commencement of, a material
development in or, if applicable, the termination of, any and all legal proceedings against the Owner Trustee or any and all proceedings
of which any property of the Owner Trustee is the subject, that would be material to Noteholders; and (ii) any such proceedings
known to be contemplated by governmental authorities that would be material to Noteholders. The Owner
Trustee shall also notify the Depositor, in writing, as promptly as practicable following notice to or discovery by a Responsible
Officer of the Owner Trustee of any material changes to proceedings described in the preceding sentence. In addition, the Owner
Trustee will furnish to the Depositor, in writing, the necessary disclosure regarding the Owner Trustee describing such proceedings
required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed by or on behalf of the Depositor pursuant
to the Exchange Act. The Depositor will allow the Owner Trustee to review any disclosure relating to material litigation against
the Owner Trustee prior to filing such disclosure with the Commission to the extent the Depositor changes the information provided
by the Owner Trustee. Any descriptions required with respect to legal proceedings, as well as updates to previously provided
descriptions, under this Section 12.03(a) shall be given no later than five (5) Business Days prior to the Determination Date
following the month in which the relevant event occurs.

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

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

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

Section 12.04Indemnification;
Remedies.

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

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

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

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

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

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

[SIGNATURE PAGES FOLLOW]

 

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

 

	 	HYUNDAI ABS FUNDING CORPORATION,

as Depositor
	 	 	 	 
	 	By:	/s/ Min Sok Randy Park	 
	 	Name:	Min Sok Randy Park	 
	 	Title:	President and Secretary	 

 

    	S-1

    	 

    

 

	 	WILMINGTON TRUST COMPANY,

as Owner Trustee
	 	 	 	 
	 	By:	/s/ Jeanne M. Oller	 
	 	Name:	Jeanne M. Oller	 
	 	Title:	Assistant Vice President	 

 

 

 

    	S-2

    	 

    

 

 

	 	
        HYUNDAI CAPITAL AMERICA,

        as Administrator

	 	 	 	 
	 	By:	/s/ Sukjin Oh	 
	 	Name:	Sukjin Oh	 
	 	Title:	Treasurer	 

 

    	S-3

    	 

    
 

 

EXHIBIT A

FORM OF TRUST CERTIFICATE

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

ASSET BACKED TRUST CERTIFICATE

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

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

    	A-1

    	 

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

THIS CERTIFIES THAT
Hyundai ABS Funding Corporation is the registered owner of a 100% Certificate Percentage Interest that is nonassessable, fully-paid,
beneficial ownership interest in the assets of Hyundai Auto Receivables Trust 2012-A (the “Trust”) formed by Hyundai
ABS Funding Corporation, a Delaware corporation (the “Depositor”).

The Trust is governed
by a Amended and Restated Trust Agreement dated as of March 7, 2012 (the “Trust Agreement”), between the Depositor,
Administrator and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Sale and Servicing Agreement among the Trust, the Depositor, Hyundai Capital America, as Seller
and Servicer (the “Servicer”) and Citibank, N.A., as Indenture Trustee (“Indenture Trustee”), dated as
of March 7, 2012 as the same may be amended or supplemented from time to time.

This Certificate is
one of the duly authorized Trust Certificates designated as Hyundai Auto Receivables Trust 2012-A Asset Backed Trust Certificates
(herein called the “Trust Certificates”). Also issued under the Indenture dated as of March 7, 2012 between
the Trust and the Indenture Trustee, are seven classes of Notes, designated as 0.29984% Asset Backed Notes, Class A-1
(the “Class A-1 Notes”), 0.55% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 0.72% Asset Backed
Notes, Class A-3 (the “Class A-3 Notes”), 0.95% Asset Backed Notes, Class A-4 (the “Class A-4 Notes”),
1.51% Asset Backed Notes, Class B (the “Class B Notes”), 2.10% Asset Backed Notes, Class C (the “Class C Notes”),
and 2.61% Asset Backed Notes, Class D (the “Class D Notes”, collectively with the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the “Notes”). This Trust Certificate
is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder
of this Trust Certificate by virtue of the acceptance hereof assents and by which such holder is bound. Under the Trust Agreement,
there will be distributed on the 15th day of each month (or, if such 15th day is not a Business Day, the
next Business Day), commencing on April 16, 2012, to the Person in whose name this Trust Certificate is registered at the
close of business on the last day of the preceding month, such Certificateholder’s Certificate Percentage Interest of any
amounts available to be distributed to Certificateholders on such date.

    	A-2

    	 

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

It is the intent of
the Depositor and the Certificateholders that, for purposes of federal income, state and local income and franchise tax, until
the Trust Certificates are beneficially owned by more than one Person, the Trust will be disregarded as an entity separate from
its owner. At such time that the Trust Certificates are beneficially owned by more than one Person, it is the intent of the Depositor
and the Certificateholders that, for purposes of federal income, state and local income and franchise tax, the Trust will be treated
as a partnership, the assets of which are the assets held by the Trust, and the Certificateholders will be treated as partners
in that partnership. The Depositor and the Certificateholders, by acceptance of a Trust Certificate, agree to treat, and to take
no action inconsistent with the treatment of, the Trust as such for tax purposes.

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

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

    	A-3

    	 

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

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

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

    	A-4

    	 

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

	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 
		
        WILMINGTON TRUST COMPANY,

not in its individual capacity,

but solely as Owner Trustee

	 	 	 	 	 
	 	By:	 
	 	 		 	 
	 	 		 	 
	 	 	 	 	 

 

 

	 	 	 	 	 	 
	Date:	 	 	By:	 	 
	 	 	 	 	Authorized Signatory	 

 

    	A-5

    	 

    
OWNER TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

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

 

	 	
        WILMINGTON TRUST COMPANY,

        as Owner Trustee

         

	 	 	 	 	 
	 	By:	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 

 

	 	OR
	 	 
	 	CITIBank, N.a.,

as Authenticating Agent for the Owner Trustee
	 	 	 	 	 
	 	By:	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 

 

 

    	A-6

    	 

    

 

ASSIGNMENT

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

______________________________________________________________________________

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE

______________________________________________________________________________

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

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

Dated: ______________________

Signature Guaranteed:

______________________________________

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

 

    	A-7

    	 

    

EXHIBIT B

 

[RESERVED]

 

    	B-1

    	 

    
EXHIBIT C

FORM OF TRANSFEREE CERTIFICATE

[ ], 20__

Hyundai Auto Receivables Trust 2012-A,

as Issuer

c/o Wilmington Trust Company,

as Owner Trustee

Wilmington Trust Company,

as Owner Trustee

Ladies and Gentlemen:

In connection with
our proposed purchase of [ ]% Certificate Percentage Interest Asset Backed Trust Certificates (the “Trust Certificates”)
of Hyundai Auto Receivables Trust 2012-A (the “Issuer”), a trust formed by Hyundai ABS Funding Corporation (the “Depositor”),
we confirm that:

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

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

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

    	C-1

    	 

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

e.We either (A)
are not, and will not become, a partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes (or
a disregarded entity of any of the foregoing) or (B) are such an entity, but none of the direct or indirect beneficial owners of
any of the interests in us have allowed or caused, or will allow or cause, 50% or more (or, if the Owner Trustee has received an
Opinion of Counsel in form and substance acceptable to the Depositor that the proposed transfer to such transferee will not cause
the Trust to be treated as a publicly traded partnership within the meaning of Section 7704 of the Code, such other percentage
as the Owner Trustee may establish prior to the time of such proposed transfer) of the value of such interests in us to be attributable
to our ownership of Trust Certificates.

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

g.We understand
that no subsequent transfer of the Trust Certificates is permitted unless (A) such transfer is of a Trust Certificate with a Certificate
Percentage Interest of at least 5%, (B) we cause the proposed transferee to provide to the Owner Trustee and the Depositor a letter
substantially in the form of this Exhibit C to the Trust Agreement or such other written statement as the Owner Trustee shall prescribe
and (C) the Trust consents in writing to the proposed transfer, which consent shall be granted unless the Owner Trustee determines
that such transfer would create a risk that the Trust would be classified for federal or any applicable state tax purposes as an
association (or a publicly traded partnership) taxable as a corporation; provided, however, that any attempted transfer
that would either cause the number of registered holders of Trust Certificates in the aggregate to exceed 100 or otherwise cause
the Trust to become a publicly traded partnership for income tax purposes shall be a void transfer.

h.We understand
that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation is dependent
in part on the accuracy of the representations in paragraphs (d), (e), (f) and (g) above.

i.We are a United
States Person within the meaning of Section 7701(a)(30) of the Code.

    	C-2

    	 

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

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

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

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

n.We acknowledge
that the Owner Trustee, the Depositor, and their Affiliates, and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations and agreements.

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

	 	Very truly yours,
	 	 	 	 	 
	 	By:	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 

 

 

    	C-3

    	 

    

EXHIBIT D

FORM OF CERTIFICATE OF TRUST OF

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

This CERTIFICATE OF
TRUST of HYUNDAI AUTO RECEIVABLES TRUST 2012-A (the “Trust”), is being duly executed and filed by WILMINGTON TRUST
COMPANY, a Delaware corporation with trust powers, as trustee, to form a statutory trust under the Delaware Statutory Trust Act
(12 Del. Code, ss. 3801 et seq.) (the “Act”).

1.Name.
The name of the statutory trust formed hereby is HYUNDAI AUTO RECEIVABLES TRUST 2012-A.

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

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

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

	 	WILMINGTON TRUST COMPANY, 

not in its individual capacity but solely as Owner Trustee
	 	 	 	 	 
	 	By:	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 

 

 

    	D-1EXHIBIT 4.2

 

INDENTURE

between

HYUNDAI AUTO RECEIVABLES TRUST 2012-A,

as Issuer

and

CITIBANK, N.A.

as Indenture Trustee

Dated as of March 7, 2012

 

    	 

    	 

    

	Table of Contents
	 	 	 
	 	 	Page
	 	 	 
	 	 	 
	ARTICLE I.	DEFINITIONS AND INCORPORATION BY REFERENCE	 
	Section 1.01	Definition	2
	Section 1.02	Rules of Construction	9
	Section 1.03	Incorporation by Reference of Trust Indenture Act	9
	ARTICLE II.	THE NOTES	 
	Section 2.01	Form	10
	Section 2.02	Execution, Authentication and Delivery	10
	Section 2.03	Temporary Notes	11
	Section 2.04	Registration; Registration of Transfer and Exchange	11
	Section 2.05	[Reserved]	13
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	13
	Section 2.07	Persons Deemed Note Owners	14
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	14
	Section 2.09	Cancellation	15
	Section 2.10	Book-Entry Notes	15
	Section 2.11	Notices to Clearing Agency	16
	Section 2.12	Definitive Notes	16
	Section 2.13	Tax Treatment	17
	ARTICLE III.	COVENANTS	 
	Section 3.01	Payment of Principal and Interest	17
	Section 3.02	Maintenance of Office or Agency	17
	Section 3.03	Money for Payments To Be Held in Trust	18
	Section 3.04	Existence	19
	Section 3.05	Protection of Trust Estate	19
	Section 3.06	Opinions as to Trust Estate	20
	Section 3.07	Performance of Obligations; Servicing of Receivables	20
	Section 3.08	Negative Covenants	21
	Section 3.09	Annual Statement as to Compliance	22
	Section 3.10	Issuer May Consolidate, etc., Only on Certain Terms	22
	Section 3.11	Successor or Transferee	24
	Section 3.12	No Other Business	24
	Section 3.13	No Borrowing	24
	Section 3.14	Compliance with Regulation AB	24
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	24
	Section 3.16	Capital Expenditures	25
	Section 3.17	Removal of Administrator	25
	Section 3.18	Restricted Payments	25
	Section 3.19	Notice of Events of Default	25
	Section 3.20	Further Instruments and Acts	25

 

    	-i-

    	 

    

 

 

Table
of Contents

(continued)

	 	 	Page
	 	 	 
	ARTICLE IV.	SATISFACTION AND DISCHARGE	 
	Section 4.01	Satisfaction and Discharge of Indenture	25
	Section 4.02	Application of Trust Money	27
	Section 4.03	Repayment of Moneys Held by Paying Agent	27
	Section 4.04	Release of Collateral	27
	ARTICLE V.	REMEDIES	 
	Section 5.01	Events of Default	27
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	28
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	29
	Section 5.04	Remedies; Priorities	31
	Section 5.05	Optional Preservation of the Receivables	34
	Section 5.06	Limitation of Suits	35
	Section 5.07	Unconditional Rights of Noteholders To Receive Principal and Interest	35
	Section 5.08	Restoration of Rights and Remedies	36
	Section 5.09	Rights and Remedies Cumulative	36
	Section 5.10	Delay or Omission Not a Waiver	36
	Section 5.11	Control by the Controlling Class of Noteholders	36
	Section 5.12	Waiver of Past Defaults	37
	Section 5.13	Undertaking for Costs	37
	Section 5.14	Waiver of Stay or Extension Laws	38
	Section 5.15	Action on Notes	38
	Section 5.16	Performance and Enforcement of Certain Obligations	38
	ARTICLE VI.	THE INDENTURE TRUSTEE	 
	Section 6.01	Duties of Indenture Trustee	39
	Section 6.02	Representations and Warranties of the Indenture Trustee	40
	Section 6.03	Rights of Indenture Trustee	41
	Section 6.04	Individual Rights of Indenture Trustee	42
	Section 6.05	Indenture Trustee’s Disclaimer	43
	Section 6.06	Notice of Defaults	43
	Section 6.07	Reports by Indenture Trustee to Holders	43
	Section 6.08	Compensation and Indemnity	43
	Section 6.09	Replacement of Indenture Trustee	44
	Section 6.10	Successor Indenture Trustee by Merger	45
	Section 6.11	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	45
	Section 6.12	Eligibility; Disqualification	46
	Section 6.13	[Reserved]	46
	Section 6.14	Preferential Collection of Claims Against Issuer	46
	Section 6.15	Waiver of Setoffs	46

 

    	-ii-

    	 

    

 

 

Table
of Contents

(continued)

	 	 	Page
	 	 	 
	ARTICLE VII.	NOTEHOLDERS’ LISTS AND REPORTS	 
	Section 7.01	Note Registrar To Furnish Names and Address of Noteholders	47
	Section 7.02	Preservation of Information; Communications to Noteholders	47
	Section 7.03	Reports by Issuer	48
	Section 7.04	Reports by Indenture Trustee	48
	ARTICLE VIII.	ACCOUNTS, DISBURSEMENTS AND RELEASES	 
	Section 8.01	Collection of Money	48
	Section 8.02	Trust Accounts	49
	Section 8.03	General Provisions Regarding Accounts	51
	Section 8.04	Release of Trust Estate	51
	Section 8.05	Opinion of Counsel	51
	ARTICLE IX.	SUPPLEMENTAL INDENTURES	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	52
	Section 9.02	Supplemental Indentures with Consent of Noteholders	53
	Section 9.03	Execution of Supplemental Indentures	54
	Section 9.04	Effect of Supplemental Indenture	54
	Section 9.05	Reference in Notes to Supplemental Indentures	55
	Section 9.06	Conformity with Trust Indenture Act	55
	ARTICLE X.	REDEMPTION OF NOTES	 
	Section 10.01	Redemption	55
	Section 10.02	Form of Redemption Notice	55
	Section 10.03	Notes Payable on Redemption Date	56
	ARTICLE XI.	MISCELLANEOUS	 
	Section 11.01	Compliance Certificates and Opinions, etc	56
	Section 11.02	Form of Documents Delivered to Indenture Trustee	58
	Section 11.03	Acts of Noteholders	59
	Section 11.04	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	59
	Section 11.05	Notices to Noteholders; Waiver	60
	Section 11.06	Alternate Payment and Notice Provisions	61
	Section 11.07	Effect of Headings and Table of Contents	61
	Section 11.08	Successors and Assigns	61
	Section 11.09	Separability	61
	Section 11.10	Benefits of Indenture	61
	Section 11.11	Legal Holidays	61
	Section 11.12	GOVERNING LAW	61
	Section 11.13	Counterparts	61
	Section 11.14	Recording of Indenture	62
	Section 11.15	Trust Obligation	62
	Section 11.16	No Petition	63

    	-iii-

    	 

    

Table
of Contents

(continued)

	 	 	Page
	 	 	 
	Section 11.17	Inspection	63
	Section 11.18	Conflict with Trust Indenture Act	63
	Section 11.19	Limitation of Liability	63
	Section 11.20	Representations and Warranties	64
	Section 11.21	Receivables Representations and Warranties	65
	Section 11.22	Communications with Rating Agencies	66
	 	 	 
	EXHIBITS	 	 
	SCHEDULE A	Schedule of Receivables	 
	EXHIBIT A-1	Form of Class A-1 Note	 
	EXHIBIT A-2	Form of Class A-2 Note	 
	EXHIBIT A-3	Form of Class A-3 Note	 
	EXHIBIT A-4	Form of Class A-4 Note	 
	EXHIBIT B	Form of Class B Note	 
	EXHIBIT C	Form of Class C Note	 
	EXHIBIT D	Form of Class D Note	 
	EXHIBIT E	Form of the Note Depository Agreement	 

 

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THIS INDENTURE,
dated as of March 7, 2012 is between HYUNDAI AUTO RECEIVABLES TRUST 2012-A, a Delaware statutory trust (the “Issuer”),
and CITIBANK, N.A., a national banking association, as trustee and not in its individual
capacity (the “Indenture Trustee”).

Each party agrees
as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s 0.29984%
Asset Backed Notes, Class A-1 (the “Class A-1 Notes”), 0.55%Asset Backed Notes, Class A-2 (the “Class A-2
Notes”), 0.72% Asset Backed Notes, Class A-3 (the “Class A-3 Notes”), 0.95% Asset Backed Notes, Class
A-4 (the “Class A-4 Notes”), 1.51% Asset Backed Notes, Class B (the “Class B Notes”), 2.10% Asset Backed
Notes, Class C (the “Class C Notes”) and 2.61% Asset Backed Notes, Class D (the “Class D Notes,” and together
with the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the “Notes”):

GRANTING CLAUSE

The Issuer hereby
Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer’s right, title and interest in and to, whether now owned or hereafter acquired, now existing or hereafter arising
and wherever located (a) the Receivables listed on Schedule A and all moneys received thereon on or after the close of business
on the Cutoff Date; (b) the security interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant
to the Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any Liquidation Proceeds and any
other proceeds with respect to the Receivables pursuant to the Hyundai Assurance Program or from claims on any physical damage,
credit, life or disability insurance policies covering Financed Vehicles or the related Obligors, including any vendor’s
single interest or other collateral protection insurance policy; (d) any property that shall have secured a Receivable and
that shall have been acquired by or on behalf of the Depositor, the Servicer, or the Issuer; (e) all documents and other items
contained in the Receivable Files; (f) the Sale and Servicing Agreement including all of the Depositor’s rights, but
none of its obligations, under the Receivables Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement;
(g) all right, title and interest in the Trust Accounts, all funds, securities or other assets credited from time to time
to the Trust Accounts and all investments therein and proceeds thereof (including all Investment Earnings thereon); (h) any proceeds
from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and (i) all present and future claims, demands,
causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of
every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary
or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other
forms of obligations and receivables, instruments and other property that at any time constitute all or part of or are included
in the proceeds of any of the foregoing (collectively, the “Collateral”).

The foregoing Grant
is made in trust to secure (i) the payment of principal of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction, and (ii) to secure compliance with the provisions of this Indenture,
all as provided in this Indenture.

    	 

    	 

    

 

The Indenture Trustee,
on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end
that the interests of the Holders of the Notes may be adequately and effectively protected.

ARTICLE
I.

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01Definition.

(a)Except as otherwise
specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for
all purposes of this Indenture.

“Act”
has the meaning specified in Section 11.03(a).

“Administration
Agreement” means the Owner Trust Administration Agreement, dated as of March 7, 2012 among the Administrator, the
Issuer and the Indenture Trustee, as amended, supplemented, amended and restated or otherwise modified from time to time.

“Administrator”
means HCA, or any successor Administrator under the Administration Agreement.

“Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

“Authorized
Officer” means, with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee
in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the
Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and, so long
as the Administration Agreement is in effect, any Vice President or other senior officer of the Administrator who is authorized
to act for the Administrator in matters relating to the Issuer and to be acted upon by the Administrator pursuant to the Administration
Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the
Closing Date (as such list may be modified or supplemented from time to time thereafter).

“Book-Entry
Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries
by a Clearing Agency as described in Section 2.10.

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“Business
Day” shall have the meaning assigned thereto in the Sale and Servicing Agreement.

“Certificate
of Trust” means the certificate of trust of the Issuer substantially in the form of Exhibit D to the Trust Agreement.

“Class A Notes” means
collectively the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, as the context may require.

“Class
A-1 Notes” means the 0.29984% Asset Backed Notes, Class A-1, substantially in the form of Exhibit A-1.

“Class
A-1 Rate” means 0.29984% per annum, computed on the basis of the actual number of days elapsed in the related Interest
Period.

“Class
A-2 Notes” means the 0.55% Asset Backed Notes, Class A-2, substantially in the form of Exhibit A-2.

“Class
A-2 Rate” means 0.55% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

“Class
A-3 Notes” means the 0.72% Asset Backed Notes, Class A-3, substantially in the form of Exhibit A-3.

“Class
A-3 Rate” means 0.72% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

“Class
A-4 Notes” means the 0.95% Asset Backed Notes, Class A-4, substantially in the form of Exhibit A-4.

“Class
A-4 Rate” means 0.95% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

“Class
B Notes” means the 1.51% Asset Backed Notes, Class B, substantially in the form of Exhibit B.

“Class
B Rate” means 1.51% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

“Class
C Notes” means the 2.10% Asset Backed Notes, Class C, substantially in the form of Exhibit C.

“Class
C Rate” means 2.10% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

“Class
D Notes” means the 2.61% Asset Backed Notes, Class D, substantially in the form of Exhibit D.

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“Class
D Rate” means 2.61% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months.

“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act.

“Clearing
Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

“Closing
Date” means March 7, 2012.

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

“Collateral”
has the meaning specified in the Granting Clause of this Indenture.

“Controlling
Class” means with respect to any Notes that are Outstanding, the Class A Notes (voting together as a single class) so
long as any Class A Notes are Outstanding, then the Class B Notes so long as any Class B Notes are Outstanding, then the Class
C Notes so long as any Class C Notes are Outstanding and thereafter the Class D Notes so long as any Class D Notes are Outstanding.

“Corporate
Trust Office” means the principal office of the Indenture Trustee at which at any particular time its corporate trust
business is administered, which office at the date of execution of this Agreement is located at (a) solely for the purposes of
the transfer, surrender or exchange of Notes, 111 Wall Street, 15th Floor Window, New York, New York 10005, Attention:
Global Transaction Services- Hyundai Auto Receivables Trust 2012-A and (b) for all other purposes 388 Greenwich Street, 14th
Floor, New York, New York 10013, facsimile number (212) 816-5527; or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Indenture
Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Issuer.

“Default”
means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

“Definitive
Notes” has the meaning specified in Section 2.10.

“Depositor”
means Hyundai ABS Funding Corporation, a Delaware corporation, its successors and assigns.

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

“Event
of Default” has the meaning specified in Section 5.01.

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

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“Executive
Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, the Controller
or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof.

“Grant”
means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon
and a security interest in and a right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of
the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations)
of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt
for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the
name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled
to do or receive thereunder or with respect thereto.

“HCA”
means Hyundai Capital America, a California corporation, and its successors.

“Holder”
or “Noteholder” means a Person in whose name a Note is registered on the Note Register.

“Indenture
Trustee” means Citibank, N.A., a national banking association, not in its individual capacity, but as Indenture Trustee
under this Indenture, or any successor Indenture Trustee under this Indenture.

“Independent”
means, when used with respect to any specified Person, that such Person (a) is in fact independent of the Issuer, any other
obligor on the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial
interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller, the Servicer, the Depositor
or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller
or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or
person performing similar functions.

“Independent
Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described
in, and otherwise complying with, the applicable requirements of Section 11.01, made by an Independent appraiser or other
expert appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion
or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the
signer is Independent within the meaning thereof.

“Interest
Rate” means the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate, the Class
C Rate or the Class D Rate, as the context may require.

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“Issuer”
means Hyundai Auto Receivables Trust 2012-A until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained herein and required by the TIA, each other obligor on the Notes.

“Issuer
Order” or “Issuer Request” means a written order or request signed in the name of the Issuer by any
one of its Authorized Officers and delivered to the Indenture Trustee.

“Note”
means a Class A Note, a Class B Note, a Class C Note and a Class D Note, as the context may require.

“Note
Depository Agreement” means the agreement dated March 7, 2012 between the Issuer and The Depository Trust Company,
relating to the Notes, substantially in the form of Exhibit E.

“Note
Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected
on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a
Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

“Note
Register” and “Note Registrar” have the respective meanings specified in Section 2.04.

“Officer’s
Certificate” means a certificate signed by any Authorized Officer of the Issuer, under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.01, and delivered to the Indenture Trustee. Unless
otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate
of any Authorized Officer of the Issuer.

“Opinion
of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture,
be an employee of or counsel to the Issuer, the Seller or the Servicer, and who shall be reasonably satisfactory to the Indenture
Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee, shall comply with any applicable requirements
of Section 11.01 and shall be in form and substance satisfactory to the Indenture Trustee.

“Other
Assets” has the meaning specified in Section 11.15(b).

“Outstanding”
means, as of any date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

(a)Notes
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

(b)Notes
or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee
or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are
to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been
made, satisfactory to the Indenture Trustee); and

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(c)Notes
exchanged for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;

provided, however, that
in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor on the
Notes, the Depositor, the Seller, the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed
not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee knows
to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes
and that the pledgee is not the Issuer, any other obligor on the Notes, the Depositor, the Seller, the Servicer or any Affiliate
of any of the foregoing Persons.

“Outstanding
Amount” means, as of any date of determination and as to any Notes, the aggregate principal amount of such Notes Outstanding
as of such date of determination.

“Owner
Trustee” means Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
or any successor Owner Trustee under the Trust Agreement.

“Paying
Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee
specified in Section 6.12 and is authorized by the Issuer to make payments to and distributions from the Collection Account
and the Reserve Account, including payments of principal of or interest on the Notes on behalf of the Issuer.

“Payment
Date” means the 15th day of each month, or if any such date is not a Business Day, the next succeeding Business
Day, commencing April 16, 2012.

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

“Predecessor
Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section
2.06 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Note.

“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.

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“Record
Date” means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately
preceding such Payment Date or Redemption Date; or, if Definitive Notes have been issued, the last day of the calendar month preceding
such Payment Date or Redemption Date.

“Redemption
Date” means, as the context requires, in the case of a redemption of the Notes pursuant to Section 10.01, the
Payment Date specified by the Servicer or the Issuer pursuant to Section 10.01.

“Redemption
Price” means in the case of a redemption of the Notes pursuant to Section 10.01, an amount equal to the unpaid
principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the Interest Rate for each Note being so redeemed
to but excluding the Redemption Date.

“Registered
Holder” means the Person in whose name a Note is registered on the Note Register on the applicable Record Date.

“Responsible
Officer” means, with respect to the Indenture Trustee or Owner Trustee, as applicable, any officer within the Corporate
Trust Office of the Indenture Trustee or the Owner Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary or any other officer of the Indenture Trustee or the Owner Trustee customarily performing functions similar
to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each
case having direct responsibility for the administration of the Basic Documents.

“Sale
and Servicing Agreement” means the Sale and Servicing Agreement, dated as of March 7, 2012, among the Issuer, the
Depositor, HCA, as Seller and Servicer, and the Indenture Trustee, as amended, supplemented, amended and restated or otherwise
modified from time to time.

“Schedule
of Receivables” means the list of Receivables set forth in Schedule A (which Schedule may be in the form of microfiche).

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

“Seller”
means HCA in its capacity as seller under the Receivables Purchase Agreement and the Sale and Servicing Agreement, and its successor
in interest.

“Servicer”
means HCA, in its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

“State”
means any one of the 50 states of the United States of America, or the District of Columbia.

“Successor
Servicer” has the meaning specified in Section 3.07(f).

“Trust
Accounts” has the meaning set forth in the Sale and Servicing Agreement.

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“Trust
Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien
and security interest of this Indenture for the benefit of the Noteholders (including, without limitation, all property and interests
Granted to the Indenture Trustee), including all proceeds thereof.

“Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless
otherwise specifically provided.

“UCC”
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

(b)Except as otherwise
specified herein or as the context may otherwise require, capitalized terms used herein but not otherwise defined shall have the
meanings ascribed thereto in the Sale and Servicing Agreement.

Section 1.02Rules
of Construction. Unless the context otherwise requires:

(a)a term has
the meaning assigned to it;

(b)an accounting
term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect
from time to time;

(c)“or”
is not exclusive;

(d)“including”
means including without limitation;

(e)definitions
are applicable to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms;
and

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

Section 1.03Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, such provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

“Commission”
means the Securities and Exchange Commission.

“indenture
securities” means the Notes.

“indenture
security holder” means a Noteholder.

“indenture
to be qualified” means this Indenture.

“indenture
trustee” or “institutional trustee” means the Indenture Trustee.

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“obligor”
on the indenture securities means the Issuer and any other obligor on the indenture securities.

All other TIA terms
used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

ARTICLE
II.

THE NOTES

Section 2.01Form.
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the
Class D Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially
the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D, respectively, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes. Any portion of the text
of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.

The Definitive
Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

Each Note shall
be dated the date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4,
Exhibit B, Exhibit C and Exhibit D are part of the terms of this Indenture.

Section 2.02Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature
of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the
manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices at the date of such Notes.

The Indenture Trustee
shall upon Issuer Order authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $331,000,000,
Class A-2 Notes for original issue in an aggregate principal amount of $313,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $450,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $166,980,000, Class
B Notes for original issue in an aggregate principal amount of $25,250,000, Class C Notes for original issue in an aggregate principal
amount of $38,890,000 and Class D Notes for original issue in an aggregate principal amount of $29,340,000. The aggregate principal
amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, the Class B Notes, the Class C Notes and the Class
D Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

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The Notes shall
be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof (except
for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000).

No Note shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one
of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder.

Section 2.03Temporary
Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise
produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with
the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

If temporary Notes
are issued, the Issuer shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuer to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Notes, the Issuer shall execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall
in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

Section 2.04Registration;
Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”)
in which, subject to such reasonable regulations as it may prescribe, the Note Registrar shall provide for the registration of
Notes and the registration of all transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar”
for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.
If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note
Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note
Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts and
number of such Notes.

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Upon surrender
for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02,
if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more
new Notes of the same Class in any authorized denominations, of a like aggregate principal amount.

At the option
of the Holder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange,
if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture Trustee, without
having to verify that the requirements of Section 8-401(a) have been met, shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, the Notes that the Noteholder making the exchange is entitled to receive.

All Notes issued
upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.
Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting
the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by
the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

No service charge
shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuer or the Indenture Trustee may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.05 not involving any transfer.

The preceding provisions
of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or
exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect
to the Note.

Any Notes retained
by the Issuer or a Person that is considered the same person as the Issuer for United States federal income tax purposes may not
be transferred to another Person (other than a Person that is considered the same person as the Issuer for United States federal
income tax purposes) unless the Administrator shall cause an Opinion of Counsel to be delivered to the Depositor and the Indenture
Trustee at such time stating that either (x) such Notes will be debt for United States federal income tax purposes or (y) that
the sale of such Notes to a Person unrelated to the Issuer or Depositor will not cause the Issuer to be treated as an association
or publicly traded partnership taxable as a corporation. With respect to any transfer for which the Opinion of Counsel provided
pursuant to the preceding sentence is as described in clause (y), the sale or transfer of such Notes must be to a Person who is
a United States Person (within the meaning of the Code). In addition, if for tax or other reasons it may be necessary to track
such Notes (e.g., if the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive
registered form may be required by the Administrator as a condition to such transfer. The Indenture Trustee shall have no duty
to monitor the compliance of the provisions of this paragraph and may conclusively rely on the Administrator to do the same.

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No Note, or any
interest therein, may be purchased by or transferred to an “employee benefit plan” within the meaning of Section 3(3)
of ERISA that is subject to Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Code that is subject
to Section 4975 of the Code, any entity that is deemed to hold “plan assets” of any of the foregoing by reason of an
employee benefit plan’s or other plan’s investment in such entity, (each, a “Benefit Plan Investor”) or
any governmental, non-U.S. or church plan subject to applicable law that is substantially similar to Section 406 of ERISA
or Section 4975 of the Code (“Similar Law”), unless such purchaser or transferee represents, warrants and covenants
that its purchase and holding of such Note, throughout the period that it holds such Note, is and will be, eligible for relief
under Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code; Department of Labor prohibited transaction class exemption
(“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 or another applicable prohibited transaction exemption
(or in the case of a governmental, non-U.S. or church plan, subject to Similar Law, will not cause a nonexempt violation of Similar
Law). In addition, no Note may be purchased or transferred to a Benefit Plan Investor unless such Note has a current investment
grade rating from at least one nationally recognized statistical rating organization. By its acquisition of a Note in book-entry
form or any interest therein, each transferee will be deemed to have represented, warranted and covenanted that it satisfies the
foregoing requirements and the Indenture Trustee may rely conclusively on the same for purposes hereof.

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

Section 2.05[Reserved].

Section 2.06Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture
Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the
absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a protected purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute, and upon an Issuer Order
the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note of the same Class; provided, however, that if any such destroyed, lost or stolen Note, but
not a mutilated Note, shall have become or within 15 days shall be due and payable, or shall have been called for redemption, instead
of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note,
a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original
Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person
to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered
or any assignee of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

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Upon the issuance
of any replacement Note under this Section, the Issuer may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
the fees, expenses and indemnities of the Indenture Trustee) connected therewith.

Every replacement
Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.

The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.07Persons
Deemed Note Owners. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination)
as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

Section 2.08Payment
of Principal and Interest; Defaulted Interest.

(a)The Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
shall accrue interest at the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate, the Class B Rate, the
Class C Rate and the Class D Rate, respectively, as set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B,
Exhibit C and Exhibit D, respectively, and such interest shall be payable on each Payment Date as specified therein, subject to
Section 3.01. Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by
the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor
Notes) is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears
on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such
nominee, if an account is so designated; provided, however, that the final installment of principal payable with respect to such
Note on a Payment Date or on the related Stated Maturity Date (including the Redemption Price for any Note called for redemption
pursuant to Section 10.01) shall be payable as provided in paragraph (b) below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.03.

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(b)The principal
of each Note shall be payable in installments on each Payment Date as provided in Section 3.01 hereof and the forms of the
Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes may be declared immediately due and payable, if not previously paid,
in the manner provided in Section 5.02 on any date on which an Event of Default shall have occurred and be continuing, by
the Indenture Trustee or the Indenture Trustee acting at the direction of the Holders of Notes representing not less than a majority
of the Outstanding Amount of the Controlling Class. All principal payments on each Class of Notes shall be made pro rata to the
Noteholders of the related Class entitled thereto. Upon written notice thereof, the Indenture Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuer expects
the final installment of principal of and interest on such Note to be paid. Such notice shall specify that such final installment
will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented
and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders
as provided in Section 10.02.

(c)If the Issuer
defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest
to the extent lawful) at the applicable Interest Rate in any lawful manner on the next Payment Date.

Section 2.09Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than
the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer
may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that
the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture
Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except
as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that
they be destroyed or returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed
of by the Indenture Trustee.

Section 2.10Book-Entry
Notes. The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes,
to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes
shall be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and
no Note Owner thereof will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided
in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued
to such Note Owners pursuant to Section 2.12:

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(a)the provisions
of this Section shall be in full force and effect;

(b)the Note Registrar
and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the
payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of
the Notes, and shall have no obligation to the Note Owners;

(c)to the extent
that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall
control;

(d)the rights
of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency or the Clearing Agency Participants pursuant to the Note Depository Agreement.
Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to
such Clearing Agency Participants; and

(e)whenever this
Indenture requires or permits actions to be taken based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes or the Controlling Class of Notes, the Clearing Agency shall be deemed to represent
such percentage only to the extent that it has received instructions to such effect from Note Owners or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions
to the Indenture Trustee.

Section 2.11Notices
to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.12, the Indenture Trustee shall
give all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to such Note Owners.

Section 2.12Definitive
Notes. If (a) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able
to properly discharge its responsibilities with respect to the Book-Entry Notes and the Administrator is unable to locate a qualified
successor or (b) after the occurrence of an Event of Default or a Servicer Termination Event, Note Owners of the Book-Entry Notes
representing beneficial interests aggregating at least a majority of the Outstanding Amount of such Notes advise the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such
Note Owners, then the Clearing Agency shall notify all Note Owners, the Administrator and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture
Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions,
the Issuer shall execute and the Indenture Trustee upon an Issuer Order shall authenticate the Definitive Notes in accordance with
the written instructions of the Clearing Agency. None of the Issuer, the Note Registrar, the Administrator or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.

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Section 2.13Tax
Treatment. The Issuer has entered into this Indenture, and the Notes will be issued, with the intention that, for purposes
of federal and state income tax, franchise tax and any other tax measured in whole or in part by income, the Notes (other than
Notes, if any, retained by the Issuer or a Person considered to be the same person as the Issuer for United States federal income
tax purposes) will be characterized as indebtedness secured by the Trust Estate. The Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry
Note), agree to treat the Notes (other than Notes, if any, retained by the Issuer or a Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.

ARTICLE
III.

COVENANTS

Section 3.01Payment
of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest, if any, on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.02(c), on each Payment
Date, the Issuer will cause to be distributed all amounts deposited in the Collection Account which represent Available Amounts
for such Payment Date pursuant to the Sale and Servicing Agreement (a) for the benefit of the Class A-1 Notes, to the Class A-1
Noteholders, (b) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the benefit of the Class A-3 Notes,
to the Class A-3 Noteholders, (d) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders, (e) for the benefit of
the Class B Notes, to the Class B Noteholders, (f) for the benefit of the Class C Notes, to the Class C Noteholders and (g) for
the benefit of the Class D Notes, to the Class D Noteholders. Amounts properly withheld under the Code by any Person from a payment
to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all
purposes of this Indenture.

Section 3.02Maintenance
of Office or Agency. The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where
Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served. Such office will initially be located at (a) solely for the purposes of the transfer,
surrender or exchange of Notes, Citibank, N.A., 111 Wall Street, 15th Floor Window, New York, New York 10005, Attention:
Structured Finance Agency and Trust - Hyundai Auto Receivables Trust 2012-A and (b) for all other purposes Citibank, N.A., 388
Greenwich Street, 14th Floor, New York, New York 10013, Attention: Global Transaction Services - Hyundai Auto Receivables
Trust 2012-A. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location,
of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish
the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

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Section 3.03Money
for Payments To Be Held in Trust. All payments of amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent,
and no amounts so withdrawn from the Collection Account or the Reserve Account for payments of Notes shall be paid over to the
Issuer except as provided in this Section.

On or before the
Business Day preceding each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection
Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the
benefit of the Persons entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture
Trustee of its action or failure so to act.

The Issuer will
cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees),
subject to the provisions of this Section, that such Paying Agent will:

(a)hold all sums
held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein
provided;

(b)give the Indenture
Trustee notice of any default by the Issuer (or any other obligor on the Notes) of which it has actual knowledge in the making
of any payment required to be made with respect to the Notes;

(c)at any time
during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee
all sums so held in trust by such Paying Agent;

(d)immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and

(e)comply with
all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon (including retaining any Internal Revenue Service forms or certifications establishing exemption therefrom
as required by law) and with respect to any applicable reporting requirements in connection with any payments made by it on any
Notes and any withholding of taxes therefrom.

The Issuer may
at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held
by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment
by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such
money.

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Subject to applicable
laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall
be discharged from such trust and be paid upon Issuer Request to the Issuer; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense
and direction of the Issuer cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction
of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such
repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in
moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the
last address of record for each such Holder).

Section 3.04Existence.
Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence, rights
and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder
is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep
in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its
qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

Section 3.05Protection
of Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other
action necessary or advisable to:

(a)maintain or
preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

(b)perfect, publish
notice of or protect the validity of any Grant made or to be made by this Indenture;

(c)enforce any
of the Collateral; or

(d)preserve and
defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the claims
of all persons and parties.

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The Issuer hereby
designates the Indenture Trustee, as its agent and attorney-in-fact, to execute upon an Issuer Order any financing statement, continuation
statement or other instrument required to be executed pursuant to this Section 3.05.

Section 3.06Opinions
as to Trust Estate.

(a)On the Closing
Date, the Issuer shall cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental
hereto, and any other requisite documents, and with respect to the filing of any financing statements and continuation statements,
as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such
action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective.

(b)On or before
April 30 in each calendar year, beginning in 2013, the Issuer shall furnish or cause to be furnished to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording,
filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite documents and
with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the
lien and security interest created by this Indenture and reciting the details of such action, or stating that in the opinion of
such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe
the recording, filing, re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year.

Section 3.07Performance
of Obligations; Servicing of Receivables.

(a)The Issuer
will not take any action and will use its reasonable best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the
Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity
or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and Servicing Agreement
or such other instrument or agreement.

(b)The Issuer
may contract with other Persons with notification to the Rating Agencies to assist it in performing its duties under this Indenture,
and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer
shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer and the Administrator
to assist the Issuer in performing its duties under this Indenture.

(c)The Issuer
will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and
in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to be filed all
UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing
Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided
therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without
the consent of either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Notes.

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(d)If the Issuer
shall have knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the
Issuer is taking with respect to such default.

(e)[Reserved].

(f)Upon any termination
of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee thereof. As soon as a successor servicer (a “Successor Servicer”) is appointed, the Issuer shall notify
the Indenture Trustee in writing of such appointment, specifying in such notice the name and address of such Successor Servicer.

(g)Without limitation
of the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee
hereunder, the Issuer agrees (i) except to the extent otherwise provided in any Basic Documents, that it will not, without the
prior written consent of the Indenture Trustee acting at the direction of the Holders of at least a majority in Outstanding Amount
of the Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement)
or the Basic Documents, or waive timely performance or observance by the Servicer or the Seller under the Sale and Servicing Agreement;
and (ii) that any such amendment shall not (A) 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 (B) reduce the aforesaid percentage of the Notes that is required
to consent to any such amendment, without the consent of the Holders of all Outstanding Notes. If the Indenture Trustee acting
at the direction of such Holders agrees to any such amendment, modification, supplement or waiver, the Indenture Trustee agrees,
promptly following a request by the Issuer to do so, to execute and deliver, at the Issuer’s own expense, such agreements,
instruments, consents and other documents as the Issuer may deem necessary or appropriate in the circumstances.

Section 3.08Negative
Covenants. So long as any Notes are Outstanding, the Issuer shall not:

(a)except to the
extent as expressly permitted by this Indenture or the Sale and Servicing Agreement, sell, transfer, exchange or otherwise dispose
of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the
Indenture Trustee acting on direction of at least a majority in Outstanding Amount of the Controlling Class given pursuant to this
Agreement;

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(b)claim any credit
on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld
from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the
taxes levied or assessed upon any part of the Trust Estate; or

(c)(i) permit
the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest,
mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or
burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’
liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result
of an action or omission of the related Obligor) or (iii) permit the lien of this Indenture not to constitute a valid first priority
(other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate.

Section 3.09Annual
Statement as to Compliance. The Issuer will deliver to the Indenture Trustee and the Rating Agencies, within 120 days after
the end of each fiscal year of the Issuer (commencing with the calendar year of 2013), an Officer’s Certificate stating,
as to the Authorized Officer signing such Officer’s Certificate, that:

(a)a review of
the activities of the Issuer during such year and of its performance under this Indenture has been made under such Authorized Officer’s
supervision; and

(b)to the best
of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under
this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying
each such default known to such Authorized Officer and the nature and status thereof.

Section 3.10Issuer
May Consolidate, etc., Only on Certain Terms.

(a)The Issuer
shall not consolidate or merge with or into any other Person, unless:

(i)the Person
(if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the
laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of
the Issuer to be performed or observed, all as provided herein;

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(ii)immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

(iii)the
Rating Agency Condition shall have been satisfied with respect to such transaction;

(iv)the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect
that such transaction will not have any material adverse federal income tax consequences to the Issuer, any Noteholder or any Certificateholder;

(v)any action
that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

(vi)the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act) in all material
respects.

(b)The Issuer
shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any Person, unless:

(i)the Person
that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted
(A) shall be a United States citizen or a Person organized and existing under the laws of the United States of America or any State
and treated as a United States Person under Section 7701(a)(30), (B) expressly assumes, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of
the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that
all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes,
(D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer
and the Indenture Trustee against and from any loss, liability or expense arising under or related to this Indenture and the Notes
and (E) expressly agrees by means of such supplemental indenture that such Person (or, if a group of Persons, one specified Person)
shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the
Notes;

(ii)immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

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(iii)the
Rating Agency Condition shall have been satisfied with respect to such transaction;

(iv)the
Issuer shall have received an Opinion of Counsel which may not be in-house counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will not have any material adverse federal income tax consequences to
the Issuer, any Noteholder or any Certificateholder;

(v)any action
that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

(vi)the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein
provided for relating to such transaction have been complied with (including any filing required by the Exchange Act) in all material
respects.

Section 3.11Successor
or Transferee.

(a)Upon any consolidation
or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or
merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer
under this Indenture with the same effect as if such Person had been named as the Issuer herein.

(b)Upon a conveyance
or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), Hyundai Auto Receivables Trust 2012-A
will be released from every covenant and agreement of this Indenture to be observed by or performed on the part of the Issuer with
respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that Hyundai Auto Receivables
Trust 2012-A is to be so released.

Section 3.12No
Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing
the Receivables in the manner contemplated by this Indenture and the Basic Documents and any activities incidental thereto.

Section 3.13No
Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

Section 3.14Compliance
with Regulation AB. For so long as the Issuer is subject to the reporting requirements under the Exchange Act, the Issuer agrees
to perform all duties and obligations applicable to or required of the Issuer set forth in Appendix A to the Sale and Servicing
Agreement and makes the representations and warranties therein applicable to it.

Section 3.15Guarantees,
Loans, Advances and Other Liabilities. Except as contemplated by the Trust Agreement, the Sale and Servicing Agreement or this
Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise),
endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends
of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or
any other interest in, or make any capital contribution to, any Person.

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Section 3.16Capital
Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either
realty or personalty).

Section 3.17Removal
of Administrator. So long as any Notes are Outstanding, the Issuer shall not remove the Administrator unless the Rating Agency
Condition shall have been satisfied in connection with such removal and the Indenture Trustee receives written notice of the foregoing
and consents thereto.

Section 3.18Restricted
Payments. Except with respect to the proceeds from issuance of the Notes, the Issuer shall not, directly or indirectly, (a)
pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or
equity interest or security in or of the Issuer or to the Servicer, (b) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, distributions as contemplated by, and to the extent funds are available
for such purpose under, the Sale and Servicing Agreement, this Indenture or the Trust Agreement. The Issuer will not, directly
or indirectly, make payments to or distributions from the Trust Accounts except in accordance with this Indenture and the Basic
Documents.

Section 3.19Notice
of Events of Default. The Issuer shall give the Indenture Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder, and of each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing
Agreement and on the part of the Seller or the Depositor of its obligations under the Receivables Purchase Agreement.

Section 3.20Further
Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

ARTICLE
IV.

SATISFACTION AND DISCHARGE

Section 4.01Satisfaction
and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights
of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders
to receive payments of principal thereof and interest thereon, (d) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.11, 3.12, 3.13, 3.15, 3.16 and 3.18, (e) the rights, obligations and immunities
of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.08 and the obligations
of the Indenture Trustee under Section 4.02) and (f) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect
to the Notes, when

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(i)either:

(A)all
Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 2.06 and (2) Notes for the payment of which money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust,
as provided in Section 3.03), have been delivered to the Indenture Trustee for cancellation; or

(B)all
Notes not theretofore delivered to the Indenture Trustee for cancellation

(1)have
become due and payable,

(2)will
become due and payable, as of May 15, 2018, within one year of such date or

(3)are to
be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuer;

and the Issuer, in the case of (A) or
(B) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations
of or obligations guaranteed by the United States of America (that will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered
to the Indenture Trustee for cancellation when due to the applicable Stated Maturity Date or Redemption Date (if Notes shall have
been called for redemption pursuant to Section 10.01), as the case may be;

(ii)the
Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer including, but not limited to, fees, reimbursements,
indemnities and expenses due to the Indenture Trustee; and

(iii)the
Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA
or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements
of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with.

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Section 4.02Application
of Trust Money. All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust
and applied by it in accordance with the provisions of the Notes and this Indenture to the payment, either directly or through
any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption
of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the extent required herein, in the Sale and Servicing
Agreement or by law.

Section 4.03Repayment
of Moneys Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to
such Notes shall, upon written demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section
3.03; and thereupon, such Paying Agent shall be released from all further liability with respect to such moneys.

Section 4.04Release
of Collateral. Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an
Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion
of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

ARTICLE
V.

REMEDIES

Section 5.01Events
of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

(a)default in
the payment of any interest on any Controlling Class of Note when the same becomes due and payable, and such default shall continue
for a period of thirty-five (35) days;

(b)default in
the payment of the principal of or any installment of the principal of any Note on its related Stated Maturity Date;

(c)default in
the observance or performance of any representation, warranty, covenant or agreement of the Issuer made in this Indenture (other
than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt
with) or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect
in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or
the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated
or otherwise cured, for a period of sixty (60) days (extendable to ninety (90) days if breach is of the type that can be cured
within 90 days) after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to
the Issuer and the Indenture Trustee by the Holders of at least 50% of the Outstanding Amount of the Controlling Class of Notes,
a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that
such notice is a notice of Default hereunder;

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(d)the filing
of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part
of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuer or for any substantial part of the Trust Estate, or the ordering of the winding-up or liquidation of the Issuer’s
affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or

(e)the commencement
by the Issuer of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter
in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent
by the Issuer to the appointment of or taking of possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment
for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of
any action by the Issuer in furtherance of any of the foregoing.

The Issuer shall
promptly deliver to the Indenture Trustee written notice in the form of an Officer’s Certificate of any event that with the
giving of notice and the lapse of time would become an Event of Default under clause (c), its status and what action the Issuer
is taking or proposes to take with respect thereto.

Section 5.02Acceleration
of Maturity; Rescission and Annulment.

(a)If an Event
of Default shall occur and be continuing, then and in every such case the Indenture Trustee may, and if so directed in writing
by the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes shall,
declare all the Notes to be then immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee
if given by Noteholders), and upon any such declaration the Outstanding Amount of such Notes, together with accrued and unpaid
interest thereon through the date of acceleration, shall become immediately due and payable.

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(b)If an Event
of Default under this Indenture shall have occurred, the Indenture Trustee may, or if so requested in writing by Holders of Notes
representing at least a majority of the Outstanding Amount of the Controlling Class of Notes, shall, declare by written notice
to the Issuer all of the Notes to be immediately due and payable, and upon any such declaration, the Outstanding Amount of the
Notes, together with accrued interest thereon through the date of acceleration, shall become immediately due and payable as provided
in the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D. Notwithstanding
anything to the contrary in this paragraph (b), if an Event of Default specified in clauses (d) or (e) of Section 5.01 shall
have occurred and be continuing the Notes shall become immediately due and payable at par, together with accrued interest thereon.

(c)At any time
after such declaration of acceleration of maturity has been made, the Holders of Notes representing a majority of the Outstanding
Amount of the Controlling Class of the Notes, by written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if:

(i)the Issuer
has paid or deposited with the Indenture Trustee a sum sufficient to pay:

(A)all
payments of principal of and interest on the Notes and all other amounts that would then be due hereunder or upon such Notes if
the Event of Default giving rise to such acceleration had not occurred; and

(B)all
sums paid by the Indenture Trustee hereunder and the reasonable compensation, indemnity, reimbursement, expenses and disbursements
of the Indenture Trustee and its agents and counsel and the reasonable compensation, expenses and disbursements of the Owner Trustee
and its agents and counsel; and

(ii)all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.

No such rescission shall affect any
subsequent default or impair any right consequent thereto.

Section 5.03Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.

(a)The Issuer
covenants that if (i) a default is made in the payment of any interest on any Note when the same becomes due and payable, and such
default continues for a period of thirty-five (35) days or (ii) a default is made in the payment of the principal of or any installment
of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee, pay
to it, for the benefit of the Holders of the Notes, the entire amount then due and payable on such Notes in respect of principal
and interest, with interest on the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable,
on overdue installments of interest at the related Interest Rate and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses and disbursements of the Indenture
Trustee and its agents and counsel.

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(b)In case the
Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment
or final decree, and may enforce the same against the Issuer or other obligor on such Notes and collect in the manner provided
by law out of the Trust Estate or the property of any other obligor on such Notes, wherever situated, the moneys adjudged or decreed
to be payable.

(c)If an Event
of Default occurs, the Indenture Trustee may, as more particularly provided in Section 5.04, or shall, at the directions
of the Holders of at least a majority of the Outstanding Amount of the Controlling Class of Notes, proceed to protect and enforce
its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the Indenture Trustee
at the direction of the Holders of at least a majority of the Outstanding Amount of the Controlling Class of Notes shall reasonably
deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Indenture Trustee by this Indenture or by law.

(d)In case there
shall be pending, relative to the Issuer or any other obligor on the Notes or any Person having or claiming an ownership interest
in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator
or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable Proceedings relative to the Issuer or other obligor on the Notes, or to the creditors or property
of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made
any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or
otherwise:

(i)to file
and prove a claim or claims for the entire amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of reasonable out-of-pocket expenses and liabilities incurred, by the Indenture Trustee
and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;

(ii)unless
prohibited by applicable law or regulation, to vote on behalf of the Holders of Notes in any election of a trustee, a standby trustee
or a Person performing similar functions in any such Proceedings;

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(iii)to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received
with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

(iv)to file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuer, its creditors or its property;

and any trustee, receiver, liquidator,
custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to
the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders,
to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses, reimbursements,
indemnities and liabilities incurred by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence
or bad faith.

(e)Nothing herein
contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

(f)All rights
of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without
the possession of any of the Notes or the production thereof in any Proceedings relative thereto, and any such Proceedings instituted
by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject
to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

(g)In any Proceedings
brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which
the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it
shall not be necessary to make any Noteholder a party to any such Proceedings.

Section 5.04Remedies;
Priorities.

(a)If an Event
of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section
5.05):

(i)institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under
this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer
and any other obligor on such Notes moneys adjudged due;

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(ii)institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

(iii)exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Holders of the Notes; and

(iv)sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law;

provided that Indenture Trustee may not
sell or otherwise liquidate the Trust Estate following an Event of Default unless:

(A)the
Event of Default is of the type described in Section 5.01(a) or (b); or

(B)with
respect to an Event of Default described in Section 5.01(c):

(1)the Noteholders
of all Outstanding Notes and the Certificateholders of all outstanding Certificates consent thereto; or

(2)the proceeds
of such sale or liquidation are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes and outstanding
Certificates.

(C)with
respect to any Event of Default described in Section 5.01(d) and (e):

(1)the Noteholders
of Notes evidencing 100% of the Outstanding Amount of the Controlling Class consent thereto; or

(2)the proceeds
of such sale or liquidation are sufficient to pay in full the principal of and the accrued interest on the Outstanding Notes; or

(3)the Indenture
Trustee

(x)determines (but shall have
no obligation to make such determination) that the Trust Estate will not continue to provide sufficient funds for the payment of
principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable; and

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(y)the Indenture Trustee obtains
the consent of Noteholders of Notes evidencing not less than 66 2/3% of the Outstanding Amount of the Controlling Class.

In determining
such sufficiency or insufficiency with respect to clause 5.04(a)(iv)(B)(2) and 5.04(a)(iv)(C)(2) or 5.04(a)(iv)(C)(3)(x) above,
Indenture Trustee may, but need not, obtain at the Issuer’s expense, and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.

(b)(1)Notwithstanding
the provisions of Section 8.02, following the occurrence and during the continuation of an Event of Default specified in
Section 5.01(a), 5.01(b), 5.01(d) or 5.01(e) which has resulted in an acceleration of the Notes (or
following the occurrence of any such event after an Event of Default specified in Section 5.01(c) has occurred and the Trust
Estate has been liquidated), if the Indenture Trustee collects any money or property, it shall pay out such money or property (and
other amounts including amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders,
net of liquidation costs associated with the sale of the Trust Estate, in the following order:

FIRST:  to
the Indenture Trustee, any amounts due under Section 6.08 and to the Owner Trustee, any amounts due under Article 8 of the
Trust Agreement, to the extent that such amounts were not previously paid by the Servicer or the Administrator, as applicable;

SECOND:  to
the Servicer for due and unpaid Servicing Fees and Advances not previously reimbursed;

THIRD:  to
Class A Noteholders for amounts due and unpaid on the Class A Notes in respect of interest, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Class A Notes in respect of interest; provided that if there are not
sufficient funds available to pay the entire amount of the accrued and unpaid interest on the Class A Notes, the amounts available
shall be applied to the payment of such interest on the Class A Notes on a pro rata basis based upon the amount of interest due
on each Class of Class A Notes;

FOURTH:  to
Holders of the Class A-1 Notes for amounts due and unpaid on the Class A-1 Notes in respect of principal, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Class A-1 Notes in respect of principal, until the Outstanding
Amount of the Class A-1 Notes is reduced to zero;

FIFTH:  to
Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes for amounts due and unpaid on the Class A-2 Notes, Class A-3
Notes and Class A-4 Notes in respect of principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes in respect of principal, until the Outstanding Amount
of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is reduced to zero; provided that if there are not sufficient
funds available to pay the principal amount of the Outstanding Class A-2 Notes, Class A-3 Notes and Class A-4 Notes in full, the
amounts available shall be applied to the payment of principal of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes on a
pro rata basis;

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SIXTH:  to Holders of the
Class B Notes for amounts due and unpaid on the Class B Notes in respect of interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Class B Notes in respect of interest;

SEVENTH:  to Holders of the
Class B Notes for amounts due and unpaid on the Class B Notes in respect of principal, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Class B Notes in respect of principal, until the Outstanding Amount
of the Class B Notes is reduced to zero;

EIGHTH:  to Holders of the
Class C Notes for amounts due and unpaid on the Class C Notes in respect of interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Class C Notes in respect of interest;

NINTH:  to Holders of the
Class C Notes for amounts due and unpaid on the Class C Notes in respect of principal, ratably, without preference or priority
of any kind, according to the amounts due and payable on the Class C Notes in respect of principal, until the Outstanding Amount
of the Class C Notes is reduced to zero;

TENTH:  to Holders of the Class
D Notes for amounts due and unpaid on the Class D Notes in respect of interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Class D Notes in respect of interest;

ELEVENTH:to Holders of the Class
D Notes for amounts due and unpaid on the Class D Notes in respect of principal, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Class D Notes in respect of principal, until the Outstanding Amount of the
Class D Notes is reduced to zero; and

TWELFTH: to the Certificate Distribution
Account, any remaining amounts for distribution to the Certificateholders.

The Indenture Trustee
may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before
such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the
payment date and the amount to be paid.

(ii)Except
as otherwise provided in Section 5.04(b)(i), the Indenture Trustee shall make all payments and distributions of the Trust
Estate in accordance with Section 8.02.

Section 5.05Optional
Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 following
an Event of Default, and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall
take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether
or not to maintain possession of the Trust Estate, the Indenture Trustee may, at the expense of the Issuer and paid in the priority
set forth in Section 5.05(b) of the Sale and Servicing Agreement, but need not, obtain and conclusively rely upon an opinion
of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and
as to the sufficiency of the Trust Estate for such purpose.

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Section 5.06Limitation
of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

(a)such Holder
has previously given written notice to the Indenture Trustee of a continuing Event of Default;

(b)the Event of
Default arises from the Servicer’s failure to remit payments when due or the Holders of not less than 25% of the Outstanding
Amount of the Controlling Class of Notes have made written request to the Indenture Trustee to institute such Proceeding in respect
of such Event of Default in its own name as Indenture Trustee hereunder;

(c)such Holder
or Holders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities that may be incurred
in complying with such request;

(d)the Indenture
Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and

(e)no direction
inconsistent with such written request has been given to the Indenture Trustee during such sixty (60) day period by the Holders
of a majority of the Outstanding Amount of the Controlling Class of Notes.

It is understood
and intended that no one or more Holders of Notes shall have any right in any manner whatsoever by virtue of, or by availing of,
any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek
to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided.

In the event the
Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes
pursuant to this Section, each representing less than a majority of the Outstanding Amount of the Controlling Class of Notes, the
Indenture Trustee shall act at the direction of the group representing the greater percentage of the Outstanding Amount of Notes
and if there is no such group then in its sole discretion may determine what action, if any, shall be taken, notwithstanding any
other provisions of this Indenture.

Section 5.07Unconditional
Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

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Section 5.08Restoration
of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders
shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder,
and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted.

Section 5.09Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.

Section 5.10Delay
or Omission Not a Waiver. No delay or omission of the Indenture Trustee, or any Holder of any Note to exercise any right or
remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default
or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee
or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or
the Noteholders, as the case may be.

Section 5.11Control
by the Controlling Class of Noteholders. The Holders of a majority of the Outstanding Amount of the Controlling Class of Notes
shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided, that:

(a)such direction
shall not be in conflict with any rule of law or with this Indenture;

(b)subject to
the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be
by Holders of Notes representing not less than 100% of the Outstanding Amount of the Controlling Class of Notes;

(c)if the conditions
set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such
Section, then any written direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding
Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

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(d)the Indenture
Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

Notwithstanding
the rights of Noteholders set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any
action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not
consenting to such action.

Section 5.12Waiver
of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02,
the Holders of Notes of not less than a majority of the Outstanding Amount of the Controlling Class of Notes may waive any past
Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes
or (b) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereto.

Upon any such waiver,
such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom
shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Section 5.13Undertaking
for Costs. All parties to this Indenture agree, and each Holder of a Note by such Holder’s acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard
to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not
apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes (or in the case of a right or remedy
under this Indenture which is instituted by the Controlling Class, more than 10% of the Outstanding Amount of the Controlling Class)
or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on
or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the
Redemption Date).

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Section 5.14Waiver
of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the
extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

Section 5.15Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien
of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any
judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the
Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied
in accordance with Section 5.04(b).

Section 5.16Performance
and Enforcement of Certain Obligations.

(a)Promptly following
a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action
as the Indenture Trustee may request to compel or secure the performance and observance by the Seller or the Servicer, as applicable,
of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement or the Receivables Purchase
Agreement, as applicable, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection with the Sale and Servicing Agreement or the Receivables Purchase Agreement to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of either Seller or the Servicer
thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller
or the Servicer of each of their obligations under the Sale and Servicing Agreement and the Receivables Purchase Agreement; provided,
however, nothing herein shall in any way impose on the Indenture Trustee the duty to monitor the performance of the Seller or the
Servicer of any of their liabilities, duties or obligations under any Basic Document.

(b)If an Event
of Default has occurred, the Indenture Trustee may, and at the direction (which direction shall be in writing) of the Holders of
not less than a majority of the Outstanding Amount of the Controlling Class of Notes shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement
and the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance
by the Seller or the Servicer, as the case may be, of each of their obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement and the Receivables Purchase Agreement,
as the case may be, and any right of the Issuer to take such action shall be suspended.

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ARTICLE
VI.

THE INDENTURE TRUSTEE

Section 6.01Duties of Indenture
Trustee.

(a)If an Event
of Default has occurred and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

Except during the
continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge, the Indenture
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants
or obligations shall be read into this Indenture against the Indenture Trustee. In the absence of bad faith or negligence on its
part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon the face value of the certificates, reports, resolutions, documents, orders, opinions or other instruments furnished
to the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall
not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document, order
or other instrument; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they
conform to the requirements of this Indenture. If any such instrument is found not to conform in any material respect to the requirements
of this Agreement, the Indenture Trustee shall notify the Noteholders of such instrument in the event that the Indenture Trustee,
after so requesting, does not receive a satisfactorily corrected instrument.

(b)The Indenture
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

(i)this
paragraph does not limit the effect of paragraph (a) of this Section;

(ii)the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

(iii)the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to the terms of this Indenture or any other Basic Documents.

(c)Every provision
of this Indenture that in any way relates to the Indenture Trustee is subject to this Section.

(d)The Indenture
Trustee shall not be liable for indebtedness evidenced by or arising under any of the Basic Documents, including principal of or
interest on the Notes, or interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

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(e)Money held
in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement.

(f)No provision
of this Indenture shall require the Indenture Trustee to advance, expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

(g)Every provision
of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall
be subject to the provisions of this Section and to the provisions of the TIA.

(h)In no event
shall the Indenture Trustee be required to perform, or be responsible for the manner of performance of, any of the obligations
of the Servicer or any other party under the Sale and Servicing Agreement.

(i)The Indenture
Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording
or filing or depositing or to any rerecording, re-filing or redepositing of any thereof, (ii) to see to any insurance, or
(iii) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any
kind owing with respect to, assessed or levied against, any part of the Trust Fund.

The Indenture Trustee,
or a Responsible Officer thereof, shall only be charged with actual knowledge of any default, an Event of Default or a breach of
any representation or warranty by the Servicer, the Owner Trustee, the Depositor, the Seller or the Issuer under any Basic Document
if a Responsible Officer actually knows of such default, Event of Default or breach or the Indenture Trustee receives written notice
of such default, Event of Default or breach from the Issuer, the Servicer or Noteholders owning Notes aggregating not less than
10% of the Outstanding Amount of the Notes. Notwithstanding the foregoing, the Indenture Trustee shall not be required to take
notice and in the absence of such actual notice and knowledge, the Indenture Trustee may conclusively assume that there is no such
default, Event of Default or breach.

Section 6.02Representations
and Warranties of the Indenture Trustee. The Indenture Trustee represents and warrants to the Issuer as of the Closing
Date as follows:

(a)The Indenture
Trustee is a national banking association duly organized and validly existing as a corporation in good standing, with power and
authority to own its properties and to conduct its business as such properties are currently owned and such business is presently
conducted.

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

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(c)The Indenture
Trustee has the corporate power and authority to execute and deliver this Indenture and to carry out its terms and the execution,
delivery and performance of this Indenture has been duly authorized by the Indenture Trustee by all necessary corporate action.

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

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

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

(g)The Indenture Trustee satisfies
the eligibility criteria set forth in this Indenture.

Section 6.03Rights
of Indenture Trustee.

(a)The Indenture
Trustee may conclusively rely on the face value of any document believed by it to be genuine and to have been signed or presented
by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.

(b)Before the
Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel from the
appropriate party. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance
on an Officer’s Certificate or Opinion of Counsel from the appropriate party. The right of the Indenture Trustee to perform
any discretionary act enumerated in this Indenture or in any Basic Document shall not be construed as a duty of the Indenture Trustee
and the Indenture Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such
discretionary act.

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(c)The Indenture
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys or a custodian or nominee and the Indenture Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent, attorney or custodian appointed by the Indenture Trustee with due care.

(d)The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or
bad faith.

(e)The Indenture
Trustee may consult, at the Issuer’s expense and paid in accordance with Section 4.16 of the Sale and Servicing Agreement
or, to the extent not so paid, in accordance with and in the priority set forth in Section 5.05(b) of the Sale and Servicing
Agreement, with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the
Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered
by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f)In the event
that the Indenture Trustee is also acting as Paying Agent, Note Registrar or collateral agent, the rights and protections afforded
to the Indenture Trustee pursuant to this Article 6 shall be afforded to such Paying Agent, Note Registrar or collateral agent.

(g)The Indenture
Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or to institute, conduct
or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, pursuant
to the provisions of this Indenture, unless such Noteholders shall have offered to the Indenture Trustee reasonable security or
indemnity against the costs, expenses and liabilities which may be incurred therein or thereby;

(h)The right of
the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the Indenture
Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of such act; and

(i)The Indenture
Trustee shall not be required to give any bond or surety in respect of the powers granted hereunder.

Section 6.04Individual
Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.
Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee
must comply with Section 6.12.

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Section 6.05Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds
from the Notes, and it shall not be responsible for any statement of the Issuer in the Indenture, any Basic Document or in any
document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of
authentication.

Section 6.06Notice
of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default within thirty (30) days after it occurs. Except in the
case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions
of such Note), the Indenture Trustee may withhold the notice to Noteholders if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is in the interests of Noteholders.

Section 6.07Reports
by Indenture Trustee to Holders. Solely from information provided by the Servicer, the Indenture Trustee shall make available
to each Noteholder such information as may be required to enable such holder to prepare its federal and state income tax returns.

Section 6.08Compensation
and Indemnity. The Issuer shall cause the Servicer to pay to the Indenture Trustee from time to time reasonable compensation
for its services. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall cause the Servicer to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include
but are not limited to the reasonable out-of-pocket compensation and expenses, disbursements and advances of the Indenture Trustee’s
agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Indenture Trustee against any and
all loss, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder or under the Sale and Servicing Agreement or under any other Basic Document
or in connection with the Notes. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which
it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or
the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture
Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such
counsel. Neither the Issuer nor the Servicer need reimburse any expense or indemnify against any loss, liability or expense incurred
by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. Anything in this
Agreement to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action.

The Issuer’s
obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation
or removal of the Indenture Trustee. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.01(d) or (e) with respect to the Issuer, the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or similar law.

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Section 6.09Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.09.
The Indenture Trustee may resign at any time by so notifying the Issuer, the Servicer and the Administrator (and the Administrator
shall notify each Rating Agency). The Holders of a majority in Outstanding Amount of the Controlling Class of Notes may remove
the Indenture Trustee by notifying the Indenture Trustee if:

(a)the Indenture
Trustee fails to comply with Section 6.12;

(b)the Indenture
Trustee is adjudged a bankrupt or insolvent;

(c)a receiver
or other public officer takes charge of the Indenture Trustee or its property;

(d)the Indenture
Trustee otherwise becomes incapable of acting; or

(e)the Indenture
Trustee breaches any representation, warranty or covenant made by it under any Basic Document.

If the Indenture
Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in
such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture
Trustee.

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and the Issuer. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The retiring Indenture Trustee shall be paid all amounts owed
to it upon its resignation or removal. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.
The retiring Indenture Trustee shall not be liable for the acts or omissions of any Successor Indenture Trustee.

If a successor
Indenture Trustee does not take office within 45 days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Controlling Class of Notes may petition
any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

If the Indenture
Trustee fails to comply with Section 6.12, any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

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Notwithstanding
the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations
under Section 6.08 shall continue for the benefit of the retiring Indenture Trustee.

Section 6.10Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association
shall be qualified and eligible under Section 6.12.

In case at the
time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases
such certificates shall have the full force that it is anywhere in the Notes or in this Indenture provided that the certificate
of the Indenture Trustee shall have.

Section 6.11Appointment
of Co-Indenture Trustee or Separate Indenture Trustee.

(a)Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.12 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.09 hereof.

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

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

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(ii)no trustee
hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

(iii)the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

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

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

Section 6.12Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000.00 as set forth in its most recent published annual report
of condition, and the time deposits of the Indenture Trustee shall be rated at least “BBB-” by Fitch and “Baa3”
by Moody’s or “F1” by Fitch and “Prime-1” by Moody’s. The Indenture Trustee shall comply with
TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

Section 6.13[Reserved].

Section 6.14Preferential
Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned or been removed shall be subject to
TIA Section 311(a) to the extent indicated.

Section 6.15Waiver
of Setoffs. The Indenture Trustee hereby expressly waives any and all rights of setoff that the Indenture Trustee may otherwise
at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at
all times be held and applied solely in accordance with the provisions hereof and of the other Basic Documents.

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ARTICLE
VII.

NOTEHOLDERS’ LISTS AND REPORTS

Section 7.01Note
Registrar To Furnish Names and Address of Noteholders. The Note Registrar shall furnish or cause to be furnished to the Indenture
Trustee, the Owner Trustee, the Servicer or the Administrator, within 15 days after receipt by the Note Registrar of a written
request therefrom, a list of the names and addresses of the Noteholders of any Class as of the most recent Record Date. If three
or more Noteholders of any Class, or one or more Holders of such Class evidencing not less than 25% of the Outstanding Amount of
such Class (hereinafter referred to as “Applicants”), apply in writing to the Indenture Trustee, and such application
states that the Applicants desire to communicate with other Noteholders with respect to their rights under this Indenture or under
the Notes and such application is accompanied by a copy of the communication that such Applicants propose to transmit, then the
Indenture Trustee shall, within five Business Days after the receipt of such application, afford such Applicants access, during
normal business hours, to the current list of Noteholders. The Indenture Trustee may elect not to afford the Applicants access
to the list of Noteholders if it agrees to mail the desired communication by proxy, on behalf of and at the expense of such Applicants,
to all Noteholders of such series. Every Noteholder, by receiving and holding a Note, agrees with the Indenture Trustee and the
Issuer that none of the Indenture Trustee, the Owner Trustee, the Issuer, the Servicer or the Administrator shall be held accountable
by reason of the disclosure of any such information as to the names and addresses of the Noteholders under this Indenture, regardless
of the source from which such information was derived. If the Indenture Trustee shall cease to be the Note Registrar, then thereafter
the Administrator will furnish or cause to be furnished to the Indenture Trustee not more than five days after the most recent
Record Date or at such other times as the Indenture Trustee reasonably may request in writing, a list, in such form as the Indenture
Trustee reasonably may require, of the names and addresses of the Holders of Notes as of such Record Date.

Section 7.02Preservation
of Information; Communications to Noteholders.

(a)The Indenture
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained
in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders
of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
to it as provided in such Section 7.01 upon receipt of a new list so furnished. The Indenture Trustee shall make such list
available to the Owner Trustee on written request, and to the Noteholders upon written request of three or more Noteholders or
one or more Noteholders evidencing not less than 25% of the Outstanding Amount of the Notes. Upon receipt by the Indenture Trustee
of any request by a Noteholder to receive a copy of the current list of Noteholders, the Indenture Trustee shall promptly notify
the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders in response
thereto.

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(b)Noteholders
may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or
under the Notes.

(c)The Issuer,
the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

Section 7.03Reports
by Issuer.

(a)The Issuer
shall:

(i)file
with the Indenture Trustee, within 15 days after the Issuer is required (if at all) to file the same with the Commission, copies
of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as
the Commission may from time to time by rules and regulations prescribe) that the Issuer may be required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act;

(ii)file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of
this Indenture as may be required from time to time by such rules and regulations; and

(iii)supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA Section 313(c))
such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of
this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission.

(b)Unless the
Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

Section 7.04Reports
by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each March 31, beginning with March 31,
2013, the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief report dated as of such date
that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). A copy of each
report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock
exchange.

ARTICLE
VIII.

ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01Collection
of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such
money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee
may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

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Section 8.02Trust
Accounts.

(a)On or prior
to the Closing Date, the Issuer shall, or shall cause the Servicer to, establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders the Trust Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.

(b)The Issuer
shall cause the Servicer to deposit all Available Amounts with respect to the Collection Period preceding such Payment Date in
the Collection Account not later than two Business Days after receipt as provided in Sections 5.02 and 5.04 of the
Sale and Servicing Agreement. However, if each condition to making monthly deposits as may be required by the Sale and Servicing
Agreement (including, the satisfaction of specified ratings criteria by the Servicer and the absence of any Servicer Default) is
satisfied, the Servicer may retain these amounts until the Business Day immediately preceding the related Payment Date. On or before
the Business Day prior to each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited in the
Collection Account pursuant to Section 5.05 of the Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee
from the Reserve Account and deposited to the Collection Account as provided therein, as to which Issuer shall cause Servicer to
timely provide the related instructions.

(c)On each Payment
Date, except as provided in Section 5.04(b), the Indenture Trustee (based on the information contained in the Servicer’s
report delivered on or before the related Determination Date pursuant to Section 4.09 of the Sale and Servicing Agreement)
shall make the withdrawals from the Collection Account and make deposits, distributions and payments, to the extent of funds on
deposit in the Collection Account with respect to the Collection Period preceding such Payment Date (including funds, if any, deposited
therein from the Reserve Account) (as to which Issuer shall cause Servicer to timely provide the related instructions) in accordance
with and as set forth in Section 5.05 of the Sale and Servicing Agreement.

(d)Prior to the
acceleration of the Notes pursuant to Section 5.2 of this Indenture, on each Payment Date and the Redemption Date, the Indenture
Trustee shall distribute the First Priority Principal Distribution Amount, the Second Priority Principal Distribution Amount, the
Third Priority Principal Distribution Amount and the Regular Principal Distribution Amount as follows:

(i)first,
to the Noteholders of the Class A Notes, in the following order of priority:

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(A)first,
to the Noteholders of the Class A-1 Notes in reduction of principal until the principal amount of the Outstanding Class A-1 Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-1 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-1 Notes on a pro rata
basis;

(B)second,
to the Noteholders of the Class A-2 Notes in reduction of principal until the principal amount of the Outstanding Class A-2
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-2 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-2 Notes on a pro rata
basis;

(C)third,
to the Noteholders of the Class A-3 Notes in reduction of principal until the principal amount of the Outstanding Class A-3
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-3 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-3 Notes on a pro rata
basis; and

(D)fourth,
to the Noteholders of the Class A-4 Notes in reduction of principal until the principal amount of the Outstanding Class A-4
Notes has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class A-4 Notes in full, the amounts available shall be applied to the payment of principal of the Class A-4 Notes on a pro rata
basis;

(ii)second,
to the Noteholders of the Class B Notes in reduction of principal, until the principal amount of the Outstanding Class B Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class B Notes in full, the amounts available shall be applied to the payment of principal of the Class B Notes on a pro rata basis;

(iii)third,
to the Noteholders of the Class C Notes in reduction of principal, until the principal amount of the Outstanding Class C Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class C Notes in full, the amounts available shall be applied to the payment of principal of the Class C Notes on a pro rata basis;
and

(iv)fourth,
to the Noteholders of the Class D Notes in reduction of principal, until the principal amount of the Outstanding Class D Notes
has been paid in full; provided that if there are not sufficient funds available to pay the principal amount of the Outstanding
Class D Notes in full, the amounts available shall be applied to the payment of principal of the Class D Notes on a pro rata basis.

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Section 8.03General
Provisions Regarding Accounts. The Indenture Trustee shall not in any way be held liable by reason of any insufficiency in
any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to
the Indenture Trustee’s failure, in its commercial capacity as principal obligor and not as trustee, to make payments on
such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms.

Section 8.04Release
of Trust Estate.

(a)Subject to
the payment of its fees and expenses pursuant to Section 6.08, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party
relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

(b)The Indenture
Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.08
have been paid in full, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture
and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt by it of an Issuer
Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates
in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

(c)The Issuer
agrees, upon request by the Servicer and representation by the Servicer that it has complied with the procedure in Section 9.01
of the Sale and Servicing Agreement, to render the Issuer Request to the Indenture Trustee in accordance with Section 4.04,
and take such other actions as are required in that Section.

Section 8.05Opinion
of Counsel. The Indenture Trustee shall receive at least seven days prior written notice when requested by the Issuer
to take any action pursuant to Section 8.04(b), accompanied by copies of any instruments involved, and the Indenture
Trustee shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all
conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair
the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate.
Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate
or other instrument delivered to the Indenture Trustee in connection with any such action.

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ARTICLE
IX.

SUPPLEMENTAL INDENTURES

Section 9.01Supplemental Indentures
Without Consent of Noteholders.

(a)Without the
consent of the Holders of any Notes but with prior written notice to the Rating Agencies (with copy to the Indenture Trustee),
the Issuer and the Indenture Trustee, when authorized by an Issuer Order and provided with an Officer’s Certificate from
the Issuer stating that the supplement will have no material adverse effect on any Noteholder, at any time and from time to time,
may enter into one or more supplemental indentures hereto (which shall conform to the provisions of the Trust Indenture Act as
in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

(i)to correct
or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm
unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property;

(ii)to evidence
the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any
such successor of the covenants of the Issuer herein and in the Notes contained;

(iii)to
add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuer;

(iv)to convey,
transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

(v)to cure
any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any
other provision herein or in any supplemental indenture or with the
Prospectus dated February 24, 2012 or the Prospectus Supplement dated February 28, 2012
or to make any other provisions with respect to matters or questions arising under this Indenture or in any
supplemental indenture; provided, that such action shall not adversely affect the interests of the Holders of the Notes;

(vi)to evidence
and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change
any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more
than one trustee, pursuant to the requirements of Article VI; or

(vii)to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA.

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The Indenture Trustee
is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.

(b)The Issuer
and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes
but with prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner
the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not materially
and adversely affect the interests of any Noteholder.

Section 9.02Supplemental
Indentures with Consent of Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies delivered by the Issuer with a copy to the Indenture Trustee and with the consent of the
Holders of not less than a majority of the Outstanding Amount of the Controlling Class of the Notes, by Act of such Holders delivered
to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner
the rights of the Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Note affected thereby:

(a)change the
date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change
any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right
to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor,
as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or,
in the case of redemption, on or after the Redemption Date);

(b)reduce the
percentage of the Outstanding Amount of the Notes or the Controlling Class, the consent of the Holders of which is required for
any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

(c)modify or alter
(i) the provisions of the proviso as to the definition of the term “Outstanding” or (ii) the definition of Controlling
Class;

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(d)reduce the
percentage of the Outstanding Amount of the Notes or the Controlling Class of Notes, as applicable, required to direct the Indenture
Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.04;

(e)modify any
provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of
this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;

(f)modify any
of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect
the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;
or

(g)permit the
creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject
hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture.

It shall not be
necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

Promptly after
the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee
shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such supplemental indenture.

Section 9.03Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled
to receive and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into any
such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise. The Administrator shall provide a fully executed copy of any supplemental indentures to this Indenture
to each Rating Agency.

Section 9.04Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

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Section 9.05Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee
as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes
so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared
and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

Section 9.06Conformity
with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article
IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified
under the Trust Indenture Act.

ARTICLE
X.

REDEMPTION OF NOTES

Section 10.01Redemption.
The Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate
pursuant to said Section 9.01, for a purchase price equal to the Redemption Price; provided, that the Issuer has available
funds sufficient to pay the Redemption Price. The Servicer or the Issuer shall furnish the Rating Agencies and the Indenture Trustee
notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.01, the Servicer shall furnish notice
of such election to the Indenture Trustee not later than 20 days prior to the Redemption Date and shall deposit no later than the
Business Day prior to the Redemption Date with the Indenture Trustee in the Collection Account the Redemption Price of the Notes
to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying
with Section 10.02 to each Holder of the Notes.

Section 10.02Form
of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class
mail, postage prepaid, or by facsimile mailed or transmitted not later than 10 days prior to the applicable Redemption Date to
each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s
address or facsimile number appearing in the Note Register.

All notices of
redemption shall state:

(a)the Redemption
Date;

(b)the Redemption
Price;

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(c)the place where
such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained
as provided in Section 3.02); and

(d)that interest
on the Notes shall cease to accrue on the Redemption Date.

Notice of redemption
of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

Section 10.03Notes
Payable on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required
by Section 10.02 (in the case of redemption pursuant to Section 10.01), on the Redemption Date become due and payable
at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on
the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption
Price.

ARTICLE
XI.

MISCELLANEOUS

Section 11.01Compliance Certificates
and Opinions, etc.

(a)Upon any application
or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish
to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate
from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any
such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished.

Every certificate
or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

(i)a statement
that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions
herein relating thereto;

(ii)a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

(iii)a statement
that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable
such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

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(iv)a statement
as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

(b)(i)Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed
in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

(ii)Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such
securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer,
as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding
Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value
thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of
the Outstanding Amount of the Notes.

(iii)Whenever
any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within
90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the
proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

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(iv)Other
than with respect to the release of any Purchased Receivable, the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer
shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property
or securities and of all other property, other than property as contemplated by clause (v) below, or securities released from
the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required
by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need
not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s
Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes.

(v)Notwithstanding
Section 4.04 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other
provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the
extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted
or required by the Basic Documents.

Section 11.02Form
of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered
by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents.

Any certificate
or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous.
Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller, the Issuer or the Administrator,
stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer
or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representations with respect to such matters are erroneous.

Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

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Whenever in this
Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance
with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective
date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report.
The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

Section 11.03Acts
of Noteholders.

(a)Any request,
demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when
such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive
in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

(b)The fact and
date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems
sufficient.

(c)The ownership
of Notes shall be proved by the Note Register.

(d)Any request,
demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered
to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such
Note.

Section 11.04Notices,
etc., to Indenture Trustee, Issuer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and, if such request, demand,
authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with:

(a)the Indenture
Trustee by any Noteholder or by the Issuer, shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to or with the Indenture Trustee at its Corporate Trust Office; or

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(b)the Issuer
by the Indenture Trustee or by any Noteholder, shall be sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid to the Issuer addressed to: Hyundai Auto Receivables Trust 2012-A, in care of Wilmington Trust Company, as Owner
Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit
any notice received by it from the Noteholders to the Indenture Trustee.

Notices required
to be given to the Rating Agencies shall be in writing, personally delivered, electronically delivered or mailed by certified mail,
return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc.,
ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, 25th Floor, New York, NY 10007; and (ii) in the
case of Fitch, to One State Street Plaza, New York, New York 10004, Attention: Asset Backed Surveillance; or as to each of the
foregoing, at such other address as shall be designated by written notice to the other parties.

Section 11.05Notices
to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected
by such event, at such Holder’s address as it appears on the Note Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither
the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency
of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively
be presumed to have been duly given.

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with
the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
a waiver.

In case, by reason
of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to
mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of
such notice.

Where this Indenture
provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of Default.

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Section 11.06Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or
any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices,
provided that the Issuer agrees to pay any additional expenses incurred as a result of such alternative payment or notice provision.
The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to
be made and notices to be given in accordance with such agreements. The Indenture Trustee shall provide a copy of any request made
pursuant to this Section 11.06 to the Owner Trustee.

Section 11.07Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

Section 11.08Successors
and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents.

Section 11.09Separability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 11.10Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 11.11Legal
Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from
and after any such nominal date.

Section 11.12GOVERNING
LAW. THIS INDENTURE 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 11.13Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

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Section 11.14Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at the expense of the Servicer accompanied by an Opinion of Counsel (which may be counsel to the Indenture
Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

Section 11.15Trust
Obligation.

(a)No recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee
on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer, including the Seller, or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or
the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity). For all purposes of this Indenture, 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 Article
VI, VII and VIII of the Trust Agreement.

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

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Section 11.16No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note or a beneficial
interest in a Note, hereby covenant and agree that they will not at any time institute against the Issuer or the Depositor, or
join in any institution against the Issuer or the Depositor, of any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, this Indenture or any of the Basic Documents.

Section 11.17Inspection.
The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s
normal business hours, to examine all the books of account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s
affairs, finances and accounts with the Issuer’s officers, employees and Independent certified public accountants, all at
such reasonable times and as often as may be reasonably requested; provided, however, that the Indenture Trustee
may only cause the books of the Issuer to be audited on an annual basis, unless there occurs an Event of Default hereunder. The
Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent such
information is publicly available or such disclosure may be required by law (and all reasonable applications for confidential treatment
are unavailing) and except to the extent that the Indenture Trustee may reasonably determine with the advice of counsel and after
consultation with the Issuer that such disclosure is consistent with its obligations hereunder.

Section 11.18Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

The provisions
of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

Section 11.19Limitation
of Liability. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered
by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of Hyundai Auto Receivables Trust 2012-A,
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 Wilmington
Trust Company 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 Wilmington Trust Company 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 and (d) under no circumstances shall Wilmington Trust Company 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 Indenture or any other related documents.

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Section 11.20Representations
and Warranties. The Issuer hereby represents and warrants to the Indenture Trustee as follows on the Closing Date:

(a)The Issuer is a statutory trust
duly formed, validly existing and in good standing under the laws of the state of its organization.

(b)The Issuer
has the power and authority to execute and deliver this Indenture and to carry out its terms; and the execution, delivery and performance
of this Indenture been duly authorized by the Issuer.

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

(d)The consummation
of the transactions contemplated by this Indenture 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 organizational
documents of the Issuer, or any indenture, agreement or other instrument to which the Issuer 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 Indenture), or violate any law or, to the best of the Issuer’s knowledge, any order,
rule or regulation applicable to the Issuer of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Issuer or 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 Issuer’s ability to perform its obligations under this
Indenture.

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

(f)The Issuer
is not an investment company or “controlled by an investment company” within the meaning of the Investment Company
Act of 1940.

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Section 11.21Receivables
Representations and Warranties. The Issuer makes the representations and warranties set forth below with respect to the Receivables,
on which the Indenture Trustee relies. Such representations and warranties speak as of the execution and delivery of this Indenture
as of the Closing Date, but shall survive the assignment of the Receivables to the Indenture Trustee, and shall not be waived by
the Indenture Trustee except in accordance with the terms of this Indenture.

(a)This Indenture
creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Indenture Trustee,
which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Issuer.

(b)Each Receivables
constitutes “chattel paper” within the meaning of the UCC as in effect in the state of origination.

(c)Immediately
upon the transfer thereof from the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, the Issuer shall have
good and marketable title to each Receivable, free and clear of any Lien of any Person.

(d)Each Trust
Account constitutes either a “deposit account” or a “securities account” within the meaning of the UCC.

(e)The Issuer
has caused, or will have caused, within ten days, the filing of all appropriate financing statements in the proper filling office
in the appropriate jurisdiction under the applicable UCC in order to perfect the security interest in the Receivables granted to
the Indenture Trustee under this Indenture.

(f)Other than
the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is
not aware of any financing statements against the Issuer that include a description of collateral describing the Receivables other
than any financing statement relating to the security interest granted to the Indenture Trustee under this Indenture. The Issuer
is not aware of any judgment or tax lien filings against the Issuer.

(g)The Contracts
that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed to any Person other than the Indenture Trustee, except for such marks or notations indicating that they have
been pledged, assigned or otherwise conveyed (i) to the Depositor or the Issuer in accordance with the Basic Documents, (ii) pursuant
to the Loan and Security Agreement, dated as of May 20, 2010, among Hyundai HK Funding, LLC, as the borrower, Hyundai Capital America,
as the servicer, each of the commercial paper conduits from time to time party thereto, as the conduit lenders, each of the financial
institutions from time to time party thereto, as the committed lenders, each of the financial institutions from time to time party
thereto, as the group agents and JPMorgan Chase Bank, N.A., as the administrative agent, on behalf of the secured parties, as amended
from time to time or (iii) to HCA in accordance with Dealer Agreements. All financing statements filed or to be filed against the
Issuer in favor of the Indenture Trustee in connection with this Indenture describing the Receivables contain a statement to the
following effect: “A purchase of or security interest in any collateral described in this financing statement, except as
provided in the Indenture, will violate the rights of the Indenture Trustee.”

    	65

    	 

    

 

Notwithstanding anything herein to the contrary,
the representations and warranties set forth in this Section 11.21 shall remain in full force and effect until such time
as all Obligations hereunder have been finally paid and performed and this Indenture shall be discharged.

 

Section 11.22Communications
with Rating Agencies. If the Indenture Trustee shall receive any written or oral communication from any Rating Agency (or any
of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents
or in any way relating to the Notes, the Indenture Trustee agrees to refrain from communicating with such Rating Agency and to
promptly (and, in any event, within one Business Day) notify the Administrator of such communication.  The Indenture
Trustee agrees to act at the direction of the Administrator with respect to any communication to a Rating Agency and further agrees
that in no event shall the Indenture Trustee engage in any oral communication with respect to the transactions contemplated hereby
or under the Basic Documents or in any way relating to the Notes with any Rating Agency (or any of their respective officers, directors
or employees) without the participation of the Administrator.

    	66

    	 

    

IN WITNESS WHEREOF, the
Issuer and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized
and duly attested, all as of the day and year first above written.

 

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

 

		By:	WILMINGTON TRUST COMPANY,

not in its individual capacity but solely

as Owner Trustee under the Trust Agreement

By: /s/ Jeanne M. Oller

Name: Jeanne M. Oller

Title: Assistant Vice President

 

    	S-1

    	 

    

CITIBANK, N.A.,

not in its individual capacity

but solely as Indenture Trustee

By: /s/ Karen Schluter

Name: Karen Schluter

Title: Vice President

    	S-2

    	 

    

 

	STATE OF DELAWARE	 	)	 	 	 	 
	 	 	)	 ss.:	 	 	 
	COUNTY OF NEW CASTLE	 	)	 	 	 	 

 

BEFORE ME, the
undersigned authority, a Notary Public in and for said county and state, on this day personally appeared Jeanne M. Oller of Wilmington
Trust Company, not in its individual capacity but solely as Owner Trustee of Hyundai Auto Receivables Trust 2012-A, a Delaware
statutory trust (the “Trust”), known to me to be the person and officer whose name is subscribed to the foregoing instrument
and acknowledged to me that the same was the act of the said Trust, and that he/she executed the same as the act of said statutory
trust for the purpose and consideration therein expressed, and in the capacities therein stated.

GIVEN UNDER MY HAND AND

SEAL OF OFFICE, this 28th day of February, 2012.

/s/ Susanne M. Gula

Notary Public – State of Delaware

My commission expires: 11-21-2013

 

    	S-3

    	 

    

 

	STATE OF DELAWARE	 	)	 	 	 	 
	 	 	)	 ss.:	 	 	 
	COUNTY OF NEW YORK	 	)	 	 	 	 

 

BEFORE ME, the
undersigned authority, a Notary Public in and for said county and state, on this day personally appeared Karen Schluter, known
to me to be the person and officer whose name is subscribed to the foregoing instrument and acknowledged to me that the same was
the act of Citibank, N.A., a national banking association, and that he/she executed the same as the act of said national banking
association for the purpose and consideration therein stated.

GIVEN UNDER MY HAND AND

SEAL OF OFFICE, this 28th day of February, 2012.

/s/ Noreen Iris Santos

Notary Public, State of New York

Registration #01SA6228750

Qualified in Nassau County

My commission expires: Sept. 27, 2014

    	S-4

    	 

    

SCHEDULE A

Schedule of Receivables

[To be Delivered to the Trust at Closing]

    	Schedule A-1

    	 

    

EXHIBIT A-1

[FORM OF CLASS A-1 NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	A-1-1

    	 

    

 

	REGISTERED	$__________(1)
	No. R-_____	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

0.29984%
ASSET BACKED NOTE, CLASS A-1

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-1 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between
the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of March 15, 2013 (the “Class
A-1 Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date on the basis of a 360-day year and the
actual number of days from the previous Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the next Payment Date. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.29984%
Asset Backed Notes, Class A-1 (herein called the “Class A-1 Notes”), all issued under the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder
of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture.

_____________________________

1Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

 

    	A-1-2

    	 

    

 

The Class A-1 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-1 Notes are senior
in right of payment to the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes
and the Class D Notes, to the extent provided in the Indenture.

Principal of the
Class A-1 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-1 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class A-1 Rate to the extent lawful.

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

    	A-1-3

    	 

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

    	A-1-4

    	 

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	A-1-5

    	 

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

 

    	A-1-6

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________

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

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books kept 

for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________

 

 

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

 

    	A-1-7

    	 

    

EXHIBIT A-2

[FORM OF CLASS A-2 NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	A-2-1

    	 

    

 

	REGISTERED	$__________(2)
	No. R-_____	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

0.55%ASSET
BACKED NOTE, CLASS A-2

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-2 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”),
between the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of
June 16, 2014 (the “Class A-2 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of
the Indenture. Capitalized terms used but not defined herein are defined in the Indenture, which also contains rules as to construction
that shall be applicable herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.55% Asset Backed Notes,
Class A-2 (herein called the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer,
the Indenture Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture. 

___________________________

2Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

 

    	A-2-2

    	 

    

 

The Class A-2 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-2 Notes are subordinated
in right of payment to the Class A-1 Notes and are senior in right of payment to the Class A-3 Notes, the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.

Principal of the
Class A-2 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-2 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class A-2 Rate to the extent lawful.

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

    	A-2-3

    	 

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

    	A-2-4

    	 

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate,
and in the coin or currency herein prescribed.

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	A-2-5

    	 

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

    	A-2-6

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other
identifying number of assignee: __________________

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

__________________________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

_________________________________________, attorney, to transfer said Note on the
books 

kept for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________________

 

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

 

    	A-2-7

    	 

    

EXHIBIT A-3

[FORM OF CLASS A-3 NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	A-3-1

    	 

    

 

	REGISTERED	$__________(3)
	No. R-_____	CUSIP NO. ___________

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

0.72% ASSET BACKED NOTE, CLASS A-3

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-3 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between
the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of March 15, 2016
(the “Class A-3 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable
herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.72% Asset Backed Notes, Class A-3 (herein called the “Class
A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-3 Notes are subject to all terms of the Indenture.

_______________________

3Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

 

    	A-3-2

    	 

    

 

The Class A-3 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-3 Notes are subordinated
in right of payment to the Class A-1 Notes and the Class A-2 Notes and are senior in right of payment to the Class A-4 Notes, the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.

Principal of the
Class A-3 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-3 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class A-3 Rate to the extent lawful.

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

    	A-3-3

    	 

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

    	A-3-4

    	 

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	A-3-5

    	 

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

 

 

    	A-3-6

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other
identifying number of assignee: __________________

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

__________________________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

_________________________________________, attorney, to transfer said Note on the
books 

kept for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________________

 

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

    	A-3-7

    	 

    

EXHIBIT A-4

[FORM OF CLASS A-4 NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	A-4-1

    	 

    

 

	REGISTERED	$__________(4)
	No. R-_____	CUSIP NO. ___________

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

0.95% ASSET BACKED NOTE, CLASS A-4

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class A-4 Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”),
between the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of
December 15, 2016 (the “Class A-4 Maturity Date”) and the Redemption Date, if any, pursuant to Article
X of the Indenture. Capitalized terms used but not defined herein are defined in the Indenture, which also contains rules as to
construction that shall be applicable herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 0.95% Asset Backed Notes, Class A-4 (herein called the “Class
A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class A-4 Notes are subject to all terms of the Indenture.

______________________

4Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

 

    	A-4-2

    	 

    

 

The Class A-4 Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class A-4 Notes are subordinated
in right of payment to the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes and are senior in right of payment to the
Class B Notes, the Class C Notes and the Class D Notes, to the extent provided in the Indenture.

Principal of the
Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class A-4 Maturity Date and the
Redemption Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs,
the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Class of Notes may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.
All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class A-4 Rate to the extent lawful.

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

    	A-4-3

    	 

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes will be characterized as indebtedness secured by the Trust
Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for such purposes as indebtedness.

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

    	A-4-4

    	 

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate,
and in the coin or currency herein prescribed.

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	A-4-5

    	 

    

 

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
					Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

    	A-4-6

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number
of assignee: __________________

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

__________________________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

_________________________________________, attorney, to transfer said Note on the
books 

kept for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________________

 

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

    	A-4-7

    	 

    

EXHIBIT B

[FORM OF CLASS B NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	B-1

    	 

    

 

 

	REGISTERED	$__________(5)
	No. R-_____	CUSIP NO. ___________

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

1.51% ASSET BACKED NOTE, CLASS B

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class B Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between the
Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of February 15, 2017
(the “Class B Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized
terms used but not defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable
herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360 day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 1.51% Asset Backed Notes, Class B (herein called the “Class
B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class B Notes are subject to all terms of the Indenture.

___________________________

5Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

 

    	B-2

    	 

    

 

The Class B Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class B Notes are subordinated
in right of payment to the Class A Notes and are senior in right of payment to the Class C Notes and the Class D Notes, to
the extent provided in the Indenture.

Principal of the
Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class B Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class B Rate to the extent lawful.

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

    	B-3

    	 

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or Person
considered to be the same person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes (other than Notes, if any, retained by the Issuer or Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.

    	B-4

    	 

    

 

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	B-5

    	 

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

 

    	B-6

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________

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

______________________________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books 

kept for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________

 

 

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

 

    	B-7

    	 

    

EXHIBIT C

[FORM OF CLASS C NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	C-1

    	 

    

 

 

	REGISTERED	$__________(6)
	No. R-_____	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

2.10% ASSET BACKED NOTE, CLASS C

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class C Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between the
Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of June 15, 2017 (the “Class
C Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360 day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 2.10% Asset Backed Notes, Class C (herein called the “Class
C Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class C Notes are subject to all terms of the Indenture.

_____________________________

6Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

 

    	C-2

    	 

    

 

The Class C Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class C Notes are subordinated
in right of payment to the Class A Notes and the Class B Notes and are senior in right of payment to the Class D Notes, to the
extent provided in the Indenture.

Principal of the
Class C Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class C Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class C Rate to the extent lawful.

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

    	C-3

    	 

    

 

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or Person
considered to be the same person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes (other than Notes, if any, retained by the Issuer or Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.

    	C-4

    	 

    

 

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	C-5

    	 

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

 

    	C-6

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________

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

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books 

kept for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________

 

 

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

    	C-7

    	 

    

EXHIBIT D

[FORM OF CLASS D NOTE]

UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE, OR ANY
INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED TO AN “EMPLOYEE BENEFIT PLAN” WITHIN THE MEANING OF SECTION
3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA,
A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, ANY ENTITY THAT IS DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR OTHER PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO APPLICABLE LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS SUCH PURCHASER OR TRANSFEREE REPRESENTS, WARRANTS AND COVENANTS THAT
ITS PURCHASE AND HOLDING OF THIS NOTE, THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE IS, AND WILL BE, ELIGIBLE FOR RELIEF UNDER
SECTION 408(b)(17) OF ERISA OR SECTION 4975(d)(20) OF THE CODE; DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”)
90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38; PTCE 84-14 OR ANOTHER APPLICABLE PROHIBITED TRANSACTION EXEMPTION (OR IN THE CASE OF
A GOVERNMENTAL, NON-U.S. OR CHURCH PLAN SUBJECT TO SIMILAR LAW, WILL NOT CAUSE A nonexempt
violation of Similar Law). BY ITS ACQUISITION OF THIS NOTE IN BOOK-ENTRY FORM OR ANY INTEREST THEREIN, EACH TRANSFEREE WILL
BE DEEMED TO HAVE REPRESENTED, WARRANTED AND COVENANTED THAT IT SATISFIES THE FOREGOING REQUIREMENTS AND THE INDENTURE TRUSTEE
MAY RELY CONCLUSIVELY ON THE SAME FOR PURPOSES HEREOF. FURTHER, THIS NOTE, OR ANY INTEREST HEREIN, MAY NOT BE PURCHASED BY OR TRANSFERRED
TO A BENEFIT PLAN INVESTOR UNLESS THIS NOTE HAS A CURRENT INVESTMENT GRADE RATING FROM AT LEAST ONE NATIONALLY RECOGNIZED STATISTICAL
RATING ORGANIZATION.

THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    	D-1

    	 

    

 

	REGISTERED	$__________(7)
	No. R-_____	CUSIP NO. ___________

 

HYUNDAI AUTO RECEIVABLES TRUST 2012-A

2.61% ASSET BACKED NOTE, CLASS D

HYUNDAI AUTO RECEIVABLES
TRUST 2012-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of __________________________________
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, in respect of principal of the
Class D Notes pursuant to Section 3.01 of the Indenture dated as of March 7, 2012 (the “Indenture”), between the
Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of May 15, 2018 (the “Class
D Maturity Date”) and the Redemption Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that shall be applicable herein.

The Issuer will
pay interest on this Note at the rate per annum set forth above, on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect
to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence
of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th
day of the month preceding the month of such Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the 15th day of the month of such Payment Date. Interest will be computed on the basis of a 360 day year
consisting of twelve 30 day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

The principal of
and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first
to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose.

______________________________

7Denominations of $1,000 and integral multiples of
$1,000 in excess thereof.

    	D-2

    	 

    

 

This Note is one
of a duly authorized issue of Notes of the Issuer, designated as its 2.61% Asset Backed Notes, Class D (herein called the “Class
D Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of
the Notes. The Class D Notes are subject to all terms of the Indenture.

The Class D Notes
are and will be secured by the collateral pledged as security therefor as provided in the Indenture. The Class D Notes are subordinated
in right of payment to the Class A Notes, the Class B Notes and the Class C Notes, to the extent provided in the Indenture.

Principal of the
Class D Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the 15th day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
April 16, 2012.

As described above,
the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Class D Maturity Date and the Redemption
Date, if any, pursuant to Article X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling Class of Notes
may declare the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal
payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto.

Payments of interest
on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to
Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks
shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed
or transmitted by facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in The City of New York.

The Issuer shall
pay interest on overdue installments of interest at the Class D Rate to the extent lawful.

    	D-3

    	 

    

 

As provided in
the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange subject to
certain exceptions set forth in the Indenture.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i)
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial
interest in the Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuer, the Seller, the Servicer, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture
Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. Each Noteholder or Note
Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as expressly
provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations
and undertakings contained in the Indenture or in this Note.

Each Noteholder
or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Issuer or
the Depositor, or join in any institution against the Issuer or the Depositor of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

    	D-4

    	 

    

 

The Issuer has
entered into the Indenture and this Note is issued with the intention that, for purposes of federal and state income tax, franchise
tax and any other tax measured in whole or in part by income, the Notes (other than Notes, if any, retained by the Issuer or Person
considered to be the same person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes (other than Notes, if any, retained by the Issuer or Person considered to be the same person
as the Issuer for United States federal income tax purposes) for such purposes as indebtedness.

Prior to the due
presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer,
the Indenture Trustee or any such agent shall be affected by notice to the contrary.

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of the
Controlling Class of Notes representing a majority of the Outstanding Amount of such Controlling Class of Notes at the time Outstanding.
The Indenture also contains provisions permitting Holders of Notes representing specified percentages of the Outstanding Amount
of the Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive
certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer”
as used in this Note includes any successor to the Issuer under the Indenture.

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the
Indenture 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 and thereunder shall be determined in accordance with such laws.

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency herein prescribed.

    	D-5

    	 

    

 

Anything herein
to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust Company in its individual
capacity, Citibank, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, the Seller, the Servicer,
or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or performance of,
or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder of this Note
by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under
the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer
for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

    	D-6

    	 

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be signed, manually or in facsimile, by its Authorized Officer, as of the date set forth below.

 

	Date:	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2012-A
	 	 	 	 
	 	 	 	By:	WILMINGTON TRUST COMPANY,
	 	 	 	 	not in its individual capacity
	 	 	 	 	but solely as Owner Trustee
	 	 	 	 	under the Trust Agreement
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated
above and referred to in the within-mentioned Indenture.

 

	Date:	 	 	CITIBANK, N.A.,
	 	 	 	not in its individual capacity
	 	 	 	but solely as Indenture Trustee
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	Authorized Signatory

 

 

    	D-7

    	 

    

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number
of assignee: ___________________

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

(name and address of assignee)

the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints 

____________________________________________, attorney, to transfer said Note on
the books 

kept for registration thereof, with full power of substitution in the premises.

Dated: ________________________*/

Signature Guaranteed:

_____________________

 

 

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

 

    	D-8

    	 

    

EXHIBIT E

FORM OF NOTE DEPOSITORY AGREEMENT

(Letter of Representations)

 

[Attached]

 

    	E-1

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