Document:

Exhibit 10.5

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HONDA AUTO RECEIVABLES 2021-4 OWNER TRUST,

as Issuer,

 

AMERICAN HONDA FINANCE CORPORATION,

as Sponsor and Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

Dated as of November 24, 2021

 

     

     

    

 

Table
of Contents

 

	 	 	Page 
	 	 	 
	ARTICLE I	USAGE AND DEFINITIONS	1

 

	Section 1.1.	Usage
    and Definitions	1
	Section 1.2.	Additional
    Definitions	2

 

	ARTICLE II	ENGAGEMENT
    OF ASSET REPRESENTATIONS REVIEWER	2

 

	Section 2.1.	Engagement;
    Acceptance	2
	Section 2.2.	Confirmation
    of Scope	2

 

	ARTICLE III 	ASSET REPRESENTATIONS REVIEW PROCESS	2

 

	Section 3.1.	Review
    Notices	2
	Section 3.2.	Identification
    of Subject Receivables	3
	Section 3.3.	Review
    Materials	3
	Section 3.4.	Performance
    of Reviews	3
	Section 3.5.	Review
    Reports	4
	Section 3.6.	Limitations
    on Review Obligations	5

 

	ARTICLE IV 	ASSET REPRESENTATIONS REVIEWER	5

 

	Section 4.1.	Representations
    and Warranties	5
	Section 4.2.	Covenants	6
	Section 4.3.	Fees,
    Expenses and Indemnities	7
	Section 4.4.	Limitation
    on Liability	7
	Section 4.5.	Indemnification
    by Asset Representations Reviewer	8
	Section 4.6.	Indemnification
    of Asset Representations Reviewer	8
	Section 4.7.	Inspections
    of Asset Representations Reviewer	9
	Section 4.8.	Delegation
    of Obligations	9
	Section 4.9.	Confidential
    Information	9
	Section 4.10.	Personally
    Identifiable Information	11

 

	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	13

 

	Section 5.1.	Eligibility
    Requirements for Asset Representations Reviewer	13
	Section 5.2.	Resignation
    and Removal of Asset Representations Reviewer	13
	Section 5.3.	Successor
    Asset Representations Reviewer	13
	Section 5.4.	Merger,
    Consolidation or Succession	14

 

    i

     

    

 

Table
of Contents

(continued)

 

	 	 	Page

 

	ARTICLE VI 	OTHER AGREEMENTS	14

 

	Section 6.1.	Independence
    of Asset Representations Reviewer	14
	Section 6.2.	No
    Petition	14
	Section 6.3.	Limitation
    of Liability of Owner Trustee	15
	Section 6.4.	Termination
    of Agreement	15

 

	ARTICLE VII 	MISCELLANEOUS PROVISIONS	15

 

	Section 7.1.	Amendments	15
	Section 7.2.	Assignment;
    Benefit of Agreement; Third Party Beneficiaries	15
	Section 7.3.	Notices	16
	Section 7.4.	Governing
    Law; Submission to Jurisdiction; Waiver of Jury Trial	16
	Section 7.5.	No
    Waiver; Remedies	17
	Section 7.6.	Severability	17
	Section 7.7.	Headings	17
	Section 7.8.	Counterparts;
    Electronic Transmission	17
	 	 	 
	Schedule
    A	Representations
    and Warranties, Review Materials and Tests	 

 

    ii

     

    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated
as of November 24, 2021 (this “Agreement”), among HONDA AUTO RECEIVABLES 2021-4 OWNER TRUST, a Delaware statutory
trust, as Issuer (the “Issuer”), AMERICAN HONDA FINANCE CORPORATION, a California Corporation (“AHFC”),
as Sponsor and Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer
(the “Asset Representations Reviewer”).

 

BACKGROUND

 

WHEREAS, in the regular course of its business,
AHFC acquires certain motor vehicle retail installment sale contracts secured by new and used automobiles (including light-duty trucks)
from motor vehicle dealers.

 

WHEREAS, in connection with a securitization transaction
sponsored by AHFC, AHFC sold a pool of Receivables consisting of retail installment sale contracts to American Honda Receivables, LLC
(the “Depositor”), who sold them to the Issuer.

 

WHEREAS, the Issuer has granted a security interest
in the pool of Receivables to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes issued by the
Issuer under the Indenture.

 

WHEREAS, the Issuer desires to engage the Asset
Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties made by AHFC
about the Receivables in the pool.

 

NOW, THEREFORE, in consideration of the foregoing,
other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows.

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.         Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not defined
in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing Agreement,
dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, as seller, AHFC, as
servicer, RPA seller and sponsor, and Honda Auto Receivables 2021-4 Owner Trust, as issuer.

 

(b)            With
respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include
the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in
a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments and restatements,
and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement;
references to Persons include their permitted successors and assigns; references to laws include their amendments and supplements, the
rules and regulations thereunder and any successors thereto; the term “including” means “including without limitation;”
and the term “or” is not exclusive.

 

    

     

    

 

Section 1.2.         Additional
Definitions. The following terms have the meanings given below:

 

“Asset Review” means the performance
by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable according to Section 3.4.

 

“Confidential Information”
has the meaning stated in Section 4.9(b).

 

“Information Recipients” has
the meaning stated in Section 4.9(a).

 

“Issuer PII” has the meaning
stated in Section 4.10(a).

 

“Personally Identifiable Information”
or “PII” has the meaning stated in Section 4.10(a).

 

“Review Fee” has the meaning
stated in Section 4.3(b).

 

“Review Materials” means, for
an Asset Review and a Subject Receivable, the documents and other materials for each Test listed under “Review Materials”
in Schedule A.

 

“Review Report” means, for
an Asset Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Test” has the meaning stated
in Section 3.4(a).

 

“Test Complete” has the meaning
stated in Section 3.4(c).

 

“Test Fail” has the meaning
stated in Section 3.4(a).

 

“Test Incomplete” has the meaning
stated in Section 3.4(a).

 

“Test Pass” has the meaning
stated in Section 3.4(a).

 

ARTICLE II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.         Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer. Clayton
Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms
in this Agreement.

 

Section 2.2.         Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for determining whether noncompliance with
the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE III

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.         Review
Notices. On receipt of a review notice from the Indenture Trustee in accordance with Section 7.05 of the Indenture, the Asset
Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset Review
until a review notice is received.

 

    2

     

    

 

Section 3.2.         Identification
of Subject Receivables. Within ten (10) Business Days after receipt of a review notice, the Servicer will deliver to the Asset
Representations Reviewer a list of the Subject Receivables.

 

Section 3.3.         Review
Materials.

 

(a)            Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject
Receivables within sixty (60) calendar days after receipt of the review notice in one or more of the following ways in the Servicer’s
reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations
Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject Receivables at one of the properties
of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact
or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer
to complete the Asset Review remains intact and unchanged.

 

(b)            Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review
Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer
reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform
any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty (20) calendar days
before completing the Review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such
missing Review Materials or other documents or information to correct the insufficiency within fifteen (15) calendar days. If the missing
or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar days, the parties agree that the Subject
Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete.

 

Section 3.4.         Performance
of Reviews.

 

(a)            Test
Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Receivable the procedures listed
under “Tests” in Schedule A for each representation and warranty (each, a “Test”), using the Review
Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations Reviewer will
determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), or if the Test has not been satisfied
(a “Test Fail”), or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test
Incomplete”). The Asset Representations Reviewer will use such determination for all Subject Receivables that are subject to
the same Test.

 

(b)            Review
Period. The Asset Representations Reviewer will complete the Review of all of the Subject Receivables within sixty (60) calendar
days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review Materials
are provided to the Asset Representations Reviewer under Section 3.3(b), the review period will be extended for an additional
thirty (30) calendar days.

 

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(c)            Completion
of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery
of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable
is paid in full by the Obligor or purchased from the Issuer by the Sponsor, the Depositor or the Servicer according to the applicable
Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and
the Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report will
indicate a Test Complete for the Receivables and the related reason.

 

(d)            Previously
Reviewed Receivable: Duplicative Tests. If any Subject Receivable was included in a prior Asset Review, the Asset Representations
Reviewer will not perform the same Tests on it, but will include the results of the previous Tests in the Review Report for the current
Asset Review.

 

(e)            Duplicative
Tests. If the same Test is required for more than one representation or warranty listed on Schedule A, the Asset Representations
Reviewer will only perform the Test once for each Review Receivable but will report the results of the Test for each applicable representation
or warranty on the Review Report.

 

(f)            Termination
of Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer will notify
the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) calendar days before that Distribution Date.
On receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver
a Review Report.

 

Section 3.5.         Review
Reports. (a) Within ten (10) calendar days after the end of the Asset Review period under Section 3.4(b), the
Asset Representations Reviewer will deliver to the Issuer, the Sponsor, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Receivable was a Test
Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations
Reviewer with respect to the Asset Review to be included in the Issuer’s Form 10-D report for the Collection Period in which
the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII.
On the reasonable request of the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, the Asset Representations
Reviewer will provide additional details on the Test results.

 

(b)            Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions
or requests for clarification of any Review Report from the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders,
until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset
Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person
other than the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, and will direct such Persons to submit
written requests to the Servicer.

 

    4

     

    

 

Section 3.6.         Limitations
on Review Obligations.

 

(a)            Review
Process Limitations. The Asset Representations Reviewer will have no obligation:

 

(i)          to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review
under the Indenture, and may rely on the information in any review notice delivered by the Indenture Trustee;

 

(ii)         to
determine which Receivables are subject to an Asset Review, and may rely on the lists of Subject Receivables provided by the Servicer;

 

(iii)        to
obtain or confirm the validity of the Review Materials and no liability for any errors in the Review Materials and may rely on the accuracy
and completeness of the Review Materials;

 

(iv)        to
obtain missing or insufficient Review Materials from any party or any other source; or

 

(v)         to
take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies against
any Person for breaches of representations or warranties about the Subject Receivables.

 

ARTICLE IV

ASSET REPRESENTATIONS REVIEWER

 

Section 4.1.         Representations
and Warranties. The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

 

(a)            Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good
standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited liability company
in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties
or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses
or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability
to perform its obligations under this Agreement.

 

(b)            Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its
obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.
This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations
Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’
rights or by general equitable principles.

 

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(c)            No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations
Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, loan
agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a debtor or guarantor, (B) result
in the creation or imposition of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of
any indenture, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset
Representations Reviewer or (D) violate any law or any order, rule or regulation of a federal or State court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties
that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect
on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)            No
Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Asset Representations Reviewer, threatened
in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent
the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably
be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under,
or the validity or enforceability of, this Agreement.

 

(e)            Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1 and will notify the Issuer and the Servicer
promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1.

 

Section 4.2.         Covenants.
The Asset Representations Reviewer covenants and agrees that:

 

(a)            Eligibility.
It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

 

(b)            Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform each
Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that
these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored as contemplated
by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews
as required by this Agreement.

 

(c)            Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset Review,
including internal correspondence and work papers, for a period of two years after the termination of this Agreement or repayment of
the Notes in full, whichever comes first.

 

    6

     

    

 

Section 4.3.         Fees,
Expenses and Indemnities.

 

(a)            Annual
Fee. The Sponsor will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer
under this Agreement, an annual fee equal to $5,000. The annual fee will be paid as agreed in Section 4.3(d) by the
Sponsor until this Agreement is terminated; provided, that in the year in which all Notes are paid in full, the annual fee shall
be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding.

 

(b)            Review
Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee, the Sponsor and the Servicer of the Review
Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Sponsor of a detailed
invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250 for each Account containing a Subject Receivable
(the “Review Fee”). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations
Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being notified
of a termination of the Asset Representations Review in accordance with Section 3.4(e). The Sponsor will pay the Review Fee
to the Asset Representations Reviewer in accordance with the terms of Section 4.3(d) of this Agreement. If an Asset
Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review
Fee for the terminated Asset Review no later than five Business Days before the final Payment Date to be reimbursed no later than the
final Payment Date.

 

(c)            Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Sponsor will reimburse
the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a
detailed invoice.

 

(d)            Payment
of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor for any amounts
owed to it under this Agreement. To the extent not paid by the Sponsor within sixty (60) calendar days following the receipt of a detailed
invoice, the fees provided for in this Section 4.3 and the indemnities provided for in Section 4.6(a) shall
be paid by the Issuer pursuant to Section 4.06(c) of the Sale and Servicing Agreement; provided, that prior to any such
payment pursuant to the Sale and Servicing Agreement, the Asset Representations Reviewer shall notify the Sponsor in writing that such
payments have been outstanding for at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts
are not paid in full by the Sponsor or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall
be entitled to payment by the Sponsor of incurred but otherwise unpaid amounts.

 

Section 4.4.         Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith
under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct,
bad faith, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations
Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations
Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

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Section 4.5.         Indemnification
by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer,
the Sponsor, the Owner Trustee and the Indenture Trustee (each, an “Indemnified Party”) and their respective directors,
officers, employees and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses
incurred by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations
Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing
its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of
applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations
Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset Representations
Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the
Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

 

Section 4.6.         Indemnification
of Asset Representations Reviewer.

 

(a)            Indemnification.
The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified
Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations
Reviewer’s obligations under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability),
but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful
misconduct, bad faith or negligence, (ii) the Asset Representations Reviewer’s failure to comply with the requirements of
applicable federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations
Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement.

 

(b)            Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made
under Section 4.6(a), notify the Sponsor of the Proceeding. The Sponsor may participate in and assume the defense and settlement
of a Proceeding at its expense. If the Sponsor notifies the Indemnified Person of its intention to assume the defense of the Proceeding
with counsel reasonably satisfactory to the Indemnified Person, and the Sponsor will not be liable for legal expenses of counsel to the
Indemnified Person unless there is a conflict between the interests of the Sponsor, and an Indemnified Person. If there is a conflict,
the Sponsor will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding
may be made without the approval of the Sponsor and the Indemnified Person, which approval will not be unreasonably withheld.

 

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(c)            Survival
of Obligations. The Issuer’s obligations under this Section 4.6 will survive the permitted resignation or removal
of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)            Repayment.
If the Sponsor makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for
which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Sponsor.

 

Section 4.7.         Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once
during any year, it will permit authorized representatives of the Issuer, the Servicer or the Sponsor, during the Asset Representations
Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials
of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations
under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a
claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the
Issuer’s, the Servicer’s or the Sponsor’s representatives to make copies and extracts of any of those documents and
to discuss them with the Asset Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and the Sponsor
will, and will cause its authorized representatives to, hold in confidence any proprietary confidential information of the Asset Representations
Reviewer except if disclosure may be required by law or if the Issuer, the Servicer or the Sponsor reasonably determines that it is required
to make the disclosure under this Agreement or the other Basic Documents. Except as described in Section 4.2(c), the Asset
Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least
two years after the termination of its obligations under this Agreement.

 

Section 4.8.         Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person
without the consent of the parties to this Agreement.

 

Section 4.9.         Confidential
Information.

 

(a)            Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and
under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality
of the Confidential Information. The Confidential Information will not, without the prior consent of the Issuer, the Sponsor and the
Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives
or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of
performing Asset Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations Reviewer
agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by AHFC or its Affiliates or
special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of
research reports, newsletters or other publications or similar communications.

 

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(b)            Definition.
 “Confidential Information” means oral, written and electronic materials (irrespective of its source or form of communication)
furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this
Agreement, including:

 

(i)          lists
of Subject Receivables and any related Review Materials;

 

(ii)         origination
and servicing guidelines, policies and procedures and form contracts; and

 

(iii)        notes,
analyses, compilations, studies or other documents or records prepared by the Sponsor or the Servicer, which contain information supplied
by or on behalf of the Sponsor or the Servicer or their representatives.

 

However, Confidential Information will not include information that
(A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was
available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the
Issuer, the Sponsor or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient
is not bound by a confidentiality agreement with the Issuer, the Sponsor or the Servicer and is not prohibited from transmitting the
information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential
Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession
or (D) the Issuer, the Sponsor or the Servicer provides permission to the applicable Information Recipients to release.

 

(c)            Protection.
The Asset Representations Reviewer will use reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of
Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable
standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional
requirements in Section 4.9.

 

(d)            Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental,
regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However,
before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable
efforts to provide the Issuer, the Sponsor and the Servicer with notice of the requirement and will cooperate, at the Sponsor’s
expense, in the Issuer’s and the Sponsor’s pursuit of a proper protective order or other relief for the disclosure of the
Confidential Information. If the Issuer or the Sponsor is unable to obtain a protective order or other proper remedy by the date that
the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information
that it is advised by its legal counsel it is legally required to disclose.

 

(e)            Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by
its Information Recipients.

 

    10

     

    

 

(f)            Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Sponsor
and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an action
is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees
and expenses, including reasonable attorney’s fees, incurred for the enforcement.

 

Section 4.10.       Personally
Identifiable Information.

 

(a)            Definitions.
 “Personally Identifiable Information” or “PII” means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification
number(s) or “VIN(s)”, any other actual or assigned attribute associated with or identifiable to an individual and any
information that when used separately or in combination with other information could identify an individual. “Issuer PII”
means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise
collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)            Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. None of the Issuer, the Sponsor
or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However, if the Asset Representations
Reviewer receives any Issuer PII, the Asset Representations Reviewer will promptly (i) notify the Servicer and (ii) delete
and destroy such Issuer PII in accordance with Section 4.10(c). Notwithstanding the foregoing, the Asset Representations
Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including
any legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer
will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical
safeguards designed to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated
threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII
and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee
training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection
and data transmission protection) and physical security measures.

 

(c)            Additional
Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

(i)          The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for
the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent of the
Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific
information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with
access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper
use and protection of Issuer PII.

 

    11

     

    

 

(ii)         The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent
of the Issuer.

 

(d)            Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security
breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where
applicable, immediately take action to prevent any further breach.

 

(e)            Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion
of the Asset Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession
or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by
the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases,
without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit
the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

 

(f)            Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations
Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree to modify this
Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

(g)            Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when
performing an Asset Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate
or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the
Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this Section 4.10
against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

(h)            Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives to
audit the Asset Representations Reviewer’s compliance with this Agreement during the Asset Representations Reviewer’s normal
business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances
necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.10
with the inspections described in Section 4.7. The Asset Representations Reviewer will also permit the Issuer and its
authorized representatives during normal business hours on reasonable advance written notice to audit any service providers used by the
Asset Representations Reviewer with the Sponsor’s prior written consent to fulfill the Asset Representations Reviewer’s obligations
under this Agreement.

 

    12

     

    

 

ARTICLE V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.         Eligibility
Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated
with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not,
and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Receivables
prior to the Closing Date.

 

Section 5.2.         Resignation
and Removal of Asset Representations Reviewer.

 

(a)            No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations Reviewer
unless (a) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1 or (b) upon
determination that the performance of its duties under this Agreement is no longer permissible under applicable law. The Asset Representations
Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign
and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)            Removal
of Asset Representations Reviewer. If any of the following events occur, the Sponsor, by notice to the Asset Representations Reviewer,
may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

(i)          the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)         the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

 

(iii)        an
Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)            Notice
of Resignation or Removal. The Sponsor will notify the Issuer, the Owner Trustee and the Indenture Trustee of any resignation or
removal of the Asset Representations Reviewer.

 

(d)            Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective, and the
Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations
Reviewer has accepted its engagement according to Section 5.3(b).

 

Section 5.3.         Successor
Asset Representations Reviewer.

 

(a)            Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the Sponsor
will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

    13

     

    

 

(b)            Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset
Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing
to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer
on substantially the same terms as this Agreement.

 

(c)            Transition
and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with
the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations
Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s
obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of
an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.     Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting
from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the
Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor to
the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement
to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

 

ARTICLE VI

OTHER AGREEMENTS

 

Section 6.1.     Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to
the supervision of the Issuer, the Owner Trustee or the Indenture Trustee for the manner in which it accomplishes the performance of its
obligations under this Agreement. Unless authorized by the Issuer, the Owner Trustee, or the Indenture Trustee, respectively, the Asset
Representations Reviewer will have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture Trustee and will
not be considered an agent of the Issuer, the Owner Trustee or the Indenture Trustee. None of the Issuer, the Owner Trustee or the Indenture
Trustee will be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure
of the Asset Representations Reviewer to perform its obligations hereunder. Nothing in this Agreement will make the Asset Representations
Reviewer and any of the Issuer, the Owner Trustee or the Indenture Trustee members of any partnership, joint venture or other separate
entity or impose any liability as such on any of them.

 

Section 6.2.     No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or, if
longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for which
the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue against,
or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2
will survive the termination of this Agreement.

 

    	 	14	 

     

    

 

Section 6.3.     Limitation
of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by The Bank of New York Mellon not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will The Bank of New York Mellon in its individual capacity
be liable for the Issuer’s obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject
to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.     Termination
of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in this
Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture
and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE VII

MISCELLANEOUS PROVISIONS

 

Section 7.1.     Amendments.

 

(a)            This
Agreement can be modified in a written document executed by the parties hereto without the consent of the Noteholders or any other Person;
provided, that, except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or supplement any term
of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide for, or facilitate the acceptance
of this Agreement by, a successor Asset Representations Reviewer or (ii) to convert or supplement any provision in a manner consistent
with the intent of this Agreement, either (a) such amendment shall not, as evidenced by an opinion of counsel or officer’s
certificate, materially and adversely affect the interests of the holders of any outstanding Note or (b) the Rating Agency Condition
is satisfied with respect to such amendment. With respect to any amendment for which clauses (a) or (b) of the immediately preceding
sentence cannot be satisfied, this Agreement can be amended with the consent of the Noteholders of a majority of the Outstanding Principal
Balance of the Notes of each adversely affected Series.

 

(b)            Notice
of Amendments. The Servicer will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment,
the Servicer will deliver a copy of the amendment to the Rating Agencies and the Indenture Trustee.

 

Section 7.2.     Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)            Assignment.
Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent
of the parties to this Agreement.

 

(b)            Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted
successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries
of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have any right
or obligation under this Agreement.

 

    	 	15	 

     

    

 

Section 7.3.     Notices.

 

(a)            Delivery
of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and
will be considered given:

 

(i)            For
overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit in the mail;

 

(ii)            for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)            for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)            for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation
of receipt) of an email to that recipient stating that the electronic posting has occurred.

 

(b)            Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in
the case of the Sponsor and the Servicer, to American Honda Finance Corporation, 1919 Torrance Blvd. 5th Floor, Torrance, CA 90501, Attention:
Treasury Capital Markets, (b) in the case of the Issuer or the Owner Trustee, to Honda Auto Receivables 2021-4 Owner Trust, c/o The
Bank of New York Mellon, 240 Greenwich Street, Floor 7 West, New York, NY 10286, Attention: Asset Backed Securities Unit – Honda
Auto Receivables 2021-4, (c) in the case of the Indenture Trustee, to U.S. Bank National Association, 190 South LaSalle Street, 7th
Floor, Chicago, Illinois 60603, Attention: Corporate Trust Services Honda Auto Receivables 2021-4 and (d) in the case of the
Asset Representations Reviewer via electronic mail to ARRNotices@clayton.com, and to Clayton Fixed Income Services LLC, 2638 South Falkenburg
Road, Riverview, FL 33578, Attention: SVP; with a copy to Covius Services, LLC, 720 S. Colorado Blvd, Suite 200, Glendale, CO 80246,
Attention: Legal Department or, (ii) as to each party, at such other address or email as shall be designated by such party in a written
notice to each other party.

 

Section 7.4.     Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Each
of the parties hereto hereby submits to the exclusive jurisdiction of the United States District Court for the Southern District of New
York and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating to this
Agreement or the transactions contemplated hereby. Each of the parties hereto hereby further irrevocably waives any claim that any such
courts lack jurisdiction over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this Agreement
in any of the aforesaid courts, that any such court lacks jurisdiction over such party. Each of the parties hereto irrevocably waives,
to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

    	 	16	 

     

    

 

Each
party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of
any litigation directly or indirectly arising out of, under or in connection with this agreement.

 

Section 7.5.     No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a
waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy
or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers,
rights and remedies under law.

 

Section 7.6.     Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and
will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.7.     Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation
of this Agreement.

 

Section 7.8.     Counterparts;
Electronic Transmission.

 

(a)            This
Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means
that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart
of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words
of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby
shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act.

 

    	 	17	 

     

    

 

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

 

[Remainder of Page Left
Blank]

 

    	 	18	 

     

    

 

EXECUTED BY:

 

	 	HONDA AUTO RECEIVABLES 2021-4 OWNER TRUST, as Issuer
	 	 
	 	By: 	The Bank of New York Mellon, not in its individual capacity,
but solely as Owner Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AMERICAN HONDA FINANCE CORPORATION,
	 	as Sponsor and Servicer
	 	 
	 	By:	 
	 	 	Name: 	Paul C. Honda
	 	 	Title: 	Vice President and Assistant Secretary

 

	 	CLAYTON FIXED INCOME SERVICES LLC,
	 	as Asset Representations Reviewer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

HAROT 2021-4

ARR Agreement

 

     S-1

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

	
    Representations and Warranty
	
    Review Materials
    and Tests

	
    (i)    Characteristics of
    Receivables. Each Receivable

    (a)   was
    originated by a Dealer located in the United States for the sale of the related Financed Vehicle, fully executed or electronically authenticated
    by the Obligor thereto, purchased by AHFC from such Dealer under an existing agreement with AHFC, assigned by such Dealer to the RPA Seller
    and subsequently sold by the RPA Seller to the Purchaser pursuant to the Receivables Purchase Agreement,

    (b)   has
    created or shall create a first priority security interest in favor of the RPA Seller in the related Financed Vehicle, which security
    interest has been assigned by the RPA Seller to the Purchaser and shall be assignable, and shall be so assigned, by the Purchaser to the
    Issuer,

    (c)   contains
    provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,

    (d)   except
    as otherwise provided in this Agreement, provides, at the time of origination, for level Monthly Payments (provided that the first and
    last payments in the life of the Receivable may be different from but in no event more than two times the level payment) that fully amortize
    the Amount Financed over its original term,

    (e)   allows
    for prepayment,

    (f)    is
    not listed on the Servicer’s records as a federal, state or local governmental entity and

    (g)   is
    a retail installment sales contract.
	
    Review Materials:

    (a)       Title
    documents

    (b)       Installment
    sales contract

    (c)       Receivable
    Files

    (d)       Servicer’s
    Records/Data file

    Tests:

    (a)       Origination

    i.       Review
    the contract and confirm that the Dealer address is a United States address.

    ii.      Review
    the contract and confirm that it was signed by the Obligor.

    iii.    Review
    the contract and confirm that AHFC (or an acceptable variation of the name) is listed as an assignee within the assignment section.

    iv.    Review
    the contract and confirm the Vehicle Identification Number (VIN) on the contract matches the VIN on the Certificate of Title or Application
    for Title.

    v.     Confirm
    the Dealer signed the assignment section of the contract.

    (b)       Security
    Interest Enforcement

    i.      Review
    the Receivable File and confirm that the security interest has not been subordinated and the Receivable maintains an enforceable security
    interest in favor of AHFC for the Financed Vehicle.

    (c)       Repossession

    i.      Review
    the contract and confirm that it contains language permitting the repossession and sale of the Financed Vehicle upon default by the Obligor.

    (d)       Fully
    Amortizing Payment Schedule

    i.      Review
    the contract and confirm that all payments are equivalent with the possible exception of the first and last payments, which may be two
    times the level payment.

    ii.     Review
    the Truth-in-Lending section of the contract and calculate the product of the Amount of Payments with the Number of Payments and confirm
    that this amount is equal to the Total of Payments.

    (e)       Prepayments

    i.       Review
    the contract and confirm that the terms conform to the representation.

    (f)       No
    governmental obligors

    i.      Review
    the contract and confirm that the Obligor does not appear to be a governmental entity and that the Servicer’s records do not otherwise
    indicate that the Obligor is a governmental entity.

    (g)       Retail
    installment sale contract

    i.      Review
    the contract and confirm that the contract terms conform to the representation.

    (h)       If
    (a) through (g) are confirmed, then Test Pass.

 

    	 		 

     

    

 

	(ii)     Compliance with Law.  At the time it was originated, the Receivable complied in all material respects with all requirements of law in effect at the time and applicable to such Receivable.	
    Review Materials:

    (a)       Installment
    sales contract

    (b)       AHFC’s
    list of approved contract forms.

    Tests:

    (a)    Review
    the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract forms.

    (b)       If
    (a) is confirmed, then Test Pass.

	(iii)     Binding Obligation.  Each Receivable is on a form contract that includes the legal and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws affecting the enforcement of creditors’ rights and by general principles of equity, consumer protection laws and the Servicemembers Civil Relief Act.	
    Review Materials:

    (a)       Installment
    sales contract

    (b)       AHFC’s
    list of approved contract forms.

    Tests:

    (a)    Review
    the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract forms.

    (b)       Confirm
    the Obligor signed the contract.

    (c)       If
    (a) and (b) are confirmed, then Test Pass.

	(iv)     Receivables in Force.  According to the Servicer’s Receivables system, the Receivable shall not have been satisfied, subordinated or rescinded, nor shall the Financed Vehicle have been released in whole or in part from the lien granted by the related Receivable on the Cutoff Date.	
    Review Materials:

    (a)       Receivable
    Files

    (b)       Title
    documents

    (c)       Servicer’s
    Records/Data file

    Tests:

    (a)   Confirm
    that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was subordinated or rescinded.

    (b)   Confirm
    that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was satisfied prior to the Cut-off
    Date.

    (c)   Confirm
    that there is no indication in the Servicer’s Records or Receivable Files that the Financed Vehicle has been released from the lien
    in whole or in part.

    (d)       If
    (a) through (c) are confirmed, then Test Pass.

	(v)     No Defenses.  To the RPA Seller’s knowledge, no right of rescission, setoff, counterclaim or defense has been asserted or threatened in writing by any Obligor against the Receivable.	
    Review Materials:

    (a)       Receivable
    Files

    (b)       Receivable
    system

    Tests:

    (a)    Review
    the Receivable Files and confirm that there is no indication the Receivable is subject to rescission, setoff, counterclaim or defense
    that would cause the Receivable to become invalid, or, if so, confirm such indications were not present as of the Cut-off Date.

    (b)       If
    (a) is confirmed, then Test Pass.

	(vi)     No Defaults.  Except for payment delinquencies that, as of the Cutoff Date, were not more than thirty (30) days, according to the accounting records of the RPA Seller, no payment default existed under the terms of any Receivable as of the Cutoff Date.	
    Review Materials:

    (a)       Servicer’s
    Records/Data file

    Tests:

    (a)    Confirm
    that there is no indication of a payment default, other than payment delinquencies of not more than thirty (30) days, or if so, confirm
    such defaults were not present as of the Cut-off Date.

    (b)       If
    (a) is confirmed, then Test Pass.

 

    	 		 

     

    

 

	(vii)     Insurance.  Each Obligor of a Receivable has been required to obtain physical damage insurance covering the related Financed Vehicle and is required under the terms of the related Receivable to maintain such insurance.	
    Review Materials:

    (a)       Installment
    sale contract

    Tests:

    (a)   Confirm
    that the contract contains language that requires the Obligor to obtain and maintain insurance against physical damage to the Financed
    Vehicle.

    (b)       If
(a) is confirmed, then Test Pass.

	(viii)     Lawful Assignment.  The terms of the Receivable do not limit the right of the owner of the Receivable to sell the Receivable.	
    Review Materials:

    (a)       Installment
    sale contract

    Tests:

    (a)   Review
    the contract and confirm that there is no language present that limits the rights of the owner of the Receivable to sell the Receivable.

    (b)       If
    (a) is confirmed, then Test Pass.

	(ix)     Chattel Paper.  The Receivable is either “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC and (A) if the Receivable is tangible chattel paper, there is only one executed or otherwise authenticated original of such Receivable or (B) if the Receivable is electronic chattel paper, there is only one authoritative copy of the record or records (as defined in the UCC) comprising such Receivable.  If the Receivable constitutes electronic chattel paper, AHFC has “control” of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC.	
    Review Materials:

    (a)       Installment
    sale contract

    (b)       AHFC’s
    list of approved contract forms

    (c)       Title
    documents

    Tests:

    (a)    Review
    the contract form number and revision date and confirm that it is on AHFC’s list of approved contract forms.

    (b)   Confirm
    there is a signature under the each of the Obligor’s and seller’s name within the contract.

    (c)   Confirm
    there is no indication the contract was voided or is otherwise not the original authenticated copy.

    (d)       If
    (a) through (c) are confirmed, then Test Pass.

	(x)     Security
    Interest.  The RPA Seller has, or the Servicer has, started procedures that will result in the RPA Seller having a
    perfected, first priority security interest in the Financed Vehicle within then (10) days of the Closing Date, which security
    interest was validly created and is assignable by the RPA Seller to the Purchaser.	
    Review Materials:

    (a)       Installment
    sales contract

    (b)       Title
    documents

    Tests:

    (a)     Confirm
    the Title documents report AHFC (or an acceptable variation of the name) as the first lien holder.

    (b)    Confirm
    that the Obligor name on the contract matches the name on the title documents.

    (c)      Confirm
    that the Vehicle Identification Number (VIN) on the contract matches the vehicle identification number as reported on the title documents.

    (d)       If
    (a) through (c) are confirmed, then Test Pass.

	
    (xi)       Individual Characteristics.
    Each Receivable has the following individual characteristics as of the Cutoff Date:

    (a)    is
    not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding;

    (b)       had
    an original maturity of not greater than 72 payments;

    (c)    provides
    for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%;

    (d)    has
    a Scheduled Payment that is not more than thirty (30) days past due;

    (e)    the
    Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and

    (f)    the
    Obligor under each Receivable had a billing address in the United States or its territories or possessions, according to the records of
    the Servicer.
	
    Review Materials:

    (a)       Installment
    sales contract

    (b)       Servicer’s
    Records/Data file

    (c)       Receivable
    Files

    Tests:

    (a)       Bankruptcy

    i.      Review
    the Servicer’s records and confirm that the Obligor was not the subject of a bankruptcy proceeding as of the Cutoff Date.

    (b)       Original
    Maturity

    i.      Confirm
    that the number of payments as stated within the contract does not exceed 72 payments.

    (c)       Contract
    Rate

    i.       Confirm
    that the Contract Rate stated within the contract is greater than or equal to 0.50% as of the Cutoff Date.

    (d)       Past
    Due

    i.      Review
    the Servicer’s records and confirm that the Receivable was not more than thirty (30) days past due as of the Cutoff Date.

    (e)       New
    or Used Honda or Acura

    i.      Confirm
    the Financed Vehicle is a new or used automobile or light-duty truck as stated within the New/Used section of the contract.

    (f)       Billing
    Address

    i.      Confirm
    the Receivable Files indicate that the Obligor’s address is located within the United States or its territories or possessions as
    of the Cutoff Date.

    (g)       If
    (a) through (f) are confirmed, then Test Pass.EX-4.1

 Exhibit 4.1 

CYMABAY THERAPEUTICS, INC. 

FORM OF WARRANT TO PURCHASE SHARES OF COMMON STOCK 

Number of Shares: [ ] (subject to adjustment) 
  

			
	Warrant No. CS - [ ]	  	Original Issue Date: November [ ], 2021

 CymaBay Therapeutics, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [ ] or its registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company up to a total of [ ]
shares of common stock, $0.0001 par value per share (“Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price per share
equal to $0.0001 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”) upon surrender of this Warrant to Purchase Shares of Common Stock (including any Warrants to Purchase Shares of
Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof (the “Original Issue Date”) until the Warrant has been exercised in full,
subject to the following terms and conditions: 
 1. Definitions. For purposes of this Warrant, the following terms shall have the following
meanings: 
 (a) “Affiliate” means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, as
such terms are used in and construed under Rule 405 under the Securities Act, but only for so long as such control shall continue. 
 (b)
“Commission” means the United States Securities and Exchange Commission. 
 (c) “Closing Sale Price” means, for any
security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg L.P., or, if such Principal Trading Market begins to operate on an extended hours basis and does not
designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg L.P., or if the security is not listed for trading on a national securities exchange or other trading market
on the relevant date, the last quoted bid price for the security in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar
organization or agency succeeding to its functions of reporting prices). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be
the fair market value as mutually determined in good faith by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good
faith judgment to determine the fair market value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any share dividend, share split,
share combination or other similar transaction during the applicable calculation period. 
 (d) “Marketable Securities” means securities
meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and is then current in its filing of all required reports and other information under the Securities Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection
with the Fundamental Transaction (as defined below) were Holder to exercise this Warrant on or prior to the closing thereof is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market, and (iii) following the closing of such Fundamental Transaction, the Holder would not be restricted from publicly
re-selling all of the issuer’s shares and/or other securities that would be received by the Holder in such Fundamental Transaction were the Holder to exercise or convert this Warrant in full on or prior
to the closing of such Fundamental Transaction, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the
closing of such Fundamental Transaction. 

  
 1 

 (e) “Principal Trading Market” means the national securities exchange or other trading
market on which the shares of Common Stock are primarily listed on and quoted for trading, which, as of the Original Issue Date, shall be the Nasdaq Global Select Market. 

(f) “Registration Statement” means the Company’s Registration Statement on Form S-3 (File No. 333- 239670), that was declared effective on July 13, 2020. 
 (g) “Securities Act” means
the Securities Act of 1933, as amended. 
 (h) “Trading Day” means any weekday on which the Principal Trading Market is open for trading.
If the shares of Common Stock are not listed or admitted for trading, “Trading Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in
New York City are authorized or required by law or other governmental action to close. 
 (i) “Transfer Agent” means American Stock
Transfer & Trust Company, LLC, the Company’s transfer agent and registrar for the Common Share, and any successor appointed in such capacity. 

2. Issuance of Securities; Registration of Warrants. The Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration
Statement. As of the Original Issue Date, the Warrant Shares are issuable under the Registration Statement. Accordingly, the Warrant and, assuming issuance pursuant to the Registration Statement or an exchange meeting the requirements of
Section 3(a)(9) of the Exchange Act as in effect on the Original Issue Date, the Warrant Shares, are not “restricted securities” under Rule 144 promulgated under the Securities Act. The Company shall register ownership of this
Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is
assigned hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent
actual notice to the contrary. 
 3. Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall, or will
cause its Transfer Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for all applicable transfer taxes (if any). Upon any such registration or transfer, a new
warrant to purchase shares of Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant
evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the
rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this
Section 3. Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary. 

4. Exercise and Duration of Warrants. 
 (a) All or any
part of this Warrant shall be exercisable by the registered Holder in the manner set forth in Section 10 at any time and from time to time on or after the Original Issue Date. 

(b) The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the
“Exercise Notice”), completed and duly signed, and (ii) payment of the Exercise Price in cash or immediately available funds for the number of Warrant Shares as to which this Warrant is being exercised. The date on which such
exercise notice is delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise
hereunder. Execution and delivery of the Exercise Notice shall 

  
 2 

 
have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The Holder and any
assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at
any given time may be less than the amount stated on the face hereof. 
 5. Delivery of Warrant Shares. 

(a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than two (2) Trading Days after the Exercise Date), upon the request
of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with The Depository Trust Company (“DTC”)
through its Deposit Withdrawal Agent Commission system, or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program (the “FAST Program”), issue and dispatch by overnight courier to the address as
specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. The
Holder, or any natural person or legal entity (each, a “Person”) so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date, irrespective
of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. 

(b) If by the close of the second (2nd) Trading Day after the Exercise Date, the Company fails to deliver to the Holder a certificate representing the
required number of Warrant Shares in the manner required pursuant to Section 5(a) or fails to credit the Holder’s DTC account for such number of Warrant Shares to which the Holder is entitled, and if after such third
(3rd) Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, within two (2) Trading Days after the Holder’s request promptly honor its obligation to deliver to the
Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock
so purchased in the Buy-In less the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the Closing Sale Price of a Common
Share on the Exercise Date. 
 (c) To the extent permitted by law and subject to Section 5(b), the Company’s obligations to issue and deliver
Warrant Shares in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or
consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any
other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the Company to the Holder in
connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of
specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the
Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or the Warrants in a name other than
that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 

  
 3 

 7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and
procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant. 
 8. Reservation of Warrant Shares. The Company covenants that it will, at all
times while this Warrant is issued and outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved shares of Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon
exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than
the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with
the terms hereof, be duly and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may
be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the shares of Common Stock may be listed. The Company further covenants
that it will not, without the prior written consent of the Holder, take any actions to increase the par value of the shares of Common Stock at any time while this Warrant is issued and outstanding. 

9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 9. 
 (a) Share Dividends and Splits. If the Company, at any time while this Warrant is issued and
outstanding, (i) pays a share dividend on its shares of Common Stock or otherwise makes a distribution on any class of capital shares issued and outstanding on the Original Issue Date and in accordance with the terms of such shares on the
Original Issue Date or as amended, as described in the Registration Statement, that is payable in shares of Common Stock, (ii) subdivides its issued and outstanding shares of Common Stock into a larger number of shares of Common Stock,
(iii) combines its issued and outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issues by reclassification of capital shares any additional shares of Common Stock of the Company, then in each such
case the Exercise Price shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock issued and outstanding immediately before such event and the denominator of which shall be the number of shares of Common
Stock issued and outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution, provided, however, that if such record date shall have been fixed and such dividend is not fully paid on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record
date and thereafter the Exercise Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after
the effective date of such subdivision or combination. 
 (b) Pro Rata Distributions. If the Company, at any time while this Warrant is issued and
outstanding, distributes to all holders of shares of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of shares of Common Stock covered by the preceding paragraph), (iii)
rights or warrants to subscribe for or purchase any security, or (iv) cash or any other asset (in each case, a “Distribution”), other 

  
 4 

 
than a reclassification as to which Section 9(c) applies, then in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would
have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the ownership limitation set
forth in Section 11(a) hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until the earlier of (i) such time, if ever, as the delivery to such Holder of such portion would not result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof and
(ii) such time as the Holder has exercised this Warrant. 
 (c) Fundamental Transactions. If, at any time while this Warrant is issued and
outstanding (i) the Company effects any merger or consolidation of the Company with or into another Person, in which the Company is not the surviving entity and in which the stockholders of the Company immediately prior to such merger or
consolidation do not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company effects any sale to another Person of all or substantially all of its
assets in one transaction or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the Company or another Person), holders of share capital tender shares representing more than 50% of the voting
power of the capital shares of the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting power of the capital shares of the
Company (except for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction) or
(v) the Company effects any reclassification of the shares of Common Stock or any compulsory share exchange pursuant to which the shares of Common Stock are effectively converted into or exchanged for other securities, cash or property (other
than as a result of a subdivision or combination of shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then following such Fundamental Transaction the Holder shall have the
right to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”). The Company
shall not effect any Fundamental Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities of another Person unless (i) the Alternate Consideration is solely cash and the Company provides
for the simultaneous “cashless exercise” of this Warrant pursuant to Section 10 below or (ii) prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including any
purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this
Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction type. Notwithstanding the foregoing, in the event of a Fundamental Transaction where the consideration payable
to holders of shares of Common Stock consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities, then this Warrant shall automatically be deemed to be exercised in full in a “cashless
exercise” pursuant to Section 10 below effective immediately prior to and contingent upon the consummation of such Fundamental Transaction. 
 (d)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9 (including any adjustment to the Exercise Price that would have been effected but for the final sentence in this paragraph (d)), the
number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of
Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the shares of Common Stock then in
effect. 

  
 5 

 (e) Calculations. All calculations under this Section 9 shall be made to the nearest one-millionth of one cent or the nearest share, as applicable. 
 (f) Notice of Adjustments. Upon the occurrence of
each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such
adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent. 

(g) Notice of Corporate Events. If, while this Warrant is issued and outstanding, the Company (i) declares a dividend or any other distribution of
cash, securities or other property in respect of its shares of Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital shares of the Company or any subsidiary, (ii) authorizes or
approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such
notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) days prior to the
applicable record or effective date on which a Person would need to hold shares of Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein
shall not affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is issued and outstanding, the Company authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for any Fundamental Transaction contemplated by Section 9(c), other than a Fundamental Transaction under clause (iii) of Section 9(c), then, except if such notice and the contents thereof shall be deemed to
constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction at least ten (10) days prior to the date such Fundamental Transaction is
consummated. 
 10. Payment of Cashless Exercise Price. Upon the cashless exercise of this Warrant pursuant to Section 9(c) hereof, the
Company shall issue to the Holder the number of Warrant Shares in an exchange of securities effected pursuant to Section 3(a)(9) of the Securities Act as determined as follows: 

X = Y [(A-B)/A] 
 where:

 “X” equals the number of Warrant Shares to be issued to the Holder; 

“Y” equals the total number of Warrant Shares with respect to which this Warrant is then being exercised; 

“A” equals the Closing Sale Price per Common Share as of the Trading Day on the date immediately preceding the Exercise Date; and 

“B” equals the Exercise Price per Warrant Share then in effect on the Exercise Date. 

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in such a
“cashless exercise” transaction pursuant to Section 9(c) hereof shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was
originally issued (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise). 

  
 6 

 For the avoidance of doubt, any exercise of this Warrant pursuant to Section 4 hereof shall only be
settled in cash. 
 11. Limitations on Exercise. 
 (a)
Notwithstanding anything to the contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant
Shares which, upon giving effect or immediately prior to such exercise, would cause (i) the aggregate number of shares of Common Stock beneficially owned by the Holder, its Affiliates and any other Persons whose beneficial ownership of shares
of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d) “group”) to exceed 14.99% (the “Maximum Percentage”) of
the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined voting power of the securities of the Company beneficially owned by the Holder and its Affiliates and any other
Persons whose beneficial ownership of shares of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d) “group”) to exceed 14.99% of
the combined voting power of all of the securities of the Company then outstanding following such exercise. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to
the date hereof, (y) a more recent public announcement by the Company or (z) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the
Company shall within two (2) Trading Days confirm in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder
may from time to time increase or decrease the Maximum Percentage to any other percentage specified not in excess of 14.99% specified in such notice; provided that any such increase will not be effective until the sixty-first (61st) day after such
notice is delivered to the Company. For purposes of this Section 11(a), the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of
shares of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d) “group”) shall include the shares of Common Stock issuable upon the
exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining unexercised and
non-cancelled portion of this Warrant by the Holder and (y) exercise or conversion of the unexercised, non-converted or
non-cancelled portion of any other securities of the Company that do not have voting power (including without limitation any securities of the Company which would entitle the holder thereof to acquire at any
time shares of Common Stock, including without limitation any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, shares of Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is beneficially owned by the Holder or any of its Affiliates and other Persons whose beneficial ownership of
shares of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d) “group”). 

(b) This Section 11 shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the
amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c) of this Warrant. 

12. No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares
that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any such fractional
shares. 

  
 7 

 13. Notices. Any and all notices or other communications or deliveries hereunder (including, without
limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via confirmed
e-mail prior to 5:30 P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via confirmed e-mail on a day that is not a Trading Day or later than 5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier
service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. The addresses and e-mail addresses for such
communications shall be: 
 If to the Company: 
 CymaBay
Therapeutics, Inc. 
 7575 Gateway Boulevard, Suite 110 

Newark, CA 94560 
 with copies to: 

Cooley LLP 
 3175 Hanover Street 

Palo Alto, California 94304 
 Facsimile: (650) 849-7400 
 Attention: Matthew B. Hemington 

If to the Holder, to its address or e-mail address set forth herein or on the books and records of the Company. 

Or, in each of the above instances, to such other address or e-mail address as the recipient party has specified by
written notice given to each other party at least five (5) days prior to the effectiveness of such change. 
 14. Warrant Agent. The Company
shall initially serve as warrant agent under this Warrant. Upon ten (10) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or stockholders services
business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder
at the Holder’s last address as shown on the Warrant Register. 
 15. Miscellaneous. 

(a) No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive
dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the
rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of shares, reclassification of shares, consolidation, merger, amalgamation, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing
contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. 

  
 8 

 (b) Authorized Shares. Except and to the extent as waived or consented to by the Holder, the Company
shall not by any action, including, without limitation, amending its certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, amalgamation, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant, and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having
jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 (c) Successors and Assigns. Subject
to compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction.
This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the
Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 

(d) Amendment and Waiver. Except as otherwise provided herein, this Warrant may be modified or amended or the provisions hereof waived with the written
consent of the Company and the Holder. 
 (e) Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all
of the terms and conditions contained herein. 
 (f) Governing Law; Jurisdiction. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT
AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED
HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR
CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED
HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

(g) Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of
the provisions hereof. 

  
 9 

 (h) Severability. In case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt in good faith to agree upon a valid
and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of
the date first indicated above. 
  

					
	CYMABAY THERAPEUTICS, INC.
		
	By:	 	
                     
    

		 	Name:	 	Sujal Shah
		 	Title:	 	President and Chief Executive Officer

  
 11 

 SCHEDULE 1 

FORM OF EXERCISE NOTICE 

[To be executed by the Holder to purchase shares of Common Stock under the Warrant] 

Ladies and Gentlemen: 
 (1) The undersigned is the Holder of
Warrant No. ___ (the “Warrant”) issued by CymaBay Therapeutics, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 (2) The undersigned hereby exercises its right to purchase ___________ Warrant Shares pursuant to the Warrant. 

(3) Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant. The
Warrant Shares shall be delivered to the following DWAC Account Number: 
 (4) By its delivery of this Exercise Notice, the undersigned represents and
warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act
of 1934, as amended) permitted to be owned under Section 11(a) of the Warrant to which this notice relates. 
  

			
	Dated:	 	  

		
	Name of Holder:	 	
                     
        

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant) 

  
 12

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