Document:

EXHIBIT 10.2

 

SALE AND SERVICING AGREEMENT

 

among

 

HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_],

Issuer,

 

HYUNDAI ABS FUNDING CORPORATION,

Depositor,

 

HYUNDAI CAPITAL AMERICA,

Seller and Servicer,

 

and

 

[                         ],

Indenture Trustee

 

Dated as of [_____], 20[__]

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	 	 	 
	ARTICLE I.        DEFINITIONS	1
	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitional Provisions	17
	 	 	 
	ARTICLE II.      CONVEYANCE
    OF RECEIVABLES	18
	 	 	 
	Section 2.01	Conveyance of Receivables	18
	 	 	 
	ARTICLE III.      THE RECEIVABLES	19
	 	 
	Section 3.01	Representations and Warranties of the Seller	19
	Section 3.02	Representations and Warranties of the Depositor	20
	Section 3.03	Repurchase upon Breach	21
	 	 	 
	ARTICLE IV.        ADMINISTRATION AND SERVICING OF RECEIVABLES	22
	 	 
	Section 4.01	Duties of Servicer	22
	Section 4.02	Collection of Receivable Payments; Modifications of Receivables	22
	Section 4.03	Realization upon Receivables	23
	Section 4.04	Target Overcollateralization Amount and Reserve Account Required Amount	24
	Section 4.05	Maintenance of Security Interests in Financed Vehicles	24
	Section 4.06	Covenants of Servicer	24
	Section 4.07	Purchase of Receivables Upon Breach	25
	Section 4.08	Servicing Fee	25
	Section 4.09	Servicer’s Certificate	26
	Section 4.10	Annual Statement as to Compliance, Notice of Servicer Termination Event	26
	Section 4.11	Compliance with Regulation AB	26
	Section 4.12	Access to Certain Documentation and Information Regarding Receivables	27
	Section 4.13	Term of Servicer	27
	Section 4.14	Annual Independent Accountants’ Report	27
	Section 4.15	Reports to the Commission	27
	Section 4.16	Compensation of Indenture Trustee	27
	 	 	 
	ARTICLE V.         DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS	28
	 	 
	Section 5.01	Accounts	28
	Section 5.02	Application of Collections	30
	Section 5.03	Property of the Trust	30
	Section 5.04	Purchased Amounts	30
	Section 5.05	Distributions	30
	Section 5.06	Reserve Account	32

 

    	 	-i-	20[__]-[_] Sale and Servicing Agreement

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.07	Statements to Securityholders	33
	Section 5.08	Advances by the Servicer	33
	 	 	 
	ARTICLE VI.        THE DEPOSITOR	33
	 	 
	Section 6.01	Representations of Depositor	33
	Section 6.02	Corporate Existence	35
	Section 6.03	Liability of Depositor	35
	Section 6.04	Merger or Consolidation of, or Assumption of the Obligations of, Depositor	36
	Section 6.05	Amendment of Depositor’s Organizational Documents	36
	 	 	 
	ARTICLE VII.       THE SERVICER	37
	 	 
	Section 7.01	Representations of Servicer	37
	Section 7.02	Indemnities of Servicer	38
	Section 7.03	Merger or Consolidation of, or Assumption of the Obligations of, Servicer	39
	Section 7.04	Limitation on Liability of Servicer and Others	40
	Section 7.05	Delegation of Duties	40
	Section 7.06	Servicer Not to Resign	40
	Section 7.07	Fidelity Bond	41
	 	 	 
	ARTICLE VIII.   
      DEFAULT	41
	 	 
	Section 8.01	Servicer Termination Events	41
	Section 8.02	Consequences of a Servicer Termination Event	42
	Section 8.03	Appointment of Successor Servicer	42
	Section 8.04	Notification to Securityholders	43
	Section 8.05	Waiver of Past Defaults	43
	 	 	 
	ARTICLE IX.        TERMINATION	43
	 	 	 
	Section 9.01	Optional Purchase of All Receivables	43
	 	 	 
	ARTICLE X.
            MISCELLANEOUS	44
	 	 
	Section 10.01	Amendment	44
	Section 10.02	Protection of Title to Trust	45
	Section 10.03	Notices	47
	Section 10.04	Assignment by the Depositor or the Servicer	47
	Section 10.05	Limitations on Rights of Others	47
	Section 10.06	Severability	47
	Section 10.07	Counterparts	47
	Section 10.08	Headings	47
	Section 10.09	GOVERNING LAW	47
	Section 10.10	Assignment by Issuer	48

 

    	 	-ii-	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 10.11	Nonpetition Covenants	48
	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	48
	Section 10.13	Information to Be Provided by the Indenture Trustee	48
	Section 10.14	Form 8-K Filings	50

	Exhibit A	Representations and Warranties of Hyundai Capital America Under Section 3.02 of the Receivables Purchase Agreement	A-1
	Exhibit B	Form of Record Date Statement	B-1
	Exhibit C	Form of Servicer’s Certificate	C-1
	Exhibit D	Form of Indenture Trustee’s Annual Sarbanes Certification	D-1
	 	 	 
	Schedule A	Schedule of Receivables	Sched. A-1
	Schedule B	Yield Supplement Overcollateralization Amount	Sched. B-1
	 	 	 
	Appendix A	Regulation AB’ Representations, Warranties and Covenants	Appendix A-1
	 	 	 
	Schedule 1	Servicing Criteria to be Addressed in Assessment of Compliance	Schedule 1-1

 

    	 	-iii-	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

This SALE AND SERVICING AGREEMENT, dated
as of [            ], 20[__], among HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_], a Delaware statutory trust (the “Issuer”),
HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation (the “Depositor”), HYUNDAI CAPITAL AMERICA, a California
corporation, as servicer (in such capacity, the “Servicer”) and as seller (in such capacity, the “Seller”),
and [              ], a [national banking association], as indenture trustee (the “Indenture Trustee”).

 

WHEREAS, the Issuer desires to purchase
a portfolio of receivables arising in connection with automobile retail installment sale contracts acquired by the Seller in the
ordinary course of business and sold by the Seller to the Depositor;

 

WHEREAS, the Depositor is willing to sell
such receivables to the Issuer; and

 

WHEREAS, the Servicer is willing to service
such receivables.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, the parties hereto agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

Section 1.01 Definitions. Whenever
used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

 

“Adjusted Pool Balance”
means (a) as of the Closing Date, an amount equal to (x) the Pool Balance as of the Cutoff Date minus (y) the Yield Supplement
Overcollateralization Amount for the Closing Date and (b) for any Payment Date, an amount equal to (x) the Pool Balance as of the
end of the Collection Period preceding that Payment Date less (y) the Yield Supplement Overcollateralization Amount with respect
to such Payment Date.

 

“Administration Agreement”
means the Owner Trust Administration Agreement, dated as of [             ], 20[__], among Hyundai Auto Receivables Trust 20[__]-[_], Hyundai
Capital America, and [                  ], a [national banking association], as amended, supplemented, amended and restated or otherwise modified
from time to time.

 

“Administrator” means
Hyundai Capital America, a California corporation, and its successors in interest.

 

“Advance” means, as to
any Payment Date, an advance made by the Servicer on such Payment Date pursuant to Section 5.08 in respect of the aggregate of
all Scheduled Payments of interest which were due during the related Collection Period that remained unpaid at the end of such
Collection Period.

 

“Agreement” means this
Sale and Servicing Agreement, as amended, supplemented, amended and restated or otherwise modified from time to time.

 

    	 	 	20[__]-[_] Sale and Servicing Agreement

    	 

    

 

“Amount Financed” means
with respect to a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle and any
related costs.

 

“Annual Percentage Rate”
or “APR” of a Receivable means the annual rate of finance charges stated in the related Contract.

 

“Available Amounts” means,
with respect to any Payment Date, the sum of the following amounts (without duplication) with respect to the related Collection
Period: (i) all Collections on Receivables, (ii) the Purchased Amount of each Receivable that becomes a Purchased Receivable, (iii)
Advances, (iv) Recoveries and (v) any amounts paid by the Servicer in connection with a purchase of Receivables pursuant to Section
9.01(a) hereof.

 

“Available Amounts Shortfall”
means, with respect to any Payment Date, the positive difference, if any, of the Total Required Payment for such Payment Date minus
the Available Amounts for such Payment Date.

 

“Basic Documents” means
the Trust Agreement, the Securities Account Control Agreement, the Indenture, this Agreement, the Receivables Purchase Agreement,
the Administration Agreement, the Note Depository Agreement, and other documents and certificates delivered in connection therewith.

 

“Business Day” means
any day other than a Saturday, a Sunday or a day on which a commercial banking institution in the states of California, Delaware
or New York are authorized or obligated by law or executive order to remain closed.

 

“Certificate” means a
certificate evidencing the beneficial interest of a Certificateholder in the Trust.

 

“Certificateholders”
has the meaning assigned to such term in the Trust Agreement.

 

“Class” means any one
of the classes of Notes.

 

“Class A Noteholders”
means the Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders and the Class A-4 Noteholders.

 

“Class A Notes” means
the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

 

“Class A-1 Noteholder”
means the Person in whose name a Class A-1 Note is registered in the Note Register.

 

“Class A-1 Notes” means
the [                  ]% Asset Backed Notes, Class A-1, substantially in the form of Exhibit A-1 to the Indenture.

 

“Class A-1 Rate” means
[                  ]% per annum, computed on the basis of an actual/360-day year.

 

    	 	2	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Class A-2 Noteholder”
means the Person in whose name a Class A-2 Note is registered in the Note Register.

 

“Class A-2 Notes” means
the [                  ]% Asset Backed Notes, Class A-2, substantially in the form of Exhibit A-2 to the Indenture.

 

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

 

“Class A-3 Noteholder”
means the Person in whose name a Class A-3 Note is registered in the Note Register.

 

“Class A-3 Notes” means
the [                  ]% Asset Backed Notes, Class A-3, substantially in the form of Exhibit A-3 to the Indenture.

 

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

 

“Class A-4 Noteholder”
means the Person in whose name a Class A-4 Note is registered in the Note Register.

 

“Class A-4 Notes” means
the [                  ]% Asset Backed Notes, Class A-4, substantially in the form of Exhibit A-4 to the Indenture.

 

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

 

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.

 

“Class B Notes” means
the [                  ]% Asset Backed Notes, Class B, substantially in the form of Exhibit B to the Indenture.

 

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

 

“Class C Noteholder”
means the Person in whose name a Class C Note is registered in the Note Register.

 

“Class C Notes” means
the [                  ]% Asset Backed Notes, Class C, substantially in the form of Exhibit C to the Indenture.

 

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

 

“Class D Noteholder”
means the Person in whose name a Class D Note is registered in the Note Register.

 

    	 	3	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Class D Notes” means
the [                  ]% Asset Backed Notes, Class D, substantially in the form of Exhibit D to the Indenture.

 

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

 

“Closing Date” means
[                  ], 20[__].

 

“CFR” means the Code
of Federal Regulations.

 

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

 

“Collection Account”
means the account designated as such, established and maintained pursuant to Section 5.01 of this Agreement.

 

“Collection Period” means
each fiscal month of the Servicer during the term of this Agreement; provided, however, that the first Collection
Period is the period from and including [                  ], 20[  ] through and including [                  ], 20[  ]. With respect to any Determination Date or
Payment Date, the “related Collection Period” means the Collection Period preceding the fiscal month in which such
Determination Date or Payment Date occurs.

 

“Collections” means,
with respect to any Receivable and to the extent received by the Servicer after the Cutoff Date, (a) any monthly payment by or
on behalf of the Obligor thereunder, (b) full or partial prepayment of that Receivable, (c) all Liquidation Proceeds and (d) any
other amounts received by the Servicer which, in accordance with its customary servicing practices, would be applied to the payment
of accrued interest or to reduce the Principal Balance of that Receivable; provided, however, that the term
“Collections” in no event will include (i) any amounts in respect of any Receivable purchased by the Servicer, the
Seller or the Depositor on a prior Payment Date or (ii) any late fees, extension fees, non-sufficient funds charges and any and
all other administrative fees or similar charges allowed by applicable law with respect to any Receivable and payable to the Servicer.

 

“Commission” means the
Securities and Exchange Commission.

 

“Contract” means a motor
vehicle retail installment sale contract.

 

“Controlling Class” means
with respect to any Notes that are Outstanding, the Class A Notes (voting together as a single class) so long as the Class A Notes
are Outstanding, and thereafter the Class B Notes so long as any Class B Notes are Outstanding, and thereafter the Class C Notes
so long as any Class C Notes are Outstanding and thereafter the Class D Notes so long as any Class D Notes are Outstanding, excluding
in each case, Notes held by the Depositor, the Servicer or their affiliates.

 

“Conveyed Assets” has
the meaning provided in Section 2.01.

 

“Corporate Trust Office”
has the meaning set forth in the Indenture.

 

    	 	4	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Credit and Collection Policy”
means the credit and collection practices, policies and procedures of HCA from time to time.

 

“Cutoff Date” means the
close of business on [                  ], 20[  ].

 

“Dealer” means the dealer
who sold a Financed Vehicle and who originated the related Receivable and assigned it to HCA pursuant to a Dealer Agreement.

 

“Dealer Agreement” means
an agreement between HCA and a Dealer pursuant to which such Dealer sells Contracts to HCA.

 

“Defaulted Receivables”
means any Receivable (a) on which any installment is unpaid more than sixty (60) days past its original due date or (b) where the
Servicer’s records show that the Obligor has suffered an Insolvency Event.

 

“Deliver” or “Delivered”:
when used with respect to Trust Account Property means when the relevant steps specified below are accomplished with respect to
such Trust Account Property:

 

(a)          if
such Trust Account Property is an instrument or a certificated security (each as defined in the UCC), by (i) delivering such instrument
or security certificate to the Eligible Institution then maintaining the applicable Eligible Account either registered in the name
of such Eligible Institution, or indorsed, by an effective endorsement, to the Eligible Institution or in blank (provided, that
no endorsement shall be required for certificated securities in bearer form), (ii) causing such Eligible Institution to maintain
(on behalf of the Indenture Trustee) continuous possession of such instrument or security certificate, (iii) causing the Eligible
Institution to credit such instrument or certificated security to the appropriate Eligible Account, (iv) causing the Eligible Institution
to agree to treat all such instruments and certificated securities as “financial assets” (as defined in the UCC) and
(v) causing the Eligible Institution to agree pursuant to a Control Agreement that it will comply with “entitlement
orders” (as defined in the UCC) originated by the Indenture Trustee with respect to each security entitlement (as defined
in the UCC) relating to such instruments and certificated securities without further consent by the Depositor, the Issuer or any
other Person;

 

(b)          if
such Trust Account Property is a security entitlement (as defined in the UCC), by (i) causing the Eligible Institution then maintaining
the applicable Eligible Account to become the entitlement holder of such security entitlement, (ii) causing the Eligible Institution
to credit such security entitlement to the appropriate Eligible Account thereby creating a securities entitlement with respect
to the financial asset underlying such securities entitlement and (iii) causing the Eligible Institution to agree pursuant
to a Control Agreement that it will comply with “entitlement orders” (as defined in the UCC) originated by the Indenture
Trustee with respect to each security entitlement (as defined in the UCC) without further consent by the Depositor, Issuer or any
other Person;

 

    	 	5	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(c)          if
such Trust Account Property is an uncertificated security (as defined in the UCC), by (i) causing the Eligible Institution then
maintaining the applicable Eligible Account to become the registered owner of such uncertificated security, (ii) causing such registration
to remain effective, (iii) causing the Eligible Institution to credit such uncertificated security to the appropriate Eligible
Account thereby creating a securities entitlement with respect to the uncertificated security, and (iv) causing the Eligible
Institution to agree pursuant to a Control Agreement that it will comply with “entitlement orders” (as defined in the
UCC) originated by the Indenture Trustee with respect to each security entitlement (as defined in the UCC) without further consent
by the Depositor, Issuer or any other Person;

 

(d)          if
such Trust Account Property consists of deposit accounts (as defined in the UCC) by either (i) causing the Indenture Trustee to
be the customer with respect to such deposit accounts or (ii) causing the bank maintaining such deposit account to enter into a
Control Agreement pursuant to which it agrees to comply with all instructions issued by the Indenture Trustee without further consent
by the Depositor, Issuer or any other Person;

 

(e)          in
the case of any general intangibles, by causing an effective financing statement naming the Issuer as debtor and the Indenture
Trustee as secured party and covering such general intangibles to be filed in the location (within the meaning of Section 9-307
of the UCC) of the Issuer; and

 

(f)          in
the case of any Trust Account Property not covered above or as an additional method of delivery for any of the foregoing, by delivering
to the Indenture Trustee a legal opinion of counsel reasonably satisfactory to the Indenture Trustee specifying another method
of delivery that will result in the Indenture Trustee having a valid and perfected security interest therein and by delivery in
compliance with the method specified in such legal opinion.

 

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

 

“Determination Date”
means, with respect to each Payment Date, the tenth calendar day of the month in which such Payment Date occurs (or if such tenth
day is not a Business Day, the next succeeding Business Day).

 

“Eligible Account” means
a segregated securities account with an Eligible Institution.

 

“Eligible Institution”
means the following:

 

(a)          a
depository institution or trust company

 

(i)          whose
commercial paper, short-term unsecured debt obligations or other short-term deposits are rated “Prime-1” by Moody’s
and “A-1+” by Standard & Poor’s, if the deposits are to be held in the account for 30 days or less, or

 

(ii)         whose
long-term unsecured debt obligations are rated at least “Aa3” by Moody’s and “AA-” by Standard &
Poor’s, if the deposits are to be held in the account more than 30 days, or

 

    	 	6	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(b)          a
segregated trust account or accounts maintained in the trust department of a federal or state-chartered depository institution
having a combined capital and surplus of at least $50,000,000 and subject to regulations regarding fiduciary funds on deposit similar
to Title 12 of the Code of Federal Regulations Section 9.10(b), or

 

(c)          any
other institution with respect to which the Rating Agency Condition shall be satisfied (other than with respect to Standard &
Poor’s, but with satisfaction of the Rating Agency Notification with respect to Standard & Poor’s if Standard &
Poor’s is rating any Outstanding Class of Notes).

 

Provided, that any Eligible Institution’s deposits shall
be insured by the Federal Deposit Insurance Corporation; provided, further, that a foreign financial institution shall be deemed
to satisfy the forgoing proviso if such foreign financial institution meets the requirements of Rule 13k-1(b)(1) under the Exchange
Act (17 CFR §240.13k-1(b)(1)).

 

“Eligible Investments”
means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form and that
evidence:

 

(a)          direct
obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States of America;

 

(b)          demand
deposits, time deposits or certificates of deposit of any depository institution (including any affiliate of the Depositor, the
Servicer, the Indenture Trustee or the Owner Trustee) or trust company incorporated under the laws of the United States of America
or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination
by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution
or trust company as custodian with respect to any obligation referred to in the first bullet point above or a portion of such obligation
for the benefit of the holders of such depository receipts); provided that at the time of the investment or contractual commitment
to invest therein (which shall be deemed to be made again each time funds are reinvested following each Payment Date), the commercial
paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit
of a person other than such depository institution or trust company) of such depository institution or trust company shall have
a credit rating from each Rating Agency in the highest investment category granted thereby;

 

(c)          commercial
paper (including commercial paper of any affiliate of Depositor, the Servicer, the Indenture Trustee or the Owner Trustee) having,
at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of “A-1+”
and from Moody’s of “Prime-1”;

 

(d)          investments
in money market funds (including funds for which the Depositor, the Servicer, the Indenture Trustee or the Owner Trustee or any
of their respective affiliates is investment manager or advisor) having a rating from Standard & Poor’s of “AAA-m”
or “AAAm-G” and from Moody’s of “Aaa”;

 

    	 	7	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(e)          bankers’
acceptances issued by any depository institution or trust company referred to in clause (b) above;

 

(f)          repurchase
obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or
any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of
America, in either case entered into with a depository institution or trust company (acting as principal) described in clause (b)
above; or

 

(g)          any
other investment with respect to which the Rating Agency Condition is satisfied (other than with respect to Standard & Poor’s,
but with satisfaction of the Rating Agency Notification with respect to Standard & Poor’s if Standard & Poor’s
is rating any Outstanding Class of Notes).

 

“Eligible Servicer” means
Hyundai Capital America or any other Person that at the time of its appointment as Servicer (a) is servicing a portfolio of motor
vehicle retail installment sale contracts or motor vehicle installment loans, (b) is legally qualified and has the capacity to
service the Receivables, (c) has demonstrated the ability professionally and competently to service a portfolio of motor vehicle
retail installment sale contracts or motor vehicle installment loans similar to the Receivables with reasonable skill and care
and (iv) has a minimum net worth of $100,000,000.

 

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

 

“Exchange Act Reports”
means any reports on Form 10-D, Form 8-K and Form 10-K or to be filed by the Servicer with respect to the Issuer under the Exchange
Act.

 

“Financed Vehicle” means
a new or used automobile, light-duty truck or minivan, together with all accessions thereto, securing an Obligor’s indebtedness
under the related Contract.

 

“First Priority Principal Distribution
Amount” means, with respect to any Payment Date, an amount, not less than zero, equal to the result of (a) the aggregate
outstanding principal amount of the Class A Notes as of the preceding Payment Date (after giving effect to any principal payments
made on the Class A Notes on that preceding Payment Date), minus (b) the Adjusted Pool Balance at the end of the Collection Period
preceding that Payment Date; provided that the First Priority Principal Distribution Amount on and after the Stated
Maturity Date of a Class of Class A Notes shall not be less than the amount that is necessary to reduce the Outstanding Amount
of the Class A Notes and all earlier maturing classes of Class A Notes to zero.

 

“Form 10-D Disclosure Item”
means, with respect to any Person, (a) any legal proceedings pending against such Person or of which any property of such Person
is then subject, or (b) any proceedings known to be contemplated by governmental authorities against such Person or of which any
property of such Person would be subject, in each case that would be material to the Noteholders.

 

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

 

    	 	8	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Indenture” means the
Indenture, dated as of [ ], 20[__], between the Issuer and the Indenture Trustee, as amended, supplemented, amended and restated
or otherwise modified from time to time.

 

“Indenture Trustee” means
the Person acting as Indenture Trustee under the Indenture, its successors in interest and any successor trustee under the Indenture.

 

“Initial Class A-1 Note Balance”
means $[              ].

 

“Initial Class A-2 Note Balance”
means $[              ].

 

“Initial Class A-3 Note Balance”
means $[              ].

 

“Initial Class A-4 Note Balance”
means $[              ].

 

“Initial Class B Note Balance”
means $[              ].

 

“Initial Class C Note Balance”
means $[              ].

 

“Initial Class D Note Balance”
means $[              ].

 

“Initial Pool Balance”
means, an amount equal to the aggregate Principal Balance of the Receivables as of the Cutoff Date.

 

“Insolvency Event” means,
with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises
in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up
or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in
an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property,
or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to
pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

 

“Interest Period” means,
with respect to the Class A-1 Notes, the period from and including the most recent Payment Date on which interest has been paid
(or, in the case of the first Interest Period, the Closing Date) to but excluding the current Payment Date and, with respect to
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes, the
period from and including the 15th day of the calendar month (or, in the case of the first Interest Period, from and
including the Closing Date) to but excluding the 15th day of the current calendar month.

 

    	 	9	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Investment Earnings”
means, with respect to any Payment Date, any investment earnings (net of losses and investment expenses) on amounts on deposit
in a Trust Account.

 

“Issuer” means Hyundai
Auto Receivables Trust 20[__]-[_].

 

“Item 1119 Party” means
the Seller, the Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, any underwriter of the Notes, and any other
material transaction party identified by the Servicer to the Indenture Trustee and the Owner Trustee in writing.

 

“Lien” means a security
interest, lien, charge, pledge, equity or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that
attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor.

 

“Liquidated Receivable”
means a Receivable with respect to which the earliest of the following shall have occurred: (a) the related Financed Vehicle has
been repossessed and liquidated, (b) the related Financed Vehicle has been repossessed for 90 days or more and has not yet been
liquidated, (c) the end of the Collection Period in which the Receivable becomes more than 120 days past due, or (d) the Servicer
has determined in accordance with its collection policies that all amounts that it expects to receive with respect to the Receivable
have been received.

 

“Liquidation Proceeds”
means, with respect to any Liquidated Receivable, all proceeds of the liquidation of such Liquidated Receivable, net of the sum
of any out-of-pocket expenses of the Servicer reasonably allocated to the auction, repossession, transport, reconditioning and
liquidation and any amounts required by law to be remitted or allocated to the account of the Obligor on such Liquidated Receivable.

 

“Moody’s” means
Moody’s Investors Service, Inc., and its successors.

 

“Note Balance” means,
as of any date of determination, an amount equal to (a) the sum of (i) the Initial Class A-1 Note Balance, (ii) the Initial
Class A-2 Note Balance, (iii) the Initial Class A-3 Note Balance, (iv) the Initial Class A-4 Note Balance, (v) the
Initial Class B Note Balance, (vi) the Initial Class C Note Balance and (vii) the Initial Class D Note Balance less (b) all
amounts distributed to Noteholders on or prior to such date and allocable to principal thereon.

 

“Note Pool Factor” means,
with respect to each Class of Notes as of the close of business on the last day of a Collection Period, a seven-digit decimal figure
equal to the Outstanding Amount of such Class of Notes (after giving effect to any reductions thereof to be made on the immediately
following Payment Date) divided by the original Outstanding Amount of such Class of Notes. The Note Pool Factor will be 1.0000000
as of the Closing Date; thereafter, the Note Pool Factor will decline to reflect reductions in the Outstanding Amount of such Class
of Notes.

 

“Noteholders” means the
Class A-1 Noteholders, the Class A-2 Noteholders, the Class A-3 Noteholders, the Class A-4 Noteholders, the Class B Noteholders,
the Class C Noteholders or the Class D Noteholders.

 

    	 	10	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Notes” means the Class
A Notes, the Class B Notes, the Class C Notes and the Class D Notes.

 

“Obligor” means a person
who obtained installment credit for the purchase of a Financed Vehicle the terms of which are evidenced by a Contract, and any
other person obligated to make payments thereunder.

 

“Officers’ Certificate”
means a certificate signed by (a) the chairman of the board, any vice president, the controller or any assistant controller and
(b) the president, a treasurer, assistant treasurer, secretary or assistant secretary of the Depositor or the Servicer, as appropriate.

 

“Opinion of Counsel”
means one or more written opinions of counsel, who may be an employee of or counsel to the Issuer, Seller or the Servicer, which
counsel shall be reasonably acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable, and which
shall be addressed to the Owner Trustee and the Indenture Trustee.

 

“Other Assets” means
any assets (or interests therein) (other than the Trust Estate) conveyed or purported to be conveyed by the Depositor to another
Person or Persons other than the Issuer, whether by way of a sale, capital contribution or by virtue of the granting of a lien.

 

“Outstanding Amount”
means, as of any date of determination, the aggregate principal amount of a Class of Notes outstanding as of such date of determination.

 

“Owner Trustee” means
[                   ], acting not in its individual capacity but solely as owner trustee under the Trust Agreement.

 

“Payment Date” means,
with respect to each Collection Period, the 15th day of the following month or, if such day is not a Business Day, the
immediately following Business Day, commencing on [              ], 20[  ].

 

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

 

“Pool Balance” means,
with respect to any Payment Date, an amount equal to the aggregate Principal Balance of the Receivables at the end of the related
Collection Period, after giving effect to all payments of principal received from Obligors and Purchased Amounts to be remitted
by the Servicer for such Collection Period and reduction to zero of the aggregate outstanding Principal Balance of all Receivables
that became Liquidated Receivables during such Collection Period.

 

“Principal Balance” means,
as of any time with respect to any Receivable, the principal balance of such Receivable as of the close of business on the last
day of the preceding Collection Period under the terms of the Receivable determined in accordance with the customary servicing
practices.

 

    	 	11	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Principal Distribution Amount”
means, with respect to any Payment Date, an amount equal to the sum of the First Priority Principal Distribution Amount, Second
Priority Principal Distribution Amount, Third Priority Principal Distribution Amount and Regular Principal Distribution Amount.

 

“Purchased Amount” means,
with respect to any Receivable that became a Purchased Receivable, the unpaid principal balance owed by the Obligor thereon plus
interest on such amount at the applicable APR to the last day of the Collection Period of repurchase.

 

“Purchased Receivable”
means a Receivable purchased as of the close of business on the last day of a Collection Period by or on behalf of the Servicer
pursuant to Section 4.07 of this Agreement or by or on behalf of the Seller pursuant to Section 3.03 of this Agreement or Section
7.02 of the Receivables Purchase Agreement.

 

“Rating Agency” means
Moody’s or Standard & Poor’s, as the context may require. If none of Moody’s, Standard & Poor’s
or a successor thereto remains in existence, “Rating Agency” shall mean any nationally recognized statistical rating
organization or other comparable Person designated by the Depositor and, written notice of which designation shall be given to
the Owner Trustee, the Indenture Trustee and the Servicer.

 

“Rating Agency Condition”
means, with respect to any action, that each Rating Agency shall have been given 10 days’ (or such shorter period as shall
be acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall not have notified the Issuer or the
Indenture Trustee in writing that such action will result in a reduction, withdrawal or down-grade of the then-current rating of
each class of Notes.

 

“Rating Agency Notification”
means with respect to any action, that each Rating Agency shall have been given prior written notice of such action.

 

“Realized Losses” means,
with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance thereof over the portion
of related Liquidation Proceeds allocable to principal.

 

“Receivable” means any
Contract listed on Schedule A (which Schedule may be in the form of microfiche).

 

“Receivable Files” means
the following documents with respect to each Financed Vehicle:

 

(i)          the
fully executed original of each Receivable (together with any agreements modifying each such Receivable, including any extension
agreement);

 

(ii)         the
original credit application, or a copy thereof, fully executed by each Obligor thereon;

 

(iii)        the
original certificate of title or such other documents evidencing the security interest of the Seller in the related Financed Vehicle;
and

 

    	 	12	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(iv)        any
and all other documents that the Servicer shall have kept on file in accordance with its customary procedures relating to Receivables,
Obligors or Financed Vehicles.

 

“Receivables Purchase Agreement”
means the Receivables Purchase Agreement dated as of [              ], 20[__], between the Seller and the Depositor, as amended, supplemented,
amended and restated or otherwise modified from time to time.

 

“Record Date” means,
as to any Payment Date, the day immediately preceding such Payment Date.

 

“Recoveries” means, with
respect to any Receivable that becomes a Liquidated Receivable, monies collected in respect thereof (other than Liquidation Proceeds),
from whatever source, net of the sum of any amounts expended (and not otherwise reimbursed) by the Servicer for the account of
the Obligor and any amounts required by law to be remitted or allocated to the account of the Obligor.

 

“Regular
Principal Distribution Amount” means, with respect to any Payment Date, an amount no less than zero equal to (1) the
excess, if any, of (a) the aggregate outstanding principal amount of the Notes immediately preceding such Payment Date over (b)(i)
the Adjusted Pool Balance as of the last day of the related Collection Period minus (ii) the Target Overcollateralization
Amount with respect to such Payment Date minus (2) the First Priority Principal Distribution Amount minus (3) the
Second Priority Principal Distribution Amount minus (4) the Third Priority Principal Distribution Amount; provided,
however, that the Regular Principal Distribution Amount shall not exceed the Note Balance on such Payment Date (after giving
effect to any principal payments made on the Notes on such Payment Date in respect of the First Priority Principal Distribution
Amount, the Second Priority Principal Distribution Amount, and the Third Priority Principal Distribution Amount, if any); and provided
further, that the Regular Principal Distribution Amount on or after the Class D Stated Maturity Date shall not be less
than the amount that is necessary to reduce the Outstanding Balance of the Class D Notes to zero.

 

“Regulation AB” means
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such regulation may
be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or
by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

“Reportable Event” means
any event required to be reported on Form 8-K of the Issuer, and in any event, the following:

 

(a)          entry
into a material definitive agreement related to the Issuer or the Notes or an amendment to a Basic Document (e.g., a servicing
agreement with a servicer contemplated by Item 1108(a)(3) of Regulation AB);

 

(b)          termination
of a Basic Document (other than by expiration of the agreement on its stated termination date or as a result of all parties completing
their obligations under such agreement) (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(3) of Regulation
AB);

 

    	 	13	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(c)          with
respect to the Servicer only, the occurrence of a Servicer Termination Event;

 

(d)          an
Event of Default under the Indenture;

 

(e)          the
resignation, removal, replacement, or substitution of the Indenture Trustee or the Owner Trustee; and

 

(f)          with
respect to the Indenture Trustee only, a required distribution to holders of the Notes is not made as of the required Payment Date
under the Indenture.

 

“Reserve Account” means
the account designated as such, established by the Issuer and maintained by the Indenture Trustee pursuant to Section 5.01(a)(ii).

 

“Reserve Account Deposit”
means $[                    ].

 

“Reserve Account Required Amount”
means, subject to Section 4.04 of this Agreement, with respect to any Payment Date, an amount equal to [              ]% of the Adjusted Pool
Balance as of the Cutoff Date; provided, however, that in no event shall the Reserve Account Required Amount on any
Payment Date be more than the aggregate Outstanding Amount of the Notes on such Payment Date (after giving effect to the allocation
of principal payments on such Payment Date).

 

“Reserve Account Withdrawal Amount”
means, with respect to each Payment Date, the lesser of (x) the Available Amounts Shortfall with respect to such Payment Date and
(y) and the amount on deposit in the Reserve Account on such Payment Date.

 

“Responsible Officer”
means the chief financial officer, the chairman of the board, the president, any executive vice president, any vice president,
the treasurer, any assistant treasurer, the secretary, or any assistant secretary of the Servicer.

 

“Scheduled Payment” means,
with respect to each Receivable, the scheduled monthly payment amount set forth in the related Contract and required to be paid
by the Obligor during each Collection Period.

 

“Second Priority Principal Distribution
Amount” means, with respect to any Payment Date, an amount not less than zero equal to (a) an amount equal to (i) the
sum of the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of the preceding Payment Date (after
giving effect to any principal payments made on the Class A Notes and the Class B Notes on that preceding Payment Date), minus
(ii) the Adjusted Pool Balance at the end of the Collection Period preceding that Payment Date, minus (b) the First Priority Principal
Distribution Amount; provided that the Second Priority Principal Distribution Amount on and after the Class B Maturity
Date shall not be less than the amount that is necessary to reduce the Outstanding Amount of the Class B Notes to zero.

 

    	 	14	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Securities” means the
Notes and the Certificates.

 

“Securities Account Control Agreement”
means the Securities Account Control Agreement dated as of [              ], 20[__] between the Trust, the Indenture Trustee and the Securities
Intermediary, as amended, supplemented, amended and restated or otherwise modified from time to time.

 

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

 

“Securities Intermediary”
means [                       ], in its capacity as the securities intermediary in the Securities Account Control Agreement.

 

“Securityholders” means
the Noteholders and/or the Certificateholders, as the context may require.

 

“Seller” means HCA and
its successors in interest as seller of the Receivables to the Depositor pursuant to the Receivables Purchase Agreement.

 

“Servicer” means HCA,
as the servicer of the Receivables, and each successor to HCA (in the same capacity) pursuant to Section 7.03 or 8.03.

 

“Servicer Termination Event”
has the meaning set forth in Section 8.01.

 

“Servicer’s Certificate”
means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.09, substantially in the form of Exhibit C.

 

“Servicing Fee” means,
for any Payment Date, the product of (A) one-twelfth (or, in the case of the first payment date, [__]/360), (B) the Servicing Fee
Rate and (C) the aggregate Principal Balance of the Receivables as of the first day of the related Collection Period (or, in the
case of the first Payment Date, as of the Cutoff Date).

 

“Servicing Fee Rate”
means [__]% per annum.

 

“Simple Interest Method”
means the method of allocating the monthly payments received with respect to a Receivable to interest in an amount equal to the
product of (a) the applicable APR, (b) the period of time (expressed as a fraction of a year, based on the actual number of days
in the calendar month and 365 days in the calendar year) elapsed since the preceding payment was made under such Receivable and
(c) the Outstanding Amount of such Receivable, and allocating the remainder of each such monthly payment to principal.

 

“Simple Interest Receivable”
means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal is determined
in accordance with the Simple Interest Method.

 

“Standard & Poor’s”
means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its successors.

 

    	 	15	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Stated Maturity Date”
means, for each class of Notes, the respective date set forth opposite such class of Notes in the table below or, if such date
is not a Business Day, the next succeeding Business Day:

 

	Class	 	Stated Maturity Date
	 	 	 
	Class A-1 Notes	 	[               ], 20[  ]
	 	 	 
	Class A-2 Notes	 	[               ], 20[  ]
	 	 	 
	Class A-3 Notes	 	[               ], 20[  ]
	 	 	 
	Class A-4 Notes	 	[               ], 20[  ]
	 	 	 
	Class B Notes	 	[               ], 20[  ]
	 	 	 
	Class C Notes	 	[               ], 20[  ]
	 	 	 
	Class D Notes	 	[               ],
    20[  ]

 

“Target Overcollateralization Amount”
means, subject to Section 4.04 of this Agreement, with respect to any Payment Date, the greater of (a) [__]% of the Adjusted Pool
Balance on such Payment Date and (b) [__]% of the Adjusted Pool Balance as of the Cutoff Date. Notwithstanding the foregoing, the
Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

 

“Third Priority Principal Distribution
Amount” means, with respect to any Payment Date, an amount not less than zero equal to (a) an amount equal to (i) the
sum of the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of the preceding
Payment Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes
on that preceding Payment Date), minus (ii) the Adjusted Pool Balance at the end of the Collection Period, minus (b) the sum of
(i) the First Priority Principal Distribution Amount, plus (ii) the Second Priority Principal Distribution Amount; provided,
however, that the Third Priority Principal Distribution Amount shall not exceed the sum of the aggregate outstanding principal
amount of all of the Notes on that Payment Date (after giving effect to any principal payments made on the Notes on that preceding
Payment Date); and provided further, that the Third Priority Principal Distribution Amount on and after the Class
C Maturity Date shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes
to zero.

 

    	 	16	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

“Total Required Payment”
means (a) with respect to any Payment Date prior to the occurrence of an “Event of Default” under the Indenture which
has resulted in the acceleration of the Notes, the sum of (i) the Servicing Fee for the related Collection Period and all unpaid
Servicing Fees from prior Collection Periods, (ii) unreimbursed Advances, (iii) the accrued and unpaid interest on the Notes,
(iv) an amount equal to the lesser of (x) the change in the Adjusted Pool Balance during the related Collection Period and (y)
the Principal Distribution Amount and (v) on or after the Stated Maturity Date of any class of Notes, an amount necessary to reduce
the Outstanding Amount of such class of Notes to zero, and (b) with respect to any Payment Date following the occurrence and during
the continuation of an “Event of Default” under the Indenture which has resulted in an acceleration of the Notes, until
the Payment Date on which the Outstanding Amount of all the Notes has been paid in full, the sum of (i) the specified amounts payable
to the Indenture Trustee, (ii) the Servicing Fee for the related Collection Period and all unpaid Servicing Fees from prior Collection
Periods, (iii) unreimbursed Advances, (iv) the accrued and unpaid interest on the Notes and (v) the amount necessary to reduce
the Outstanding Amount of all of the Notes to zero.

 

“Trust” means the Issuer.

 

“Trust Account Property”
means the Trust Accounts, all amounts and investments held from time to time in any Trust Account and all proceeds of the foregoing.

 

“Trust Accounts” shall
mean the Collection Account and the Reserve Account.

 

“Trust Agreement” means
the Amended and Restated Trust Agreement, dated as of [ ], 20[__], between the Depositor, the Administrator and the Owner Trustee,
as amended, supplemented, amended and restated or otherwise modified from time to time.

 

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

 

“UCC” means the Uniform
Commercial Code, as in effect in the relevant jurisdiction.

 

“Yield Supplement Overcollateralization
Amount” means with respect to any Payment Date, the dollar amount set forth next to such Payment Date on Schedule B hereto.

 

Section 1.02 Other Definitional Provisions.

 

(a)          Capitalized
terms used herein that are not otherwise defined has the meanings ascribed thereto in the Indenture or, if not defined therein,
in the Trust Agreement.

 

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

 

    	 	17	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

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

 

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

 

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

 

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

 

ARTICLE
II.

CONVEYANCE OF RECEIVABLES

 

Section 2.01 Conveyance of Receivables.
In consideration of the Issuer’s delivery to or upon the order of the Depositor of approximately $[_____], the Certificates
and such other amounts to be distributed to the Depositor on the Closing Date, the Depositor does hereby sell, transfer, assign,
set over and otherwise convey to the Issuer, without recourse (subject to the obligations of the Depositor set forth herein), all
right, title and interest of the Depositor in and to:

 

(a)          the
Receivables and all moneys received thereon after the Cutoff Date;

 

(b)          the
security interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant to the Receivables and any
other interest of the Depositor in such Financed Vehicles;

 

(c)          any
Liquidation Proceeds and any other proceeds from claims on any physical damage, credit, life or disability insurance policies covering
the Financed Vehicles or the related Obligors, including any vendor’s single interest or other collateral protection insurance
policy;

 

(d)          any
property that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the
Trust;

 

    	 	18	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(e)          all
documents and other items contained in the Receivable Files;

 

(f)          all
of the Depositor’s rights (but not its obligations) under the Receivables Purchase Agreement;

 

(g)          all
right, title and interest in the Trust Accounts and all funds, securities or other assets credited from time to time to the Trust
Accounts and in all investments therein and proceeds thereof (including all Investment Earnings with respect to the Reserve Account);

 

(h)          any
proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and

 

(i)          the
proceeds of any and all of the foregoing (collectively, with the assets listed in clauses (a) through (h) above, the “Conveyed
Assets”).

 

The Depositor and the Issuer agree that
the purchase price for the Conveyed Assets sold by the Depositor to the Issuer represents fair market value for the Conveyed Assets.
It is the intention of the Depositor that the transfer and assignment contemplated by this Agreement shall constitute a sale of
the Conveyed Assets from the Depositor to the Trust and the beneficial interest in and title to the Receivables and the related
property shall not be part of the Depositor’s estate in the event of the filing of a bankruptcy petition by or against the
Depositor under any bankruptcy law. In the event that, notwithstanding the intent of the Depositor, the transfer and assignment
contemplated hereby is held not to be a sale or is otherwise not effective to sell the Conveyed Assets, this Agreement shall constitute
a grant by the Depositor to the Issuer of a security interest in all Conveyed Assets and all accounts, money, chattel paper, securities,
instruments, documents, deposit accounts, uncertificated securities, general intangibles, contract rights, goods and other property
consisting of, arising from or relating to such Conveyed Assets, for the benefit of the Securityholders.

 

ARTICLE
III.

THE RECEIVABLES

 

Section 3.01 Representations and Warranties
of the Seller.

 

(a)          The
Seller has made each of the representations and warranties set forth in Exhibit A hereto under the Receivables Purchase Agreement
and has consented to the assignment by the Depositor to the Issuer of the Depositor’s rights with respect thereto. Such representations
and warranties speak as of the respective dates set forth therein, but shall survive the sale, transfer and assignment of the Receivables
to the Issuer and the pledge of such Receivables to the Indenture Trustee. Pursuant to Section 2.01 of this Agreement, the Depositor
has sold, assigned, transferred and conveyed to the Issuer, as part of the assets of the Issuer, its rights under the Receivables
Purchase Agreement, including the representations and warranties of the Seller therein as set forth in Exhibit A, upon which representations
and warranties the Issuer relies in accepting the Receivables and delivering the Securities, together with all rights of the Depositor
with respect to any breach thereof, including the right to require the Seller to repurchase Receivables in accordance with the
Receivables Purchase Agreement. It is understood and agreed that the representations and warranties referred to in this Section
shall survive the sale and delivery of the Receivables to the Issuer.

 

    	 	19	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(b)          The
Seller hereby agrees that the Issuer shall have the right to enforce any and all rights under the Receivables Purchase Agreement
assigned to the Issuer herein, including the right to cause the Seller to repurchase any Receivable with respect to which it is
in breach of any of its representations and warranties set forth in Exhibit A, directly against the Seller as though the Issuer
were a party to the Receivables Purchase Agreement, and the Issuer shall not be obligated to exercise any such rights indirectly
through the Depositor.

 

Section 3.02 Representations and Warranties
of the Depositor. The Depositor makes the following representations and warranties, on which the Issuer relies in accepting
the Receivables and delivering the Securities. Such representations and warranties speak as of the execution and delivery of this
Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables by the Depositor to
the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture:

 

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

 

(b)          Each
Receivable constitutes “chattel paper” within the meaning of the UCC.

 

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

 

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

 

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

 

(f)          The
Contracts that constitute or evidence the Receivables do not have any marks or notations indicating that they have been pledged,
assigned or otherwise conveyed to any Person other than the Issuer, except for such marks or notations indicating that they have
been pledged, assigned or otherwise conveyed (i) to the Depositor or the Indenture Trustee in accordance with the Basic Documents,
(ii) pursuant to the [__________] or (iii) to HCA in accordance with Dealer Agreements. All financing statements filed or to be
filed against the Depositor in favor of the Issuer in connection with this Agreement describing the Receivables contain a statement
to the following effect: “A purchase of or security interest in any collateral described in this financing statement, except
as provided in the Sale and Servicing Agreement, will violate the rights of the Issuer.”

 

    	 	20	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

Section 3.03 Repurchase upon Breach.
Upon discovery by any party hereto of a breach of any of the representations and warranties set forth in part (b) of Exhibit
A at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer
or the Noteholders, the party discovering such breach shall give prompt written notice thereof to the other parties hereto; provided
that the failure to give such notice shall not affect any obligation of the Seller hereunder. If the Seller does not correct or
cure such breach prior to the end of the Collection Period which includes the 60th day (or, if the Seller elects, an earlier date)
after the date that the Seller became aware or was notified of such breach, then the Seller shall purchase any Receivable materially
and adversely affected by such breach from the Issuer on the Payment Date following the end of such Collection Period. Any such
purchase by the Seller shall be at a price equal to the Purchased Amount. In consideration for such repurchase, the Seller shall
make (or shall cause to be made) a payment to the Issuer equal to the Purchased Amount by depositing such amount into the Collection
Account in accordance with Section 5.04 on such Payment Date. Upon payment of such Purchased Amount by the Seller, the Issuer
and the Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each
case without recourse or representation, as shall be reasonably necessary to vest in the Seller or its designee any Receivable
repurchased pursuant hereto. It is understood and agreed that the right to cause the Seller to purchase (or to enforce the obligations
of Seller under the Receivables Purchase Agreement to purchase) any Receivable as described above shall constitute the sole remedy
respecting such breach available to the Issuer, the Noteholders, the Owner Trustee, the Certificateholders and the Indenture Trustee.
Neither the Owner Trustee nor the Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Receivable pursuant to this Section 3.03.

 

    	 	21	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

ARTICLE
IV.

ADMINISTRATION AND SERVICING OF RECEIVABLES

 

Section 4.01 Duties of Servicer.
The Servicer, for the benefit of the Issuer and the Indenture Trustee, shall manage, service, administer and make collections on
the Receivables and perform the other actions required of the Servicer under this Agreement. The Servicer shall service the Receivables
in accordance with its customary servicing practices, using the degree of skill and attention that the Servicer exercises with
respect to all other comparable motor vehicle receivables that it services for itself and others. The Servicer’s duties shall
include the collection and posting of all payments, responding to inquiries of Obligors, investigating delinquencies, sending payment
statements to Obligors, reporting any required tax information to Obligors, monitoring the Collateral, accounting for collections,
furnishing monthly and annual statements to the Owner Trustee and the Indenture Trustee with respect to distributions and performing
the other duties specified herein. The Servicer also shall administer and enforce all rights of the holder of the Receivables under
the Receivables and the Dealer Agreements to the extent and in a manner consistent with its customary practices. To the extent
consistent with the standards, policies and procedures otherwise required hereby and the Credit and Collection Policy, the Servicer
shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any
and all things in connection with the managing, servicing, administration and collection of the Receivables that it may deem necessary
or desirable. Without limiting the generality of the foregoing and subject to Section 4.02, the Servicer is hereby authorized and
empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders
and the Noteholders, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments with respect to the Receivables and with respect to the Financed Vehicles. The
Servicer is not required under the Basic Documents to make any disbursements via wire transfer or otherwise on behalf of an Obligor.
There are no requirements under the Receivable or the Basic Documents for funds to be, and no funds shall be, held in trust for
an Obligor. No payments or disbursements shall be made by the Servicer on behalf of an Obligor. The Servicer is hereby authorized
to commence, in its own name or in the name of the Issuer, the Indenture Trustee, the Owner Trustee, the Certificateholders or
the Noteholders, a legal proceeding to enforce a Receivable pursuant to Section 4.03 or to commence or participate in any other
legal proceeding (including a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If
the Servicer commences or participates in any such legal proceeding in its own name, the Indenture Trustee or the Issuer shall
thereupon be deemed to have automatically assigned the applicable Receivable to the Servicer solely for purposes of commencing
or participating in such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Indenture Trustee
or the Issuer to execute and deliver in the Indenture Trustee’s or the Issuer’s name any notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. If in any enforcement
suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real
party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and
direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Issuer, the Indenture
Trustee, the Certificateholders or the Noteholders. The Owner Trustee and the Indenture Trustee shall upon the written request
of the Servicer furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties hereunder.

 

Section 4.02 Collection of Receivable
Payments; Modifications of Receivables.

 

(a)          Consistent
with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall follow such
collection procedures as it follows with respect to all comparable motor vehicle receivables that it services for itself or others.
The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that
may be collected in the ordinary course of servicing any Receivable.

 

(b)          Subject
to Section 4.06, the Servicer may grant extensions, rebates, deferrals, amendments, modifications or adjustments on a Receivable
in accordance with its customary servicing practices; provided, however, that if the Servicer (i) extends the date for final
payment by the Obligor of any Receivable beyond the last day of the Collection Period prior to the Class D Maturity Date or (ii)
reduces the APR or unpaid principal balance with respect to any Receivable other than as required by applicable law, it will promptly
purchase such Receivable in the manner provided in Section 4.07.

 

    	 	22	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(c)          The
Servicer may, but is not required to, make any advances of funds or guarantees regarding collections, cash flows or distributions.
Payments on the Receivables, including payoffs made in accordance with the related documentation for such Receivables, shall be
posted to the Servicer’s Obligor records in accordance with the principal, interest or other items in accordance with the
related documentation for such Receivables.

 

(d)          Subject
to the provisions of Section 4.02(b), the Servicer and its Affiliates may engage in any marketing practice or promotion or any
sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices, promotions or sales
are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not
such practices, promotions or sales might result in a decrease in the aggregate amount of payments on the Receivables, prepayments
or faster or slower timing of the payment of the Receivables.

 

(e)          Notwithstanding
anything in this Agreement to the contrary, the Servicer may refinance any Receivable and deposit the full Principal Balance of
such Receivable into the Collection Account. The receivable created by such refinancing shall not be property of the Issuer. The
Servicer and its Affiliates may also sell insurance or debt cancellation products, including products which result in the cancellation
of some or all of the amount of a Receivable upon the death or disability of the Obligor or any casualty with respect to the Financed
Vehicle.

 

(f)          Records
documenting collection efforts shall be maintained during the period a Receivable is delinquent in accordance with the Credit and
Collection Policy. Such records shall be maintained on at least a periodic basis that is not less frequent than as set forth in
the Credit and Collection Policy, and describe the entity’s activities in monitoring delinquent pool assets including, for
example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment)
in accordance with the Credit and Collection Policy.

 

Section 4.03 Realization upon Receivables.
Consistent with the standards, policies and procedures required by this Agreement and the Credit and Collection Policy, the Servicer
shall use reasonable efforts to repossess or otherwise convert the ownership of and liquidate any Financed Vehicle securing a Receivable
with respect to which the Servicer shall have determined that eventual payment in full is unlikely; provided, however,
that the Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that the proceeds ultimately
recoverable with respect to such Receivable would not be greater than the expense of such repossession. In repossessing or otherwise
converting the ownership of a Financed Vehicle and liquidating a Receivable, the Servicer is authorized to follow such customary
practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.01,
which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers, the sale of the related
Financed Vehicle at public or private sale, the submission of claims under an insurance policy and other actions by the Servicer
in order to realize upon a Receivable; provided, however, that in any case in which the Financed Vehicle shall have
suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed
Vehicle unless it shall determine in its reasonable judgment that such repair or repossession shall increase the related Liquidation
Proceeds by an amount materially greater than the expense for such repair or repossession. The Servicer shall be entitled to recover
all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds, but
only out of the cash proceeds of the sale of such Financed Vehicle, any deficiency obtained from the related Obligor or any amounts
received from recourse to the related Dealer.

 

    	 	23	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

Section 4.04 Target Overcollateralization
Amount and Reserve Account Required Amount. From time to time after the date hereof, the Servicer may notify each Rating Agency
that it wishes to apply a formula for determining the Target Overcollateralization Amount or the Reserve Account Required Amount
that is different from the formula described in the related definition, or change the manner by which the Reserve Account is funded.
If the Servicer satisfies the Rating Agency Condition with respect to such action and the Servicer delivers an Officer’s
Certificate to the Indenture Trustee to the effect that the Issuer has satisfied the Rating Agency Condition with respect to such
action (upon receipt of which Officer’s Certificate the Indenture Trustee shall have no obligation to verify the content
thereof and no liability as a result of its reliance thereon), then the Target Overcollateralization Amount or the Reserve Account
Required Amount, as applicable, will be determined in accordance with the new formula or, if applicable, the manner in which the
Reserve Account is funded will change accordingly.

 

Section 4.05 Maintenance of Security
Interests in Financed Vehicles. The Servicer shall, in accordance with its customary servicing procedures, take such steps
as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The
provisions set forth in this Section are the sole requirements under the Basic Documents with respect to the maintenance of collateral
or security on the Receivables. It is understood that the Financed Vehicles are the collateral and security for the Receivables,
but that the certificate of title with respect to a Financed Vehicle does not constitute collateral and merely evidences such security
interest. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf
of the Issuer and the Indenture Trustee in the event of the relocation of a Financed Vehicle, or for any other reason. In the event
that the assignment of a Receivable to the Issuer is insufficient, without a notation on the related Financed Vehicle’s certificate
of title, or without fulfilling any additional administrative requirements under the laws of the state in which such Financed Vehicle
is located, to perfect a security interest in the related Financed Vehicle in favor of the Issuer, the Servicer hereby agrees that
the designation of HCA as the secured party on the certificate of title is in its capacity as agent of the Issuer.

 

Section 4.06 Covenants of Servicer.
By its execution and delivery of this Agreement, the Servicer hereby covenants as follows (upon which covenants the Issuer, the
Indenture Trustee and the Owner Trustee rely in accepting the Receivables and delivering the applicable Securities):

 

(a)          Liens
in Force. The Servicer will not release the Financed Vehicle securing any Receivable from the security interest granted by
such Receivable in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder or payment
in full less a deficiency which the Servicer would not attempt to collect in accordance with its customary servicing practices,
(ii) in connection with repossession and sale of the Financed Vehicle or (iii) as may be required by an insurer in order to receive
proceeds from any Insurance Policy covering such Financed Vehicle;

 

    	 	24	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(b)          No
Impairment. The Servicer shall do nothing to impair the rights of the Trust in the property of the Trust;

 

(c)          No
Amendments. The Servicer shall (i) not extend the date for final payment by the Obligor of any Receivable beyond the last day
of the Collection Period prior to the Class D Stated Maturity Date; or (ii) reduce the APR or unpaid principal balance with respect
to any Receivable other than as required by applicable law.

 

(d)          Safekeeping.
The Servicer, in its capacity as custodian, shall hold, or cause its agent to hold, the Receivable Files for the benefit of the
Issuer and the Indenture Trustee in accordance with its customary servicing practices.

 

Section 4.07 Purchase of Receivables
Upon Breach. Upon discovery by any party hereto of a breach of any of the covenants set forth in Section 4.02, 4.03,
4.05 or 4.06 which materially and adversely affects the interests of the Issuer or the Noteholders, the party discovering
such breach shall give prompt written notice thereof to the other parties hereto; provided that the failure to give such
notice shall not affect any obligation of the Servicer under this Section 4.07. If the Servicer does not correct or cure such breach
prior to the end of the Collection Period which includes the 60th day (or, if the Servicer elects, an earlier date) after the date
that the Servicer became aware or was notified of such breach, then the Servicer shall purchase any Receivable materially and adversely
affected by such breach from the Issuer on the Payment Date following the end of such Collection Period. Any such purchase by the
Servicer shall be at a price equal to the Purchased Amount. In consideration for such repurchase, the Servicer shall make (or shall
cause to be made) a payment to the Issuer equal to the Purchased Amount by depositing such amount into the Collection Account in
accordance with Section 5.04 on such Payment Date. Upon payment of such Purchased Amount by the Servicer, the Issuer and the Indenture
Trustee shall release and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse
or representation, as shall be reasonably necessary to vest in the Servicer or its designee any Receivable repurchased pursuant
hereto. It is understood and agreed that the obligation of the Servicer to purchase any Receivable as described above shall constitute
the sole remedy respecting such breach available to the Issuer, the Owner Trustee, the Certificateholders, the Noteholders and
the Indenture Trustee.

 

Section 4.08 Servicing Fee. The Servicing
Fee shall be payable to the Servicer on each Payment Date. The Servicing Fee shall be calculated on the basis of a 360-day year
comprised of twelve 30-day months. In addition, the Servicer will be entitled to retain all late fees, extension fees, non-sufficient
funds charges and any and all other administrative fees and expenses or similar charges allowed by applicable law with respect
to any Receivable. The Servicer also will be entitled to receive investment earnings (net of investment losses and expenses) on
funds deposited in the Collection Account during each Collection Period. The Servicer shall be required to pay all expenses incurred
by it in connection with its activities under this Agreement (including taxes imposed on the Servicer and expenses incurred in
connection with distributions and reports made by the Servicer to the Owner Trustee and the Indenture Trustee). The Servicer shall
be required to pay all of the Indenture Trustee’s fees, expenses, reimbursements and indemnifications.

 

    	 	25	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

Section 4.09 Servicer’s Certificate.
The Servicer shall prepare and deliver to the Owner Trustee, the Indenture Trustee, and the Depositor, with a copy to each Rating
Agency, on or before the second Business Day prior to each Payment Date a Servicer’s Certificate containing all information
necessary to make the distributions to be made on the related Payment Date pursuant to Section 5.05 for the related Collection
Period and such Servicer’s Certificate shall be certified by a Responsible Officer of the Servicer to the effect that the
information provided is complete and no Servicer Termination Events have occurred. If any defaults have occurred, such Servicer’s
Certificate will provide an explanation of such Servicer Termination Events. Receivables to be purchased by the Servicer or to
be repurchased by the Seller and each Receivable that became a Liquidated Receivable shall be identified by the Servicer by account
number with respect to such Receivable (as specified in the applicable Schedule of Receivables). At the sole option of the Servicer,
each Servicer’s Certificate may be delivered in electronic or hard copy format.

 

Section 4.10 Annual Statement as to Compliance,
Notice of Servicer Termination Event.

 

(a)          The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each Rating Agency, within 120 days after the end of the
Servicer’s fiscal year (or, in the case of the first such certificate, not later than [ ], 20[ ]), an Officer’s Certificate
signed by a Responsible Officer of the Servicer, stating that (i) a review of the activities of the Servicer during the preceding
12-month period (or such shorter period in the case of the first such Officer’s Certificate) and of the performance of its
obligations under this Agreement has been made under such officer’s supervision and (ii) to such officer’s knowledge,
based on such review, the Servicer has fulfilled all its obligations under this Agreement throughout such period or, if there has
been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and
status thereof.

 

(b)          The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each Rating Agency, promptly after having obtained knowledge
thereof, written notice in an Officer’s Certificate of any event that with the giving of notice or lapse of time or both
would become a Servicer Termination Event under Section 8.01. Except to the extent set forth in this Section 4.10(b) and Sections
4.09 and 8.04 of this Agreement and Sections 3.07, 3.19 and 5.01 of the Indenture, the Basic Documents do not require any policies
or procedures to monitor any performance or other triggers and events of default.

 

Section 4.11 Compliance with Regulation
AB. The Servicer agrees to perform all duties and obligations applicable to or required of the Issuer set forth in Appendix
A attached hereto and made a part hereof in all respects and makes the representations and warranties therein applicable to it.

 

    	 	26	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

Section 4.12 Access to Certain Documentation
and Information Regarding Receivables. The Servicer shall provide to representatives of the Owner Trustee, the Indenture Trustee
and the Certificateholders reasonable access to the documentation regarding the Receivables and the related Trust property. The
Servicer will provide such access to any Noteholder only in such cases where the Servicer shall be required by applicable statutes
or regulations to permit a Noteholder to review such documentation. In each case, access shall be afforded without charge, but
only upon reasonable request and during the normal business hours at the offices of the Servicer. Nothing in this Section shall
affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors
and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of
this Section.

 

Section 4.13 Term of Servicer. The
Servicer hereby covenants and agrees to act as Servicer under, and for the term of, this Agreement, subject to the provisions of
Sections 7.03 and 7.06.

 

Section 4.14 Annual Independent Accountants’
Report. For so long as the Issuer is subject to the reporting requirements under the Exchange Act, the Servicer shall cause
a firm of independent certified public accountants, which may also render other services to the Servicer or its Affiliates, to
deliver to the Owner Trustee, the Indenture Trustee, and each Rating Agency, within 120 days after the end of each fiscal year
(or, in the case of the first such report, not later than [              ], 20[  ]), a report addressed to the Board of Directors of the Servicer,
the Owner Trustee, and the Indenture Trustee, to the effect that such firm has audited the books and records of the Servicer and
issued its report thereon and that (a) such audit was made in accordance with generally accepted auditing standards and accordingly
included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances
and (b) the firm is independent of the Depositor and the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants.

 

Section 4.15 Reports to the Commission.
The Servicer shall, or shall cause the Depositor to, on behalf of the Issuer, execute and cause to be filed with the Commission
any periodic reports required to be filed with respect to the issuance of the Notes under the provisions of the Exchange Act and
the rules and regulations of the Commission thereunder. The Depositor shall, at its expense, cooperate in any reasonable request
made by the Servicer in connection with such filings.

 

Section 4.16 Compensation of Indenture
Trustee. The Servicer will:

 

(a)          pay
the Indenture Trustee (and any separate trustee or co-trustee appointed pursuant to Section 6.11 of the Indenture (a “Separate
Trustee”)) from time to time reasonable compensation for all services rendered by the Indenture Trustee or Separate Trustee,
as the case may be, under the Indenture (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

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

 

    	 	27	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(c)          indemnify
the Indenture Trustee and any Separate Trustee and their respective agents for, and hold them harmless against, any losses, liability
or expense incurred without negligence or bad faith on their part, arising out of or in connection with the acceptance or administration
of the transactions contemplated by the Indenture and the other Basic Documents, including the reasonable costs and expenses of
defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties
under the Indenture; and

 

(d)          indemnify
the Owner Trustee and its agents, successors, assigns and servants in accordance with Section 8.02 of the Trust Agreement to the
extent that amounts thereunder have not been paid pursuant to Section 5.05 of this Agreement.

 

ARTICLE
V.

DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS

 

Section 5.01 Accounts.

 

(a)          (i)          On
or prior to the Closing Date, the Servicer shall establish, or cause to be established, an account with and in the name of the
Indenture Trustee (the “Collection Account”), which shall be maintained as an Eligible Account and shall bear
a designation clearly indicating that the amounts deposited thereto are held for the benefit of the Noteholders.

 

(ii) The Issuer, for the benefit
of the Noteholders, shall cause the Servicer to establish with and maintain in the name of the Indenture Trustee an Eligible Account
(the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Noteholders.

 

(iii) Funds on deposit in the Reserve
Account, shall be invested by the Indenture Trustee in Eligible Investments selected in writing by the Servicer; provided,
however, that if the Servicer fails to select any Eligible Investment, such funds shall remain uninvested. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Noteholders and/or the Certificateholders, as applicable.
Unless the Rating Agency Condition is satisfied (other than with respect to Standard & Poor’s, but with satisfaction
of the Rating Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding
Class of Notes) with respect to different investments, funds on deposit in the Reserve Account shall be invested in Eligible Investments
that will mature so that such funds will be available on the Business Day preceding the next Payment Date. Funds deposited in the
Reserve Account, upon the maturity of any Eligible Investments on a day which immediately precedes a Payment Date, are not required
to be invested overnight.

 

    	 	28	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(iv) Funds on deposit in the Collection
Account shall be invested by the Indenture Trustee in Eligible Investments selected in writing by the Servicer; provided,
however, that if the Servicer fails to select any Eligible Investments, such funds shall remain uninvested. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the Noteholders and/or the Certificateholders, as applicable.
Unless the Rating Agency Condition is satisfied (other than with respect to Standard & Poor’s, but with satisfaction
of the Rating Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding
Class of Notes) with respect to different investments, funds on deposit in the Collection Account shall be invested in Eligible
Investments that will mature so that such funds will be available on the Business Day preceding the next Payment Date. Investment
earnings on funds deposited in the Collection Account, net of losses and investment expenses, shall be released to the Servicer
on each Payment Date and shall be the property of the Servicer.

 

(b)          (i)          Except
as otherwise provided herein, the Indenture Trustee shall possess all right, title and interest in all funds received and all funds
on deposit from time to time in the Trust Accounts and in all proceeds thereof. The Trust Accounts shall be under the sole dominion
and control of the Indenture Trustee for the benefit of the Noteholders and the Certificateholders, as the case may be. If, at
any time, a Trust Account ceases to be an Eligible Account, the Indenture Trustee (or the Servicer on its behalf) shall within
ten (10) Business Days (or such longer period, not to exceed 15 calendar days, as to which the Rating Agency Condition is satisfied
(other than with respect to Standard & Poor’s, but with satisfaction of the Rating Agency Notification with respect to
Standard & Poor’s if Standard & Poor’s is rating any Outstanding Class of Notes)) establish a new Trust Account
as an Eligible Account and shall transfer any cash or any investments from the account that is no longer an Eligible Account to
the Trust Account. Neither the Servicer nor the Indenture Trustee shall in any way be held liable by reason of any insufficiency
in any Trust Account resulting from any investment loss in any Eligible Investment.

 

(ii) The Servicer shall have the
power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of the Indenture Trustee, to instruct the Indenture
Trustee in writing to make withdrawals and payments from the Trust Accounts and the Certificate Deposit Account for the purpose
of withdrawing any amounts deposited in error into such accounts.

 

(c)          Except
for the Collection Account, the Reserve Account and the Certificate Distribution Account, there are no accounts required to be
maintained under the Basic Documents. No checks shall be issued, printed or honored with respect to the Collection Account or the
Reserve Account.

 

    	 	29	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

Section 5.02 Application of Collections.
All payments received from or on behalf of an Obligor during each Collection Period with respect to each Receivable (other than
a Purchased Receivable) shall be applied to interest and principal in accordance with the Simple Interest Method. The Servicer
shall make all deposits of Collections and other Available Amounts received into the Collection Account on the second Business
Day following receipt thereof. However, so long as the Monthly Remittance Condition is satisfied, the Servicer may retain such
amounts received during a Collection Period until one Business Day prior to the related Payment Date. The “Monthly Remittance
Condition” shall be deemed to be satisfied if (i) HCA or one of its Affiliates is the Servicer, (ii) no Servicer Termination
Event has occurred and is continuing and (iii) HCA has a short-term debt rating of at least “Prime-1” from Moody’s
and “A-1” from Standard & Poor’s. Notwithstanding
the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate
remittance schedule (but not later than the Business Day prior to the related Payment Date) if the
Rating Agency Condition is satisfied (other than with respect to Standard & Poor’s, but with satisfaction of the Rating
Agency Notification with respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding Class
of Notes), with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be
commingled and used by the Servicer at its own risk and are not required to be segregated from its own funds.

 

Section 5.03 Property of the Trust.
All payments and other proceeds of any type and from any source on or with respect to the Receivables shall be the property of
the Trust, subject to the Lien of the Indenture and the rights of the Indenture Trustee thereunder.

 

Section 5.04 Purchased Amounts. The
Servicer or the Seller shall deposit or cause to be deposited in the Collection Account, on the Business Day preceding each Payment
Date, the aggregate Purchased Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to
be paid under Section 4.07. Notice of this amount shall be provided in writing by the applicable party to the Indenture Trustee.

 

Section 5.05 Distributions.

 

(a)          The
Servicer shall calculate all amounts required to be deposited pursuant to this Section and deliver a Servicer’s Certificate
on or before the second Business Day prior to each Payment Date pursuant to Section 4.09.

 

(b)          On
each Payment Date, except as specified in Section 5.04(b) of the Indenture, the Servicer shall instruct the Indenture Trustee
in writing (based on the information contained in the Servicer’s Certificate delivered on or before the second Business Day
prior to each Payment Date pursuant to Section 4.09) to make distributions from Available Amounts on deposit in the Collection
Account, including amounts deposited pursuant to Section 5.06(b), in the following order and priority:

 

(i) to the Servicer, the Servicing
Fee, including any unpaid Servicing Fees with respect to one or more prior Collection Periods, and Advances not previously reimbursed
to the Servicer;

 

    	 	30	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(ii) to the Class A Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class A Notes at their respective interest
rates on the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class
A Noteholders on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class A Noteholders
on those prior Payment Dates over the amounts actually paid to the Class A Noteholders on those prior Payment Dates, plus interest
on any such shortfall at their respective interest rates to the extent permitted by law; provided that if there are not sufficient
funds available to pay the entire amount of the accrued and unpaid interest on the Class A Notes, the amounts available shall be
applied to the payment of such interest on the Class A Notes on a pro rata basis based upon the amount of interest due on each
Class of Class A Notes;

 

(iii) to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture,, the First Priority Principal Distribution Amount, if any;

 

(iv) to the Class B Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class B Notes at the Class B Rate on
the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class B Noteholders
on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class B Noteholders on prior
Payment Dates over the amounts actually paid to the Class B Noteholders on those prior Payment Dates, plus interest on any such
shortfall at the Class B Rate to the extent permitted by law;

 

(v) to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture, the Second Priority Principal Distribution Amount, if any;

 

(vi) to the Class C Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class C Notes at the Class C Rate on
the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class C Noteholders
on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class C Noteholders on prior
Payment Dates over the amounts actually paid to the Class C Noteholders on prior Payment Dates, plus interest on any such shortfall
at the Class C Rate to the extent permitted by law;

 

(vii) to the Noteholders, for distribution
pursuant to Section 8.02(d) of the Indenture, the Third Priority Principal Distribution Amount, if any;

 

(viii) to the Class D Noteholders,
(a) the aggregate amount of interest accrued for the related Interest Period on each of the Class D Notes at the Class D Rate on
the principal outstanding as of the previous Payment Date after giving effect to all payments of principal to the Class D Noteholders
on the preceding Payment Date; and (b) the excess, if any, of the amount of interest payable to the Class D Noteholders on prior
Payment Dates over the amounts actually paid to the Class D Noteholders on prior Payment Dates, plus interest on any such shortfall
at the Class D Rate to the extent permitted by law;

 

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(ix) to the Noteholders, for distribution
pursuant to Section 8.02(d), the Regular Principal Distribution Amount;

 

(x) to the Reserve Account, from
Available Amounts remaining, the amount, if any, necessary to cause the amount on deposit in that account to equal the Reserve
Account Required Amount;

 

(xi) to the Indenture Trustee and
the Owner Trustee, any reimbursements, expenses and indemnification amounts, in each case to the extent such reimbursements, expenses
and indemnification amounts have not been previously paid by the Servicer and to the Securities Intermediary, any accrued and unpaid
indemnification expenses owed to it; and

 

(xii) to the Owner Trustee or its
agent, any remaining Available Amounts indicated in the Servicer’s Report to be for deposit into the Certificate Distribution
Account (as defined in the Trust Agreement) for subsequent distribution to the Certificateholder pursuant to Section 5.02 of the
Trust Agreement.

 

Section 5.06 Reserve Account.

 

(a)          On
or prior to the Closing Date, the Issuer shall cause to be deposited an amount equal to the Reserve Account Deposit into the Reserve
Account from the net proceeds of the sale of the Notes. The Reserve Account shall be an asset of the Issuer.

 

(b)          In
the event that the Servicer’s Certificate states that there is an Available Amounts Shortfall, then the Indenture Trustee
shall, upon written directions from the Servicer, withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit
such Reserve Account Withdrawal Amount into the Collection Account no later than 12:00 noon, New York City time, on the Business
Day prior to the related Payment Date.

 

(c)          In
the event that the amount on deposit in the Reserve Account (after giving effect to all deposits thereto and withdrawals therefrom
on such Business Day on a Payment Date) is greater than the Reserve Account Required Amount on any Payment Date, the Indenture
Trustee shall distribute, upon written directions from the Servicer, all such amounts to the Certificateholder as per the monthly
Servicer’s Certificate. Upon any such distribution to the Certificateholder, the Noteholders shall have no further rights
in, or claims to, such amounts.

 

(d)          In
the event that on any Payment Date the amount on deposit in the Reserve Account shall be less than the Reserve Account Required
Amount, the Available Amounts remaining after the payment of the amounts set forth in Section 5.05(b)(i) through (vii), up to an
amount equal to such shortfall, shall be deposited by the Indenture Trustee, upon written directions from the Servicer, to the
Reserve Account on such Payment Date.

 

(e)          Subject
to Section 9.01, amounts will continue to be applied pursuant to Section 5.05 following the payment in full of the Outstanding
Amount of Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount of
the Notes and the Certificates and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust
Agreement to the Noteholders and the termination of the Trust, any amount then allocated to the Reserve Account shall be distributed
to the Depositor.

 

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Section 5.07 Statements to Securityholders.
On or before the second Business Day prior to each Payment Date, the Servicer shall provide to the Indenture Trustee (with a copy
to each Rating Agency) for the Indenture Trustee to make available to each Noteholder of record as of the most recent Record Date
and to the Owner Trustee for the Owner Trustee to forward to each Certificateholder of record as of the most recent Record Date
a statement substantially in the form of Exhibit B.

 

No disbursements shall be made directly
by the Servicer to a Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting
of disbursements or otherwise.

 

The Indenture Trustee may make any such
statement which it is required to provide to the Noteholders, including, without limitation, all information as may be required
to enable each Noteholder to prepare its respective federal and state income tax returns (and, at its option, any additional files
containing the same information in an alternative format), via its internet web site (initially located at [__________]). In connection
with providing access to the Indenture Trustee’s website, the Indenture Trustee may require registration and the acceptance
of certain terms and conditions. The Indenture Trustee shall have the right to change the way such statements are distributed in
order to make such distributions more convenient and/or more accessible to the above parties and the Indenture Trustee shall provide
timely and adequate notification to the Noteholders regarding any such changes; provided, however, that the Indenture
Trustee will also mail copies of any such statements to any requesting Noteholder who provides a written request.

 

Section 5.08 Advances by the Servicer.
By the close of business on the day required by Section 5.01 hereof, the Servicer may, in its sole discretion, deposit into the
Collection Account, out of its own funds, an Advance; provided, however, that the Servicer shall not make any Advances
with respect to Defaulted Receivables. The Servicer shall not charge interest on amounts so advanced.

 

ARTICLE
VI.

THE DEPOSITOR

 

Section 6.01 Representations of Depositor.
The Depositor makes the following representations on which the Issuer relies in accepting the Receivables and delivering the Securities.
Such representations speak as of the execution and delivery of this Agreement and as of the Closing Date and shall survive the
sale, transfer and assignment of the Receivables by the Depositor to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

 

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

 

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(b)          Due
Qualification. The Depositor is duly qualified to do business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions where the failure to do so would materially and adversely affect the Depositor’s
ability to transfer the Receivables to the Trust pursuant to this Agreement or the validity or enforceability of the Receivables.

 

(c)          Power
and Authority. The Depositor has the corporate power and authority to execute and deliver this Agreement and the other Basic
Documents to which it is a party and to carry out their respective terms; the Depositor has full power and authority to sell and
assign the property to be sold and assigned to and deposited with the Issuer, and the Depositor shall have duly authorized such
sale and assignment to the Issuer by all necessary corporate action; and the execution, delivery and performance of this Agreement
and the other Basic Documents to which the Depositor is a party have been and will be duly authorized by the Depositor by all necessary
corporate action.

 

(d)          Binding
Obligation. The Basic Documents constitute a valid sale, transfer and assignment to the Issuer of all right, title and interest
of the Depositor in the Receivables and the proceeds thereof. The Receivables will not be considered part of the Depositor’s
estate in the event of a bankruptcy of the Depositor. This Agreement and the other Basic Documents to which the Depositor is a
party, when duly executed and delivered by the other parties hereto and thereto, shall constitute legal, valid and binding obligations
of the Depositor, enforceable against the Depositor in accordance with their respective terms, except as the enforceability thereof
may be limited by bankruptcy, insolvency, reorganization or similar laws now or hereafter in effect relating to or affecting creditors’
rights generally and to general principles of equity (whether applied in a proceeding at law or in equity).

 

(e)          No
Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents and the fulfillment
of the terms of this Agreement and the other Basic Documents shall not conflict with, result in any breach of any of the terms
or provisions of or constitute (with or without notice or lapse of time, or both) a default under, the certificate of incorporation
or bylaws of the Depositor, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Depositor is
a party or by which it is bound; or result in the creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement and the other Basic
Documents; or violate any law, order, rule or regulation applicable to the Depositor of any court or federal or state regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. There
shall be no breach of the representations and warranties in this paragraph resulting from any of the foregoing breaches, violations,
Liens or other matters which, individually or in the aggregate, would not materially and adversely affect the Depositor’s
ability to perform its obligations under the Basic Documents.

 

(f)          No
Proceedings. There are no proceedings or investigations pending or, to the Depositor’s knowledge, threatened, against
the Depositor before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having
jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any other Basic Document;
(ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated
by this Agreement or any other Basic Document; (iii) seeking any determination or ruling that would materially and adversely affect
the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any other Basic
Document; or (iv) seeking to adversely affect the federal income tax attributes of the Trust, the Notes or the Certificates.

 

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(g)          No
Consents. The Depositor is not required to obtain the consent of any other party or any consent, license, approval, registration,
authorization, or declaration of or with any governmental authority, bureau or agency in connection with the execution, delivery,
performance, validity or enforceability of this Agreement or any other Basic Document to which it is a party that has not already
been obtained, other than (i) UCC filings and (ii) consents, licenses, approvals, registrations, authorizations or declarations
which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables
or would not materially and adversely affect the ability of the Depositor to perform its obligations under the Basic Documents.

 

(h)          Ordinary
Course. The transactions contemplated by this Agreement and the other Basic Documents to which the Depositor is a party are
in the ordinary course of the Depositor’s business.

 

(i)           Solvency.
The Depositor is not insolvent, nor will the Depositor be made insolvent by the transfer of the Receivables, nor does the Depositor
contemplate any pending insolvency.

 

Section 6.02 Corporate Existence.
During the term of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises under
the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction
in which the failure to be so qualified would materially and adversely affect the validity and enforceability of this Agreement,
the Basic Documents, the proper administration of this Agreement or the transactions contemplated hereby. In addition, all transactions
and dealings between the Depositor and its Affiliates will be conducted on an arm’s-length basis.

 

Section 6.03 Liability of Depositor.

 

(a)          The
Depositor shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Depositor
under this Agreement (which shall not include distributions on account of the Notes or the Certificates).

 

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(b)      The Issuer, the Servicer, the Indenture
Trustee and the Owner Trustee, by entering into or accepting this Agreement, acknowledge and agree that they have no right, title
or interest in or to the Other Assets of the Depositor. To the extent that, notwithstanding the agreements and provisions contained
in the preceding sentence, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee either (i) asserts an interest
or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including
by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code),
then the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under
the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest
is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency
laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on such other obligations
and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of
the Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee each further acknowledges and agrees
that no adequate remedy at law exists for a breach of this Section 6.03(b) and the terms of this Section 6.03(b)
may be enforced by an action for specific performance. The provisions of this Section 6.03(b) will be for the third party
benefit of those entitled to rely thereon and will survive the termination of this Agreement.

 

Section 6.04 Merger or Consolidation
of, or Assumption of the Obligations of, Depositor. Any Person (a) into which the Depositor may be merged or consolidated,
(b) resulting from any merger, conversion, or consolidation to which the Depositor is a party, (c) succeeding to the
business of the Depositor, or (d) more than 50% of the voting stock or voting power and 50% or more of the economic equity of which
is owned directly or indirectly by any affiliate of HCA, which Person in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Depositor under this Agreement, will be the successor to the Depositor under this Agreement
without the execution or filing of any document or any further act on the part of any of the parties to this Agreement. Notwithstanding
the foregoing, if the Depositor enters into any of the foregoing transactions and is not the surviving entity, (x) the Depositor
shall deliver to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such merger,
conversion, consolidation or succession and such agreement of assumption comply with this Section 6.04 and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction have been complied with and (y) the Depositor will
deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements
and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect
the interest of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting the details of such filings,
or (B) stating that, in the opinion of such counsel, no such action is necessary to preserve and protect such interest. It shall
be a condition precedent to any of the foregoing transactions that (1) the Rating Agency Condition shall be satisfied (other than
with respect to Standard & Poor’s, but with satisfaction of the Rating Agency Notification with respect to Standard &
Poor’s if Standard & Poor’s is rating any Outstanding Class of Notes) with respect to such merger, consolidation
or succession shall not result in a reduction, withdrawal or downgrade of the then-current rating of each class of Notes and (2)
the organizational documents of the surviving entity shall contain bankruptcy remoteness protections that are not materially less
favorable to the Noteholders than those contained in the Certificate of Incorporation and Bylaws of the Depositor.

 

Section 6.05 Amendment of Depositor’s
Organizational Documents. The Depositor shall not amend its organizational documents except in accordance with the provisions
thereof.

 

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ARTICLE
VII.

 

THE
SERVICER

 

Section 7.01 Representations of Servicer.
The Servicer makes the following representations upon which the Issuer is deemed to have relied in acquiring the Receivables. Such
representations speak as of the Closing Date and shall survive the sale of the Receivables to the Issuer and the pledge thereof
to the Indenture Trustee pursuant to the Indenture.

 

(a)      Organization and Good Standing.
The Servicer is duly organized and validly existing as a corporation in good standing under the laws of the State of its incorporation,
with the corporate power and authority to own its properties and to conduct its business as such properties are currently owned
and such business is presently conducted, and had at all relevant times, and has, the corporate power, authority and legal right
to acquire, own, and service the Receivables.

 

(b)      Due Qualification. The Servicer
is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals,
in all jurisdictions where the failure to do so would materially and adversely affect the Servicer’s ability to acquire,
own and service the Receivables.

 

(c)      Power and Authority. The Servicer
has the power and authority to execute and deliver this Agreement and the other Basic Documents to which it is a party and to carry
out their respective terms; and the execution, delivery and performance of this Agreement and the other Basic Documents to which
it is a party have been duly authorized by the Servicer by all necessary corporate action.

 

(d)      Binding Obligation. This Agreement
and the other Basic Documents to which it is a party constitute legal, valid and binding obligations of the Servicer, enforceable
against the Servicer in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and to general
principles of equity whether applied in a proceeding in equity or at law.

 

(e)      No Violation. The consummation
of the transactions contemplated by this Agreement and the other Basic Documents to which it is a party and the fulfillment of
their respective terms shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound; or result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage,
deed of trust or other instrument, other than this Agreement and the other Basic Documents, or violate any law, order, rule or
regulation applicable to the Servicer of any court or federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Servicer or any of its properties. There shall be no breach of the representations
and warranties in this paragraph resulting from any of the foregoing breaches, violations, Liens or other matters which, individually
or in the aggregate, would not materially and adversely affect the Servicer’s ability to perform its obligations under the
Basic Documents.

 

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(f)      No Proceedings. There are no
proceedings or investigations pending or, to the Servicer’s knowledge, threatened, against the Servicer before any court,
regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer
or its properties: (i) asserting the invalidity of this Agreement or any of the other Basic Documents; (ii) seeking to prevent
the issuance of the Securities or the consummation of any of the transactions contemplated by this Agreement or any of the other
Basic Documents; (iii) seeking any determination or ruling that would materially and adversely affect the performance by the Servicer
of its obligations under, or the validity or enforceability of, this Agreement or any of the other Basic Documents; or (iv) seeking
to adversely affect the federal income tax or other federal, state or local tax attributes of the Securities.

 

(g)      No Consents. The Servicer is
not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration
with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability
of this Agreement, other than (i) UCC filings and (ii) consents, licenses, approvals, registrations, authorizations or declarations
which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables
or would not materially and adversely affect the ability of the Servicer to perform its obligations under the Basic Documents.

 

(h)      Chief Executive
Office. The chief executive office of the Servicer is located at 3161 Michelson Drive, Suite 1900, Irvine, California 92612.

 

Section 7.02 Indemnities of Servicer.
The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer
and the representations made by the Servicer under this Agreement:

 

(a)      The Servicer shall indemnify, defend
and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Securityholders and the Depositor and any of the officers,
directors, employees and agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against any and all costs,
expenses, losses, damages, claims and liabilities arising out of or resulting from the use, ownership or operation by the Servicer
or any Affiliate thereof of a Financed Vehicle, excluding any losses incurred in connection with the sale of any repossessed Financed
Vehicles in compliance with the terms of this Agreement.

 

(b)      The Servicer shall indemnify, defend
and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Depositor and their respective officers, directors,
agents and employees, and the Securityholders, from and against any taxes that may at any time be asserted against any of such
parties with respect to the transactions contemplated in this Agreement, including any sales, gross receipts, tangible or intangible
personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted
with respect to, and as of the date of, the transfer of the Receivables to the Trust or the issuance and original sale of the Securities),
and any costs and expenses in defending against the same.

 

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(c)      The Servicer shall indemnify, defend
and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Depositor, the Securityholders and any of the officers,
directors, employees or agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against any and all costs, expenses,
losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, or
was imposed upon any such Person through, the negligence, misfeasance or bad faith of the Servicer in the performance of its duties
or by failure to perform its obligations under this Agreement or by reason of reckless disregard of its obligations and duties
under this Agreement.

 

(d)      The Servicer shall compensate and indemnify
the Indenture Trustee to the extent provided in Section 6.08 of the Indenture.

 

For purposes of this Section, in the event
of the termination of the rights and obligations of HCA (or any successor thereto pursuant to Section 7.03) as Servicer pursuant
to Section 8.02, or the resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer
pending appointment of a successor Servicer (other than the Indenture Trustee) pursuant to Section 8.03.

 

Indemnification under this Section shall
survive the resignation or removal of the Servicer or the termination of this Agreement, and shall include reasonable fees and
expenses of counsel and reasonable expenses of litigation. If the Servicer shall have made any indemnity payments pursuant to this
Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such
Person shall promptly repay such amounts to the Servicer, without interest. The Servicer shall pay all amounts due, pursuant to
this Section, with respect to the Indenture Trustee and Owner Trustee as set forth in Section 5.05(b)(ix).

 

Section 7.03 Merger or Consolidation
of, or Assumption of the Obligations of, Servicer. The Servicer shall not merge or consolidate with any other Person, convey,
transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor
to the Servicer’s business unless, after such merger, consolidation, conveyance, transfer, lease or succession, the successor
or surviving entity shall be capable of fulfilling the duties of the Servicer contained in this Agreement. Any Person (a) into
which the Servicer may be merged or consolidated, (b) resulting from any merger or consolidation to which the Servicer shall be
a party, (c) that acquires by conveyance, transfer or lease substantially all of the assets of the Servicer or (d) succeeding to
the business of the Servicer, which Person shall execute an agreement of assumption to perform every obligation of the Servicer
under this Agreement, shall be the successor to the Servicer under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties to this Agreement. The Servicer shall provide notice of any merger, consolidation
or succession pursuant to this Section 7.03 to the Owner Trustee, the Indenture Trustee and each Rating Agency. Notwithstanding
the foregoing, the Servicer shall not merge or consolidate with any other Person or permit any other Person to become a successor
to the Servicer’s business unless (a) immediately after giving effect to such transaction, no representation or warranty
made pursuant to Section 7.01 shall have been breached (for purposes hereof, such representations and warranties shall speak as
of the date of the consummation of such transaction) and no event that, after notice or lapse of time or both, would become a Servicer
Termination Event shall have occurred, (b) the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an
Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement
of assumption comply with this Section 7.03 and that all conditions precedent provided for in this Agreement relating to such transaction
have been complied with and (c) the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion of
Counsel stating that either (i) all financing statements and continuation statements and amendments thereto have been executed
and filed that are necessary to preserve and protect the interest of the Trust and the Indenture Trustee, respectively, in the
assets of the Trust and reciting the details of such filings or (ii) no such action shall be necessary to preserve and protect
such interest.

 

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Section 7.04 Limitation on Liability
of Servicer and Others. None of the Servicer or any of its directors, officers, employees or agents shall be under any liability
to the Issuer, the Depositor, the Indenture Trustee, the Owner Trustee, the Noteholders or the Certificateholders, except as provided
in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided,
however, that this provision shall not protect the Servicer or any such Person against any liability that would otherwise
be imposed by reason of a breach of this Agreement or willful misfeasance or bad faith in the performance of duties. The Servicer
and any director, officer, employee or agent of the Servicer may conclusively rely in good faith on the written advice of counsel
or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising
under this Agreement.

 

Section 7.05 Delegation of Duties.
The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation,
its duties as custodian) under the Basic Documents to any of its Affiliates or (b) specific duties to sub-contractors who are in
the business of performing such duties; provided, that no such delegation
shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable
to the Issuer and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such duties. The
fees and expenses of any subservicer shall be as agreed between the Servicer and such subservicer from time to time, and none of
the Owner Trustee, the Indenture Trustee, the Issuer or the Securityholders shall have any responsibility thereof. For any servicing
activities delegated to third parties in accordance with this Section 7.05, the Servicer shall follow such policies and procedures
to monitor the performance of such third parties and compliance with such servicing activities as the Servicer follows with respect
to comparable motor vehicle receivables serviced by the Servicer for its own account.

 

Section 7.06 Servicer Not to Resign.

 

(a)      Subject to the provisions of Section
7.03, the Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer except upon a determination
that the performance of its duties under this Agreement shall no longer be permissible under applicable law.

 

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(b)      Notice of any determination that the
performance by the Servicer of its duties hereunder is no longer permitted under applicable law shall be communicated to the Owner
Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, shall be confirmed
in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect
delivered by the Servicer to the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice. No resignation
of the Servicer shall become effective until a successor shall have assumed the responsibilities and obligations of the Servicer
in accordance with Section 8.03. If no successor Servicer has been appointed within 30 days of resignation or removal, the Servicer,
as the case may be, may petition any court of competent jurisdiction for such appointment.

 

Section 7.07 Fidelity Bond. The Servicer
is not required to maintain a fidelity bond or errors and omissions policy.

 

ARTICLE
VIII.

 

DEFAULT

 

Section 8.01 Servicer Termination Events.
For purposes of this Agreement, the occurrence and continuance of any of the following shall constitute a “Servicer Termination
Event”:

 

(a)      Any failure by the Servicer to deposit
into any Account any proceeds or payment required to be so delivered or to direct the Indenture Trustee to make the required payment
from any Account under the terms of this Agreement that continues unremedied for a period of five Business days after written notice
is received by the Servicer or after discovery of such failure by a Responsible Officer of the Servicer;

 

(b)      Failure on the part of the Servicer
duly to observe or perform, in any material respect, any covenants or agreements of the Servicer set forth in this Agreement, which
failure (i) materially and adversely affects the rights of the Securityholders and (ii) continues unremedied for a period of 60
days after discovery of such failure by a Responsible Officer of the Servicer or after the date on which written notice of such
failure requiring the same to be remedied shall have been given to the Servicer by any of the Owner Trustee, the Indenture Trustee
or Noteholders evidencing not less than 50% of the Outstanding Amount of the Controlling Class of Notes;

 

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

 

(d)      The occurrence of an Insolvency Event
with respect to the Servicer;

 

provided, however, that a delay or failure of performance
referred to under clause (a) above for a period of 10 days or clause (b) or (c) above for a period of 30 days will not constitute
a Servicer Termination Event if such delay or failure was caused by force majeure or other similar occurrence.

 

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Section 8.02 Consequences of a Servicer
Termination Event. If a Servicer Termination Event shall occur, the Indenture Trustee or Noteholders evidencing more than 50%
of the voting interests of the Controlling Class may, by notice given in writing to the Servicer (and to the Indenture Trustee,
the Owner Trustee and the Depositor if given by such Noteholders), terminate all of the rights and obligations of the Servicer
under this Agreement. On or after the receipt by the Servicer of such written notice, all authority, power, obligations and responsibilities
of the Servicer under this Agreement automatically shall pass to, be vested in and become obligations and responsibilities of the
successor Servicer; provided, however, that the successor Servicer shall have no liability with respect to any obligation
that was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer
or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized
and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and related documents
to show the Indenture Trustee (or the Owner Trustee if the Notes have been paid in full) as lienholder or secured party on the
related certificates of title of the Financed Vehicles or otherwise. The terminated Servicer agrees to cooperate with the successor
Servicer in effecting the termination of the responsibilities and rights of the terminated Servicer under this Agreement, including
the transfer to the successor Servicer for administration by it of all money and property held by the Servicer with respect to
the Receivables and other records relating to the Receivables, including any portion of the Receivables File held by the Servicer
and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor
Servicer to service the Receivables. The terminated Servicer shall also provide the successor Servicer access to Servicer personnel
and computer records in order to facilitate the orderly and efficient transfer of servicing duties.

 

Section 8.03 Appointment of Successor
Servicer.

 

(a)      On and after the time the Servicer
receives a notice of termination pursuant to Section 8.02 or upon the resignation of the Servicer pursuant to Section 7.06, the
Indenture Trustee or the Noteholders evidencing more than 50% of the voting interests of the Controlling Class shall appoint a
successor Servicer which shall be the successor in all respects to the Servicer in its capacity as Servicer under this Agreement
and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating
to the Servicer under this Agreement, except as otherwise stated herein. The Depositor, the Owner Trustee, the Indenture Trustee
and such successor Servicer shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such
succession. In the event that the Indenture Trustee and the Noteholders are unable to appoint a successor within thirty (30) days
of the date of the related notice of termination, the Indenture Trustee may petition a court of competent jurisdiction to appoint
a successor Servicer. If a successor Servicer is acting as Servicer hereunder, it shall be subject to termination under Section
8.02 upon the occurrence of any Servicer Termination Event after its appointment as successor Servicer. The original Servicer shall
pay any and all fees and expenses incurred as a result of a transfer of servicing.

 

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(b)      The Noteholders evidencing more than
50% of the voting interests of the Controlling Class shall have no liability to the Owner Trustee, the Indenture Trustee, the Servicer,
the Depositor, any Noteholders, any Certificateholders or any other Person if they exercise their right to appoint a successor
to the Servicer. Pending appointment pursuant to the preceding paragraph, the outgoing Servicer shall continue to act as Servicer
until a successor has been appointed and accepted such appointment.

 

(c)      Upon appointment, the successor Servicer
shall be the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and
liabilities arising thereafter relating thereto placed on the predecessor Servicer, and shall be entitled to the Servicing Fee
and all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement.

 

Section 8.04 Notification to Securityholders.
Upon any termination of, or appointment of a successor to, the Servicer pursuant to this Article VIII, the Administrator shall
give prompt written notice thereof to the Certificateholders and each Rating Agency, and the Indenture Trustee shall give prompt
written notice thereof to the Noteholders.

 

Section 8.05 Waiver of Past Defaults.
The Noteholders evidencing more than 50% of the voting interests of the Controlling Class may, on behalf of all Securityholders,
waive in writing any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default
in making any required deposits to or payments from any of the Trust Accounts in accordance with this Agreement. Upon any such
waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair
any right consequent thereto.

 

ARTICLE
IX.

 

TERMINATION

 

Section 9.01 Optional Purchase of All
Receivables.

 

(a)      On each Payment Date as of which the
Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables.
To exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04 an amount equal to the aggregate
Purchased Amount for the Receivables and shall succeed to all interests in and to the Receivables. The exercise of such option
shall effect a redemption, in whole but not in part, of all outstanding Notes.

 

(b)      As described in Article 9 of the Trust
Agreement, notice of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee
as soon as practicable after the Servicer has received notice thereof.

 

(c)      Following the satisfaction and discharge
of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to
the rights of the Noteholders hereunder and the Trust will succeed to the rights of, and assume the obligations to make payments
to Certificateholders of, the Indenture Trustee pursuant to this Agreement.

 

    	 	43	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

ARTICLE
X.

 

MISCELLANEOUS

 

Section 10.01 Amendment.

 

(a)      This Agreement may be amended by the
Depositor and the Servicer, but without the consent of the Indenture Trustee, the Owner Trustee, any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, or for the purpose of correcting
any inconsistency with the Prospectus dated [_____], 20[__] or the Prospectus Supplement dated [_____], 20[__], or for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in
any manner the rights of the Noteholders or the Certificateholders; provided, however, that such action shall not
materially and adversely affect the interests of any Noteholder or Certificateholder, and the Rating Agency Condition shall be
satisfied (other than with respect to Standard & Poor’s, but with satisfaction of the Rating Agency Notification with
respect to Standard & Poor’s if Standard & Poor’s is rating any Outstanding Class of Notes) with respect to
such action.

 

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

 

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

 

It shall not be necessary for the consent
of Securityholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be
sufficient if such consent shall approve the substance thereof.

 

Prior to the execution of any amendment
to this Agreement, the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion
of Counsel referred to in Section 10.02(i)(i). The Owner Trustee, on behalf of the Issuer, and the Indenture Trustee may,
but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s or the Indenture Trustee’s,
as applicable, own rights, duties or immunities under this Agreement or otherwise.

 

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Section 10.02 Protection of Title to
Trust.

 

(a)      The Servicer shall file such financing
statements and cause to be filed such continuation statements, all in such a manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Issuer and the Indenture Trustee in the Receivables and the proceeds
thereof. The Servicer shall deliver or cause to be delivered to the Owner Trustee and the Indenture Trustee file-stamped copies
of, or filing receipts for, any document filed as provided above as soon as available following such filing.

 

(b)      Neither the Depositor nor the Servicer
shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or
continuation statement filed in accordance with paragraph (a) above insufficient within the meaning of Section 9-503 of
the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least five days’ prior written notice
thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements.

 

(c)      The Servicer shall at all times maintain
each office from which it shall service Receivables, and its principal executive office, within the United States of America.

 

(d)      The Servicer shall maintain accounts
and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the
status of each such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation
between payments or recoveries on or with respect to each such Receivable and the amounts from time to time deposited in the Collection
Account in respect of each such Receivable.

 

(e)      The Servicer shall maintain its computer
systems so that, from and after the time of sale under this Agreement of the Receivables, the Servicer’s master computer
records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Issuer in such Receivable
and that such Receivable is owned by the Issuer and has been pledged to the Indenture Trustee. Indication of the Issuer’s
interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related
Receivable shall have been paid in full or repurchased.

 

(f)      If at any time the Depositor or the
Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in motor vehicle receivables to
any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever
to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged to
the Indenture Trustee.

 

(g)     The Servicer shall permit the Indenture
Trustee and its agents upon reasonable notice and at any time during normal business hours to inspect, audit and make copies of
and abstracts from the Servicer’s records regarding any Receivable.

 

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(h)      Upon request, the Servicer shall furnish
to the Owner Trustee or the Indenture Trustee, within fifteen Business Days, a list of all Receivables (by contract number and
name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and
to each of the Servicer’s Certificates furnished prior to such request indicating removal of Receivables from the Trust.

 

(i)       Upon request, the Servicer shall deliver
to the Owner Trustee and the Indenture Trustee:

 

(i)      promptly after the execution
and delivery of this Agreement and each amendment hereto, an Opinion of Counsel stating that, in the opinion of such counsel, either
(A) all financing statements and continuation statements have been filed that are necessary to fully preserve and protect the interest
of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and

 

(ii)     within 90 days after the beginning
of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion
of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all financing
statements and continuation statements have been filed that are necessary to fully preserve and protect the interest of the Trust
and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest.

 

(j)      Restrictions on Liens. The Servicer
shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to or permit in the future
(upon the occurrence of a contingency or otherwise) the creation, incurrence or existence of any Lien on or restriction on transferability
of any Receivable except for the Lien of the Indenture and the restrictions on transferability imposed by this Agreement or (ii)
file any UCC financing statements in any jurisdiction that names HCA, the Servicer or the Depositor as a debtor, and any Person
other than the Depositor, the Indenture Trustee or the Issuer as a secured party, or sign any security agreement authorizing any
secured party thereunder to file any such financing statement with respect to the Receivables or the related property.

 

Each Opinion of Counsel referred to in Section 10.02(i)
above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect
such interest.

 

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Section 10.03 Notices. All demands,
notices, communications and instructions upon or to the Depositor, the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee
or any Rating Agency under this Agreement shall be in writing, personally delivered, faxed and followed by first class mail, or
mailed by certified mail, return receipt requested (or with respect to any Rating Agency, electronically delivered), and shall
be deemed to have been duly given upon receipt (a) in the case of the Depositor, to 3161 Michelson Drive, Suite 1900, Irvine,
California 92612, Attention: Vice President and Secretary, with a copy to General Counsel; (b) in the case of the Servicer
and HCA, to 3161 Michelson Drive, Suite 1900, Irvine, California 92612, Attention: Vice President, Finance; (c)  in the case
of the Issuer or the Owner Trustee, to [_______________]; (d) in the case of Moody’s, to Moody’s Investors Service,
Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, New York, NY 10007; (e) in the case of the Indenture
Trustee, at the Corporate Trust Office (as defined in the Indenture); and (f) in the case of Standard & Poor’s, via electronic
delivery to Servicer_reports@sandp.com or at the following address: 55 Water Street (40th Floor), New York, New York 10041, Attention:
ABS Surveillance Department; or, as to each of the foregoing, at such other address as shall be designated by written notice to
the other parties.

 

Section 10.04 Assignment by the Depositor
or the Servicer. Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.04 and 7.03 herein
and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned
by the Depositor or the Servicer.

 

Section 10.05 Limitations on Rights of
Others. The provisions of this Agreement are solely for the benefit of the Depositor, the Servicer, the Issuer, the Owner Trustee,
the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall
be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect
of this Agreement or any covenants, conditions or provisions contained herein.

 

Section 10.06 Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 10.07 Counterparts. This
Agreement may be executed by the parties hereto in any number of counterparts, each of which when so executed and delivered shall
be an original, but all of which shall together constitute but one and the same instrument. Delivery of an executed counterpart
of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 10.08 Headings. The headings
of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms
or provisions hereof.

 

Section 10.09 GOVERNING LAW.
THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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Section 10.10 Assignment by Issuer.
The Depositor hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer
to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer
in, to and under the Receivables or the assignment of any or all of the Issuer’s rights and obligations hereunder to the
Indenture Trustee.

 

Section 10.11 Nonpetition Covenants.
Notwithstanding any prior termination of this Agreement, the parties hereto shall not, prior to the date that is one year and one
day after the termination of this Agreement with respect to the Issuer or the Depositor, acquiesce, petition or otherwise invoke
or cause the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Issuer or the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing
a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or the Depositor or
any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer or the Depositor.

 

Section 10.12 Limitation of Liability
of Owner Trustee and Indenture Trustee.

 

(a)      Notwithstanding anything contained
herein to the contrary, this Agreement has been executed by [                   ] not in its individual capacity but solely in its capacity as Owner
Trustee of the Issuer and in no event shall [                   ] in its individual capacity or, except as expressly provided in the Trust Agreement,
as Owner Trustee of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations
of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuer in accordance with the priorities set forth herein. For all purposes of this Agreement,
in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder,
the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of
the Trust Agreement.

 

(b)      Notwithstanding anything contained
herein to the contrary, this Agreement has been accepted by [                   ], not in its individual capacity but solely as Indenture Trustee,
and in no event shall [                   ] have any liability for the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuer in accordance with the priorities set forth herein.

 

Section 10.13 Information
to Be Provided by the Indenture Trustee.

 

(a)      For so long as the Servicer is filing
reports under the Exchange Act with respect to the Issuer, the Indenture Trustee shall (i) on or before the fifth Business Day
of each month, notify the Servicer, in writing, of any Form 10-D Disclosure Item with respect to the Indenture Trustee, together
with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Servicer; provided,
however, that the Indenture Trustee shall not be required to provide such information in the event that there has been no
change to the information previously provided by the Indenture Trustee to Servicer, and (ii) as promptly as practicable following
notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Servicer,
in writing, such updated information.

 

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(b)      As soon as available but no later than
March 15 of each calendar year for so long as the Issuer is filing reports under the Exchange Act, commencing in March 15, [_______],
the Indenture Trustee shall:

 

(i) deliver
to the Servicer a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria during the
immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122
of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the
Servicing Criteria specified in Schedule I or such other criteria as mutually agreed upon by the Servicer and the Indenture
Trustee;

 

(ii) cause a
firm of registered public accountants that is qualified and independent with the meaning of Rule 2-01 of Regulation S-X under the
Securities Act to deliver a report for inclusion in the Issuer’s filing of Exchange Act Form 10-K that attests to, and reports
on, the assessment of compliance made by the Indenture Trustee and delivered to the Servicer pursuant to the preceding paragraph.
Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange
Act;

 

(iii) deliver
to the Servicer and any other Person that will be responsible for signing the certification (a “Sarbanes Certification”)
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act) on behalf
of the Issuer or the Servicer substantially in the form attached hereto as Exhibit D or such form as mutually agreed upon
by the Servicer and the Indenture Trustee; and

 

(iv) notify
the Seller in writing of any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee
and any Item 1119 Party, provided, that no such notification need be made if the affiliations or relationships are unchanged
from those provided in the notification in the prior calendar year

 

The Indenture Trustee acknowledges
that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant
to such clause in signing a Sarbanes Certification and filing such with the Commission.

 

(c)      The Indenture Trustee agrees to perform
all duties and obligations applicable to or required of the Indenture Trustee set forth in Appendix A attached hereto and made
a part hereof in all respects and makes the representations and warranties therein applicable to it.

 

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

 

Section 10.14 Form 8-K Filings. So
long as the Servicer is filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly notify the
Servicer, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a Responsible
Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b)
of the definition thereof as to which the Servicer has actual knowledge). The Indenture Trustee shall be deemed to have actual
knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture
Trustee. The statements contained in the Servicing Criteria assessment and any other information with respect to [__________] provided
by [__________] to the Seller or its affiliates under this Section 10.14 or Section 10.13 (excluding clause (b)(ii))
shall be referred to as the “Provided Information.”

 

[SIGNATURE PAGES FOLLOW]

 

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

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]
	 	 	 	 	 
	 	By:	[                       ], not in its individual capacity but solely as Owner Trustee
	 	 	 	 	 
	 	 	By:	 
	 	 	 	Name: 	 
	 	 	 	Title:   	 

 

    	 	S-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	 	HYUNDAI ABS FUNDING CORPORATION,
	 	as Depositor
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:   	 

 

    	 	S-2	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	 	HYUNDAI CAPITAL AMERICA,
	 	as Servicer and Seller
	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	Title:   	 

 

    	 	S-3	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	 	[                     ], not in its individual capacity but
	 	solely as Indenture Trustee
	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:   	 

 

    	 	S-4	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

EXHIBIT A

 

Representations and Warranties of Hyundai
Capital America

Under Section 3.02 of the Receivables
Purchase Agreement

 

Terms used in this Exhibit A shall have the
meanings assigned to them in the Receivables Purchase Agreement, dated as of [ ], 20[__] (the “Receivables Purchase Agreement”),
between Hyundai Capital America as Seller (the “Seller”) and Hyundai ABS Funding Corporation as depositor (the
“Depositor”). Terms not defined in the Receivables Purchase Agreement shall have the meanings assigned to them
in the Sale and Servicing Agreement.

 

(a)         The Seller hereby represents and warrants
as follows to the Depositor and the Indenture Trustee as of the Closing Date:

 

(i)   Organization and Good Standing.
The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of California,
with the corporate power and authority to own its properties and to conduct its business as such properties are currently owned
and such business is presently conducted.

 

(ii)   Due Qualification. The
Seller is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions where the failure to do so would materially and adversely affect the Seller’s ability to
acquire, own and service the Receivables.

 

(iii)   Power and Authority.
The Seller has the power and authority to execute and deliver this Agreement and the other Basic Documents to which it is a party
and to carry out their respective terms; the Seller had at all relevant times, and has, full power, authority and legal right to
sell, transfer and assign the property sold, transferred and assigned to the Depositor hereby and has duly authorized such sale,
transfer and assignment to the Depositor by all necessary corporate action; and the execution, delivery and performance of this
Agreement and the other Basic Documents to which the Seller is a party have been duly authorized by the Seller by all necessary
corporate action.

 

(iv)   No Violation. The consummation
of the transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party and the fulfillment
of their respective terms do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, the articles of incorporation or bylaws of the Seller, or any indenture,
agreement or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of
any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than this
Agreement), or violate any law or, to the best of the Seller’s knowledge, any order, rule or regulation applicable to the
Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Seller or its properties. There shall be no breach of the representations and warranties in this paragraph
resulting from any of the foregoing breaches, violations, Liens or other matters which, individually or in the aggregate, would
not materially and adversely affect the Seller’s ability to perform its obligations under the Basic Documents.

 

    	 	A-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

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

 

(vi)   Valid Sale, Binding Obligation.
The Basic Documents constitute a valid sale, transfer and assignment to the Depositor of all right, title and interest of the Seller
in the Receivables and the proceeds thereof. The Receivables will not be considered part of the Seller’s estate in the event
of a bankruptcy of the Seller. This Agreement and the other Basic Documents to which the Seller is a party, when duly executed
and delivered by the other parties hereto and thereto, shall constitute legal, valid and binding obligations of the Seller, enforceable
against the Seller in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency, reorganization and similar laws now or hereafter in effect relating to or affecting creditors’ rights generally
and to general principles of equity (whether applied in a proceeding at law or in equity).

 

(vii)   Chief Executive Office.
The chief executive office of the Seller is located at 3161 Michelson Drive, Suite 1900, Irvine, California 92612.

 

(viii)   No Consents. The Seller
is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization, or declaration
of or with any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity, or enforceability
of this Agreement or any other Basic Document to which it is a party that has not already been obtained, other than (i) UCC filings
and (ii) consents, licenses, approvals, registrations, authorizations or declarations which, if not obtained or made, would not
have a material adverse effect on the enforceability or collectibility of the Receivables or would not materially and adversely
affect the ability of the Depositor to perform its obligations under the Basic Documents.

 

    	 	A-2	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(ix)   Ordinary Course.
The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary
course of the Seller’s business.

 

(x)   Solvency.
The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the Seller contemplate
any pending insolvency.

 

(xi)   Creditors.
The Seller did not sell the Receivables to the Depositor with any intent to hinder, delay or defraud any of its creditors.

 

(xii)   No Notice.
The Seller acquired title to the Receivables in good faith, without notice of any adverse claim.

 

(xiii)   Bulk Transfer.
The transfer, assignment and conveyance of the Receivables by the Seller pursuant to this Agreement are not subject to the bulk
transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.

 

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

 

(b)         The Seller makes the following representations
and warranties with respect to the Receivables, on which the Depositor relies in accepting the Receivables and in transferring
the Receivables to the Issuer under the Sale and Servicing Agreement, and on which the Issuer relies in pledging the same to the
Indenture Trustee. Such representations and warranties speak as of the execution and delivery of this Agreement or as of the Cutoff
Date as applicable, but shall survive the sale, transfer and assignment of the Receivables to the Depositor, the subsequent sale,
transfer and assignment of the Receivables by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the
pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture.

 

(i)   Characteristics
of Receivables. Each Receivable (A) was originated in the United States of America by a Dealer located in the United States
of America for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business and satisfied the
Seller’s Credit and Collection Policy as of the date of origination of the related Receivable, is payable in United States
dollars, has been fully and properly executed by the parties thereto, has been purchased by the Seller from such Dealer under
an existing Dealer Agreement and has been validly assigned by such Dealer to the Seller, (B) has created or shall create a valid,
subsisting and enforceable first priority security interest in favor of the Seller in the Financed Vehicle, which security interest
is assignable by the Seller to the Depositor, by the Depositor to the Issuer, and by the Issuer to the Indenture Trustee, (C)
contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization
against the collateral of the benefits of the security, (D) provides for fixed level monthly payments (provided that the payment
in the last month of the term of the Receivable may be insignificantly different from the level payments) that fully amortize
the Amount Financed by maturity and yield interest at the APR, (E) amortizes using the simple interest method, (F) has an Obligor
which is not an affiliate of HCA, is not a government or governmental subdivision or agency and is not shown on the Servicer’s
records as a debtor in a pending bankruptcy proceeding and (G) each Receivable allows for prepayments without penalty and requires
that the principal balance be paid in full to prepay the Receivable in full.

 

    	 	A-3	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(ii)   Compliance with
Law. Each Receivable and the sale of the related Financed Vehicle complied at the time it was originated or made, and at the
time of execution of this Agreement complies, in all material respects with all requirements of applicable federal, state and
local laws, rulings and regulations thereunder, including usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity
Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission
Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z”, the Servicemembers
Civil Relief Act, the Gramm-Leach-Bliley Act, state adaptations of the National Consumer Act and of the Uniform Consumer Credit
Code, and other consumer credit laws and equal credit opportunity and disclosure laws.

 

(iii)   Binding Obligation.
Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the
holder thereof in accordance with its terms, except (A) as enforceability thereof may be limited by bankruptcy, insolvency, reorganization
or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability
of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such
Receivable may be modified by the application after the Transfer Date of the Servicemembers Civil Relief Act.

 

(iv)   No Government
Obligor. No Receivable is due from the United States of America or any State or any agency, department, subdivision or instrumentality
thereof.

 

(v)   Obligor Bankruptcy.
According to the records of the Seller, as of the Cutoff Date, no Obligor is the subject of a bankruptcy proceeding.

 

(vi)   Schedule of
Receivables. The information set forth in Schedule A to this Agreement is true and correct in all material respects as of
the Cutoff Date.

 

    	 	A-4	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(vii)   Marking Records.
By the Closing Date, the Seller will have caused its computer and accounting records relating to each Receivable to be clearly
and unambiguously marked to show that the Receivables have been sold to the Depositor by the Seller and transferred and assigned
by the Depositor to the Issuer in accordance with the terms of the Sale and Servicing Agreement and pledged by the Issuer to the
Indenture Trustee in accordance with the terms of the Indenture.

 

(viii)   Computer Tape.
The computer tape regarding the Receivables made available by the Seller to the Depositor is complete and accurate in all respects
as of the Transfer Date.

 

(ix)   No Adverse Selection.
No selection procedures believed by the Seller to be adverse to the Noteholders were utilized in selecting the Receivables.

 

(x)   Chattel Paper.
Each Receivable constitutes chattel paper within the meaning of the UCC as in effect in the state of origination.

 

(xi)   One Original.
There is only one executed original of each Receivable.

 

(xii)   Receivables
in Force. No Receivable has been satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the
Lien of the related Receivable in whole or in part. None of the terms of any Receivable has been waived, altered or modified in
any respect since its origination, except by instruments or documents identified in the related Receivable File.

 

(xiii)   Lawful Assignment.
No Receivable has been originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void
or voidable the sale, transfer and assignment of such Receivable under this Agreement, the Sale and Servicing Agreement or the
pledge of such Receivable under the Indenture.

 

(xiv)   Title.
It is the intention of the Seller that the transfers and assignments herein contemplated constitute sales of the Receivables from
the Seller to the Depositor and that the beneficial interest in and title to the Receivables not be part of the debtor’s
estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. No Receivable, other
than the Receivables identified in the Reconveyance Documents, has been sold, transferred, assigned or pledged by the Seller to
any Person other than to the Depositor or pursuant to this Agreement (or by the Depositor to any other Person other than to the
Issuer pursuant to the Sale and Servicing Agreement). Except with respect to the Liens under the Conduit Documents (which such
Liens shall be released in accordance with provisions of the Reconveyance Documents), immediately prior to the transfers and assignments
herein contemplated, the Seller has good and marketable title to each Receivable free and clear of all Liens, and, immediately
upon the transfer thereof, the Depositor shall have good and marketable title to each Receivable, free and clear of all Liens
and, immediately upon the transfer thereof from the Depositor to the Issuer pursuant to the Sale and Servicing Agreement, the
Issuer shall have good and marketable title to each Receivable, free and clear of all Liens and, immediately upon the pledge thereof
from the Issuer to the Indenture Trustee pursuant to the Indenture, the Indenture Trustee shall have a first priority perfected
security interest in each Receivable.

 

    	 	A-5	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(xv)   Title. To
the extent that the transfer and assignment contemplated by this Agreement is deemed not to be a sale but to be of a mere security
interest to secure a borrowing or such transfer is otherwise not effective to sell the Receivables and other property described
in Section 2.01(a) hereof, the Seller shall be deemed to have hereby granted to the Depositor a perfected first priority
security interest in all such assets, and this Agreement shall constitute a security agreement under applicable law.

 

(xvi)   Security Interest
in Financed Vehicle. Immediately prior to its sale, assignment and transfer to the Depositor pursuant to this Agreement, each
Receivable shall be secured by a validly perfected first priority security interest in the related Financed Vehicle in favor of
the Seller as secured party, or all necessary and appropriate actions have been commenced that will result in the valid perfection
of a first priority security interest in such Financed Vehicle in favor of the Seller as secured party.

 

(xvii)   All Filings
Made. All filings (including UCC filings, except for UCC releases required to be filed in accordance with the Reconveyance
Documents) required to be made in any jurisdiction to give the Issuer a first perfected ownership interest in the Receivables
and the Indenture Trustee a first priority perfected security interest in the Receivables have been made.

 

(xviii)   No Defenses.
No Receivable is subject to any right of rescission, setoff, counterclaim, dispute or defense, including the defense of usury,
whether arising out of transactions concerning the Receivable or otherwise, and the operation of any terms of the Receivable or
the exercise by the Seller or the Obligor of any right under the Receivable will not render the Receivable unenforceable in whole
or in part, and no such right of rescission, setoff, counterclaim, dispute or defense, including the defense of usury, has been
asserted with respect thereto.

 

(xix)   No Default.
As of the Cutoff Date, the Servicer’s accounting records did not disclose that there was any default, breach, violation
or event permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days),
or that any condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute
a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver
of any of the foregoing.

 

    	 	A-6	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(xx)   Insurance.
The Seller, in accordance with its customary procedures, has determined at the origination of the Receivable that the Obligor
had obtained physical damage insurance covering the related Finance Vehicle at that time and, under the terms of each Receivable,
the Obligor is required to maintain physical damage insurance covering the related Financed Vehicle and to name the Seller as
a loss payee.

 

(xxi)   Final Scheduled
Maturity Date. No Receivable has a final scheduled payment date after [                ],
20[   ].

 

(xxii)   Certain Characteristics
of the Receivables. As of the Cutoff Date, (A) each Receivable had an original maturity of not less than [__] or more than
[__] months and (B) no Receivable was more than [__] days past due as of the Cutoff Date.

 

(xxiii)   No Foreign
Obligor. All of the Receivables were originated in the United States of America.

 

(xxiv)   No Extensions.
The number or timing of scheduled payments has not been changed on any Receivable on or before the Cutoff Date, except as reflected
on the computer tape delivered in connection with the sale of the Receivables.

 

(xxv)   Receivable
Files. The Servicer has in its possession all original copies of documents or instruments that constitute or evidence the
Receivables. The Receivable Files that constitute or evidence the Receivables do not have any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed by the Seller to any Person other than the Depositor, except for such Liens
as have been released on or before the Closing Date. All financing statements filed or to be filed against the Seller in favor
of the Depositor in connection herewith describing the Receivables contain a statement to the following effect: “A purchase
of or security interest in any collateral described in this financing statement, except as provided in the Receivables Purchase
Agreement, will violate the rights of the Depositor.”

 

(xxvi)   No Fraud or
Misrepresentation. Each Receivable was originated by a Dealer and was sold by the Dealer to the Seller, to the best of the
Seller’s knowledge, without fraud or misrepresentation on the part of such Dealer in either case.

 

(xxvii)   Receivables
Not Assumable. No Receivable is assumable by another person in a manner which would release the Obligor thereof from such
Obligor’s obligations to the Seller with respect to such Receivable.

 

    	 	A-7	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(xxviii)   No Impairment.
The Seller has not done anything to convey any right to any person that would result in such person having a right to payments
due under a Receivable or otherwise to impair the rights of the Depositor in any Receivable or the proceeds thereof.

 

(xxix)   No Liens. According to the
Servicer’s records as of the Cutoff Date, no liens or claims have been filed for work, labor, or materials relating to a
Financed Vehicle that are prior to, or equal or coordinate with the security interest in the Financed Vehicles granted by the related
Receivable.

 

(xxx)   APR. No
Receivable has an APR of less than [ ]% and the weighted average coupon on the pool of Receivables is at least [         ]%.

 

(xxxi)   Remaining
Term. Each Receivable has a remaining term of at least [__] months and no more than [__] months.

 

(xxxii)   Original
Term. The weighted average original term for the Receivables is at least [ ] months.

 

(xxxiii)   Remaining
Balance. Each Receivable has a remaining balance of at least $[ ] and not greater than $[ ].

 

(xxxiv)   New Vehicles.
At least [ ]% of the aggregate principal balance of the Receivables is secured by Financed Vehicles which were new at the date
of origination.

 

(xxxv)   No Repossessions.
No Financed Vehicle has been repossessed on or prior to the Cutoff Date.

 

(xxxvi)   Dealer Agreements.
Each Dealer from whom the Seller purchases Receivables has entered into a Dealer Agreement with the Seller providing for the sale
of Receivables from time to time by such Dealer to the Seller.

 

(xxxvii)   Receivable
Obligations. To the best of the Seller’s knowledge, no notice to or consent from any Obligor is necessary to effect
the acquisition of the Receivables by the Issuer.

 

(xxxviii)   No Future
Disbursement. At the time each Receivable was acquired from the Dealer, the Amount Financed was fully disbursed. There is
no requirement for future advances of principal thereunder, and, other than in connection with Dealer participations, all fees
and expenses in connection with the origination of such Receivable have been paid.

 

(xxxix)   No Consumer
Leases. No Receivable constitutes a “consumer lease” under either (a) the UCC as in effect in the jurisdiction
whose law governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667.

 

    	 	A-8	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

(xl)   Balance as of Cutoff Date.
The aggregate principal balance of the Receivables as of the Cutoff Date is equal to $[                       ].

 

(xli)   Nature of Financed Vehicles.
Each Financed Vehicle is a new or used automobile, light-duty truck or minivan at the time the related Obligor executed or authenticated
the related Contract.

 

(xlii)   Forced Place Insurance.
No Financed Vehicle is subject to a force-placed insurance policy.

 

(xliii)   Transfer. Each Receivable
prohibits the sale or transfer of the Financed Vehicle without the consent of the Seller.

 

(xliv)   Servicing. As of the
Cutoff Date, each Receivable has been serviced in compliance with all material requirements of federal, State, and local laws,
and in compliance with the Credit and Collection Policy.

 

    	 	A-9	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

EXHIBIT B

 

Form of Record Date Statement

 

	Hyundai Auto Receivables Trust 20[__]-[_]	 
	 	 
	Monthly Servicing Report	 
	Collection Period	[_____]
	Distribution Date	[_____]
	Transaction Month	[_____]
	30/360 Days	[_____]
	Actual/360 Days	[_____]

 

I. ORIGINAL DEAL PARAMETERS

 

	Cutoff Date	[_____], 20[__]
	Closing Date	[_____], 20[__]

 

	 	 	Dollars	 	 	Units	 	 	WAC	 	 	WAM	 	 	 	 
	Original Pool Balance:	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 

 

	 	 	Dollar Amount	 	 	% of Pool	 	 	Spread	 	 	Note Rate	 	 	Final Payment Date	 
	Class A-1 Notes     Fixed	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class A-2 Notes     Fixed	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class A-3 Notes     Fixed	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class A-4 Notes     Fixed	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class B Notes	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class C Notes	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class D Notes	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Total Securities Overcollateralization	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	YSOA	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Total Original Pool Balance	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 

 

II. POOL BALANCE AND PORTFOLIO INFORMATION

 

	 	 	Beginning of Period	 	 	Ending of Period	 	 	 	 
	 	 	Balance	 	 	Pool Factor	 	 	Balance	 	 	Pool Factor	 	 	Change	 
	Class A-1 Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class A-2 Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class A-3 Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class A-4 Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class B Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class C Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Class D Notes	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Total Securities	 	$	[_____]	 	 	 	[_____]	 	 	$	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted Avg. Coupon (Wac)	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 	 	 	 	 
	Weighted Avg. Remaining Maturity (WARM)	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 	 	 	 	 
	Pool Receivables Balance	 	$	[_____]	 	 	 	 	 	 	$	[_____]	 	 	 	 	 	 	 	 	 
	Remaining Number of Receivables	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 	 	 	 	 
	Adjusted Pool Balance	 	$	[_____]	 	 	 	 	 	 	$	[_____]	 	 	 	 	 	 	 	 	 

 

    	 	B-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	Hyundai Auto Receivables Trust 20[__]-[_]	 
	 	 
	Monthly Servicing Report	 
	Collection Period	[_____]
	Distribution Date	[_____]
	Transaction Month	[_____]
	30/360 Days	[_____]
	Actual/360 Days	[_____]

 

III. COLLECTIONS

 

	Principal:	 	 	 	 
	Principal Collections	 	$	[_____]	 
	Repurchased Contract Proceeds Related to Principal	 	$	[_____]	 
	Recoveries/Liquidation Proceeds	 	$	[_____]	 
	Total Principal Collections	 	$	[_____]	 
	 	 	 	 	 
	Interest:	 	 	 	 
	Interest Collections	 	$	[_____]	 
	Late Fees & Other Charges	 	$	[_____]	 
	Interest on Repurchase Principal	 	$	[_____]	 
	Total Interest Collections	 	$	[_____]	 
	 	 	 	 	 
	Collection Account Interest	 	$	[_____]	 
	Reserve Account Interest	 	$	[_____]	 
	Servicer Advances	 	$	[_____]	 
	 	 	 	 	 
	Total Collections	 	$	[_____]	 

 

    	 	B-2	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	Hyundai Auto Receivables Trust 20[__]-[_]	 
	 	 
	Monthly Servicing Report	 
	Collection Period	[_____]
	Distribution Date	[_____]
	Transaction Month	[_____]
	30/360 Days	[_____]
	Actual/360 Days	[_____]

 

IV.  DISTRIBUTIONS

 

	Total Collections	 	$	[_____]	 
	Reserve Account Release	 	$	[_____]	 
	Reserve Account Draw	 	$	[_____]	 
	Total Available for Distribution	 	$	[_____]	 

 

	 	 	Amount Due	 	 	Amount Paid	 	 	 	 
	1.  Servicing Fee @ 1.00%:	 	 	 	 	 	 	 	 	 	 	 	 
	Servicing Fee Due	 	$	[_____]	 	 	$	[_____]	 	 	$	[_____]	 
	Collection Account Interest	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Late Fees & Other Charges	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Total due to Servicer	 	 	 	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	2.  Noteholders Interest:	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-1 Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Class A-2 Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Class A-3 Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Class A-4 Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Class B Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Class C Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Class D Notes	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Total Interest:	 	$	[_____]	 	 	$	[_____]	 	 	$	[_____]	 
	Available Funds Remaining	 	 	 	 	 	 	 	 	 	$	[_____]	 

 

	 	 	Distributable
 Amount
	 	 	Paid
 Amount
	 	 	 	 
	3.  Principal Distribution Amount:	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Class A-1 Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-2 Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-3 Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-4 Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Class B Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Class C Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Class D Notes	 	 	 	 	 	 	 	 	 	 	 	 
	Total:	 	$	[_____]	 	 	$	[_____]	 	 	 	 	 
	Total Noteholders Principal	 	 	 	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	4.  Available Amounts Remaining to reserve account	 	 	 	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	5.  Trustee Expenses	 	 	 	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.  Remaining Available Collections Released to Certificateholder	 	 	 	 	 	 	 	 	 	$	[_____]	 

 

    	 	B-3	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	Hyundai Auto Receivables Trust 20[__]-[_]	 
	 	 
	Monthly Servicing Report	 
	Collection Period	[_____]
	Distribution Date	[_____]
	Transaction Month	[_____]
	30/360 Days	[_____]
	Actual/360 Days	[_____]

 

V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)

 

	Beginning Period Required Amount	 	$	[_____]	 
	Beginning Period Amount	 	$	[_____]	 
	Current Period Amortization	 	$	[_____]	 
	Ending Period Required Amount	 	$	[_____]	 
	Ending Period Amount	 	$	[_____]	 
	Next Distribution Date Required Amount	 	$	[_____]	 

 

VI. RESERVE ACCOUNT

 

	Reserve Percentage of Initial Adjusted Pool Balance	 	 	[_____]	%
	Beginning Period Required Amount	 	$	[_____]	 
	Beginning Period Amount	 	$	[_____]	 
	Current Period Release to Collection Account	 	$	[_____]	 
	Current Period Deposit	 	$	[_____]	 
	Current Period Release to Depositor	 	$	[_____]	 
	Ending Period Required Amount ([0.5]% of APB of cut-off date)	 	$	[_____]	 
	Ending Period Amount	 	$	[_____]	 

 

VII. OVERCOLLATERALIZATION

 

	Overcollateralization Target	 	 	[_____]	%
	Overcollateralization Floor	 	 	[_____]	%

 

	 	 	Beginning	 	 	Ending	 	 	Target	 
	Overcollateralization Amount	 	$	[_____]	 	 	$	[_____]	 	 	$	[_____]	 
	Overcollateralization as a % of Adjusted Pool	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 

 

    	 	B-4	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

	Hyundai Auto Receivables Trust 20[__]-[_]	 
	 	 
	Monthly Servicing Report	 
	Collection Period	[_____]
	Distribution Date	[_____]
	Transaction Month	[_____]
	30/360 Days	[_____]
	Actual/360 Days	[_____]

 

VIII. DELINQUENCY AND NET LOSS ACTIVITY

 

	 	 	Units
 Percent	 	 	Units	 	 	Dollars
 Percent	 	 	Dollar
 Amount	 
	Current	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	30-60 Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	61-90 Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	91+ Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	Total	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Delinquent Receivables 61+ days past due	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	Delinquency Ratio 61+ for 1st Preceding Collection Period	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	Delinquency Ratio 61+ for 2nd Preceding Collection Period	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____]	 
	Three-Month Average Delinquency Ratio	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Repossession in Current Period	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	$	[_____]	 
	Repossession Inventory	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Charge-Offs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Principal of Charge-Off for Current Period	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Recoveries	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Net Charge-offs for Current Period	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beginning Pool Balance for Current Period	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Loss Ratio	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	Net Loss Ratio for 1st Preceding Collection Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	Net Loss Ratio for 2nd Preceding Collection Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	Three-Month Average Net Loss Ratio for Current Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cumulative Net Losses for All Periods	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Cumulative Net Losses as a % of Initial Pool Balance	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal Balance of Extensions	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____]	 
	Number of Extensions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 

 

    	 	B-5	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

EXHIBIT C

 

Form of Servicer’s Certificate

 

Collection Period:    ________________

Distribution Date:    ________________

 

Hyundai Auto Receivables Trust 20[__]-[_]

 

The undersigned certifies that he is an
officer of Hyundai Capital America, a California corporation (“HCA”) and that as such he is duly authorized to execute
and deliver this certificate on behalf of HCA pursuant to Section 4.09 of the Sale and Servicing Agreement dated [ ], 20[__] among
Hyundai Auto Receivables Trust 20[__]-[_], as Issuer, Hyundai ABS Funding Corporation, as Depositor, HCA, as Seller and Servicer
and [ ], as Indenture Trustee (the “Sale and Servicing Agreement”) (all capitalized terms used herein without definition
have the respective meanings specified in the Sale and Servicing Agreement) and further certifies that:

 

1.          The Servicer’s report for the
period from _________ to _________ attached to this certificate is complete and accurate and contains all information required
by Section 4.09 of the Sale and Servicing Agreement; and

 

2.          As of _____________, no Servicer Termination
Events have occurred.

 

IN WITNESS WHEREOF, I have fixed hereunto
my signature this ___ day of ___________.

 

	 	HYUNDAI CAPITAL AMERICA,
	 	as Servicer
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	C-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

EXHIBIT D

 

Form of Indenture Trustee’s Annual
Sarbanes Certification

 

		Re:	HYUNDAI AUTO RECEIVABLES TRUST 20[__]-[_]

 

[_____], not in its individual capacity but
solely as indenture trustee (the “Indenture Trustee”), certifies to Hyundai Capital America (the “Servicer”),
and its officers, with the knowledge and intent that they will rely upon this certification, that:

 

(1)          It has reviewed the report
on assessment of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the Securities
Exchange Act of 1934, as amended, and Item 1122 of Regulation AB (the “Servicing Assessment”) that was delivered
by the Indenture Trustee to the Servicer pursuant to the Sale and Servicing Agreement (the “Agreement”), dated
as of [_______], 20[ ], by and among Hyundai Auto Receivables Trust 20[ ]-[ ], Hyundai ABS Funding Corporation, the Servicer, Hyundai
Capital America, as seller, and the Indenture Trustee;

 

(2)          To the best of its knowledge,
the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading
with respect to the period of time covered by the Servicing Assessment; and

 

(3)          To the best of its knowledge,
all of the Provided Information (as defined in Section 10.14 of the Agreement) required to be provided by the Indenture
Trustee under the Agreement has been provided to the Seller.

 

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

 

Date:      _________________________

 

    	 	D-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

SCHEDULE A

 

Schedule of Receivables

 

[Delivered to the Trust at Closing]

 

    	 	Sched. A-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

SCHEDULE B

 

Yield Supplement Overcollateralization
Amount

 

With respect to any Payment Date, the “Yield
Supplement Overcollateralization Amount” is the amount specified below:

 

	
        Payment Date
	 	
        Yield Supplement

        Overcollateralization

        Amount

	Closing Date..................	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	Sched. B-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

APPENDIX A

 

REGULATION AB REPRESENTATIONS, WARRANTIES
AND COVENANTS

 

PART I

 

DEFINED TERMS

 

Section 1.01. Unless otherwise defined herein,
terms used in this Appendix A that are defined in the Agreement to which this Appendix A is attached shall have the same meanings
herein as in the Agreement:

 

PART II

 

COMPLIANCE WITH REGULATION AB

 

Section 2.01. Intent of the Parties;
Reasonableness.

 

Each of the Issuer, the Depositor, the Seller,
the Servicer and the Indenture Trustee acknowledges and agrees that the purpose of Part II of this Appendix A is to facilitate
compliance by the Issuer, the Depositor, the Seller, the Servicer and the Indenture Trustee with the provisions of Regulation AB
and the related rules and regulations of the Commission.

 

Neither the Issuer nor the Seller shall
exercise its right to request delivery of information, reports or other performance under these provisions for purposes other than
compliance with Regulation AB. Each of the Issuer, the Seller and the Servicer acknowledges that interpretations of the requirements
of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus
among participants in the asset-backed securities markets, advice of counsel, or otherwise. For so long as the Issuer is subject
to the reporting requirements under the Securities Exchange Act of 1934, as amended, each of the Issuer, the Depositor, the Seller,
the Servicer and the Indenture Trustee hereby agrees to reasonably comply with all reasonable requests made by any of the other
parties hereto (including any of its assignees or designees), as the case may be, in good faith for delivery of such information
or reports, including, without limitation, any Servicer compliance statements and reports (solely with respect to the Servicer),
and assessments of compliance and attestation, as may be required under the then-current interpretations of Regulation AB. The
servicing criteria to be addressed in the Indenture Trustee’s assessment of compliance and attestation shall be set forth
on Schedule I attached hereto and such assessments of compliance and attestations shall be provided by March 15th and
shall only be required for years in which a 10-K is required to be filed.

 

    	 	Appendix A-1	(200[ ]-[ ] Sale and Servicing Agreement)

    	 

    

 

SCHEDULE I

 

Servicing Criteria To Be Addressed In Assessment
Of Compliance

 

The assessment of compliance to be delivered
by the Indenture Trustee, shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

 

	Reference	 	Criteria
	 	 	 
	 	 	Cash Collection and Administration
	 	 	 
	1122(d)(2)(ii)	 	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.
	 	 	 
	 	 	Investor Remittances and Reporting
	 	 	 
	1122(d)(3)(ii)	 	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.*
	 	 	 
	1122(d)(3)(iii)	 	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.
	 	 	 
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

 

* Solely with respect to remittances.

 

    	 	Schedule-1	(200[ ]-[ ] Sale and Servicing Agreement)EXHIBIT 10.3

 

 

 

OWNER TRUST ADMINISTRATION AGREEMENT

 

among

 

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

 

HYUNDAI CAPITAL AMERICA, as Administrator,

 

and

 

[                               ], as Indenture Trustee

 

Dated as of [               ],
20[__]

 

 

 

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

    	 

    

 

Table
of Contents

 

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

 

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

    	 

    

 

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

 

WITNESSETH:

 

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

 

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

 

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

 

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

 

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

    	 

    

 

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

 

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

 

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

 

The Administrator agrees to perform all its
duties as Administrator and all the duties of the Issuer and the Owner Trustee under the Depository Agreement. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the Indenture
and the Depository Agreement. The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee
when action is necessary to comply with the Issuer’s or the Owner Trustee’s duties under the Indenture and the Depository
Agreement. The Administrator shall prepare for execution by the Issuer, or shall cause the preparation by other appropriate persons
of, all such documents, reports, filings, instruments, certificates and opinions that it shall be the duty of the Issuer or the
Owner Trustee to prepare, file or deliver pursuant to the Indenture and the Depository Agreement. In furtherance of the foregoing,
the Administrator shall take all appropriate action that is the duty of the Issuer or the Owner Trustee to take pursuant to the
Indenture including, without limitation, such of the foregoing as are required with respect to the following matters under the
Indenture (parenthetical section references are to sections of the Indenture):

 

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

 

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

 

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

 

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

 

(e)          the
maintenance of an office in the Borough of Manhattan, City of New York, for registration of transfer or exchange of Notes (Section
3.02);

 

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

 

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

 

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

    	 

    

 

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

 

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

 

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

 

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

 

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

 

(m)          [Reserved];

 

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

 

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

 

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

 

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

 

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

 

(s)          the
preparation of any written instruments required to confirm more fully the authority of any co-trustee or separate trustee and any
written instruments necessary in connection with the resignation or removal of any co-trustee or separate trustee (Sections 6.08
and 6.10);

 

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

    	 

    

 

 

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

 

(u)          the
duty to provide reasonable and appropriate assistance to the Depositor or its designees, as applicable, with the preparation and
filing with the Commission and the Indenture Trustee of documents required to be filed on a periodic basis with, and summaries
thereof as may be required by rules and regulations prescribed by, the Commission and the transmission of such summaries, as necessary,
to the Noteholders (Section 7.03);

 

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

 

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

 

(x)          the
preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures
and the mailing to the Noteholders of notices with respect to such supplemental indentures (Sections 9.01, 9.02 and 9.03);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	 

    

 

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

 

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

 

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

 

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

 

Section 1.2           Additional
Duties.

 

(a)          In
addition to the duties of the Administrator set forth above, the Administrator shall (i) perform all duties and obligations applicable
to or required of the Issuer as set forth in Appendix A to the Sale and Servicing Agreement in accordance with the terms and conditions
thereof, and (ii) perform such calculations and shall prepare or shall cause the preparation by other appropriate persons of, and
shall execute on behalf of the Issuer or the Owner Trustee, all such documents, reports, filings, instruments, certificates and
opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements
or Section 5.04(a), (b), (c) or (d) of the Trust Agreement, and at the request of the Owner Trustee shall take all appropriate
action that it is the duty of the Issuer or the Owner Trustee to take pursuant to the Related Agreements. In furtherance thereof,
the Owner Trustee shall, on behalf of itself and of the Issuer, execute and deliver to the Administrator and to each successor
Administrator appointed pursuant to the terms hereof, one or more powers of attorney substantially in the form of Exhibit A hereto,
appointing the Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the purpose of executing on behalf of
the Owner Trustee and the Issuer all such documents, reports, filings, instruments, certificates and opinions. Subject to Section
5 of this Agreement, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or
supervise the performance of such other activities in connection with the Collateral (including the Related Agreements) as are
not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator. Such responsibilities shall include providing to the Depositor and the Indenture Trustee the monthly
servicing report in an appropriate electronic form.

 

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

    	 

    

 

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

 

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

 

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

 

(e)          In
carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its affiliates; provided, however, that the terms of any such transactions or dealings shall be in
accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to
the Issuer than would be available from unaffiliated parties.

 

Section 1.3           Non-Ministerial
Matters.

 

With respect to matters that in the reasonable
judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time
before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner
Trustee shall have withheld consent or provided an alternative direction. Unless explicitly provided under this Administration
Agreement, for the purpose of the preceding sentence, “non-ministerial matters” shall include, without limitation:

 

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

 

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

 

(c)          the
amendment, change or modification of the Related Agreements;

 

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

 

(e)          the
removal of the Indenture Trustee.

 

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

    	 

    

 

Notwithstanding anything to the contrary in this Agreement,
the Administrator shall not be obligated to, and shall not, (i) make any payments to the Noteholders under the Related Agreements,
(ii) sell the Trust Estate pursuant to Section 5.04 of the Indenture or (iii) take any other action that the Issuer directs the
Administrator not to take on its behalf.

 

Section 2.          Records.
The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books
of account and records shall be accessible for inspection by the Issuer at any time during normal business hours.

 

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

 

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

 

(b)          Due
Qualification. The Administrator is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary licenses and approvals, in all jurisdictions where the failure to do so would materially and adversely affect the
Administrator’s ability to perform its obligations under this Agreement.

 

(c)          No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of its terms do not conflict
with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both)
a default under, the articles of incorporation or bylaws of the Administrator, or any indenture, agreement, mortgage, deed of trust
or other instrument to which the Administrator is a party or by which it is bound; or result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture, agreement, or other instrument, other than this Agreement,
or violate any law, or to the best of the Administrator’s knowledge, any order, rule or regulation applicable to the Administrator
of any court or federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Administrator or any of its properties. There shall be no breach of the representations and warranties in this paragraph
resulting from any of the foregoing breaches, violations, Liens or other matters which, individually or in the aggregate, would
not materially and adversely affect the Administrator’s ability to perform its obligations under this Agreement.

 

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

 

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

    	 

    

 

(e)          No
Consents. The Administrator is not required to obtain the consent of any other party or any consent, license, approval, registration,
authorization or declaration of or with, any governmental authority, bureau or agency in connection with the execution, delivery,
performance, validity or enforceability of this Agreement that has not already been obtained, other than (i) UCC filings and (ii) consents,
licenses, approvals, registrations, authorizations or declarations which, if not obtained or made, would not have a material adverse
effect on the enforceability or collectibility of the Receivables or would not materially and adversely affect the ability of the
Administrator to perform its obligations under this Agreement.

 

Section 4.          Compensation.
As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be paid by the Servicer in accordance with the Sale and Servicing Agreement.

 

Section 5.          Additional
Information To Be Furnished to the Issuer. The Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

 

Section 6.          Independence
of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance
of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or
represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

 

Section 7.          No
Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and either of the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
(ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express,
implied or apparent authority to incur any obligation or liability on behalf of the others.

 

Section 8.          Other
Activities of Administrator.

 

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

 

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

 

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

 

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

 

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

 

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

    	 

    

 

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

 

(d)            Subject
to Sections 9(e) and (f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events shall occur:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

    	 

    

 

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

 

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

 

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

 

(i)              In
the exercise or administration of its duties hereunder and under the Related Documents, the Administrator may act directly or through
its agents or attorneys pursuant to agreements entered into with any of them, and the Administrator shall not be liable for the
conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Administrator with
due care.

 

Section 10.         Action
upon Termination, Resignation or Removal. Promptly upon the effective date of termination of this Agreement pursuant to Section
9(a) or the resignation or removal of the Administrator pursuant to Section 9(b) or (c), respectively, the Administrator shall
be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or removal.
The Administrator shall forthwith upon such termination pursuant to Section 9(a) deliver to the Issuer all property and documents
of or relating to the Collateral then in the custody of the Administrator. In the event of the resignation or removal of the Administrator
pursuant to Section 9(b) or (c), respectively, the Administrator shall cooperate with the Issuer and take all reasonable steps
requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

 

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

 

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

 

Hyundai Auto Receivables Trust 20[__]-[ ]

In care of [                                 ]

[                                 ]

[                                 ]

[                                 ]

Attention: [                                 ]

 

(b)          if
to the Administrator, to:

 

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

    	 

    

 

Hyundai Capital America

3161 Michelson Drive

Suite 1900

Irvine, CA 92612

Attention: Vice President, Finance

with a copy to the General Counsel

 

(c)          if
to the Indenture Trustee, to:

 

[                                  ]

[                                  ]

[                                  ]

Attention: [                                  ]

 

or to such other address as any party shall have provided to
the other parties in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by
certified mail, postage prepaid, or hand-delivered to the address of such party as provided above.

 

Section 12.         Amendments.
This Agreement may be amended from time to time by a written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with prior written notice to each Rating Agency, without the consent of the Owner Trustee, the Noteholders
and the Certificateholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement to cure any ambiguity, to correct or supplement any provisions in this agreement; provided that (a) such amendment
will not materially and adversely affect the interest of any Noteholder or Certificateholder as confirmed by an Opinion of Counsel
provided to the Indenture Trustee and (b) the Administrator shall have delivered to the Owner Trustee and the Indenture Trustee,
an Opinion of Counsel stating that, in the opinion of such counsel, either (i) all financing statements and continuation statements
have been filed that are necessary to fully preserve and protect the interest of the Owner Trustee and the Indenture Trustee in
the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given,
or (ii) no such action shall be necessary to preserve and protect such interest. This Agreement may also be amended by the Issuer,
the Administrator and the Indenture Trustee with the written consent of the Owner Trustee and the holders of Notes evidencing at
least a majority of the Outstanding Amount of the Controlling Class and the holders of Trust Certificates evidencing at least a
majority of the Certificate Percentage Interests for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights of Noteholders or the Certificateholders; provided,
however, that no such amendment may (a) reduce the interest rate or principal amount of any Note or Certificate or delay the Stated
Maturity Date of any Note without the consent of any Holder of such Note or (b) reduce the aforesaid percentage of the holders
of Notes and Trust Certificates which are required to consent to any such amendment, without the consent of the holders of all
the outstanding Notes and Trust Certificates. Notwithstanding the foregoing, the Administrator may not amend this Agreement without
the permission of the Seller, which permission shall not be unreasonably withheld. Prior to consenting to any such amendment the
Indenture Trustee shall have the right to receive (at other than its own expense) an Opinion of Counsel that such amendment is
authorized or permitted by this Agreement.

 

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

    	 

    

 

Section 13.         Successors
and Assigns. This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing
by the Issuer and the Owner Trustee and subject to the satisfaction of the Rating Agency Condition (other than with respect to
Standard & Poor’s, but with satisfaction of the Rating Agency Notification with respect to Standard & Poor’s
if Standard & Poor’s is rating any Outstanding Class of Notes) in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner
Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator;
provided that such successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement
in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder and represents that it has the financial ability to satisfy its indemnification obligations
hereunder. Notwithstanding the foregoing, the Administrator can transfer its obligations to any affiliate that succeeds to substantially
all of the assets and liabilities of the Administrator and who has represented and warranted that it is not less creditworthy than
the Administrator. Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

 

Section 14.         GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

 

Section 15.         Headings.
The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

 

Section 16.         Counterparts.
This Agreement may be executed in counterparts, each of which when so executed shall be an original, but all of which together
shall constitute but one and the same agreement.

 

Section 17.         Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 18.         Not
Applicable to [                                  ]
in Other Capacities. Nothing in this Agreement shall affect any obligation [                                  ]
may have in any other capacity.

 

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

    	 

    

 

 

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

 

(a)          Notwithstanding
anything contained herein to the contrary, this instrument has been executed by the Owner Trustee solely in its capacity as Owner
Trustee and in no event shall the Owner Trustee in its individual capacity or any beneficial owner of the Issuer have any liability
for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder, as to all of which recourse
shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles
6, 7 and 8 of the Trust Agreement.

 

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

 

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

 

Section 20.         Third-Party
Beneficiary. The Seller, the Depositor and the Owner Trustee are third-party beneficiaries to this Agreement and are entitled
to the rights and benefits hereunder and may enforce the provisions hereof as if each were a party hereto.

 

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

 

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

    	 

    

 

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

 

[SIGNATURE PAGES FOLLOW]

 

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

    	 

    

 

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

 

	 	HYUNDAI AUTO RECEIVABLES TRUST

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

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

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

    	 

    

 

	 	[                                  ], not in its individual

 capacity but solely as Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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

    	 

    

 

	 	HYUNDAI CAPITAL AMERICA, as

Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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

    	 

    

 

EXHIBIT A

 

POWER OF ATTORNEY

 

STATE OF                         )

                                            )

COUNTY OF                     )

 

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

 

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

 

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

 

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

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 

20[__]-[ ]
	 	 	 
	 	By:	[                                 ], not in its individual

 capacity but solely as Owner Trustee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

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

    	 

    

 

STATE OF                            )

                                               )

COUNTY OF                        )

 

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

 

Sworn to before me this ______

day of [              ], [      ].

 

Notary Public - State of _________________

 

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

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