Document:

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                                                                  EXECUTION COPY

                       AMERICAN HONDA FINANCE CORPORATION,
                                   as Seller,

                                       and

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Purchaser

                         RECEIVABLES PURCHASE AGREEMENT
                            Dated as of June 1, 2004

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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

                                   ARTICLE ONE

                                   DEFINITIONS

Section 1.01    Definitions....................................................1
Section 1.02    Other Definitional Provisions..................................2

                                   ARTICLE TWO

                            CONVEYANCE OF RECEIVABLES

Section 2.01    Conveyance of Receivables......................................2
Section 2.02    Representations and Warranties of the Seller and
                  the Purchaser ...............................................3
Section 2.03    Representations and Warranties as to the Receivables ..........6
Section 2.04    Covenants of the Seller.......................................10

                                  ARTICLE THREE

                      PAYMENT OF RECEIVABLES PURCHASE PRICE

Section 3.01    Payment of Receivables Purchase Price.........................10

                                  ARTICLE FOUR

                                   TERMINATION

Section 4.01    Termination...................................................11

                                  ARTICLE FIVE

                            MISCELLANEOUS PROVISIONS

Section 5.01    Amendment.....................................................11
Section 5.02    Protection of Right, Title and Interest to Receivables .......11
Section 5.03    Governing Law.................................................12
Section 5.04    Notices.......................................................12
Section 5.05    Severability of Provisions....................................12
Section 5.06    Assignment....................................................12
Section 5.07    Further Assurances............................................12
Section 5.08    No Waiver; Cumulative Remedies................................13
Section 5.09    Counterparts..................................................13
Section 5.10    Third-Party Beneficiaries.....................................13
Section 5.11    Headings......................................................13
Section 5.12    Seller Indemnification........................................13
Section 5.13    Merger, Consolidation or Assumption of the Obligations
                  of the Seller ..............................................14

                                      -i-
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                                SCHEDULES

Schedule A - Schedule of Receivables.........................................A-1

                                      -ii-

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     This Receivables Purchase Agreement, dated as of June 1, 2004, is between
American Honda Finance Corporation, a California corporation, as seller, and
American Honda Receivables Corp., a California corporation, as purchaser.

     In consideration of the premises and mutual agreements herein contained,
each party agrees as follows for the benefit of the other party and for the
benefit of the Owner Trustee:

                                   ARTICLE ONE

                                   DEFINITIONS

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

     "Agreement" means this Receivables Purchase Agreement and all amendments
hereof and supplements hereto.

     "Closing Date" means June 22, 2004.

     "Cutoff Date" means June 1, 2004.

     "Indenture" means the Indenture, dated as of June 1, 2004, between the
Issuer and the Indenture Trustee.

     "Indenture Trustee" means Citibank, N.A., as indenture trustee under the
Indenture.

     "Issuer" means Honda Auto Receivables 2004-2 Owner Trust, a Delaware
statutory trust.

     "Owner Trustee" means Chase Manhattan Bank USA, National Association, as
owner trustee under the Trust Agreement.

     "Purchaser" means American Honda Receivables Corp., in its capacity as
purchaser of the Receivables under this Agreement, and its successors and
assigns.

     "Receivables Purchase Price" means $1,872,756,536.96, less agreed upon
securitization-related fees, costs and expenses.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of June 1, 2004, among American Honda Receivables Corp., as seller,
American Honda Finance Corporation, as servicer, and the Issuer.

     "Schedule of Receivables" means the schedule of receivables attached as
Schedule A hereto.

     "Seller" means American Honda Finance Corporation, in its capacity as
seller of the Receivables under this Agreement, and its successors and assigns.

     "Servicer" means American Honda Finance Corporation in its capacity as
servicer under the Sale and Servicing Agreement and its successors and assigns.

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     "Trust Agreement" means the trust agreement dated May 26, 2004, as amended
and restated on June 22, 2004 between American Honda Receivables Corp., as
depositor and the Owner Trustee.

     "Trustees" means the Indenture Trustee and the Owner Trustee.

     "Warranty Receivable" means a Receivable purchased by the Seller pursuant
to Section 2.03(c).

     Section 1.02 Other Definitional Provisions.

     (a) All capitalized terms not otherwise defined in this Agreement shall
have the defined meanings used in the Sale and Servicing Agreement.

     (b) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Section, subsection and
Schedule references contained in this Agreement are references to Sections,
subsections and Schedules in or to this Agreement unless otherwise specified;
the term "proceeds" shall have the meaning set forth in the applicable UCC; and
the word "including" means including without limitation.

                                   ARTICLE TWO

                            CONVEYANCE OF RECEIVABLES

     Section 2.01 Conveyance of Receivables.

     (a) The Seller hereby sells, transfers, assigns, sets over and otherwise
conveys to the Purchaser, and the Purchaser hereby purchases from the Seller,
without recourse (subject to the Seller's obligations hereunder), all of the
right, title and interest of the Seller in, to and under the following:

         (i) the Receivables listed in the Schedule of Receivables and all
     monies due thereon or paid thereunder or in respect thereof (including
     proceeds of the repurchase of Receivables by the Seller pursuant to Section
     2.03(c)) on or after the Cutoff Date;

         (ii) the security interests in the Financed Vehicles;

         (iii) any proceeds of any physical damage insurance policies covering
     the Financed Vehicles and in any proceeds of any credit life or credit
     disability insurance policies relating to the Receivables or the Obligors;

         (iv) any proceeds of Dealer Recourse;

         (v) the right to realize upon any property (including the right to
     receive future Liquidation Proceeds) that shall have secured a Receivable
     and have been repossessed by or on behalf of the Issuer; and

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         (vi) the proceeds of any and all of the foregoing.

     (b) In connection with the foregoing conveyance, the Seller agrees to
record and file, at its own expense, one or more financing statements with
respect to the Receivables now existing and hereafter created for the sale of
chattel paper (as defined in Section 9-102 of the UCC as in effect in the State
of California) meeting the requirements of applicable state law in such manner
as is necessary to perfect the sale of the Receivables to the Purchaser, and the
proceeds thereof (and any continuation statements as are required by applicable
state law), and to deliver a file-stamped copy to the Indenture Trustee of each
such financing statement (or continuation statement) or other evidence of such
filings (which may, for purposes of this Section, consist of telephone
confirmation of such filings with the file stamped copy of each such filings to
be provided to the Purchaser in due course), as soon as is practicable after
receipt by the Seller thereof.

     In connection with the foregoing conveyance, the Seller further agrees, at
its own expense, on or prior to the Closing Date (i) to annotate and indicate in
its computer files that the Receivables have been transferred to the Purchaser
pursuant to this Agreement, (ii) to deliver to the Purchaser a computer file or
printed or microfiche list containing a true and complete list of all such
Receivables, identified by account number and by the Principal Balance of each
Receivable as of the Cutoff Date, which file or list shall be marked as Schedule
A to this Agreement and is hereby incorporated into and made a part of this
Agreement and (iii) to deliver the Receivable Files to or upon the order of the
Purchaser.

     The parties hereto intend that the conveyance hereunder be a sale. In the
event that the conveyance hereunder is not for any reason considered a sale, the
Seller hereby grants to the Purchaser a first priority perfected security
interest in all of its right, title and interest in, to and under the
Receivables, and all other property conveyed hereunder and listed in this
Section and all proceeds of any of the foregoing. The parties intend that this
Agreement constitute a security agreement under applicable law. Such grant is
made to secure the payment of all amounts payable hereunder, including, without
limitation, the Receivables Purchase Price.

     Section 2.02 Representations and Warranties of the Seller and the
Purchaser.

     (a) The Seller hereby represents and warrants to the Purchaser as of the
date of this Agreement and the Closing Date that:

         (i) Organization and Good Standing. The Seller is a corporation duly
     organized, validly existing and in good standing under the laws of the
     State of California, and has 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 shall
     have, power, authority and legal right to acquire, own and sell the
     Receivables.

         (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 in which the ownership or lease
     of property or the conduct of its business

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     (including the servicing of the Receivables as required by the Sale and
     Servicing Agreement) shall require such qualifications.

         (iii) Power and Authority. The Seller shall have the power and
     authority to execute and deliver this Agreement and to carry out its terms;
     and the execution, delivery and performance of this Agreement shall have
     been duly authorized by the Seller by all necessary corporate action.

         (iv) Binding Obligation. This Agreement constitutes a legal, valid and
     binding obligation of the Seller, enforceable against it in accordance with
     its terms, except as enforceability may be subject to or limited by
     bankruptcy, insolvency, reorganization, moratorium, liquidation or other
     similar laws affecting the enforcement of creditors' rights in general and
     by general principles of equity, regardless of whether such enforceability
     shall be considered in a proceeding in equity or at law.

         (v) No Violation. The execution, delivery and performance by the Seller
     of this Agreement and the consummation of the transactions contemplated by
     this Agreement and the fulfillment of the terms hereof shall not conflict
     with, result in any breach of any of the terms and provisions of, nor
     constitute (with or without notice or lapse of time) a default under, the
     articles of incorporation or bylaws of the Seller, or conflict with or
     breach any of the material terms or provisions of, or constitute (with or
     without notice or lapse of time) a default under, any indenture, agreement
     or other instrument to which the Seller is a party or by which it may be
     bound or any of its properties are subject; nor result in the creation or
     imposition of any lien upon any of its properties pursuant to the terms of
     any such indenture, agreement or other instrument (other than this
     Agreement); nor violate any law or, to the knowledge of the Seller, any
     order, rule or regulation applicable to it or its properties of any court
     or of any federal or state regulatory body, administrative agency or other
     governmental instrumentality having jurisdiction over the Seller or any of
     its properties.

         (vi) No Proceedings. There are no proceedings or investigations pending
     or, to the knowledge of the Seller, threatened against the Seller, before
     any court, regulatory body, administrative agency or other tribunal or
     governmental instrumentality (i) asserting the invalidity of this
     Agreement, (ii) seeking to prevent the consummation of any of the
     transactions contemplated by this Agreement or (iii) seeking any
     determination or ruling that, in the reasonable judgment of the Seller,
     would materially and adversely affect the performance by the Seller of its
     obligations under this Agreement.

     (b) The Purchaser hereby represents and warrants to the Seller as of the
date of this Agreement and the Closing Date that:

         (i) Organization and Good Standing. The Purchaser is a corporation duly
     organized, validly existing and in good standing under the laws of the
     State of California, and has 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 shall
     have, power, authority and legal right to acquire, own and sell the
     Receivables.

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

         (iii) Power and Authority. The Purchaser shall have the power and
     authority to execute and deliver this Agreement and to carry out its terms;
     and the execution, delivery and performance of this Agreement shall have
     been duly authorized by the Purchaser by all necessary corporate action.

         (iv) Binding Obligation. This Agreement constitutes a legal, valid and
     binding obligation of the Purchaser, enforceable against it in accordance
     with its terms, except as enforceability may be subject to or limited by
     bankruptcy, insolvency, reorganization, moratorium, liquidation or other
     similar laws affecting the enforcement of creditors' rights in general and
     by general principles of equity, regardless of whether such enforceability
     shall be considered in a proceeding in equity or at law.

         (v) No Violation. The execution, delivery and performance of this
     Agreement and the consummation of the transactions contemplated by this
     Agreement and the fulfillment of the terms hereof shall not conflict with,
     result in any breach of any of the terms and provisions of, nor constitute
     (with or without notice or lapse of time) a default under, the articles of
     incorporation or bylaws of the Purchaser, or conflict with or breach any of
     the material terms or provisions of, or constitute (with or without notice
     or lapse of time) a default under, any indenture, agreement or other
     instrument to which the Purchaser is a party or by which it may be bound or
     any of its properties are subject; nor result in the creation or imposition
     of any lien upon any of its properties pursuant to the terms of any such
     indenture, agreement or other instrument (other than this Agreement); nor
     violate any law or, to the knowledge of the Purchaser, any order, rule or
     regulation applicable to it or its properties of any court or of any
     federal or state regulatory body, administrative agency or other
     governmental instrumentality having jurisdiction over the Purchaser or any
     of its properties.

         (vi) No Proceedings. There are no proceedings or investigations pending
     or, to the knowledge of the Purchaser, threatened against the Purchaser,
     before any court, regulatory body, administrative agency or other tribunal
     or governmental instrumentality (i) asserting the invalidity of this
     Agreement, (ii) seeking to prevent the consummation of any of the
     transactions contemplated by this Agreement or (iii) seeking any
     determination or ruling that, in the reasonable judgment of the Purchaser,
     would materially and adversely affect the performance by the Purchaser of
     its obligations under this Agreement.

     (c) The representations and warranties set forth in this Section shall
survive the sale of the Receivables by the Seller to the Purchaser and the sale
of the Receivables by the Purchaser to the Issuer. Upon discovery by the Seller
or the Purchaser of a breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
to the others.

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     Section 2.03 Representations and Warranties as to the Receivables.

     (a) Eligibility of Receivables. The Seller hereby represents and warrants
to the Purchaser as of the Cutoff Date that:

         (i) Characteristics of Receivables. Each Receivable (A) shall have been
     originated in the United States by a Dealer for the retail sale of the
     related Financed Vehicle in the ordinary course of such Dealer's business,
     shall have been fully and properly executed by the parties thereto, shall
     have been purchased by the Seller from such Dealer under an existing
     agreement with the Seller, shall have been validly assigned by such Dealer
     to the Seller in accordance with its terms and, to the best knowledge of
     the Seller, shall have been sold by a Dealer without fraud or
     misrepresentation, (B) shall have created or shall create a valid,
     subsisting and enforceable first priority security interest in favor of the
     Seller in the related Financed Vehicle, (C) shall contain customary and
     enforceable provisions such that the rights and remedies of the holder
     thereof shall be adequate for realization against the collateral of the
     benefits of the security, (D) shall provide for level Monthly Payments
     (provided that the payment in the first or last month in the life of the
     Receivable may be minimally different from the level payment) that fully
     amortize the Amount Financed over its original term and shall provide for a
     finance charge or shall yield interest at its APR, (E) shall provide for,
     in the event that such Receivable is prepaid, a prepayment that fully pays
     the Principal Balance and includes accrued but unpaid interest at least
     through the date of prepayment in an amount calculated by using an interest
     rate at least equal to its APR, (F) shall have an Obligor that is not a
     federal, state or local governmental entity and (G) is a retail installment
     contract.

         (ii) Schedule of Receivables. The information set forth in the Schedule
     of Receivables shall be true and correct in all material respects as of the
     opening of business on the Cutoff Date, and no selection procedures
     believed to be adverse to the Securityholders were utilized in selecting
     the Receivables from those motor vehicle receivables of the Seller which
     met the selection criteria set forth in this Agreement.

         (iii) Compliance with Law. Each Receivable and each sale of the related
     Financed Vehicle shall have complied at the time it was originated or made,
     and shall comply at the time of execution of this Agreement in all material
     respects with all requirements of applicable federal, state and local laws,
     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, Federal Reserve Board Regulations B and Z, state adaptations of the
     National Consumer Act and of the Uniform Consumer Credit Code and other
     consumer credit, equal credit opportunity and disclosure laws.

         (iv) Binding Obligation. Each Receivable shall constitute the genuine,
     legal, valid and binding payment obligation in writing of the related
     Obligor, enforceable by the holder thereof in accordance with its terms,
     except as enforceability may be subject to or limited by bankruptcy,
     insolvency, reorganization, moratorium, liquidation or other

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     similar laws affecting the enforcement of creditors' rights in general and
     by general principles of equity, regardless of whether such enforceability
     shall be considered in a proceeding in equity or at law.

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

         (vi) Security Interest in Financed Vehicles. According to the records
     of the Seller, as of the Cutoff Date, no Financed Vehicle has been
     repossessed and not reinstated and immediately prior to the sale,
     assignment and transfer thereof, all necessary steps shall be taken so that
     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 action with respect to such
     Receivable shall have been taken to perfect a first priority security
     interest in such Financed Vehicle in favor of the Seller as secured party.

         (vii) Receivables in Force. No Receivable shall have been satisfied,
     subordinated or rescinded, nor shall any Financed Vehicle have been
     released in whole or in part from the lien granted by the related
     Receivable.

         (viii) No Waivers. No provision of a Receivable shall have been waived
     in such a manner that such Receivable fails to meet all of the other
     representations and warranties made by the Seller herein with respect
     thereto.

         (ix) No Amendments. No Receivable shall have been amended in such a
     manner that the number of Scheduled Payments has been increased or that the
     related Amount Financed has been increased or such Receivable fails to meet
     all of the other representations and warranties made by the Seller herein
     with respect thereto.

         (x) No Defenses. No facts shall be known to the Seller which would give
     rise to any right of rescission, setoff, counterclaim or defense, nor shall
     the same have been asserted or threatened, with respect to any Receivable.

         (xi) No Liens. To the knowledge of the Seller, no liens or claims shall
     have been filed, including liens for work, labor or materials relating to a
     Financed Vehicle, that shall be liens prior to, or equal or coordinate
     with, the security interest in such Financed Vehicle granted by the related
     Receivable.

         (xii) No Defaults. Except for payment defaults continuing for a period
     of not more than 30 days as of the Cutoff Date, no default, breach,
     violation or event permitting acceleration under the terms of any
     Receivable shall have occurred and no continuing condition that with notice
     or the lapse of time would constitute a default, breach, violation or event
     permitting acceleration under the terms of any Receivable shall have
     arisen; and the Seller shall not have waived any of the foregoing except as
     otherwise permitted hereunder.

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         (xiii) Insurance. Pursuant to the Receivables, each Obligor has been
     required to obtain physical damage insurance covering the related Financed
     Vehicle and the Obligor is required under the terms of the related
     Receivable to maintain such insurance.

         (xiv) Good Title. It is the intention of the Seller that the transfer
     and assignment herein contemplated, taken as a whole, constitute a sale of
     the Receivables from the Seller to the Purchaser 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 has been sold, transferred,
     assigned or pledged by the Seller to any Person other than the Purchaser,
     and no provision of a Receivable shall have been waived, except as provided
     in clause (viii) above; immediately prior to the transfer and assignment
     herein contemplated, the Seller had good and marketable title to each
     Receivable, free and clear of all Liens and rights of others; immediately
     upon the transfer and assignment thereof, the Purchaser shall have good and
     marketable title to each Receivable, free and clear of all Liens and rights
     of others; and the transfer and assignment herein contemplated has been
     perfected under the applicable UCC.

         (xv) Lawful Assignment. No Receivable shall have been originated in, or
     shall be subject to the laws of, any jurisdiction under which the sale,
     transfer and assignment of such Receivable under this Agreement or pursuant
     to the transfer of the Securities shall be unlawful, void or voidable.

         (xvi) All Filings Made. Both the Seller and the Purchaser,
     respectively, have caused or will have caused, within ten days of the
     Closing Date, the filing of all appropriate financing statements (including
     UCC filings) necessary in the appropriate jurisdictions under the
     applicable law to give the Indenture Trustee a first priority perfected
     ownership interest in the Receivables.

         (xvii) One Original. There shall be only one original executed copy of
     each Receivable.

         (xviii) Chattel Paper. Each Receivable constitutes "tangible chattel
     paper" as defined within the meaning of the applicable UCC.

         (xix) Additional Representations and Warranties. (A) Each Receivable
     shall have an original maturity of at least 11 months and not more than 60
     months and, as of the Cutoff Date, a remaining maturity of not less than 7
     months nor greater than 58 months; (B) each Receivable shall provide for
     payment of a finance charge or shall yield interest calculated on the basis
     of an APR ranging from 1.90% to 16.75%; (C) each Receivable shall have had
     an original principal balance of not less than $2,939.00 nor more than
     $75,456.26 and, as of the Cutoff Date, all of the Receivables shall have an
     average unpaid principal balance of $14,852.77; (D) each Receivable was
     originated on or after October 17, 1999 and on or prior to February 27,
     2004; (E) each Financed Vehicle shall be a new or used Honda or Acura motor
     vehicle; (F) the Obligor under each Receivable had a current billing
     address in the United States as of the Cutoff Date; and

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     (G) no Receivable shall have a Scheduled Payment that is more than 30 days
     past due as of the Cutoff Date.

         (xx) Possession of Documents. The Servicer has in its possession all
     original copies of the agreements that constitute or evidence the
     Receivables. The agreements that constitute or evidence the Receivables do
     not have any marks or notations indicating that they have been pledged,
     assigned or otherwise conveyed to any Person other than the Indenture
     Trustee (pursuant to and as provided in the Sale and Servicing Agreement
     and the Indenture). All financing statements filed or to be filed against
     the Seller in favor of Purchaser and assigned to the Indenture Trustee 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 will violate the rights of the
     Indenture Trustee."

     (b) Notice of Breach. The representations and warranties set forth in this
Section shall speak as of the execution and delivery of this Agreement, but
shall survive the sale, transfer and assignment of the Receivables to the
Purchaser and any subsequent assignment or transfer pursuant to the Sale and
Servicing Agreement. The Purchaser, the Seller, the Issuer, the Owner Trustee or
the Indenture Trustee, as the case may be, shall inform the other parties
promptly, in writing, upon discovery of any breach of the Seller's
representations and warranties pursuant to this Section which materially and
adversely affects the interests of the Noteholders in any Receivable.

     (c) Repurchase of Receivables. In the event of a breach of any
representation or warranty set forth in Section 2.03(a) which materially and
adversely affects the interests of the Noteholders in any Receivable and unless
the breach shall have been cured by the last day of the second Collection Period
following the Collection Period in which the discovery of the breach is made or
notice is received, as the case may be (or, at the option of the Seller, the
last day in the first Collection Period following the Collection Period in which
such discovery is made), the Seller shall repurchase such Receivable. In
consideration of the purchase of any such Receivable, the Seller shall remit an
amount equal to the Warranty Purchase Payment in respect of such Receivable to
the Purchaser and shall be entitled to receive the Released Warranty Amount. In
the event that, as of the date of execution and delivery of this Agreement, any
Liens or claims shall have been filed, including Liens for work, labor or
materials relating to a Financed Vehicle, that shall be prior to, or equal or
coordinate with, the lien granted by the related Receivable (whether or not the
Seller has knowledge thereof), and such breach materially and adversely affects
the interests of the Noteholders in such Receivable, the Seller shall repurchase
such Receivable on the terms and in the manner specified above. Upon any such
repurchase, the Purchaser shall, without further action, be deemed to transfer,
assign, set-over and otherwise convey to the Seller, without recourse,
representation or warranty, all the right, title and interest of the Purchaser
in, to and under such repurchased Receivable, all monies due or to become due
with respect thereto and all proceeds thereof. The Purchaser, the Issuer, the
Owner Trustee or the Indenture Trustee, as applicable, shall execute such
documents and instruments of transfer or assignment and take such other actions
as shall reasonably be requested by the Seller to effect the conveyance of such
Receivable pursuant to this Section. The sole remedy of the Purchaser, the
Issuer, the Trustees or the Securityholders with respect to a breach of the
Seller's representations and warranties pursuant to Section 2.03(a) or with
respect

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to the existence of any such Liens or claims shall be to require the Seller to
repurchase the related Receivables pursuant to this Section.

     Section 2.04 Covenants of the Seller. The Seller hereby covenants that:

         (a) Security Interests. Except for the conveyances hereunder, the
     Seller will not sell, pledge, assign or transfer to any other Person, or
     grant, create, incur, assume or suffer to exist any Lien on any Receivable,
     whether now existing or hereafter created, or any interest therein; the
     Seller will immediately notify the Purchaser of the existence of any Lien
     on any Receivable and, in the event that the interests of the Noteholders
     in such Receivable are materially and adversely affected, such Receivable
     shall be repurchased from the Purchaser by the Seller in the manner and
     with the effect specified in Section 2.03(c), and the Seller shall defend
     the right, title and interest of the Purchaser in, to and under the
     Receivables, whether now existing or hereafter created, against all claims
     of third parties claiming through or under the Seller; provided, however,
     that nothing in this subsection shall prevent or be deemed to prohibit the
     Seller from suffering to exist upon a Receivable any Lien for municipal or
     other local taxes if such taxes shall not at the time be due and payable or
     if the Seller shall currently be contesting the validity of such taxes in
     good faith by appropriate proceedings and shall have set aside on its books
     adequate reserves with respect thereto.

         (b) Delivery of Payments. The Seller agrees to deliver in kind upon
     receipt to the Servicer under the Sale and Servicing Agreement (if other
     than the Seller) all payments received by the Seller in respect of the
     Receivables as soon as practicable after receipt thereof by the Seller.

         (c) No Impairment. The Seller shall take no action, nor omit to take
     any action, which would impair the rights of the Purchaser in any
     Receivable, nor shall it, except as otherwise provided in this Agreement or
     the Sale and Servicing Agreement, reschedule, revise or defer payments due
     on any Receivable.

                                  ARTICLE THREE

                      PAYMENT OF RECEIVABLES PURCHASE PRICE

     Section 3.01 Payment of Receivables Purchase Price. In consideration of the
sale of the Receivables from the Seller to the Purchaser as provided in Section
2.01, on the Closing Date the Purchaser agrees to pay the Seller an amount equal
to the Receivables Purchase Price. The Receivables Purchase Price shall be paid
in the form of (i) $1,811,813,790.64, the net cash proceeds from the public
offering by the Purchaser of the Notes and (ii) $3,380,000.00, being deemed paid
and returned to the Purchaser as a capital contribution.

                                       10
<PAGE>

                                  ARTICLE FOUR

                                   TERMINATION

     Section 4.01 Termination. The respective obligations and responsibilities
of the Seller and the Purchaser created hereby shall terminate, except for the
indemnity obligations of the Seller as provided herein, upon the termination of
the Issuer as provided in the Trust Agreement.

                                  ARTICLE FIVE

                            MISCELLANEOUS PROVISIONS

     Section 5.01 Amendment.

     (a) This Agreement may be amended from time to time by the Purchaser and
the Seller, without the consent of the Securityholders, to cure any ambiguity,
to correct or supplement any provision herein which may be inconsistent with any
other provision herein or to add any other provision with respect to matters or
questions arising under this Agreement which shall not be inconsistent with the
provisions of this Agreement or the Sale and Servicing Agreement; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel to
the Purchaser delivered to the Indenture Trustee, adversely affect in any
material respect the interests of the Securityholders.

     (b) This Agreement may also be amended from time to time by the Purchaser
and the Seller with the consent of the Indenture Trustee, the consent of the
Holders of Notes evidencing at least a majority of the Outstanding Amount of the
Notes and the consent of the Holders (as such term is defined in the Trust
Agreement) of Certificates evidencing at least a majority of all the percentage
interests evidenced by the Certificates, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement.

     Section 5.02 Protection of Right, Title and Interest to Receivables.

     (a) The Seller, at its expense, shall cause this Agreement and/or all
financing statements and continuation statements and any other necessary
documents covering the Purchaser's right, title and interest to the Receivables
and other property conveyed by the Seller to the Purchaser hereunder to be
promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required
by law fully to preserve and protect the right, title and interest of the
Purchaser hereunder to all of the Receivables and such other property. The
Seller shall deliver to the Purchaser file-stamped copies of, or filing receipts
for, any document recorded, registered or filed as provided above, as soon as
available following such recording, registration or filing. The Purchaser shall
cooperate fully with the Seller in connection with the obligations set forth
above and will execute any and all documents reasonably required to fulfill the
intent of this subsection.

     (b) In the event that the Seller makes any change in its name, identity or
corporate structure which would make any financing statement or continuation
statement filed in accordance with Section 5.02(a) seriously misleading within
the meaning of Section 9-507(c) of the UCC as in effect in the applicable state,
the Seller shall give the Purchaser not less than 5

                                       11
<PAGE>

days prior written notice of any such change and shall, within 30 days of such
change, execute and file such financing statements or amendments as may be
necessary to continue the perfection of the Purchaser's security interest in the
Receivables and the proceeds thereof.

     (c) The Seller will give the Purchaser prompt written notice of any
relocation of any office from which the Seller keeps records concerning the
Receivables or of its principal executive office and whether, as a result of
such relocation, the applicable provisions of the UCC would require the filing
of any amendment of any previously filed financing or continuation statement or
of any new financing statement and shall execute and file such financing
statements or amendments as may be necessary to continue the perfection of the
interest of the Purchaser in the Receivables and the proceeds thereof.

     Section 5.03 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.

     Section 5.04 Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by registered mail, return receipt requested, in the case
of (i) the Purchaser, to American Honda Receivables Corp., 20800 Madrona Avenue,
Torrance, California 90503, Attention: President; (ii) the Seller, to American
Honda Finance Corporation, 20800 Madrona Avenue, Torrance, California 90503,
Attention: President; and (iii) the Indenture Trustee, Citibank, N.A., 111 Wall
Street, 14th Floor, New York, New York 10005, Attention: Attention: Corporate
Trust Services; or, as to any of such Persons, at such other address as shall be
designated by such Person in a written notice to the other Persons.

     Section 5.05 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions and terms of this Agreement and shall in no way affect the validity
or enforceability of the other covenants, agreements, provisions or terms of
this Agreement or any amendment or supplement hereto.

     Section 5.06 Assignment. This Agreement may not be assigned by the
Purchaser or the Seller except as contemplated by this Section and the Sale and
Servicing Agreement; provided, however, that simultaneously with the execution
and delivery of this Agreement, the Purchaser shall assign all of its right,
title and interest herein to the Issuer, which in turn, will pledge its rights
to the Indenture Trustee for the benefit of the Noteholders as provided in
Section 2.01 of the Sale and Servicing Agreement, to which the Seller hereby
expressly consents. The Seller agrees to perform its obligations hereunder for
the benefit of the Issuer and that the Indenture Trustee may enforce the
provisions of this Agreement, exercise the rights of the Purchaser and enforce
the obligations of the Seller hereunder without the consent of the Purchaser.

     Section 5.07 Further Assurances. The Seller and the Purchaser agree to do
and perform, from time to time, any and all acts and to execute any and all
further instruments required or reasonably requested by the other party hereto
or by the Issuer or the Indenture Trustee more fully to effect the purposes of
this Agreement, including, without limitation, the

                                       12
<PAGE>

execution of any financing statements, amendments, continuation statements or
releases relating to the Receivables for filing under the provisions of the UCC
or other law of any applicable jurisdiction.

     Section 5.08 No Waiver; Cumulative Remedies. No failure to exercise and no
delay in exercising, on the part of the Purchaser, the Issuer or the Seller, any
right, remedy, power or privilege hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

     Section 5.09 Counterparts. This Agreement may be executed in two or more
counterparts, (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

     Section 5.10 Third-Party Beneficiaries. This Agreement will inure to the
benefit of and be binding upon the parties hereto, the Issuer and the Indenture
Trustee for the benefit of the Noteholders, both of which shall be considered to
be third-party beneficiaries hereof. Except as otherwise provided in this
Agreement, no other Person will have any right or obligation hereunder.

     Section 5.11 Headings. The headings herein are for purposes of reference
only and shall not otherwise affect the meaning or interpretation of any
provision hereof.

     Section 5.12 Seller Indemnification.

     (a) Purchaser, Issuer and Securityholders. The Seller shall indemnify and
hold harmless the Purchaser, the Issuer and the Securityholders from and against
any loss, liability, expense or damage suffered or sustained by reason of any
acts, omissions or alleged acts or omissions arising out of activities of the
Seller pursuant to this Agreement or as a result of the transactions
contemplated hereby, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim; provided, however, that the Seller shall not indemnify the Purchaser, the
Issuer or the Securityholders if such acts, omissions or alleged acts or
omissions constitute negligence or willful misconduct by the Purchaser, the
Issuer or the Securityholders.

     (b) Trustees. The Seller shall indemnify, defend and hold harmless the
Trustees 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, and was imposed upon the Trustees through the
negligence, willful misfeasance or bad faith of the Seller in the performance of
its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement.

     (c) Taxes. The Seller shall indemnify, defend and hold harmless the
Purchaser and any of the officers, directors, employees and agents of the
Purchaser from and against any taxes that may at any time be asserted against
any such Person with respect to the transactions

                                       13
<PAGE>

contemplated herein and in the other Basic Documents, including any sales, gross
receipts, general corporation, tangible personal property, privilege or license
taxes and costs and expenses in defending against the same.

     Section 5.13 Merger, Consolidation or Assumption of the Obligations of the
Seller.

     (a) The Seller shall not consolidate with or merge into any other
corporation or convey or transfer its properties and assets substantially as an
entirety to any Person, unless:

         (i) the corporation formed by such consolidation or into which the
     Seller is merged or the Person which acquires by conveyance or transfer the
     properties and assets of the Seller substantially as an entirety shall be
     organized and existing under the laws of the United States, any state
     thereof or the District of Columbia, and, if the Seller is not the
     surviving entity, shall expressly assume, by an agreement supplemental
     hereto, executed and delivered to the Purchaser and the Indenture Trustee,
     in form satisfactory to the Purchaser and the Indenture Trustee, the
     performance of every covenant and obligation of the Seller hereunder and
     shall benefit from all the rights granted to the Seller hereunder; and

         (ii) the Seller shall have delivered to the Purchaser and the Indenture
     Trustee an Officer's Certificate of the Seller and an Opinion of Counsel
     each stating that such consolidation, merger, conveyance or transfer and
     such supplemental agreement comply with this Section and that all
     conditions precedent herein provided for relating to such transaction have
     been complied with.

     (b) The obligations of the Seller hereunder shall not be assignable nor
shall any Person succeed to the obligations of the Seller hereunder except in
each case in accordance with the provisions of Section 5.06 and this Section.

                                       14
<PAGE>

     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.

                                            AMERICAN HONDA FINANCE CORPORATION,
                                            as Seller

                                            By: /s/ Y. Takahashi
                                                --------------------------------
                                            Name:   Y. Takahashi
                                            Title:  President

                                            AMERICAN HONDA RECEIVABLES CORP.,
                                            as Purchaser

                                            By: /s/ Y. Takahashi
                                                --------------------------------
                                            Name:   Y. Takahashi
                                            Title:  President

<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                   Omitted -- originals on file at the offices
             of the Seller, the Purchaser and the Indenture Trustee

                                      A-1<PAGE>

                                                                  EXECUTION COPY

                   HONDA AUTO RECEIVABLES 2004-2 OWNER TRUST,
                                   as Issuer,

                       AMERICAN HONDA FINANCE CORPORATION,
                                as Administrator,

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                                 CITIBANK, N.A.,
                              as Indenture Trustee

                            ADMINISTRATION AGREEMENT

                            Dated as of June 1, 2004

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
Section 1.01   Capitalized Terms; Interpretive Provisions......................1
Section 1.02   Duties of the Administrator.....................................2
Section 1.03   Records.........................................................7
Section 1.04   Compensation....................................................7
Section 1.05   Additional Information to be Furnished to the Issuer............8
Section 1.06   Independence of the Administrator...............................8
Section 1.07   No Joint Venture................................................8
Section 1.08   Other Activities of Administrator...............................8
Section 1.09   Term of Agreement; Resignation and Removal of Administrator.....8
Section 1.10   Action Upon Termination, Resignation or Removal.................9
Section 1.11   Notices.........................................................9
Section 1.12   Amendments.....................................................10
Section 1.13   Successors and Assigns.........................................10
Section 1.14   Governing Law..................................................11
Section 1.15   Headings.......................................................11
Section 1.16   Counterparts...................................................11
Section 1.17   Severability...................................................11
Section 1.18   Limitation of Liability of Owner Trustee and
               Indenture Trustee..............................................11
Section 1.19   Third-Party Beneficiary........................................11
Section 1.20   Rights of the Indenture Trustee................................12

                                    EXHIBITS

Exhibit A - Form of Power of Attorney........................................A-1

<PAGE>

     This Administration Agreement, dated as of June 1, 2004 (the "Agreement"),
is among Honda Auto Receivables 2004-2 Owner Trust, as issuer (the "Issuer"),
American Honda Finance Corporation ("AHFC"), as administrator (in such capacity,
the "Administrator"), American Honda Receivables Corp. ("AHRC"), as depositor
(in such capacity, the "Depositor"), and Citibank, N.A., as indenture trustee
(the "Indenture Trustee").

     WHEREAS, the Issuer was created pursuant to the Amended and Restated Trust
Agreement, dated as of June 22, 2004 (the "Trust Agreement"), between the
Depositor and Chase Manhattan Bank USA, National Association, as owner trustee
(the "Owner Trustee");

     WHEREAS, the Issuer is issuing 1.63% Asset Backed Notes, Class A-1, 2.52%
Asset Backed Notes, Class A-2, 3.30% Asset Backed Notes, Class A-3 and 3.81%
Asset Backed Notes, Class A-4 (collectively, the "Notes") pursuant to an
Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and
the Indenture Trustee;

     WHEREAS, the Issuer has entered into certain agreements in connection with
the issuance of the Notes and of certain beneficial ownership interests of the
Issuer, including (i) the Indenture, (ii) a Sale and Servicing Agreement, dated
as of the date hereof (the "Sale and Servicing Agreement"), among the Issuer,
AHRC, as transferor (in such capacity, the "Seller"), and AHFC, as servicer (in
such capacity, the "Servicer"), and (iii) a Letter of Representations, dated
June 22, 2004 (the "Note Depository Agreement" and, together with this
Agreement, the Indenture, the Sale and Servicing Agreement, the Control
Agreement and the Trust Agreement, the "Related Documents"), among the Issuer,
the Indenture Trustee and The Depository Trust Company;

     WHEREAS, pursuant to the Related Documents, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (i) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) 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 other Related Documents as the Issuer and the
Owner Trustee may from time to time request; and

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

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

     Section 1.01 Capitalized Terms; Interpretive Provisions.

     (a) Capitalized terms used herein that are not otherwise defined shall have
the meanings ascribed thereto or incorporated by reference in the Sale and
Servicing Agreement, the

<PAGE>

Trust Agreement or the Indenture, as the case may be. Whenever used herein,
unless the context otherwise requires, the following words and phrases shall
have the following meanings:

     "Agreement" means this Administration Agreement, as amended, supplemented
or modified from time to time.

     "Related Documents" has the meaning set forth in the Preamble.

     (b) For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the
singular, (ii) references to this Agreement include all Exhibits hereto, (iii)
references to words such as "herein", "hereof" and the like shall refer to this
Agreement as a whole and not to any particular part, Article or Section within
this Agreement, (iv) the term "include" and all variations thereof shall mean
"include without limitation", (v) the term "or" shall include "and/or" and (vi)
the term "proceeds" shall have the meaning ascribed to such term in the UCC.

     Section 1.02 Duties of the Administrator.

     (a) The Administrator agrees to perform all its duties as Administrator
and, except as specifically excluded herein, agrees to perform all the duties of
the Issuer and the Owner Trustee under the Related Documents. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Related Documents. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the respective duties of the Issuer and the
Owner Trustee under the Related Documents. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, or shall cause the preparation by
other appropriate persons of, all such documents, reports, notices, 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
Documents. In furtherance of the foregoing, the Administrator shall take (or, in
the case of the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuer or the Owner Trustee is required 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
(references are to Sections of the Indenture):

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

          (ii) 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);

          (iii) the notification of Noteholders and the Rating Agencies of the
     final principal payment on the Notes (Section 2.07(b));

                                       2
<PAGE>

          (iv) the fixing or causing to be fixed of any special record date and
     the notification of the Indenture Trustee and Noteholders with respect to
     special payment dates, if any (Section 2.07(c));

          (v) the preparation of Definitive Notes in accordance with the
     instructions of the Clearing Agency (Section 2.11);

          (vi) the preparation, obtaining or filing of the instruments, opinions
     and certificates and other documents required for the release of collateral
     (Section 2.12);

          (vii) 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);

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

          (ix) the obtaining and preservation of the Issuer's qualifications to
     do business, including under the Pennsylvania Motor Vehicle Sale Finance
     Act and MD. Fin. Inst. Code Ann., Title 11, Subtitle 4 (Section 3.04), as
     applicable;

          (x) 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 are necessary or advisable to protect the Owner Trust Estate (Section
     3.05);

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

          (xii) 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));

          (xiii) the notification of the Indenture Trustee and the Rating
     Agencies of each Servicer Default and, if such Servicer Default arises from
     the failure of the Servicer to perform any of its duties or obligations
     under the Servicing Agreement with respect to the Receivables, the taking
     of all reasonable steps available to remedy such failure (Section 3.07(d));

          (xiv) the preparation and obtaining of documents and instruments
     required for the release of the Issuer from its obligations upon the merger
     or consolidation of the Issuer under the Indenture and the obtaining of the
     Opinion of Counsel and the Officer's Certificate relating thereto (Section
     3.10);

          (xv) the duty to cause the Servicer to comply with Sections 3.10,
     3.11, 3.12, 4.10 and Article Eight of the Sale and Servicing Agreement
     (Section 3.14);

                                       3
<PAGE>

          (xvi) the delivery of written notice to the Indenture Trustee and each
     Rating Agency of each Event of Default and each default by the Servicer or
     the Seller under the Sale and Servicing Agreement (Section 3.19);

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

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

          (xix) the preparation and delivery of notice to Noteholders of the
     removal of the Indenture Trustee and the appointment of a successor
     Indenture Trustee (Section 6.08);

          (xx) the preparation and delivery to each Noteholder such information
     as may be required to enable such holder to prepare its federal and state
     income tax returns (Section 6.06);

          (xxi) 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 the Indenture Trustee or any co-trustee or separate trustee (Sections
     6.08 and 6.10);

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

          (xxiii) the preparation and, after execution by the Issuer, the filing
     with the Commission, any applicable state agencies 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 any applicable state agencies and the transmission
     of such summaries, as necessary, to the Noteholders (Section 7.03);

          (xxiv) the opening of one or more accounts in the Issuer's name and
     the taking of all other actions necessary with respect to investment and
     reinvestment of funds in the Accounts (Sections 8.02 and 8.03);

          (xxv) 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 Owner Trust Estate (Sections 8.04 and
     8.05);

          (xxvi) the preparation of Issuer Requests, the obtaining of Opinions
     of Counsel and the certification to the Indenture Trustee with respect to
     the execution of

                                       4
<PAGE>

     supplemental indentures and the mailing to the Noteholders of notices with
     respect to such supplemental indentures (Sections 9.01 and 9.02);

          (xxvii) the execution and delivery of new Notes conforming to any
     supplemental indenture (Section 9.06);

          (xxviii) the duty to notify Noteholders and the Rating Agencies of
     redemption of the Notes or to cause the Indenture Trustee to provide such
     notification (Sections 10.01 and 10.02);

          (xxix) 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));

          (xxx) 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));

          (xxxi) the notification of each Rating Agency, upon the failure of the
     Issuer, the Owner Trustee or the Indenture Trustee to give such
     notification, of the information required pursuant to Section 11.04 of the
     Indenture (Section 11.04); and

          (xxxii) the recording of the Indenture, if applicable (Section 11.15).

     (b) The Administrator shall:

          (i) pay from time to time reasonable compensation to (A) the Indenture
     Trustee for all services rendered by the Indenture Trustee under the Basic
     Documents and (B) the Owner Trustee for all services rendered under the
     Trust Agreement (in each case which compensation shall not be limited by
     any provision of law in regard to the compensation of a trustee of an
     express trust);

          (ii) except as otherwise expressly provided in the Indenture,
     reimburse the Indenture Trustee upon its request for all reasonable
     expenses, disbursements and advances incurred or made by the Indenture
     Trustee in accordance with any provision of the Basic Documents (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 willful misconduct, negligence or bad faith;

          (iii) except as otherwise expressly provided in the third sentence of
     Section 7.01 of the Trust Agreement, reimburse the Owner Trustee upon its
     request for all reasonable expenses, disbursements and advances incurred or
     made by the Owner Trustee in accordance with any provision of the Trust
     Agreement (including reasonable compensation, expenses and disbursements of
     its agents and counsel), except any such expense, disbursement or advance
     as may be attributable to its willful misconduct, gross negligence or bad
     faith; and

                                       5
<PAGE>

          (iv) indemnify the Indenture Trustee, the Owner Trustee and their
     respective agents for, and hold them harmless against, any loss, liability
     or expense incurred without negligence (or, in the case of the Owner
     Trustee only, gross negligence), willful misconduct or bad faith on their
     part, arising out of or in connection with the acceptance or administration
     of the transactions contemplated by the Basic Documents, as the case may
     be, 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 thereunder.

     The obligations of the Administrator under this Section 1.02(b) shall
survive the termination of this agreement.

     (c) In addition to the duties set forth in Sections 1.02(a) and (b), the
Administrator shall 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, notices, reports, filings,
instruments, certificates and opinions that the Issuer or the Owner Trustee are
required to prepare, file or deliver pursuant to the Related Documents, and at
the request of the Owner Trustee shall take all appropriate action that the
Issuer or the Owner Trustee are required to take pursuant to the Related
Documents. 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 1.06, 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
Documents) 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.

     (d) Notwithstanding anything in this Agreement or the Related Documents to
the contrary, the Administrator shall be responsible for promptly notifying the
Owner Trustee in the event that any withholding tax is imposed on the Issuer's
payments (or allocations of income) to a Trust Certificateholder as contemplated
in Section 5.02(c) of the Trust Agreement. Any such notice shall specify the
amount of any withholding tax required to be withheld by the Owner Trustee
pursuant to such provision.

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

     (f) The Administrator shall perform any duties expressly required to be
performed by the Administrator under the Trust Agreement or the Indenture.

                                       6
<PAGE>

     (g) 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.

     (h) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Owner Trustee of the proposed action and
the Owner Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, "non-ministerial matters"
shall include:

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

          (ii) 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);

          (iii) the amendment, change or modification of the Basic Documents;

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

          (v) the removal of the Indenture Trustee.

     (i) 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 Documents, (ii) sell the Owner Trust Estate
pursuant to Section 5.04 of the Indenture, (iii) take any other action that the
Issuer directs the Administrator not to take on its behalf or (iv) take any
other action which may be construed as having the effect of varying the
investment of the Trust Certificateholders.

     Section 1.03 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 and the
Depositor at any time during normal business hours.

     Section 1.04 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 entitled to an annual
payment of compensation which shall be solely an obligation of the Depositor.

                                       7
<PAGE>

     Section 1.05 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 1.06 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 1.07 No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Administrator and either 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 1.08 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.

     Section 1.09 Term of Agreement; Resignation and Removal of Administrator.
This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

     (a) Subject to Sections 1.09(d) and 1.09(e), the Administrator may resign
its duties hereunder by providing the Issuer with at least 60 days' prior
written notice.

     (b) Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

     (c) Subject to Sections 1.09(d) and 1.09(e), 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 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) the existence of any proceeding or action, or the entry of a
     decree or order for relief by a court or regulatory authority having
     jurisdiction over the Administrator in an involuntary case under the
     federal bankruptcy laws, as now or hereafter in effect, or appointing a
     receiver, liquidator, assignee, trustee, custodian,

                                       8
<PAGE>

     sequestrator or other similar official of the Administrator or of any
     substantial part of its property, or ordering the winding up or liquidation
     of the affairs of the Administrator and the continuance of any such action,
     proceeding, decree or order unstayed and, in the case of any such order or
     decree, in effect for a period of 90 consecutive days; or

          (iii) the commencement by the Administrator of a voluntary case under
     the federal bankruptcy laws, as now or hereafter in effect, or the consent
     by the Administrator to the appointment of or taking of possession by a
     receiver, liquidator, assignee, trustee, custodian, sequestrator or other
     similar official of the Administrator or of any substantial part of its
     property or the making by the Administrator of an assignment for the
     benefit of creditors or the failure by the Administrator generally to pay
     its debts as such debts become due or the taking of corporate action by the
     Administrator in furtherance of any of the foregoing.

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

     (d) 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 and (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.

     (e) The appointment of any successor Administrator shall be effective only
after satisfaction of the Rating Agency Condition with respect to the proposed
appointment.

     (f) Subject to Sections 1.09(d) and 1.09(e), the Administrator acknowledges
that upon the appointment of a successor Servicer pursuant to the Sale and
Servicing Agreement, the Administrator shall immediately resign and such
successor Servicer shall automatically become the Administrator under this
Agreement.

     Section 1.10 Action Upon Termination, Resignation or Removal. Promptly upon
the effective date of termination of this Agreement pursuant to the first
sentence of Section 1.09 or the resignation or removal of the Administrator
pursuant to Section 1.09(a), (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 the first sentence of Section 1.09
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 1.09(a), (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 1.11 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier (followed by hard copy by overnight delivery), and
addressed in each case as follows: (a) if to the Issuer or the Owner

                                       9
<PAGE>

Trustee, to: Chase Manhattan Bank USA, National Association, 500 Stanton
Christiana Road, FL3/OPS4, Newark, Delaware 19713, Attention: Institutional
Trust Services, (b) if to the Administrator, to: American Honda Finance
Corporation, 20800 Madrona Avenue, Torrance, California 90503, Attention:
President; (c) if to the Depositor, to: American Honda Receivables Corp., 700
Van Ness Avenue, Building 300, Torrance, California 90501, Attention: President;
and (d) if to the Indenture Trustee, to: Citibank, N.A., 111 Wall Street, 14th
Floor, New York, New York 10004, Attention: Structured Finance Group: Honda Auto
Receivables 2004-2 Owner Trust; 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 1.12 Amendments. This Agreement may be amended from time to time by
a written amendment duly executed and delivered by the parties hereto, with the
written consent of the Owner Trustee but without the consent of the Noteholders
or the Certificateholders, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any of the Noteholders or the Certificateholders. This Agreement
may also be amended by the parties hereto with the written consent of the Owner
Trustee and the Holders of Notes evidencing at least a majority of the
Outstanding Amount and the Holders of Trust Certificates evidencing at least a
majority of the Percentage Interests evidenced by the Trust Certificates for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
the Noteholders or the Certificateholders; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders or (ii) reduce the aforesaid percentage of the Holders of
Notes and Trust Certificates which are required to consent to any such
amendment, without the written consent of the Holders of all outstanding Notes
and Trust Certificates. Notwithstanding the foregoing, the Administrator may not
amend this Agreement without the permission of the Depositor, which permission
shall not be unreasonably withheld.

     Section 1.13 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 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 form and substance reasonably satisfactory to the Owner Trustee
and the Indenture Trustee, 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

                                       10
<PAGE>

bound hereunder. Subject to the foregoing, this Agreement shall bind any
successors or assigns of the parties hereto.

     Section 1.14 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 1.15 Headings. The headings of the various Sections herein are for
convenience of reference only and shall not define or limit any of the terms or
provisions hereof.

     Section 1.16 Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute but
one and the same instrument.

     Section 1.17 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 1.18 Limitation of Liability of Owner Trustee and Indenture
Trustee.

     (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Chase Manhattan Bank USA, National
Association, in its capacity as Owner Trustee of the Issuer and in no event
shall Chase Manhattan Bank USA, National Association, 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 Six, Seven and Eight of the Trust Agreement as if specifically set
forth herein.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by Citibank, N.A. in its capacity as Indenture
Trustee under the Indenture and in no event shall Citibank, N.A. in its
individual capacity 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.

     Section 1.19 Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

                                       11
<PAGE>

     Section 1.20 Rights of the Indenture Trustee. The Indenture Trustee shall
be afforded the same rights, protections, immunities and indemnities set forth
in the Indenture as if specifically set forth herein.

                                       12
<PAGE>

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

                                    HONDA AUTO RECEIVABLES 2004-2 OWNER
                                    TRUST,
                                         as Issuer

                                    By: CHASE MANHATTAN BANK USA,
                                        NATIONAL ASSOCIATION,
                                        not in its individual capacity
                                        but solely as Owner Trustee

                                    By: /s/ John Cashin
                                        ---------------
                                        Name:  John Cashin
                                        Title: Vice President

                                    AMERICAN HONDA RECEIVABLES CORP.,
                                        as Depositor

                                    By: /s/ Y. Takahashi
                                        ------------------------------
                                        Name:  Y. Takahashi
                                        Title: President

                                    CITIBANK, N.A.,
                                    not in its individual capacity but solely as
                                    Indenture Trustee

                                    By: /s/ Kristen Driscoll
                                        --------------------
                                        Name:  Kristen Driscoll
                                        Title: Vice President

                                    AMERICAN HONDA FINANCE CORPORATION,
                                        as Administrator

                                    By: /s/ Y. Takahashi
                                        -------------------------------
                                        Name:  Y. Takahashi
                                        Title: President

<PAGE>

                                                                       EXHIBIT A

                          POWER OF ATTORNEY PURSUANT TO
                   SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

     KNOW ALL MEN BY THESE PRESENTS, that Honda Auto Receivables 2004-2 Owner
Trust, a Delaware statutory trust (the "Issuer"), does hereby appoint American
Honda Finance Corporation, a California corporation (the "Grantee"), located at
20800 Madrona Avenue, Torrance, California 90503, as its attorney-in-fact with
full power of substitution and hereby authorizes and empowers the Grantee, in
the name of and on behalf of the Grantor or the Issuer, to take the following
actions from time to time with respect to the duties of the Administrator under
the Administration Agreement, dated as of June 1, 2004 (the "Administration
Agreement"), among the Issuer, the Administrator, American Honda Receivables
Corp., as depositor and Citibank, N.A., as indenture trustee, for the purpose of
executing on behalf of the Grantor or the Issuer all such documents, reports,
filings, instruments, certificates and opinions required pursuant to the Related
Documents:

     The Grantee is hereby empowered to do any and all lawful acts necessary or
desirable to effect the performance of the duties under the Administration
Agreement and the Grantor hereby ratifies and confirms any and all lawful acts
the Grantee shall undertake pursuant to and in conformity with this Power of
Attorney.

     This Power of Attorney is revocable in whole or in part as to the powers
herein granted upon notice by the Grantor. If not earlier revoked, this Power of
Attorney shall expire completely or, if so indicated, in part, upon the earlier
of (i) the termination of the amended and restated trust agreement, dated June
22, 2004 (the "Trust Agreement"), between American Honda Receivables Corp., as
depositor and the owner trustee named herein, or (ii) the termination of the
Administration Agreement, as each may be amended, restated or supplemented from
time to time. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Trust Agreement or the Administration
Agreement, as the case may be.

     THIS POWER OF ATTORNEY SHALL BE CREATED UNDER AND GOVERNED AND CONSTRUED
UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     The Grantor executes this Power of Attorney with the intent to be legally
bound hereby, and with the intent that such execution shall have the full
dignity afforded by the accompanying witnessing and notarization and all lesser
dignity resulting from the absence of such witnessing and notarization or any
combination thereof.

                                       A-1
<PAGE>

     Dated this __ day of June, 2004.

[Seal]                                      HONDA AUTO RECEIVABLES 2004-2 OWNER
                                            TRUST,
                                                as Issuer

                                            By: CHASE MANHATTAN BANK USA,
                                                NATIONAL ASSOCIATION,
                                                  not in its individual capacity
                                                  but solely as Owner Trustee

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:

Signed and delivered in the presence of.

-------------------------------

Address:
        -------------------------------

[Unofficial Witness]

                                       A-2

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