Document:

EXHIBIT 10.1

 

RECEIVABLES PURCHASE AGREEMENT

 

between

 

HYUNDAI CAPITAL AMERICA,

 

as Seller,

 

and

 

HYUNDAI ABS FUNDING, LLC,

 

as Depositor

 

Dated as of [             ],
20[__]

 

    	 		(20[__]-[_] Receivables Purchase Agreement)

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I.             Definitions	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitional Provisions	1
	 	 	 
	ARTICLE II.            Conveyance of Receivables	2
	 	 	 
	Section 2.01	Conveyance of Receivables	2
	Section 2.02	The Closing	3
	 	 	 
	ARTICLE III.            Representations and Warranties	3
	 	 	 
	Section 3.01	Representations and Warranties of Depositor	3
	Section 3.02	Representations and Warranties of Seller	4
	 	 	 
	ARTICLE IV.            Conditions	7
	 	 	 
	Section 4.01	Conditions to Obligation of the Depositor	7
	Section 4.02	Conditions to Obligation of the Seller	8
	 	 	 
	ARTICLE V.            Covenants of the Seller	8
	 	 	 
	Section 5.01	Protection of Right, Title and Interest	8
	Section 5.02	Other Liens or Interests	9
	Section 5.03	Costs and Expenses	9
	 	 	 
	ARTICLE VI.            Indemnification	9
	 	 	 
	Section 6.01	Indemnification	9
	 	 	 
	ARTICLE VII.           Miscellaneous Provisions	9
	 	 	 
	Section 7.01	Obligations of Seller	9
	Section 7.02	Repurchase Events	10
	Section 7.03	Depositor Assignment of Repurchased Receivables	10
	Section 7.04	Transfer to the Issuer	10
	Section 7.05	Amendment	11
	Section 7.06	Waivers	11
	Section 7.07	Notices	11
	Section 7.08	Costs and Expenses	12
	Section 7.09	Representations of the Seller and the Depositor	12
	Section 7.10	Confidential Information	12
	Section 7.11	Headings and Cross-References	12
	Section 7.12	GOVERNING LAW	12
	Section 7.13	Counterparts	12
	Section 7.14	Third Party Beneficiary	12
	Section 7.15	No Proceedings	12
	Section 7.16	Nonpetition Covenant	12
	Section 7.17	Dispute Resolution	13
	 	 	 
	SCHEDULE I            Schedule of Receivables	I-1
	 	 	 
	EXHIBIT A                Representations and Warranties as to the Receivables	A-1

 

    	 	-i-	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

RECEIVABLES PURCHASE AGREEMENT dated as
of [          ], 20[__] (this “Agreement”) between HYUNDAI
CAPITAL AMERICA, a California corporation, as seller (the “Seller”), and HYUNDAI ABS FUNDING, LLC, a Delaware
limited liability company, as depositor (the “Depositor”).

 

RECITALS

 

WHEREAS, in the regular course of its business,
the Seller has purchased certain retail installment sale contracts secured by new and used automobiles, light-duty trucks, and
minivans from motor vehicle dealers;

 

WHEREAS, the Seller and the Depositor wish
to set forth the terms pursuant to which such contracts are to be sold by the Seller to the Depositor; and

 

WHEREAS, the Depositor intends, concurrently
with its purchases hereunder, to convey all of its right, title and interest in and to $[                           ]
of such contracts to Hyundai Auto Receivables Trust 20[__]-[_] (the “Issuer”) pursuant to the Sale and Servicing
Agreement dated as of [          ], 20[__] (the “Sale and Servicing
Agreement”), by and among the Issuer, the Depositor, the Seller, as Seller and Servicer, and [                            ],
as indenture trustee (the “Indenture Trustee”), and the Issuer intends to pledge all of its right, title and
interest in such contracts to the Indenture Trustee pursuant to the Indenture.

 

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

 

ARTICLE
I.

Definitions

 

Section 1.01         Definitions.

 

Except as otherwise defined herein or as
the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to
the Sale and Servicing Agreement, which contains rules as to usage that are applicable herein.

 

Section 1.02         Other
Definitional Provisions.

 

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

 

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

 

    	 	1	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

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

 

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

 

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

 

ARTICLE
II.

Conveyance of Receivables

 

Section 2.01         Conveyance
of Receivables.

 

(a)          In
consideration of the Depositor’s delivery to the Seller on the Closing Date of an amount equal to the estimated fair market
value of the Purchased Assets, which amount shall be paid in the form of (i) cash, less the par value of the Retained Notes, if
any, to be issued to the Seller on the Closing Date, and (ii) a capital contribution initially made by the Seller to the Depositor
(collectively, the “Purchase Price”), the Seller does hereby sell, transfer, assign, set over and otherwise
convey to the Depositor without recourse (subject to the obligations of the Seller herein) all right, title, and interest of the
Seller in and to:

 

(i)          the
Receivables and all moneys identified thereon on or after the Cutoff Date;

 

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

 

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

 

(iv)        any
property that shall have secured any Receivable and that shall have been acquired by or on behalf of the Seller;

 

    	 	2	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

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

 

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

 

(vii)       the
proceeds of any and all of the foregoing (collectively, with the assets listed in clauses (i) through (vi) above, the “Purchased
Assets”).

 

The Depositor shall make payment in respect of the Purchase
Price upon demand by the Seller. The Depositor shall deposit an amount equal to the Reserve Account Deposit into the Reserve Account
on the Closing Date, which account shall be an asset of the Issuer and pledged to the Indenture Trustee pursuant to the Indenture.

 

(b)          The
Seller and the Depositor intend that the transfer of the Purchased Assets by the Seller to the Depositor pursuant to this Agreement
be a sale of the ownership interest in such assets to the Depositor, rather than the mere granting of a security interest to secure
a borrowing. In the event, however, that such transfer is deemed not to be a sale but to be of a mere security interest to secure
a borrowing or such transfer is otherwise not effective to sell the Receivables and other property described in Section 2.01(a)
hereof, the Seller shall be deemed to have hereby granted to the Depositor a perfected first priority security interest in all
such assets, and this Agreement shall constitute a security agreement under applicable law. Pursuant to the Sale and Servicing
Agreement and Section 7.04 hereof, the Depositor may sell, transfer and assign to the Issuer (i) all or any portion of the
assets assigned to the Depositor hereunder, (ii) all or any portion of the Depositor’s rights against the Seller under this
Agreement and (iii) all proceeds thereof. Such assignment may be made by the Depositor with or without an assignment by the Depositor
of its rights under this Agreement, and without further notice to or acknowledgement from the Seller. The Seller waives, to the
extent permitted under applicable law, all claims, causes of action and remedies, whether legal or equitable (including any right
of setoff), against the Depositor or any assignee of the Depositor relating to such action by the Depositor in connection with
the transactions contemplated by the Sale and Servicing Agreement.

 

Section 2.02         The
Closing. The sale and purchase of the Receivables shall take place at a closing at the offices of Mayer Brown LLP, 71 South
Wacker Drive, Chicago, Illinois 60606, on the Closing Date, simultaneously with the closing under (a) the Sale and Servicing Agreement,
(b) the Indenture and (c) the Trust Agreement.

 

ARTICLE
III.

Representations and
Warranties

 

Section 3.01         Representations
and Warranties of Depositor. The Depositor hereby represents and warrants as follows to the Seller and the Indenture Trustee
as of the Closing Date:

 

(a)          Organization
and Good Standing. The Depositor has been duly organized and is validly existing as a limited liability company in good standing
under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, including the power, authority and legal right to acquire
and sell the Receivables.

 

    	 	3	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

(b)          Power
and Authority. The Depositor has 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 have been duly authorized by the Depositor by all necessary action.

 

(c)          No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time
or both) a default under, the charter or bylaws of the Depositor, or any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound. There shall be no breach of the representations and warranties in this paragraph
resulting from any of the foregoing breaches, violations, Liens or other matters which, individually or in the aggregate, would
not materially and adversely affect the Depositor’s ability to perform its obligations under the Basic Documents or the consummation
of the transactions as contemplated by the Basic Documents.

 

Section 3.02         Representations
and Warranties of Seller.

 

(a)          The
Seller hereby makes the following representations and warranties as of the Closing Date on which the Depositor relies in accepting
the Purchased Assets and in transferring the Purchased Assets to the Issuer under the Sale and Servicing Agreement, and on which
the Issuer relies in pledging the same to the Indenture Trustee. Such representations and warranties speak as of the Closing Date,
but shall survive the sale, transfer and assignment of the Purchased Assets to the Depositor, the subsequent sale, transfer and
assignment of the Purchased Assets by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the pledge of
the same by the Issuer to the Indenture Trustee pursuant to the Indenture:

 

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

 

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

 

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

 

    	 	4	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

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

 

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

 

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

 

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

 

    	 	5	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

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

 

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

 

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

 

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

 

(xii)        Investment
Company Act. The Seller is not required to be registered as an “investment company” or “controlled by an
investment company” within the meaning of the Investment Company Act of 1940.

 

(xiii)       Selection
Procedures. No selection procedures believed by the Seller to be adverse to the Noteholders were utilized in selecting the
Receivables from the Seller’s portfolio of retail installment sale contracts.

 

(xiv)       Security
Interest in Purchased Assets. This Agreement creates a valid and continuing security interest (as defined in the applicable
UCC) in the Purchased Assets in favor of the Depositor, which is prior to all other Liens, other than Permitted Liens and any Lien
that will be released prior to the assignment hereunder, and is enforceable against all creditors of and purchasers from the Seller.

 

(xv)        Good
Title to Purchased Assets. Immediately before the sale and assignment under this Agreement, the Seller has good and marketable
title to the Purchased Assets free and clear of any Lien, other than Permitted Liens and any Lien that will be released prior to
the assignment hereunder, and, immediately after the sale and assignment under this Agreement, the Depositor will have good and
marketable title to the Purchased Assets, free and clear of any Lien, other than Permitted Liens.

 

(xvi)       All
Filings Made. All filings (including UCC filings) required to be made in any jurisdiction to give the Issuer a first priority
perfected security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership
interest cannot be perfected by the filing of a financing statement) and the Indenture Trustee a first priority perfected security
interest in the Receivables will be made within ten days of the Closing Date.

 

    	 	6	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

(b)          On
the Closing Date, the Seller hereby makes the representations and warranties with respect to the Receivables set forth on Exhibit A
to this Agreement, on which the Depositor relies in accepting the Receivables and in transferring the Receivables to the Issuer
under the Sale and Servicing Agreement, and on which the Issuer relies in pledging the same to the Indenture Trustee. Such representations
and warranties speak as of the execution and delivery of this Agreement or as of the Cutoff Date, as applicable, but shall survive
the sale, transfer and assignment of the Receivables to the Depositor, the subsequent sale, transfer and assignment of the Receivables
by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the Receivables by the Issuer to
the Indenture Trustee pursuant to the Indenture. Any inaccuracy in any of such representations or warranties shall be deemed not
to constitute a breach of such representations or warranties if such inaccuracy does not affect the ability of the Issuer to receive
and retain payment in full on such Receivable.

 

(i)          The
Seller hereby acknowledges and agrees that under the Sale and Servicing Agreement, the Depositor will transfer to the Issuer the
Depositor’s rights under this Agreement, including the representations and warranties of the Seller as set forth on Exhibit
A to this Agreement, upon which representations and warranties the Issuer relies in accepting the Receivables and delivering
the Securities, together with all rights of the Depositor with respect to any breach thereof, including the right to require the
Seller to repurchase Receivables in accordance with this Agreement.

 

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

 

ARTICLE
IV.

Conditions

 

Section 4.01         Conditions
to Obligation of the Depositor. The obligation of the Depositor to purchase the Receivables is subject to the satisfaction
of the following conditions:

 

(a)          Representations
and Warranties True. The representations and warranties of the Seller hereunder shall be true and correct on the Cutoff Date
with the same effect as if then made, and the Seller shall have performed all obligations to be performed by it hereunder on or
prior to the Cutoff Date.

 

(b)          Computer
Files Marked. The Seller shall, at its own expense, on or prior to the Cutoff Date, indicate in its computer files that the
Receivables have been sold to the Depositor pursuant to this Agreement and deliver to the Depositor the Schedule of Receivables,
certified by the Seller’s President, a Vice President or the Treasurer to be true, correct and complete.

 

(c)          Documents
To Be Delivered by the Seller on the Closing Date.

 

(i)          Evidence
of UCC Filing. The Seller shall record and file, at its own expense, a UCC-1 financing statement, in each jurisdiction in which
required by applicable law, naming the Seller as debtor and naming the Depositor as secured party, describing the Receivables and
the other assets assigned to the Depositor pursuant to Section 2.01 hereof, meeting the requirements of the laws of each such jurisdiction
and in such manner as is necessary to perfect the sale, transfer, assignment and conveyance of the Receivables and such other assets
to the Depositor. The Seller shall deliver to the Depositor a file-stamped copy or other evidence satisfactory to the Depositor
of such filing on or prior to the Closing Date.

 

    	 	7	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

(ii)         Other
Documents. Such other documents as the Depositor may reasonably request.

 

(d)          Other
Transactions. The transactions contemplated by the Sale and Servicing Agreement, the Indenture and the Trust Agreement to be
consummated on the Closing Date shall be consummated on such date.

 

Section 4.02         Conditions
to Obligation of the Seller. The obligation of the Seller to sell the Receivables to the Depositor is subject to the satisfaction
of the following conditions:

 

(a)          Representations
and Warranties True. The representations and warranties of the Depositor hereunder shall be true and correct on the Closing
Date with the same effect as if then made, and the Depositor shall have performed all obligations to be performed by it hereunder
on or prior to the Closing Date.

 

(b)          Receivables
Purchase Price. On the Closing Date, the Depositor shall have delivered to the Seller the Purchase Price specified in Section
2.01.

 

ARTICLE
V.

Covenants of the Seller

 

The Seller agrees with the Depositor and
the Indenture Trustee as follows:

 

Section 5.01         Protection
of Right, Title and Interest.

 

(a)          Filings.
The Seller shall cause, at its own expense, all financing statements and continuation statements and any other necessary documents
(other than the costs to re-title the Financed Vehicles in order to name a party other than the Seller as lienholder) covering
the right, title and interest of the Seller, the Depositor, the Trust and the Indenture Trustee, respectively, in and to the Receivables
and the other property included in the Trust Estate to be promptly 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 Depositor hereunder, the Trust under the Sale and Servicing Agreement and the Indenture Trustee under the Indenture in and
to the Receivables and the other property included in the Trust Estate. The Seller shall deliver to the Depositor and the Indenture
Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as
available following such recordation, registration or filing. The Depositor 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 paragraph.

 

    	 	8	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

(b)          Name
Change. If the Seller makes any change in its name, identity or corporate structure that would make any financing statement
or continuation statement filed in accordance with paragraph (a) above seriously misleading within the applicable provisions of
the UCC or any title statute, the Seller shall give the Depositor, the Indenture Trustee and the Owner Trustee prompt written notice
thereof and shall promptly file such financing statements or amendments as may be necessary to continue the perfection of the Depositor’s
and the Indenture Trustee’s interest in the property conveyed pursuant to Section 2.01.

 

Section 5.02         Other
Liens or Interests. Except for the conveyances hereunder and pursuant to the Basic Documents, the Seller shall not sell, pledge,
assign or transfer to any Person, or grant, create, incur, assume, or suffer to exist any Lien on, or any interest in, to or under
the Receivables, and the Seller shall defend the right, title and interest of the Depositor, the Trust and the Indenture Trustee
in, to and under the Receivables against all claims of third parties claiming through or under the Seller.

 

Section 5.03         Costs
and Expenses. The Seller agrees to pay all reasonable costs and disbursements in connection with the perfection, as against
all third parties, of the Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in
and to the Receivables and the other property included in the Trust Estate.

 

ARTICLE
VI.

Indemnification

 

Section 6.01         Indemnification.

 

Without limiting any other rights any such
Person may have hereunder or under applicable law, the Seller hereby indemnifies and holds harmless the Depositor and its officers,
directors, agents and employees from and against any and all damages, losses, claims, liabilities, penalties, costs and expenses
(including reasonable attorneys’ fees and court costs) (all of the foregoing collectively, the “Indemnified Losses”)
at any time imposed on or incurred by any of the Depositor and its officers, directors, agents and employees arising out of or
otherwise relating to this Agreement, the transactions contemplated hereby or the acquisition of any of the Receivables, or any
action taken or omitted by any of such parties, whether arising by reason of the acts to be performed by the Seller hereunder or
otherwise, excluding only Indemnified Losses to the extent (a) such Indemnified Losses resulted from gross negligence or willful
misconduct of the Depositor or its officers, directors, agents or employees seeking indemnification, (b) due to the financial inability
of the Obligor to pay a Receivable and for which reimbursement would constitute recourse to the Seller for uncollectible Receivables
or (c) such Indemnified Losses include taxes on, or measured by, the overall net income of the Depositor or its officers, directors,
agents and employees.

 

ARTICLE
VII.

Miscellaneous Provisions

 

Section 7.01         Obligations
of Seller. The obligations of the Seller under this Agreement shall not be affected by reason of any invalidity, illegality
or irregularity of any Receivable.

 

    	 	9	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

Section 7.02         Repurchase
Events. The Seller hereby covenants and agrees that if the Seller discovers or is notified by a Requesting Party with a Repurchase
Request regarding a breach of any of the Seller’s representations and warranties contained in Section 3.02(b) at the
time such representations and warranties were made, the Seller will investigate the Receivable to confirm the breach and determine
if the breach materially and adversely affects the interests of the Issuer or the Noteholders and triggers a repurchase event (“Repurchase
Event”). Upon discovery by any party hereto of a Repurchase Event, the party discovering such breach shall give prompt
written notice thereof to the other parties hereto; provided, that delivery of a Servicer’s Certificate shall be deemed
to constitute prompt written notice thereof to the other party; provided, further, that the failure to give such
notice shall not affect any obligation of the Seller under this Section 7.02. Following a Repurchase Event, the Seller shall
either (a) correct or cure such breach or (b) purchase any Receivable materially and adversely affected by such breach from the
Issuer, in either case on or before the Payment Date following the end of the Collection Period which includes the 60th
day (or, if the Seller elects, an earlier Payment Date) after the date that the Seller became aware of or was notified and confirmed
such breach. Any such breach or failure will be deemed not to materially and adversely affect the Noteholders or the Issuer if
such breach or failure does not affect the ability of the Issuer or the Noteholders to receive and retain timely payment in full
on such Receivable. Any such purchase by the Seller shall be at a price equal to the Purchased Amount. In consideration for such
repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer equal to the Purchased Amount by depositing
such amount into the Collection Account on the Business Day preceding the Payment Date of repurchase (or, if the Seller elects,
an earlier Payment Date). Upon payment of such Purchased Amount by the Seller, the Issuer and the Indenture Trustee shall release
and shall execute and deliver such instruments of release, transfer or assignment, in each case without recourse or representation,
as shall be reasonably necessary to vest in the Seller or its designee any Receivable repurchased pursuant hereto. It is understood
and agreed that the right to cause the Seller to purchase any Receivable as described above shall constitute the sole remedy respecting
such breach available to the Issuer, the Noteholders, the Owner Trustee, the Certificateholders and the Indenture Trustee. Neither
the Owner Trustee nor the Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence of
any condition requiring the repurchase of any Receivable pursuant to this Section 7.02.

 

Section 7.03         Depositor
Assignment of Repurchased Receivables. With respect to all Receivables repurchased by the Seller pursuant to this Agreement,
the Depositor shall assign, without recourse, representation or warranty, to the Seller all of the Depositor’s right, title
and interest in and to such Receivables and all security and documents relating thereto.

 

Section 7.04         Transfer
to the Issuer. The Seller acknowledges and agrees that (1) the Depositor will, pursuant to the Sale and Servicing Agreement,
transfer and assign the Receivables and assign its rights under this Agreement with respect thereto to the Issuer and, pursuant
to the Indenture, the Issuer will pledge the Receivables to the Indenture Trustee, and (2) the representations and warranties
contained in this Agreement and the rights of the Depositor under this Agreement, including under Section 7.02, are intended to
benefit the Issuer, the Noteholders and the Certificateholder. The Seller hereby consents to such transfers and assignments and
agrees that enforcement of a right or remedy hereunder by the Indenture Trustee, the Owner Trustee or the Issuer shall have the
same force and effect as if the right or remedy had been enforced or executed by the Depositor.

 

    	 	10	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

Section 7.05         Amendment.

 

(a)          This
Agreement may be amended from time to time, with prior written notice to the Rating Agencies but without the consent of the Noteholders
or the Certificateholder, by a written amendment duly executed and delivered by the Seller and the Depositor, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of Noteholders or the Certificateholder subject to the satisfaction of one of the following conditions:

 

(i)          the
Depositor or the Seller delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then
held by anyone other than the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

(ii)         the
Rating Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification
with respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

(b)          This
Agreement may also be amended by the Seller and the Depositor, with prior written notice to the Rating Agencies and the prior written
consent of Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class of the Notes and
Holders of Certificates evidencing at least a majority of the Certificate Percentage Interests (excluding, for purposes of this
Section 7.05, Certificates held by the Seller or any of its affiliates), 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 Certificateholder; provided, however, that no such amendment may (i) reduce the interest rate or principal
amount of any Note or the percentage interest of any Certificate or delay the Stated Maturity Date of any Note without the consent
of the Holder of such Note or (ii) reduce the aforesaid percentage of the Notes or the Certificates that is required to consent
to any such amendment, without the consent of the Holders of all the outstanding Notes and Certificates.

 

Section 7.06         Waivers.
No failure or delay on the part of the Depositor, the Issuer or the Indenture Trustee in exercising any power, right or remedy
under this Agreement or the Bill of Sale shall operate as a waiver thereof, nor shall any single or partial exercise of any such
power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

 

Section 7.07         Notices.
All demands, notices and communications under this Agreement shall be in writing, electronically delivered, personally delivered
or mailed by certified mail, return receipt requested, to: (1) in the case of the Seller, Hyundai Capital America, 3161 Michelson
Drive, Suite 1900, Irvine, California 92612, Attention: Treasurer; (2) in the case of the Depositor, Hyundai ABS
Funding, LLC, 3161 Michelson Drive, Suite 1900, Irvine, California 92612,
Attention: President and Secretary; (3) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring
Department, 7 World Trade Center, 250 Greenwich Street, 25th Floor, New York, NY 10007; and (4) in the case of S&P, via electronic
delivery to Servicer_reports@sandp.com or at the following address: S&P Global Ratings, 55 Water Street (40th Floor), New York,
New York 10041, Attention: ABS Surveillance Department; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

 

    	 	11	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

Section 7.08         Costs
and Expenses. The Seller shall pay all expenses incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Depositor, in connection with the perfection as against
third parties of the Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in and to
the Receivables and the enforcement of any obligation of the Seller hereunder.

 

Section 7.09         Representations
of the Seller and the Depositor. The respective agreements, representations, warranties and other statements by the Seller
and the Depositor set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the closing
under Section 2.02 and the transfers and assignments referred to in Section 7.04.

 

Section 7.10         Confidential
Information. The Depositor agrees that it will neither use nor disclose to any Person the names and addresses of the Obligors,
except to enforce the Depositor’s rights hereunder, under the Receivables, under the Sale and Servicing Agreement or any
other Basic Document, or as required by any of the foregoing or by law.

 

Section 7.11         Headings
and Cross-References. The various headings in this Agreement are included for convenience only and shall not affect the meaning
or interpretation of any provision of this Agreement. References in this Agreement to section names or numbers are to such Sections
of this Agreement.

 

Section 7.12         GOVERNING
LAW. THIS AGREEMENT AND THE ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER OR THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 7.13         Counterparts.
This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute
one and the same instrument.

 

Section 7.14         Third
Party Beneficiary. The Indenture Trustee is an express third party beneficiary of this Agreement and shall be entitled to enforce
the provisions of this Agreement as if it were a party hereto.

 

Section 7.15         No
Proceedings. So long as this Agreement is in effect, and for one year plus one day following its termination, the Seller agrees
that it will not file any involuntary petition or otherwise institute any bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state bankruptcy law or similar law against the Trust.

 

Section 7.16         Nonpetition
Covenant. Notwithstanding any prior termination of this Agreement, the Seller shall not, prior to the date that is one year
and one day after the termination of this Agreement with respect to the Depositor, acquiesce, petition or otherwise invoke or cause
the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against
the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Depositor.

 

    	 	12	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

Section 7.17         Dispute
Resolution.

 

(a)          If
a Requesting Party submits a Repurchase Request to the Seller pursuant to Section 7.02 of this Agreement and the Repurchase
Request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of
the receipt of notice of the request by the Seller, the Requesting Party will have the right to refer the matter, at its discretion,
to either mediation (including non-binding arbitration) or binding arbitration pursuant to this Section 7.17. Dispute
resolution to resolve any repurchase request will be available regardless of whether the Noteholders vote to direct an Asset Representations
Review.

 

(b)          The
Requesting Party will provide notice in accordance with the provisions of Section 7.07 of its intention to refer the
matter to mediation (including non-binding arbitration) or binding arbitration, as applicable, to the Seller, with a copy to the
Issuer, the Depositor, the Owner Trustee and the Indenture Trustee. The Seller agrees that it will participate in the resolution
method selected by the Requesting Party. Any settlement agreement reached in a mediation and any decision by an arbitrator in a
binding arbitration shall be binding upon the Requesting Party, the Issuer, the Owner Trustee, and the Indenture Trustee with respect
to the Receivable that is the subject matter of the Repurchase Request, and, in that situation, issues relating to that Receivable
may not be re-litigated by the Requesting Party or the Seller or become the subject of a subsequent Repurchase Request by the Requesting
Party in mediation (including non-binding arbitration), arbitration, court, or otherwise.

 

(c)          If
the Requesting Party selects mediation as the resolution method, the following provisions will apply:

 

(i)          The
mediation will be administered by [a nationally recognized arbitration and mediation association] [one of [identify options]] selected
by the Requesting Party pursuant to such association’s mediation procedures in effect at such time.

 

(ii)         The
fees and expenses of the mediation will be allocated as mutually agreed by the Requesting Party and the Seller as part of the mediation.

 

(iii)        The
mediator will be impartial, knowledgeable about and experienced with the laws of the State of [___] that are relevant to the repurchase
dispute and will be appointed from a list of neutrals maintained by the AAA.

 

(d)          If
the Requesting Party selects arbitration as the resolution method, the following provisions will apply:

 

(i)          The
arbitration will be administered by [a nationally recognized arbitration and mediation association] [one of [identify options]]
jointly selected by the Requesting Party and the Seller, and if the Requesting Party and the Seller are unable to agree on an association,
by the AAA, and conducted pursuant to such association’s arbitration procedures in effect at such time.

 

    	 	13	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

(ii)         The
arbitrator will be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the
dispute hereunder and will be appointed from a list of neutrals maintained by AAA.

 

(iii)        The
arbitrator will make its final determination no later than 90 days after appointment or as soon as practicable thereafter. The
arbitrator will resolve the dispute in accordance with the terms of this Agreement, and may not modify or change this Agreement
in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by it, and the Requesting Party shall not be required to pay more than the applicable Purchased Amount with respect to any receivable
which such Requesting Party is required to repurchase under the terms of this Agreement. In its final determination, the arbitrator
will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of
the arbitration, and administrative fees) and reasonable attorneys’ fees to the Requesting Party and the Seller as determined
by the arbitrator in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will
be promptly delivered to the Requesting Party and the Seller. For binding arbitration, the determination of the arbitrator will
be final and non-appealable (absent manifest error), except for actions to confirm or vacate the determination permitted under
federal or state law, and may be entered and enforced in any court with jurisdiction over the Requesting Party and the Seller and
the matter.

 

(iv)        By
selecting binding arbitration, the Requesting Party waives the right to sue in court, including the right to a trial by jury.

 

(e)          The
following provisions will apply to both mediations (including non-binding arbitrations) and arbitrations:

 

(i)          Any
mediation or arbitration will be held in [__________] or such other location mutually agreed to by the Requesting Party and the
Seller;

 

(ii)         Notwithstanding
this dispute resolution provision, the Requesting Party and the Seller will have the right to seek provisional relief from a competent
court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise
be available by law;

 

    	 	14	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

Other than as publicly available with the Commission or otherwise
publicly disclosed, the details and/or existence of any unfulfilled Repurchase Request, any meetings or discussions regarding any
unfulfilled Repurchase Request, mediations or arbitration proceedings conducted under this Section 7.17, including
all offers, promises, conduct and statements, whether oral or written, made in the course of the Requesting Party and the Seller's
attempt to resolve an unfulfilled Repurchase Request, any information exchanged in connection with any mediation, and any discovery
taken in connection with any arbitration (collectively, “Confidential Information”), shall be and remain confidential
and inadmissible (except as permitted in accordance with applicable law) for any purpose, including impeachment, in any mediation,
arbitration or litigation, or other proceeding (including any proceeding under this Section 7.17) other than as required
to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that the Requesting
Party, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential and will
not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys,
experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably required
in connection with any resolution procedure under this Section 7.17), if the disclosing party (a) directs such Representatives
to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c)
takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party
receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential
Information, the recipient will promptly notify the other party and will provide the other party with the opportunity to object
to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable
requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled
as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information,
such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be
disclosed.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	15	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

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

 

	 	HYUNDAI CAPITAL AMERICA

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	S-1	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

	 	HYUNDAI ABS FUNDING, LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	S-2	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

SCHEDULE I

 

Schedule of Receivables

 

[To be delivered to the Trust at Closing]

 

    	 	I-1	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

EXHIBIT A

Representations and Warranties

as to the Receivables

 

(i) Characteristics of Receivables.
Each Receivable:

 

(a)          was
originated by a Dealer located in the United States of America for the retail sale of a Financed Vehicle, is payable in United
States dollars, has been signed by the Obligor and the Dealer thereto, has been purchased by the Seller from such Dealer under
an existing Dealer Agreement and has been validly assigned by such Dealer to the Seller,

 

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

 

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

 

(d)          provides
for fixed level monthly payments (provided that the first and last payments may be different from but in no event more than three
times the level payments) that fully amortize the Amount Financed over the original term,

 

(e)          amortizes
using the simple interest method,

 

(f)          has
an Obligor which is not an affiliate of the Seller,

 

(g)          has
an Obligor which is not listed on Seller’s electronic records related to receivables as a government or governmental subdivision
or agency, and

 

(h)          has
an Obligor which is not shown on the Servicer’s electronic records related to receivables as a debtor in pending bankruptcy
proceeding,

 

(ii)         Compliance
with Law. Each Receivable complied at the time it was originated or made in all material respects with all requirements of
law in effect at that time and applicable to such Receivable.

 

(iii)        Binding
Obligation. Each Receivable represents the legal and binding payment obligation of the Obligor, enforceable in all material
respects by the holder of the Receivable, except as may be limited by bankruptcy, insolvency, reorganization or other laws relating
to the enforcement of creditors’ rights or by general equitable principles, consumer protection laws and the Servicemembers
Civil Relief Act.

 

(iv)        Chattel
Paper. Each Receivable constitutes either “tangible chattel paper” or “electronic chattel paper” within
the meaning of the UCC as in effect in the state of origination.

 

    	 	A-1	(20[__]-[_] Receivables Purchase Agreement)

     

    

 

(v)         One
Original. There is only one executed original, electronically authenticated original or authoritative copy of the “contract”
(within the meaning of the UCC) related to each Receivable.

 

(vi)        Receivables
in Force. As of the Cutoff Date, the Servicer’s electronic records related to receivables do not indicate that any Receivable
was satisfied, subordinated or rescinded, or that any Financed Vehicle was released from the Lien of the related Receivable. As
of the Cutoff Date, none of the material terms of any Receivable has been expressly waived, altered or modified in any material
respect since its origination, except by instruments or documents identified in the Seller’s receivable system.

 

(vii)       Lawful
Assignment. The terms of the Receivable do not prohibit the sale, transfer and assignment of such Receivable under this Agreement,
the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture.

 

(viii)      Title.
Immediately prior to the transfers and assignments herein contemplated, the Seller has good and marketable title to each Receivable
free and clear of all Liens (except Permitted Liens and any Lien that will be released prior to the assignment of such Receivable
hereunder), and, immediately upon the transfer thereof, the Depositor shall have good and marketable title to each Receivable,
free and clear of all Liens except Permitted Liens.

 

(ix)         No
Defenses. The Servicer’s electronic records related to receivables do not reflect any right of rescission, setoff, counterclaim
or defense asserted or threatened by any Obligor for any Receivable indicated in the Seller’s receivable system.

 

(x)          No
Default. As of the Cutoff Date, the Servicer’s receivable system did not disclose that there was any payment default
under the terms of any Receivable (other than payment delinquencies of not more than 30 days).

 

(xi)         Insurance.
Under the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed
Vehicle.

 

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

 

(a)          each
Receivable had an original maturity of not less than [  ] or more than [  ] months,

 

(b)          no
Receivable was more than [__] days past due as of the Cutoff Date,

 

(c)          no
Receivable has a final scheduled payment date after [            ],
20[_],

 

(d)          no
Receivable has a Contract Rate of less than [      ]%,

 

(e)          each
Receivable has a remaining term of at least [  ] months and no more than [  ] months,

 

(f)          each
Receivable has a remaining balance of at least $[               ]
and not greater than $[               ], and

 

(g)          each
Receivable is secured by a new or used automobile, light-duty truck or minivan.

 

    	 	A-2	(20[__]-[_] Receivables Purchase Agreement)EXHIBIT 10.2

 

SALE AND SERVICING AGREEMENT

 

among

 

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

Issuer,

 

HYUNDAI ABS FUNDING, LLC,

Depositor,

 

HYUNDAI CAPITAL AMERICA,

Seller and Servicer,

 

and

 

[                      ],

Indenture Trustee

 

Dated as of [_____], 20[__]

 

     

     

    

 

Table
of Contents

 

	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I.	DEFINITIONS	1
	 	 	 	 	 
	 	Section 1.01	Definitions	1
	 	Section 1.02	Other Definitional Provisions	1
	 	 	 	 	 
	ARTICLE II.	CONVEYANCE OF RECEIVABLES	2
	 	 	 	 	 
	 	Section 2.01	Conveyance of Receivables	2
	 	 	 	 	 
	ARTICLE III.	THE RECEIVABLES	3
	 	 	 	 	 
	 	Section 3.01	Representations and Warranties of the Seller	3
	 	Section 3.02	Perfection Representations and Warranties	4
	 	Section 3.03	Repurchase upon Breach	5
	 	 	 	 	 
	ARTICLE IV.	ADMINISTRATION AND SERVICING OF RECEIVABLES	6
	 	 	 	 	 
	 	Section 4.01	Duties of Servicer	6
	 	Section 4.02	Collection of Receivable Payments; Modifications of Receivables	6
	 	Section 4.03	Realization upon Receivables	8
	 	Section 4.04	[Reserved]	8
	 	Section 4.05	Maintenance of Security Interests in Financed Vehicles	8
	 	Section 4.06	Covenants of Servicer	8
	 	Section 4.07	Purchase of Receivables Upon Breach	9
	 	Section 4.08	Servicing Fee	9
	 	Section 4.09	Servicer’s Certificate	10
	 	Section 4.10	Annual Statement as to Compliance, Notice of Servicer Termination Event	10
	 	Section 4.11	Compliance with Regulation AB	10
	 	Section 4.12	Access to Certain Documentation and Information Regarding Receivables	10
	 	Section 4.13	Term of Servicer	11
	 	Section 4.14	Annual Independent Accountants’ Report	11
	 	Section 4.15	Reports to the Commission	11
	 	Section 4.16	Compensation of Indenture Trustee	11
	 	 	 	 	 
	ARTICLE V.	DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS	12
	 	 	 	 	 
	 	Section 5.01	Accounts	12
	 	Section 5.02	Application of Collections	14
	 	Section 5.03	Property of the Trust	14
	 	Section 5.04	Purchased Amounts	15
	 	Section 5.05	Distributions	15
	 	Section 5.06	Reserve Account[; Risk Retention Reserve Account]	17
	 	Section 5.07	Statements to Securityholders	18

 

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

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	 	Section 5.08	Advances by the Servicer	19
	 	 	 	 	 
	ARTICLE VI.	THE DEPOSITOR	19
	 	 	 	 	 
	 	Section 6.01	Representations of Depositor	19
	 	Section 6.02	Company Existence	21
	 	Section 6.03	Liability of Depositor	21
	 	Section 6.04	Merger or Consolidation of, or Assumption of the Obligations of, Depositor	22
	 	Section 6.05	Amendment of Depositor’s Organizational Documents	22
	 	 	 	 	 
	ARTICLE VII.	THE SERVICER	22
	 	 	 	 	 
	 	Section 7.01	Representations of Servicer	22
	 	Section 7.02	Indemnities of Servicer	24
	 	Section 7.03	Merger or Consolidation of, or Assumption of the Obligations of, Servicer	25
	 	Section 7.04	Limitation on Liability of Servicer and Others	25
	 	Section 7.05	Delegation of Duties	26
	 	Section 7.06	Servicer Not to Resign	26
	 	Section 7.07	Fidelity Bond	26
	 	 	 	 	 
	ARTICLE VIII.	DEFAULT	26
	 	 	 	 	 
	 	Section 8.01	Servicer Termination Events	26
	 	Section 8.02	Consequences of a Servicer Termination Event	27
	 	Section 8.03	Appointment of Successor Servicer	28
	 	Section 8.04	Notification to Securityholders	28
	 	Section 8.05	Waiver of Past Defaults	29
	 	 	 	 	 
	ARTICLE IX.	TERMINATION	29
	 	 	 	 	 
	 	Section 9.01	Optional Purchase of All Receivables	29
	 	 	 	 	 
	ARTICLE X.	MISCELLANEOUS	29
	 	 	 	 	 
	 	Section 10.01	Amendment	29
	 	Section 10.02	Protection of Title to Trust	30
	 	Section 10.03	Notices	32
	 	Section 10.04	Assignment by the Depositor or the Servicer	33
	 	Section 10.05	Limitations on Rights of Others	33
	 	Section 10.06	Severability	33
	 	Section 10.07	Counterparts	33
	 	Section 10.08	Headings	33
	 	Section 10.09	GOVERNING LAW	33
	 	Section 10.10	Assignment by Issuer	33
	 	Section 10.11	Nonpetition Covenants	34

 

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

     

    

 

Table
of Contents

(continued)

 

	 	 	 	 	Page
	 	 	 	 	 
	 	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	34
	 	Section 10.13	Information to Be Provided by the Indenture Trustee	34
	 	Section 10.14	Form 8-K Filings	36
	Exhibit A	Form of Record Date Statement	A-1
	Exhibit B	Form of Servicer’s Certificate	B-1
	Exhibit C	Form of Indenture Trustee’s Annual Sarbanes Certification	C-1
	 	 	 
	Schedule A	Schedule of Receivables	Sched. A-1
	Schedule B	Yield Supplement Overcollateralization Amount	Sched. B-1
	 	 	 
	Appendix A	Definitions	App. A-1
	Appendix B	Regulation AB Representations, Warranties and Covenants	App. B-1
	 	 	 
	Schedule I	Servicing Criteria To Be Addressed by Indenture Trustee in Assessment of Compliance	Sched. I-1

 

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

     

    

 

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

 

WHEREAS, the Issuer desires to purchase
a portfolio of receivables arising in connection with retail installment sale contracts secured by new and used automobiles, light-duty
trucks and minivans and acquired by the Seller in the ordinary course of business and sold by the Seller to the Depositor;

 

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

 

WHEREAS, the Servicer is willing to service
such receivables.

 

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

 

ARTICLE
I.

 

DEFINITIONS

 

Section 1.01 Definitions. Except
as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are
defined in Appendix A to this Agreement, which contains rules as to usage that are applicable herein

 

Section 1.02 Other Definitional Provisions.

 

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

 

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

 

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

 

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

     

    

 

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

 

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

 

ARTICLE
II.

 

CONVEYANCE
OF RECEIVABLES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	2	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

ARTICLE
III.

 

THE
RECEIVABLES

 

Section 3.01 Representations and Warranties
of the Seller.

 

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

 

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

 

    	 	3	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 3.02 Perfection Representations
and Warranties. If the transfer of the Conveyed Assets under this Agreement is determined to be a pledge relating to a financing
or is determined not to be an absolute sale and assignment, the Depositor makes the following representations and warranties on
which the Issuer is relying in purchasing the Conveyed Assets.  The representations and warranties are made as of the Closing
Date, but shall survive the sale, transfer and assignment of the Conveyed Assets by the Depositor to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture:

 

(a)          This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Conveyed Assets in favor of
the Issuer, which security interest is prior to all other Liens other than Permitted Liens and any Lien that will be released prior
to the assignment hereunder, and is enforceable as such against creditors of and purchasers from the Depositor.

 

(b)          Each
Receivable constitutes either “tangible chattel paper” or “electronic chattel paper” within the meaning
of the UCC as in effect in the state of origination.

 

(c)          Immediately
upon the transfer thereof from the Depositor to the Issuer pursuant to this Agreement, the Issuer shall have good and marketable
title to each Receivable, free and clear of any Liens other than permitted liens and any Lien that will be released prior to the
assignment hereunder.

 

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

 

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

 

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

 

    	 	4	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 3.03 Repurchase upon Breach.
If the Seller discovers, or is notified by a Requesting Party with a Repurchase Request regarding, a breach of any of the representations
and warranties set forth in Section 3.02(b) to the Receivables Purchase Agreement at the time such representations and warranties
were made, the Seller will investigate the Receivable to confirm the breach and determine if the breach triggers a Repurchase Event.
Following a Repurchase Event, the Seller shall either (a) correct or cure such breach or (b) purchase any Receivable materially
and adversely affected by such breach from the Issuer, in either case on or before the Payment Date following the end of the Collection
Period, which includes the 60th day (or, if the Seller elects, an earlier Payment Date) after the date that the Seller
became aware of or was notified of and confirmed such breach. Any such breach or failure will be deemed not to materially and adversely
affect the Noteholders or the Issuer if such breach or failure does not affect the ability of the Issuer or the Noteholders to
receive and retain timely payment in full on such Receivable. Any such purchase by the Seller shall be at a price equal to the
Purchased Amount. In consideration for such repurchase, the Seller shall make (or shall cause to be made) a payment to the Issuer
equal to the Purchased Amount by depositing such amount into the Collection Account in accordance with Section 5.04 on the
Business Day preceding the Payment Date of repurchase (or, if the Seller elects, an earlier Payment Date). Upon payment of such
Purchased Amount by the Seller, the Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments
of release, transfer or assignment, in each case without recourse or representation, as shall be reasonably necessary to vest in
the Seller or its designee any Receivable repurchased pursuant hereto. It is understood and agreed that the right to cause the
Seller to purchase (or to enforce the obligations of Seller under the Receivables Purchase Agreement to purchase) any Receivable
as described above shall constitute the sole remedy respecting such breach available to the Issuer, the Noteholders, the Owner
Trustee, the Certificateholders and the Indenture Trustee. Neither the Owner Trustee nor the Indenture Trustee will have any duty
to conduct an affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant
to this Section 3.03.

 

    	 	5	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

ARTICLE
IV.

 

ADMINISTRATION
AND SERVICING OF RECEIVABLES

 

Section 4.01 Duties of Servicer.
The Servicer, for the benefit of the Issuer and the Indenture Trustee, shall manage, service, administer and make collections on
the Receivables and perform the other actions required of the Servicer under this Agreement. The Servicer shall service the Receivables
in accordance with its customary servicing practices, using the degree of skill and attention that the Servicer exercises with
respect to all other comparable motor vehicle receivables that it services for itself and others. The Servicer’s duties shall
include the collection and posting of all payments, responding to inquiries of Obligors, investigating delinquencies, sending payment
statements to Obligors, reporting any required tax information to Obligors, monitoring the Collateral, accounting for collections,
furnishing monthly and annual statements to the Owner Trustee and the Indenture Trustee with respect to distributions and performing
the other duties specified herein. The Servicer also shall administer and enforce all rights of the holder of the Receivables under
the Receivables and the Dealer Agreements to the extent and in a manner consistent with its customary practices. To the extent
consistent with the standards, policies and procedures otherwise required hereby and the Credit and Collection Policy, the Servicer
shall follow its customary standards, policies and procedures and shall have full power and authority, acting alone, to do any
and all things in connection with the managing, servicing, administration and collection of the Receivables that it may deem necessary
or desirable. Without limiting the generality of the foregoing and subject to Section 4.02, the Servicer is hereby authorized and
empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders
and the Noteholders, or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments with respect to the Receivables and with respect to the Financed Vehicles. The
Servicer is not required under the Basic Documents to make any disbursements via wire transfer or otherwise on behalf of an Obligor.
There are no requirements under the Receivable or the Basic Documents for funds to be, and no funds shall be, held in trust for
an Obligor. No payments or disbursements shall be made by the Servicer on behalf of an Obligor. The Servicer is hereby authorized
to commence, in its own name or in the name of the Issuer, the Indenture Trustee, the Owner Trustee, the Certificateholders or
the Noteholders, a legal proceeding to enforce a Receivable pursuant to Section 4.03 or to commence or participate in any other
legal proceeding (including a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If
the Servicer commences or participates in any such legal proceeding in its own name, the Indenture Trustee or the Issuer shall
thereupon be deemed to have automatically assigned the applicable Receivable to the Servicer solely for purposes of commencing
or participating in such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Indenture Trustee
or the Issuer to execute and deliver in the Indenture Trustee’s or the Issuer’s name any notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in connection with any such proceeding. If in any enforcement
suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real
party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and
direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Issuer, the Indenture
Trustee, the Certificateholders or the Noteholders. The Owner Trustee and the Indenture Trustee shall upon the written request
of the Servicer furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties hereunder. The Servicer shall include the disclosures required
by [Rule 4(c)(2)(ii)][Rule 4(c)(1)(i) and (iii)] contained in Regulation RR, 17 C.F.R. §246.4, et seq. in the first Servicer’s
Certificate after the Closing Date.

 

Section 4.02 Collection of Receivable
Payments; Modifications of Receivables.

 

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

 

    	 	6	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	7	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

Section 4.04 [Reserved].

 

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

 

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

 

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

 

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

 

    	 	8	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

    	 	9	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 4.09 Servicer’s Certificate.
The Servicer shall prepare and deliver to the Owner Trustee, the Indenture Trustee, and the Depositor, with a copy to each Rating
Agency, on or before the second Business Day prior to each Payment Date a Servicer’s Certificate containing all information
necessary to make the distributions to be made on the related Payment Date pursuant to Section 5.05 for the related
Collection Period and such Servicer’s Certificate shall be certified by a Responsible Officer of the Servicer to the effect
that the information provided is complete and no Servicer Termination Events have occurred. If any defaults have occurred, such
Servicer’s Certificate will provide an explanation of such Servicer Termination Events. At the sole option of the Servicer,
each Servicer’s Certificate may be delivered in electronic or hard copy format. Such Servicer’s Certificate as described
in this section shall be in substantially the form attached to this Agreement as Exhibit B.

 

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

 

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

 

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

 

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

 

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

 

    	 	10	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

Section 4.16 Compensation of Indenture
Trustee. The Servicer will:

 

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

 

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

 

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

 

    	 	11	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

ARTICLE
V.

 

DISTRIBUTIONS;
STATEMENTS TO SECURITYHOLDERS

 

Section 5.01 Accounts.

 

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

 

(ii) On or prior to the Closing Date,
the Servicer shall establish and maintain, or cause to be established and maintained, for the benefit of the Issuer and the Noteholders
an Eligible Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited
therein are held in trust for the benefit of the Issuer and the Noteholders.

 

(iii) [On or prior to the Closing
Date, the Issuer, for the benefit of the Issuer and the Noteholders, shall cause the Servicer to establish with and maintain in
the name of the Indenture Trustee an Eligible Account (the “Risk Retention Reserve Account”), bearing a designation
clearly indicating that funds deposited therein are held for the benefit of the Noteholders.]

 

(iv) Funds on deposit in the Reserve
Account [and the Risk Retention Reserve Account], shall be invested by the Indenture Trustee in Eligible Investments selected in
writing by the Servicer; provided, however, that if the Servicer fails to select any Eligible Investment for any
funds on deposit in the [Risk Retention] Reserve Account by 2:00 p.m., New York City time (or such other time as may be agreed
by the Servicer and the Indenture Trustee), on any Business Day, such funds shall, to the fullest extent practicable, be invested
in Eligible Investments in accordance with standing instructions most recently given by the Servicer. All such Eligible Investments
shall be held by the Indenture Trustee for the benefit of the Noteholders, the Certificateholders and the Issuer. Unless the Rating
Agency Condition is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with
respect to S&P if S&P is rating any Outstanding Class of Notes) with respect to different investments, funds on deposit
in the Reserve Account [and the Risk Retention Reserve Account] shall be invested in Eligible Investments that will mature so that
such funds will be available on the Business Day preceding the next Payment Date. Funds deposited in the Reserve Account [and the
Risk Retention Reserve Account], upon the maturity of any Eligible Investments on a day which immediately precedes a Payment Date,
are not required to be invested overnight. [Notwithstanding any other provision of this Agreement or any other Transaction Document,
funds on deposit in the [Risk Retention] Reserve Account shall only be invested in Eligible Investments deemed to be “cash
equivalents” for purposes of 17 CFR Part 246.4(b)(2) of Regulation RR, as determined by the Servicer. The Indenture Trustee
shall have no obligation to determine whether any investment of funds on deposit in the [Risk Retention] Reserve Account meet the
requirements of 17 CFR Part 246.4(b)(2) of Regulation RR.]

 

    	 	12	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(v) Funds on deposit in the Collection
Account shall be invested by the Indenture Trustee in Eligible Investments selected in writing by the Servicer; provided,
however, that if the Servicer fails to select any Eligible Investments for any funds on deposit in the Collection Account
by 2:00 p.m., New York City time (or such other time as may be agreed by the Servicer and the Indenture Trustee), on any Business
Day, such funds shall, to the fullest extent practicable, be invested in Eligible Investments in accordance with standing instructions
most recently given by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the
Noteholders and/or the Certificateholders, as applicable. Unless the Rating Agency Condition is satisfied (other than with respect
to S&P, but with satisfaction of the Rating Agency Notification with respect to S&P if S&P is rating any Outstanding
Class of Notes) with respect to different investments, funds on deposit in the Collection Account shall be invested in Eligible
Investments that will mature so that such funds will be available on the Business Day preceding the next Payment Date. Investment
Earnings on amounts on deposit in the Collection Account, net of losses and investment expenses, shall be released to the Servicer
on each Payment Date and shall be the property of the Servicer.

 

(vi) Except as otherwise provided
hereunder or agreed in writing among the parties hereto, the Servicer shall retain the authority to institute, participate and
join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer of any securities held in
the Collection Account or the Reserve Account [or the Risk Retention Reserve Account], and, in general, to exercise each and every
other power or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their
own assets and investment, including power to vote upon any securities.

 

    	 	13	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	14	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 5.04 Purchased Amounts. The
Servicer or the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account, on the date specified
in Section 3.03 or Section 4.07, the aggregate Purchased Amount with respect to Purchased Receivables and the Servicer
shall deposit therein all amounts to be paid under Section 4.07. All such deposits with respect to any such date which is
a Payment Date shall be made in immediately available funds on or before the Business Day preceding such Payment Date. The Servicer
shall deposit or cause to be deposited into the Collection Account, on the date specified in Section 9.01, (i) the aggregate
Purchased Amount with respect to all Receivables pursuant to the Servicer’s exercise of the Optional Purchase[, less (ii)
the amounts on deposit in the Reserve Account on the date of such Optional Purchase]. Notice of this amount shall be provided in
writing by the applicable party to the Indenture Trustee.

 

Section 5.05 Distributions.

 

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

 

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

 

(i) to the Servicer, the Servicing
Fee, including any unpaid Servicing Fees with respect to one or more prior Collection Periods [(except amounts on deposit in the
[Risk Retention] Reserve Account may not be used for this purpose as long as the Servicer is HCA or an Affiliate thereof)], and
Advances not previously reimbursed to the Servicer[(except amounts on deposit in the [Risk Retention] Reserve Account may not be
used for this purpose)];

 

(ii) [To the swap counterparty, any
net swap payment (other than swap termination payments),]

 

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

 

    	 	15	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(xi) [To the swap counterparty, any
swap termination payments,]

 

    	 	16	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

(xiii) first, to the Indenture Trustee
and the Owner Trustee, pro rata, and second, to the Asset Representations Reviewer, any reimbursements, expenses and indemnification
amounts, in each case to the extent such reimbursements, expenses and indemnification amounts have not been previously paid by
the Servicer and to the Securities Intermediary, any accrued and unpaid indemnification expenses owed to it; and

 

(xiv) any remaining Available Amounts
indicated in the Servicer’s Report to be for deposit into the Certificate Distribution Account for subsequent distribution
to the Certificateholder pursuant to Section 5.02 of the Trust Agreement.

 

Section 5.06 Reserve Account[; Risk Retention
Reserve Account].

 

(a)          On
or prior to the Closing Date, the Depositor shall deposit an amount equal to the Reserve Account Deposit into the Reserve Account
from the net proceeds of the sale of the Notes. The Reserve Account shall be an asset of the Issuer [and pledged to the Indenture
Trustee for the benefit of the Noteholders and the Issuer]. [On or prior to the Closing Date, the Depositor shall deposit an amount
equal to the Risk Retention Reserve Account Deposit into the Risk Retention Reserve Account from the net proceeds of the Notes. 
The Risk Retention Reserve Account shall be an asset of the Issuer and pledged to the Indenture Trustee for the benefit of the
Noteholders and the Issuer.]

 

(b)          In
the event that the Servicer’s Certificate states that there is an Available Amounts Shortfall, then the Indenture Trustee
shall, upon written directions from the Servicer, withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit
such Reserve Account Withdrawal Amount into the Collection Account no later than 12:00 noon, New York City time, on the Business
Day prior to the related Payment Date. [If the Reserve Account Withdrawal Amount is not sufficient to cover the Available Amounts
Shortfall, then the Indenture Trustee shall, upon written directions from the Servicer, withdraw the excess of the Available Amounts
Shortfall over the Reserve Account Withdrawal Amount from the Risk Retention Reserve Account and deposit such excess into the Collection
Account no later than 12:00 noon, New York City time, on the Business Day prior to the related Payment Date.][ With respect to
each Collection Period, the Indenture Trustee shall, upon written directions from the Servicer, withdraw any Investment Earnings
from amounts on deposit in the Reserve Account and deposit such amounts into the Collection Account no later than 12:00 noon, New
York City time, on the Business Day prior to the related Payment Date.]

 

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

 

    	 	17	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

(e)          [Subject
to Section 9.01, amounts will continue to be applied pursuant to Section 5.05 following the payment in full of the Outstanding
Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount
of the Notes and the Certificates and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust
Agreement to the Noteholders and the termination of the Trust, any amount then allocated to the Reserve Account shall be distributed
to the Collection Account.][ Subject to Section 9.01, following the payment in full of the Outstanding Amount of the Notes
and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement and the termination
of the Trust, the Indenture Trustee shall, upon written directions from the Servicer, distribute any amount then on deposit in
the [Risk Retention] Reserve Account to the Depositor. Notwithstanding the other provisions of this clause (e), in the event
that the Servicer exercises its right to an Optional Purchase pursuant to Section 9.01, the Indenture Trustee shall, upon
written directions from the Servicer, withdraw any remaining amount on deposit in the [Risk Retention] Reserve Account and deposit
such amounts into the Collection Account no later than 12:00 noon, New York City time, on the Business Day prior to the date of
the Optional Purchase. On the date that all amounts are withdrawn from the [Risk Retention] Reserve Account pursuant to this Section,
the Indenture Trustee and the Owner Trustee shall release their security interest in, to and under such amounts.]

 

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

 

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

 

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

 

    	 	18	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

ARTICLE
VI.

 

THE
DEPOSITOR

 

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

 

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

 

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

 

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

 

    	 	19	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

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

     

    

 

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

 

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

 

Section 6.03 Liability of Depositor.

 

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

 

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

 

    	 	21	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

ARTICLE
VII.

 

THE
SERVICER

 

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

 

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

 

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

 

    	 	22	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	23	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 7.02 Indemnities of Servicer.

 

(a)          The
Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer and
the representations made by the Servicer under this Agreement.

 

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

 

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

 

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

 

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

 

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

 

    	 	24	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Indemnification under this Section shall
survive the resignation or removal of the Servicer or the termination of this Agreement, and shall include reasonable fees and
expenses of counsel and reasonable expenses of litigation, including, without limitation, any legal fees, costs and expenses incurred
in connection with any enforcement (including any action, claim or suit brought) of any indemnification or other obligation of
the Servicer). If the Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts
to the Servicer, without interest. The Servicer shall pay all amounts due, pursuant to this Section, with respect to the Indenture
Trustee and Owner Trustee as set forth in Section 5.05(b)(xi).

 

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

 

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

 

    	 	25	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

Section 7.06 Servicer Not to Resign.

 

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

 

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

 

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

 

ARTICLE
VIII.

 

DEFAULT

 

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

 

    	 	26	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	27	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

Section 8.03 Appointment of Successor
Servicer.

 

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

 

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

 

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

 

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

 

    	 	28	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

ARTICLE
IX.

 

TERMINATION

 

Section 9.01 Optional Purchase of All
Receivables.

 

(a)          On
each Payment Date as of which the Pool Balance is equal to or less than 5% of the Initial Pool Balance, the Servicer shall have
the option to purchase the Receivables (the “Optional Purchase”). To exercise such Optional Purchase, the Servicer
shall deposit into the Collection Account pursuant to Section 5.04 an amount equal to [(i)] the aggregate Purchased Amount
for the Receivables[, less (ii) the amounts on deposit in the Reserve Account on such date,] and shall succeed to all interests
in and to the Receivables. The exercise of such option shall cause all outstanding Notes to be due and payable under the Indenture
and effect a redemption, in whole but not in part, of all outstanding Notes. [To avoid insufficient funds being available to make
all payments as set forth in Section 5.05(b) in full, any funds remaining on deposit in the Reserve Account when the Optional
Purchase is exercised shall be deposited into the Collection Account pursuant to Section 5.06(e).]

 

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

 

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

 

ARTICLE
X.

 

MISCELLANEOUS

 

Section 10.01 Amendment.

 

(a)          This
Agreement may be amended by the Depositor and the Servicer, but without the consent of the Indenture Trustee, the Owner Trustee,
any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement,
or for the purpose of correcting any inconsistency with the Prospectus dated [_____], 20[__], or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the
rights of the Noteholders or the Certificateholders subject to the satisfaction of one of the following conditions:

 

    	 	29	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

(i) the Depositor or the Servicer
delivers an Opinion of Counsel or an Officer’s Certificate to the Indenture Trustee to the effect that such amendment will
not materially and adversely affect the interests of the Noteholders (and, if the Certificates are then held by anyone other than
the Depositor or a U.S. Affiliate of the Depositor, the Certificateholders); or

 

(ii) the Rating Agency Condition
is satisfied (other than with respect to S&P, but with satisfaction of the Rating Agency Notification with respect to S&P
if S&P is rating any Outstanding Class of Notes) with respect to such action.

 

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

 

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

 

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

 

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

 

Section 10.02 Protection of Title to
Trust.

 

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

 

    	 	30	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	31	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

Section 10.03 Notices. All demands,
notices, communications and instructions upon or to the Depositor, the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee
or any Rating Agency under this Agreement shall be in writing, personally delivered, faxed and followed by first class mail, or
mailed by certified mail, return receipt requested (or with respect to any Rating Agency, electronically delivered), and shall
be deemed to have been duly given upon receipt (a) in the case of the Depositor, to 3161 Michelson Drive, Suite 1900, Irvine,
California 92612, Attention: President and Secretary; (b) in the case of the Servicer and HCA, to 3161 Michelson Drive, Suite
1900, Irvine, California 92612, Attention: Treasurer; (c)  in the case of the Issuer or the Owner Trustee, to [_______________];
(d) in the case of [Fitch, to Fitch Ratings, Inc., 33 Whitehall Street, New York, NY 10004, Attention: Asset Backed Surveillance];
(e) in the case of the Indenture Trustee, at the Corporate Trust Office; and (f) in the case of [Moody’s, to Moody’s,
to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center, 250 Greenwich Street, 25th Floor, New
York, NY 10007] [S&P, via electronic delivery to Servicer_reports@sandp.com or at the following address: 55 Water Street (40th
Floor), New York, New York 10041, Attention: ABS Surveillance Department]; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

 

    	 	32	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	33	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

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

 

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

 

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

 

    	 	34	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

Section 10.13 Information
to Be Provided by the Indenture Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	35	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

[SIGNATURE PAGES FOLLOW]

 

    	 	36	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

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

 

    	 	S-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

    	 	S-2	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

    	 	S-3	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

    	 	S-4	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

	Monthly Servicing Report	 	 	 	 
	Collection Period	 	 	[_____]	 
	Distribution Date	 	 	[_____]	 
	Transaction Month	 	 	[_____]	 
	30/360 Days	 	 	[_____]	 
	Actual/360 Days	 	 	[_____]	 

 

I. ORIGINAL DEAL PARAMETERS

 

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

 

	 	 	 	Dollars
	 	 	 	Units
	 	 	 	WAC
	 	 	 	WARM
	 
	Original Pool Balance:	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	Original Adj. Pool Balance:	 	$	[_____________]	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 		 	 	Dollar Amount
	 	 	 	% of Pool
	 	 	 	Note Rate
	 	 	 	 	 	 	 	Final Payment

 Date
	 
	Class A-1 Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Class A-2-A Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Class A-2-B Notes	 	Floating	 	$	[_____________]	 	 	 	[_____]	 	 	 	LIBOR + [_____]	 	 	 	 	 	 	 	[_____]	 
	Class A-3 Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Class A-4 Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Class B Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Class C Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Class D Notes	 	Fixed	 	$	[_____________]	 	 	 	[_____]	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	Total Securities	 	 	 	$	[_____________]	 	 	 	[_____]	 	 	 	 	 	 	 	 	 	 	 	 	 
	Overcollateralization	 	 	 	$	[_____________]	 	 	 	[_____]	 	 	 	 	 	 	 	 	 	 	 	 	 
	YSOA	 	 	 	$	[_____________]	 	 	 	[_____]	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Original Pool Balance	 	 	 	$	[_____________]	 	 	 	[_____]	 	 	 	 	 	 	 	 	 	 	 	 	 

 

II. POOL BALANCE AND PORTFOLIO INFORMATION

 

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

 

    	 	A-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

  

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

 

	Monthly Servicing Report	 	 	 	 
	Collection Period	 	 	[_____]	 
	Distribution Date	 	 	[_____]	 
	Transaction Month	 	 	[_____]	 
	30/360 Days	 	 	[_____]	 
	Actual/360 Days	 	 	[_____]	 

 

III. COLLECTIONS

 

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

 

    	 	A-2	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

	Monthly Servicing Report	 	 	 	 
	Collection Period	 	 	[_____]	 
	Distribution Date	 	 	[_____]	 
	Transaction Month	 	 	[_____]	 
	30/360 Days	 	 	[_____]	 
	Actual/360 Days	 	 	[_____]	 

 

IV. DISTRIBUTIONS

 

	Total Collections	 	$	[_____________]	 
	Reserve Account [Release][Investment Earnings]	 	$	[_____________]	 
	Reserve Account Draw	 	$	[_____________]
	 
	Total Available for Distribution	 	$	[_____________]	 

 

	 	 	 	Amount Due	 	 	 	Interest Payment 
 Due but Unpaid 
 from Prior 
 Periods
	 	 	 	Amount Paid	 	 	 	 	 
	1. Servicing Fee @1.00%:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Servicing Fee Due	 	$	[_____________]	 	 	$	[_____________]	 	 	$	[_____________]	 	 	$	[_____________]	 
	Collection Account Interest	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	Late Fees & Other Charges	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]
	 
	Total due to Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2. Class A Noteholders Interest:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Class A-1 Notes	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-2-A Notes	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-2-B Notes	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-3 Notes	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-4 Notes	 	$	[_____________]
	 	 	 	 	 	 	$	[_____________]
	 	 	 	 	 
	Total Class A Interest:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3. First Priority Principal Distribution:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4. Class B Noteholders Interest:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5. Second Priority Principal Distribution:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6. Class C Noteholders Interest:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7. Third Priority Principal Distribution:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8. Class D Noteholders Interest:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9. Available Funds Remaining	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10. Regular Principal Distribution Amount:	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]	 

 

	 	 	Distributable Amount	 	 	 	 	 	Paid Amount	 	 	 	 	 
	Class A-1 Notes	 	 	 	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-2-A Notes	 	 	 	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-2-B Notes	 	 	 	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-3 Notes	 	 	 	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class A-4 Notes	 	 	 	 	 	 	 	 	 	$	[_____________]
	 	 	 	 	 
	Class A Notes Total:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class B Notes Total:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class C Notes Total:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Class D Notes Total:	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	Total Noteholders Principal	 	$	[_____________]	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 

 

	11. Required Deposit to the Reserve Account	 	$	[_____________]	 

 

    	 	A-3	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

	Monthly Servicing Report	 	 	 	 
	Collection Period	 	 	[_____]	 
	Distribution Date	 	 	[_____]	 
	Transaction Month	 	 	[_____]	 
	30/360 Days	 	 	[_____]	 
	Actual/360 Days	 	 	[_____]	 

 

	12. Trustee and Asset Representations Reviewer Expenses	 	$	[_____________]	 
	 	 	 	 	 
	13. Remaining Available Collections Released to Certificateholder	 	$	[_____________]	 

 

V. YIELD SUPPLEMENT OVERCOLLATERALIZATION AMOUNT (YSOA)

 

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

 

VI. RESERVE ACCOUNT

 

	Reserve Percentage of Initial Adjusted Pool Balance	 	 	[_____________]	%
	Beginning Period Required Amount	 	$	[_____________]	 
	Beginning Period Amount	 	$	[_____________]	 
	Current Period Release to Collection Account	 	$	[_____________]	 
	Current Period Deposit	 	$	[_____________]	 
	Current Period Release to Depositor	 	$	[_____________]	 
	Ending Period Required Amount ([0.25]% of APB of cut-off date)	 	$	[_____________]	 
	Ending Period Amount	 	$	[_____________]	 

 

[VII. RISK RETENTION RESERVE ACCOUNT]

 

	[Beginning Period Amount]	 	$	[_____________]	 
	[Current Period Release to Collection Account]	 	$	[_____________]	 
	[Ending Period Amount]	 	$	[_____________]	 

 

VIII. OVERCOLLATERALIZATION

 

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

 

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

 

    	 	A-4	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

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

 

	Monthly Servicing Report	 	 	 	 
	Collection Period	 	 	[_____]	 
	Distribution Date	 	 	[_____]	 
	Transaction Month	 	 	[_____]	 
	30/360 Days	 	 	[_____]	 
	Actual/360 Days	 	 	[_____]	 

 

IX. DELINQUENCY AND NET LOSS ACTIVITY

 

	 	 	 	Units Percent	 	 	 	Units	 	 	 	Dollars Percent	 	 	 	Dollar Amount	 
	Delinquent Receivables:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	30 – 60 Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	61 – 90 Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	91 – 120 Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	121 + Days	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	Total	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Delinquent Receivables 30+ days past due	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	Current Period	 	 	 	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	1st Preceding Collection Period	 	 	 	 	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 
	2nd Preceding Collection Period	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	3rd Preceding Collection Period	 	 	[_____]	 	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	Four-Month Average	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ratio of 61+ Delinquency Receivables Balance to EOP Pool Balance	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	 	 	 
	Delinquency Percentage exceeds Delinquency Trigger of [ ]% (Y/N)	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Repossession in Current Period	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	$	[_____________]	 
	Repossession Inventory	 	 	 	 	 	 	[_____]	 	 	 	 	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Charge-Offs	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Principal of Charge-Off	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Recoveries	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	Net Loss	 	 	 	 	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ratio of Current Net Loss to Beginning Pool Balance (annualized)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Average Pool Balance for Current Period	 	 	 	 	 	 	 	 	 	$	[_____________]	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Ratio of Current Net Loss to Average Pool Balance (annualized)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Current Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	1st Preceding Collection Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	2nd Preceding Collection Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	3rd Preceding Collection Period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 
	Four-Month Average	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[_____]	 

 

	 	 	 	Change in units
 from prior period
	 	 	 	Cumulative
 Units
	 	 	 	Cumulative
 Amount
	 
	Cumulative Charge-Offs:	 	 	 	 	 	 	 	 	 	 	 	 
	Gross Principal of Charge-Offs	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	Recoveries	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	Net Loss	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	Cumulative Net Losses as a % of Initial Pool Balance	 	 	 	 	 	 	 	 	 	 	[_____]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Loss for Receivables that have experienced a Net Loss*	 	 	[_____]	 	 	 	[_____]	 	 	$	[_____________]	 
	Average Net Loss for Receivables that have experienced a Net Loss	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Principal Balance of Extensions	 	 	 	 	 	 	 	 	 	$	[_____________]	 
	Number of Extensions	 	 	 	 	 	 	 	 	 	 	[_____]	 

 

* Excludes receivables with recovered amounts equal to or in excess
of principal charge-offs due to the recovery of assessments, such as interest and fees

 

    	 	A-5	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

 

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

 

	Monthly Servicing Report	 	 	 	 
	Collection Period	 	 	[_____]	 
	Distribution Date	 	 	[_____]	 
	Transaction Month	 	 	[_____]	 
	30/360 Days	 	 	[_____]	 
	Actual/360 Days	 	 	[_____]	 

 

[IX. CREDIT RISK RETENTION INFORMATION]

 

	[Fair Value of Notes and Certificate on the Closing Date:	 	 	 	 
	(i) Class A-1 Notes:	 	 	 	 
	(a) Fair Value of Class A Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class A Notes as a percentage of Total:	 	 	[____]	%
	(ii) Class A-2[-A] Notes:	 	 	 	 
	(a) Fair Value of Class A-2[-A] Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class A-2[-A] Notes as a percentage of Total:	 	 	[____]	%
	[(iii) Class A-2-B Notes:	 	 	 	 
	(a) Fair Value of Class A-2-B Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of
    Class A-2-B Notes as a percentage of Total:	 	 	[____]	%]
	(iv) Class A-3 Notes:	 	 	 	 
	(a) Fair Value of Class A-3 Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class A-3 Notes as a percentage of Total:	 	 	[____]	%
	(v) Class A-4 Notes:	 	 	 	 
	(a) Fair Value of Class A-4 Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class A-4 Notes as a percentage of Total:	 	 	[____]	%
	(vi) Class B Notes:	 	 	 	 
	(a) Fair Value of Class B Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class B Notes as a percentage of Total:	 	 	[____]	%
	(vii) Class C Notes:	 	 	 	 
	(a) Fair Value of Class C Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class C Notes as a percentage of Total:	 	 	[____]	%
	(viii) Class D Notes:	 	 	 	 
	(a) Fair Value of Class D Notes in Dollars:	 	$	[_____]	 
	(b) Fair Value of Class D Notes as a percentage of Total:	 	 	[____]	%
	(ix) Certificate	 	 	 	 
	(a) Fair Value of the Certificate in Dollars:	 	$	[_____]	 
	(b) Fair Value of the Certificate as a percentage of Total:	 	 	[____]	%
	Reserve Account	 	 	 	 
	(i) Amount on deposit on the Closing Date in Dollars:	 	$	[_____]	 
	(ii) Amount on deposit on the Closing Date as a percentage of Total:	 	 	[____]	%
	 Total Fair Value of Notes and Certificate in Dollars	 	$	[_____]	 
	Total Fair Value of Notes and Certificate as a percentage of Total	 	 	[____]	%
	Sum of the Fair Value of the Certificate and the Amount on Deposit in the Reserve Account	 	 	 	 
	(i) In Dollars:	 	$	[_____]	 
	(ii) As a percentage of Total:	 	 	[____]	%
	[There were no material changes in the retained interest in the transaction.]	 	 	 	 

 

    	 	A-6	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

EXHIBIT B

 

Form of Servicer’s Certificate

 

Collection Period:    ________________

Distribution Date:    ________________

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	B-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

EXHIBIT C

 

Form of Indenture Trustee’s Annual
Sarbanes Certification

 

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

 

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

 

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

 

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

 

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

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

 

	Date:	 	 

 

    	 	C-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

[Delivered to the Trust at Closing]

 

    	 	Sched. A-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

SCHEDULE B

 

Yield Supplement Overcollateralization Amount

 

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

 

	Payment Date	 	Yield Supplement
 Overcollateralization
 Amount

	Closing Date	 	

 

    	 	Sched. B-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

APPENDIX A

 

    	 	Appendix A-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

APPENDIX B

 

REGULATION AB REPRESENTATIONS, WARRANTIES AND
COVENANTS

 

PART I

 

DEFINED TERMS

 

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

 

PART II

 

COMPLIANCE WITH REGULATION AB

 

Section 2.01. Intent of the Parties; Reasonableness.

 

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

 

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

 

    	 	Appendix B-1	(20[ ]-[ ] Sale and Servicing Agreement)

     

    

 

SCHEDULE I

 

Servicing Criteria To Be Addressed In Assessment
Of Compliance

 

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

 

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

 

* Solely with respect to remittances.

 

    	 	Schedule-1	(20[ ]-[ ] Sale and Servicing Agreement)

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