Document:

Execution
Copy

     

    CHINACAST
EDUCATION HOLDINGS LIMITED

     

    WU
SHI XING

    (吴始幸)

     

    WINTOWN
ENTERPRISES LIMITED

     

    SHANGHAI
RUBAO INFORMATION TECHNOLOGY CO., LTD.

    (上海如宝信息技术有限公司)

     

    WUHAN
JIYANG EDUCATION INVESTMENT CO., LTD.

    (武汉市激扬教育投资有限公司)

     

    AND

     

    HUBEI
INDUSTRIAL UNIVERSITY BUSINESS COLLEGE

    (湖北工业大学商贸学院)

     

      
        

      

    

     

    SHARE
TRANSFER AGREEMENT

     

      
        

      

    

     

    Dated:
August 19, 2010

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    Execution
Copy

    

    SHARE
TRANSFER AGREEMENT

     

    THIS SHARE TRANSFER AGREEMENT
(this “Agreement”) is
made on August 19, 2010 (the “Effective Date”) in Hong Kong
Special Administrative Region of the People’s Republic of China (“Hong Kong”) by and
among:

     

    
      	
              (1)

            	
              ChinaCast Education Holdings
      Limited, a limited liability company incorporated under the laws of
      the British Virgin Islands, with its registered address at P.O. Box 957,
      Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
      (the “Purchaser”);

            

    

     

    
      	
              (2)

            	
              Wu Shi Xing (吴始幸),a PRC
      citizen with PRC ID number of 330124195507252115 (the “Existing
      Shareholder”);

            

    

     

    
      	
              (3)

            	
              Wintown Enterprises
      Limited, a limited liability company incorporated under the laws of
      the British Virgin Islands, with its registered address at P.O. Box 957,
      Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands
      (the “Company”);

            

    

     

    
      	
              (4)

            	
              Shanghai Rubao Information
      Technology Co., Ltd. (上海如宝信息技术有限公司),
      a limited liability company incorporated under the laws of the PRC, with
      its registered address at Suite 716-N, 710 Siping Road, Hongkou District,
      Shanghai (“Rubao”)

            

    

     

    
      	
              (5)

            	
              Wuhan Jiyang Education
      Investment Co., Ltd. (武汉市激扬教育投资有限公司),
      a limited liability company incorporated under the laws of the PRC, with
      its registered address at 634 Xiong Chu Street, Hongshan District, Wuhan
      (“Jiyang”);

            

    

     

    
      	
              (6)

            	
              Hubei Industrial University
      Business College (湖北工业大学商贸学院),
      an institutional legal person incorporated under the laws of the PRC, with
      its registered address at 634 Xiong Chu Street, Wuhan (the “College”).

            

    

     

    The
Purchaser, the Existing Shareholder, the Company, Rubao, Jiyang and the College
are hereinafter collectively referred to as the “Parties” and individually as a
“Party”.

     

    RECITALS

     

    A.           The
Company has a total of 50,000 authorized shares with par value US$1 per share,
of which two (2) shares are issued and outstanding.  The Existing
Shareholder is the legal and beneficial owner of all issued and outstanding
shares of the Company, representing one hundred percent (100%) of all issued and
outstanding shares of the Company prior to the Closing (as defined below) (the
“Purchased
Shares”);

     

    B.           The
Existing Shareholder desires to sell, and the Purchaser desires to purchase, all
the Purchased Shares under the terms and conditions hereof;

     

    C.           The
Company owns hundred percent (100%) equity interest in Robao, free and clear of
any Encumbrance (as defined below); Robao owns hundred percent (100%) equity
interest in Jiyang, free and clear of any Encumbrance (as defined
below);

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    D.           The
College is jointly sponsored by Jiyang and Hubei Industrial University. Jiyang
contributed RMB30,000,000, representing 100% of the operation capital of the
College; and

     

    E.           The
College shall be engaged in the business of full-time regular higher education,
and such other business activities as set out in its Civil Non-Enterprise Legal
Person Certificate (the “College Principal
Business”).

     

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual promises
hereinafter set forth, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereby agree as
follows:

     

    
      	
              1.

            	
              DEFINITIONS

            

    

     

    1.1               Definitions.  Unless
otherwise defined in this Agreement, capitalized terms used in the English
version of this Agreement and terms in bold font used in the Chinese version of
this Agreement shall have the following meanings:

     

    
      
        
          
            
              	
                      “Action”

                    	 
      	
                      has
      the meaning set out in Section 10 of EXHIBIT
      D.

                    
	 
      	 
      	 
      
	
                      “Affiliate”

                    	 
      	
                      with
      respect to a specified Person means (a) in the case of an individual, such
      Person’s spouse and lineal descendants (whether natural or adopted) or any
      trust formed and maintained solely for the benefit of such Person, such
      Person’s spouse and/or such lineal descendants, and (b) in the case of any
      Person, a Person that directly, or indirectly through one or more
      intermediaries, Controls or is Controlled by, or is under common Control
      with, the Person specified.

                    
	 
      	 
      	 
      
	
                      “Agreement”

                    	 
      	
                      has
      the meaning set out in the Preamble.

                    
	 
      	 
      	 
      
	
                      “Applicable Laws” or
      “Applicable
      Law”

                       

                    	 
      	
                      means,
      with respect to any Person, relevant provisions of any constitution,
      treaty, statute, law, regulation, ordinance, code, rule, judgment, rule of
      common law, order, decree, award, injunction, government approval,
      concession, grant, franchise, license, agreement, directive, requirement,
      or other governmental restriction or any similar form of decision of, or
      determination by, or interpretation and administration of any of the
      foregoing by, any Governmental Authority, whether in effect as at the date
      hereof or thereafter and in each case as amended or re-enacted, applicable
      to such Person or any of its assets or undertakings.

                    
	 
      	 
      	 
      
	
                      “Arbitration
      Notice”

                    	 
      	
                      has
      the meaning set out in Section 11.4(b).

                    
	 
      	 
      	 
      
	
                      “Associate”

                    	 
      	
                      means
      with respect to any Person, (a) a corporation or organization (other than
      the Group Companies) of which such Person is an officer or partner or is,
      directly or indirectly, the beneficial owner of ten percent (10%) or more
      of any class of equity securities, (b) any trust or other estate in which
      such Person has a substantial beneficial interest or as to which such
      Person serves as trustee or in a similar capacity, and (c) any relative or
      spouse of such Person, or any relative of such spouse, who has the same
      home as such
Person.

                    

            

          

        

      

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    “Business
      Day”

                  	 
      	
                    any
      day (excluding Saturdays, Sundays and public holidays in Hong Kong, New
      York or the PRC) on which banks generally are open for business in Hong
      Kong, New York and the PRC.

                  
	 
      	 
      	 
      
	
                    “Centre”

                  	 
      	
                    has
      the meaning set out in Section 11.4(c).

                  
	 
      	 
      	 
      
	
                    “Closing”

                  	 
      	
                    has
      the meaning set out in Section 4.1.

                  
	 
      	 
      	 
      
	
                    “Closing
      Date”

                  	 
      	
                    has
      the meaning set out in Section 4.1.

                  
	 
      	 
      	 
      
	
                    “College”

                  	 
      	
                    has
      the meaning set out in the Preamble.

                  
	 
      	 
      	 
      
	
                    “College Principal
      Business”

                  	 
      	
                    has
      the meaning set out in the Preamble.

                  
	 
      	 
      	 
      
	
                    “Company”

                  	 
      	
                    has
      the meaning set out in the Preamble.

                  
	 
      	 
      	 
      
	
                    “Confidential
      Information”

                  	 
      	
                    has
      the meaning set out in Section 9.

                  
	 
      	 
      	 
      
	
                    “Constitutional
      Documents”

                  	 
      	
                    means,
      with respect to any Person, the certificate of incorporation, memorandum
      of association, articles of association, joint venture agreement,
      shareholders agreement, or similar constitutive documents for such
      Person.

                  
	 
      	 
      	 
      
	
                    “Contract”

                  	 
      	
                    means
      any agreement, arrangement, bond, commitment, franchise, indemnity,
      indenture, instrument, lease, license, permit, or binding understanding,
      whether or not in writing.

                  
	 
      	 
      	 
      
	
                    “Control”

                  	 
      	
                    (including
      the correlative meanings of the terms “Controlling,” “Controlled by” and
      “under common Control
      with”) means, with respect to any Person, direct or indirect
      possession of the power to direct or cause the direction of the management
      or policies (with respect to operational or financial control or
      otherwise) of such Person, whether through the ownership of securities, by
      contract or otherwise.

                  
	 
      	 
      	 
      
	
                    “Covenantor” and “Covenantors”

                  	 
      	
                    have
      the respective meaning set out in Section 5.1.

                  
	 
      	 
      	 
      
	
                    “Disclosure
      Schedule”

                  	 
      	
                    has
      the meaning set out in Section 5.1.

                  
	 
      	 
      	 
      
	
                    “Dispute”

                  	 
      	
                    has
      the meaning set out in Section 11.4(a).

                  
	 
      	 
      	 
      
	
                    “Effective
      Date”

                  	 
      	
                    has
      the meaning set out in the
Preamble.

                  

          

        

      

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  	
                          “Encumbrance”

                           

                        	 
      	
                          means
      (a) any mortgage, charge, pledge, lien, hypothecation, deed of trust,
      title retention, security interest, or other third-party rights of any
      kind securing or conferring any priority of payment in respect of any
      obligation of any Person; (b) any easement or covenant granting a right of
      use or occupancy to any Person; (c) any proxy, power of attorney, voting
      trust agreement, interest, option, right of first offer, right of
      pre-emptive negotiation, or refusal or transfer restriction in favor of
      any Person; (d) any adverse claim as to title, possession, or use, and
      includes any agreement or arrange for any of the same.

                        
	 
      	 
      	 
      
	
                          “Existing
      Shareholder”

                        	 
      	
                          has
      the meaning set out in the Preamble.

                        
	 
      	 
      	 
      
	
                          “Financial
      Statements”

                        	 
      	
                          has
      the meaning set out in Section 6(a) of EXHIBIT
      D.

                        
	 
      	 
      	 
      
	
                          “Governmental
      Official”

                        	 
      	
                          has
      the meaning set out in Section 11(d) of EXHIBIT
      D.

                        
	 
      	 
      	 
      
	
                          “Governmental
      Authority”

                        	 
      	
                          means
      any government or political subdivision thereof, whether on a federal,
      central, state, provincial, municipal or local level and whether
      executive, legislative or judicial in nature, including any agency,
      authority, board, bureau, commission, court, department or other
      instrumentality thereof.

                        
	 
      	 
      	 
      
	
                          “Group Company
      Contracts”

                        	 
      	
                          has
      the meaning set out in Section 12 of EXHIBIT
      D.

                        
	 
      	 
      	 
      
	
                          “Group
      Companies”

                        	 
      	
                          means
      the Company, Rubao, Jiyang, the College and all other direct or indirect,
      current or future Subsidiaries of the foregoing, and the “Group Company” means any
      of the Group Companies.

                        
	 
      	 
      	 
      
	
                          “Hong
    Kong”

                        	 
      	
                          has
      the meaning set out in the Preamble.

                        
	 
      	 
      	 
      
	
                          “HK Dollar” or “HK$”

                        	 
      	
                          means
      the lawful currency of Hong Kong.

                        
	 
      	 
      	 
      
	
                          “Jiyang”

                        	 
      	
                          has
      the meaning set out in the Preamble.

                        
	 
      	 
      	 
      
	
                          “knowledge”

                        	 
      	
                          means,
      with respect to a Person’s “knowledge,” the actual knowledge of such
      Person and that knowledge which should have been acquired by such Person
      after making such due inquiry and exercising such due diligence as a
      prudent business Person would have made or exercised in the management of
      his or her business affairs, including due inquiry of those officers,
      directors, key employees and professional advisers (including attorneys,
      accountants and consultants) of the Person and its
    Affiliates.

                        
	 
      	 
      	 
      
	
                          “Losses”

                        	 
      	
                          means
      all direct or indirect losses, liabilities, damages, deficiencies,
      diminution in value, suits, debts, obligations, interest, penalties,
      expenses, judgments or settlements of any nature or kind, including all
      costs and expenses related thereto, including without limitation
      reasonable attorneys’ fees and disbursements, court costs, amounts paid in
      settlement and expenses of investigation, whether at law or in equity,
      whether known or unknown, foreseen or unforeseen, of any kind or
      nature.

                        

                

              

            

          

        

      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    “Material Adverse
      Effect”

                  	 
      	
                    means
      a material adverse effect on the condition (financial or otherwise),
      assets relating to, or results or prospects of operation of or business
      (as presently conducted and proposed to be conducted) of the Person(s)
      specified.

                  
	 
      	 
      	 
      
	
                    “Party” and “Parties”

                  	 
      	
                    have
      the respective meanings set out in the Preamble.

                  
	 
      	 
      	 
      
	
                    “Person”

                  	 
      	
                    shall
      be construed as broadly as possible and shall include an individual, a
      partnership (including a limited liability partnership), a company, an
      association, a joint stock company, a limited liability company, a trust,
      a joint venture (including a sino-foreign equity joint venture or
      sino-foreign cooperative join venture), an unincorporated organization and
      a Governmental Authority.

                  
	 
      	 
      	 
      
	
                    “PRC”

                  	 
      	
                    means
      the People’s Republic of China, solely for purposes of this Agreement,
      excluding Hong Kong, the Macau Special Administrative Region and
      Taiwan.

                  
	 
      	 
      	 
      
	
                    “PRC
GAAP”

                  	 
      	
                    means
      the generally accepted accounting principles of the
PRC.

                  
	 
      	 
      	 
      
	
                    “Preamble”

                  	 
      	
                    means
      the preamble of this Agreement.

                  
	 
      	 
      	 
      
	
                    “Proprietary
      Assets”

                  	 
      	
                    means
      all patents, patent applications, trademarks, service marks, trade names,
      domain names, copyrights, copyright registrations and applications and all
      other rights corresponding thereto, inventions, databases and all rights
      therein, all computer software including all source code, object code,
      firmware, development tools, files, records and data, including all media
      on which any of the foregoing is stored, formulas, designs, trade secrets,
      confidential and proprietary information, proprietary rights, know-how and
      processes of a company, and all documentation related to any of the
      foregoing.

                  
	 
      	 
      	 
      
	
                    “Purchaser”

                  	 
      	
                    has
      the meaning set out in the Preamble.

                  
	 
      	 
      	 
      
	
                    “Purchased
      Price”

                  	 
      	
                    has
      the meaning set out in Section 2.1.

                  
	 
      	 
      	 
      
	
                    “Purchased
      Shares”

                  	 
      	
                    has
      the meaning set out in the Recitals.

                  
	 
      	 
      	 
      
	
                    “Recitals”

                  	 
      	
                    means
      the recitals of this Agreement.

                  
	 
      	 
      	 
      
	
                    “Registered Intellectual
      Property”

                  	 
      	
                    means
      all Proprietary Assets of any Group Company, wherever located, that is the
      subject of an application, certificate, filing, registration or other
      document issued by, filed with or recorded by any Governmental
      Authority.

                  

          

        

      

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  	
                          “Restated
      Articles”

                        	 
      	
                          means
      the Amended and Restated Memorandum and Articles of Association of the
      Company adopted on or prior to the Closing, attached hereto as EXHIBIT
      A.

                        
	 
      	 
      	 
      
	
                          “RMB”

                        	 
      	
                          means
      the lawful currency of the PRC.

                        
	 
      	 
      	 
      
	
                          “Rubao”

                        	 
      	
                          means
      the preamble of this Agreement.

                        
	 
      	 
      	 
      
	
                          “SAFE”

                        	 
      	
                          has
      the meaning set out in Section 3.1.

                        
	 
      	 
      	 
      
	
                          “SAFE
      Circular”

                        	 
      	
                          has
      the meaning set out in Section 11(c) of EXHIBIT
      D.

                        
	 
      	 
      	 
      
	
                          “Securities
      Act”

                        	 
      	
                          has
      the meaning set out in Section 5(b) of EXHIBIT
      D.

                        
	 
      	 
      	 
      
	
                          “Subsidiary”

                        	 
      	
                          means,
      with respect to any given Person, any other Person that is not a natural
      person and that is Controlled by such given Person.

                        
	 
      	 
      	 
      
	
                          “US GAAP”

                        	 
      	
                          means
      the generally accepted accounting principles of the United States of
      America.

                        
	 
      	 
      	 
      
	
                          “US Dollar” or “US$”

                        	
                            

                        	
                          means
      the lawful currency of the United States of
  America.

                        

                

              

            

          

        

      

    

     

    1.2               Interpretation.  For
all purposes of this Agreement, except as otherwise expressly provided, (a) the
terms defined in this Section 1 shall have the meanings assigned to them in this
Section 1 and include the plural as well as the singular, (b) all accounting
terms not otherwise defined herein have the meanings assigned under US GAAP, (c)
all references in this Agreement to designated “Sections” and other subdivisions
are to the designated Sections and other subdivisions of the body of this
Agreement, (d) pronouns of either gender or neuter shall include, as
appropriate, the other pronoun forms, (e) the words “herein”, “hereof”, and
“hereunder” and other words of similar import refer to this Agreement as a whole
and not to any particular Section or other subdivision, (f) all references in
this Agreement to designated exhibits are to the exhibits attached to this
Agreement unless explicitly stated otherwise, (g) “include”, “includes”,
“including”, and other words of similar import are deemed to be followed by
“without limitation” whether or not they are in fact followed by such words or
words of like import, (h) the titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in
construing this Agreement, (i) any reference in this Agreement to any “Party” or any other Person
shall be construed so as to include its successors in title, permitted assigns
and permitted transferees, and (j) any reference in this Agreement to any
agreement or instrument is a reference to that agreement or instrument as
amended or novated.  This Agreement shall be construed according to
its fair language.  The rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be employed
in interpreting this Agreement.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
              2.

            	
              AGREEMENT
      TO PURCHASE AND SELL SHARES

            

    

     

    2.1               Agreement to Purchase and
Sell.  Subject to the terms and conditions hereof, the Existing
Shareholder, as the sole registered holder and beneficial owner of all the
Purchased Shares, hereby agrees to sell to the Purchaser, and the Purchaser
hereby agree to purchase from the Existing Shareholder, on the Closing Date, all
the Purchased Shares, free from any Encumbrance and together with all rights and
advantages attached or accruing to them on and after the Effective
Date.  Immediately after the Closing contemplated under this
Agreement, the Purchaser shall own all issued shares of the
Company.

     

    
      	
              3.

            	
              CONSIDERATION
      AND PAYMENT SCHEDULE

            

    

     

    3.1               Consideration.  The
total purchase price paid by Purchaser for the purchase of all the Purchased
Shares is RMB450,000,000 or the equivalent US Dollars or HK Dollars (the “Purchase Price”), which shall
be the net value to be paid by the Purchaser to the Existing
Shareholder.  For the purpose of this Agreement, the foreign exchange
rate for RMB against US Dollar or HK Dollar shall be the central parity of
foreign exchange rate for RMB against US Dollar or HK Dollar published by the
State Administration of Foreign Exchange of the PRC (the “SAFE”) at its official website
www.safe.gov.cn
at the respective date of payment.

     

    3.2               Payment
Schedule.

     

    
      	
               
      

            	
              (1)

            	
              The First
      Payment:  Within five (5) Business Days after the
      Effective Date, the Purchaser shall pay RMB50,000,000 or equivalent US
      Dollars or HK Dollars to the Existing
  Shareholder;

            

    

     

    
      	
               
      

            	
              (2)

            	
              The Second
      Payment:  Subject to the satisfaction or waiver of all
      conditions specified in Section 7 hereof, the Purchaser shall pay
      RMB310,000,000 or equivalent US Dollars or HK Dollars to the Existing
      Shareholder within ten (10) Business Days after the
    Closing;

            

    

     

    
      	
               
      

            	
              (3)

            	
              The Third
      Payment:  Within thirty (30) days commencing on August
      31, 2010 and subject to the satisfaction of the conditions specified in
      Section 7 of EXHIBIT F
      before August 31, 2010 , the Purchaser shall pay RMB90,000,000 or
      equivalent US Dollars or HK Dollars to the Existing
      Shareholder.

            

    

     

    3.3               Adjustment
to the Consideration.  The Existing Shareholder shall guarantee
that the PRC GAAP tax-based net profit of the College for the 2009 academic year
(i.e. from September 1, 2009 to August 31, 2010) (the “2009 Net Profit”) shall not be
less than RMB50,000,000.  In case of any short fall, the Purchaser is
entitled to deduct the amount calculated based on the following formula from the
Third Payment.

     

    “Deduction
Amount=(RMB50,000,000-2009 Net Profit) ×9”

    (Currency
Unit: RMB)

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      	
              4.

            	
              CLOSINGS;
      DELIVERIES

            

    

     

    4.1               Closing. The purchase
and sale of the Purchased Shares shall take place remotely via the exchange of
documents and signatures (the “Closing”) on the date of the
satisfaction or waiver of all the conditions set forth in Section
7 hereto, or at such other time and date as may be mutually agreed upon by
the Existing Shareholder and the Purchaser (the “Closing Date”).

     

    4.2               Closing
Deliveries.  At the Closing:

     

    (a)            The
Parties to the Agreement shall exchange duly executed signature pages to the
Agreement remotely via facsimile, or by such other methods as mutually agreed by
the Parties thereto;

     

    (b)            The
Company and the Existing Shareholder shall (i) deliver to the Purchaser duly
executed transfer instruments (including instruments of transfer) by the
Existing Shareholder in respect of the Purchased Shares purchased by such
Purchaser in favor of the Purchaser or its nominees together with the original
relevant share certificate(s), (ii) deliver to the Purchaser, free and clear of
any Encumbrance, a new share certificate registered in its name or the name(s)
of its nominee(s) as directed by the Purchaser, evidencing the number of
Purchased Shares purchased by the Purchaser; (iii) enter the Purchaser in the
register of members of the Company as a holder of the Purchased Shares purchased
by the Purchaser, free and clear of any Encumbrance, evidencing the Purchaser’s
Purchased Shares as having been duly transferred, (iv) deliver to the Purchaser
a certified true copy of the register of members of the Company reflecting the
transfer of the Purchased Shares purchased by the Purchaser, and (v) deliver to
the Purchaser all other items required at the Closing under Section
7.1.

     

    4.3               Ownership.  Upon
the Closing, the Purchaser shall become exclusively entitled to the sole
beneficial ownership of the Purchased Shares purchased by it.

     

    
      	
              5.

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

     

    5.1               Representations and
Warranties of Group Companies and Existing Shareholder.  The
Group Companies and the Existing Shareholder (each, the “Covenantor” and collectively,
the “Covenantors”),
jointly and severally, hereby represent and warrant to the Purchaser, except as
set forth in the Disclosure Schedule (the “Disclosure Schedule”) attached
to this Agreement as EXHIBIT C (which
Disclosure Schedule shall be deemed to modify the representations and warranties
set forth in this Agreement) and as limited in EXHIBIT D, that the
representations and warranties set forth in EXHIBIT D are true as
of the Effective Date and will be true as of the Closing Date (except for such
representations and warranties that speak as of a particular date, in which
case, such representations and warranties shall be true as of such
date).

     

    5.2               Representations and
Warranties of Purchaser.  The Purchaser hereby, represents and
warrants to the Company that the representations and warranties set forth in
EXHIBIT E are
true as of the Effective Date and will be true as of the Closing
Date.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
              6.

            	
              COVENANTS
      OF COVENANTORS

            

    

     

    The Covenantors jointly and severally
covenant to the Purchaser as set forth in EXHIBIT
F.

     

    
      	
              7.

            	
              CLOSING
      CONDITIONS

            

    

     

    7.1               Conditions to Purchaser’
Obligations at Closing.  The obligation of the Purchaser to
purchase the Purchased Shares at the Closing is subject to the fulfillment on or
prior to the Closing, to the satisfaction of the Purchaser, or waiver by the
Purchaser, of the conditions as set forth in EXHIBIT
G.

     

    7.2               Conditions to Existing
Shareholder’s Obligations at Closing.  The obligation of the
Existing Shareholder to sell the Purchased Shares at the Closing is subject to
the fulfillment or waiver by the Existing Shareholder of the conditions as set
forth in EXHIBIT
H.

     

    
      	
              8.

            	
              INDEMNIFICATION

            

    

     

    The
Covenantors shall, jointly and severally, indemnify, defend and hold harmless
the Purchaser and their respective Affiliates, together with the employees,
officers, directors, managing directors and partners of the foregoing, from and
against any and all Losses, directly or indirectly, arising out of, relating to,
connected with or incidental to any breach of any representation, warranty,
covenant or agreement made by any of the Covenantors in this
Agreement.  The Covenantors shall indemnify the Purchaser to guatantee
the Purchaser shall not be liable for any Losses, liabilities, obligations,
responsibilities or debts, whether contractual or otherwise, or any taxes or any
other undertakings of any of the Group Companies incurred from or arose out of
or as a result of events which happened before the Closing.  In the
event that the Purchaser and their respective Affiliates, together with the
employees, officers, directors, managing directors and partners of the
foregoing, incur any Losses, directly or indirectly, arising out of, relating
to, connected with or incidental to any breach of any representation, warranty,
covenant or agreement made by any of the Covenantors in this Agreement, the
Purchaser is entitle to deduct the amount equivalent to such Losses from the
unpaid Purchase Price.  The agreements in this Section 8 shall survive
any termination of this Agreement.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	
              9.

            	
              CONFIDENTIALITY
      AND NON-DISCLOSURE

            

    

     

    9.1               Confidentiality.  From
the Effective Date, each Party shall, and shall cause any Person who is
Controlled by such Party to, keep confidential the terms, conditions, and
existence of this Agreement and any related documentation, the identities of any
of the Parties, and other information of a non-public nature received from any
other Party or prepared by such Party exclusively in connection herewith or
therewith (collectively, the “Confidential Information”)
except as the Existing Shareholder and the Purchaser shall mutually agree
otherwise; provided, that any
Party hereto may disclose Confidential Information or permit the disclosure of
Confidential Information (a) to the extent required by Applicable Law or the
rules of any stock exchange; provided that such
Party shall, where practicable and to the extent permitted by Applicable Law,
provide the other Parties with prompt written notice of that fact and use all
reasonable efforts to seek (with the cooperation and reasonable efforts of the
other Parties) a protective order, confidential treatment or other appropriate
remedy; and in such event, such Party shall furnish only that portion of the
information which is legally required to be disclosed and shall exercise
reasonable efforts to keep such information confidential to the extent
reasonably requested by any such other Parties, (b) to its officers, directors,
employees, and professional advisors on a need-to-know basis for the performance
of its obligations in connection herewith so long as such Party advises each
Person to whom any Confidential Information is so disclosed as to the
confidential nature thereof, (c) in the case of the Purchaser, its auditors,
counsel, directors, officers, employees, shareholders, partners or investors for
the purposes of purchase reporting or inter-purchase reporting so long as the
Purchaser advises each Person to whom any Confidential Information is so
disclosed as to the confidential nature thereof, and (d) to its current or bona
fide prospective Purchaser, investment bankers and any Person otherwise
providing substantial debt or equity financing to such Party so long as the
Party advises each Person to whom any Confidential Information is so disclosed
as to the confidential nature thereof.  For the avoidance of doubt,
Confidential Information does not include information that (i) was already in
the possession of the receiving Party before such disclosure by the disclosing
Party, (ii) is or becomes available to the public other than as a result of
disclosure by the receiving Party in violation of this Section 9, or (iii) is or
becomes available to the receiving Party from a third party who has no
confidentiality obligations to the disclosing Party.

     

    9.2               Press Releases. The
Parties shall not make any announcement regarding the consummation of the
transaction contemplated by this Agreement and any related documentation in a
press release, conference, advertisement, announcement, professional or trade
publication, marketing materials or otherwise to the general public without the
Existing Shareholder’s and the Purchaser’ prior written consent.

     

    
      	
              10.

            	
              TERMINATION

            

    

     

    10.1             Termination of
Agreement.  Subject to other provisions herein, this Agreement
and the transactions contemplated by this Agreement shall terminate upon the
mutual consent in writing of the Existing Shareholder and the
Purchaser.  Within five (5) days after the termination of this
Agreement, the Existing Shareholder shall return the Purchase Price having been
paid by the Purchaser to the Purchaser in a lump sum.

     

    10.2             Effect of
Termination.  If this Agreement is terminated pursuant to the
provisions of Section 10.1 above, then this Agreement shall become void and have
no further effect; provided, that no
Party shall be relieved of any liability of any nature for a breach of this
Agreement or for any misrepresentation hereunder, nor shall such termination be
deemed to constitute a waiver of any available remedy (including specific
performance if available) for any such breach or misrepresentation.

     

    10.3             Survival.  Notwithstanding
any provision to the contrary, the provisions of Section 8 (Indemnification),
Section 9 (Confidentiality and Non-Disclosure), this Section 10 (Termination),
and Section 11.4 (Dispute Resolution) shall survive any expiration or
termination of this Agreement.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      	
              11.

            	
              MISCELLANEOUS

            

    

     

    11.1             Effectiveness; Binding
Effect; Assignment.  This Agreement shall take effect upon
execution by the Parties.  This Agreement shall be binding on and
shall inure to the benefit of the successors, heirs, executors and
administrators and assignees of the Parties hereto but shall not be capable of
being assigned by any Covenantor without the prior consent in writing of the
Purchaser.  This Agreement and the rights and obligations herein may
be assigned and transferred by the Purchaser to any Person who has executed a
deed of adherence, agreeing to be bound by this Agreement, at the Purchaser’s
option.

     

    11.2             Expenses.  All
expenses and taxes incurred in connection with the transactions contemplated
under this Agreement will be borne by the Party incurring such expenses and
taxes.  All costs and expenses in connection with the negotiation,
preparation, execution of this Agreement and obtaining the required approval,
including the costs and expenses for its own legal counsel, accountant,
translator and other professionals, shall be borne by the Party incurring the
same.  If the Purchaser is held to have the obligations of withholding
under the PRC laws, the Purchaser is entitled to be indemnified for all the
taxes and expenses having been paid by the Purchaser.

     

    11.3             Governing
Law.  This Agreement shall be governed by and construed in all
respects in accordance with the laws of Hong Kong.

     

    11.4             Dispute
Resolution.

     

    (a)            Any
dispute, controversy or claim (each, a “Dispute”) arising out of or
relating to this Agreement or the interpretation, breach, termination or
validity hereof, shall be resolved at the first instance through consultation
between the Parties to such Dispute.  Such consultation shall begin
immediately after any Party has delivered written notice to any Party to the
Dispute requesting such consultation.

     

    (b)            If
the Dispute is not resolved within fifteen (15) days following the date on which
such notice is given, the Dispute shall be submitted to arbitration upon the
request of any Party to the Dispute with notice to each other Party to the
Dispute (the “Arbitration
Notice”).

     

    (c)            The
arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong
International Arbitration Centre (the “Centre”).  There
shall be three (3) arbitrators.  The Purchaser shall choose one (1)
arbitrator, the Covenantors shall collectively choose one (1) arbitrator and the
two (2) arbitrators shall jointly select the third arbitrator who shall serve as
the chairman of the arbitration tribunal.  If any of the members of
the arbitral tribunal have not been appointed within thirty (30) days after the
Arbitration Notice is given, the relevant appointment shall be made by the
Secretary General of the Centre.

     

    (d)            The
arbitration proceedings shall be conducted in English.  The
arbitration tribunal shall apply the Arbitration Rules of the United Nations
Commission on International Trade Law, as administered by the Centre at the time
of the arbitration.  However, if such rules are in conflict with the
provisions of this Section 11.4, including the provisions concerning the
appointment of arbitrators, the provisions of this Section 11.4 shall
prevail.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (e)            The
arbitrators shall decide any Dispute submitted by the Parties strictly in
accordance with the substantive law of Hong Kong; provided that when
the published laws of Hong Kong do not cover a certain matter, international
legal principles and practices shall apply.

     

    (f)      
      Each Party to the arbitration shall
cooperate with the other Parties to the arbitration in making full disclosure of
and providing complete access to all information and documents requested by such
other Party in connection with such arbitration proceedings, subject only to any
confidentiality obligations binding on such Party.

     

    (g)            The
costs of arbitration shall be borne by the losing Party, unless otherwise
determined by the arbitration tribunal.

     

    (h)            When
any Dispute occurs and when any Dispute is under arbitration, except for the
matters in dispute, the Parties shall continue to fulfill their respective
obligations and shall be entitled to exercise their rights under this
Agreement.

     

    (i)      
      The award of the arbitration tribunal shall
be final and binding upon the Parties, and the prevailing Party may apply to a
court of competent jurisdiction for enforcement of such award.

     

    (j)         
   Any Party shall be entitled to seek preliminary injunctive
relief from any court of competent jurisdiction pending the constitution of the
arbitral tribunal.

     

    (k)            During
the course of the arbitration tribunal’s adjudication of the Dispute, this
Agreement shall continue to be performed except with respect to the part in
dispute and under adjudication.

     

    11.5             Entire
Agreement.  This Agreement and any transaction agreement the
execution of which is contemplated hereunder and thereunder and the schedules
and exhibits hereto and thereto constitute the entire understanding and
agreement between the Parties with respect to the subject matter hereof and
thereof and supersede all prior written or oral understandings or agreements
with respect to the subject matter hereof and thereof.

     

    11.6             Notices.  Except
as may be otherwise provided herein, all notices, requests, waivers and other
communications made pursuant to this Agreement shall be in writing and shall be
conclusively deemed to have been duly given (a) when hand delivered to the other
Party, upon delivery; (b) when sent by facsimile at the number set forth on
EXHIBIT B
hereto, upon receipt of confirmation of error-free transmission; (c) five (5)
Business Days after deposit in the mail as air mail or certified mail, receipt
requested, postage prepaid and addressed to the other Parties as set forth on
EXHIBIT B
hereto; or (d) three (3) Business Days after deposit with an overnight delivery
service, postage prepaid, addressed to the other Parties as set forth on EXHIBIT B hereto with
next ­Business Day delivery guaranteed, provided that the
sending Party receives a confirmation of delivery from the delivery service
provider.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    Each Party making a communication
hereunder by facsimile shall promptly confirm by telephone to the Party to whom
such communication was addressed each communication made by it by facsimile
pursuant hereto but the absence of such confirmation shall not affect the
validity of any such communication.  A Party may change or supplement
the addresses given in EXHIBIT B, or
designate additional addresses, for purposes of this Section 11.6 by giving, the
other Parties written notice of the new address in the manner set forth
above.

     

    11.7             Amendments and
Waivers.  Any term of this Agreement may be amended only with
the written consent of the Existing Shareholder and the
Purchaser.  Any amendment or waiver effected in accordance with this
Section 11.7 shall be binding upon all Parties hereto, and their respective
permitted assigns.

     

    11.8             Delays or
Omissions.  No delay or omission in exercising any right, power
or remedy accruing to any Party hereto, upon any breach or default of any other
Party under this Agreement, shall impair any such right, power or remedy of such
Party nor shall it be construed to be a waiver of any such breach or default, or
an acquiescence therein, or of any similar breach or default thereafter
occurring; nor shall any waiver of any other breach or default theretofore or
thereafter occurring.  Any waiver, permit, consent or approval of any
kind or character on the part of any Party of any breach or default under this
Agreement or any waiver of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth
in such writing.  All remedies, either under this Agreement, or by law
or otherwise afforded to any Party shall be cumulative and not
alternative.

     

    11.9             Severability.  If
any provision of this Agreement is found to be invalid or unenforceable, then
such provision shall be construed, to the extent feasible, so as to render the
provision enforceable and to provide for the consummation of the transactions
contemplated hereby on substantially the same terms as originally set forth
herein, and if no feasible interpretation would save such provision, it shall be
severed from the remainder of this Agreement, which shall remain in full force
and effect unless the severed provision is essential to the rights or benefits
intended by the Parties.  In such event, the Parties shall use best
efforts to negotiate, in good faith, a substitute, valid and enforceable
provision or agreement which most nearly effects the Parties’ intent in entering
into this Agreement.

     

    11.10           Survival of Representations
and Warranties.  The representations and warranties of the
Covenantors as set forth in EXHIBIT D shall be deemed being made as of the
Effective Date and the Closing Date, and shall remain true, correct and
effective after the Closing Date with respect to the facts and conditions
existing as of the Effective Date and the Closing Date.

     

    11.11           Language.  This
Agreement has been executed in English and Chinese counterparts and the two
language texts shall have equal validity and legal effect; provided that the
English version shall prevail whenever there is any discrepancy between the
English and the Chinese versions.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    11.12           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one
instrument.

     

    [SIGNATURE
PAGE TO FOLLOW]

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above
written.

    

    PURCHASER:

    

    
      
        
          
            
              
                	 	 	)
	
                        by
      ChinaCast Education
      Holdings Limited

                      	 
      	
                        )

                      
	 
      	 
      	
                        )

                      
	
                        and
      acting by Ron Chan

                      	 
      	
                        )

                      
	 
      	 
      	
                        )

                      
	
                        (Director)

                      	 
      	
                        )

                      

              

            

          

        

      

    

    

    [SIGNATURE
PAGE TO SHARE TRANSFER AGREEMENT]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above
written.

    

    EXISTING
SHAREHOLDER:

    

    
      
        	
                SIGNED, SEALED and DELIVERED

              	 
      	
                )

              
	 
      	 
      	
                )

              
	
                by
      WU SHI
      XING

              	 
      	
                )

              
	 
      	 
      	
                )

              
	
                the
      holder of the People’s Republic of China

              	 
      	
                )

              
	 
      	 
      	
                )

              
	
                ID
      Card No. 330124195507252115

              	 
      	
                )

              

      

    

    

    [SIGNATURE
PAGE TO SHARE TRANSFER AGREEMENT]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above
written.

    

    COMPANY:

    

    
      
        	
                by
      Wintown Enterprises
      Limited

              	 
      	
                )

              
	 
      	 
      	
                )

              
	
                and
      acting by WU SHI XING

              	 
      	
                )

              
	 
      	 
      	
                )

              
	
                (Director)

              	 
      	
                )

              

      

    

    

    [SIGNATURE
PAGE TO SHARE TRANSFER AGREEMENT]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above
written.

    

    
      
        
          
            
              
                	      
                        by Shanghai
      Rubao Information Technology Co.,
      Ltd.

                      	) 
	
                        (上海如宝信息技术有限公司)

                      	
                        )

                      
	 
      	
                        )

                      
	
                        Company
      Chop

                      	
                        )

                      

              

            

          

        

      

    

    

    [SIGNATURE
PAGE TO SHARE TRANSFER AGREEMENT]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above
written.

    

    
      
        
          
            
              
                
                  	      
                          by Wuhan
      Jiyang Education Investment Co.,
      Ltd.

                        	) 
	
                          (武汉市激扬教育投资有限公司)

                        	
                          )

                        
	 
      	
                          )

                        
	
                          Company
      Chop

                        	
                          )

                        

                

              

            

          

        

      

    

    

    [SIGNATURE
PAGE TO SHARE TRANSFER AGREEMENT]

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    
      

      IN
WITNESS WHEREOF, the Parties hereto have caused their respective duly authorized
representatives to execute this Agreement as of the date and year first above
written.

      

      
        	
                EXECUTED
      AS A DEED

              	
                )

              
	 
      	
                )

              
	
                by
      Hubei Industrial
      University

              	
                )

              
	
                Business
      Colledge

              	 
      
	
                湖北工业大学商贸学院

              	
                )

              
	 
      	
                )

              
	
                Official
      Chop

              	
                )

              

      

      

      
        [SIGNATURE
PAGE TO SHARE TRANSFER AGREEMENT]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Execution
Copy

       

      LIST
OF EXHIBITS

       

      
        
          	 	
                  Exhibit A

                	 
      	
                  Restated
      Articles

                
	 	 
      	 
      	 
      
	 	
                  Exhibit B

                	 
      	
                  Notice

                
	 	 
      	 
      	 
      
	 	
                  Exhibit C

                	 
      	
                  Disclosure
      Schedule

                
	 	 
      	 
      	 
      
	 	
                  Exhibit D

                	 
      	
                  Representations
      and Warranties of Covenantors

                
	 	 
      	 
      	 
      
	 	
                  Exhibit E

                	 
      	
                  Representation
      and Warranties of Purchaser

                
	 	 
      	 
      	 
      
	 	
                  Exhibit F

                	 
      	
                  Covenants
      of Covenantors

                
	 	 
      	 
      	 
      
	 	
                  Exhibit G

                	 
      	
                  Conditions
      to Purchaser’s Obligations at Closing

                
	 	 
      	 
      	 
      
	 	
                  Exhibit H

                	 
      	
                  Conditions
      to Existing Shareholder’s Obligations at
Closing

                

        

      

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      Execution
Copy

       

      EXHIBIT
A

       

      RESTATED
ARTICLES

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      Execution
Copy

       

      EXHIBIT
B

       

      NOTICE

      

      For the
purpose of the notice provisions contained in the Agreement, the following are
the initial addresses of each party thereto:

      

      
        
          	
                  In
      case of the Purchaser:

                
	 
      	 
      
	
                  Address:

                	
                  Suite
      3316, 33/F One IFC, 1 Harbour View Street, Central, Hong
    Kong

                
	
                  Fax Number:     

                	
                  852-2811
      2389

                
	
                  Attention:

                	
                  Ron
      Chan

                
	 
      	 
      
	
                  In
      case of the Existing Shareholder:

                
	 
      	 
      
	
                  Address:

                	
                  No.6
      Lane 1618, Song Ze Main Road, Xu Jing Town, Qing Pu District,

                  Shanghai,
      the People's Republic of China

                
	
                  Post
      Code:

                	 
      
	
                  Fax
      Number:

                	
                  8621
      68645757

                
	
                  Attention:

                	
                  WU
      SHI XING

                
	 
      	 
      
	
                  In
      case of the Group Companies:

                
	 
      	 
      
	
                  Address:

                	
                  No.6
      Lane 1618, Song Ze Main Road, Xu Jing Town, Qing Pu District,

                  Shanghai,
      the People's Republic of China

                
	
                  Post
      Code:

                	 
      
	
                  Fax
      Number:

                	
                  8621
      68645757

                
	
                  Attention:

                	
                  WU
      SHI XING

                

        

      

       

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      Execution
Copy

       

      EXHIBIT
C

       

      DISCLOSURE
SCHEDULE

       

      There
were account receivables from Wuhan Dongdi Prince Hotel Management Co.,
Ltd. (武汉东帝王子酒店管理有限公司)
amounting to RMB30,494,468 and account receivables from Chen Zhuo Guo amounting
to RMB4,200,000 in the financials of Jiyang, but these account
receivables are not recoverable.

       

      This
disclosure is an exception and explanation made to the representations and
warranties made in Section 6(f) of Exhibit D.

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

      Execution
Copy

       

      EXHIBIT
D

       

      REPRESENTATIONS
AND WARRANTIES OF COVENANTORS

       

      
        	
                1.

              	
                Organization, Standing
      and Qualification. Each of the Group Companies is duly organized,
      validly existing and in good standing (or equivalent status in the
      relevant jurisdiction) under, and by virtue of, the laws of the place of
      its incorporation or establishment and has all requisite power and
      authority to own its properties and assets and to carry on its business as
      now conducted and as proposed to be conducted, and to perform each of its
      obligations hereunder.  Each of the Group Companies is qualified
      or licensed to do business and is in good standing (or equivalent status
      in the relevant jurisdiction) in each jurisdiction where failure to be so
      qualified or licensed would have a Material Adverse
      Effect.  None of the Group Companies and the Existing
      Shareholder is in receivership or liquidation; no steps have been taken to
      enter into liquidation; and no petition has been presented for winding up
      any Group Company; and there are no grounds on which a petition or
      application could be based for the winding up or appointment of a receiver
      of any Group Company or the Existing Shareholder.  Rubao, Jiyang
      and the College have passed the annual inspection conducted by the
      competent registration or administration authorities each year since their
      inception.

              

      

       

      
        	
                2.

              	
                Capitalization.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Immediately
      prior to the Closing, the authorized share capital of the Company consists
      of the following:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Shares. A total
      of 50,000 authorized Shares with par value of US$1 per share, of which two
      (2) Shares are issued and
outstanding.

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Options, Warrants,
      Reserved Shares.  Except for the transactions
      contemplated by the Agreement, there are no subscriptions, options,
      warrants, conversion privileges, pre-emptive or other rights or Contracts
      with respect to the issuance of any shares of the Company or with respect
      to sale by the Existing Shareholder of the Purchased Shares.  No
      shares (including the Purchased Shares) of the Company’s outstanding share
      capital, or other shares issuable by the Company, are subject to any
      preemptive rights, rights of first refusal or other rights to purchase
      such shares (whether in favor of the Company or any other
      Person).

              

      

       

      
        
          	
                	
                  (b)

                	
                  Rubao’s
      Registered Capital.  Immediately prior to the Closing, the
      registered capital of Rubao is USD1,000,000, all of which has been
      contributed in full in accordance with its then effective articles and
      Applicable Law, and duly verified by a certified accountant registered in
      the PRC, and the verification report was timely filed with the relevant
      PRC Governmental Authority.  The Company owns one hundred
      percent (100%) of the equity interest of Rubao, which is free and clear of
      any Encumbrance.

                

        

      

       

      
        
          	
                	
                  (c)

                	
                  Jiyang’s Registered
      Capital.  Immediately prior to the Closing, the
      registered capital of Jiyang is RMB20,000,000, all of which has been
      contributed in full and duly verified by a certified accountant registered
      in the PRC, and the verification report was timely filed with the relevant
      PRC Governmental Authority.  Rubao owns one hundred percent
      (100%) of the equity interest of Jiyang, which is free and clear of any
      Encumbrance.

                

        

      

       

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

       

      
        
          	
                	
                  (d)

                	
                  College’s Operation
      Capital.  Immediately prior to the Closing, the operation
      capital of the College is RMB30,000,000, all of which has been contributed
      in full and duly verified by a certified accountant registered in the PRC,
      and the verification report was timely filed with the relevant PRC
      Governmental Authority.  The College is jointly sponsored by
      Jiyang and Hubei Industrial University.  Jiyang contributed
      RMB30,000,000, representing one hundred percent (100%) of the operation
      capital of the College.  The sponsor’s interest of Jiyang is
      free and clear of any
Encumbrance.

                

        

      

       

      
        
          	
                	
                  (e)

                	
                  No Encumbrance.
      Except for the transactions contemplated under the Agreement, none of the
      Covenantors or any of their respective Affiliates is a party to any
      Contracts by which any of them is bound or obligated to transfer or assign
      or create any Encumbrance on any interest, economic or otherwise, in any
      equity interests of any Group Company to any Person.  Except for
      the Agreement, there is no other Contracts between or among the Existing
      Shareholder and/or any other shareholders of any Group Company with
      respect to the ownership or voting or Control of any Group
      Company.

                

        

      

       

      
        	
                3.

              	
                Subsidiaries; Group
      Structure. Except as specified in this Section 3 of EXHIBIT D, and
      subject to Section 3 of the Disclosure Schedule, no Group Company has any
      Subsidiary or presently own or Control, directly or indirectly, any
      interest in any other Person.  The Group Companies do not
      maintain any offices or branches or Subsidiaries except for the office at
      the College.  Jiyang has transferred its complete equity
      interests in Wuhan Foreign Technical Worker School (武汉涉外技工学校) and
      Wuhan Dongdi Prince Hotel Management Co., Ltd. (武汉东帝王子酒店管理有限公司).

              

      

       

      
        	
                4.

              	
                Due
      Authorization.  All corporate action on the part of the
      Group Companies and, as applicable, their respective officers, directors
      and shareholders necessary for (a) the authorization, execution and
      delivery of, and the performance of all obligations of the Group Companies
      under this Agreement and any other agreements the execution of which is
      contemplated hereunder, and (b) the authorization for transfer of all of
      the Purchased Shares under this Agreement has been taken or will be taken
      prior to the Closing.  Each of the Group Companies has all
      requisite power and authority to execute and deliver this
      Agreement.  The Agreement is a valid and binding obligation of
      such Covenantor, enforceable against it in accordance with its terms,
      except as may be limited by (i) applicable bankruptcy, insolvency,
      reorganization or other laws of general application relating to or
      affecting the enforcement of creditors’ rights generally, and (ii) the
      effect of rules of law governing the availability of equitable
      remedies.

              

      

       

      
        	
                5.

              	
                Clean
      Title.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Existing Shareholder is the sole registered holder and beneficial owner of
      all the Purchased Shares, and owns all rights attaching to such interest,
      and is entitled to sell and transfer to the Purchaser the full legal and
      beneficial ownership of such Purchased Shares on the terms of this
      Agreement and free from any
Encumbrance.

              

      

       

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      issued and outstanding share capital of the Group Companies (including the
      Purchased Shares) are duly and validly authorized and issued, fully paid
      and nonassessable (and in case of Jiyang, its registered capital has been
      contributed in full; in case of the College, its operation capital has
      been contributed in full).  All outstanding shares (including
      the Purchased Shares), options, warrants and other securities of the
      Company have been issued (and the transfer of Purchased Shares under this
      Agreement shall be) in full compliance with the requirements of all
      Applicable Laws, including, to the extent applicable, the registration and
      prospectus delivery requirements of the United States Securities Act of
      1933, as amended (the “Securities Act”), or in compliance
      with applicable exemptions therefrom, and all other provisions of
      applicable securities laws and regulations, including, without limitation,
      anti-fraud provisions, and the Company’s respective Constitutional
      Documents at the time of such issuance or
  transfer.

              

      

       

      
        	
                6.

              	
                Financial
      Statement.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Prior
      to the date of the Closing, the Group Companies have delivered to the
      Purchaser financial statements and management accounts (including balance
      sheet and profit and loss statement) of Jiyang as of July 31, 2010 and the
      College as of June 30, 2010 (collectively, the “Financial
      Statements”).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Financial Statements have been prepared in accordance with PRC
      GAAP.  None of the Group Companies has changed any of the
      accounting principles or practices used by it in the
  past.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Financial Statements are accurate and complete in all material respects
      and present fairly the financial position of each Group Company as of the
      respective dates thereof and the results of operations of each Group
      Company for the periods covered thereby.  In particular, the
      Financial Statements reflect all debts, liabilities, and obligations of
      any nature whether due or to become due, (including, without limitation,
      absolute liabilities, accrued liabilities, and contingent liabilities) of
      the Group Companies as at June 30, 2010, and contain all necessary
      reserves, provisions and accruals in accordance with PRC
      GAAP.  The Financial Statements present an accurate picture of
      the net assets, financing and results of operations of the Group Companies
      taken as a whole in accordance with PRC GAAP as at June 30,
      2010.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                All
      transactions conducted by the Group Companies have been duly recorded on
      their books and in their accounting records to the extent required by PRC
      GAAP and other applicable local accounting provisions and
      regulations.  As at June 30, 2010, the Group Companies have not
      incurred, assumed or guaranteed any liabilities or debts of any nature
      (whether due, fixed, contingent or otherwise) that were material to the
      business of any Group Companies and were not reflected or expressly
      provisioned against in the Financial
Statements.

              

      

       

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (e)

              	
                Except
      as set forth in the Financial Statements and in the Disclosure Schedule,
      (i) none of the Group Companies have any liability or obligation, absolute
      or contingent (individually or in the aggregate), or any indebtedness for
      borrowed money that it has directly or indirectly created, incurred,
      assumed or guaranteed; (ii) no Group Company is a guarantor or indemnitor
      of any liability, obligation or indebtedness of any Person, (iii) the
      Existing Shareholder is not a guarantor or indemnitor of any liability,
      obligation or indebtedness of any Group Company, and (iv) none of the
      Covenantors has pledged or created any Encumbrance over any of its
      interest in the securities of any Group
Company.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                As
      of the Effective Date and the Closing Date, the Company has the sole asset
      of long term investment in Rubao, except for which it has no other assets
      or debts.  As of the Effective Date and the Closing Date, the
      Rubao has the sole asset of long term investment in Jiyang, except for
      which it has no other assets or debts.  As of the Effective Date
      and the Closing Date, except for the assets and liabilities reflected in
      the financial statements of Jiyang as of July 31, 2010 and the College as
      of June 30, 2010, each of Jiyang and the College has no further assets or
      debts.

              

      

       

      
        	
                7.

              	
                Title to Properties
      and Assets. Each Group Company has good and marketable title to its
      properties and assets, and none of its properties and assets is subject to
      any Encumbrance.  With respect to the properties and assets it
      leases, each Group Company is in compliance with each lease to which it is
      a party and such Group Company holds valid leasehold interests in such
      properties and assets.

              

      

       

      
        	
                8.

              	
                Status of Proprietary
      Assets.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Each
      Group Company (i) has independently developed and owns free and clear of
      any Encumbrance, or (ii) has a valid right or license to use, all
      Proprietary Assets, including Registered Intellectual Property, necessary
      and appropriate for its business as now conducted and as proposed to be
      conducted and without any conflict with or infringement of the rights of
      others.  Section 8 of the Disclosure Schedule contains a
      complete list of Proprietary Assets, including all Registered Intellectual
      Property, of each Group Company.  Each of the Group Companies
      has taken all steps it reasonably considers necessary (including
      registrations with, or applications to register with, the appropriate
      Governmental Authority) to perfect or protect its actual and alleged
      Proprietary Assets and such Proprietary Assets are valid and
      enforceable.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                There
      are no outstanding options, licenses, Contracts or rights of any kind
      granted by any Group Company or any other Person relating to any Group
      Company’s Proprietary Assets, nor is any Group Company bound by or a party
      to any options, licenses, Contracts or rights of any kind with respect to
      the Proprietary Assets of any other Person, except, in either case, for
      standard end-user agreements with respect to commercially readily
      available intellectual property such as “off the shelf” computer
      software.

              

      

       

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (c)

              	
                No
      Covenantor has received any communications alleging that it has violated
      or, by conducting its business as proposed, would violate any Proprietary
      Assets of any other Person, nor, to the best knowledge of the Covenantors
      is there any reasonable basis therefor.  To the best knowledge
      of the Covenantors, no other Person is infringing any Proprietary Assets
      of any Group Company.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                None
      of the Existing Shareholder nor any of the current or former officers,
      employees or consultants of any Group Company (at the time of their
      employment or engagement by a Group Company) has been or is obligated
      under any Contract, or subject to any judgment, decree or order of any
      court or administrative agency, that would interfere with the use of his,
      her or its best efforts to promote the interests of such Group Company or
      that would conflict with the business of such Group Company as proposed to
      be conducted or that would prevent the Existing Shareholder or such
      officers, employees or consultants from assigning to such Group Company
      inventions conceived or reduced to practice in connection with services
      rendered to such Group Company.  Neither the execution nor
      delivery of the Agreement, nor the carrying on of the business of any
      Group Company by its employees, nor the conduct of the business of any
      Group Company as proposed, will, to the best knowledge of the Covenantors,
      conflict with or result in a breach of the terms, conditions or provisions
      of, or constitute a default under, any Contract under which any of such
      employees is now obligated.  No government funding, facilities
      of any educational institution or research center, or funding from third
      parties has been used in the development of any Proprietary Assets of any
      Group Company.

              

      

       

      
        	
                9.

              	
                Material Contracts and
      Obligations.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                All
      Contracts, indebtedness, liabilities and other obligations to which a
      Group Company is a party or by which it is bound, that (i) are material to
      the conduct and operations of such Group Company’s business and
      properties, (ii) involve any of the officers, consultants, directors,
      employees or shareholders of such Group Company; or (iii) obligate such
      Group Company to share, license or develop any product or technology
      (except licenses granted in the ordinary course of business), other than
      agreements entered into by or on behalf of any Group Company in the
      ordinary course of business, are disclosed in Section 9 of the Disclosure
      Schedule and have been made available for inspection by the Purchaser and
      their counsel.  Such Contract, indebtedness, liabilities and
      obligations are valid and binding, in full force and effect and
      enforceable against such Group Company in accordance with its
      terms.  None of the Group Companies is not in default or breach
      under any of such Contract, indebtedness, liabilities and
      obligations.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                For
      purposes of this Section 9 of the Disclosure Schedule, “material” shall mean (i)
      having an aggregate value, cost or amount, or imposing liability or
      contingent liability on any Group Company, in excess of US$1,000,000 or
      that extend for more than one (1) year beyond the date of this Agreement,
      (ii) not terminable upon thirty (30) days notice without incurring any
      penalty or obligation, (iii) containing exclusivity, non-competition, or
      similar clauses that impair, restrict or impose conditions on any Group
      Company’s right to offer or sell products or services in specified areas,
      during specified periods, or otherwise, (iv) not entering into in the
      ordinary course of business, (v) transferring or licensing any Proprietary
      Assets to or from any Group Company (other than licenses granted in the
      ordinary course of business or licenses for commercially readily available
      “off the shelf” computer software) or (vi) an agreement the termination of
      which would be reasonably likely to have a Material Adverse Effect on any
      Group Company.

              

      

       

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (c)

              	
                There
      are no outstanding or potential debts and liabilities in connection with
      or arising out of Wuhan Dongdi Prince Hotel Management Co., Ltd. (武汉东帝王子酒店管理有限公司)
      and Beijing Golden Castle Culture Transmission Co., Ltd. (北京金色城堡文化传播有限公司).

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      stock trading account with Greatwall Securities (长城证券) was
      opened by Jiyang on behalf of Chen Zhuo Guo (陈卓国), and the
      trading of shares via such account was solely controlled by Chen Zhuo Guo
      (陈卓国)
      and Jiyang had no control or influence at all.  Any gain or
      loss arising from this account were taken up by Chen Zhuo Guo (陈卓国) and were
      not related to Jiyang.  The account was closed on Jul 23,
      2010.

              

      

       

      
        	
                10.

              	
                Litigation.  There
      is no action, suit, proceeding, claim, arbitration or investigation (the
      “Action”) pending
      or, to the best knowledge of the Covenantors, currently threatened,
      against any of the Group Companies, any Group Company’s activities,
      properties or assets, or, to the best knowledge of the Covenantors,
      against any officer, director or employee of a Group Company in connection
      with such officer’s, director’s or employee’s relationship with, or
      actions taken for or on behalf of, the Group Company or
      otherwise.  To the best knowledge of the Covenantors, there is
      no factual or legal basis for any such Action that is likely to result,
      individually or in the aggregate, in any Material Adverse Effect on any
      Group Company.  None of the Group Companies is a party to or
      subject to the provisions of any order, writ, injunction, judgment or
      decree of any court or Governmental Authority or instrumentality and there
      is no Action by any Group Company currently pending or which it intends to
      initiate.

              

      

       

      
        	
                11.

              	
                Compliance with Laws;
      Consents and Permits.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                None
      of the Group Companies is in violation of any Applicable Law in respect of
      its formation or the conduct of its business or the ownership of its
      properties.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                All
      consents, permits, approvals, orders, authorizations or registrations,
      qualifications, designations, declarations or filings by or with any
      Governmental Authority or any third party, which are required to be
      obtained or made by each Covenantor in connection with the consummation of
      the transactions contemplated under the Agreement shall have been obtained
      or made prior to and be effective as of the Closing.  Each Group
      Company has all franchises, permits, licenses and any similar authority
      necessary for the conduct of its business as currently conducted and as
      proposed to be conducted, which are in full force and effect, and the
      absence of which would reasonably be expected to have a Material Adverse
      Effect.  None of the Group Companies is in default under any of
      such franchise, permit, license or other similar
  authority.

              

      

       

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      Existing Shareholder shall fully comply with all legal requirements with
      respect to his direct or indirect holding of the Purchased Shares or other
      equity interests in the Group Companies on a continuing basis, including
      but not limited to registering such shareholding with the SAFE, in a
      timely manner, as required under the Circular of the State Administration
      of Foreign Exchange on Relevant Issues concerning Foreign Exchange
      Administration of Financing and Inbound Investment through Offshore
      Special Purpose Companies by PRC Residents (《关于境内居民通过境外特殊目的公司境外融资及返程投资外汇管理有关问题的通知》)
      (the “SAFE
      Circular”) if it is applicable, and any other applicable
      requirements imposed by the PRC Governmental Authorities, and obtaining
      all necessary consents, approvals, permits and registrations in connection
      therewith.  Without limiting the generality of the preceding
      sentence, the Existing Shareholder shall have filed for registration and
      received approvals from the SAFE Shanghai Branch pursuant to the SAFE
      Circular and other relevant circulars issued by the SAFE prior to the
      Closing Date in relation to the holding of equity interest of the Existing
      Shareholder and his direct or indirect holding of the Purchased Shares and
      other equity interests in the Group
Companies.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                For
      purposes of this subsection, “Government Official”
      means (i) a governmental official or (ii) an officer, employee or Person
      acting in an official capacity for or on behalf of a government,
      Governmental Authority or public international organization.  No
      Covenantor or any director, officer, agent, employee or representative or
      any other Person associated with or acting for or on behalf of the
      foregoing has (A) offered to pay, paid, promised to pay, or authorized the
      payment of any money, or (B) offered to give, given, promised to give, or
      authorized the giving of any gift, to any Government Official or political
      party or official thereof or any candidate for political office (or a
      Person that a Covenantor would reasonably expect to deliver such money or
      gift to a Government Official or political party or official thereof or
      any candidate for political office) for the purpose
  of:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                (x)
      influencing any act or decision of such Government Official or political
      party or official thereof or any candidate for political office, (y)
      inducing a Government Official or political party or official thereof or
      any candidate for political office to do or omit to do any act in
      violation of the lawful duty of such Government Official or political
      party or official thereof or any candidate for political office, or (z)
      securing any improper advantage; or

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                inducing
      such Government Official or political party or official thereof or any
      candidate for political office to use his or her or its influence with any
      Governmental Authority to affect or influence any act or decision of such
      Governmental Authority, in order to help a Covenantor obtain, retain
      business for or with, or direct business to the
  Covenantor.

              

      

       

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

       

      
        	
                12.

              	
                Non-Contravention.  None
      of the Group Companies or the Existing Shareholder is in, nor shall the
      conduct of its business as currently or proposed to be conducted result
      in, violation, breach or default of (a) any term of the Constitutional
      Documents of such Group Company, or (b) in any material respect any term
      or provision of any Contract to which such Group Company or the Existing
      Shareholder is a party or by which it may be bound (the “Group Company
      Contracts”) or (c) any provision of any judgment, decree, order or
      Applicable Law applicable to or binding upon such Group Company or the
      Existing Shareholder.  None of the activities, Contract, or
      rights of any Group Company or the Existing Shareholder is ultra vires or
      unauthorized.  The execution, delivery and performance of and
      compliance with the Agreement and the consummation of the transactions
      contemplated hereby and thereby do not and will not result in any such
      violation, breach or default, or conflict with or constitute, with or
      without the passage of time or the giving of notice or both, either a
      default under any Constitutional Documents of any Group Company or any
      Group Company Contract, or a violation of any Applicable Law, or an event
      which results in the creation of any Encumbrance (or any obligation to
      create any Encumbrance) upon any asset of any Group Company or the
      Existing Shareholder.

              

      

       

      
        	
                13.

              	
                Disclosure.  Each
      of the Covenantors has provided the Purchaser with all the information
      that the Purchaser have requested for deciding whether to purchase the
      Purchased Shares and all information that each of the Covenantors believes
      is reasonably necessary to enable the Purchaser to make such
      decision.  No representation or warranty by the Covenantors in
      the Agreement and no information or materials provided by the Covenantors
      to the Purchaser in connection with the negotiation or execution of the
      Agreement contains or will contain any untrue statement of a material
      fact, or omits or will omit to state any material fact required to be
      stated therein or necessary in order to make the statements therein, in
      light of the circumstances in which they are made, not misleading,
      including without limitation the Financial Statements and any information
      contained therein.

              

      

       

      
        	
                14.

              	
                Registration
      Rights.  Except as provided in the Agreement, none of the
      Covenantors has granted or agreed to grant any Person any registration
      rights with respect to, nor is the Company obliged to list or register,
      any of the Company’s shares or the equity interests of Jiyang on any
      securities exchange.

              

      

       

      
        	
                15.

              	
                Activities Since
      Financial Statements.  Since the date of the Financial
      Statements (i.e. June 30, 2010), (a) each Group Company has conducted
      their respective businesses in ordinary course, in substantially the same
      manner in which they had been previously conducted, (b) there has been no
      event or condition of any character which might have a Material Adverse
      Effect on any Group Company, and (c) there has been no material adverse
      changes regarding the financial positions of each Group Company as
      compared to their respective financial positions as of June 30,
      2010.

              

      

       

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      
        	
                16.

              	
                Tax
      Matters.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Each
      of the Group Companies has timely filed all tax returns and reports as
      required by Applicable Law.  Such tax returns and reports are
      true and correct in all material respects.  All taxes actually
      assessed against each of the Group Companies (whether or not shown on any
      tax return or report) have been paid on or prior to the due date for such
      taxes.  None of Group Companies is currently the beneficiary of
      an extension of time within which to file any tax return or report with
      any applicable taxing authority.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                There
      has been no deficiency for taxes assessed against any of the Group
      Companies by any taxing authority and no circumstances exist, to the
      knowledge of the Covenantors that would reasonably be expected to cause
      any Group Company to be assessed for a material tax
      deficiency.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Before
      the Third Payment, the College does not and will not pay any income tax,
      profit tax or other similar taxes or expenses.  In case of any
      breach of this section and the College is required by competent Government
      Authorities to pay any taxes or incurs any Losses as a result a
      punishment, the Purchaser is entitled to deduct the amounts equivalent to
      such taxes or Losses from the Third Payment.  The Existing
      Shareholder shall indemnify the Purchaser against the actual taxes and
      Losses if the actual taxes and Losses exceed the Third
      Payment.

              

      

       

      
        	
                17.

              	
                Interested Party
      Transactions.

              

      

       

      Each of
the Covenantors jointly and severally covenant (and shall procure each of the
other Group Companies to covenant) to the Purchaser that:

       

      
        	
                 
      

              	
                (a)

              	
                None
      of the Existing Shareholder or the officer, employee or director of a
      Group Company, or any Affiliate or Associate of any such Person has any
      Contract, understanding, proposed transaction with, or is indebted to, any
      Group Company, nor is any Group Company indebted (or committed to make
      loans or extend or guarantee credit) to any of such Persons (other than
      for accrued salaries, reimbursable expenses or other standard employee
      benefits).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Neither
      any officer, employee or director of a Group Company, nor any Affiliate or
      Associate of any such Person has any direct or indirect ownership interest
      in any firm or corporation with which a Group Company or Existing
      Shareholder is affiliated or with which a Group Company or Existing
      Shareholder has a business relationship, or any firm or corporation that
      competes with a Group Company.  Neither any Existing Shareholder
      nor any of his or her Affiliate or Associate has any direct or indirect
      ownership interest in any firm or corporation with which a Group Company
      is affiliated or with which a Group Company has a business relationship,
      or any firm or corporation that competes with a Group Company (other than
      other Group Companies).

              

      

       

      
        	
                 
      

              	
                (c)

              	
                None
      of the Existing Shareholder or the officer, employee or director of a
      Group Company, or any Affiliate or Associate of any such Person has had,
      either directly or indirectly, a material interest in: (i) any Person
      which purchases from or sells, licenses or furnishes to a Group Company
      any goods, property, intellectual or other property rights or services; or
      (ii) any Contract to which a Group Company is a party or by which it may
      be bound or affected.

              

      

       

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (d)

              	
                All
      transactions entered or to be entered into by any Group Company shall be
      “arm-length” transactions.

              

      

       

      
        	
                18.

              	
                Employee
      Matters.  Each Group Company has complied in all material
      aspects with all applicable employment and labor laws.  To the
      best knowledge of the Covenantors, none of the Group Company’s officers or
      key employees intends to terminate his or her employment with such Group
      Company, nor does any Group Company have a present intention to terminate
      the employment of any officer or key employee.  None of the
      Group Companies is a party to or bound by any currently effective
      incentive plan, profit sharing plan, retirement agreement or other
      employee compensation agreement.  Unless disclosed in Section 18
      of the Disclosure Schedule, neither the Existing Shareholder nor the key
      employees of any Group Company are involved in any daily business,
      operation, management and administration of any entity other than the
      Group Companies.  Each of the key employees of the Group
      Companies and the Existing Shareholder has devoted his/her full business
      efforts and time to the Group Companies, and the performance of his/her
      duties to the Group Companies will not constitute a breach of, or
      otherwise contravene, the terms of any employment or other agreement or
      policy to which he/she is a party or is otherwise
  bound.

              

      

       

      
        	
                19.

              	
                No Other
      Business.  The Company was formed solely to acquire and
      hold an equity interest in Rubao, and the sole business of Rubao is to
      hold an equity interest in Jiyang.  Since its formation, the
      Company has not been engaged in any other business and, subject to Section
      6 of EXHIBIT
      D, has not incurred any liability.  Jiyang is a pure
      holding company to acquire and hold the sponsor’s interest in the College
      and it has not engaged in any other business except for the business of
      the College, and subject to Section 6 of EXHIBIT D, has
      not incurred any liability.  Since the establishment, the
      College is engaged solely in the College Principal Business and has no
      other activities.

              

      

       

      
        	
                20.

              	
                Financial Advisor
      Fees.  There exists no Contract between any Group Company
      or any of its Affiliates and any investment bank or other financial
      advisor under which such Group Company may owe any brokerage, placement or
      other fees relating to the offer or sale of the Purchased
      Shares.

              

      

       

      
        	
                21.

              	
                Other Representations
      and Warranties Relating to Rubao, Jiyang and the
      College.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      Constitutional Documents and certificates and related contracts and
      agreements of each of Rubao, Jiyang and the College are valid and have
      been duly approved or issued (as applicable) by the competent PRC
      Governmental Authorities.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                All
      consents, approvals, authorizations or licenses required under PRC
      Applicable Law for the due and proper establishment and operation of each
      of Rubao, Jiyang and the College have been duly obtained from the relevant
      PRC Governmental Authorities and are in full force and effect and have
      passed the annual inspection or other examinations required by Applicable
      Laws.

              

      

       

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (c)

              	
                All
      filings and registrations with the PRC Governmental Authorities required
      in respect of each of Rubao, Jiyang and the College and its operations,
      including but not limited to the registrations with the commerce
      administrations, the industry and commerce administration, the
      administration foreign exchange administrations, education
      administrations, institution administrations, tax bureau and customs
      authorities have been duly completed in accordance with the relevant PRC
      Applicable Laws and are in full force and effect and have passed the
      annual inspection or other examinations required by Applicable
      Laws.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                The
      registered capital of each of Rubao, Jiyang and the operation capital of
      the College have been fully paid up.  The Company legally holds
      and beneficially owns hundred percent (100%) of the equity interest in
      Rubao, free from any Encumbrance.  Rubao legally holds and
      beneficially owns hundred percent (100%) of the equity interest in Jiyang,
      free from any Encumbrance. The College is jointly sponsored by Jiyang and
      Hubei Industrial University.  Jiyang contributed RMB30,000,000,
      representing one hundred percent (100%) of the operation capital of the
      College.  Jiyang’s sponsor’s interest in the College is free and
      clear of any Encumbrance.  There are no outstanding rights, or
      commitments made by Rubao, Jiyang and the College to sell any of its
      equity interest or sponsor’s
interest.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                None
      of Rubao, Jiyang and the College is in receipt of any letter or notice
      from any relevant Governmental Authority notifying revocation of any
      permits or licenses issued to it for noncompliance or the need for
      compliance or remedial actions in respect of the activities carried out
      directly or indirectly by it.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                Each
      of Rubao, Jiyang and the College has been conducting and will conduct its
      business activities within the permitted scope of business or is otherwise
      operating its business in full compliance in all material aspects with all
      Applicable Law and with all requisite licenses, permits and approvals
      granted by the competent PRC Governmental
  Authorities.

              

      

       

      
        	
                 
      

              	
                (g)

              	
                In
      respect of approvals, licenses or permits requisite for the conduct of any
      part of the business of Rubao, Jiyang and the College which are subject to
      periodic renewal, none of the Covenantors has any reason to believe that
      such requisite renewals will not be timely granted by the relevant PRC
      Governmental Authorities.

              

      

       

      
        	
                 
      

              	
                (h)

              	
                With
      regard to employment and staff or labor management, each of Rubao, Jiyang
      and the College has complied with all PRC Applicable Laws in all material
      respects, including without limitation, laws and regulations pertaining to
      welfare funds, social benefits, medical benefits, insurance, retirement
      benefits, and pensions.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                The
      College has been conducting the adjustment required by Applicable Laws
      (including without limitation, the Measures for Establishment and
      Administration of Independent College (《独立学院设置与管理办法》)
      promulgated by the Ministry of Education of the PRC as of April 1, 2008)
      and will apply for examination and acceptance to competent Government
      Authorities within the period specified under the Applicable
      Laws.

              

      

       

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (j)

              	
                The
      College has lawful title to its properties and assets (including without
      limitation, the land use rights, buildings and other real estates or
      movable properties) and lawfully obtained the land use right certificate,
      building ownership certificate and other title
      certificates.  Any of its properties or assets is free and clear
      of any Encumbrance.

              

      

       

      
        	
                22.

              	
                Minute
      Books.  The internal records of each Group Company
      contain a complete summary of all material meetings and actions taken by
      directors and equity interest holders of such Group Company since its time
      of formation, and reflect all transactions referred to in such minutes
      accurately in all material
respects.

              

      

       

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

      EXHIBIT
E

       

      REPRESENTATIONS
AND WARRANTIES OF PURCHASER

       

      
        	
                1.

              	
                Due
      Organization.  The Purchaser is duly organized, validly
      existing and in good standing (or equivalent status in the relevant
      jurisdiction) under, and by virtue of, the laws of the place of its
      incorporation or establishment.

              

      

       

      
        	
                2.

              	
                Authorization.
      The Purchaser has all requisite power, authority and capacity to enter
      into the Agreement to which it is a party, and to perform its obligations
      hereunder and thereunder.  The Agreement has been duly
      authorized, executed and delivered by the Purchaser.  The
      Agreement to which it is a party, when executed and delivered by the
      Purchaser, will constitute valid and legally binding obligations of the
      Purchaser, enforceable against it in accordance with its terms, except as
      may be limited by (a) applicable bankruptcy, insolvency, reorganization or
      other laws of general application relating to or affecting the enforcement
      of creditors’ rights generally, and (b) the effect of rules of law
      governing the availability of equitable
  remedies.

              

      

       

      
        	
                3.

              	
                Purchase for Own
      Account. The Purchased Shares will be acquired for the Purchaser’s
      own account, not as a nominee or agent, and not with a view to or in
      connection with the sale or distribution of any part
    thereof.

              

      

       

      
        
           

        

        
          37

          
            

          

        

        
           

        

      

       

      EXHIBIT
F

       

      COVENANTS
OF COVENANTORS

       

      
        	
                1.

              	
                Corporate
      Actions.  Except as required by this Agreement, no
      resolution of the directors, owners, or shareholders of any of the Group
      Companies shall be passed, nor shall any Contract be entered into, in each
      case, prior to the Closing without the prior written consent of the
      Purchaser, except that each of the Group Companies may carry on its
      respective business in the same manner as heretofore and may pass
      resolutions and enter into Contracts for so long as they are effected in
      the ordinary course of business.

              

      

       

      
        	
                2.

              	
                Conduct of
      Business.  Between the Effective Date and the Closing
      Date, each Group Company shall conduct its respective business in the
      ordinary course, unless otherwise contemplated by the
      Agreement.

              

      

       

      
        	
                3.

              	
                Notice of
      Changes.  Between the Effective Date and the Closing
      Date, if any of the Covenantors becomes aware of any fact or event that
      would cause the representations and warranties of the Covenantors set
      forth in EXHIBIT
      D to (a) fail to be true and correct in all material respects, or
      (b) be materially misleading, such Covenantor shall give immediate written
      notice thereof to the Purchaser in which event the Purchaser may within
      fifteen (15) Business Days after receiving such notice terminate this
      Agreement by written notice without any penalty whatsoever and without
      prejudice to any rights that the Purchaser may have under this Agreement
      or Applicable Law.  In such case, each of the Covenantors shall
      jointly and severally indemnify the Purchaser against all Losses incurred
      by them in connection with the negotiation, preparation and termination of
      the Agreement.

              

      

       

      
        	
                4.

              	
                Further
      Assurance.  From the Effective Date, each of the
      Covenantors shall jointly and severally (a) cooperate with the Purchaser
      to provide all due diligence requested by the Purchaser; (b) take all
      necessary or appropriate corporate and other actions to consummate the
      transactions contemplated by this Agreement, including the satisfaction of
      the closing conditions set forth in the Agreement; and (c) do and perform,
      or cause to be done and performed, all such further acts, and execute and
      deliver all such other agreements, certificates, instruments and documents
      required to give effect to the terms and intent of this
      Agreement.

              

      

       

      
        	
                5.

              	
                Non-Compete
      Covenants.  From the Closing Date, the Existing
      Shareholder shall not, and shall procure none of his or her or its
      Affiliate or Associate will, directly or indirectly, either by himself or
      herself or itself or in conjunction with or through any other Person,
      engage or participate in or be connected with or be interested in any
      business competing with the business of any Group
  Company.

              

      

       

      
        	
                6.

              	
                Fulfillment of Closing
      Conditions. Each of the Covenantors shall use their best efforts to
      fulfill each of the closing conditions set forth in Section 7.1 of this
      Agreement.

              

      

       

      
        	
                7.

              	
                Other
      Business.  Any Group Company shall have no interest or
      relationship with the business of Wuhan Foreign Technical Worker School
      (武汉涉外技工学校) and
      Wuhan Dongdi Prince Hotel Management Co., Ltd. (武汉东帝王子酒店管理有限公司)
      after the Closing.

              

      

       

      
        
           

        

        
          38

          
            

          

        

        
           

        

      

       

      EXHIBIT
G

       

      CONDITIONS
TO PURCHASER’S OBLIGATIONS AT CLOSING

       

      
        	
                1.

              	
                Representations and
      Warranties. The representations and warranties made by the
      Covenantors in EXHIBIT D
      hereof shall be true and correct and complete in all respects, as of the
      Effective Date and as of the Closing Date, with the same force and effect
      as if they were made on and as of such
date.

              

      

       

      
        	
                2.

              	
                Performance of
      Obligations.  Each of Covenantors shall have performed
      and complied with all agreements, obligations and conditions contained in
      the Agreement that are required to be performed or complied with by it on
      or before the Closing.  The Existing Shareholder and the Company
      shall have delivered each of the items that are required to be delivered
      by it under Section 4 of this
Agreement.

              

      

       

      
        	
                3.

              	
                Proceedings and
      Documents.  All corporate and other proceedings in
      connection with the transactions contemplated under this Agreement and all
      documents and instruments incident to such transactions shall be completed
      and reasonably satisfactory in substance and form to the Purchaser, and
      the Purchaser shall have received all such counterpart originals or
      certified or other copies of such documents as they may reasonably
      request.  Without limiting the generality of the foregoing, (a)
      the Company shall deliver to the Purchaser a certified true copy of the
      written resolutions of the director and of sharholder of the Company
      approving, among other things, (i) the execution and performance of the
      Agreement ; (ii) the entry of the Purchaser as a member of the Company in
      respect of the Purchased Shares in its register of members; and (iii) the
      transfer of the Purchased Shares under this Agreement, and (b) each of
      Rubao, Jiyang and the College shall deliver to the Purchaser a certified
      true copy of the written resolutions or minutes of meeting of the board of
      directors and of the shareholders, among other things, the execution and
      performance of the Agreement.

              

      

       

      
        	
                4.

              	
                No Material Adverse
      Effect.  Since the Effective Date, no Group Company has
      suffered a Material Adverse Effect.

              

      

       

      
        	
                5.

              	
                Compliance
      Certificate.  Each of the Covenantors shall deliver to
      the Purchaser a certificate, dated the Closing Date, signed by the
      Existing Shareholder, the director of the Company, the legal
      representative of each of Rubao, Jiyang and the College, certifying that
      conditions set forth in this EXHIBIT G have
      been fulfilled.

              

      

       

      
        	
                6.

              	
                Execution of
      Agreement.  Each party (other than the Purchaser) to the
      Agreement shall have duly executed and delivered to the Purchaser the
      Agreement.

              

      

       

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

       

      EXHIBIT
H

       

      CONDITIONS
TO EXISTING SHAREHOLDER’S OBLIGATIONS AT CLOSING

       

      
        	
                1.

              	
                Representations and
      Warranties.  The representations and warranties of the
      Purchaser contained in EXHIBIT E
      hereof shall be true and correct in all material respects as of the
      Effective Date and as of the Closing
Date.

              

      

       

      
        	
                2.

              	
                Execution of
      Agreement.  The Purchaser shall have executed and
      delivered to the Company the
Agreement.

              

      

       

      
        
           

        

        
          40Unassociated 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 August 26, 2010

     

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
                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

              	 
      	
                7

              
	 
      	 
      	 
      	 
      
	
                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

              	 
      	
                8

              
	
                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

              	 
      	
                10

              
	
                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

              	 
      	
                15

              
	
                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 Servicer’s 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

              
	
                Section
      5.03

              	
                Method
      of Payment

              	 
      	
                20

              

      

    

     

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

    
      
        	 
      	 
      	 
      	
                Page

              
	
                Section
      5.04

              	
                Accounting
      and Reports to Certificateholders, the Internal Revenue Service and
      Others

              	 
      	
                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

              	 
      	
                22

              
	
                Section
      6.04

              	
                No
      Duties Except as Specified in this Agreement or in
      Instructions

              	 
      	
                23

              
	
                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

              	 
      	
                25

              
	
                Section
      7.03

              	
                Representations
      and Warranties

              	 
      	
                25

              
	
                Section
      7.04

              	
                Reliance;
      Advice of Counsel

              	 
      	
                26

              
	
                Section
      7.05

              	
                Not
      Acting in Individual Capacity

              	 
      	
                26

              
	
                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

              	 
      	
                27

              
	
                Section
      7.08

              	
                Doing
      Business in Other Jurisdictions

              	 
      	
                27

              
	
                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

              	 
      	
                28

              
	
                Section
      8.03

              	
                Payments
      to the Owner Trustee

              	 
      	
                28

              
	 
      	 
      	 
      	 
      
	
                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

              	 
      	
                30

              
	
                Section
      10.03

              	
                Successor
      Owner Trustee

              	 
      	
                31

              
	
                Section
      10.04

              	
                Merger
      or Consolidation of Owner Trustee

              	 
      	
                31

              
	
                Section
      10.05

              	
                Appointment
      of Co-Trustee or Separate Trustee

              	 
      	
                32

              
	 
      	 
      	 
      	 
      
	
                ARTICLE
      11.

              	
                MISCELLANEOUS

              	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Section
      11.01

              	
                Supplements
      and Amendments

              	 
      	
                33

              

      

    

     

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

    
      
        
          
            	 
      	 
      	 
      	
                    Page

                  
	
                    Section
      11.02

                  	
                    No
      Legal Title to Trust Estate in Certificateholders

                  	 
      	
                    34

                  
	
                    Section
      11.03

                  	
                    Limitations
      on Rights of Others

                  	 
      	
                    34

                  
	
                    Section
      11.04

                  	
                    Notices

                  	 
      	
                    34

                  
	
                    Section
      11.05

                  	
                    Severability

                  	 
      	
                    35

                  
	
                    Section
      11.06

                  	
                    Separate
      Counterparts

                  	 
      	
                    35

                  
	
                    Section
      11.07

                  	
                    Successors
      and Assigns

                  	 
      	
                    35

                  
	
                    Section
      11.08

                  	
                    Covenants
      of the Depositor

                  	 
      	
                    35

                  
	
                    Section
      11.09

                  	
                    No
      Petition

                  	 
      	
                    35

                  
	
                    Section
      11.10

                  	
                    No
      Recourse

                  	 
      	
                    35

                  
	
                    Section
      11.11

                  	
                    Headings

                  	 
      	
                    36

                  
	
                    Section
      11.12

                  	
                    GOVERNING
      LAW

                  	 
      	
                    36

                  
	
                    Section
      11.13

                  	
                    [Reserved]

                  	 
      	
                    36

                  
	
                    Section
      11.14

                  	
                    Sarbanes-Oxley

                  	 
      	
                    37

                  
	 
      	 
      	 
      	 
      
	
                    ARTICLE
      12.

                  	
                    COMPLIANCE
      WITH REGULATION AB

                  	 
      	 
      
	 
      	 
      	 
      	 
      
	
                    Section
      12.01

                  	
                    Intent
      of the Parties; Reasonableness

                  	 
      	
                    37

                  
	
                    Section
      12.02

                  	
                    Additional
      Representations and Warranties of the Owner Trustee

                  	 
      	
                    37

                  
	
                    Section
      12.03

                  	
                    Information
      to Be Provided by the Owner Trustee

                  	 
      	
                    38

                  
	
                    Section
      12.04

                  	
                    Indemnification;
      Remedies

                  	 
      	
                    39

                  
	
                    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
      2010-B

                	 
      	
                  D-1

                

        

      

    

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
         

        
          

        

      

      
         

      

    

    This
AMENDED AND RESTATED TRUST AGREEMENT, dated as of August 26, 2010, is among
HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation, as depositor (the
“Depositor”),
WILMINGTON TRUST COMPANY, a Delaware banking corporation, 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 June 8, 2010, 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 August 26, 2010 among the Trust, Hyundai Capital America, as Administrator,
and Wells Fargo Bank, National Association, 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 Wells Fargo Bank, National Association.

     

    “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(a) 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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
         

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    “Corporate Trust
Office” shall mean, with respect to the Owner Trustee, the principal
corporate trust office of the Owner Trustee located at Rodney Square North,
1100 North Market Street, Wilmington Delaware  19890-0001,
Attention: Corporate Trust Administration, 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 August 26, 2010 between the Trust and Wells Fargo
Bank, National Association, as Indenture Trustee, as amended, supplemented,
amended and restated or otherwise modified from time to time.

     

    “Indenture Trustee”
shall mean Wells Fargo Bank, National Association, a national banking
association.

     

    “Owner Trustee” shall
mean Wilmington Trust Company, a Delaware banking corporation, 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 Wells Fargo Bank, National Association.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        2

        
          

        

      

      
         

      

    

    “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 August
26, 2010, 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
1.02          Other Definitional
Provisions.

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        3

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

    ARTICLE
2.

    ORGANIZATION

     

    Section
2.01          Name.  The
Trust created hereby shall be known as “Hyundai Auto Receivables Trust 2010-B,”
in which name the Owner Trustee may conduct the business of the Trust, make and
execute contracts and other instruments on behalf of the Trust and sue and be
sued.

     

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

     

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

     

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

     

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        4

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

    Section
2.05          Initial Capital Contribution
of Trust Estate.  Pursuant to the Original Trust Agreement, the
Depositor sold, assigned, transferred, conveyed and set over to the Owner
Trustee, as of the date thereof, the sum of $1.00.  The Owner Trustee
hereby acknowledges receipt in trust from the Depositor, as of 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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        5

        
          

        

      

      
         

      

    

    Section
2.06          Declaration of
Trust.  The Owner Trustee hereby declares that it will hold the
Trust Estate in trust upon and subject to the conditions set forth herein for
the use and benefit of the Certificateholders, subject to the obligations of the
Trust under the Basic Documents.  It is the intention of the parties
hereto that the Trust constitute a statutory trust under the Statutory Trust Act
and that this Agreement constitute the governing instrument of such statutory
trust.  It is the intention of the parties hereto that, for 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
2.07          Title to Trust
Property.  Subject to the Indenture, legal title to all the
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be vested in the Owner Trustee, a co-trustee or a
separate trustee, as the case may be; provided that prior to taking title to any
part of the Trust Estate, the Owner Trustee will notify the Servicer and the
Indenture Trustee.

     

    Section
2.08          Situs of
Trust.  The Trust will be located and administered in the State
of Delaware.  All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
Minnesota.  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 or Minnesota, and payments will be made
by the Trust only from Delaware or Minnesota.  The only office of the
Trust will be at the Corporate Trust Office in the State of
Delaware.

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        6

        
          

        

      

      
         

      

    

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

     

    Section
2.10          Federal Income Tax
Allocations.  If the Trust Certificates are 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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        7

        
          

        

      

      
         

      

    

    appropriate,
in its sole discretion, for the allocations to fairly reflect the economic
income, gain or loss to the Certificateholders or otherwise comply with the
requirements of the Code.

     

    ARTICLE
3.

    TRUST
CERTIFICATES AND TRANSFER OF INTERESTS

     

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

     

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

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        8

        
          

        

      

      
         

      

    

    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 15 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
3.05          Mutilated, Destroyed, Lost
or Stolen Trust Certificates.  If (a) any mutilated Trust
Certificate shall be surrendered to the Certificate Registrar, or if the
Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Trust Certificate and (b) there shall be
delivered to the Certificate Registrar and the Owner Trustee such security or
indemnity as may be required by them to save each of them harmless, then in the
absence of notice that such Trust Certificate has been acquired by a bona fide
purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner
Trustee or the Owner Trustee’s Authenticating Agent, shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Trust Certificate, a new Trust Certificate of like tenor and
denomination.  In connection with the issuance of any new Trust
Certificate under this Section, the Owner Trustee or the Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.  Any
duplicate Trust Certificate issued pursuant to this Section shall constitute
conclusive evidence of ownership in the Trust, as if originally issued, whether
or not the lost, stolen or destroyed Trust Certificate shall be found at any
time.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        9

        
          

        

      

      
         

      

    

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

     

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

     

    Section
3.08          Maintenance of Office or
Agency.  The Trust shall designate in the State of Delaware an
office or offices or agency or agencies where Trust Certificates may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Trust and Owner Trustee in respect of the Trust
Certificates and the Basic Documents may be served. The Trust initially
designates Wilmington Trust 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.

     

    Section
3.09          Appointment of Paying
Agent.  The Paying Agent shall make distributions to
Certificateholders from the Certificate Distribution Account pursuant to Section
5.02 and shall report the amounts of such distributions to the Owner
Trustee.  Any Paying Agent shall have the revocable power to withdraw
funds from the Certificate Distribution Account for the purpose of making the
distributions referred to above.  The Owner Trustee may revoke such
power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect; provided, however, the Owner
Trustee shall have no duty to monitor or oversee the compliance by the Paying
Agent of its obligations under this Agreement or any other Basic
Document.  The Paying Agent initially shall be Wells Fargo Bank,
National Association, and any co-paying agent chosen by the
Trust.  Wells Fargo Bank, National Association shall be permitted to
resign as

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        10

        
          

        

      

      
         

      

    

    Paying
Agent upon 30 days’ written notice to the Owner Trustee.  In the event
that Wells Fargo Bank, National Association shall no longer be the Paying Agent,
the Depositor, with the consent of the Owner Trustee, shall appoint a successor
to act as Paying Agent (which shall be a bank or trust company).  The
Trust shall cause such successor Paying Agent or any additional Paying Agent
appointed hereunder to execute and deliver to the Trust an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the
Trust that, as Paying Agent, such successor Paying Agent or additional Paying
Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders.  The
Paying Agent shall return all unclaimed funds to the Owner Trustee and upon
removal of a Paying Agent such Paying Agent shall also return all funds in its
possession to the Owner Trustee.  Any reference in this Agreement to
the Paying Agent shall include any co-paying agent unless the context requires
otherwise.

     

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

     

    Section
3.11          Transfer
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:

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        11

        
          

        

      

      
         

      

    

    (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.

     

    (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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        12

        
          

        

      

      
         

      

    

    (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.

     

    (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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        13

        
          

        

      

      
         

      

    

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

     

    THIS
TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR
IN A TRANSACTION NOT SUBJECT THERETO.  THE HOLDER HEREOF, BY
PURCHASING THIS TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE
RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        14

        
          

        

      

      
         

      

    

    (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.

     

    Section
3.13          Authenticating
Agent.

     

    (a)           The
Owner Trustee may appoint one or more Authenticating Agents (each, an
“Authenticating Agent”) with respect to the Certificates which shall be
authorized to act on behalf of the Owner Trustee in authenticating the
Certificates in connection with the issuance, delivery, registration of
transfer, exchange or repayment of the Certificates. The Owner Trustee hereby
appoints Wells Fargo Bank, National Association as Authenticating Agent for the
authentication of Certificates upon any registration of transfer or exchange of
such Certificates.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        15

        
          

        

      

      
         

      

    

    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 Wells Fargo Bank, National Association) 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

                    
	 	 
	 
      	 
      
	 
      	
                      as
      Authenticating Agent for the Owner
Trustee,

                    

            

          

        

      

       

      
        
          (2010-B
Amended and Restated Trust Agreement)

          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      
        
          	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Authorized
      Officer

                

        

         

        Section
3.14          Actions of
Certificateholders.

      

    

     

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

     

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

     

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

     

    ARTICLE
4.

    ACTIONS
BY OWNER TRUSTEE

     

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

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        17

        
          

        

      

      
         

      

    

    (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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        18

        
          

        

      

      
         

      

    

    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, (viii) take any action, or cause the
Trust to take any action, in furtherance of any of the foregoing (any of the
above, a “Bankruptcy Action”).  So long as the Indenture remains in
effect, to the extent permitted by applicable law, no Certificateholder shall
have the power to take, and shall not take, any Bankruptcy Action with respect
to the Trust or direct the Owner Trustee to take any Bankruptcy Action with
respect to the Trust.

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        19

        
          

        

      

      
         

      

    

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

     

    ARTICLE
5.

    APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
5.01          Establishment of Trust
Account.  The Paying Agent shall establish and maintain in the
name of the Trust an Eligible Account (the “Certificate Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Certificateholders.  The title of the
Certificate Distribution Account shall be “Hyundai Auto Receivables Trust
2010-B:  Certificate Distribution Account for the benefit of the
Certificateholders”.

     

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

     

    Section
5.02          Application of Trust
Funds.

     

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

     

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

     

    Section
5.03          Method of
Payment.  Subject to Section 9.01(c), distributions required to
be made to Certificateholders on any Payment Date shall be made to each
Certificateholder of record on the preceding Record Date 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 (a) 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 and (b) such Certificateholder is the
Depositor, or an Affiliate thereof, or, if not, by check

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    mailed to
such Certificateholder at the address of such Certificateholder appearing in the
Certificate Register.

     

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

     

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

     

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

     

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

     

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

     

    Section
5.05          Signature on Returns; Tax
Matters Partner.

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    ARTICLE
6.

    AUTHORITY
AND DUTIES OF OWNER TRUSTEE

     

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

     

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

     

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

     

    (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.

     

    Section
6.03          Action upon
Instruction.

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    (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.

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

    Section
6.06         Restrictions.  The
Owner Trustee shall not take any action that, to its actual knowledge, (a) is
inconsistent with the purposes of the Trust set forth in Section 2.03 or (b)
would result in the Trust becoming taxable as a corporation 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
7.01        Acceptance of Trusts and
Duties.  The Owner Trustee accepts the trusts hereby created
and agrees to perform its duties hereunder with respect to such trusts, but only
upon the terms of this Agreement.  The Owner Trustee also agrees to
disburse all moneys actually received by it constituting part of the Trust
Estate upon the terms of this Agreement.  The Owner Trustee shall not
be answerable or accountable hereunder or under any Basic Document under any
circumstances, except (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in
Section 7.03 expressly made by the Owner Trustee.  In particular, but
not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

     

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

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    (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.

     

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

     

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

     

    (a)           It
is a banking corporation duly incorporated and validly existing in good standing
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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    (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.

     

    (d)           It
is a corporation 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; and having (or having a parent that
has) time deposits that are rated at least A-1 by Standard & Poor’s and
Prime-1 by Moody’s or with respect to which the Rating Agency Condition has been
satisfied.

     

    Section
7.04          Reliance; Advice of
Counsel.

     

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

     

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

     

    Section
7.05          Not Acting in Individual
Capacity.  Except as provided in this Article 7, in accepting
the trust hereby created, Wilmington Trust 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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

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

     

    Section
7.08         Doing Business in Other
Jurisdictions.  Notwithstanding anything contained herein to
the contrary, neither Wilmington Trust 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

    

      
        
          (2010-B
Amended and Restated Trust Agreement)

           

        

        
          27

          
            

          

        

        
           

        

      

    

     

    consequences,
the Trust will appoint an additional trustee pursuant to Section 10.05 hereof to
proceed with such action.

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

     

    ARTICLE
8.

    COMPENSATION
OF OWNER TRUSTEE

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    ARTICLE
9.

    TERMINATION
OF TRUST AGREEMENT

     

    Section
9.01          Termination of Trust
Agreement.

     

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

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

    ARTICLE
10.

    SUCCESSOR
OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section
10.01       Eligibility Requirements for
Owner Trustee.  The Owner Trustee shall at all times be a
corporation 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; and having (or having a parent that has) time
deposits that are rated at least A-1 by Standard & Poor’s and Prime-1
by Moody’s, or with respect to which the Rating Agency Condition has been
satisfied.  If such corporation shall publish reports of condition at
least annually pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published.  In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section
10.02.

     

    Section
10.02       Resignation or Removal of
Owner Trustee.  The Owner Trustee may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to
the Administrator, the Indenture Trustee and the Rating
Agencies.  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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

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

     

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

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

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

     

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

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

    ARTICLE
11.

    MISCELLANEOUS

     

    Section
11.01        Supplements and
Amendments.  This Agreement may be amended by the Depositor and
the Owner Trustee, with prior written notice 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, that such
action 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 or
Certificateholder.

     

    This
Agreement may also be amended from time to time by the Depositor and the Owner
Trustee, with prior written notice to each Rating Agency, with the consent of
the Holders (as defined in the Indenture) 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 or
Certificateholder.

     

    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 each Rating
Agency.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    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.

     

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

     

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

     

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

     

    Section
11.04        Notices.

     

    (a)           Unless
otherwise expressly specified or permitted by the terms hereof, all notices
shall be in writing and shall be deemed given upon receipt by the intended
recipient or three Business Days after mailing if mailed by certified mail,
postage prepaid (except that notice to the Owner Trustee shall be deemed given
only upon actual receipt by the Owner Trustee), if to

     

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    the Owner
Trustee, addressed to the Corporate Trust Office; 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.

     

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

     

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

     

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

     

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

     

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

     

    Section
11.10        No
Recourse.

     

    (a)           Each
Certificateholder by accepting a Trust Certificate acknowledges that such Trust
Certificate represents a beneficial interest in the Trust only and does not
represent an

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    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.

     

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

     

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

     

    Section
11.13        [Reserved]

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

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

     

    ARTICLE
12.

    COMPLIANCE
WITH REGULATION AB

     

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

     

    Section
12.02         Additional Representations
and Warranties of the Owner Trustee.

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    by this
Trust 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.

     

    (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
12.03        Information to Be Provided
by the Owner Trustee.

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
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    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.

     

    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
12.04        Indemnification;
Remedies.

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        39

        
          

        

      

      
         

      

    

    (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.

     

    (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]

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        40

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Trust 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:   
      Vice President and
Secretary

                  

          

        

      

    

    
      
        
          (2010-B
Amended and

          Restated
Trust Agreement)

        

         

      

      
        S-1

        
          

        

      

      
         

      

    

     

    
      
        
          
            	
                    WILMINGTON TRUST
      COMPANY,

                  
	
                    as
      Owner Trustee

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Erik E. Overcash

                  
	
                    Name:  Erik
      E. Overcash

                  
	
                    Title:  Assistant
      Vice
President

                  

          

        

      

    

    
      
        
          (2010-B
Amended and

          Restated
Trust Agreement)

        

         

      

      
        S-2

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    HYUNDAI CAPITAL
      AMERICA,

                  
	
                    as
      Administrator

                  
	 
      	 
      
	
                    By:

                  	
                    /s/ Dae Kwon Ko

                  
	
                    Name:  Dae
      Kwon Ko

                  
	
                    Title:   
      Treasurer

                  

          

        

      

    

    
      
        
          (2010-B
Amended and

          Restated
Trust Agreement)

        

         

      

      
        S-3

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

     

    FORM OF
TRUST CERTIFICATE

     

    HYUNDAI
AUTO RECEIVABLES TRUST 2010-B

     

    ASSET
BACKED TRUST CERTIFICATE

     

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

     

    THIS
TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR
IN A TRANSACTION NOT SUBJECT THERETO.   THE HOLDER HEREOF, BY
PURCHASING THIS TRUST CERTIFICATE,  AGREES THAT THIS TRUST CERTIFICATE
MAY BE RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) 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,
(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 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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        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 2010-B (the
“Trust”) formed by Hyundai ABS Funding Corporation, a Delaware corporation (the
“Depositor”).

     

    The Trust
is governed by a Amended and Restated Trust Agreement dated as of August 26,
2010 (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 Wells Fargo Bank, National Association, as Indenture Trustee
(“Indenture Trustee”), dated as of August 26, 2010 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 2010-B Asset Backed Trust Certificates (herein
called the “Trust Certificates”).  Also issued under the
Indenture dated as of August 26, 2010 between the Trust and the Indenture
Trustee, are four classes of Notes, designated as
[_____]% Asset Backed Notes, Class A-1, [_____]% Asset Backed Notes,
Class A-2, [_____]% Asset Backed Notes, Class A-3, and [_____]% Asset Backed
Notes, Class A-4 (collectively, 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 October 15, 2010, to
the Person in whose name this Trust Certificate is registered at the close of
business on the last day of the preceding month, such Certificateholder’s
Certificate Percentage Interest of any amounts available to be distributed to
Certificateholders on such date.

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        A-2

        
          

        

      

      
         

      

    

    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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        A-3

        
          

        

      

      
         

      

    

    meaning
of Section 510(a) of the Bankruptcy Code.  Each Certificateholder, by
acceptance of a Trust Certificate, further acknowledges and agrees that no
adequate remedy at law exists for a breach of this paragraph and the terms of
this paragraph may be enforced by an action for specific
performance.  The provisions of this paragraph shall be for the third
party benefit of those entitled to rely thereon and shall survive the
termination of the Trust Agreement.

     

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

     

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

     

    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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        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 2010-B

                              
	 
      	 
      	 	 
      	 
      	 
      
	 
      	 
      	 	
                                By: 

                              	
                                WILMINGTON
      TRUST COMPANY,

                              
	 
      	 
      	 	 
      	
                                not
      in its individual capacity,

                              
	 
      	 
      	 	 
      	
                                but
      solely as Owner Trustee

                              
	 	 	 	 	 
	
                                Dated: 

                              	 
      	 	 
      	
                                By: 

                              	 
      
	 	 	 	 	 	
                                Authorized
      Signatory

                              

                      

                    

                  

                

              

            

          

        

      

    

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        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

                          	 
      
	 
      	 
      
	
                            WELLS FARGO BANK, NATIONAL
      ASSOCIATION,

                          
	
                            as
      Authenticating Agent for the Owner Trustee

                          
	 
      	 
      
	
                            By:

                          	 
      
	 
      	
                            Name:

                          
	 
      	
                            Title:

                          

                  

                

              

            

          

        

      

    

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        A-7

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    [RESERVED]

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT
C

     

    FORM OF
TRANSFEREE CERTIFICATE

     

    [          ],
20__

     

    
      Hyundai
Auto Receivables Trust 2010-B,

    

    
      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 2010-B (the “Issuer”), a trust
formed by Hyundai ABS Funding Corporation (the “Depositor”), we confirm
that:

     

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

     

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

     

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

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        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.

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        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:

                  

          

        

      

    

    
      
        (2010-B
Amended and Restated Trust Agreement)

         

      

      
        C-3

        
          

        

      

      
         

      

    

    

    EXHIBIT
D

     

    FORM OF
CERTIFICATE OF TRUST OF

     

    HYUNDAI
AUTO RECEIVABLES TRUST 2010-B

     

    This
CERTIFICATE OF TRUST of HYUNDAI AUTO RECEIVABLES TRUST 2010-B (the “Trust”), is
being duly executed and filed by WILMINGTON TRUST COMPANY, a Delaware banking
corporation, as owner 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
2010-B.

     

    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, Attention: Corporate Trust
Administrators.

     

    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 owner trustee of the Trust, has
executed this Certificate of Trust pursuant to Section 3811 (a) of the
Act.

     

    
      
        
          
            
              	 
      	
                      WILMINGTON TRUST
      COMPANY,

                    
	 
      	
                      as
      owner trustee

                    
	 
      	 
      	 
      
	 
      	
                      By: 

                    	 
      
	 
      	 
      	
                      Name:

                    
	 
      	 
      	
                      Title:

                    

            

             

            
              
                (2010-B
Amended and Restated Trust Agreement)

                
                

              

              
                D-1

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