Document:

Exhibit
      4.1

    EXECUTION
      COPY

    AMENDED
      AND RESTATED TRUST AGREEMENT

     

    among

     

    HYUNDAI
      ABS FUNDING CORPORATION,

    as
      Depositor

     

    WILMINGTON
      TRUST COMPANY,

    as
      Owner Trustee

     

    and

     

    HYUNDAI
      MOTOR FINANCE COMPANY,

     

    as
      Administrator

     

    Dated
      as of September 28, 2007

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    
      	 	 	
              Page

            
	
              ARTICLE
                1.

            	
              DEFINITIONS

            	
              1

            
	 	
              Section
                1.01

            	
              Capitalized
                Terms

            	
              1

            
	 	
              Section
                1.02

            	
              Other
                Definitional Provisions

            	
              3

            
	
              ARTICLE
                2.

            	
              ORGANIZATION

            	
              4

            
	 	
              Section
                2.01

            	
              Name

            	
              4

            
	 	
              Section
                2.02

            	
              Office

            	
              4

            
	 	
              Section
                2.03

            	
              Purposes
                and Powers

            	
              4

            
	 	
              Section
                2.04

            	
              Appointment
                of Owner Trustee

            	
              5

            
	 	
              Section
                2.05

            	
              Initial
                Capital Contribution of Trust Estate

            	
              5

            
	 	
              Section
                2.06

            	
              Declaration
                of Trust

            	
              6

            
	 	
              Section
                2.07

            	
              Title
                to Trust Property

            	
              6

            
	 	
              Section
                2.08

            	
              Situs
                of Trust

            	
              6

            
	 	
              Section
                2.09

            	
              Representations,
                Warranties and Covenants of the Depositor

            	
              6

            
	 	
              Section
                2.10

            	
              Federal
                Income Tax Allocations

            	
              7

            
	
              ARTICLE
                3.

            	
              TRUST
                CERTIFICATES AND TRANSFER OF INTERESTS

            	
              8

            
	 	
              Section
                3.01

            	
              Initial
                Ownership

            	
              8

            
	 	
              Section
                3.02

            	
              The
                Trust Certificates

            	
              8

            
	 	
              Section
                3.03

            	
              Execution,
                Authentication and Delivery of Trust Certificates

            	
              8

            
	 	
              Section
                3.04

            	
              Registration
                of Transfer and Exchange of Trust Certificates

            	
              8

            
	 	
              Section
                3.05

            	
              Mutilated,
                Destroyed, Lost or Stolen Trust Certificates

            	
              9

            
	 	
              Section
                3.06

            	
              Persons
                Deemed Owners

            	
              10

            
	 	
              Section
                3.07

            	
              Access
                to List of Certificateholders’ Names and Addresses

            	
              10

            
	 	
              Section
                3.08

            	
              Maintenance
                of Office or Agency

            	
              10

            
	 	
              Section
                3.09

            	
              Appointment
                of Paying Agent

            	
              10

            
	 	
              Section
                3.10

            	
              Form
                of Trust Certificates

            	
              11

            
	 	
              Section
                3.11

            	
              Transfer
                Restrictions

            	
              11

            
	 	
              Section
                3.12

            	
              Legending
                of Trust Certificates

            	
              14

            
	 	
              Section
                3.13

            	
              Authenticating
                Agent

            	
              15

            
	 	
              Section
                3.14

            	
              Actions
                of Certificateholders

            	
              17

            

    

     

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

    

      TABLE
        OF CONTENTS

      (continued)

       

    

    
      	 	 	
              Page

            
	
              ARTICLE
                4.

            	
              ACTIONS
                BY OWNER TRUSTEE

            	
              17

            
	 	
              Section
                4.01

            	
              Prior
                Notice with Respect to Certain Matters

            	
              17

            
	 	
              Section
                4.02

            	
              Action
                by Servicer with Respect to Certain Matters

            	
              19

            
	 	
              Section
                4.03

            	
              Action
                by Certificateholders with Respect to Bankruptcy

            	
              19

            
	 	
              Section
                4.04

            	
              Restrictions
                on Servicer’s Power

            	
              19

            
	 	
              Section
                4.05

            	
              Majority
                Control

            	
              20

            
	
              ARTICLE
                5.

            	
              APPLICATION
                OF TRUST FUNDS; CERTAIN DUTIES

            	
              20

            
	 	
              Section
                5.01

            	
              Establishment
                of Trust Account

            	
              20

            
	 	
              Section
                5.02

            	
              Application
                of Trust Funds

            	
              20

            
	 	
              Section
                5.03

            	
              Method
                of Payment

            	
              20

            
	 	
              Section
                5.04

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

            	
              21

            
	 	
              Section
                5.05

            	
              Signature
                on Returns; Tax Matters Partner

            	
              21

            
	 	
              Section
                5.06

            	
              Duties
                of Depositor on Behalf of Trust

            	
              21

            
	
              ARTICLE
                6.

            	
              AUTHORITY
                AND DUTIES OF OWNER TRUSTEE

            	
              22

            
	 	
              Section
                6.01

            	
              General
                Authority

            	
              22

            
	 	
              Section
                6.02

            	
              General
                Duties

            	
              22

            
	 	
              Section
                6.03

            	
              Action
                upon Instruction

            	
              22

            
	 	
              Section
                6.04

            	
              No
                Duties Except as Specified in this Agreement or in
                Instructions

            	
              23

            
	 	
              Section
                6.05

            	
              No
                Action Except Under Specified Documents or Instructions

            	
              24

            
	 	
              Section
                6.06

            	
              Restrictions

            	
              24

            
	
              ARTICLE
                7.

            	
              CONCERNING
                THE OWNER TRUSTEE

            	
              24

            
	 	
              Section
                7.01

            	
              Acceptance
                of Trusts and Duties

            	
              24

            
	 	
              Section
                7.02

            	
              Furnishing
                of Documents

            	
              25

            
	 	
              Section
                7.03

            	
              Representations
                and Warranties

            	
              25

            
	 	
              Section
                7.04

            	
              Reliance;
                Advice of Counsel

            	
              26

            
	 	
              Section
                7.05

            	
              Not
                Acting in Individual Capacity

            	
              26

            
	 	
              Section
                7.06

            	
              Owner
                Trustee Not Liable for Trust Certificates or for
                Receivables

            	
              27

            
	 	
              Section
                7.07

            	
              Owner
                Trustee May Own Trust Certificates and Notes

            	
              27

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    

      TABLE
        OF CONTENTS

      (continued)

       

    

    
      	 	 	 	
              Page

            
	 	
              Section
                7.08

            	
              Doing
                Business in Other Jurisdictions

            	
              27

            
	 	
              Section
                7.09

            	
              Paying
                Agent; Authenticating Agent

            	
              28

            
	
              ARTICLE
                8.

            	
              COMPENSATION
                OF OWNER TRUSTEE

            	
              28

            
	 	
              Section
                8.01

            	
              Owner
                Trustee’s Fees and Expenses

            	
              28

            
	 	
              Section
                8.02

            	
              Indemnification

            	
              28

            
	 	
              Section
                8.03

            	
              Payments
                to the Owner Trustee

            	
              28

            
	
              ARTICLE
                9.

            	
              TERMINATION
                OF TRUST AGREEMENT

            	
              29

            
	 	
              Section
                9.01

            	
              Termination
                of Trust Agreement

            	
              29

            
	
              ARTICLE
                10.

            	
              SUCCESSOR
                OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

            	
              30

            
	 	
              Section
                10.01

            	
              Eligibility
                Requirements for Owner Trustee

            	
              30

            
	 	
              Section
                10.02

            	
              Resignation
                or Removal of Owner Trustee

            	
              30

            
	 	
              Section
                10.03

            	
              Successor
                Owner Trustee

            	
              31

            
	 	
              Section
                10.04

            	
              Merger
                or Consolidation of Owner Trustee

            	
              31

            
	 	
              Section
                10.05

            	
              Appointment
                of Co-Trustee or Separate Trustee

            	
              32

            
	
              ARTICLE
                11.

            	
              MISCELLANEOUS

            	
              33

            
	 	
              Section
                11.01

            	
              Supplements
                and Amendments

            	
              33

            
	 	
              Section
                11.02

            	
              No
                Legal Title to Trust Estate in Certificateholders

            	
              34

            
	 	
              Section
                11.03

            	
              Limitations
                on Rights of Others

            	
              34

            
	 	
              Section
                11.04

            	
              Notices

            	
              35

            
	 	
              Section
                11.05

            	
              Severability

            	
              35

            
	 	
              Section
                11.06

            	
              Separate
                Counterparts

            	
              35

            
	 	
              Section
                11.07

            	
              Successors
                and Assigns

            	
              35

            
	 	
              Section
                11.08

            	
              Covenants
                of the Depositor

            	
              35

            
	 	
              Section
                11.09

            	
              No
                Petition

            	
              35

            
	 	
              Section
                11.10

            	
              No
                Recourse

            	
              36

            
	 	
              Section
                11.11

            	
              Headings

            	
              36

            
	 	
              Section
                11.12

            	
              GOVERNING
                LAW

            	
              37

            
	 	
              Section
                11.13

            	
              Limitation
                of Rights

            	
              37

            
	 	
              Section
                11.14

            	
              Sarbanes-Oxley

            	
              37

            

    

     

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    (continued)

    

    Exhibits

    

    
      	 	 	
              Page

            
	
              Exhibit
                A

            	
              Form
                of Trust Certificate

            	
              A-1

            
	
              Exhibit
                B

            	
              Assignment

            	
              B-1

            
	
              Exhibit
                C

            	
              Form
                of Transferee Certificate

            	
              C-1

            
	
              Exhibit
                D

            	
              Form
                of Certificate of Trust of Hyundai Auto Receivables Trust
                2007-A

            	
              D-1

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    This
      AMENDED AND RESTATED TRUST AGREEMENT, dated as of September 28, 2007, is between
      HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation, as depositor (the
      “Depositor”),
      WILMINGTON TRUST COMPANY, a Delaware banking corporation, acting hereunder
      not
      in its individual capacity but solely as owner trustee (the “Owner
      Trustee”)
      and
      HYUNDAI MOTOR FINANCE COMPANY, a California corporation, as administrator (the
      “Administrator”).

     

    WHEREAS,
      on March 7, 2007, the Depositor, the Owner Trustee and the Administrator entered
      into a Trust Agreement (the “Original
      Trust Agreement”);
      and

     

    WHEREAS,
      the parties hereto wish to amend and restate the Original Trust Agreement in
      its
      entirety;

     

    NOW,
      THEREFORE, in consideration of the foregoing, and other good and valuable
      consideration, the receipt of which is hereby acknowledged, the parties hereto
      amend and restate the Original Trust Agreement in its entirety and agree as
      follows:

     

    ARTICLE
      1.

    DEFINITIONS

     

    Section
      1.01 Capitalized
      Terms.
      For all
      purposes of this Agreement, the following terms shall have the meanings set
      forth below:

     

    “Administration
      Agreement”
shall
      mean the Owner Trust Administration Agreement dated as of September 28, 2007,
      among the Trust, Hyundai Motor Finance Company, as Administrator and Citibank,
      N.A., as Indenture Trustee, as amended, supplemented, amended and restated
      or
      otherwise modified from time to time.

     

    “Administrator”
shall
      mean Hyundai Motor Finance Company.

     

    “Agreement”
shall
      mean this Amended and Restated Trust Agreement, as the same may be amended
      and
      supplemented from time to time.

     

    “Authenticating
      Agent”
shall
      have the meaning assigned to such term in Section 3.13.

     

    “Benefit
      Plan Investor”
shall
      have the meaning assigned to such term in Section 3.11.

     

    “Certificate
      Distribution Account”
shall
      have the meaning assigned to such term in Section 5.01.

     

    “Certificate
      of Trust”
shall
      mean the Certificate of Trust substantially in the form of Exhibit D filed
      for
      the Trust pursuant to Section 3810(a) of the Statutory Trust Act.

     

    “Certificate
      Percentage Interest”
shall
      mean with respect to any Trust Certificate, the percentage interest of ownership
      in the Trust represented thereby as set forth on the face thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    “Corporate
      Trust Office”
shall
      mean, with respect to the Owner Trustee, the principal corporate trust
      office of the Owner Trustee located at Rodney Square North, 1100 North
      Market Street, Wilmington Delaware 19890-0001, Attention: Corporate Trust
      Administration, or at such other address in the State of Delaware as the Owner
      Trustee may designate by notice to the Certificateholders and the Depositor,
      or
      the principal corporate trust office of any successor Owner Trustee at the
      address (which shall be in the State of Delaware) designated by such successor
      Owner Trustee by notice to the Certificateholders and the
      Depositor.

     

    “Definitive
      Trust Certificates”
shall
      have the meaning set forth in Section 3.10.

     

    “Depositor”
shall
      mean Hyundai ABS Funding Corporation and its successors, in its capacity as
      depositor hereunder.

     

    “ERISA”
shall
      mean the Employee Retirement Income Security Act of 1974,
      as amended.

     

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

     

    “Expenses”
shall
      have the meaning assigned to such term in Section 8.02.

     

    “Indemnified
      Parties”
shall
      have the meaning assigned to such term in Section 8.02.

     

    “Indenture”
shall
      mean the Indenture, dated as of September 28, 2007, between the Trust and
      Citibank, N.A., as Indenture Trustee, as amended, supplemented, amended and
      restated or otherwise modified from time to time.

     

    “Indenture
      Trustee”
shall
      mean Citibank, N.A., a national banking association.

     

    “Owner
      Trustee”
shall
      mean Wilmington Trust Company, a Delaware banking corporation, not in its
      individual capacity but solely as owner trustee under this Agreement, and any
      successor Owner Trustee hereunder.

     

    “Paying
      Agent”
shall
      mean any paying agent or co paying agent appointed pursuant to Section 3.09
      and
      shall initially be Citibank, N.A.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

    “Record
      Date”
shall
      mean, with respect to a Payment Date, the close of business on the day
      immediately preceding such Payment Date.

     

    “Sale
      and Servicing Agreement”
shall
      mean the Sale and Servicing Agreement dated as of September 28, 2007, among
      the
      Depositor, Hyundai Motor Finance Company, as Seller and Servicer, the Trust
      and the Indenture Trustee, as amended, supplemented, amended and restated or
      otherwise modified from time to time.

     

    “SEC”
means
      the Securities and Exchange Commission.

     

    “Secretary
      of State”
shall
      mean the Secretary of State of the State of Delaware.

     

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

     

    “Statutory
      Trust Act”
shall
      mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code ss. 3801 et
      seq., as the same may be amended from time to time.

     

    “Treasury
      Regulations”
shall
      mean regulations, including proposed or temporary Regulations, promulgated
      under
      the Code. References herein to specific provisions of proposed or temporary
      regulations shall include analogous provisions of final Treasury Regulations
      or
      other successor Treasury Regulations.

     

    “Trust”
shall
      mean the trust established by this Agreement.

     

    “Trust
      Certificate”
shall
      mean a certificate evidencing the beneficial interest of a Certificateholder
      in
      the Trust, substantially in the form attached hereto as Exhibit A.

     

    “Trust
      Estate”
shall
      mean all right, title and interest of the Trust in and to the property and
      rights assigned to the Trust pursuant to Article II of the Sale and Servicing
      Agreement, all funds on deposit from time to time in the Trust Accounts and
      the
      Certificate Distribution Account, and all other property of the Trust from
      time
      to time, including any rights of the Owner Trustee and the Trust pursuant to
      the
      Sale and Servicing Agreement and the Administration Agreement.

     

    Section
      1.02 Other
      Definitional Provisions.

     

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

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    ARTICLE
      2.

    ORGANIZATION

     

    Section
      2.01 Name.
      The
      Trust created hereby shall be known as “Hyundai Auto Receivables Trust 2007-A,”
in which name the Owner Trustee may conduct the business of the Trust, make
      and
      execute contracts and other instruments on behalf of the Trust and sue and
      be
      sued.

     

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

     

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

     

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

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (b) with
      the
      proceeds of the sale of the Notes and the Trust Certificates, to purchase the
      Receivables, to fund the Reserve Account, to pay the organizational, start-up
      and transactional expenses of the Trust and to pay the balance of such proceeds
      to the Depositor pursuant to the Sale and Servicing Agreement;

     

    (c) to
      assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant
      to the Indenture and to hold, manage and distribute to the Certificateholders
      pursuant to the terms of this Agreement and the Sale and Servicing Agreement
      any
      portion of the Trust Estate released from the Lien of, and remitted to the
      Trust
      pursuant to, the Indenture;

     

    (d) to
      enter
      into and perform its obligations under the Basic Documents to which it is to
      be
      a party;

     

    (e) to
      engage
      in those activities, including entering into agreements, that are necessary,
      suitable or convenient to accomplish the foregoing or are incidental thereto
      or
      connected therewith; 

     

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

     

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

     

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

     

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

     

    Section
      2.05 Initial
      Capital Contribution of Trust Estate.
      The
      Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
      Trustee, as of the date hereof, the sum of $1.00. The Owner Trustee hereby
      acknowledges receipt in trust from the Depositor, as of the date hereof, of
      the
      foregoing contribution, which shall constitute the initial Trust Estate and
      shall be deposited in the Certificate Distribution Account. The Depositor shall
      pay organizational expenses of the Trust as they may arise or shall, upon the
      request of the Owner Trustee, promptly reimburse the Owner Trustee for any
      such
      expenses paid by the Owner Trustee.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Section
      2.06 Declaration
      of Trust.
      The
      Owner Trustee hereby declares that it will hold the Trust Estate in trust upon
      and subject to the conditions set forth herein for the use and benefit of the
      Certificateholders, subject to the obligations of the Trust under the Basic
      Documents. It is the intention of the parties hereto that the Trust constitute
      a
      statutory trust under the Statutory Trust Act and that this Agreement constitute
      the governing instrument of such statutory trust. It is the intention of the
      parties hereto that, for income and franchise tax purposes, until the Trust
      Certificates are held by more than one Person, the Trust will be disregarded
      as
      an entity separate from the Depositor (or another Person that beneficially
      owns
      all of the Trust Certificates) and the Notes will be characterized as debt.
      At
      such time that the Trust Certificates are held by more than one Person, it
      is
      the intention of the parties hereto that, for income and franchise tax purposes,
      the Trust shall be treated as a partnership, with the assets of the partnership
      being the Receivables and other assets held by the Trust, the partners of the
      partnership, being the Certificateholders, and the Notes being debt of the
      partnership. The Depositor and the Certificateholders by acceptance of a Trust
      Certificate agree to such treatment and agree to take no action inconsistent
      with such treatment. The parties agree that, unless otherwise required by
      appropriate tax authorities, until the Trust Certificates are held by more
      than
      one Person the Trust will not file or cause to be filed annual or other
      necessary tax returns, reports and other forms inconsistent with the
      characterization of the Trust as a disregarded entity of its owner. Effective
      as
      of the date hereof, the Owner Trustee shall have all rights, powers and duties
      set forth herein and in the Statutory Trust Act with respect to accomplishing
      the purposes of the Trust.

     

    Section
      2.07 Title
      to Trust Property.
      Subject
      to the Indenture, legal title to all the Trust Estate shall be vested at all
      times in the Trust as a separate legal entity except where applicable law in
      any
      jurisdiction requires title to any part of the Trust Estate to be vested in
      a
      trustee or trustees, in which case title shall be deemed to be vested in the
      Owner Trustee, a co-trustee or a separate trustee, as the case may be; provided
      that prior to taking title to any part of the Trust Estate, the Owner Trustee
      will notify the Servicer and the Indenture Trustee.

     

    Section
      2.08 Situs
      of Trust.
      The
      Trust will be located and administered in the State of Delaware. All bank
      accounts maintained by the Owner Trustee on behalf of the Trust shall be located
      in the State of Delaware or the State of New York. The Trust shall not have
      any
      employees; provided,
      however,
      that
      nothing herein shall restrict or prohibit the Owner Trustee from having
      employees within or without the State of Delaware. Payments will be received
      by
      the Trust only in Delaware or New York, and payments will be made by the Trust
      only from Delaware or New York. The only office of the Trust will be at the
      Corporate Trust Office in the State of Delaware.

     

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

     

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

     

    
      
        
        

      

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

     

    (c) The
      Depositor has the corporate power and authority to execute and deliver this
      Agreement and to carry out its terms; the Depositor has full power and authority
      to sell and assign the property to be sold and assigned to and deposited with
      the Trust and the Depositor has duly authorized such sale and assignment and
      deposit to the Trust by all necessary corporate action; and the execution,
      delivery and performance of this Agreement have been duly authorized by the
      Depositor by all necessary corporate action.

     

    (d) The
      Depositor has duly executed and delivered this Agreement, and this Agreement
      constitutes a legal, valid and binding obligation of the Depositor, enforceable
      against the Depositor, in accordance with its terms, except as such enforcement
      may be limited by applicable bankruptcy, insolvency, reorganization or other
      similar laws relating to or limiting creditors' rights generally or by general
      equitable principles.

     

    (e) The
      consummation of the transactions contemplated by this Agreement and the
      fulfillment of the terms hereof do not conflict with, result in any breach
      of
      any of the terms and provisions of, or constitute (with or without notice or
      lapse of time) a default under, the articles and bylaws of the Depositor, or
      any
      indenture, agreement or other instrument to which the Depositor is a party
      or by
      which it is bound; nor result in the creation or imposition of any Lien upon
      any
      of its properties pursuant to the terms of any such indenture, agreement or
      other instrument (other than pursuant to the Basic Documents); nor violate
      any
      law or, to the best of the Depositor’s knowledge, any order, rule or regulation
      applicable to the Depositor of any court or of any federal or state regulatory
      body, administrative agency or other governmental instrumentality having
      jurisdiction over the Depositor or its properties.

     

    (f) There
      are
      no proceedings or investigations pending or, to the knowledge of the Depositor,
      threatened before any court, regulatory body, administrative agency or other
      governmental instrumentality having jurisdiction over the Depositor or its
      properties (i) asserting the invalidity of this Agreement, (ii) seeking to
      prevent the consummation of any of the transactions contemplated by this
      Agreement or (iii) seeking any determination or ruling that might materially
      and
      adversely affect the performance by the Depositor of its obligations under,
      or
      the validity or enforceability of, this Agreement.

     

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

     

    Section
      2.10 Federal
      Income Tax Allocations.
      If the
      Trust Certificates are held by more than one Person, for federal income tax
      purposes each item of income, gain, loss, credit and deduction for a month
      shall
      be allocated to the Certificateholders as of the first Record Date following
      the
      end of such month in proportion to their Certificate Percentage Interests on
      such Record Date. The Trust (or the Administrator in accordance with the
      Administration Agreement and Section 5.04) is authorized to modify the
      allocations in this paragraph if necessary or appropriate, in its sole
      discretion, for the allocations to fairly reflect the economic income, gain
      or
      loss to the Certificateholders or otherwise comply with the requirements of
      the
      Code.

     

    
      
        
        

      

      
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    ARTICLE
      3.

    TRUST
      CERTIFICATES AND TRANSFER OF INTERESTS

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Upon
      surrender for registration of transfer of any Trust Certificate at the office
      or
      agency maintained pursuant to Section 3.08, the Owner Trustee shall execute,
      authenticate and deliver (or shall cause its Authenticating Agent to
      authenticate and deliver), in the name of the designated transferee or
      transferees, one or more new Trust Certificates in authorized denominations
      of a
      like aggregate amount dated the date of authentication by the Owner Trustee
      or
      any Authenticating Agent. At the option of a Certificateholder, Trust
      Certificates may be exchanged for other Trust Certificates of authorized
      denominations of a like aggregate amount upon surrender of the Trust
      Certificates to be exchanged at the office or agency maintained pursuant to
      Section 3.08.

     

    Every
      Trust Certificate presented or surrendered for registration of transfer or
      exchange shall be accompanied by a written instrument of transfer in form
      satisfactory to the Owner Trustee and the Certificate Registrar duly executed
      by
      the related Certificateholder or such Certificateholder’s attorney duly
      authorized in writing. Each Trust Certificate surrendered for registration
      of
      transfer or exchange shall be cancelled and subsequently disposed of by the
      Owner Trustee in accordance with its customary practice.

     

    No
      service charge shall be made for any registration of transfer or exchange of
      Trust Certificates, but the Owner Trustee or the Certificate Registrar may
      require payment of a sum sufficient to cover any tax or governmental charge
      that
      may be imposed in connection with any transfer or exchange of Trust
      Certificates.

     

    The
      preceding provisions of this Section notwithstanding, the Owner Trustee shall
      not make, and the Certificate Registrar shall not register transfers or
      exchanges of, Trust Certificates for a period of 15 days preceding the due
      date
      for any payment with respect to the Trust Certificates.

     

    The
      provisions of this Section are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the transfer of the Trust
      Certificates.

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      3.08 Maintenance
      of Office or Agency.
      The
      Trust shall designate in the State of Delaware an office or offices or agency
      or
      agencies where Trust Certificates may be surrendered for registration of
      transfer or exchange and where notices and demands to or upon the Trust and
      Owner Trustee in respect of the Trust Certificates and the Basic Documents
      may
      be served. The Trust initially designates Wilmington Trust Company as its office
      for such purposes. The Trust shall give prompt written notice to the Depositor
      and the Certificateholders of any change in the location of the Certificate
      Register or any such office or agency.

     

    Section
      3.09 Appointment
      of Paying Agent.
      The
      Paying Agent shall make distributions to Certificateholders from the Certificate
      Distribution Account pursuant to Section 5.02 and shall report the amounts
      of
      such distributions to the Owner Trustee. Any Paying Agent shall have the
      revocable power to withdraw funds from the Certificate Distribution Account
      for
      the purpose of making the distributions referred to above. The Owner Trustee
      may
      revoke such power and remove the Paying Agent if the Owner Trustee determines
      in
      its sole discretion that the Paying Agent shall have failed to perform its
      obligations under this Agreement in any material respect; provided,
      however,
      the
      Owner Trustee shall have no duty to monitor or oversee the compliance by the
      Paying Agent of its obligations under this Agreement or any other Basic
      Document. The Paying Agent initially shall be Citibank, N.A., and any co-paying
      agent chosen by the Trust. Citibank, N.A. shall be permitted to resign as Paying
      Agent upon 30 days’ written notice to the Owner Trustee. In the event that
      Citibank, N.A. shall no longer be the Paying Agent, the Depositor, with the
      consent of the Owner Trustee, shall appoint a successor to act as Paying Agent
      (which shall be a bank or trust company). The Trust shall cause such successor
      Paying Agent or any additional Paying Agent appointed hereunder to execute
      and
      deliver to the Trust an instrument in which such successor Paying Agent or
      additional Paying Agent shall agree with the Trust that, as Paying Agent, such
      successor Paying Agent or additional Paying Agent will hold all sums, if any,
      held by it for payment to the Certificateholders in trust for the benefit of
      the
      Certificateholders entitled thereto until such sums shall be paid to such
      Certificateholders. The Paying Agent shall return all unclaimed funds to the
      Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also
      return all funds in its possession to the Owner Trustee. Any reference in this
      Agreement to the Paying Agent shall include any co-paying agent unless the
      context requires otherwise.

     

    
      
        
        

      

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

     

    Section
      3.11 Transfer
      Restrictions.
      (a) No
      Trust Certificate may be resold, assigned or transferred (including by pledge
      or
      hypothecation) unless such resale, assignment or transfer is (i) pursuant to
      an
      effective registration statement under the Securities Act and any applicable
      state securities or “Blue Sky” laws, (ii) pursuant to Rule 144A promulgated
      under the Securities Act (“Rule 144A”) or (iii) pursuant to another exemption
      from the registration requirements of the Securities Act and subject to the
      receipt by the Owner Trustee and the Depositor of (A) a certification by the
      prospective transferee of the facts surrounding such transfer, which
      certification shall be in form and substance satisfactory to the Owner Trustee
      and the Depositor and (B) if requested by the Owner Trustee, an opinion of
      counsel (which will not be at the expense of the Owner Trustee), satisfactory
      to
      the Depositor and the Owner Trustee, to the effect that the transfer is in
      compliance with the Securities Act, and, in each case, in compliance with any
      applicable securities or “Blue Sky” laws of any state of the United States. In
      addition, each transferee shall provide to the Owner Trustee its tax
      identification number, address, nominee name (if applicable) and wire transfer
      instructions. Prior to any resale, assignment or transfer of the Trust
      Certificates described in clause (ii) above, each prospective purchaser of
      the
      Trust Certificates shall have acknowledged, represented and agreed as
      follows:

     

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

     

    
      
        
        

      

      
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    (2) It
      acknowledges that the Trust Certificates have not been and will not be
      registered under the Securities Act or the securities laws of any
      jurisdiction.

     

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

     

    (4) It
      is
      aware that it (or any account for which it is purchasing) may be required to
      bear the economic risk of an investment in the Trust Certificates for an
      indefinite period, and it (or such account) is able to bear such risk for an
      indefinite period.

     

    (5) It
      understands that the Trust Certificates will bear legends substantially as
      set
      forth in Section 3.12.

     

    (6) If
      it is
      acquiring any Trust Certificates for the account of one or more qualified
      institutional buyers, it represents that it has sole investment discretion
      with
      respect to each such account and that it has full power to make the foregoing
      acknowledgements, representations and agreements on behalf of each such
      account.

     

    
      
        
        

      

      
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    (7) It
      (and
      any Person for which it holds Trust Certificates) has neither acquired nor
      will
      it transfer any Trust Certificate it purchases (or any interest therein) or
      cause any such Trust Certificate (or any interest therein) to be marketed on
      or
      through an “established securities market” within the meaning of Section
      7704(b)(1) of the Code, including, without limitation, an
      over-the-counter-market or an interdealer quotation system that regularly
      disseminates firm buy or sell quotations.

     

    (8) It
      (and
      any Person for which it holds Trust Certificates, collectively for purposes
      of
      this paragraph (8), a “transferee”) either (A) is not, and will not become, a
      partnership, S corporation or grantor trust for U.S. federal income tax purposes
      (or a disregarded entity of any of the foregoing) or (B) is such an entity,
      but
      none of the direct or indirect beneficial owners of any of the interests in
      such
      transferee have allowed or caused, or will allow or cause, 50% or more (or,
      if
      the Owner Trustee has received an Opinion of Counsel in form and substance
      acceptable to the Depositor that the proposed transfer to such transferee will
      not cause the Trust to be treated as a publicly traded partnership within the
      meaning of Section 7704 of the Code, such other percentage as the Owner Trustee
      may establish prior to the time of such proposed transfer) of the value of
      such
      interests in the transferee to be attributable to such transferee’s ownership of
      Trust Certificates.

     

    (9) It
      understands that if it is acquiring any Trust Certificate for the account of
      one
      or more Persons, (A) it shall provide to the Owner Trustee and the Depositor
      information as to the number of such Persons and any changes in the number
      of
      such Persons and (B) any such change in the number of Persons for whose account
      a Trust Certificate is held shall require the written consent of the Owner
      Trustee, which consent shall be granted unless the Owner Trustee determines
      that
      such proposed change in number of Persons would create a risk that the Trust
      would be classified for federal or any applicable state tax purposes as an
      association (or a publicly traded partnership) taxable as a
      corporation.

     

    (10) It
      understands that no subsequent transfer of the Trust Certificates (or any
      interest therein) is permitted unless (A) such transfer is of a Trust
      Certificate with a Certificate Percentage Interest of at least 5%, (B) it causes
      its proposed transferee to provide to the Owner Trustee and the Depositor a
      letter substantially in the form of Exhibit C hereto, or such other written
      statement as the Owner Trustee shall prescribe and (C) the Trust consents in
      writing to the proposed transfer, which consent shall be granted unless the
      Owner Trustee determines that such transfer would either create a risk that
      the
      Trust would be classified for federal or any applicable state tax purposes
      as an
      association (or a publicly traded partnership) taxable as a corporation;
provided,
      however,
      that any
      attempted transfer that would cause the number of beneficial owners of Trust
      Certificates in the aggregate to exceed 100 or otherwise cause the Trust to
      become a publicly traded partnership for income tax purposes shall be a void
      transfer.

     

    (11) It
      understands that the Opinion of Counsel to the Trust that the Trust is not
      a
      publicly traded partnership taxable as a corporation is dependent in part on
      the
      accuracy of the representations in paragraphs (7), (8), (9) and (10)
      above.

     

    
      
        
        

      

      
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    (12) It
      is a
      United States Person within the meaning of Section 7701(a)(30) of the
      Code.

     

    (13) It
      acknowledges that the Owner Trustee, the Depositor, and their Affiliates, and
      others will rely upon the truth and accuracy of the foregoing acknowledgments,
      representations and agreements.

     

    Each
      transferee of the Trust Certificates shall be required to execute or to have
      executed a representation letter substantially in the form of Exhibit C, or
      may
      deliver such other representations (or an opinion of counsel) as may be approved
      by the Owner Trustee and the Depositor, to the effect that such transfer may
      be
      made pursuant to an exemption from registration under the Securities Act and
      any
      applicable state securities or “Blue Sky” laws.

     

    In
      addition, such prospective purchaser shall be responsible for providing
      additional information or certification, as shall be reasonably requested by
      the
      Owner Trustee or the Depositor, to support the truth and accuracy of the
      foregoing acknowledgments, representations and agreements, it being understood
      that such additional information is not intended to create additional
      restrictions on the transfer of the Trust Certificates. Neither the Depositor,
      the Trust nor the Owner Trustee shall be obligated to register or monitor
      compliance with the Trust Certificates under the Securities Act or any state
      securities or “Blue Sky” laws.

     

    In
      determining compliance with the transfer restrictions contained in this Section,
      the Owner Trustee may rely upon a written opinion of counsel (which may include
      in-house counsel of the transferor), the cost of obtaining which shall be an
      expense of the Holder of the Certificate to be transferred.

     

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

     

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

     

    THIS
      TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
      APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND
      MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
      COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY
      OTHER
      APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR
      IN A TRANSACTION NOT SUBJECT THERETO. THE HOLDER HEREOF, BY PURCHASING THIS
      TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, ASSIGNED,
      PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE TRUST CERTIFICATE IS
      ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO THE
      PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED
      INSTITUTIONAL BUYER ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF
      OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED
      INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, ASSIGNMENT,
      PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) TO A UNITED
      STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE, (C)
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
      (D)
      IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
      ACT
      AND OTHER SECURITIES OR “BLUE SKY” LAWS. IN SUCH CASE THE OWNER TRUSTEE SHALL
      REQUIRE (I) THAT THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND
      THE
      DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION
      SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) IF
      REQUESTED BY THE OWNER TRUSTEE, A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT
      BE
      AT THE EXPENSE OF THE OWNER TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE OWNER
      TRUSTEE AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE
      THE
      SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR
      “BLUE SKY” LAWS OF ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN
      CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO
      AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE
      TRUST CERTIFICATE FOR ALL PURPOSES.

     

    
      
        
        

      

      
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    NO
      TRUST
      CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF (I)
      AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO
      THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION
      4975(e)(1) OF THE CODE OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE
      PLAN
      ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE
      ENTITY (EACH, A “BENEFIT PLAN INVESTOR”). BY ACCEPTING AND HOLDING A TRUST
      CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND
      WARRANTED THAT IT IS NOT A BENEFIT PLAN INVESTOR.

     

    Section
      3.13 Authenticating
      Agent.

     

    (a) The
      Owner
      Trustee may appoint one or more Authenticating Agents (each, an “Authenticating
      Agent”) with respect to the Certificates which shall be authorized to act on
      behalf of the Owner Trustee in authenticating the Certificates in connection
      with the issuance, delivery, registration of transfer, exchange or repayment
      of
      the Certificates. The Owner Trustee hereby appoints Citibank, N.A. as
      Authenticating Agent for the authentication of Certificates upon any
      registration of transfer or exchange of such Certificates. Whenever reference
      is
      made in this Agreement to the authentication of Certificates by the Owner
      Trustee or the Owner Trustee's certificate of authentication, such reference
      shall be deemed to include authentication on behalf of the Owner Trustee by
      an
      Authenticating Agent and a certificate of authentication executed on behalf
      of
      the Owner Trustee by an Authenticating Agent. Each Authenticating Agent (other
      than Citibank, N.A.) shall be subject to acceptance by the
      Depositor.

     

    
      
        
        

      

      
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    (b) Any
      institution succeeding to the corporate agency business of an Authenticating
      Agent shall continue to be an Authenticating Agent without the execution or
      filing of any paper or any further act on the part of the Owner Trustee or
      such
      Authenticating Agent.

     

    (c) An
      Authenticating Agent may at any time resign by giving written notice of
      resignation to the Owner Trustee and the Depositor. The Owner Trustee may at
      any
      time terminate the agency of an Authenticating Agent by giving notice of
      termination to such Authenticating Agent and to the Depositor. Upon receiving
      such a notice of resignation or upon such a termination, or in case at any
      time
      an Authenticating Agent shall cease to be acceptable to the Owner Trustee or
      the
      Depositor, the Owner Trustee promptly may appoint a successor Authenticating
      Agent with the consent of the Depositor. Any successor Authenticating Agent
      upon
      acceptance of its appointment hereunder shall become vested with all the rights,
      powers and duties of its predecessor hereunder, with like effect as if
      originally named as an Authenticating Agent.

     

    (d) The
      Depositor shall pay the Authenticating Agent from time to time reasonable
      compensation for its services under this Section 3.13.

     

    (e) Pursuant
      to an appointment made under this Section 3.13, the Certificates may have
      endorsed thereon, in lieu of the Owner Trustee's certificate of authentication,
      an alternate certificate of authentication in substantially the following
      form:

     

    This
      is
      one of the Certificates referred to in the within mentioned
      Agreement.

     

    
      	 	 	 
	 	
              
as
              Owner Trustee
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Authorized
              Officer
	 	 
	 	
              or

            

    

     

    
      	 	 	 
	 	
              
as
              Authenticating Agent for the Owner Trustee,
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Authorized
              Officer

    

     

     

    
      
        
        

      

      
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    Section
      3.14 Actions
      of Certificateholders.

     

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

     

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

     

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

     

    ARTICLE
      4.

    ACTIONS
      BY OWNER TRUSTEE

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (d) the
      amendment of the Indenture by a supplemental indenture or any other change
      to
      this Agreement or any Basic Document in circumstances where the consent of
      any
      Noteholder is not required and such amendment would materially adversely affect
      the interests of the Certificateholders;

     

    (e) the
      amendment, change or modification of the Administration Agreement, except to
      cure any ambiguity or to amend or supplement any provision in a manner or add
      any provision that would not materially adversely affect the interests of the
      Certificateholders;

     

    (f) the
      appointment pursuant to the Indenture of a successor Note Registrar, Paying
      Agent or Indenture Trustee or pursuant to this Agreement of a successor
      Certificate Registrar, or the consent to the assignment by the Note Registrar,
      Paying Agent or Indenture Trustee or Certificate Registrar of its obligations
      under the Indenture or this Agreement, as applicable;

     

    (g) the
      consent to the calling or waiver of any default of any Basic
      Document;

     

    (h) the
      consent to the assignment by the Indenture Trustee or Servicer of their
      respective obligations under any Basic Document, unless permitted in the Basic
      Documents;

     

    (i) except
      as
      provided in Article IX hereof, dissolve, terminate or liquidate the Trust in
      whole or in part;

     

    (j) merge
      or
      consolidate the Trust with or into any other entity, or convey or transfer
      all
      or substantially all of the Trust’s assets to any other entity;

     

    (k) cause
      the
      Trust to incur, assume or guaranty any indebtedness other than as set forth
      in
      this Agreement or the Basic Documents;

     

    (l) do
      any
      act that conflicts with any other Basic Document;

     

    (m) do
      any
      act that would make it impossible to carry on the ordinary business of the
      Trust
      as described in Section 2.03 hereof;

     

    (n) confess
      a
      judgment against the Trust;

     

    (o) possess
      Trust assets, or assign the Trust’s right to property, for other than a Trust
      purpose;

     

    (p) cause
      the
      Trust to lend any funds to any entity, unless permitted in the Basic Documents;
      or

     

    (q) change
      the Trust’s purpose and powers from those set forth in this
      Agreement.

     

    
      
        
        

      

      
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    In
      addition, the Trust shall not commingle its assets with those of any other
      entity. The Trust shall maintain its financial and accounting books and records
      separate from those of any other entity. Except as expressly set forth herein,
      the Trust shall not pay the indebtedness, operating expenses and liabilities
      of
      any other entity. The Trust shall maintain appropriate minutes or other records
      of all appropriate actions and shall maintain its office separate from the
      offices of the Depositor and the Servicer.

     

    The
      Owner
      Trustee shall not have the power, except upon the direction of the Servicer
      and
      to the extent otherwise consistent with the Basic Documents, to (i) remove
      or
      replace the Indenture Trustee, (ii) institute proceedings to have the Trust
      declared or adjudicated a bankrupt or insolvent, (iii) consent to the
      institution of bankruptcy or insolvency proceedings against the Trust, (iv)
      file
      a petition or consent to a petition seeking reorganization or relief on behalf
      of the Trust under any applicable federal or state law relating to bankruptcy,
      (v) consent to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or any similar official) of the Trust or a substantial portion
      of
      the property of the Trust, (vi) make any assignment for the benefit of the
      Trust’s creditors, (vii) cause the Trust to admit in writing its inability to
      pay its debts generally as they become due, (viii) take any action, or cause
      the
      Trust to take any action, in furtherance of any of the foregoing (any of the
      above, a “Bankruptcy Action”). So long as the Indenture remains in effect, to
      the extent permitted by applicable law, no Certificateholder shall have the
      power to take, and shall not take, any Bankruptcy Action with respect to the
      Trust or direct the Owner Trustee to take any Bankruptcy Action with respect
      to
      the Trust.

     

    Section
      4.02 Action
      by Servicer with Respect to Certain Matters.
      The
      Owner Trustee shall not have the power, except upon the written direction of
      the
      Servicer to (a) remove the Administrator under the Administration Agreement
      pursuant to Section 8 thereof, (b) appoint a successor Administrator pursuant
      to
      Section 8 of the Administration Agreement, (c) remove the Servicer under the
      Sale and Servicing Agreement pursuant to Section 8.02 thereof, (d) amend the
      Sale and Servicing Agreement pursuant to Section 10.01(b) of such document,
      or
      (e) except as expressly provided in the Basic Documents, sell the Receivables
      after the termination of the Indenture. The Owner Trustee shall take the actions
      referred to in the preceding sentence only upon written instructions signed
      by
      the Certificateholders and Servicer.

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
      5.

    APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
      5.01 Establishment
      of Trust Account.
      The
      Paying Agent shall establish and maintain in the name of the Trust an Eligible
      Account (the “Certificate Distribution Account”), bearing a designation clearly
      indicating that the funds deposited therein are held for the benefit of the
      Certificateholders. The title of the Certificate Distribution Account shall
      be
“Hyundai Auto Receivables Trust 2007-A:  Certificate Distribution
      Account for the benefit of the Certificateholders”.

     

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

     

    Section
      5.02 Application
      of Trust Funds.

     

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

     

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

     

    Section
      5.03 Method
      of Payment.
      Subject
      to Section 9.01(c), distributions required to be made to Certificateholders
      on
      any Payment Date shall be made to each Certificateholder of record on the
      preceding Record Date either by wire transfer, in immediately available funds,
      to the account of such Certificateholder at a bank or other entity having
      appropriate facilities therefor, if (a) such Certificateholder shall have
      provided to the Certificate Registrar and the Paying Agent appropriate written
      instructions at least five Business Days prior to such Payment Date and (b)
      such
      Certificateholder is the Depositor, or an Affiliate thereof, or, if not, by
      check mailed to such Certificateholder at the address of such Certificateholder
      appearing in the Certificate Register.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      5.05 Signature
      on Returns; Tax Matters Partner.

     

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

     

    (b) As
      long
      as the Trust is treated as a partnership for federal income tax purposes and
      the
      Depositor or an affiliate is a beneficial owner of a Trust Certificate, to
      the
      extent allowed by the Code, Hyundai Motor Finance Company shall be designated
      the “tax matters partner” of the Trust pursuant to Section 6231(a)(7) of the
      Code and applicable Treasury Regulations.

     

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

     

    
      
        
        

      

      
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    ARTICLE
      6.

    AUTHORITY
      AND DUTIES OF OWNER TRUSTEE

     

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

     

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

     

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

     

    (b) to
      cooperate with the Administrator in carrying out the Administrator’s obligation
      to qualify and preserve the Trust’s qualification to do business in each
      jurisdiction, if any, in which such qualification is or shall be necessary
      to
      protect the validity and enforceability of the Indenture, the Notes, the
      Receivables and any other instrument and agreement included in the Trust Estate;
      provided
      that the
      Owner Trustee may rely on advice of counsel with respect to such
      obligation.

     

    Section
      6.03 Action
      upon Instruction.

     

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

     

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

     

    (c) Whenever
      the Owner Trustee is unable to decide between alternative courses of action
      permitted or required by the terms of this Agreement or under any Basic
      Document, the Owner Trustee shall promptly give notice (in such form as shall
      be
      appropriate under the circumstances) to the Servicer of record as of the
      preceding Record Date requesting instruction as to the course of action to
      be
      adopted, and to the extent the Owner Trustee acts in good faith in accordance
      with any written instruction of such Servicer received, the Owner Trustee shall
      not be liable on account of such action to any Person. If the Owner Trustee
      shall not have received appropriate instruction within 10 days of such notice
      (or within such shorter period of time as reasonably may be specified in such
      notice or may be necessary under the circumstances) it may, but shall be under
      no duty to, take or refrain from taking such action not inconsistent with this
      Agreement or the Basic Documents, as it shall deem to be in the best interests
      of the Certificateholders, and shall have no liability to any Person for such
      action or inaction.

     

    
      
        
        

      

      
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    (d) In
      the
      event that the Owner Trustee is unsure as to the application of any provision
      of
      this Agreement or any Basic Document or any such provision is ambiguous as
      to
      its application, or is, or appears to be, in conflict with any other applicable
      provision, or in the event that this Agreement permits any determination by
      the
      Owner Trustee or is silent or is incomplete as to the course of action that
      the
      Owner Trustee is required to take with respect to a particular set of facts,
      the
      Owner Trustee may give notice (in such form as shall be appropriate under the
      circumstances) to the Servicer requesting instruction and, to the extent that
      the Owner Trustee acts or refrains from acting in good faith in accordance
      with
      any such instruction received, the Owner Trustee shall not be liable, on account
      of such action or inaction, to any Person. If the Owner Trustee shall not have
      received appropriate instruction within 10 days of such notice (or within
      such shorter period of time as reasonably may be specified in such notice or
      may
      be necessary under the circumstances) it may, but shall be under no duty to,
      take or refrain from taking such action not inconsistent with this Agreement
      or
      the Basic Documents, as it shall deem to be in the best interests of the
      Certificateholders, and shall have no liability to any Person for such action
      or
      inaction.

     

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

     

    
      
        
        

      

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

     

    Section
      6.06 Restrictions.
      The
      Owner Trustee shall not take any action that, to its actual knowledge, (a)
      is
      inconsistent with the purposes of the Trust set forth in Section 2.03 or (b)
      would result in the Trust becoming taxable as a corporation for federal income
      tax purposes or for state or local income or franchise tax purposes. The
      Certificateholders and Servicer shall not direct the Owner Trustee to take
      any
      action that would violate the provisions of this Section.

     

    ARTICLE
      7.

    CONCERNING
      THE OWNER TRUSTEE

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (e) The
      Owner
      Trustee shall not be responsible for or in respect of the validity or
      sufficiency of this Agreement or for the due execution hereof by the Depositor
      or for the form, character, genuineness, sufficiency, value or validity of
      any
      of the Trust Estate, or for or in respect of the validity or sufficiency of
      the
      Basic Documents, other than the certificate of authentication on the Trust
      Certificates, and the Owner Trustee shall in no event assume or incur any
      liability, duty or obligation to any Noteholder or to any Certificateholder,
      other than as expressly provided for herein or expressly agreed to in the other
      Basic Documents;

     

    (f) The
      Owner
      Trustee shall not be responsible for monitoring the performance of, and shall
      not be liable for the default or misconduct of the Administrator, the Depositor,
      the Servicer, the Indenture Trustee or any other Person under any of the Basic
      Documents or otherwise, and the Owner Trustee shall have no obligation or
      liability to perform the obligations of the Trust under the Basic Documents
      other than as set forth in this Trust Agreement;

     

    (g) The
      Owner
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Agreement, or to institute, conduct or defend any
      litigation under this Agreement or otherwise or in relation to this Agreement
      or
      any Basic Document, at the request, order or direction of the Servicer, unless
      such Servicer has offered to the Owner Trustee security or indemnity
      satisfactory to it against the costs, expenses and liabilities that may be
      incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
      to perform any discretionary act enumerated in this Agreement or in any Basic
      Document shall not be construed as a duty, and the Owner Trustee shall not
      be
      answerable for other than its negligence or willful misconduct in the
      performance of any such act; and

     

    (h) The
      Certificateholders agree that during such time as the Owner Trustee is acting
      at
      the direction of the Servicer, any fiduciary duties or liabilities of the Owner
      Trustee to the Certificateholders in connection therewith shall be deemed not
      to
      violate any fiduciary duties owed by the Owner Trustee to the
      Certificateholders. However, in no event shall the Owner Trustee be deemed
      to
      owe any fiduciary duties to the Servicer.

     

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

     

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

     

    (a) It
      is a
      banking corporation duly incorporated and validly existing in good standing
      under the laws of the State of Delaware. It has all requisite corporate power
      and authority to execute, deliver and perform its obligations under this
      Agreement.

     

    (b) It
      has
      taken all corporate action necessary to authorize the execution and delivery
      by
      it of this Agreement, and this Agreement will be executed and delivered by
      one
      of its officers who is duly authorized to execute and deliver this Agreement
      on
      its behalf.

     

    
      
        
        

      

      
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    (c) Neither
      the execution or the delivery by it of this Agreement, nor the consummation
      by
      it of the transactions contemplated hereby, nor compliance by it with any of
      the
      terms or provisions hereof will contravene any federal or Delaware law,
      governmental rule or regulation governing the banking or trust powers of the
      Owner Trustee or any judgment or order binding on it, or constitute any default
      under its charter documents or bylaws or any indenture, mortgage, contract,
      agreement or instrument to which it is a party or by which any of its properties
      may be bound.

     

    (d) It
      is a
      corporation satisfying the provisions of Section 3807(a) of the Statutory Trust
      Act; authorized to exercise corporate trust powers; having a combined capital
      and surplus of at least $50,000,000 and subject to supervision or examination
      by
      federal or state authorities; and having (or having a parent that has) time
      deposits that are rated at least A-1 by Standard & Poor’s and P-1 by Moody’s
      or who is otherwise acceptable to each Rating Agency.

     

    Section
      7.04 Reliance;
      Advice of Counsel.

     

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

     

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

     

    Section
      7.05 Not
      Acting in Individual Capacity.
      Except
      as provided in this Article VII, in accepting the trust hereby created,
      Wilmington Trust Company acts solely as Owner Trustee hereunder and not in
      its
      individual capacity, and all Persons having any claim against the Owner Trustee
      by reason of the transactions contemplated by this Agreement or any Basic
      Document shall look only to the Trust Estate for payment or satisfaction
      thereof.

     

    
      
        
        

      

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

     

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

     

    Section
      7.08 Doing
      Business in Other Jurisdictions.
      Notwithstanding anything contained herein to the contrary, neither Wilmington
      Trust Company nor the Owner Trustee shall be required to take any action in
      any
      jurisdiction other than in the State of Delaware if the taking of such action
      will (a) require the consent or approval or authorization or order of, or the
      giving of notice to, or the registration with, or the taking of any other action
      required by, any state or other governmental authority or agency of any
      jurisdiction other than the State of Delaware; (b) result in any fee, tax
      or other governmental charge under the laws of any jurisdiction or any political
      subdivisions thereof in existence on the date hereof other than the State of
      Delaware becoming payable by Wilmington Trust Company or the Owner Trustee;
      or
      (c) subject Wilmington Trust Company or the Owner Trustee to personal
      jurisdiction in any jurisdiction other than the State of Delaware for causes
      of
      action arising from acts unrelated to the consummation of the transactions
      by
      Wilmington Trust Company or the Owner Trustee, as the case may be, contemplated
      hereby. The Owner Trustee shall be entitled to obtain advice of counsel (which
      advice shall be an expense of the Administrator under Section 8.01 of this
      Agreement) to determine whether any action required to be taken pursuant to
      the
      Agreement results in the consequences described in clauses (a), (b) and (c)
      of
      the preceding sentence. In the event that said counsel advises the Owner Trustee
      that such action will result in such consequences, the Trust will appoint an
      additional trustee pursuant to Section 10.05 hereof to proceed with such
      action.

     

    
      
        
        

      

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

     

    ARTICLE
      8.

    COMPENSATION
      OF OWNER TRUSTEE

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      9.

    TERMINATION
      OF TRUST AGREEMENT

     

    Section
      9.01 Termination
      of Trust Agreement.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
      10.

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section
      10.01 Eligibility
      Requirements for Owner Trustee.
      The
      Owner Trustee shall at all times be a corporation satisfying the provisions
      of
      Section 3807(a) of the Statutory Trust Act; authorized to exercise corporate
      trust powers; having a combined capital and surplus of at least $50,000,000
      and
      subject to supervision or examination by federal or state authorities; and
      having (or having a parent that has) time deposits that are rated at least
      A-1
      by Standard & Poor’s and P-1 by Moody’s, or which is otherwise acceptable to
      each Rating Agency. If such corporation shall publish reports of condition
      at
      least annually pursuant to law or to the requirements of the aforesaid
      supervising or examining authority, then for the purpose of this Section, the
      combined capital and surplus of such corporation shall be deemed to be its
      combined capital and surplus as set forth in its most recent report of condition
      so published. In case at any time the Owner Trustee shall cease to be eligible
      in accordance with the provisions of this Section, the Owner Trustee shall
      resign immediately in the manner and with the effect specified in Section
      10.02.

     

    Section
      10.02 Resignation
      or Removal of Owner Trustee.
      The
      Owner Trustee may at any time resign and be discharged from the trusts hereby
      created by giving written notice thereof to the Administrator, the Indenture
      Trustee and the Rating Agencies. Upon receiving such notice of resignation,
      the
      Administrator shall promptly appoint a successor Owner Trustee by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      resigning Owner Trustee and one copy to the successor Owner Trustee. If no
      successor Owner Trustee shall have been so appointed and have accepted
      appointment within 30 days after the giving of such notice of resignation,
      the
      resigning Owner Trustee may petition any court of competent jurisdiction for
      the
      appointment of a successor Owner Trustee.

     

    If
      at any
      time the Owner Trustee shall cease to be eligible in accordance with the
      provisions of Section 10.01 and shall fail to resign after written request
      therefor by the Administrator, or if at any time the Owner Trustee shall be
      legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
      of the Owner Trustee or of its property shall be appointed, or any public
      officer shall take charge or control of the Owner Trustee or of its property
      or
      affairs for the purpose of rehabilitation, conservation or liquidation, then
      the
      Administrator may remove the Owner Trustee. If the Administrator shall remove
      the Owner Trustee under the authority of the immediately preceding sentence,
      the
      Administrator shall promptly appoint a successor Owner Trustee by written
      instrument, in duplicate, one copy of which instrument shall be delivered to
      the
      outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
      and shall pay all fees owed to the outgoing Owner Trustee.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      10.04 Merger
      or Consolidation of Owner Trustee.
      Any
      Person into which the Owner Trustee may be merged or converted or with which
      it
      may be consolidated, or any Person resulting from any merger, conversion or
      consolidation to which the Owner Trustee shall be a party, or any Person
      succeeding to all or substantially all of the corporate trust business of the
      Owner Trustee, shall be the successor of the Owner Trustee hereunder, without
      the execution or filing of any instrument or any further act on the part of
      any
      of the parties hereto, anything herein to the contrary notwithstanding;
provided,
      that
      such Person shall be eligible pursuant to Section 10.01; and provided
      further,
      that the
      Owner Trustee shall mail notice of such merger or consolidation to each Rating
      Agency; and provided
      further,
      that
      such successor Owner Trustee shall file an amendment to the Certificate of
      Trust
      as described in Section 10.03.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
      11.

    MISCELLANEOUS

     

    Section
      11.01 Supplements
      and Amendments.
      This
      Agreement may be amended by the Depositor and the Owner Trustee, with prior
      written notice to each Rating Agency, without the consent of any of the
      Noteholders or the Certificateholders, to cure any ambiguity, to correct or
      supplement any provisions in this Agreement or for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      in
      this Agreement or of modifying in any manner the rights of the Noteholders
      or
      the Certificateholders; provided,
      however,
      that
      such action shall not, as evidenced by the satisfaction of the Rating Agency
      Condition with respect to such amendment, materially and adversely affect in
      any
      material respect the interests of any Noteholder or Certificateholder;
provided,
      further,
      that
      such amendment shall not be deemed to adversely affect in any material respect
      the interest of any Noteholder or Certificateholder if the person requesting
      such amendment obtains a letter from the Rating Agencies stating that the
      amendment would not result in the downgrading or withdrawal of the ratings
      then
      assigned to the Notes and Trust Certificates; provided,
      further,
      that
      such amendment shall not materially and adversely affect the rights or
      obligations of the Swap Counterparty under the Interest Rate Swap Agreement
      unless the Swap Counterparty shall have consented in writing to such
      amendment.

     

    This
      Agreement may also be amended from time to time by the Depositor and the Owner
      Trustee, with prior written notice to each Rating Agency, with the consent
      of
      the Holders (as defined in the Indenture) of Notes evidencing not less than
      a
      majority of the Outstanding Amount of the Notes and the consent of the Holders
      of Trust Certificates evidencing not less than a majority of the Certificate
      Percentage Interests, for the purpose of adding any provisions to or changing
      in
      any manner or eliminating any of the provisions of this Agreement or of
      modifying in any manner the rights of the Noteholders or the Certificateholders;
      provided,
      however,
      that no
      such amendment shall (a) reduce the interest rate or principal amount of any
      Note or Certificate or delay the Stated Maturity Date of any Note without the
      consent of the Holder of such Note or (b) reduce the aforesaid percentage of
      the
      Outstanding Amount of the Notes and the Certificate Percentage Interest required
      to consent to any such amendment, without the consent of the Holders of all
      then-outstanding Notes and Trust Certificates.

     

    This
      Agreement may be amended by the Depositor and the Owner Trustee to modify the
      provisions of Section 2.03 to change the permitted purposes and powers of the
      Trust; provided,
      however,
      that
      (i) the Indenture Trustee shall receive an Opinion of Counsel stating that
      such
      amendment will not have a material adverse effect on any Noteholder, (ii) such
      amendment shall not, as evidenced by the satisfaction of the Rating Agency
      Condition with respect to such amendment, materially and adversely affect in
      any
      material respect the interests of any Noteholder or Certificateholder and (iii)
      such amendment shall not materially and adversely affect the rights or
      obligations of the Swap Counterparty under the Interest Rate Swap Agreement
      unless the Swap Counterparty shall have consented in writing to such
      amendment.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

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

     

    It
      shall
      not be necessary for the consent of Certificateholders or Noteholders pursuant
      to this Section to approve the particular form of any proposed amendment or
      consent, but it shall be sufficient if such consent shall approve the substance
      thereof. The manner of obtaining such consents (and any other consents of
      Certificateholders provided for in this Agreement or in any other Basic
      Document) and of evidencing the authorization of the execution thereof by
      Certificateholders shall be subject to such reasonable requirements as the
      Owner
      Trustee may prescribe.

     

    Promptly
      after the execution of any amendment to the Certificate of Trust, the Owner
      Trustee shall cause the filing of such amendment with the Secretary of
      State.

     

    Prior
      to
      the execution of any amendment to this Agreement or the Certificate of Trust,
      the Owner Trustee shall be entitled to receive and rely upon an Opinion of
      Counsel stating that the execution of such amendment is authorized or permitted
      by this Agreement. The Owner Trustee may, but shall not be obligated to, enter
      into any such amendment that affects the Owner Trustee’s own rights, duties or
      immunities under this Agreement or otherwise.

     

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

     

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

     

    Section
      11.03 Limitations
      on Rights of Others.
      The
      provisions of this Agreement are solely for the benefit of the Owner Trustee,
      the Depositor, the Certificateholders, the Administrator and, to the extent
      expressly provided herein, the Indenture Trustee 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.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    Section
      11.04 Notices.

     

    (a) Unless
      otherwise expressly specified or permitted by the terms hereof, all notices
      shall be in writing and shall be deemed given upon receipt by the intended
      recipient or three Business Days after mailing if mailed by certified mail,
      postage prepaid (except that notice to the Owner Trustee shall be deemed given
      only upon actual receipt by the Owner Trustee), if to the Owner Trustee,
      addressed to the Corporate Trust Office; if to the Depositor, addressed to
      10550
      Talbert Avenue, Fountain Valley, CA 92708, Attention: Vice President, Finance,
      with a copy to General Counsel; or, as to each party, at such other address
      as
      shall be designated by such party in a written notice to each other party.
      A
      copy of any such notice shall also be mailed to the Servicer, addressed to
      10550
      Talbert Avenue, Fountain Valley, CA 92708, Attention: Vice President,
      Finance, with a copy to General Counsel.

     

    (b) Any
      notice required or permitted to be given to a Certificateholder shall be given
      by first class mail, postage prepaid, at the address of such Certificateholder
      as shown in the Certificate Register. Any notice so mailed within the time
      prescribed in this Agreement shall be conclusively presumed to have been duly
      given, whether or not such Certificateholder receives such notice.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    Section
      11.10 No
      Recourse.

     

    (a) Each
      Certificateholder by accepting a Trust Certificate acknowledges that such Trust
      Certificate represents a beneficial interest in the Trust only and does not
      represent an interest in or an obligation of the Depositor, the Servicer, the
      Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
      and no recourse may be had against such parties or their assets, except as
      may
      be expressly set forth or contemplated in this Agreement, the Trust Certificates
      or the Basic Documents.

     

    (b) In
      furtherance of and not in derogation of the foregoing, to the extent the
      Depositor enters into other securitization transactions, each Certificateholder,
      by accepting a Trust Certificate, acknowledges and agrees that it shall have
      no
      right, title or interest in or to any assets or interests therein of the
      Depositor (other than the Trust Estate and Reserve Account relating to this
      transaction) conveyed or purported to be conveyed by the Depositor to another
      securitization trust or other Person or Persons in connection therewith (whether
      by way of a sale, capital contribution or by virtue of the granting of a lien)
      (“Other Assets”). To the extent that, notwithstanding the agreements and
      provisions contained herein, a Certificateholder either (i) asserts an
      interest or claim to, or benefit from, Other Assets, whether asserted against
      or
      through the Depositor or any other Person owned by the Depositor, or (ii) is
      deemed to have any such interest, claim or benefit in or from Other Assets,
      whether by operation of law, legal process, pursuant to applicable provisions
      of
      insolvency laws or otherwise (including by virtue of Section 1111(b) of the
      Federal Bankruptcy Code or any successor provision having similar effect under
      the Bankruptcy Code), and whether deemed asserted against or through the
      Depositor or any other Person owned by the Depositor, then each
      Certificateholder, by accepting a Trust Certificate, further acknowledges and
      agrees that any such interest, claim or benefit in or from Other Assets is
      and
      shall be expressly subordinated to the indefeasible payment in full of all
      obligations and liabilities of the Depositor which, under the terms of the
      relevant documents relating to the securitization of such Other Assets, are
      entitled to be paid from, entitled to the benefits of, or otherwise secured
      by
      such Other Assets (whether or not any such entitlement or security interest
      is
      legally perfected or otherwise entitled to priority of distribution or
      application under applicable law, including insolvency laws, and whether
      asserted against Depositor or any other Person owned by the Depositor),
      including the payment of post-petition interest on such other obligations and
      liabilities. This subordination agreement shall be deemed a subordination
      agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each
      Certificateholder, by acceptance of a Trust Certificate, further acknowledges
      and agrees that no adequate remedy at law exists for a breach of this paragraph
      and the terms of this paragraph may be enforced by an action for specific
      performance. The provisions of this paragraph shall be for the third party
      benefit of those entitled to rely thereon and shall survive the termination
      of
      this Agreement.

     

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

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

     

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

     

    Section
      11.13 Limitation
      of Rights.
      All of
      the rights of the Swap Counterparty in, to and under this Agreement, if any,
      shall terminate upon the termination of the Interest Rate Swap Agreement in
      accordance with the terms hereof and the payment in full of all amounts owing
      to
      the Swap Counterparty.

     

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

     

    [SIGNATURE
      PAGES FOLLOW]

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	
              HYUNDAI
                ABS FUNDING CORPORATION,

              as
                Depositor

            
	 
 	 
 	 
 
	
            	By:  	/s/ Min Sok Randy Park
	 	
              
Name:
              Min Sok Randy Park
	 	Title: Vice President and
              Secretary

    

    
    

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

     

    
      	 	 	 
	 	
              WILMINGTON
                TRUST COMPANY,

              as
                Owner Trustee

            
	 
 	 
 	 
 
	
            	By:  	/s/ J. Christopher Murphy 
	 	
              
Name:
              J. Christopher Murphy
	 	Title: Financial Services
              Officer

    

     

     

    
      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

    

     

    
      	 	 	 
	 	
              HYUNDAI
                MOTOR FINANCE COMPANY,

              as
                Administrator

            
	 
 	 
 	 
 
	
            	By:  	/s/ Dae Kwon Ko
	 	
              
Name:
              Dae Kwon Ko
	 	Title: Treasurer

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF
      TRUST CERTIFICATE

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2007-A

     

    ASSET
      BACKED TRUST CERTIFICATE

     

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

     

    THIS
      TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
      APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND
      MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
      COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY
      OTHER
      APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR
      IN A TRANSACTION NOT SUBJECT THERETO. THE HOLDER HEREOF, BY PURCHASING THIS
      TRUST CERTIFICATE, AGREES THAT THIS TRUST CERTIFICATE MAY BE RESOLD, ASSIGNED,
      PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS ELIGIBLE FOR
      RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON WHOM THE
      TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL
      BUYER ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS
      A
      FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL
      BUYERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, ASSIGNMENT, PLEDGE OR TRANSFER
      IS BEING MADE IN RELIANCE ON RULE 144A, (B) TO A UNITED STATES PERSON WITHIN
      THE
      MEANING OF SECTION 7701(a)(30) OF THE CODE, (C) PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (D) IN A TRANSACTION EXEMPT
      FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER SECURITIES
      OR
“BLUE SKY” LAWS, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I) THAT THE
      PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING
      THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND
      SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) IF REQUESTED BY THE OWNER
      TRUSTEE, A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF
      THE OWNER TRUSTEE) SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, TO
      THE
      EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE
      IN
      ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR
      JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY
      PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR
      WILL
      CONTINUE TO BE TREATED AS THE OWNER OF THE TRUST CERTIFICATE FOR ALL
      PURPOSES.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    NO
      TRUST
      CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED BY OR FOR THE ACCOUNT OF (I)
      AN
“EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO
      THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION
      4975(e)(1) OF THE CODE OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE
      PLAN
      ASSETS BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE
      ENTITY (EACH, A “BENEFIT PLAN INVESTOR”). BY ACCEPTING AND HOLDING A TRUST
      CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED AND
      WARRANTED THAT IT IS NOT A BENEFIT PLAN INVESTOR.

     

    THIS
      CERTIFIES THAT Hyundai ABS Funding Corporation is the registered owner of a
      100%
      Certificate Percentage Interest that is nonassessable, fully-paid, beneficial
      ownership interest in the assets of Hyundai Auto Receivables Trust 2007-A (the
      “Trust”) formed by Hyundai ABS Funding Corporation, a Delaware corporation (the
“Depositor”).

     

    The
      Trust
      is governed by an Amended and Restated Trust Agreement dated as of September
      28,
      2007 (the “Trust Agreement”), between the Depositor, Administrator and
      Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of
      certain of the pertinent provisions of which is set forth below. To the extent
      not otherwise defined herein, the capitalized terms used herein have the
      meanings assigned to them in the Sale and Servicing Agreement among the Trust,
      the Depositor, Hyundai Motor Finance Company, as Seller and Servicer (the
“Servicer”) and Citibank, N.A., as Indenture Trustee (“Indenture Trustee”),
      dated as of September 28, 2007, as the same may be amended or supplemented
      from
      time to time.

     

    This
      Certificate is one of the duly authorized Trust Certificates designated as
      Hyundai Auto Receivables Trust 2007-A Asset Backed Trust Certificates (herein
      called the “Trust Certificates”). Also issued under the Indenture dated as
      of September 28, 2007, between the Trust and the Indenture Trustee, are seven
      classes of Notes, designated as 5.29050% Asset Backed Notes, Class
      A-1, 5.11% Asset Backed Notes, Class A-2a, LIBOR + 0.35%
      Asset Backed Notes, Class A-2b 5.04% Asset Backed Notes, Class A-3a, LIBOR
      + 0.40% Asset Backed Notes, Class A-3b and 5.21% Asset Backed Notes, Class
      A-4
      (collectively, the “Notes”). This Trust Certificate is issued under and is
      subject to the terms, provisions and conditions of the Trust Agreement, to
      which
      Trust Agreement the holder of this Trust Certificate by virtue of the acceptance
      hereof assents and by which such holder is bound. Under the Trust Agreement,
      there will be distributed on the 15th
      day of
      each month (or, if such 15th
      day is
      not a Business Day, the next Business Day), commencing on October 15, 2007,
      to
      the Person in whose name this Trust Certificate is registered at the close
      of
      business on the last day of the preceding month, such Certificateholder’s
      Certificate Percentage Interest of any amounts available to be distributed
      to
      Certificateholders on such date.

     

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

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    It
      is the
      intent of the Depositor and the Certificateholders that, for purposes of federal
      income, state and local income and franchise tax, until the Trust Certificates
      are beneficially owned by more than one Person, the Trust will be disregarded
      as
      an entity separate from its owner. At such time that the Trust Certificates
      are
      beneficially owned by more than one Person, it is the intent of the Depositor
      and the Certificateholders that, for purposes of federal income, state and
      local
      income and franchise tax, the Trust will be treated as a partnership, the assets
      of which are the assets held by the Trust, and the Certificateholders will
      be
      treated as partners in that partnership. The Depositor and the
      Certificateholders, by acceptance of a Trust Certificate, agree to treat, and
      to
      take no action inconsistent with the treatment of, the Trust as such for tax
      purposes.

     

    Each
      Certificateholder, by its acceptance of a Trust Certificate, covenants and
      agrees that such Certificateholder will not at any time institute against the
      Depositor, or join in or encourage any institution against the Depositor of,
      any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
      or other proceedings under any United States federal or state bankruptcy or
      similar law in connection with any obligations relating to the Trust
      Certificates, the Notes, the Trust Agreement or any of the Basic
      Documents.

     

    Each
      Certificateholder by accepting a Trust Certificate acknowledges that such
      Certificateholder’s Trust Certificates represent beneficial interests in the
      Trust only and do not represent interests in or obligations of Depositor, the
      Servicer, Administrator, Seller, Owner Trustee, Indenture Trustee or any
      Affiliate thereof and no recourse may be had against such parties or their
      assets, except as expressly set forth or contemplated in the Trust Agreement,
      the Trust Certificates or the Basic Documents. In furtherance of and not in
      derogation of the foregoing, each Certificateholder, by accepting a Trust
      Certificate, acknowledges and agrees that it shall have no right, title or
      interest in or to any assets or interests therein of the Depositor (other than
      the Trust Estate and Reserve Account relating to this transaction) conveyed
      or
      purported to be conveyed by the Depositor to another securitization trust or
      other Person or Persons in connection therewith (whether by way of a sale,
      capital contribution or by virtue of the granting of a lien) (“Other Assets”).
      To the extent that, notwithstanding the agreements and provisions contained
      herein, a Certificateholder either (i) asserts an interest or claim to, or
      benefit from, Other Assets, whether asserted against or through the Depositor
      or
      any other Person owned by the Depositor, or (ii) is deemed to have any such
      interest, claim or benefit in or from Other Assets, whether by operation of
      law,
      legal process, pursuant to applicable provisions of insolvency laws or otherwise
      (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any
      successor provision having similar effect under the Bankruptcy Code), and
      whether deemed asserted against or through the Depositor or any other Person
      owned by the Depositor, then each Certificateholder, by accepting a Trust
      Certificate, further acknowledges and agrees that any such interest, claim
      or
      benefit in or from Other Assets is and shall be expressly subordinated to the
      indefeasible payment in full of all obligations and liabilities of the Depositor
      which, under the terms of the relevant documents relating to the securitization
      of such Other Assets, are entitled to be paid from, entitled to the benefits
      of,
      or otherwise secured by such Other Assets (whether or not any such entitlement
      or security interest is legally perfected or otherwise entitled to priority
      of
      distribution or application under applicable law, including insolvency laws,
      and
      whether asserted against Depositor or any other Person owned by the Depositor),
      including the payment of post-petition interest on such other obligations and
      liabilities. This subordination agreement shall be deemed a subordination
      agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each
      Certificateholder, by acceptance of a Trust Certificate, further acknowledges
      and agrees that no adequate remedy at law exists for a breach of this paragraph
      and the terms of this paragraph may be enforced by an action for specific
      performance. The provisions of this paragraph shall be for the third party
      benefit of those entitled to rely thereon and shall survive the termination
      of
      the Trust Agreement.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Owner Trustee, on behalf of the Trust and not in its individual
      capacity, has caused this Trust Certificate to be duly executed.

     

    
      	 	 	 
	 	HYUNDAI AUTO RECEIVABLES TRUST
              2007-A
	 	 	 
	 	By: 	
              WILMINGTON
                TRUST COMPANY,

              not
                in its individual capacity,

              but
                solely as Owner Trustee 

            
	 	 	 
	 
 	 
 	 
 
	Dated:	By:  	
            
	
              
                

              

            	
              
Authorized
              Signatory

    

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    OWNER
      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This
      is
      one of the Trust Certificates referred to in the within-mentioned Trust
      Agreement.

     

    
      	 	 	 
	 	
              WILMINGTON
                TRUST COMPANY,
                

              as
                Owner Trustee

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:

	 	Title:

    

     

    
      	 	 	 
	 	OR 
	 	 
	 	 
	 	
              CITIBANK,
                N.A.,

              as
                Authenticating Agent for the Owner Trustee

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:

	 	Title:

    

     

     

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED the undersigned hereby sells, assigns and transfers unto

     

    ______________________________________________________________________________

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

     

    ______________________________________________________________________________

    (Please
      print or type name and address, including postal zip code, of
      assignee)

     

    the
      within Trust Certificate, and all rights thereunder, and hereby irrevocably
      constitutes and appoints ____________________________________, attorney, to
      transfer said Trust Certificate on the books of the Certificate Registrar,
      with
      full power of substitution in the premises.

     

    Dated:
      ______________________

     

    Signature
      Guaranteed:

    

      ______________________________________

       

      NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Trust Certificate in every
        particular, without alteration, enlargement or any change whatever. Such
        signature must be guaranteed by an “eligible guarantor institution” meeting the
        requirements of the Certificate Registrar, which requirements include membership
        or participation in STAMP or such other “signature guarantee program” as may be
        determined by the Certificate Registrar in addition to, or in substitution
        for,
        STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended.

       

      
        
          
          

        

        
          B-1

          
            

          

        

        
          
          

        

      

       

    

    EXHIBIT
      C

     

    FORM
      OF
      TRANSFEREE CERTIFICATE

     

    [Date]

     

    Hyundai
      Auto Receivables Trust 2007-A,

    as
      Issuer

    c/o
      Wilmington Trust Company,

    as
      Owner
      Trustee

     

    Wilmington
      Trust Company,

    as
      Owner
      Trustee

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed purchase of [_______]% Certificate Percentage
      Interest Asset Backed Trust Certificates (the “Trust Certificates”) of Hyundai
      Auto Receivables Trust 2007-A (the “Issuer”), a trust formed by Hyundai ABS
      Funding Corporation (the “Depositor”), we confirm that:

     

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

     

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

     

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

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

     

    d. We
      have
      neither acquired nor will we transfer any Trust Certificate we purchase (or
      any
      interest therein) or cause any such Trust Certificate (or any interest therein)
      to be marketed on or through an “established securities market” within the
      meaning of Section 7704(b)(1) of the Code, including, without limitation,
      an over-the-counter-market or an interdealer quotation system that regularly
      disseminates firm buy or sell quotations.

     

    e. We
      either
      (A) are not, and will not become, a partnership, Subchapter S corporation or
      grantor trust for U.S. federal income tax purposes (or a disregarded entity
      of
      any of the foregoing) or (B) are such an entity, but none of the direct or
      indirect beneficial owners of any of the interests in us have allowed or caused,
      or will allow or cause, 50% or more (or, if the Owner Trustee has received
      an
      Opinion of Counsel in form and substance acceptable to the Depositor that the
      proposed transfer to such transferee will not cause the Trust to be treated
      as a
      publicly traded partnership within the meaning of Section 7704 of the Code,
      such
      other percentage as the Owner Trustee may establish prior to the time of such
      proposed transfer) of the value of such interests in us to be attributable
      to
      our ownership of Trust Certificates.

     

    f. We
      (A)
      are acquiring the Trust Certificate for the account of [______] Persons and
      we
      will notify the Owner Trustee of any changes in the number of such Persons
      and
      (B) understand that any such change in the number of Persons for whose
      account a Trust Certificate is held shall require the written consent of the
      Owner Trustee, which consent shall be granted unless the Owner Trustee
      determines that such proposed change in number of Persons would create a risk
      that the Trust would be classified for federal or any applicable state tax
      purposes as an association (or a publicly traded partnership) taxable as a
      corporation.

     

    g. We
      understand that no subsequent transfer of the Trust Certificates is permitted
      unless (A) such transfer is of a Trust Certificate with a Certificate Percentage
      Interest of at least 5%, (B) we cause the proposed transferee to provide to
      the
      Owner Trustee and the Depositor a letter substantially in the form of this
      Exhibit C to the Trust Agreement or such other written statement as the Owner
      Trustee shall prescribe and (C) the Trust consents in writing to the proposed
      transfer, which consent shall be granted unless the Owner Trustee determines
      that such transfer would create a risk that the Trust would be classified for
      federal or any applicable state tax purposes as an association (or a publicly
      traded partnership) taxable as a corporation; provided,
      however,
      that any
      attempted transfer that would either cause the number of registered holders
      of
      Trust Certificates in the aggregate to exceed 100 or otherwise cause the Trust
      to become a publicly traded partnership for income tax purposes shall be a
      void
      transfer.

     

    h. We
      understand that the Opinion of Counsel to the Trust that the Trust is not a
      publicly traded partnership taxable as a corporation is dependent in part on
      the
      accuracy of the representations in paragraphs (d), (e), (f) and (g)
      above.

     

    i. We
      are a
      United States Person within the meaning of Section 7701(a)(30) of the
      Code.

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    j. No
      Trust
      Certificate will be acquired or held by or for the account of (i) an employee
      benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
      provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
      of
      the Code or (iii) any entity whose underlying assets include plan assets by
      reason of an employee benefit plan’s or a plan’s investment in the entity. Each
      Person who acquires any Trust Certificate or interest therein will certify
      that
      the foregoing conditions are satisfied.

     

    k. We
      are
      aware that we (or any account for which we are purchasing) may be required
      to
      bear the economic risk of an investment in the Trust Certificates for an
      indefinite period, and we (or such account) are able to bear such risk for
      an
      indefinite period.

     

    l. We
      understand that the Trust Certificates will bear legends substantially as set
      forth in Section 3.12 of the Trust Agreement;

     

    m. If
      we are
      acquiring any Trust Certificates for the account of one or more QIB, we
      represent that we have sole investment discretion with respect to each such
      account and that we have full power to make the foregoing acknowledgments,
      representations and agreements on behalf of each such account; and

     

    n. We
      acknowledge that the Owner Trustee, the Depositor, and their Affiliates, and
      others will rely upon the truth and accuracy of the foregoing acknowledgments,
      representations and agreements.

     

    You
      are
      entitled to rely upon this letter and are irrevocably authorized to produce
      this
      letter or a copy hereof to any interested party in any administrative or legal
      proceedings or official inquiry with respect to the matters covered
      hereby.

     

    
      	 	 	 
	 	Very truly yours,
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:

	 	Title:

    

     

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      CERTIFICATE OF TRUST OF

    HYUNDAI
      AUTO RECEIVABLES TRUST 2007-A

     

    This
      CERTIFICATE OF TRUST of HYUNDAI AUTO RECEIVABLES TRUST 2007-A (the “Trust”), is
      being duly executed and filed by WILMINGTON TRUST COMPANY, a Delaware banking
      corporation, as owner trustee, to form a statutory trust under the Delaware
      Statutory Trust Act (12 Del. Code, ss. 3801 et seq.) (the “Act”).

     

    1. Name.
      The name
      of the statutory trust formed hereby is HYUNDAI AUTO RECEIVABLES TRUST
      2007-A.

     

    2. Delaware
      Trustee.
      The name
      and business address of the trustee of the Trust in the State of Delaware is
      Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
      Wilmington, Delaware 19890, Attention: Corporate Trust
      Administrators.

     

    3. Effective
      Date.
      This
      Certificate of Trust shall be effective upon filing with the Secretary of
      State.

     

    IN
      WITNESS WHEREOF, the undersigned, being the sole owner trustee of the Trust,
      has
      executed this Certificate of Trust pursuant to Section 3811 (a) of the
      Act.

     

    
      	 	 	 
	 	
              WILMINGTON
                TRUST COMPANY,

              as
                owner trustee

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
Name:

	 	Title:

    

    
    

     

    
      
        
        

      

      
        D-1Exhibit
        4.2

      EXECUTION
        COPY

       

      INDENTURE

       

      between

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A,

       

      as
        Issuer

       

      and

       

      CITIBANK,
        N.A.,

       

      as
        Indenture Trustee

       

      Dated
        as
        of September 28, 2007

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	 	 	
                Page

              
	
                ARTICLE
                  I.

              	 	
                DEFINITIONS
                  AND INCORPORATION BY REFERENCE

              	 	
                2

              
	 	 	 	 	 
	
                Section
                  1.01

              	 	
                Definition

              	 	
                2

              
	
                Section
                  1.02

              	 	
                Rules
                  of Construction

              	 	
                9

              
	
                Section
                  1.03

              	 	
                Incorporation
                  by Reference of Trust Indenture Act

              	 	
                9

              
	 	 	 	 	 
	
                ARTICLE
                  II.

              	 	
                THE
                  NOTES

              	 	
                10

              
	
                Section
                  2.01

              	 	
                Form

              	 	
                10

              
	
                Section
                  2.02

              	 	
                Execution,
                  Authentication and Delivery

              	 	
                10

              
	
                Section
                  2.03

              	 	
                Temporary
                  Notes

              	 	
                11

              
	
                Section
                  2.04

              	 	
                Registration;
                  Registration of Transfer and Exchange

              	 	
                11

              
	
                Section
                  2.05

              	 	
                [Reserved]

              	 	
                13

              
	
                Section
                  2.06

              	 	
                Mutilated,
                  Destroyed, Lost or Stolen Notes

              	 	
                13

              
	
                Section
                  2.07

              	 	
                Persons
                  Deemed Owners

              	 	
                13

              
	
                Section
                  2.08

              	 	
                Payment
                  of Principal and Interest; Defaulted Interest

              	 	
                14

              
	
                Section
                  2.09

              	 	
                Cancellation

              	 	
                14

              
	
                Section
                  2.10

              	 	
                Book-Entry
                  Notes

              	 	
                15

              
	
                Section
                  2.11

              	 	
                Notices
                  to Clearing Agency

              	 	
                15

              
	
                Section
                  2.12

              	 	
                Definitive
                  Notes

              	 	
                15

              
	
                Section
                  2.13

              	 	
                Tax
                  Treatment

              	 	
                16

              
	 	 	 	 	 
	
                ARTICLE
                  III.

              	 	
                COVENANTS

              	 	
                16

              
	
                Section
                  3.01

              	 	
                Payment
                  of Principal and Interest

              	 	
                16

              
	
                Section
                  3.02

              	 	
                Maintenance
                  of Office or Agency

              	 	
                16

              
	
                Section
                  3.03

              	 	
                Money
                  for Payments To Be Held in Trust

              	 	
                17

              
	
                Section
                  3.04

              	 	
                Existence

              	 	
                18

              
	
                Section
                  3.05

              	 	
                Protection
                  of Trust Estate

              	 	
                18

              
	
                Section
                  3.06

              	 	
                Opinions
                  as to Trust Estate

              	 	
                19

              
	
                Section
                  3.07

              	 	
                Performance
                  of Obligations; Servicing of Receivables

              	 	
                19

              
	
                Section
                  3.08

              	 	
                Negative
                  Covenants

              	 	
                20

              
	
                Section
                  3.09

              	 	
                Annual
                  Statement as to Compliance

              	 	
                21

              
	
                Section
                  3.10

              	 	
                Issuer
                  May Consolidate, etc., Only on Certain Terms

              	 	
                21

              
	
                Section
                  3.11

              	 	
                Successor
                  or Transferee

              	 	
                23

              

      

       

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      

        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	 	 	
                Page

              
	
                Section
                  3.12

              	 	
                No
                  Other Business

              	 	
                23

              
	
                Section
                  3.13

              	 	
                No
                  Borrowing

              	 	
                23

              
	
                Section
                  3.14

              	 	
                Compliance
                  with Regulation AB

              	 	
                23

              
	
                Section
                  3.15

              	 	
                Guarantees,
                  Loans, Advances and Other Liabilities

              	 	
                23

              
	
                Section
                  3.16

              	 	
                Capital
                  Expenditures

              	 	
                24

              
	
                Section
                  3.17

              	 	
                Removal
                  of Administrator

              	 	
                24

              
	
                Section
                  3.18

              	 	
                Restricted
                  Payments

              	 	
                24

              
	
                Section
                  3.19

              	 	
                Notice
                  of Events of Default

              	 	
                24

              
	
                Section
                  3.20

              	 	
                Further
                  Instruments and Acts

              	 	
                24

              
	 	 	 	 	 
	
                ARTICLE
                  IV.

              	 	
                SATISFACTION
                  AND DISCHARGE

              	 	
                24

              
	
                Section
                  4.01

              	 	
                Satisfaction
                  and Discharge of Indenture

              	 	
                24

              
	
                Section
                  4.02

              	 	
                Application
                  of Trust Money

              	 	
                25

              
	
                Section
                  4.03

              	 	
                Repayment
                  of Moneys Held by Paying Agent

              	 	
                26

              
	
                Section
                  4.04

              	 	
                Release
                  of Collateral

              	 	
                26

              
	 	 	 	 	 
	
                ARTICLE
                  V.

              	 	
                REMEDIES

              	 	
                26

              
	
                Section
                  5.01

              	 	
                Events
                  of Default

              	 	
                26

              
	
                Section
                  5.02

              	 	
                Acceleration
                  of Maturity; Rescission and Annulment

              	 	
                27

              
	
                Section
                  5.03

              	 	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee

              	 	
                28

              
	
                Section
                  5.04

              	 	
                Remedies;
                  Priorities

              	 	
                30

              
	
                Section
                  5.05

              	 	
                Optional
                  Preservation of the Receivables

              	 	
                32

              
	
                Section
                  5.06

              	 	
                Limitation
                  of Suits

              	 	
                33

              
	
                Section
                  5.07

              	 	
                Unconditional
                  Rights of Noteholders To Receive Principal and Interest

              	 	
                33

              
	
                Section
                  5.08

              	 	
                Restoration
                  of Rights and Remedies

              	 	
                33

              
	
                Section
                  5.09

              	 	
                Rights
                  and Remedies Cumulative

              	 	
                34

              
	
                Section
                  5.10

              	 	
                Delay
                  or Omission Not a Waiver

              	 	
                34

              
	
                Section
                  5.11

              	 	
                Control
                  by the Noteholders

              	 	
                34

              
	
                Section
                  5.12

              	 	
                Waiver
                  of Past Defaults

              	 	
                34

              
	
                Section
                  5.13

              	 	
                Undertaking
                  for Costs

              	 	
                35

              
	
                Section
                  5.14

              	 	
                Waiver
                  of Stay or Extension Laws

              	 	
                35

              

      

       

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

       

      
        TABLE
          OF CONTENTS

        (continued)

         

      

      
        	 	 	 	 	
                Page

              
	
                Section
                  5.15

              	 	
                Action
                  on Notes

              	 	
                35

              
	
                Section
                  5.16

              	 	
                Performance
                  and Enforcement of Certain Obligations

              	 	
                35

              
	 	 	 	 	 
	
                ARTICLE
                  VI.

              	 	
                THE
                  INDENTURE TRUSTEE

              	 	
                36

              
	
                Section
                  6.01

              	 	
                Duties
                  of Indenture Trustee

              	 	
                36

              
	
                Section
                  6.02

              	 	
                Rights
                  of Indenture Trustee

              	 	
                38

              
	
                Section
                  6.03

              	 	
                Individual
                  Rights of Indenture Trustee

              	 	
                39

              
	
                Section
                  6.04

              	 	
                Indenture
                  Trustee’s Disclaimer

              	 	
                39

              
	
                Section
                  6.05

              	 	
                Notice
                  of Defaults

              	 	
                39

              
	
                Section
                  6.06

              	 	
                Reports
                  by Indenture Trustee to Holders

              	 	
                39

              
	
                Section
                  6.07

              	 	
                Compensation
                  and Indemnity

              	 	
                39

              
	
                Section
                  6.08

              	 	
                Replacement
                  of Indenture Trustee

              	 	
                40

              
	
                Section
                  6.09

              	 	
                Successor
                  Indenture Trustee by Merger

              	 	
                41

              
	
                Section
                  6.10

              	 	
                Appointment
                  of Co-Indenture Trustee or Separate Indenture Trustee

              	 	
                41

              
	
                Section
                  6.11

              	 	
                Eligibility;
                  Disqualification

              	 	
                42

              
	
                Section
                  6.12

              	 	
                [Reserved]

              	 	
                43

              
	
                Section
                  6.13

              	 	
                Preferential
                  Collection of Claims Against Issuer

              	 	
                43

              
	
                Section
                  6.14

              	 	
                Waiver
                  of Setoffs

              	 	
                43

              
	 	 	 	 	 
	
                ARTICLE
                  VII.

              	 	
                NOTEHOLDERS’
                  LISTS AND REPORTS

              	 	
                43

              
	
                Section
                  7.01

              	 	
                Note
                  Registrar To Furnish Names and Address of Noteholders

              	 	
                43

              
	
                Section
                  7.02

              	 	
                Preservation
                  of Information; Communications to Noteholders

              	 	
                43

              
	
                Section
                  7.03

              	 	
                Reports
                  by Issuer

              	 	
                44

              
	
                Section
                  7.04

              	 	
                Reports
                  by Indenture Trustee

              	 	
                44

              
	 	 	 	 	 
	
                ARTICLE
                  VIII.

              	 	
                ACCOUNTS,
                  DISBURSEMENTS AND RELEASES

              	 	
                45

              
	
                Section
                  8.01

              	 	
                Collection
                  of Money

              	 	
                45

              
	
                Section
                  8.02

              	 	
                Trust
                  Accounts

              	 	
                45

              
	
                Section
                  8.03

              	 	
                General
                  Provisions Regarding Accounts

              	 	
                46

              
	
                Section
                  8.04

              	 	
                Release
                  of Trust Estate

              	 	
                47

              
	
                Section
                  8.05

              	 	
                Opinion
                  of Counsel

              	 	
                47

              

      

       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

      

        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	 	 	
                Page

              
	
                ARTICLE
                  IX.

              	 	
                SUPPLEMENTAL
                  INDENTURES

              	 	
                47

              
	
                Section
                  9.01

              	 	
                Supplemental
                  Indentures Without Consent of Noteholders

              	 	
                47

              
	
                Section
                  9.02

              	 	
                Supplemental
                  Indentures with Consent of Noteholders

              	 	
                49

              
	
                Section
                  9.03

              	 	
                Execution
                  of Supplemental Indentures

              	 	
                50

              
	
                Section
                  9.04

              	 	
                Effect
                  of Supplemental Indenture

              	 	
                50

              
	
                Section
                  9.05

              	 	
                Reference
                  in Notes to Supplemental Indentures

              	 	
                50

              
	
                Section
                  9.06

              	 	
                Conformity
                  with Trust Indenture Act

              	 	
                51

              
	 	 	 	 	 
	
                ARTICLE
                  X.

              	 	
                REDEMPTION
                  OF NOTES

              	 	
                51

              
	 	 	 	 	 
	
                Section
                  10.01

              	 	
                Redemption

              	 	
                51

              
	
                Section
                  10.02

              	 	
                Form
                  of Redemption Notice

              	 	
                51

              
	
                Section
                  10.03

              	 	
                Notes
                  Payable on Redemption Date

              	 	
                51

              
	 	 	 	 	 
	
                ARTICLE
                  XI.

              	 	
                MISCELLANEOUS

              	 	
                52

              
	
                Section
                  11.01

              	 	
                Compliance
                  Certificates and Opinions, etc

              	 	
                52

              
	
                Section
                  11.02

              	 	
                Form
                  of Documents Delivered to Indenture Trustee

              	 	
                53

              
	
                Section
                  11.03

              	 	
                Acts
                  of Noteholders

              	 	
                54

              
	
                Section
                  11.04

              	 	
                Notices,
                  etc., to Indenture Trustee, Issuer and Rating Agencies

              	 	
                55

              
	
                Section
                  11.05

              	 	
                Notices
                  to Noteholders; Waiver

              	 	
                55

              
	
                Section
                  11.06

              	 	
                Alternate
                  Payment and Notice Provisions

              	 	
                56

              
	
                Section
                  11.07

              	 	
                Effect
                  of Headings and Table of Contents

              	 	
                56

              
	
                Section
                  11.08

              	 	
                Successors
                  and Assigns

              	 	
                56

              
	
                Section
                  11.09

              	 	
                Separability

              	 	
                56

              
	
                Section
                  11.10

              	 	
                Benefits
                  of Indenture

              	 	
                56

              
	
                Section
                  11.11

              	 	
                Legal
                  Holidays

              	 	
                56

              
	
                Section
                  11.12

              	 	
                GOVERNING
                  LAW

              	 	
                56

              
	
                Section
                  11.13

              	 	
                Counterparts

              	 	
                57

              
	
                Section
                  11.14

              	 	
                Recording
                  of Indenture

              	 	
                57

              
	
                Section
                  11.15

              	 	
                Trust
                  Obligation

              	 	
                57

              
	
                Section
                  11.16

              	 	
                No
                  Petition

              	 	
                58

              
	
                Section
                  11.17

              	 	
                Inspection

              	 	
                58

              
	
                Section
                  11.18

              	 	
                Conflict
                  with Trust Indenture Act

              	 	
                58

              
	
                Section
                  11.19

              	 	
                Limitation
                  of Liability

              	 	
                58

              

      

       

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

       

      
        TABLE
          OF CONTENTS

        (continued)

         

      

      
        	 	 	 	 	
                Page

              
	
                Section
                  11.20

              	 	
                Representations
                  and Warranties

              	 	
                59

              
	
                Section
                  11.21

              	 	
                Limitation
                  of Rights

              	 	
                60

              

      

       

      EXHIBITS

      
        	
                SCHEDULE
                  A

              	 	
                Schedule
                  of Receivables

              
	
                EXHIBIT
                  A-1

              	 	
                Form
                  of Class A-1 Note

              
	
                EXHIBIT
                  A-2a

              	 	
                Form
                  of Class A-2a Note

              
	
                EXHIBIT
                  A-2b

              	 	
                Form
                  of Class A-2b Note

              
	
                EXHIBIT
                  A-3a

              	 	
                Form
                  of Class A-3a Note

              
	
                EXHIBIT
                  A-3b

              	 	
                Form
                  of Class A-3b Note

              
	
                EXHIBIT
                  A-4

              	 	
                Form
                  of Class A-4 Note

              
	
                EXHIBIT
                  B

              	 	
                Form
                  of the Note Depository Agreement

              

      

      

      
        
          
          

        

        
          -v-

          
            

          

        

        
          
          

        

      

       

      THIS
        INDENTURE, dated as of September 28, 2007, is between HYUNDAI AUTO RECEIVABLES
        TRUST 2007-A, a Delaware statutory trust (the “Issuer”),
        and
        CITIBANK,
        N.A., a
        national banking association, as trustee and not in its individual capacity
        (the
“Indenture
        Trustee”).

       

      Each
        party agrees as follows for the benefit of the other party and for the equal
        and
        ratable benefit of the Holders of the Issuer’s 5.29050% Asset Backed Notes,
        Class A-1 (the “Class A-1 Notes”), 5.11% Asset Backed Notes, Class A-2a (the
“Class A-2a Notes”), LIBOR + 0.35% Asset Backed Notes, Class A-2b (the “Class
        A-2b Notes,” and together with the Class A-2a Notes, the “Class A-2 Notes”),
        5.04% Asset Backed Notes, Class A-3a (the “Class A-3a Notes”), LIBOR + 0.40%
        Asset Backed Notes, Class A-3b (the “Class A-3b Notes,” and together with the
        Class A-3a Notes, the “Class A-3 Notes”) and 5.21% Asset Backed Notes, Class A-4
        (the “Class A-4 Notes,” and together with the Class A-1 Notes, Class A-2 Notes
        and Class A-3 Notes, the “Notes”):

       

      GRANTING
        CLAUSE

       

      The
        Issuer hereby Grants to the Indenture Trustee at the Closing Date, as Indenture
        Trustee for the benefit of the Holders of the Notes and the Swap Counterparty,
        all of the Issuer’s right, title and interest in and to (a) the Receivables
        listed on Schedule A and all moneys received thereon on or after the close
        of
        business on 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 with respect to the
        Receivables from claims on any physical damage, credit life or disability
        insurance policies covering 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 that shall have
        been acquired by or on behalf of the Depositor, the Servicer, or the Issuer;
        (e) all documents and other items contained in the Receivable Files;
        (f) all the Depositor’s rights, but none of its obligations, under the
        Receivables Purchase Agreement; (g) all right, title and interest in the
        Trust Accounts, all funds, securities or other assets credited from time
        to time
        to the Trust Accounts and all investments therein and proceeds thereof
        (including all investment earnings thereon); (h) any proceeds from any
        Receivable repurchased by a Dealer pursuant to a Dealer Agreement; and
        (i) all present and future claims, demands, causes of action and choses in
        action in respect of any or all of the foregoing and all payments on or under
        and all proceeds of every kind and nature whatsoever in respect of any or
        all of
        the foregoing, including all proceeds of the conversion thereof, voluntary
        or
        involuntary, into cash or other liquid property, all cash proceeds, accounts,
        accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
        accounts, insurance proceeds, condemnation awards, rights to payment of any
        and
        every kind and other forms of obligations and receivables, instruments and
        other
        property that at any time constitute all or part of or are included in the
        proceeds of any of the foregoing (collectively, the “Collateral”).

       

      The
        foregoing Grant is made in trust to secure (i) the payment of principal of
        and
        interest on, and any other amounts owing in respect of, the Notes, equally
        and
        ratably without prejudice, priority or distinction, (ii) the payment of all
        amounts payable by the Issuer to the Swap Counterparty under the Interest
        Rate
        Swap Agreement and (iii) to secure compliance with the provisions of this
        Indenture, all as provided in this Indenture.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      The
        Indenture Trustee, on behalf of the Holders of the Notes and the Swap
        Counterparty, acknowledges such Grant, accepts the trusts under this Indenture
        in accordance with the provisions of this Indenture and agrees to perform
        its
        duties required in this Indenture to the best of its ability to the end that
        the
        interests of the Holders of the Notes may be adequately and effectively
        protected.

       

      ARTICLE
        I.

      DEFINITIONS
        AND INCORPORATION BY REFERENCE

       

      Section
        1.01 Definition.
        (a)
        Except as otherwise specified herein or as the context may otherwise require,
        the following terms have the respective meanings set forth below for all
        purposes of this Indenture.

       

      “Act”
has
        the
        meaning specified in Section
        11.03(a).

       

      “Administration
        Agreement”
means
        the Owner Trust Administration Agreement, dated as of September 28, 2007
        among
        the Administrator, the Issuer and the Indenture Trustee, as amended,
        supplemented, amended and restated or otherwise modified from time to
        time.

       

      “Administrator”
means
        HMFC, or any successor Administrator under the Administration
        Agreement.

       

      “Affiliate”
means,
        with respect to any specified Person, any other Person controlling or controlled
        by or under common control with such specified Person. For the purposes of
        this
        definition, “control” when used with respect to any Person means the power to
        direct the management and policies of such Person, directly or indirectly,
        whether through the ownership of voting securities, by contract or otherwise;
        and the terms “controlling” and “controlled” have meanings correlative to the
        foregoing.

       

      “Authorized
        Officer”
means,
        with respect to the Issuer, any officer of the Owner Trustee who is authorized
        to act for the Owner Trustee in matters relating to the Issuer and who is
        identified on the list of Authorized Officers delivered by the Owner Trustee
        to
        the Indenture Trustee on the Closing Date (as such list may be modified or
        supplemented from time to time thereafter) and, so long as the Administration
        Agreement is in effect, any Vice President or other senior officer of the
        Administrator who is authorized to act for the Administrator in matters relating
        to the Issuer and to be acted upon by the Administrator pursuant to the
        Administration Agreement and who is identified on the list of Authorized
        Officers delivered by the Administrator to the Indenture Trustee on the Closing
        Date (as such list may be modified or supplemented from time to time
        thereafter).

       

      “Book-Entry
        Notes”
means
        a
        beneficial interest in the Notes, ownership and transfers of which shall
        be made
        through book entries by a Clearing Agency as described in Section
        2.10.

       

      “Business
        Day”
shall
        have the meaning assigned thereto in the Sale and Servicing
        Agreement.

       

      “Certificate
        of Trust”
means
        the certificate of trust of the Issuer substantially in the form of Exhibit
        A
        to the
        Trust Agreement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      “Class
        A-1 Notes”
means
        the 5.29050% Asset Backed Notes, Class A-1, substantially in the form of
        Exhibit
        A-1.

       

      “Class
        A-1 Rate”
means
        5.29050% per annum, computed on the basis of the actual number of days elapsed
        in the related Interest Accrual Period.

       

      “Class
        A-2 Notes”
means,
        collectively, the Class A-2a Notes and the Class A-2b Notes.

       

      “Class
        A-2a Notes”
means
        the 5.11% Asset Backed Notes, Class A-2a, substantially in the form of
Exhibit
        A-2a.

       

      “Class
        A-2a Rate”
means
        5.11% per annum, computed on the basis of a 360-day year consisting of twelve
        30-day months.

       

      “Class
        A-2b Notes”
means
        the LIBOR + 0.35% Asset Backed Notes, Class A-2b, substantially in the form
        of
Exhibit
        A-2b.

       

      “Class
        A-2b Rate”
means
        LIBOR + 0.35% per annum computed on the basis of the actual number of days
        elapsed in the related Interest Accrual Period.

       

      “Class
        A-3 Notes”
means,
        collectively, the Class A-3a Notes and the Class A-3b Notes.

       

      “Class
        A-3a Notes”
means
        the 5.04% Asset Backed Notes, Class A-3a, substantially in the form of
Exhibit
        A-3a.

       

      “Class
        A-3a Rate”
means
        5.04% per annum, computed on the basis of a 360-day year consisting of twelve
        30-day months.

       

      “Class
        A-3b Notes”
means
        the LIBOR + 0.40% Asset Backed Notes, Class A-3b, substantially in the form
        of
Exhibit
        A-3b.

       

      “Class
        A-3b Rate”
means
        LIBOR + 0.40% per annum computed on the basis of the actual number of days
        elapsed in the related Interest Accrual Period.

       

      “Class
        A-4 Notes”
means
        the 5.21% Asset Backed Notes, Class A-4, substantially in the form of
Exhibit
        A-4.

       

      “Class
        A-4 Rate”
means
        5.21% per annum, computed on the basis of a 360-day year consisting of twelve
        30-day months.

       

      “Clearing
        Agency”
means
        an organization registered as a “clearing agency” pursuant to Section
        17A
        of the
        Exchange Act.

       

      “Clearing
        Agency Participant”
means
        a
        broker, dealer, bank, other financial institution or other Person for whom
        from
        time to time a Clearing Agency effects book-entry transfers and pledges of
        securities deposited with the Clearing Agency.

       

      “Closing
        Date”
means
        September 28, 2007.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      “Code”
means
        the Internal Revenue Code of 1986, as amended from time to time, and Treasury
        Regulations promulgated thereunder.

       

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

       

      “Corporate
        Trust Office”
means
        the principal office of the Indenture Trustee at which at any particular
        time
        its corporate trust business is administered, which office at the date of
        execution of this Agreement is located at (a) solely for the purposes of
        the transfer, surrender or exchange of Notes, 111 Wall Street, 15th
        Floor
        Window, New York, New York 10005, Attention: Structured Finance Agency and
        Trust-Hyundai Auto Receivables Trust 2007-A and (b) for all other purposes
        388 Greenwich Street, 14th
        Floor,
        New York, New York 10013, facsimile number (212) 816-5527; or at such other
        address as the Indenture Trustee may designate from time to time by notice
        to
        the Noteholders and the Issuer, or the principal corporate trust office of
        any
        successor Indenture Trustee at the address designated by such successor
        Indenture Trustee by notice to the Noteholders and the Issuer.

       

      “Default”
means
        any occurrence that is, or with notice or the lapse of time or both would
        become, an Event of Default.

       

      “Definitive
        Notes”
has
        the
        meaning specified in Section
        2.10.

       

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

       

      “ERISA”
means
        the Employee Retirement Income Security Act of 1974, as amended from time
        to
        time.

       

      “Event
        of Default”
has
        the
        meaning specified in Section
        5.01.

       

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

       

      “Executive
        Officer”
means,
        with respect to any corporation, the Chief Executive Officer, Chief Operating
        Officer, Chief Financial Officer, President, any Executive Vice President,
        any
        Senior Vice President, any Vice President, the Secretary, the Controller
        or the
        Treasurer of such corporation; and with respect to any partnership, any general
        partner thereof.

       

      “Grant”
means
        mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey,
        assign, transfer, create, and grant a lien upon and a security interest in
        and a
        right of set-off against, deposit, set over and confirm pursuant to this
        Indenture. A Grant of the Collateral or of any other agreement or instrument
        shall include all rights, powers and options (but none of the obligations)
        of
        the granting party thereunder, including the immediate and continuing right
        to
        claim for, collect, receive and give receipt for principal and interest payments
        in respect of the Collateral and all other moneys payable thereunder, to
        give
        and receive notices and other communications, to make waivers or other
        agreements, to exercise all rights and options, to bring Proceedings in the
        name
        of the granting party or otherwise, and generally to do and receive anything
        that the granting party is or may be entitled to do or receive thereunder
        or
        with respect thereto.

       

      “HMFC”
means
        Hyundai Motor Finance Company, a California corporation, and its
        successors.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      “Holder”
or
        “Noteholder”
means
        a
        Person in whose name a Note is registered on the Note Register.

       

      “Indenture
        Trustee”
means
        Citibank, N.A., a national banking association, not in its individual capacity,
        but as Indenture Trustee under this Indenture, or any successor Indenture
        Trustee under this Indenture.

       

      “Independent”
means,
        when used with respect to any specified Person, that such Person (a) is in
        fact independent of the Issuer, any other obligor on the Notes, the Seller
        and
        any Affiliate of any of the foregoing Persons, (b) does not have any direct
        financial interest or any material indirect financial interest in the Issuer,
        any such other obligor, the Seller, the Servicer, the Depositor or any Affiliate
        of any of the foregoing Persons and (c) is not connected with the Issuer,
        any such other obligor, the Seller or any Affiliate of any of the foregoing
        Persons as an officer, employee, promoter, underwriter, trustee, partner,
        director or person performing similar functions.

       

      “Independent
        Certificate”
means
        a
        certificate or opinion to be delivered to the Indenture Trustee under the
        circumstances described in, and otherwise complying with, the applicable
        requirements of Section
        11.01,
        made by
        an Independent appraiser or other expert appointed by an Issuer Order and
        approved by the Indenture Trustee in the exercise of reasonable care, and
        such
        opinion or certificate shall state that the signer has read the definition
        of
“Independent” in this Indenture and that the signer is Independent within the
        meaning thereof.

       

      “Interest
        Rate”
means
        the Class A-1 Rate, the Class A-2a Rate, the Class A-2b Rate, the Class A-3a
        Rate, the Class A-3b Rate or the Class A-4 Rate, as the context may
        require.

       

      “Issuer”
means
        Hyundai Auto Receivables Trust 2007-A until a successor replaces it and,
        thereafter, means the successor and, for purposes of any provision contained
        herein and required by the TIA, each other obligor on the Notes.

       

      “Issuer
        Order”
or
        “Issuer
        Request”
means
        a
        written order or request signed in the name of the Issuer by any one of its
        Authorized Officers and delivered to the Indenture Trustee.

       

      “LIBOR”
means,
        with respect to any Interest Period, the London interbank offered rate for
        deposits in U.S. dollars having a maturity of one month commencing on the
        related LIBOR Determination Date which appeared on Reuters Telerate successor
        page 3750 as of 11:00 a.m., London time, on such LIBOR Determination Date
        as
        reported by Bloomberg Professional(R) Service or any other page as may replace
        that page on Bloomberg Professional(R) Service. If the rates used to determine
        LIBOR do not appear on the Bloomberg Professional(R) Service, the rates for
        that
        day will be determined on the basis of the rates at which deposits in U.S.
        dollars, having a maturity of one month and in a principal amount of not
        less
        than U.S. $1,000,000 are offered at approximately 11:00 a.m. London time,
        on
        such LIBOR Determination Date to prime banks in the London interbank market
        by
        the reference banks. The Indenture Trustee will request the principal London
        office of each of such reference banks to provide a quotation of its rate.
        If at
        least two such quotations are provided, the rate for that day will be the
        arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five
        one-millionths of a percentage point rounded upward, of all such quotations.
        If
        fewer than two such quotations are provided, the rate for that day will be
        the
        arithmetic mean to the nearest 1/100,000 of 1.00% (0.0000001), with five
        one-millionths of a percentage point rounded upward, of the offered per annum
        rates that one or more leading banks in New York City, selected by the Indenture
        Trustee (after consulting with the Servicer), are quoting as of approximately
        11:00 a.m., New York City time, on such LIBOR Determination Date to leading
        European banks for United States dollar deposits for that maturity; provided,
        that if
        the banks selected as aforesaid are not quoting as mentioned in this sentence,
        LIBOR in effect for the applicable Interest Period will be LIBOR in effect
        for
        the previous Interest Period. The reference banks are the four major banks
        in
        the London interbank market selected by the Indenture Trustee (after
        consultation with the Servicer).

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      “Note”
means
        collectively the Class A-1 Note, the Class A-2 Notes, the Class A-3 Notes
        and
        the Class A-4 Note, as the context may require.

       

      “Note
        Depository Agreement”
means
        the agreement dated September 28, 2007 among the Issuer, the Administrator,
        the
        Indenture Trustee and The Depository Trust Company, as the initial Clearing
        Agency, relating to the Notes, substantially in the form of Exhibit
        B.

       

      “Note
        Owner”
means,
        with respect to a Book-Entry Note, the Person who is the beneficial owner
        of
        such Book-Entry Note, as reflected on the books of the Clearing Agency or
        on the
        books of a Person maintaining an account with such Clearing Agency (directly
        as
        a Clearing Agency Participant or as an indirect participant, in each case
        in
        accordance with the rules of such Clearing Agency).

       

      “Note
        Register”
and
        “Note
        Registrar”
have
        the respective meanings specified in Section
        2.04.

       

      “Officer’s
        Certificate”
means
        a
        certificate signed by any Authorized Officer of the Issuer, under the
        circumstances described in, and otherwise complying with, the applicable
        requirements of Section
        11.01,
        and
        delivered to the Indenture Trustee. Unless otherwise specified, any reference
        in
        this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate
        of any Authorized Officer of the Issuer.

       

      “Opinion
        of Counsel”
means
        one or more written opinions of counsel who may, except as otherwise expressly
        provided in this Indenture, be an employee of or counsel to the Issuer, the
        Seller or the Servicer, and who shall be reasonably satisfactory to the
        Indenture Trustee, and which opinion or opinions shall be addressed to the
        Indenture Trustee, shall comply with any applicable requirements of Section 11.01
        and
        shall be in form and substance satisfactory to the Indenture
        Trustee.

       

      “Other
        Assets”
has
        the
        meaning specified in Section
        11.15(b).

       

      “Outstanding”
means,
        as of any date of determination, all Notes theretofore authenticated and
        delivered under this Indenture except:

       

      (a) Notes
        theretofore cancelled by the Note Registrar or delivered to the Note Registrar
        for cancellation;

       

      (b) Notes
        or
        portions thereof the payment for which money in the necessary amount has
        been
        theretofore deposited with the Indenture Trustee or any Paying Agent in trust
        for the Holders of such Notes (provided,
        however,
        that if
        such Notes are to be redeemed, notice of such redemption has been duly given
        pursuant to this Indenture or provision for such notice has been made,
        satisfactory to the Indenture Trustee); and

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (c) Notes
        exchanged for or in lieu of which other Notes have been authenticated and
        delivered pursuant to this Indenture unless proof satisfactory to the Indenture
        Trustee is presented that any such Notes are held by a bona fide
        purchaser;

       

      provided,
        however,
        that in
        determining whether the Holders of the requisite Outstanding Amount of the
        Notes
        have given any request, demand, authorization, direction, notice, consent
        or
        waiver hereunder or under any Basic Document, Notes owned by the Issuer,
        any
        other obligor on the Notes, the Depositor, the Seller, the Servicer or any
        Affiliate of any of the foregoing Persons shall be disregarded and deemed
        not to
        be Outstanding, except that, in determining whether the Indenture Trustee
        shall
        be protected in relying upon any such request, demand, authorization, direction,
        notice, consent or waiver, only Notes that a Responsible Officer of the
        Indenture Trustee knows to be so owned shall be so disregarded. Notes so
        owned
        that have been pledged in good faith may be regarded as Outstanding if the
        pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s
        right so to act with respect to such Notes and that the pledgee is not the
        Issuer, any other obligor on the Notes, the Depositor, the Seller, the Servicer
        or any Affiliate of any of the foregoing Persons.

       

      “Outstanding
        Amount”
means,
        as of any date of determination and as to any Notes, the aggregate principal
        amount of such Notes Outstanding as of such date of determination.

       

      “Owner
        Trustee”
means
        Wilmington Trust Company, not in its individual capacity but solely as Owner
        Trustee under the Trust Agreement, or any successor Owner Trustee under the
        Trust Agreement.

       

      “Paying
        Agent”
means
        the Indenture Trustee or any other Person that meets the eligibility standards
        for the Indenture Trustee specified in Section
        6.11
        and is
        authorized by the Issuer to make payments to and distributions from the
        Collection Account, the Note Distribution Account and the Reserve Account,
        including payments of principal of or interest on the Notes on behalf of
        the
        Issuer.

       

      “Payment
        Date”
means
        the 15th
        day of
        each month, or if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

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

       

      “Predecessor
        Note”
means,
        with respect to any particular Note, every previous Note evidencing all or
        a
        portion of the same debt as that evidenced by such particular Note; and,
        for the
        purpose of this definition, any Note authenticated and delivered under
Section
        2.06
        in lieu
        of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
        the
        same debt as the mutilated, lost, destroyed or stolen Note.

       

      “Proceeding”
means
        any suit in equity, action at law or other judicial or administrative
        proceeding.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      “Record
        Date”
means,
        with respect to a Payment Date or Redemption Date, the close of business
        on the
        Business Day immediately preceding such Payment Date or Redemption Date;
        or, if
        Definitive Notes have been issued, the last day of the calendar month preceding
        such Payment Date or Redemption Date.

       

      “Redemption
        Date”
means,
        as the context requires, in the case of a redemption of the Notes pursuant
        to
        Section 10.01, the Payment Date specified by the Servicer or the Issuer pursuant
        to Section
        10.01.

       

      “Redemption
        Price”
means
        in the case of a redemption of the Notes pursuant to Section
        10.01,
        an
        amount equal to the unpaid principal amount of the Notes redeemed plus accrued
        and unpaid interest thereon at the Interest Rate for each Note being so redeemed
        to but excluding the Redemption Date.

       

      “Registered
        Holder”
means
        the Person in whose name a Note is registered on the Note Register on the
        applicable Record Date.

       

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

       

      “Sale
        and Servicing Agreement”
means
        the Sale and Servicing Agreement, dated as of September 28, 2007, among the
        Issuer, the Depositor, HMFC, as Seller and Servicer, and the Indenture Trustee,
        as amended, supplemented, amended and restated or otherwise modified from
        time
        to time.

       

      “Schedule
        of Receivables”
means
        the list of Receivables set forth in Schedule A (which Schedule may be in
        the
        form of microfiche).

       

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

       

      “Seller”
means
        HMFC in its capacity as seller under the Receivables Purchase Agreement and
        the
        Sale and Servicing Agreement, and its successor in interest.

       

      “Servicer”
means
        HMFC, in its capacity as servicer under the Sale and Servicing Agreement,
        and
        any Successor Servicer thereunder.

       

      “State”
means
        any one of the 50 states of the United States of America, or the District
        of
        Columbia.

       

      “Successor
        Servicer”
has
        the
        meaning specified in Section
        3.07(f).

       

      “Trust
        Accounts”
has
        the
        meaning set forth in the Sale and Servicing Agreement.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      “Trust
        Estate”
means
        all money, instruments, rights and other property that are subject or intended
        to be subject to the lien and security interest of this Indenture for the
        benefit of the Noteholders (including, without limitation, all property and
        interests Granted to the Indenture Trustee), including all proceeds
        thereof.

       

      “Trust
        Indenture Act”
or
        “TIA”
means
        the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise
        specifically provided.

       

      “UCC”
means,
        unless the context otherwise requires, the Uniform Commercial Code as in
        effect
        in the relevant jurisdiction, as amended from time to time.

       

      (b) Except
        as
        otherwise specified herein or as the context may otherwise require, capitalized
        terms used herein but not otherwise defined shall have the meanings ascribed
        thereto in the Sale and Servicing Agreement.

       

      Section
        1.02 Rules
        of Construction.
        Unless
        the context otherwise requires:

       

      (a) a
        term
        has the meaning assigned to it;

       

      (b) an
        accounting term not otherwise defined has the meaning assigned to it in
        accordance with generally accepted accounting principles as in effect from
        time
        to time;

       

      (c) “or”
is
        not exclusive;

       

      (d) “including”
        means including without limitation;

       

      (e) definitions
        are applicable to the singular and plural forms of such terms and to the
        masculine, feminine and neuter genders of such terms; and

       

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

       

      Section
        1.03 Incorporation
        by Reference of Trust Indenture Act.
        Whenever this Indenture refers to a provision of the TIA, such provision
        is
        incorporated by reference in and made a part of this Indenture. The following
        TIA terms used in this Indenture have the following meanings:

       

      “Commission”
means
        the Securities and Exchange Commission.

       

      “indenture
        securities”
means
        the Notes.

       

      “indenture
        security holder”
means
        a
        Noteholder.

       

      “indenture
        to be qualified”
means
        this Indenture.

       

      “indenture
        trustee”
or
        “institutional
        trustee”
means
        the Indenture Trustee.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      “obligor”
on
        the
        indenture securities means the Issuer and any other obligor on the indenture
        securities.

       

      All
        other
        TIA terms used in this Indenture that are defined by the TIA, defined by
        TIA
        reference to another statute or defined by Commission rule have the meaning
        assigned to them by such definitions.

       

      ARTICLE
        II.

      THE
        NOTES

       

      Section
        2.01 Form.
        The
        Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a
        Notes, the Class A-3b Notes and the Class A-4 Notes, in each case together
        with
        the Indenture Trustee’s certificate of authentication, shall be in substantially
        the form set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a,
        Exhibit A-3b and Exhibit A-4, respectively, with such appropriate insertions,
        omissions, substitutions and other variations as are required or permitted
        by
        this Indenture, and may have such letters, numbers or other marks of
        identification and such legends or endorsements placed thereon as may,
        consistently herewith, be determined by the officers executing the Notes,
        as
        evidenced by their execution of the Notes. Any portion of the text of any
        Note
        may be set forth on the reverse thereof, with an appropriate reference thereto
        on the face of such Note.

       

      The
        Definitive Notes shall be typewritten, printed, lithographed or engraved
        or
        produced by any combination of these methods (with or without steel engraved
        borders), all as determined by the officers executing such Notes, as evidenced
        by their execution of such Notes.

       

      Each
        Note
        shall be dated the date of its authentication. The terms of the Notes set
        forth
        in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a, Exhibit A-3b and
        Exhibit A-4 are part of the terms of this Indenture.

       

      Section
        2.02 Execution,
        Authentication and Delivery.
        The
        Notes shall be executed on behalf of the Issuer by any of its Authorized
        Officers. The signature of any such Authorized Officer on the Notes may be
        manual or facsimile.

       

      Notes
        bearing the manual or facsimile signature of individuals who were at any
        time
        Authorized Officers of the Issuer shall bind the Issuer, notwithstanding
        that
        such individuals or any of them have ceased to hold such offices prior to
        the
        authentication and delivery of such Notes or did not hold such offices at
        the
        date of such Notes.

       

      The
        Indenture Trustee shall upon Issuer Order authenticate and deliver Class
        A-1
        Notes for original issue in an aggregate principal amount of $201,000,000.00,
        Class A-2a Notes for original issue in an aggregate principal amount of
        $120,000,000.00, Class A-2b Notes for original issue in an aggregate principal
        amount of $79,000,000.00, Class A-3a Notes for original issue in an aggregate
        principal amount of $210,000,000.00, Class A-3b Notes for original issue
        in an
        aggregate principal amount of $71,000,000.00 and Class A-4 Notes for original
        issue in an aggregate principal amount of $177,841,000.00. The aggregate
        principal amount of Class A-1 Notes, Class A-2a Notes, Class A-2b Notes,
        Class
        A-3a Notes, Class A-3b Notes and Class A-4 Notes outstanding at any time
        may not
        exceed such respective amounts except as provided in Section
        2.06.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      The
        Notes
        shall be issuable as registered Notes in minimum denominations of $1,000
        and in
        integral multiples of $1,000 in excess thereof (except for one Note of each
        class which may be issued in a denomination other than an integral multiple
        of
        $1,000).

       

      No
        Note
        shall be entitled to any benefit under this Indenture or be valid or obligatory
        for any purpose, unless there appears on such Note a certificate of
        authentication substantially in the form provided for herein executed by
        the
        Indenture Trustee by the manual signature of one of its authorized signatories,
        and such certificate upon any Note shall be conclusive evidence, and the
        only
        evidence, that such Note has been duly authenticated and delivered
        hereunder.

       

      Section
        2.03 Temporary
        Notes.
        Pending
        the preparation of Definitive Notes, the Issuer may execute, and upon receipt
        of
        an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary
        Notes that are printed, lithographed, typewritten, mimeographed or otherwise
        produced, of the tenor of the Definitive Notes in lieu of which they are
        issued
        and with such variations not inconsistent with the terms of this Indenture
        as
        the officers executing such Notes may determine, as evidenced by their execution
        of such Notes.

       

      If
        temporary Notes are issued, the Issuer shall cause Definitive Notes to be
        prepared without unreasonable delay. After the preparation of Definitive
        Notes,
        the temporary Notes shall be exchangeable for Definitive Notes upon surrender
        of
        the temporary Notes at the office or agency of the Issuer to be maintained
        as
        provided in Section
        3.02,
        without
        charge to the Holder. Upon surrender for cancellation of any one or more
        temporary Notes, the Issuer shall execute, and the Indenture Trustee shall
        authenticate and deliver in exchange therefor, a like principal amount of
        Definitive Notes of authorized denominations. Until so exchanged, the temporary
        Notes shall in all respects be entitled to the same benefits under this
        Indenture as Definitive Notes.

       

      Section
        2.04 Registration;
        Registration of Transfer and Exchange.
        The
        Issuer shall cause to be kept a register (the “Note
        Register”)
        in
        which, subject to such reasonable regulations as it may prescribe, the Note
        Registrar shall provide for the registration of Notes and the registration
        of
        transfers of Notes. The Indenture Trustee initially shall be the “Note
        Registrar” for the purpose of registering Notes and transfers of Notes as herein
        provided. Upon any resignation of any Note Registrar, the Issuer shall promptly
        appoint a successor or, if it elects not to make such an appointment, assume
        the
        duties of Note Registrar. If a Person other than the Indenture Trustee is
        appointed by the Issuer as Note Registrar, the Issuer will give the Indenture
        Trustee prompt written notice of the appointment of such Note Registrar and
        of
        the location, and any change in the location, of the Note Register, and the
        Indenture Trustee shall have the right to inspect the Note Register at all
        reasonable times and to obtain copies thereof, and the Indenture Trustee
        shall
        have the right to conclusively rely upon a certificate executed on behalf
        of the
        Note Registrar by an Executive Officer thereof as to the names and addresses
        of
        the Holders of the Notes and the principal amounts and number of such
        Notes.

       

      Upon
        surrender for registration of transfer of any Note at the office or agency
        of
        the Issuer to be maintained as provided in Section
        3.02,
        if the
        requirements of Section
        8-401(a)
        of the
        UCC are met, the Issuer shall execute, and the Indenture Trustee shall
        authenticate and the Noteholder shall obtain from the Indenture Trustee,
        in the
        name of the designated transferee or transferees, one or more new Notes of
        the
        same Class in any authorized denominations, of a like aggregate principal
        amount.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      At
        the
        option of the Holder, Notes may be exchanged for other Notes of the same
        Class
        in any authorized denominations, of a like aggregate principal amount, upon
        surrender of the Notes to be exchanged at such office or agency. Whenever
        any
        Notes are so surrendered for exchange, if the requirements of Section
        8-401(a)
        of the
        UCC are met, the Issuer shall execute, and the Indenture Trustee, without
        having
        to verify that the requirements of Section
        8-401(a)
        have
        been met, shall authenticate and the Noteholder shall obtain from the Indenture
        Trustee, the Notes that the Noteholder making the exchange is entitled to
        receive.

       

      All
        Notes
        issued upon any registration of transfer or exchange of Notes shall be the
        valid
        obligations of the Issuer, evidencing the same debt, and entitled to the
        same
        benefits under this Indenture, as the Notes surrendered upon such registration
        of transfer or exchange. Every Note presented or surrendered for registration
        of
        transfer or exchange shall be duly endorsed by, or be accompanied by a written
        instrument of transfer in form satisfactory to the Indenture Trustee duly
        executed by, the Holder thereof or such Holder’s attorney duly authorized in
        writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include
        membership or participation in the Securities Transfer Agent’s Medallion Program
        (“STAMP”)
        or
        such other “signature guarantee program” as may be determined by the Note
        Registrar in addition to, or in substitution for, STAMP, all in accordance
        with
        the Exchange Act.

       

      No
        service charge shall be made to a Holder for any registration of transfer
        or
        exchange of Notes, but the Issuer or the Indenture Trustee may require payment
        of a sum sufficient to cover any tax or other governmental charge that may
        be
        imposed in connection with any registration of transfer or exchange of Notes,
        other than exchanges pursuant to Section
        2.03 or
        9.05
        not
        involving any transfer.

       

      The
        preceding provisions of this Section notwithstanding, the Issuer shall not
        be
        required to make and the Note Registrar need not register transfers or exchanges
        of Notes selected for redemption or of any Note for a period of 15 days
        preceding the due date for any payment with respect to the Note.

       

      No
        Note,
        or any interest therein, may be transferred to an “employee benefit plan” within
        the meaning of Section
        3(3)
        of ERISA
        that is subject to ERISA, a “plan” described in Section
        4975(e)(1)
        of the
        Code, any entity that is deemed to hold “plan assets” of any of the foregoing by
        reason of an employee benefit plan’s or other plan’s investment in such entity,
        or any governmental, foreign or church plan subject to applicable law that
        is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        unless such transferee represents, warrants and covenants that its purchase
        and
        holding of such Note, throughout the period that it holds such Note, is and
        will
        be, eligible for relief under Section 408(b)(17) of ERISA; Department of
        Labor
        prohibited transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60;
        PTCE 91-38; PTCE 84-14 or another applicable prohibited transaction exemption
        (or in the case of a governmental, foreign or church plan, subject to law
        that
        is substantially similar to Section 406 of ERISA or Section 4975 of the
        Code, a similar type of exemption or other applicable relief). By its
        acquisition of a Note in book-entry form or any interest therein, each
        transferee will be deemed to have represented, warranted and covenanted that
        it
        satisfies the foregoing requirements and the Indenture Trustee may rely
        conclusively on the same for purposes hereof.

       

      The
        provisions of this Section are exclusive and shall preclude (to the extent
        lawful) all other rights and remedies with respect to the transfer of
        Notes.

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      Section
        2.05 [Reserved].

       

      Section
        2.06 Mutilated,
        Destroyed, Lost or Stolen Notes.
        If (i)
        any mutilated Note is surrendered to the Indenture Trustee, or the Indenture
        Trustee receives evidence to its satisfaction of the destruction, loss or
        theft
        of any Note, and (ii) there is delivered to the Indenture Trustee such security
        or indemnity as may be required by it to hold the Issuer and the Indenture
        Trustee harmless, then, in the absence of notice to the Issuer, the Note
        Registrar or the Indenture Trustee that such Note has been acquired by a
        protected purchaser, and provided that the requirements of Section
        8-405
        of the
        UCC are met, the Issuer shall execute, and upon an Issuer Order the Indenture
        Trustee shall authenticate and deliver, in exchange for or in lieu of any
        such
        mutilated, destroyed, lost or stolen Note, a replacement Note of the same
        Class;
provided,
        however,
        that if
        any such destroyed, lost or stolen Note, but not a mutilated Note, shall
        have
        become or within 15 days shall be due and payable, or shall have been called
        for
        redemption, instead of issuing a replacement Note, the Issuer may pay such
        destroyed, lost or stolen Note when so due or payable or upon the Redemption
        Date without surrender thereof. If, after the delivery of such replacement
        Note
        or payment of a destroyed, lost or stolen Note, a bona fide purchaser of
        the
        original Note in lieu of which such replacement Note was issued presents
        for
        payment such original Note, the Issuer and the Indenture Trustee shall be
        entitled to recover such replacement Note (or such payment) from the Person
        to
        whom it was delivered or any Person taking such replacement Note from such
        Person to whom such replacement Note was delivered or any assignee of such
        Person, except a protected purchaser, and shall be entitled to recover upon
        the
        security or indemnity provided therefor to the extent of any loss, damage,
        cost
        or expense incurred by the Issuer or the Indenture Trustee in connection
        therewith.

       

      Upon
        the
        issuance of any replacement Note under this Section, the Issuer may require
        the
        payment by the Holder of such Note of a sum sufficient to cover any tax or
        other
        governmental charge that may be imposed in relation thereto and any other
        reasonable expenses (including the fees, expenses and indemnities of the
        Indenture Trustee) connected therewith.

       

      Every
        replacement Note issued pursuant to this Section in replacement of any
        mutilated, destroyed, lost or stolen Note shall constitute an original
        additional contractual obligation of the Issuer, whether or not the mutilated,
        destroyed, lost or stolen Note shall be at any time enforceable by anyone,
        and
        shall be entitled to all the benefits of this Indenture equally and
        proportionately with any and all other Notes duly issued hereunder.

       

      The
        provisions of this Section are exclusive and shall preclude (to the extent
        lawful) all other rights and remedies with respect to the replacement or
        payment
        of mutilated, destroyed, lost or stolen Notes.

       

      Section
        2.07 Persons
        Deemed Owners.
        Prior
        to due presentment for registration of transfer of any Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name any Note is registered (as of the day of determination)
        as the owner of such Note for the purpose of receiving payments of principal
        of
        and interest, if any, on such Note and for all other purposes whatsoever,
        whether or not such Note be overdue, and none of the Issuer, the Indenture
        Trustee or any agent of the Issuer or the Indenture Trustee shall be affected
        by
        notice to the contrary.

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      Section
        2.08 Payment
        of Principal and Interest; Defaulted Interest.

       

      (a) The
        Class
        A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a Notes,
        the
        Class A-3b Notes and the Class A-4 Notes shall accrue interest at the Class
        A-1
        Rate, the Class A-2a Rate, the Class A-2b Rate, the Class A-3a Rate, the
        Class
        A-3b Rate and the Class A-4 Rate, respectively, as set forth in Exhibit A-1,
        Exhibit A-2a, Exhibit A-2b, Exhibit A-3a, Exhibit A-3b and Exhibit A-4,
        respectively, and such interest shall be payable on each Payment Date as
        specified therein, subject to Section
        3.01.
        Any
        installment of interest or principal payable on a Note that is punctually
        paid
        or duly provided for by the Issuer on the applicable Payment Date shall be
        paid
        to the Person in whose name such Note (or one or more Predecessor Notes)
        is
        registered on the Record Date by check mailed first-class postage prepaid
        to
        such Person’s address as it appears on the Note Register on such Record Date,
        except that, unless Definitive Notes have been issued pursuant to Section
        2.12,
        with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be
        made by wire transfer in immediately available funds to the account designated
        by such nominee, if an account is so designated; provided, however, that
        the
        final installment of principal payable with respect to such Note on a Payment
        Date or on the related Stated Maturity Date (including the Redemption Price
        for
        any Note called for redemption pursuant to Section
        10.01)
        shall
        be payable as provided in paragraph (b) below. The funds represented by any
        such
        checks returned undelivered shall be held in accordance with Section
        3.03.

       

      (b) The
        principal of each Note shall be payable in installments on each Payment Date
        as
        provided in Section
        3.01
        hereof
        and the forms of the Notes set forth in Exhibit A-1, Exhibit A-2a, Exhibit
        A-2b, Exhibit A-3a, Exhibit A-3b and Exhibit A-4. Notwithstanding the foregoing,
        the entire unpaid principal amount of the Notes may be declared immediately
        due
        and payable, if not previously paid, in the manner provided in Section
        5.02
        on any
        date on which an Event of Default shall have occurred and be continuing,
        by the
        Indenture Trustee or the Indenture Trustee acting at the direction of the
        Holders of Notes representing not less than a majority of the Outstanding
        Amount
        of the Notes. All principal payments on each Class of Notes shall be made
        pro
        rata to the Noteholders of the related Class entitled thereto. Upon written
        notice thereof, the Indenture Trustee shall notify the Person in whose name
        a
        Note is registered at the close of business on the Record Date preceding
        the
        Payment Date on which the Issuer expects the final installment of principal
        of
        and interest on such Note to be paid. Such notice shall specify that such
        final
        installment will be payable only upon presentation and surrender of such
        Note
        and shall specify the place where such Note may be presented and surrendered
        for
        payment of such installment. Notices in connection with redemptions of Notes
        shall be mailed to Noteholders as provided in Section
        10.02.

       

      (c) If
        the
        Issuer defaults in a payment of interest on the Notes, the Issuer shall pay
        defaulted interest (plus interest on such defaulted interest to the extent
        lawful) at the applicable Interest Rate in any lawful manner on the next
        Payment
        Date.

       

      Section
        2.09 Cancellation.
        All
        Notes surrendered for payment, registration of transfer, exchange or redemption
        shall, if surrendered to any Person other than the Indenture Trustee, be
        delivered to the Indenture Trustee and shall be promptly cancelled by the
        Indenture Trustee. The Issuer may at any time deliver to the Indenture Trustee
        for cancellation any Notes previously authenticated and delivered hereunder
        that
        the Issuer may have acquired in any manner whatsoever, and all Notes so
        delivered shall be promptly cancelled by the Indenture Trustee. No Notes
        shall
        be authenticated in lieu of or in exchange for any Notes cancelled as provided
        in this Section, except as expressly permitted by this Indenture. All cancelled
        Notes may be held or disposed of by the Indenture Trustee in accordance with
        its
        standard retention or disposal policy as in effect at the time unless the
        Issuer
        shall direct by an Issuer Order that they be destroyed or returned to it;
        provided,
        that
        such Issuer Order is timely and the Notes have not been previously disposed
        of
        by the Indenture Trustee.

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      Section
        2.10 Book-Entry
        Notes.
        The
        Notes, upon original issuance, will be issued in the form of typewritten
        Notes
        representing the Book-Entry Notes, to be delivered to The Depository Trust
        Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The
        Book-Entry Notes shall be registered initially on the Note Register in the
        name
        of Cede & Co., the nominee of the initial Clearing Agency, and no Owner
        thereof will receive a Definitive Note representing such Note Owner’s interest
        in such Note, except as provided in Section
        2.12.
        Unless
        and until definitive, fully registered Notes (the “Definitive Notes”) have been
        issued to such Note Owners pursuant to Section
        2.12:

       

      (a) the
        provisions of this Section shall be in full force and effect;

       

      (b) the
        Note
        Registrar and the Indenture Trustee shall be entitled to deal with the Clearing
        Agency for all purposes of this Indenture (including the payment of principal
        of
        and interest on the Notes and the giving of instructions or directions
        hereunder) as the sole holder of the Notes, and shall have no obligation
        to the
        Note Owners;

       

      (c) to
        the
        extent that the provisions of this Section conflict with any other provisions
        of
        this Indenture, the provisions of this Section shall control;

       

      (d) the
        rights of Note Owners shall be exercised only through the Clearing Agency
        and
        shall be limited to those established by law and agreements between such
        Note
        Owners and the Clearing Agency or the Clearing Agency Participants pursuant
        to
        the Note Depository Agreement. Unless and until Definitive Notes are issued
        pursuant to Section
        2.12,
        the
        initial Clearing Agency will make book-entry transfers among the Clearing
        Agency
        Participants and receive and transmit payments of principal of and interest
        on
        the Notes to such Clearing Agency Participants; and

       

      (e) whenever
        this Indenture requires or permits actions to be taken based upon instructions
        or directions of Holders of Notes evidencing a specified percentage of the
        Outstanding Amount of the Notes, the Clearing Agency shall be deemed to
        represent such percentage only to the extent that it has received instructions
        to such effect from Note Owners or Clearing Agency Participants owning or
        representing, respectively, such required percentage of the beneficial interest
        in the Notes and has delivered such instructions to the Indenture
        Trustee.

       

      Section
        2.11 Notices
        to Clearing Agency.
        Whenever a notice or other communication to the Noteholders is required under
        this Indenture, unless and until Definitive Notes shall have been issued
        to such
        Note Owners pursuant to Section
        2.12,
        the
        Indenture Trustee shall give all such notices and communications specified
        herein to be given to Holders of the Notes to the Clearing Agency, and shall
        have no obligation to such Note Owners.

       

      Section
        2.12 Definitive
        Notes.
        If (a)
        the Administrator advises the Indenture Trustee in writing that the Clearing
        Agency is no longer willing or able to properly discharge its responsibilities
        with respect to the Book-Entry Notes and the Administrator is unable to locate
        a
        qualified successor or (b) after the occurrence of an Event of Default or
        a
        Servicer Termination Event, Owners of the Book-Entry Notes representing
        beneficial interests aggregating at least a majority of the Outstanding Amount
        of such Notes advise the Clearing Agency in writing that the continuation
        of a
        book-entry system through the Clearing Agency is no longer in the best interests
        of such Note Owners, then the Clearing Agency shall notify all Note Owners,
        the
        Administrator and the Indenture Trustee of the occurrence of any such event
        and
        of the availability of Definitive Notes to Note Owners requesting the same. Upon
        surrender to the Indenture Trustee of the typewritten Notes representing
        the
        Book-Entry Notes by the Clearing Agency, accompanied by registration
        instructions, the Issuer shall execute and the Indenture Trustee upon an
        Issuer
        Order shall authenticate the Definitive Notes in accordance with the written
        instructions of the Clearing Agency. None of the Issuer, the Note Registrar,
        the
        Administrator or the Indenture Trustee shall be liable for any delay in delivery
        of such instructions and may conclusively rely on, and shall be protected
        in
        relying on, such instructions. Upon the issuance of Definitive Notes, the
        Indenture Trustee shall recognize the Holders of the Definitive Notes as
        Noteholders.

       

      
        
          
          

        

        
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      Section
        2.13 Tax
        Treatment.
        The
        Issuer has entered into this Indenture, and the Notes will be issued, with
        the
        intention that, for purposes of federal and state income tax, franchise tax
        and
        any other tax measured in whole or in part by income, the Notes will be
        characterized as indebtedness secured by the Trust Estate. The Issuer, by
        entering into this Indenture, and each Noteholder, by its acceptance of a
        Note
        (and each Note Owner by its acceptance of an interest in the applicable
        Book-Entry Note), agree to treat the Notes for such purposes as
        indebtedness.

       

      ARTICLE
        III.

      COVENANTS

       

      Section
        3.01 Payment
        of Principal and Interest.
        The
        Issuer will duly and punctually pay the principal of and interest, if any,
        on
        the Notes in accordance with the terms of the Notes and this Indenture. Without
        limiting the foregoing, subject to Section
        8.02(c),
        on each
        Payment Date, the Issuer will cause to be distributed all amounts deposited
        pursuant to the Sale and Servicing Agreement into the Note Distribution Account
        (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders,
        (b)
        for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c)
        for
        the benefit of the Class A-3 Notes, to the Class A-3 Noteholders and (d)
        for the
        benefit of the Class A-4 Notes, to the Class A-4 Noteholders. Amounts properly
        withheld under the Code by any Person from a payment to any Noteholder of
        interest and/or principal shall be considered as having been paid by the
        Issuer
        to such Noteholder for all purposes of this Indenture.

       

      Section
        3.02 Maintenance
        of Office or Agency.
        The
        Issuer will maintain in the Borough of Manhattan, The City of New York, an
        office or agency where Notes may be surrendered for registration of transfer
        or
        exchange, and where notices and demands to or upon the Issuer in respect
        of the
        Notes and this Indenture may be served. Such office will initially be located
        at
        (a) solely for the purposes of the transfer, surrender or exchange of
        Notes, Citibank, N.A., 111 Wall Street, 15th
        Floor
        Window, New York, New York 10005, Attention: Structured Finance Agency and
        Trust-Hyundai Auto Receivables Trust 2007-A and (b) for all other purposes
        Citibank N.A., 388 Greenwich Street, 14th
        Floor,
        New York, New York 10013, Attention: Structured Finance Agency and Trust-Hyundai
        Auto Receivables Trust 2007-A. The Issuer will give prompt written notice
        to the
        Indenture Trustee of the location, and of any change in the location, of
        any
        such office or agency. If at any time the Issuer shall fail to maintain any
        such
        office or agency or shall fail to furnish the Indenture Trustee with the
        address
        thereof, such surrenders, notices and demands may be made or served at the
        Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
        as
        its agent to receive all such surrenders, notices and demands.

       

      
        
          
          

        

        
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      Section
        3.03 Money
        for Payments To Be Held in Trust.
        All
        payments of amounts due and payable with respect to any Notes that are to
        be
        made from amounts withdrawn from the Trust Accounts shall be made on behalf
        of
        the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts
        so withdrawn from the Collection Account, the Note Distribution Account or
        the
        Reserve Account for payments of Notes shall be paid over to the Issuer except
        as
        provided in this Section.

       

      On
        or
        before the Business Day preceding each Payment Date and Redemption Date,
        the
        Issuer shall deposit or cause to be deposited in the Note Distribution Account
        an aggregate sum sufficient to pay the amounts then becoming due under the
        Notes, such sum to be held in trust for the benefit of the Persons entitled
        thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly
        notify the Indenture Trustee of its action or failure so to act.

       

      The
        Issuer will cause each Paying Agent other than the Indenture Trustee to execute
        and deliver to the Indenture Trustee an instrument in which such Paying Agent
        shall agree with the Indenture Trustee (and if the Indenture Trustee acts
        as
        Paying Agent, it hereby so agrees), subject to the provisions of this Section,
        that such Paying Agent will:

       

      (a) hold
        all
        sums held by it for the payment of amounts due with respect to the Notes
        in
        trust for the benefit of the Persons entitled thereto until such sums shall
        be
        paid to such Persons or otherwise disposed of as herein provided and pay
        such
        sums to such Persons as herein provided;

       

      (b) give
        the
        Indenture Trustee notice of any default by the Issuer (or any other obligor
        on
        the Notes) of which it has actual knowledge in the making of any payment
        required to be made with respect to the Notes;

       

      (c) at
        any
        time during the continuance of any such default, upon the written request
        of the
        Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held
        in
        trust by such Paying Agent;

       

      (d) immediately
        resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
        held by it in trust for the payment of Notes if at any time it ceases to
        meet
        the standards required to be met by a Paying Agent at the time of its
        appointment; and

       

      (e) comply
        with all requirements of the Code with respect to the withholding from any
        payments made by it on any Notes of any applicable withholding taxes imposed
        thereon (including retaining any Internal Revenue Service forms or
        certifications establishing exemption therefrom as required by law) and with
        respect to any applicable reporting requirements in connection with any payments
        made by it on any Notes and any withholding of taxes therefrom.

       

      
        
          
          

        

        
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      The
        Issuer may at any time, for the purpose of obtaining the satisfaction and
        discharge of this Indenture or for any other purpose, by Issuer Order direct
        any
        Paying Agent to pay to the Indenture Trustee all sums held in trust by such
        Paying Agent, such sums to be held by the Indenture Trustee upon the same
        trusts
        as those upon which the sums were held by such Paying Agent; and upon such
        payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall
        be
        released from all further liability with respect to such money.

       

      Subject
        to applicable laws with respect to escheat of funds, any money held by the
        Indenture Trustee or any Paying Agent in trust for the payment of any amount
        due
        with respect to any Note and remaining unclaimed for two years after such
        amount
        has become due and payable shall be discharged from such trust and be paid
        upon
        Issuer Request to the Issuer; and the Holder of such Note shall thereafter,
        as
        an unsecured general creditor, look only to the Issuer for payment thereof
        (but
        only to the extent of the amounts so paid to the Issuer), and all liability
        of
        the Indenture Trustee or such Paying Agent with respect to such trust money
        shall thereupon cease; provided, however, that the Indenture Trustee or such
        Paying Agent, before being required to make any such repayment, shall at
        the
        expense and direction of the Issuer cause to be published once, in a newspaper
        published in the English language, customarily published on each Business
        Day
        and of general circulation in The City of New York, notice that such money
        remains unclaimed and that, after a date specified therein, which shall not
        be
        less than 30 days from the date of such publication, any unclaimed balance
        of
        such money then remaining will be repaid to the Issuer. The Indenture Trustee
        shall also adopt and employ, at the expense and direction of the Issuer,
        any
        other reasonable means of notification of such repayment (including, but
        not
        limited to, mailing notice of such repayment to Holders whose Notes have
        been
        called but have not been surrendered for redemption or whose right to or
        interest in moneys due and payable but not claimed is determinable from the
        records of the Indenture Trustee or of any Paying Agent, at the last address
        of
        record for each such Holder).

       

      Section
        3.04 Existence.
        Except
        as otherwise permitted by the provisions of Section 3.10, the Issuer will
        keep in full effect its existence, rights and franchises as a statutory trust
        under the laws of the State of Delaware (unless it becomes, or any successor
        Issuer hereunder is or becomes, organized under the laws of any other State
        or
        of the United States of America, in which case the Issuer will keep in full
        effect its existence, rights and franchises under the laws of such other
        jurisdiction) and will obtain and preserve its qualification to do business
        in
        each jurisdiction in which such qualification is or shall be necessary to
        protect the validity and enforceability of this Indenture, the Notes, the
        Collateral and each other instrument or agreement included in the Trust
        Estate.

       

      Section
        3.05 Protection
        of Trust Estate.
        The
        Issuer will from time to time execute and deliver all such supplements and
        amendments hereto and all such financing statements, continuation statements,
        instruments of further assurance and other instruments, and will take such
        other
        action necessary or advisable to:

       

      (a) maintain
        or preserve the lien and security interest (and the priority thereof) of
        this
        Indenture or carry out more effectively the purposes hereof;

       

      (b) perfect,
        publish notice of or protect the validity of any Grant made or to be made
        by
        this Indenture;

       

      (c) enforce
        any of the Collateral; or

       

      
        
          
          

        

        
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      (d) preserve
        and defend title to the Trust Estate and the rights of the Indenture Trustee
        and
        the Noteholders in such Trust Estate against the claims of all persons and
        parties.

       

      The
        Issuer hereby designates the Indenture Trustee, as its agent and
        attorney-in-fact, to execute upon an Issuer Order any financing statement,
        continuation statement or other instrument required to be executed pursuant
        to
        this Section
        3.05.

       

      Section
        3.06 Opinions
        as to Trust Estate.

       

      (a) On
        the
        Closing Date, the Issuer shall cause to be furnished to the Indenture Trustee
        an
        Opinion of Counsel either stating that, in the opinion of such counsel, such
        action has been taken with respect to the recording and filing of this
        Indenture, any indentures supplemental hereto, and any other requisite
        documents, and with respect to the filing of any financing statements and
        continuation statements, as are necessary to perfect and make effective the
        lien
        and security interest of this Indenture and reciting the details of such
        action,
        or stating that, in the opinion of such counsel, no such action is necessary
        to
        make such lien and security interest effective.

       

      (b) On
        or
        before April 30 in each calendar year, beginning in 2008, the Issuer shall
        furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel
        either stating that, in the opinion of such counsel, such action has been
        taken
        with respect to the recording, filing, re-recording and re-filing of this
        Indenture, any indentures supplemental hereto and any other requisite documents
        and with respect to the execution and filing of any financing statements
        and
        continuation statements as is necessary to maintain the lien and security
        interest created by this Indenture and reciting the details of such action,
        or
        stating that in the opinion of such counsel no such action is necessary to
        maintain such lien and security interest. Such Opinion of Counsel shall also
        describe the recording, filing, re-recording and refiling of this Indenture,
        any
        indentures supplemental hereto and any other requisite documents and the
        execution and filing of any financing statements and continuation statements
        that will, in the opinion of such counsel, be required to maintain the lien
        and
        security interest of this Indenture until April 30 in the following calendar
        year.

       

      Section
        3.07 Performance
        of Obligations; Servicing of Receivables.

       

      (a) The
        Issuer will not take any action and will use its reasonable best efforts
        not to
        permit any action to be taken by others that would release any Person from
        any
        of such Person’s material covenants or obligations under any instrument or
        agreement included in the Trust Estate or that would result in the amendment,
        hypothecation, subordination, termination or discharge of, or impair the
        validity or effectiveness of, any such instrument or agreement, except as
        expressly provided in this Indenture, the Sale and Servicing Agreement or
        such
        other instrument or agreement.

       

      (b) The
        Issuer may contract with other Persons with notification to the Rating Agencies
        to assist it in performing its duties under this Indenture, and any performance
        of such duties by a Person identified to the Indenture Trustee in an Officer’s
        Certificate of the Issuer shall be deemed to be action taken by the Issuer.
        Initially, the Issuer has contracted with the Servicer and the Administrator
        to
        assist the Issuer in performing its duties under this Indenture.

       

      
        
          
          

        

        
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      (c) The
        Issuer will punctually perform and observe all of its obligations and agreements
        contained in this Indenture, the Basic Documents and in the instruments and
        agreements included in the Trust Estate, including but not limited to filing
        or
        causing to be filed all UCC financing statements and continuation statements
        required to be filed by the terms of this Indenture and the Sale and Servicing
        Agreement in accordance with and within the time periods provided for herein
        and
        therein. Except as otherwise expressly provided therein, the Issuer shall
        not
        waive, amend, modify, supplement or terminate any Basic Document or any
        provision thereof without the consent of either the Indenture Trustee or
        the
        Holders of at least a majority of the Outstanding Amount of the
        Notes.

       

      (d) If
        the
        Issuer shall have knowledge of the occurrence of a Servicer Termination Event
        under the Sale and Servicing Agreement, the Issuer shall promptly notify
        the
        Indenture Trustee and the Rating Agencies thereof, and shall specify in such
        notice the action, if any, the Issuer is taking with respect to such
        default.

       

      (e) [Reserved].

       

      (f) Upon
        any
        termination of the Servicer’s rights and powers pursuant to the Sale and
        Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee
        thereof. As soon as a successor servicer (a “Successor
        Servicer”)
        is
        appointed, the Issuer shall notify the Indenture Trustee in writing of such
        appointment, specifying in such notice the name and address of such Successor
        Servicer.

       

      (g) Without
        limitation of the absolute nature of the assignment granted to the Indenture
        Trustee under this Indenture or the rights of the Indenture Trustee hereunder,
        the Issuer agrees (i) except to the extent otherwise provided in any Basic
        Documents, that it will not, without the prior written consent of the Indenture
        Trustee acting at the direction of the Holders of at least a majority in
        Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate
        or
        surrender, or agree to any amendment, modification, supplement, termination,
        waiver or surrender of, the terms of any Collateral (except to the extent
        otherwise provided in the Sale and Servicing Agreement) or the Basic Documents,
        or waive timely performance or observance by the Servicer or the Seller under
        the Sale and Servicing Agreement; and (ii) that any such amendment shall
        not (A)
        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
        (B)
        reduce the aforesaid percentage of the Notes that is required to consent
        to any
        such amendment, without the consent of the Holders of all Outstanding Notes.
        If
        the Indenture Trustee acting at the direction of such Holders agrees to any
        such
        amendment, modification, supplement or waiver, the Indenture Trustee agrees,
        promptly following a request by the Issuer to do so, to execute and deliver,
        at
        the Issuer’s own expense, such agreements, instruments, consents and other
        documents as the Issuer may deem necessary or appropriate in the
        circumstances.

       

      Section
        3.08 Negative
        Covenants.
        So long
        as any Notes are Outstanding, the Issuer shall not:

       

      (a) except
        to
        the extent as expressly permitted by this Indenture or the Sale and Servicing
        Agreement, sell, transfer, exchange or otherwise dispose of any of the
        properties or assets of the Issuer, including those included in the Trust
        Estate, unless directed to do so by the Indenture Trustee acting on direction
        of
        at least a majority in Outstanding Amount of the Notes given pursuant to
        this
        Agreement;

       

      
        
          
          

        

        
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      (b) claim
        any
        credit on, or make any deduction from the principal or interest payable in
        respect of, the Notes (other than amounts properly withheld from such payments
        under the Code) or assert any claim against any present or former Noteholder
        by
        reason of the payment of the taxes levied or assessed upon any part of the
        Trust
        Estate; or

       

      (c) (i)
        permit the validity or effectiveness of this Indenture to be impaired, or
        permit
        the lien of this Indenture to be amended, hypothecated, subordinated, terminated
        or discharged, or permit any Person to be released from any covenants or
        obligations with respect to the Notes under this Indenture except as may
        be
        expressly permitted hereby, (ii) permit any lien, charge, excise, claim,
        security interest, mortgage or other encumbrance (other than the lien of
        this
        Indenture) to be created on or extend to or otherwise arise upon or burden
        the
        Trust Estate or any part thereof or any interest therein or the proceeds
        thereof
        (other than tax liens, mechanics’ liens and other liens that arise by operation
        of law, in each case on any of the Financed Vehicles and arising solely as
        a
        result of an action or omission of the related Obligor) or (iii) permit the
        lien
        of this Indenture not to constitute a valid first priority (other than with
        respect to any such tax, mechanics’ or other lien) security interest in the
        Trust Estate.

       

      Section
        3.09 Annual
        Statement as to Compliance.
        The
        Issuer will deliver to the Indenture Trustee and the Rating Agencies, within
        120
        days after the end of each fiscal year of the Issuer (commencing with the
        calendar year of 2008), an Officer’s Certificate stating, as to the Authorized
        Officer signing such Officer’s Certificate, that:

       

      (a) a
        review
        of the activities of the Issuer during such year and of its performance under
        this Indenture has been made under such Authorized Officer’s supervision;
        and

       

      (b) to
        the
        best of such Authorized Officer’s knowledge, based on such review, the Issuer
        has complied with all conditions and covenants under this Indenture throughout
        such year or, if there has been a default in its compliance with any such
        condition or covenant, specifying each such default known to such Authorized
        Officer and the nature and status thereof.

       

      Section
        3.10 Issuer
        May Consolidate, etc., Only on Certain Terms.

       

      (a) The
        Issuer shall not consolidate or merge with or into any other Person,
        unless:

       

      (i) the
        Person (if other than the Issuer) formed by or surviving such consolidation
        or
        merger shall be a Person organized and existing under the laws of the United
        States of America or any State and shall expressly assume, by an indenture
        supplemental hereto, executed and delivered to the Indenture Trustee, in
        form
        satisfactory to the Indenture Trustee, the due and punctual payment of the
        principal of and interest on all Notes and the performance or observance
        of
        every agreement and covenant of this Indenture on the part of the Issuer
        to be
        performed or observed, all as provided herein;

       

      (ii) immediately
        after giving effect to such transaction, no Default or Event of Default shall
        have occurred and be continuing;

       

      
        
          
          

        

        
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      (iii) the
        Rating Agency Condition shall have been satisfied with respect to such
        transaction;

       

      (iv) the
        Issuer shall have received an Opinion of Counsel (and shall have delivered
        copies thereof to the Indenture Trustee) to the effect that such transaction
        will not have any material adverse federal income tax consequences to the
        Issuer, any Noteholder or any Certificateholder;

       

      (v) any
        action that is necessary to maintain the lien and security interest created
        by
        this Indenture shall have been taken; and

       

      (vi) the
        Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
        and an Opinion of Counsel each stating that such consolidation or merger
        and
        such supplemental indenture comply with this Article III and that all conditions
        precedent herein provided for relating to such transaction have been complied
        with (including any filing required by the Exchange Act) in all material
        respects.

       

      (b) The
        Issuer shall not convey or transfer any of its properties or assets, including
        those included in the Trust Estate, to any Person, unless:

       

      (i) the
        Person that acquires by conveyance or transfer the properties and assets
        of the
        Issuer the conveyance or transfer of which is hereby restricted (A) shall
        be a
        United States citizen or a Person organized and existing under the laws of
        the
        United States of America or any State, (B) expressly assumes, by an indenture
        supplemental hereto, executed and delivered to the Indenture Trustee, in
        form
        satisfactory to the Indenture Trustee, the due and punctual payment of the
        principal of and interest on all Notes and the performance or observance
        of
        every agreement and covenant of this Indenture on the part of the Issuer
        to be
        performed or observed, all as provided herein, (C) expressly agrees by means
        of
        such supplemental indenture that all right, title and interest so conveyed
        or
        transferred shall be subject and subordinate to the rights of Holders of
        the
        Notes, (D) unless otherwise provided in such supplemental indenture, expressly
        agrees to indemnify, defend and hold harmless the Issuer and the Indenture
        Trustee against and from any loss, liability or expense arising under or
        related
        to this Indenture and the Notes and (E) expressly agrees by means of such
        supplemental indenture that such Person (or, if a group of Persons, one
        specified Person) shall make all filings with the Commission (and any other
        appropriate Person) required by the Exchange Act in connection with the
        Notes;

       

      (ii) immediately
        after giving effect to such transaction, no Default or Event of Default shall
        have occurred and be continuing;

       

      (iii) the
        Rating Agency Condition shall have been satisfied with respect to such
        transaction;

       

      (iv) the
        Issuer shall have received an Opinion of Counsel which may not be in-house
        counsel (and shall have delivered copies thereof to the Indenture Trustee)
        to
        the effect that such transaction will not have any material adverse federal
        income tax consequences to the Issuer, any Noteholder or any
        Certificateholder;

       

      
        
          
          

        

        
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      (v) any
        action that is necessary to maintain the lien and security interest created
        by
        this Indenture shall have been taken; and

       

      (vi) the
        Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
        and an Opinion of Counsel each stating that such conveyance or transfer and
        such
        supplemental indenture comply with this Article III and that all conditions
        precedent herein provided for relating to such transaction have been complied
        with (including any filing required by the Exchange Act) in all material
        respects.

       

      Section
        3.11 Successor
        or Transferee.

       

      (a) Upon
        any
        consolidation or merger of the Issuer in accordance with Section
        3.10(a),
        the
        Person formed by or surviving such consolidation or merger (if other than
        the
        Issuer) shall succeed to, and be substituted for, and may exercise every
        right
        and power of, the Issuer under this Indenture with the same effect as if
        such
        Person had been named as the Issuer herein.

       

      (b) Upon
        a
        conveyance or transfer of all the assets and properties of the Issuer pursuant
        to Section
        3.10(b),
        Hyundai
        Auto Receivables Trust 2007-A will be released from every covenant and agreement
        of this Indenture to be observed by or performed on the part of the Issuer
        with
        respect to the Notes immediately upon the delivery of written notice to the
        Indenture Trustee stating that Hyundai Auto Receivables Trust 2007-A is to
        be so
        released.

       

      Section
        3.12 No
        Other Business.
        The
        Issuer shall not engage in any business other than financing, purchasing,
        owning, selling and managing the Receivables in the manner contemplated by
        this
        Indenture and the Basic Documents and any activities incidental
        thereto.

       

      Section
        3.13 No
        Borrowing.
        The
        Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
        directly or indirectly, for any indebtedness except for the Notes.

       

      Section
        3.14 Compliance
        with Regulation AB.
        For so
        long as the Issuer is subject to the reporting requirements under the Securities
        Exchange Act of 1934, as amended, the Issuer agrees to perform all duties
        and
        obligations applicable to or required of the Issuer set forth in Appendix A
        to the Sale and Servicing Agreement and makes the representations and warranties
        therein applicable to it.

       

      Section
        3.15 Guarantees,
        Loans, Advances and Other Liabilities.
        Except
        as contemplated by the Trust Agreement, the Sale and Servicing Agreement
        or this
        Indenture, the Issuer shall not make any loan or advance or credit to, or
        guarantee (directly or indirectly or by an instrument having the effect of
        assuring another’s payment or performance on any obligation or capability of so
        doing or otherwise), endorse or otherwise become contingently liable, directly
        or indirectly, in connection with the obligations, stocks or dividends of,
        or
        own, purchase, repurchase or acquire (or agree contingently to do so) any
        stock,
        obligations, assets or securities of, or any other interest in, or make any
        capital contribution to, any Person.

       

      
        
          
          

        

        
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      Section
        3.16 Capital
        Expenditures.
        The
        Issuer shall not make any expenditure (by long-term or operating lease or
        otherwise) for capital assets (either realty or personalty).

       

      Section
        3.17 Removal
        of Administrator.
        So long
        as any Notes are Outstanding, the Issuer shall not remove the Administrator
        unless the Rating Agency Condition shall have been satisfied in connection
        with
        such removal and the Indenture Trustee receives written notice of the foregoing
        and consents thereto.

       

      Section
        3.18 Restricted
        Payments.
        Except
        with respect to the proceeds from issuance of the Notes, the Issuer shall
        not,
        directly or indirectly, (a) pay any dividend or make any distribution (by
        reduction of capital or otherwise), whether in cash, property, securities
        or a
        combination thereof, to the Owner Trustee or any owner of a beneficial interest
        in the Issuer or otherwise with respect to any ownership or equity interest
        or
        security in or of the Issuer or to the Servicer, (b) redeem, purchase, retire
        or
        otherwise acquire for value any such ownership or equity interest or security
        or
        (c) set aside or otherwise segregate any amounts for any such purpose; provided,
        however, that the Issuer may make, or cause to be made, distributions as
        contemplated by, and to the extent funds are available for such purpose under,
        the Sale and Servicing Agreement, this Indenture or the Trust Agreement.
        The
        Issuer will not, directly or indirectly, make payments to or distributions
        from
        the Trust Accounts except in accordance with this Indenture and the Basic
        Documents.

       

      Section
        3.19 Notice
        of Events of Default.
        The
        Issuer shall give the Indenture Trustee, the Swap Counterparty and the Rating
        Agencies prompt written notice of each Event of Default hereunder, and of
        each
        default on the part of the Servicer or the Seller of its obligations under
        the
        Sale and Servicing Agreement.

       

      Section
        3.20 Further
        Instruments and Acts.
        Upon
        request of the Indenture Trustee, the Issuer will execute and deliver such
        further instruments and do such further acts as may be reasonably necessary
        or
        proper to carry out more effectively the purpose of this Indenture.

       

      ARTICLE
        IV.

      SATISFACTION
        AND DISCHARGE

       

      Section
        4.01 Satisfaction
        and Discharge of Indenture.
        This
        Indenture shall cease to be of further effect with respect to the Notes except
        as to (a) rights of registration of transfer and exchange, (b) substitution
        of
        mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to
        receive
        payments of principal thereof and interest thereon, (d) Sections
        3.03,
        3.04,
        3.05,
        3.08,
        3.10,
        3.11,
        3.12,
        3.13,
        3.15,
        3.16
        and
3.18,
        (e) the
        rights, obligations and immunities of the Indenture Trustee hereunder (including
        the rights of the Indenture Trustee under Section
        6.07
        and the
        obligations of the Indenture Trustee under Section
        4.02)
        and (f)
        the rights of Noteholders as beneficiaries hereof with respect to the property
        so deposited with the Indenture Trustee payable to all or any of them, and
        the
        Indenture Trustee, on demand of and at the expense of the Issuer, shall execute
        proper instruments acknowledging satisfaction and discharge of this Indenture
        with respect to the Notes, when

       

      (i) either:

       

      (A) all
        Notes
        theretofore authenticated and delivered (other than (1) Notes that have
        been destroyed, lost or stolen and that have been replaced or paid as provided
        in Section
        2.06
        and
        (2) Notes for the payment of which money has theretofore been deposited in
        trust or segregated and held in trust by the Issuer and thereafter repaid
        to the
        Issuer or discharged from such trust, as provided in Section
        3.03),
        have
        been delivered to the Indenture Trustee for cancellation; or

       

      
        
          
          

        

        
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      (B) all
        Notes
        not theretofore delivered to the Indenture Trustee for cancellation

       

      (1) have
        become due and payable,

       

      (2) will
        become due and payable, as of March 17, 2014, within one year of such date
        or

       

      (3) are
        to be
        called for redemption within one year under arrangements satisfactory to
        the
        Indenture Trustee for the giving of notice of redemption by the Indenture
        Trustee in the name, and at the expense, of the Issuer;

       

      and
        the
        Issuer, in the case of a, b, or c above, has irrevocably deposited or caused
        to
        be irrevocably deposited with the Indenture Trustee cash or direct obligations
        of or obligations guaranteed by the United States of America (that will mature
        prior to the date such amounts are payable), in trust for such purpose, in
        an
        amount sufficient to pay and discharge the entire indebtedness on such Notes
        not
        theretofore delivered to the Indenture Trustee for cancellation when due
        to the
        applicable Stated Maturity Date or Redemption Date (if Notes shall have been
        called for redemption pursuant to Section
        10.01),
        as the
        case may be;

       

      (ii) the
        Issuer has paid or caused to be paid all other sums payable hereunder by
        the
        Issuer including, but not limited to, fees, reimbursements, indemnities and
        expenses due to the Indenture Trustee and all amounts owed to the Swap
        Counterparty, including all Swap Termination Payments; and

       

      (iii) the
        Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an
        Opinion of Counsel and (if required by the TIA or the Indenture Trustee)
        an
        Independent Certificate from a firm of certified public accountants, each
        meeting the applicable requirements of Section
        11.01(a)
        and,
        subject to Section
        11.02,
        each
        stating that all conditions precedent herein provided for relating to the
        satisfaction and discharge of this Indenture have been complied
        with.

       

      Section
        4.02 Application
        of Trust Money.
        All
        moneys deposited with the Indenture Trustee pursuant to Section
        4.01
        hereof
        shall be held in trust and applied by it in accordance with the provisions
        of
        the Notes and this Indenture to the payment, either directly or through any
        Paying Agent, as the Indenture Trustee may determine, to the Holders of the
        particular Notes for the payment or redemption of which such moneys have
        been
        deposited with the Indenture Trustee, of all sums due and to become due thereon
        for principal and interest; but such moneys need not be segregated from other
        funds except to the extent required herein, in the Sale and Servicing Agreement
        or by law.

       

      
        
          
          

        

        
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      Section
        4.03 Repayment
        of Moneys Held by Paying Agent.
        In
        connection with the satisfaction and discharge of this Indenture with respect
        to
        the Notes, all moneys then held by any Paying Agent other than the Indenture
        Trustee under the provisions of this Indenture with respect to such Notes
        shall,
        upon written demand of the Issuer, be paid to the Indenture Trustee to be held
        and applied according to Section
        3.03;
        and
        thereupon, such Paying Agent shall be released from all further liability
        with
        respect to such moneys.

       

      Section
        4.04 Release
        of Collateral.
        Subject
        to Section
        11.01
        and the
        terms of the Basic Documents, the Indenture Trustee shall release property
        from
        the lien of this Indenture only upon receipt by it of an Issuer Request
        accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent
        Certificates in accordance with TIA Sections 314(c)
        and
314(d)(1)
        or an
        Opinion of Counsel in lieu of such Independent Certificates to the effect
        that
        the TIA does not require any such Independent Certificates.

       

      ARTICLE
        V.

      REMEDIES

       

      Section
        5.01 Events
        of Default.
        “Event
        of Default”,
        wherever used herein, means any one of the following events (whatever the
        reason
        for such Event of Default and whether it shall be voluntary or involuntary
        or be
        effected by operation of law or pursuant to any judgment, decree or order
        of any
        court or any order, rule or regulation of any administrative or governmental
        body):

       

      (a) default
        in the payment of any interest on any Note when the same becomes due and
        payable, and such default shall continue for a period of thirty-five (35)
        days;

       

      (b) default
        in the payment of the principal of or any installment of the principal of
        any
        Note on its related Stated Maturity Date;

       

      (c) default
        in the observance or performance of any representation, warranty, covenant
        or
        agreement of the Issuer made in this Indenture (other than a covenant or
        agreement, a default in the observance or performance of which is elsewhere
        in
        this Section specifically dealt with) or in any certificate or other writing
        delivered pursuant hereto or in connection herewith proving to have been
        incorrect in any material respect as of the time when the same shall have
        been
        made, and such default shall continue or not be cured, or the circumstance
        or
        condition in respect of which such misrepresentation or warranty was incorrect
        shall not have been eliminated or otherwise cured, for a period of sixty
        (60)
        days (extendable to ninety (90) days if breach is of the type that can be
        cured
        within 90 days) after there shall have been given, by registered or certified
        mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture
        Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes,
        a
        written notice specifying such default or incorrect representation or warranty
        and requiring it to be remedied and stating that such notice is a notice
        of
        Default hereunder;

       

      (d) the
        filing of a decree or order for relief by a court having jurisdiction in
        the
        premises in respect of the Issuer or any substantial part of the Trust Estate
        in
        an involuntary case under any applicable federal or state bankruptcy, insolvency
        or other similar law now or hereafter in effect, or the appointment of a
        receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
        official of the Issuer or for any substantial part of the Trust Estate, or
        the
        ordering of the winding-up or liquidation of the Issuer’s affairs, and such
        decree or order shall remain unstayed and in effect for a period of sixty
        (60)
        consecutive days; or

       

      
        
          
          

        

        
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      (e) the
        commencement by the Issuer of a voluntary case under any applicable federal
        or
        state bankruptcy, insolvency or other similar law now or hereafter in effect,
        or
        the consent by the Issuer to the entry of an order for relief in an involuntary
        case under any such law, or the consent by the Issuer to the appointment
        of or
        taking of possession by a receiver, liquidator, assignee, custodian, trustee,
        sequestrator or similar official of the Issuer or for any substantial part
        of
        the Trust Estate, or the making by the Issuer of any general assignment for
        the
        benefit of creditors, or the failure by the Issuer generally to pay its debts
        as
        such debts become due, or the taking of any action by the Issuer in furtherance
        of any of the foregoing.

       

      The
        Issuer shall promptly deliver to the Indenture Trustee written notice in
        the
        form of an Officer’s Certificate of any event that with the giving of notice and
        the lapse of time would become an Event of Default under clause (c), its
        status
        and what action the Issuer is taking or proposes to take with respect
        thereto.

       

      Section
        5.02 Acceleration
        of Maturity; Rescission and Annulment.

       

      (a) If
        an
        Event of Default shall occur and be continuing, then and in every such case
        the
        Indenture Trustee may, or the Indenture Trustee if so directed in writing
        by the
        Holders of Notes representing not less than a majority of the Outstanding
        Amount
        of the Notes shall, declare all the Notes to be then immediately due and
        payable, by a notice in writing to the Issuer (and to the Indenture Trustee
        if
        given by Noteholders), and upon any such declaration the Outstanding Amount
        of
        such Notes, together with accrued and unpaid interest thereon through the
        date
        of acceleration, shall become immediately due and payable.

       

      (b) If
        an
        Event of Default under this Indenture shall have occurred, the Indenture
        Trustee
        in its discretion may, or if so requested in writing by Holders of Notes
        representing at least a majority of the Outstanding Amount of the Notes,
        shall,
        declare by written notice to the Issuer all of the Notes to be immediately
        due
        and payable, and upon any such declaration, the Outstanding Amount of the
        Notes,
        together with accrued interest thereon through the date of acceleration,
        shall
        become immediately due and payable as provided in the Notes set forth in
        Exhibit
        A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a, Exhibit A-3b and Exhibit A-4.
        Notwithstanding anything to the contrary in this paragraph (b), if an Event
        of
        Default specified in clauses (d) or (e) of Section
        5.01
        shall
        have occurred and be continuing the Notes shall become immediately due and
        payable at par, together with accrued interest thereon.

       

      (c) At
        any
        time after such declaration of acceleration of maturity has been made, the
        Holders of Notes representing a majority of the Outstanding Amount of the
        Notes,
        by written notice to the Issuer and the Indenture Trustee, may rescind and
        annul
        such declaration and its consequences if:

       

      (i) the
        Issuer has paid or deposited with the Indenture Trustee a sum sufficient
        to
        pay:

       

      (A) all
        payments of principal of and interest on the Notes and all other amounts
        that
        would then be due hereunder or upon such Notes if the Event of Default giving
        rise to such acceleration had not occurred; and

       

      
        
          
          

        

        
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      (B) all
        sums
        paid by the Indenture Trustee hereunder and the reasonable compensation,
        indemnity, reimbursement, expenses and disbursements of the Indenture Trustee
        and its agents and counsel and the reasonable compensation, expenses and
        disbursements of the Owner Trustee and its agents and counsel; 

       

      (C) any
        Net
        Swap Payments and any Swap Termination Payments then due and payable to the
        Swap
        Counterparty under the Interest Rate Swap Agreement; and

       

      (ii) all
        Events of Default, other than the nonpayment of the principal of the Notes
        that
        has become due solely by such acceleration, have been cured or waived as
        provided in Section
        5.12.

       

      No
        such
        rescission shall affect any subsequent default or impair any right consequent
        thereto.

       

      Section
        5.03 Collection
        of Indebtedness and Suits for Enforcement by Indenture Trustee.

       

      (a) The
        Issuer covenants that if (i) a default is made in the payment of any interest
        on
        any Note when the same becomes due and payable, and such default continues
        for a
        period of thirty-five (35) days or, (ii) default is made in the payment of
        the
        principal of or any installment of the principal of any Note when the same
        becomes due and payable, the Issuer will, upon demand of the Indenture Trustee,
        pay to it, for the benefit of the Holders of the Notes, the entire amount
        then
        due and payable on such Notes in respect of principal and interest, with
        interest on the overdue principal and, to the extent payment at such rate
        of
        interest shall be legally enforceable, on overdue installments of interest
        at
        the related Interest Rate and, in addition thereto, such further amount as
        shall
        be sufficient to cover the costs and expenses of collection, including the
        reasonable compensation, expenses and disbursements of the Indenture Trustee
        and
        its agents and counsel.

       

      (b) In
        case
        the Issuer shall fail forthwith to pay such amounts upon such demand, the
        Indenture Trustee, in its own name and as trustee of an express trust, may
        institute a Proceeding for the collection of the sums so due and unpaid,
        and may
        prosecute such Proceeding to judgment or final decree, and may enforce the
        same
        against the Issuer or other obligor on such Notes and collect in the manner
        provided by law out of the Trust Estate or the property of any other obligor
        on
        such Notes, wherever situated, the moneys adjudged or decreed to be
        payable.

       

      (c) If
        an
        Event of Default occurs, the Indenture Trustee may, as more particularly
        provided in Section
        5.04,
        in its
        discretion, or shall, at the directions of the Holders of at least a majority
        of
        the Outstanding Amount of the Notes, proceed to protect and enforce its rights
        and the rights of the Noteholders, by such appropriate Proceedings as the
        Indenture Trustee or the Indenture Trustee at the direction of the Holders
        of at
        least a majority of the Outstanding Amount of the Notes shall reasonably
        deem
        most effective to protect and enforce any such rights, whether for the specific
        enforcement of any covenant or agreement in this Indenture or in aid of the
        exercise of any power granted herein, or to enforce any other proper remedy
        or
        legal or equitable right vested in the Indenture Trustee by this Indenture
        or by
        law.

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      (d) In
        case
        there shall be pending, relative to the Issuer or any other obligor on the
        Notes
        or any Person having or claiming an ownership interest in the Trust Estate,
        Proceedings under Title 11 of the United States Code or any other applicable
        federal or state bankruptcy, insolvency or other similar law, or in case
        a
        receiver, assignee or trustee in bankruptcy or reorganization, or liquidator,
        sequestrator or similar official shall have been appointed for or taken
        possession of the Issuer or its property or such other obligor or Person,
        or in
        case of any other comparable Proceedings relative to the Issuer or other
        obligor
        on the Notes, or to the creditors or property of the Issuer or such other
        obligor, the Indenture Trustee, irrespective of whether the principal of
        any
        Notes shall then be due and payable as therein expressed or by declaration
        or
        otherwise and irrespective of whether the Indenture Trustee shall have made
        any
        demand pursuant to the provisions of this Section, shall be entitled and
        empowered, by intervention in such Proceedings or otherwise:

       

      (i) to
        file
        and prove a claim or claims for the entire amount of principal and interest
        owing and unpaid in respect of the Notes and to file such other papers or
        documents as may be necessary or advisable in order to have the claims of
        the
        Indenture Trustee (including any claim for reasonable compensation to the
        Indenture Trustee and each predecessor Indenture Trustee, and their respective
        agents, attorneys and counsel, and for reimbursement of reasonable out-of-pocket
        expenses and liabilities incurred, by the Indenture Trustee and each predecessor
        Indenture Trustee, except as a result of negligence or bad faith) and of
        the
        Noteholders allowed in such Proceedings;

       

      (ii) unless
        prohibited by applicable law or regulation, to vote on behalf of the Holders
        of
        Notes in any election of a trustee, a standby trustee or a Person performing
        similar functions in any such Proceedings;

       

      (iii) to
        collect and receive any moneys or other property payable or deliverable on
        any
        such claims and to distribute all amounts received with respect to the claims
        of
        the Noteholders and of the Indenture Trustee on their behalf; and

       

      (iv) to
        file
        such proofs of claim and other papers or documents as may be necessary or
        advisable in order to have the claims of the Indenture Trustee or the Holders
        of
        Notes allowed in any Proceedings relative to the Issuer, its creditors or
        its
        property;

       

      and
        any
        trustee, receiver, liquidator, custodian or other similar official in any
        such
        Proceeding is hereby authorized by each of such Noteholders to make payments
        to
        the Indenture Trustee and, in the event that the Indenture Trustee shall
        consent
        to the making of payments directly to such Noteholders, to pay to the Indenture
        Trustee such amounts as shall be sufficient to cover reasonable compensation
        to
        the Indenture Trustee, each predecessor Indenture Trustee and their respective
        agents, attorneys and counsel, and all other expenses, reimbursements,
        indemnities and liabilities incurred by the Indenture Trustee and each
        predecessor Indenture Trustee except as a result of negligence or bad
        faith.

       

      (e) Nothing
        herein contained shall be deemed to authorize the Indenture Trustee to authorize
        or consent to or vote for or accept or adopt on behalf of any Noteholder
        any
        plan of reorganization, arrangement, adjustment or composition affecting
        the
        Notes or the rights of any Holder thereof or to authorize the Indenture Trustee
        to vote in respect of the claim of any Noteholder in any such proceeding
        except,
        as aforesaid, to vote for the election of a trustee in bankruptcy or similar
        Person.

       

      
        
          
          

        

        
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      (f) All
        rights of action and of asserting claims under this Indenture, or under any
        of
        the Notes, may be enforced by the Indenture Trustee without the possession
        of
        any of the Notes or the production thereof in any Proceedings relative thereto,
        and any such Proceedings instituted by the Indenture Trustee shall be brought
        in
        its own name as trustee of an express trust, and any recovery of judgment,
        subject to the payment of the expenses, disbursements and compensation of
        the
        Indenture Trustee, each predecessor Indenture Trustee and their respective
        agents and attorneys, shall be for the ratable benefit of the Holders of
        the
        Notes.

       

      (g) In
        any
        Proceedings brought by the Indenture Trustee (and also any Proceedings involving
        the interpretation of any provision of this Indenture to which the Indenture
        Trustee shall be a party), the Indenture Trustee shall be held to represent
        all
        the Holders of the Notes, and it shall not be necessary to make any Noteholder
        a
        party to any such Proceedings.

       

      Section
        5.04 Remedies;
        Priorities.

       

      (a) If
        an
        Event of Default shall have occurred and be continuing, the Indenture Trustee
        may do one or more of the following (subject to Section
        5.05):

       

      (i) institute
        Proceedings in its own name and as trustee of an express trust for the
        collection of all amounts then payable on the Notes or under this Indenture
        with
        respect thereto, whether by declaration or otherwise, enforce any judgment
        obtained and collect from the Issuer and any other obligor on such Notes
        moneys
        adjudged due;

       

      (ii) institute
        Proceedings from time to time for the complete or partial foreclosure of
        this
        Indenture with respect to the Trust Estate;

       

      (iii) exercise
        any remedies of a secured party under the UCC and take any other appropriate
        action to protect and enforce the rights and remedies of the Indenture Trustee
        and the Holders of the Notes; and

       

      (iv) sell
        the
        Trust Estate or any portion thereof or rights or interest therein, at one
        or
        more public or private sales called and conducted in any manner permitted
        by
        law;

       

      provided
        that Indenture Trustee may not sell or otherwise liquidate the Trust Estate
        following an Event of Default unless:

       

      (A) the
        Event
        of Default is of the type described in Section 5.01(a)
        or
(b);
        or

       

      (B) with
        respect to an Event of Default described in Section 5.01(c):

       

      (1) the
        Noteholders of all Outstanding Notes, the Certificateholders of all outstanding
        Certificates and the Swap Counterparty consent thereto; or

       

      
        
          
          

        

        
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      (2) the
        proceeds of such sale or liquidation are sufficient to pay in full the principal
        of and accrued interest on the Outstanding Notes and outstanding
        Certificates.

       

      (C) with
        respect to any Event of Default described in Section 5.01
        (d)
        and
(e):

       

      (1) the
        Noteholders of Notes evidencing 100% of the principal amount of the Notes
        and
        the Swap Counterparty consent thereto; or

       

      (2) the
        proceeds of such sale or liquidation are sufficient to pay in full the principal
        of and the accrued interest on the Outstanding Notes; or

       

      (3) the
        Indenture Trustee

       

      (x) determines
        (but shall have no obligation to make such determination) that the Trust
        Estate
        will not continue to provide sufficient funds for the payment of principal
        of
        and interest on the Notes as they would have become due if the Notes had
        not
        been declared due and payable; and

       

      (y) the
        Indenture Trustee obtains the consent of Noteholders of Notes evidencing
        not
        less than 66 2/3% of the principal amount of the Notes; or

       

      In
        determining such sufficiency or insufficiency with respect to clause
        5.04(a)(iv)(B)(2) and 5.04(a)(iv)(C)(2) or 5.04(a)(iv)(C)(3)(x) above, Indenture
        Trustee may, but need not, obtain at the Issuer’s expense, and rely upon an
        opinion of an Independent investment banking or accounting firm of national
        reputation as to the feasibility of such proposed action and as to the
        sufficiency of the Trust Estate for such purpose.

       

      (b) (1) Notwithstanding
        the provisions of Section
        8.02,
        following the occurrence and during the continuation of an Event of Default
        specified in Section
        5.01(a),
        5.01(b),
        5.01(d)
        or
5.01(e)
        which
        has resulted in an acceleration of the Notes (or following the occurrence
        of any
        such event after an Event of Default specified in Section
        5.01(c)
        has
        occurred and the Trust Estate has been liquidated), if the Indenture Trustee
        collects any money or property, it shall pay out such money or property (and
        other amounts including amounts held on deposit in the Reserve Account) held
        as
        Collateral for the benefit of the Noteholders, net of liquidation costs
        associated with the sale of the Trust Estate, in the following
        order:

       

      FIRST:  to
        the Indenture Trustee, any amounts due under Section
        6.07
        to the
        extent that such amounts were not previously paid by the Servicer;

       

      
        
          
          

        

        
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      SECOND:  to
        the Servicer for due and unpaid Servicing Fees and Advances not previously
        reimbursed;

       

      THIRD:  to
        the Swap Counterparty for any due and unpaid Net Swap Payments;

       

      FOURTH:  pro
        rata (A) to the Swap Counterparty for any due and unpaid Senior Swap Termination
        Payments and (B) pro rata, to Noteholders for amounts due and unpaid on the
        Notes in respect of interest, ratably, without preference or priority of
        any
        kind, according to the amounts due and payable on the Notes in respect of
        interest;

       

      FIFTH:  to
        Holders of the Class A-1 Notes for amounts due and unpaid on the Class A-1
        Notes
        in respect of principal, ratably, without preference or priority of any kind,
        according to the amounts due and payable on the Class A-1 Notes in respect
        of
        principal, until the Outstanding Amount of the Class A-1 Notes is reduced
        to
        zero;

       

      SIXTH:  to
        Holders of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes for amounts
        due and unpaid on the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
        in
        respect of principal, ratably, without preference or priority of any kind,
        according to the amounts due and payable on the Class A-2 Notes, Class A-3
        Notes
        and Class A-4 Notes in respect of principal, until the Outstanding Amount
        of the
        Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is reduced to
        zero;

       

      SEVENTH:  to
        the Swap Counterparty, any due and unpaid Subordinated Swap Termination
        Payments; and

       

      EIGHTH:  to
        the Certificate Distribution Account, any remaining amounts for distribution to
        the Certificateholders.

       

      The
        Indenture Trustee may fix a record date and payment date for any payment
        to
        Noteholders pursuant to this Section. At least fifteen (15) days before such
        record date, the Issuer shall mail to each Noteholder and the Indenture Trustee
        a notice that states the record date, the payment date and the amount to
        be
        paid.

       

      (ii) Except
        as
        otherwise provided in Section
        5.04(b)(i),
        the
        Indenture Trustee shall make all payments and distributions of the Trust
        Estate
        in accordance with Section
        8.02.

       

      Section
        5.05 Optional
        Preservation of the Receivables.
        If the
        Notes have been declared to be due and payable under Section
        5.02
        following an Event of Default, and such declaration and its consequences
        have
        not been rescinded and annulled, the Indenture Trustee may, but need not,
        elect
        to maintain possession of the Trust Estate. It is the desire of the parties
        hereto and the Noteholders that there be at all times sufficient funds for
        the
        payment of principal of and interest on the Notes, and the Indenture Trustee
        shall take such desire into account when determining whether or not to maintain
        possession of the Trust Estate. In determining whether or not to maintain
        possession of the Trust Estate, the Indenture Trustee may, at the expense
        of the
        Issuer and paid in the priority set forth in Section
        5.05(b)
        of the
        Sale and Servicing Agreement, but need not, obtain and conclusively rely
        upon an
        opinion of an Independent investment banking or accounting firm of national
        reputation as to the feasibility of such proposed action and as to the
        sufficiency of the Trust Estate for such purpose.

       

      
        
          
          

        

        
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      Section
        5.06 Limitation
        of Suits.
        No
        Holder of any Note shall have any right to institute any Proceeding, judicial
        or
        otherwise, with respect to this Indenture, or for the appointment of a receiver
        or trustee, or for any other remedy hereunder, unless:

       

      (a) such
        Holder has previously given written notice to the Indenture Trustee of a
        continuing Event of Default;

       

      (b) the
        Event
        of Default arises from the Servicer’s failure to remit payments when due or the
        Holders of not less than 25% of the Outstanding Amount of the Notes have
        made
        written request to the Indenture Trustee to institute such Proceeding in
        respect
        of such Event of Default in its own name as Indenture Trustee
        hereunder;

       

      (c) such
        Holder or Holders have offered to the Indenture Trustee reasonable indemnity
        against the costs, expenses and liabilities that may be incurred in complying
        with such request;

       

      (d) the
        Indenture Trustee for sixty (60) days after its receipt of such notice, request
        and offer of indemnity has failed to institute such Proceedings;
        and

       

      (e) no
        direction inconsistent with such written request has been given to the Indenture
        Trustee during such sixty (60) day period by the Holders of a majority of
        the
        Outstanding Amount of the Notes.

       

      It
        is
        understood and intended that no one or more Holders of Notes shall have any
        right in any manner whatsoever by virtue of, or by availing of, any provision
        of
        this Indenture to affect, disturb or prejudice the rights of any other Holders
        of Notes or to obtain or to seek to obtain priority or preference over any
        other
        Holders or to enforce any right under this Indenture, except in the manner
        herein provided.

       

      In
        the
        event the Indenture Trustee shall receive conflicting or inconsistent requests
        and indemnity from two or more groups of Holders of Notes pursuant to this
        Section, each representing less than a majority of the Outstanding Amount
        of the
        Notes, the Indenture Trustee shall act at the direction of the group
        representing the greater percentage of the Outstanding Amount of Notes and
        if
        there is no such group then in its sole discretion may determine what action,
        if
        any, shall be taken, notwithstanding any other provisions of this
        Indenture.

       

      Section
        5.07 Unconditional
        Rights of Noteholders To Receive Principal and Interest.
        Notwithstanding any other provisions in this Indenture, the Holder of any
        Note
        shall have the right, which is absolute and unconditional, to receive payment
        of
        the principal of and interest, if any, on such Note on or after the respective
        due dates thereof expressed in such Note or in this Indenture (or, in the
        case
        of redemption, on or after the Redemption Date) and to institute suit for
        the
        enforcement of any such payment, and such right shall not be impaired without
        the consent of such Holder.

       

      Section
        5.08 Restoration
        of Rights and Remedies.
        If the
        Indenture Trustee or any Noteholder has instituted any Proceeding to enforce
        any
        right or remedy under this Indenture and such Proceeding has been discontinued
        or abandoned for any reason or has been determined adversely to the Indenture
        Trustee or to such Noteholder, then and in every such case the Issuer, the
        Indenture Trustee and the Noteholders shall, subject to any determination
        in
        such Proceeding, be restored severally and respectively to their former
        positions hereunder, and thereafter all rights and remedies of the Indenture
        Trustee and the Noteholders shall continue as though no such Proceeding had
        been
        instituted.

       

      
        
          
          

        

        
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      Section
        5.09 Rights
        and Remedies Cumulative.
        No
        right or remedy herein conferred upon or reserved to the Indenture Trustee
        or to
        the Noteholders is intended to be exclusive of any other right or remedy,
        and
        every right and remedy shall, to the extent permitted by law, be cumulative
        and
        in addition to every other right and remedy given hereunder or now or hereafter
        existing at law or in equity or otherwise. The assertion or employment of
        any
        right or remedy hereunder, or otherwise, shall not prevent the concurrent
        assertion or employment of any other appropriate right or remedy.

       

      Section
        5.10 Delay
        or Omission Not a Waiver.
        No
        delay or omission of the Indenture Trustee, or any Holder of any Note to
        exercise any right or remedy accruing upon any Default or Event of Default
        shall
        impair any such right or remedy or constitute a waiver of any such Default
        or
        Event of Default or an acquiescence therein. Every right and remedy given
        by
        this Article V or by law to the Indenture Trustee or to the Noteholders may
        be
        exercised from time to time, and as often as may be deemed expedient, by
        the
        Indenture Trustee or the Noteholders, as the case may be.

       

      Section
        5.11 Control
        by the Noteholders.
        The
        Holders of a majority of the Outstanding Amount of the Notes shall have the
        right to direct the time, method and place of conducting any Proceeding for
        any
        remedy available to the Indenture Trustee with respect to the Notes or
        exercising any trust or power conferred on the Indenture Trustee; provided
        that:

       

      (a) such
        direction shall not be in conflict with any rule of law or with this
        Indenture;

       

      (b) subject
        to the express terms of Section
        5.04,
        any
        direction to the Indenture Trustee to sell or liquidate the Trust Estate
        shall
        be by Holders of Notes representing not less than 100% of the Outstanding
        Amount
        of the Notes;

       

      (c) if
        the
        conditions set forth in Section
        5.05
        have
        been satisfied and the Indenture Trustee elects to retain the Trust Estate
        pursuant to such Section, then any written direction to the Indenture Trustee
        by
        Holders of Notes representing less than 100% of the Outstanding Amount of
        the
        Notes to sell or liquidate the Trust Estate shall be of no force and effect;
        and

       

      (d) the
        Indenture Trustee may take any other action deemed proper by the Indenture
        Trustee that is not inconsistent with such direction.

       

      Notwithstanding
        the rights of Noteholders set forth in this Section, subject to Section
        6.01,
        the
        Indenture Trustee need not take any action that it determines might involve
        it
        in liability or might materially adversely affect the rights of any Noteholders
        not consenting to such action.

       

      Section
        5.12 Waiver
        of Past Defaults.
        Prior
        to the declaration of the acceleration of the maturity of the Notes as provided
        in Section
        5.02,
        the
        Holders of Notes of not less than a majority of the Outstanding Amount of
        the
        Notes may, waive any past Default or Event of Default and its consequences
        except a Default (a) in payment of principal of or interest on any of the
        Notes
        or (b) in respect of a covenant or provision hereof that cannot be modified
        or
        amended without the consent of the Holder of each Note. In the case of any
        such
        waiver, the Issuer, the Indenture Trustee and the Holders of the Notes shall
        be
        restored to their former positions and rights hereunder, respectively; but
        no
        such waiver shall extend to any subsequent or other Default or impair any
        right
        consequent thereto.

       

      
        
          
          

        

        
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      Upon
        any
        such waiver, such Default shall cease to exist and be deemed to have been
        cured
        and not to have occurred, and any Event of Default arising therefrom shall
        be
        deemed to have been cured and not to have occurred, for every purpose of
        this
        Indenture; but no such waiver shall extend to any subsequent or other Default
        or
        Event of Default or impair any right consequent thereto.

       

      Section
        5.13 Undertaking
        for Costs.
        All
        parties to this Indenture agree, and each Holder of a Note by such Holder’s
        acceptance thereof shall be deemed to have agreed, that any court may in
        its
        discretion require, in any suit for the enforcement of any right or remedy
        under
        this Indenture, or in any suit against the Indenture Trustee for any action
        taken, suffered or omitted by it as Indenture Trustee, the filing by any
        party
        litigant in such suit of an undertaking to pay the costs of such suit, and
        that
        such court may in its discretion assess reasonable costs, including reasonable
        attorneys’ fees, against any party litigant in such suit, having due regard to
        the merits and good faith of the claims or defenses made by such party litigant;
        but the provisions of this Section shall not apply to (a) any suit
        instituted by the Indenture Trustee, (b) any suit instituted by any
        Noteholder, or group of Noteholders, in each case holding in the aggregate
        more
        than 10% of the Outstanding Amount of the Notes (or in the case of a right
        or
        remedy under this Indenture which is instituted by the Noteholders, more
        than
        10% of the Outstanding Amount of the Notes) or (c) any suit instituted by
        any Noteholder for the enforcement of the payment of principal of or interest
        on
        any Note on or after the respective due dates expressed in such Note and
        in this
        Indenture (or, in the case of redemption, on or after the Redemption
        Date).

       

      Section
        5.14 Waiver
        of Stay or Extension Laws.
        The
        Issuer covenants (to the extent that it may lawfully do so) that it will
        not at
        any time insist upon, or plead or in any manner whatsoever claim or take
        the
        benefit or advantage of, any stay or extension law wherever enacted, now
        or at
        any time hereafter in force, that may affect the covenants or the performance
        of
        this Indenture; and the Issuer (to the extent that it may lawfully do so)
        hereby
        expressly waives all benefit or advantage of any such law, and covenants
        that it
        will not hinder, delay or impede the execution of any power herein granted
        to
        the Indenture Trustee, but will suffer and permit the execution of every
        such
        power as though no such law had been enacted.

       

      Section
        5.15 Action
        on Notes.
        The
        Indenture Trustee’s right to seek and recover judgment on the Notes or under
        this Indenture shall not be affected by the seeking, obtaining or application
        of
        any other relief under or with respect to this Indenture. Neither the lien
        of
        this Indenture nor any rights or remedies of the Indenture Trustee or the
        Noteholders shall be impaired by the recovery of any judgment by the Indenture
        Trustee against the Issuer or by the levy of any execution under such judgment
        upon any portion of the Trust Estate or upon any of the assets of the Issuer.
        Any money or property collected by the Indenture Trustee shall be applied
        in
        accordance with Section
        5.04(b).

       

      Section
        5.16 Performance
        and Enforcement of Certain Obligations.

       

      (a) Promptly
        following a request from the Indenture Trustee to do so and at the
        Administrator’s expense, the Issuer shall take all such lawful action as the
        Indenture Trustee may request to compel or secure the performance and observance
        by the Seller or the Servicer, as applicable, of each of their obligations
        to
        the Issuer under or in connection with the Sale and Servicing Agreement or
        the
        Receivables Purchase Agreement, as applicable, and to exercise any and all
        rights, remedies, powers and privileges lawfully available to the Issuer
        under
        or in connection with the Sale and Servicing Agreement or the Receivables
        Purchase Agreement to the extent and in the manner directed by the Indenture
        Trustee, including the transmission of notices of default on the part of
        either
        Seller or the Servicer thereunder and the institution of legal or administrative
        actions or proceedings to compel or secure performance by the Seller or the
        Servicer of each of their obligations under the Sale and Servicing Agreement
        and
        the Receivables Purchase Agreement; provided, however, nothing herein shall
        in
        any way impose on the Indenture Trustee the duty to monitor the performance
        of
        the Seller or the Servicer of any of their liabilities, duties or obligations
        under any Basic Document.

       

      
        
          
          

        

        
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      (b) If
        an
        Event of Default has occurred, the Indenture Trustee may, and at the direction
        (which direction shall be in writing) of the Holders of not less than a majority
        of the Outstanding Amount of the Notes shall, exercise all rights, remedies,
        powers, privileges and claims of the Issuer against the Seller or the Servicer
        under or in connection with the Sale and Servicing Agreement and the Receivables
        Purchase Agreement, including the right or power to take any action to compel
        or
        secure performance or observance by the Seller or the Servicer, as the case
        may
        be, of each of their obligations to the Issuer thereunder and to give any
        consent, request, notice, direction, approval, extension or waiver under
        the
        Sale and Servicing Agreement and the Receivables Purchase Agreement, as the
        case
        may be, and any right of the Issuer to take such action shall be
        suspended.

       

      ARTICLE
        VI.

      THE
        INDENTURE TRUSTEE

       

      Section
        6.01 Duties
        of Indenture Trustee.

       

      (a) If
        an
        Event of Default has occurred and is continuing of which a Responsible Officer
        of the Indenture Trustee has actual knowledge, the Indenture Trustee shall
        exercise the rights and powers vested in it by this Indenture and use the
        same
        degree of care and skill in their exercise as a prudent person would exercise
        or
        use under the circumstances in the conduct of such person’s own
        affairs.

       

      Except
        during the continuance of an Event of Default of which a Responsible Officer
        of
        the Indenture Trustee has actual knowledge, the Indenture Trustee undertakes
        to
        perform such duties and only such duties as are specifically set forth in
        this
        Indenture and no implied covenants or obligations shall be read into this
        Indenture against the Indenture Trustee. In the absence of bad faith or
        negligence on its part, the Indenture Trustee may conclusively rely, as to
        the
        truth of the statements and the correctness of the opinions expressed therein,
        upon the face value of the certificates, reports, resolutions, documents,
        orders, opinions or other instruments furnished to the Indenture Trustee
        and
        conforming to the requirements of this Indenture; provided, however, that
        the
        Indenture Trustee shall not be responsible for the accuracy or content of
        any
        such resolution, certificate, statement, opinion, report, document, order
        or
        other instrument; however, the Indenture Trustee shall examine the certificates
        and opinions to determine whether or not they conform to the requirements
        of
        this Indenture. If any such instrument is found not to conform in any material
        respect to the requirements of this Agreement, the Indenture Trustee shall
        notify the Noteholders of such instrument in the event that the Indenture
        Trustee, after so requesting, does not receive a satisfactorily corrected
        instrument.

       

      
        
          
          

        

        
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      (b) The
        Indenture Trustee may not be relieved from liability for its own negligent
        action, its own negligent failure to act or its own willful misconduct, except
        that:

       

      (i) this
        paragraph does not limit the effect of paragraph (a) of this
        Section;

       

      (ii) the
        Indenture Trustee shall not be liable for any error of judgment made in good
        faith by a Responsible Officer unless it is proved that the Indenture Trustee
        was negligent in ascertaining the pertinent facts; and

       

      (iii) the
        Indenture Trustee shall not be liable with respect to any action it takes
        or
        omits to take in good faith in accordance with a direction received by it
        pursuant to the terms of this Indenture or any other Basic
        Documents.

       

      (c) Every
        provision of this Indenture that in any way relates to the Indenture Trustee
        is
        subject to this Section.

       

      (d) The
        Indenture Trustee shall not be liable for indebtedness evidenced by or arising
        under any of the Basic Documents, including principal of or interest on the
        Notes, or interest on any money received by it except as the Indenture Trustee
        may agree in writing with the Issuer.

       

      (e) Money
        held in trust by the Indenture Trustee need not be segregated from other
        funds
        except to the extent required by law or the terms of this Indenture or the
        Sale
        and Servicing Agreement.

       

      (f) No
        provision of this Indenture shall require the Indenture Trustee to advance,
        expend or risk its own funds or otherwise incur financial liability in the
        performance of any of its duties hereunder or in the exercise of any of its
        rights or powers, if it shall have reasonable grounds to believe that repayment
        of such funds or adequate indemnity against such risk or liability is not
        reasonably assured to it.

       

      (g) Every
        provision of this Indenture relating to the conduct or affecting the liability
        of or affording protection to the Indenture Trustee shall be subject to the
        provisions of this Section and to the provisions of the TIA.

       

      (h) In
        no
        event shall the Indenture Trustee be required to perform, or be responsible
        for
        the manner of performance of, any of the obligations of the Servicer or any
        other party under the Sale and Servicing Agreement.

       

      (i) The
        Indenture Trustee shall have no duty (i) to see to any recording, filing,
        or
        depositing of this Indenture or any agreement referred to herein or any
        financing statement or continuation statement evidencing a security interest,
        or
        to see to the maintenance of any such recording or filing or depositing or
        to
        any rerecording, refiling or redepositing of any thereof, (ii) to see to
        any insurance, or (iii) to see to the payment or discharge of any tax,
        assessment, or other governmental charge or any lien or encumbrance of any
        kind
        owing with respect to, assessed or levied against, any part of the Trust
        Fund.

       

      
        
          
          

        

        
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      The
        Indenture Trustee, or a Responsible Officer thereof, shall only be charged
        with
        actual knowledge of any default or an Event of Default if a Responsible Officer
        actually knows of such default or Event of Default or the Indenture Trustee
        receives written notice of such default or Event of Default from the Issuer,
        the
        Servicer or Noteholders owning Notes aggregating not less than 10% of the
        Outstanding Amount of the Notes. Notwithstanding the foregoing, the Indenture
        Trustee shall not be required to take notice and in the absence of such actual
        notice and knowledge, the Indenture Trustee may conclusively assume that
        there
        is no such default or Event of Default.

       

      Section
        6.02 Rights
        of Indenture Trustee.

       

      (a) The
        Indenture Trustee may conclusively rely on the face value of any document
        believed by it to be genuine and to have been signed or presented by the
        proper
        person. The Indenture Trustee need not investigate any fact or matter stated
        in
        the document.

       

      (b) Before
        the Indenture Trustee acts or refrains from acting, it may require an Officer’s
        Certificate or an Opinion of Counsel from the appropriate party. The Indenture
        Trustee shall not be liable for any action it takes or omits to take in good
        faith in reliance on an Officer’s Certificate or Opinion of Counsel from the
        appropriate party. The right of the Indenture Trustee to perform any
        discretionary act enumerated in this Indenture or in any Basic Document shall
        not be construed as a duty of the Indenture Trustee and the Indenture Trustee
        shall not be answerable for other than its negligence or willful misconduct
        in
        the performance of such discretionary act.

       

      (c) The
        Indenture Trustee may execute any of the trusts or powers hereunder or perform
        any duties hereunder either directly or by or through agents or attorneys
        or a
        custodian or nominee and the Indenture Trustee shall not be responsible for
        any
        misconduct or negligence on the part of any such agent, attorney or custodian
        appointed by the Indenture Trustee with due care.

       

      (d) The
        Indenture Trustee shall not be liable for any action it takes or omits to
        take
        in good faith that it believes to be authorized or within its rights or powers;
        provided, that the Indenture Trustee’s conduct does not constitute willful
        misconduct, negligence or bad faith.

       

      (e) The
        Indenture Trustee may consult, at the Issuer’s expense and paid in accordance
        with Section
        4.16
        of the
        Sale and Servicing Agreement or, to the extent not so paid, in accordance
        with
        and in the priority set forth in Section
        5.05(b)
        of the
        Sale and Servicing Agreement, with counsel, and the advice or opinion of
        counsel
        with respect to legal matters relating to this Indenture and the Notes shall
        be
        full and complete authorization and protection from liability in respect
        to any
        action taken, omitted or suffered by it hereunder in good faith and in
        accordance with the advice or opinion of such counsel.

       

      (f) In
        the
        event that the Indenture Trustee is also acting as Paying Agent, Note Registrar
        or collateral agent, the rights and protections afforded to the Indenture
        Trustee pursuant to this Article 6 shall be afforded to such Paying Agent,
        Note
        Registrar or collateral agent.

       

      
        
          
          

        

        
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      (g) The
        Indenture Trustee shall be under no obligation to exercise any of the trusts
        or
        powers vested in it by this Indenture or to institute, conduct or defend
        any
        litigation hereunder or in relation hereto at the request, order or direction
        of
        any of the Noteholders, pursuant to the provisions of this Indenture, unless
        such Noteholders shall have offered to the Indenture Trustee reasonable security
        or indemnity against the costs, expenses and liabilities which may be incurred
        therein or thereby;

       

      (h) The
        right
        of the Indenture Trustee to perform any discretionary act enumerated in this
        Indenture shall not be construed as a duty, and the Indenture Trustee shall
        not
        be answerable for other than its negligence or willful misconduct in the
        performance of such act; and

       

      (i) The
        Indenture Trustee shall not be required to give any bond or surety in respect
        of
        the powers granted hereunder.

       

      Section
        6.03 Individual
        Rights of Indenture Trustee.
        The
        Indenture Trustee in its individual or any other capacity may become the
        owner
        or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates
        with the same rights it would have if it were not Indenture Trustee. Any
        Paying
        Agent, Note Registrar, co-registrar or co-paying agent may do the same with
        like
        rights. However, the Indenture Trustee must comply with Section
        6.11.

       

      Section
        6.04 Indenture
        Trustee’s Disclaimer.
        The
        Indenture Trustee shall not be responsible for and makes no representation
        as to
        the validity or adequacy of this Indenture, the Trust Estate or the Notes,
        it
        shall not be accountable for the Issuer’s use of the proceeds from the Notes,
        and it shall not be responsible for any statement of the Issuer in the
        Indenture, any Basic Document or in any document issued in connection with
        the
        sale of the Notes or in the Notes other than the Indenture Trustee’s certificate
        of authentication.

       

      Section
        6.05 Notice
        of Defaults.
        If a
        Default occurs and is continuing and if it is actually known to a Responsible
        Officer of the Indenture Trustee, the Indenture Trustee shall mail to each
        Noteholder notice of the Default within thirty (30) days after it occurs.
        Except
        in the case of a Default in payment of principal of or interest on any Note
        (including payments pursuant to the mandatory redemption provisions of such
        Note), the Indenture Trustee may withhold the notice to Noteholders if and
        so
        long as a committee of its Responsible Officers in good faith determines
        that
        withholding the notice is in the interests of Noteholders.

       

      Section
        6.06 Reports
        by Indenture Trustee to Holders.
        Solely
        from information provided by the Servicer, the Indenture Trustee shall make
        available to each Noteholder such information as may be required to enable
        such
        holder to prepare its federal and state income tax returns.

       

      Section
        6.07 Compensation
        and Indemnity.
        The
        Issuer shall cause the Servicer to pay to the Indenture Trustee from time
        to
        time reasonable compensation for its services. The Indenture Trustee’s
        compensation shall not be limited by any law on compensation of a trustee
        of an
        express trust. The Issuer shall cause the Servicer to reimburse the Indenture
        Trustee for all reasonable out-of-pocket expenses incurred or made by it,
        including costs of collection, in addition to the compensation for its services.
        Such expenses shall include but are not limited to the reasonable out-of-pocket
        compensation and expenses, disbursements and advances of the Indenture Trustee’s
        agents, counsel, accountants and experts. The Issuer shall cause the Servicer
        to
        indemnify the Indenture Trustee against any and all loss, liability or expense
        (including attorneys’ fees and expenses) incurred by it in connection with the
        administration of this trust and the performance of its duties hereunder
        or
        under the Sale and Servicing Agreement or under any other Basic Document
        or in
        connection with the Notes. The Indenture Trustee shall notify the Issuer
        and the
        Servicer promptly of any claim for which it may seek indemnity. Failure by
        the
        Indenture Trustee to so notify the Issuer and the Servicer shall not relieve
        the
        Issuer or the Servicer of its obligations hereunder. The Issuer shall, or
        shall
        cause the Servicer to, defend any such claim, and the Indenture Trustee may
        have
        separate counsel and the Issuer shall, or shall cause the Administrator to,
        pay
        the fees and expenses of such counsel. Neither the Issuer nor the Servicer
        need
        reimburse any expense or indemnify against any loss, liability or expense
        incurred by the Indenture Trustee through the Indenture Trustee’s own willful
        misconduct, negligence or bad faith. Anything in this Agreement to the contrary
        notwithstanding, in no event shall the Indenture Trustee be liable for special,
        indirect or consequential loss or damage of any kind whatsoever (including
        but
        not limited to lost profits), even if the Indenture Trustee has been advised
        of
        the likelihood of such loss or damage and regardless of the form of
        action.

       

      
        
          
          

        

        
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      The
        Issuer’s obligations to the Indenture Trustee pursuant to this Section shall
        survive the discharge of this Indenture or the earlier resignation or removal
        of
        the Indenture Trustee. When the Indenture Trustee incurs expenses after the
        occurrence of a Default specified in Section
        5.01(iv)
        or
(v)
        with
        respect to the Issuer, the expenses are intended to constitute expenses of
        administration under Title 11 of the United States Code or any other applicable
        federal or state bankruptcy, insolvency or similar law.

       

      Section
        6.08 Replacement
        of Indenture Trustee.
        No
        resignation or removal of the Indenture Trustee and no appointment of a
        successor Indenture Trustee shall become effective until the acceptance of
        appointment by the successor Indenture Trustee pursuant to this Section
        6.08.
        The
        Indenture Trustee may resign at any time by so notifying the Issuer, the
        Swap
        Counterparty and each Rating Agency. The Holders of a majority in Outstanding
        Amount of the Notes may remove the Indenture Trustee by notifying the Indenture
        Trustee if:

       

      (a) the
        Indenture Trustee fails to comply with Section
        6.11;

       

      (b) the
        Indenture Trustee is adjudged a bankrupt or insolvent;

       

      (c) a
        receiver or other public officer takes charge of the Indenture Trustee or
        its
        property;

       

      (d) the
        Indenture Trustee otherwise becomes incapable of acting; or

       

      (e) the
        Indenture Trustee breaches any representation, warranty or covenant made
        by it
        under any Basic Document.

       

      If
        the
        Indenture Trustee resigns or is removed or if a vacancy exists in the office
        of
        Indenture Trustee for any reason (the Indenture Trustee in such event being
        referred to herein as the retiring Indenture Trustee), the Issuer shall promptly
        appoint a successor Indenture Trustee.

       

      A
        successor Indenture Trustee shall deliver a written acceptance of its
        appointment to the retiring Indenture Trustee, the Swap Counterparty and
        the
        Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee
        shall become effective, and the successor Indenture Trustee shall have all
        the
        rights, powers and duties of the Indenture Trustee under this Indenture.
        The
        retiring Indenture Trustee shall be paid all amounts owed to it upon its
        resignation or removal. The successor Indenture Trustee shall mail a notice
        of
        its succession to Noteholders. The retiring Indenture Trustee shall promptly
        transfer all property held by it as Indenture Trustee to the successor Indenture
        Trustee. The retiring Indenture Trustee shall not be liable for the acts
        or
        omissions of any Successor Indenture Trustee.

       

      
        
          
          

        

        
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      If
        a
        successor Indenture Trustee does not take office within 45 days after the
        retiring Indenture Trustee resigns or is removed, the retiring Indenture
        Trustee, the Issuer or the Holders of a majority in Outstanding Amount of
        the
        Notes may petition any court of competent jurisdiction for the appointment
        of a
        successor Indenture Trustee.

       

      If
        the
        Indenture Trustee fails to comply with Section
        6.11,
        any
        Noteholder may petition any court of competent jurisdiction for the removal
        of
        the Indenture Trustee and the appointment of a successor Indenture
        Trustee.

       

      Notwithstanding
        the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s
        and the Administrator’s obligations under Section
        6.07
        shall
        continue for the benefit of the retiring Indenture Trustee.

       

      Section
        6.09 Successor
        Indenture Trustee by Merger.
        If the
        Indenture Trustee consolidates with, merges or converts into, or transfers
        all
        or substantially all its corporate trust business or assets to, another
        corporation or banking association, the resulting, surviving or transferee
        corporation without any further act shall be the successor Indenture Trustee;
        provided, that such corporation or banking association shall be qualified
        and
        eligible under Section
        6.11.

       

      In
        case
        at the time such successor or successors by merger, conversion or consolidation
        to the Indenture Trustee shall succeed to the trusts created by this Indenture
        any of the Notes shall have been authenticated but not delivered, any such
        successor to the Indenture Trustee may adopt the certificate of authentication
        of any predecessor trustee and deliver such Notes so authenticated; and in
        case
        at that time any of the Notes shall not have been authenticated, any successor
        to the Indenture Trustee may authenticate such Notes either in the name of
        any
        predecessor hereunder or in the name of the successor to the Indenture Trustee;
        and in all such cases such certificates shall have the full force that it
        is
        anywhere in the Notes or in this Indenture provided that the certificate
        of the
        Indenture Trustee shall have.

       

      Section
        6.10 Appointment
        of Co-Indenture Trustee or Separate Indenture Trustee.

       

      (a) Notwithstanding
        any other provisions of this Indenture, at any time, for the purpose of meeting
        any legal requirement of any jurisdiction in which any part of the Trust
        Estate
        may at the time be located, the Indenture Trustee shall have the power and
        may
        execute and deliver all instruments to appoint one or more Persons to act
        as a
        co-trustee or co-trustees, or separate trustee or separate trustees, of all
        or
        any part of the Trust, and to vest in such Person or Persons, in such capacity
        and for the benefit of the Noteholders, such title to the Trust Estate, or
        any
        part thereof, and, subject to the other provisions of this Section, such
        powers,
        duties, obligations, rights and trusts as the Indenture Trustee may consider
        necessary or desirable. No co-trustee or separate trustee hereunder shall
        be
        required to meet the terms of eligibility as a successor trustee under
Section
        6.11
        and no
        notice to Noteholders of the appointment of any co-trustee or separate trustee
        shall be required under Section
        6.08
        hereof.

       

      
        
          
          

        

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

       

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

       

      (ii) no
        trustee hereunder shall be personally liable by reason of any act or omission
        of
        any other trustee hereunder; and

       

      (iii) the
        Indenture Trustee may at any time accept the resignation of or remove any
        separate trustee or co-trustee.

       

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

       

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

       

      Section
        6.11 Eligibility;
        Disqualification.
        The
        Indenture Trustee shall at all times satisfy the requirements of TIA
        Section 310(a). The Indenture Trustee shall have a combined capital and
        surplus of at least $50,000,000.00 as set forth in its most recent published
        annual report of condition, and the time deposits of the Indenture Trustee
        shall
        be rated at least A-1 by Standard & Poor’s and P-1 by Moody’s. The Indenture
        Trustee shall comply with TIA Section 310(b), including the optional provision
        permitted by the second sentence of TIA Section 310(b)(9); provided, however,
        that there shall be excluded from the operation of TIA Section 310(b)(1)
        any
        indenture or indentures under which other securities of the Issuer are
        outstanding if the requirements for such exclusion set forth in TIA Section
        310(b)(1) are met.

       

      
        
          
          

        

        
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      Section
        6.12 [Reserved].

       

      Section
        6.13 Preferential
        Collection of Claims Against Issuer.
        The
        Indenture Trustee shall comply with TIA Section 311(a), excluding any
        creditor relationship listed in TIA Section 311(b). An Indenture
        Trustee who has resigned or been removed shall be subject to
        TIA Section 311(a) to the extent indicated.

       

      Section
        6.14 Waiver
        of Setoffs.
        The
        Indenture Trustee hereby expressly waives any and all rights of setoff that
        the
        Indenture Trustee may otherwise at any time have under applicable law with
        respect to any Trust Account and agrees that amounts in the Trust Accounts
        shall
        at all times be held and applied solely in accordance with the provisions
        hereof
        and of the other Basic Documents.

       

      ARTICLE
        VII.

      NOTEHOLDERS’
        LISTS AND REPORTS

       

      Section
        7.01 Note
        Registrar To Furnish Names and Address of Noteholders.
        The
        Note Registrar shall furnish or cause to be furnished to the Indenture Trustee,
        the Owner Trustee, the Servicer or the Administrator, within 15 days after
        receipt by the Note Registrar of a written request therefrom, a list of the
        names and addresses of the Noteholders of any Class as of the most recent
        Record
        Date. If three or more Noteholders of any Class, or one or more Holders of
        such
        Class evidencing not less than 25% of the Outstanding Amount of such Class
        (hereinafter referred to as “Applicants”), apply in writing to the Indenture
        Trustee, and such application states that the Applicants desire to communicate
        with other Noteholders with respect to their rights under this Indenture
        or
        under the Notes and such application is accompanied by a copy of the
        communication that such Applicants propose to transmit, then the Indenture
        Trustee shall, within five Business Days after the receipt of such application,
        afford such Applicants access, during normal business hours, to the current
        list
        of Noteholders. The Indenture Trustee may elect not to afford the Applicants
        access to the list of Noteholders if it agrees to mail the desired communication
        by proxy, on behalf of and at the expense of such Applicants, to all Noteholders
        of such series. Every Noteholder, by receiving and holding a Note, agrees
        with
        the Indenture Trustee and the Issuer that none of the Indenture Trustee,
        the
        Owner Trustee, the Issuer, the Servicer or the Administrator shall be held
        accountable by reason of the disclosure of any such information as to the
        names
        and addresses of the Noteholders under this Indenture, regardless of the
        source
        from which such information was derived. If the Indenture Trustee shall cease
        to
        be the Note Registrar, then thereafter the Administrator will furnish or
        cause
        to be furnished to the Indenture Trustee not more than five days after the
        most
        recent Record Date or at such other times as the Indenture Trustee reasonably
        may request in writing, a list, in such form as the Indenture Trustee reasonably
        may require, of the names and addresses of the Holders of Notes as of such
        Record Date.

       

      Section
        7.02 Preservation
        of Information; Communications to Noteholders.

       

      (a) The
        Indenture Trustee shall preserve, in as current a form as is reasonably
        practicable, the names and addresses of the Holders of Notes contained in
        the
        most recent list furnished to the Indenture Trustee as provided in Section
        7.01
        and the
        names and addresses of Holders of Notes received by the Indenture Trustee
        in its
        capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
        to it as provided in such Section
        7.01
        upon
        receipt of a new list so furnished. The Indenture Trustee shall make such
        list
        available to the Owner Trustee on written request, and to the Noteholders
        upon
        written request of three or more Noteholders or one or more Noteholders
        evidencing not less than 25% of the Outstanding Amount of the Notes. Upon
        receipt by the Indenture Trustee of any request by a Noteholder to receive
        a
        copy of the current list of Noteholders, the Indenture Trustee shall promptly
        notify the Administrator thereof by providing to the Administrator a copy
        of
        such request and a copy of the list of Noteholders in response
        thereto.

       

      
        
          
          

        

        
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      (b) Noteholders
        may communicate pursuant to TIA Section 312(b) with other Noteholders with
        respect to their rights under this Indenture or under the Notes.

       

      (c) The
        Issuer, the Indenture Trustee and the Note Registrar shall have the protection
        of TIA Section 312(c).

       

      Section
        7.03 Reports
        by Issuer.

       

      (a) The
        Issuer shall:

       

      (i) file
        with
        the Indenture Trustee, within 15 days after the Issuer is required (if at
        all)
        to file the same with the Commission, copies of the annual reports and of
        the
        information, documents and other reports (or copies of such portions of any
        of
        the foregoing as the Commission may from time to time by rules and regulations
        prescribe) that the Issuer may be required to file with the Commission pursuant
        to Section 13 or 15(d) of the Exchange Act;

       

      (ii) file
        with
        the Indenture Trustee and the Commission in accordance with rules and
        regulations prescribed from time to time by the Commission such additional
        information, documents and reports with respect to compliance by the Issuer
        with
        the conditions and covenants of this Indenture as may be required from time
        to
        time by such rules and regulations; and

       

      (iii) supply
        to
        the Indenture Trustee (and the Indenture Trustee shall transmit by mail to
        all
        Noteholders described in TIA Section 313(c)) such summaries of any information,
        documents and reports required to be filed by the Issuer pursuant to clauses
        (i)
        and (ii) of this Section
        7.03(a)
        and by
        rules and regulations prescribed from time to time by the
        Commission.

       

      (b) Unless
        the Issuer otherwise determines, the fiscal year of the Issuer shall end
        on
        December 31 of each year.

       

      Section
        7.04 Reports
        by Indenture Trustee.
        If
        required by TIA Section 313(a), within 60 days after each March 31,
        beginning with March 31, 2008, the Indenture Trustee shall mail to each
        Noteholder as required by TIA Section 313(c) a brief report dated as of such
        date that complies with TIA Section 313(a). The Indenture Trustee also
        shall comply with TIA Section 313(b). A copy of each report at the time of
        its mailing to Noteholders shall be filed by the Indenture Trustee with the
        Commission and each stock exchange, if any, on which the Notes are listed.
        The
        Issuer shall notify the Indenture Trustee if and when the Notes are listed
        on
        any stock exchange. 

       

      
        
          
          

        

        
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      ARTICLE
        VIII.

      ACCOUNTS,
        DISBURSEMENTS AND RELEASES

       

      Section
        8.01 Collection
        of Money.
        Except
        as otherwise expressly provided herein, the Indenture Trustee may demand
        payment
        or delivery of, and shall receive and collect, directly and without intervention
        or assistance of any fiscal agent or other intermediary, all money and other
        property payable to or receivable by the Indenture Trustee pursuant to this
        Indenture. The Indenture Trustee shall apply all such money received by it
        as
        provided in this Indenture. Except as otherwise expressly provided in this
        Indenture, if any default occurs in the making of any payment or performance
        under any agreement or instrument that is part of the Trust Estate, the
        Indenture Trustee may take such action as may be appropriate to enforce such
        payment or performance, including the institution and prosecution of appropriate
        Proceedings. Any such action shall be without prejudice to any right to claim
        a
        Default or Event of Default under this Indenture and any right to proceed
        thereafter as provided in Article V.

       

      Section
        8.02 Trust
        Accounts.

       

      (a) On
        or
        prior to the Closing Date, the Issuer shall, or shall cause the Servicer
        to,
        establish and maintain, in the name of the Indenture Trustee, for the benefit
        of
        the Noteholders the Trust Accounts as provided in Section
        5.02
        and
5.09
        of the
        Sale and Servicing Agreement.

       

      (b) The
        Issuer shall cause the Servicer to deposit all Available Amounts with respect
        to
        the Collection Period preceding such Payment Date in the Collection Account
        not
        later than two Business Days after receipt as provided in Section
        5.03
        and
5.04
        of the
        Sale and Servicing Agreement. However, if each condition to making monthly
        deposits as may be required by the Sale and Servicing Agreement (including,
        the
        satisfaction of specified ratings criteria by the Servicer and the absence
        of
        any Servicer Default) is satisfied, the Servicer may retain these amounts
        until
        the Business Day immediately preceding the related Payment Date. On or before
        the Business Day prior to each Payment Date, all amounts required to be
        withdrawn from the Reserve Account and deposited in the Collection Account
        pursuant to Section
        5.05
        of the
        Sale and Servicing Agreement shall be withdrawn by the Indenture Trustee
        from
        the Reserve Account and deposited to the Collection Account as provided therein,
        as to which Issuer shall cause Servicer to timely provide the related
        instructions.

       

      (c) On
        each
        Payment Date, except as provided in Section
        5.04(b),
        the
        Indenture Trustee (based on the information contained in the Servicer’s report
        delivered on or before the related Determination Date pursuant to Section
        4.09
        of the
        Sale and Servicing Agreement) shall make the withdrawals from the Collection
        Account and make deposits, distributions and payments, to the extent of funds
        on
        deposit in the Collection Account with respect to the Collection Period
        preceding such Payment Date (including funds, if any, deposited therein from
        the
        Reserve Account), in accordance with the provisions of Section
        5.05(b) of
        the
        Sale and Servicing Agreement (as to which Issuer shall cause Servicer to
        timely
        provide the related instructions). On each Payment Date, the Indenture Trustee
        (based on the information contained in the Servicer’s report delivered on or
        before the related Determination Date pursuant to Section
        4.09
        of the
        Sale and Servicing Agreement) shall withdraw the funds on deposit in the
        Interest Distribution Account with respect to the Collection Period preceding
        such Payment Date and make distributions and payments to the Holders of Notes,
        the accrued and unpaid interest on the Notes; provided that if there are
        not
        sufficient funds available to pay the entire amount of the accrued and unpaid
        interest on the Notes, the amounts available shall be applied to the payment
        of
        such interest on the Notes on a pro rata basis based upon the amount of interest
        due on each Class of Notes;

       

      
        
          
          

        

        
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      (d) On
        each
        Payment Date, except as provided in Section
        5.04(b),
        the
        Indenture Trustee (based on the information contained in the Servicer’s report
        delivered on or before the related Determination Date pursuant to Section
        4.09
        of the
        Sale and Servicing Agreement) shall withdraw the funds on deposit in the
        Principal Distribution Account with respect to the Collection Period preceding
        such Payment Date and make distributions and payments in the following order
        of
        priority:

       

      (i) first,
        to
        the Holders of the Notes, the Principal Distributable Amount in the following
        order of priority:

       

      (A) first,
        to
        the Noteholders of the Class A-1 Notes in reduction of principal until the
        principal amount of the Outstanding Class A-1 Notes has been paid in full;
        provided that if there are not sufficient funds available to pay the principal
        amount of the Outstanding Class A-1 Notes in full, the amounts available
        shall
        be applied to the payment of principal on the Class A-1 Notes on a pro rata
        basis;

       

      (B) second,
        to the Noteholders of the Class A-2 Notes in reduction of principal until
        the
        principal amount of the Outstanding Class A-2 Notes has been paid in full;
        provided that if there are not sufficient funds available to pay the principal
        amount of the Outstanding Class A-2 Notes in full, the amounts available
        shall
        be applied to the payment of principal on the Class A-2 Notes on a pro rata
        basis;

       

      (C) third,
        to
        the Noteholders of the Class A-3 Notes in reduction of principal until the
        principal amount of the Outstanding Class A-3 Notes has been paid in full;
        provided that if there are not sufficient funds available to pay the principal
        amount of the Outstanding Class A-3 Notes in full, the amounts available
        shall
        be applied to the payment of principal on the Class A-3 Notes on a pro rata
        basis;

       

      (D) fourth,
        to the Noteholders of the Class A-4 Notes in reduction of principal until
        the
        principal amount of the Outstanding Class A-4 Notes has been paid in full;
        provided that if there are not sufficient funds available to pay the principal
        amount of the Outstanding Class A-4 Notes in full, the amounts available
        shall
        be applied to the payment of principal on the Class A-4 Notes on a pro rata
        basis; and

       

      (ii) second,
        to the Certificateholders, any amounts remaining in the Principal Distribution
        Account.

       

      Section
        8.03 General
        Provisions Regarding Accounts.
        The
        Indenture Trustee shall not in any way be held liable by reason of any
        insufficiency in any of the Trust Accounts resulting from any loss on any
        Eligible Investment included therein except for losses attributable to the
        Indenture Trustee’s failure, in its commercial capacity as principal obligor and
        not as trustee, to make payments on such Eligible Investments issued by the
        Indenture Trustee, in its commercial capacity as principal obligor and not
        as
        trustee, in accordance with their terms.

       

      
        
          
          

        

        
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      Section
        8.04 Release
        of Trust Estate.

       

      (a) Subject
        to the payment of its fees and expenses pursuant to Section
        6.07,
        the
        Indenture Trustee may, and when required by the provisions of this Indenture
        shall, execute instruments to release property from the lien of this Indenture,
        or convey the Indenture Trustee’s interest in the same, in a manner and under
        circumstances that are not inconsistent with the provisions of this Indenture.
        No party relying upon an instrument executed by the Indenture Trustee as
        provided in this Article VIII shall be bound to ascertain the Indenture
        Trustee’s authority, inquire into the satisfaction of any conditions precedent
        or see to the application of any moneys.

       

      (b) The
        Indenture Trustee shall, at such time as there are no Notes Outstanding and
        all
        sums due the Indenture Trustee pursuant to Section
        6.07
        have
        been paid in full, release any remaining portion of the Trust Estate that
        secured the Notes from the lien of this Indenture and release to the Issuer
        or
        any other Person entitled thereto any funds then on deposit in the Trust
        Accounts. The Indenture Trustee shall release property from the lien of this
        Indenture pursuant to this Section
        8.04(b)
        only
        upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate,
        an Opinion of Counsel and (if required by the TIA) Independent Certificates
        in
        accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable
        requirements of Section
        11.01.

       

      (c) The
        Issuer agrees, upon request by the Servicer and representation by the Servicer
        that it has complied with the procedure in Section
        9.01
        of the
        Sale and Servicing Agreement, to render the Issuer Request to the Indenture
        Trustee in accordance with Section 4.04,
        and
        take such other actions as are required in that Section.

       

      Section
        8.05 Opinion
        of Counsel.
        The
        Indenture Trustee shall receive at least seven days prior written notice
        when
        requested by the Issuer to take any action pursuant to Section
        8.04(b),
        accompanied by copies of any instruments involved, and the Indenture Trustee
        shall also require, as a condition to such action, an Opinion of Counsel,
        in
        form and substance satisfactory to the Indenture Trustee, stating the legal
        effect of any such action, outlining the steps required to complete the same,
        and concluding that all conditions precedent to the taking of such action
        have
        been complied with and such action will not materially and adversely impair
        the
        security for the Notes or the rights of the Noteholders in contravention
        of the
        provisions of this Indenture; provided,
        however,
        that
        such Opinion of Counsel shall not be required to express an opinion as to
        the
        fair value of the Trust Estate. Counsel rendering any such opinion may rely,
        without independent investigation, on the accuracy and validity of any
        certificate or other instrument delivered to the Indenture Trustee in connection
        with any such action.

       

      ARTICLE
        IX.

      SUPPLEMENTAL
        INDENTURES

       

      Section
        9.01 Supplemental
        Indentures Without Consent of Noteholders.

       

      (a) Without
        the consent of the Holders of any Notes but with prior written notice to
        the
        Rating Agencies (with copy to the Indenture Trustee), the Issuer and the
        Indenture Trustee, when authorized by an Issuer Order and provided with an
        Issuer Officer’s Certificate stating that the supplement will have no material
        adverse effect on any Noteholder, at any time and from time to time, may
        enter
        into one or more supplemental indentures hereto (which shall conform to the
        provisions of the Trust Indenture Act as in force at the date of the execution
        thereof), in form satisfactory to the Indenture Trustee, for any of the
        following purposes:

       

      (i) to
        correct or amplify the description of any property at any time subject to
        the
        lien of this Indenture, or better to assure, convey and confirm unto the
        Indenture Trustee any property subject or required to be subjected to the
        lien
        of this Indenture, or to subject to the lien of this Indenture additional
        property;

       

      
        
          
          

        

        
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      (ii) to
        evidence the succession, in compliance with the applicable provisions hereof,
        of
        another person to the Issuer, and the assumption by any such successor of
        the
        covenants of the Issuer herein and in the Notes contained;

       

      (iii) to
        add to
        the covenants of the Issuer, for the benefit of the Holders of the Notes
        and the
        Swap Counterparty, or to surrender any right or power herein conferred upon
        the
        Issuer;

       

      (iv) to
        convey, transfer, assign, mortgage or pledge any property to or with the
        Indenture Trustee;

       

      (v) to
        cure
        any ambiguity, to correct or supplement any provision herein or in any
        supplemental indenture that may be inconsistent with any other provision
        herein
        or in any supplemental indenture or with the
        Prospectus dated September 18, 2007 or the Prospectus Supplement dated September
        21, 2007 or
        to
        make any other provisions with respect to matters or questions arising under
        this Indenture or in any supplemental indenture; provided, that such action
        shall not adversely affect the interests of the Holders of the
        Notes;

       

      (vi) to
        evidence and provide for the acceptance of the appointment hereunder by a
        successor trustee with respect to the Notes and to add to or change any of
        the
        provisions of this Indenture as shall be necessary to facilitate the
        administration of the trusts hereunder by more than one trustee, pursuant
        to the
        requirements of Article VI; or

       

      (vii) to
        modify, eliminate or add to the provisions of this Indenture to such extent
        as
        shall be necessary to effect the qualification of this Indenture under the
        TIA
        or under any similar federal statute hereafter enacted and to add to this
        Indenture such other provisions as may be expressly required by the
        TIA.

       

      The
        Indenture Trustee is hereby authorized to join in the execution of any such
        supplemental indenture and to make any further appropriate agreements and
        stipulations that may be therein contained.

       

      (b) The
        Issuer and the Indenture Trustee, when authorized by an Issuer Order, may,
        also
        without the consent of any of the Holders of the Notes but with prior notice
        to
        the Rating Agencies, enter into an indenture or indentures supplemental hereto
        for the purpose of adding any provisions to, or changing in any manner or
        eliminating any of the provisions of, this Indenture or of modifying in any
        manner the rights of the Holders of the Notes under this Indenture; provided,
        however,
        that
        such action shall not materially and adversely affect in any material respect
        the interests of any Noteholder, as evidenced by satisfaction of the Rating
        Agency Condition.

       

      
        
          
          

        

        
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      (c) Notwithstanding
        the foregoing, no amendment under this Section
        9.01
        shall
        materially and adversely affect the rights or obligations of the Swap
        Counterparty under this Indenture unless the Swap Counterparty shall have
        consented in writing to such action.

       

      Section
        9.02 Supplemental
        Indentures with Consent of Noteholders.
        The
        Issuer and the Indenture Trustee, when authorized by an Issuer Order, also
        may,
        with prior notice to the Rating Agencies delivered by the Issuer with a copy
        to
        the Indenture Trustee and with the consent of the Holders of not less than
        a
        majority of the Outstanding Amount of the Notes, by Act of such Holders
        delivered to the Issuer and the Indenture Trustee, enter into an indenture
        or
        indentures supplemental hereto for the purpose of adding any provisions to,
        or
        changing in any manner or eliminating any of the provisions of, this Indenture
        or of modifying in any manner the rights of the Holders of the Notes under
        this
        Indenture; provided, that
        no
        such supplemental indenture shall materially and adversely affect the rights
        or
        obligations of the Swap Counterparty under this Indenture unless the Swap
        Counterparty shall have consented in writing to such supplemental indenture;
        provided, further, that no such supplemental indenture shall, without the
        consent of the Holder of each Outstanding Note affected thereby:

       

      (a) change
        the date of payment of any installment of principal of or interest on any
        Note,
        or reduce the principal amount thereof, the interest rate thereon or the
        Redemption Price with respect thereto, change the provisions of this Indenture
        relating to the application of collections on, or the proceeds of the sale
        of,
        the Trust Estate to payment of principal of or interest on the Notes, or
        change
        any place of payment where, or the coin or currency in which, any Note or
        the
        interest thereon is payable, or impair the right to institute suit for the
        enforcement of the provisions of this Indenture requiring the application
        of
        funds available therefor, as provided in Article V, to the payment of any
        such
        amount due on the Notes on or after the respective due dates thereof (or,
        in the
        case of redemption, on or after the Redemption Date);

       

      (b) reduce
        the percentage of the Outstanding Amount of the Notes, the consent of the
        Holders of which is required for any such supplemental indenture, or the
        consent
        of the Holders of which is required for any waiver of compliance with certain
        provisions of this Indenture or certain defaults hereunder and their
        consequences provided for in this Indenture;

       

      (c) modify
        or
        alter the provisions of the proviso as to the definition of the term
“Outstanding”;

       

      (d) reduce
        the percentage of the Outstanding Amount of the Notes required to direct
        the
        Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate
        pursuant to Section 5.04;

       

      (e) modify
        any provision of this Section except to increase any percentage specified
        herein
        or to provide that certain additional provisions of this Indenture or the
        Basic
        Documents cannot be modified or waived without the consent of the Holder
        of each
        Outstanding Note affected thereby;

       

      
        
          
          

        

        
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      (f) modify
        any of the provisions of this Indenture in such manner as to affect the
        calculation of the amount of any payment of interest or principal due on
        any
        Note on any Payment Date (including the calculation of any of the individual
        components of such calculation) or to affect the rights of the Holders of
        Notes
        to the benefit of any provisions for the mandatory redemption of the Notes
        contained herein; or

       

      (g) permit
        the creation of any lien ranking prior to or on a parity with the lien of
        this
        Indenture with respect to any part of the Trust Estate or, except as otherwise
        permitted or contemplated herein, terminate the lien of this Indenture on
        any
        property at any time subject hereto or deprive the Holder of any Note of
        the
        security provided by the lien of this Indenture.

       

      It
        shall
        not be necessary for any Act of Noteholders under this Section to approve
        the
        particular form of any proposed supplemental indenture, but it shall be
        sufficient if such Act shall approve the substance thereof.

       

      Promptly
        after the execution by the Issuer and the Indenture Trustee of any supplemental
        indenture pursuant to this Section, the Indenture Trustee shall mail to the
        Holders of the Notes to which such amendment or supplemental indenture relates
        a
        notice setting forth in general terms the substance of such supplemental
        indenture. Any failure of the Indenture Trustee to mail such notice, or any
        defect therein, shall not, however, in any way impair or affect the validity
        of
        any such supplemental indenture.

       

      Section
        9.03 Execution
        of Supplemental Indentures.
        In
        executing, or permitting the additional trusts created by, any supplemental
        indenture permitted by this Article IX or the modification thereby of the
        trusts
        created by this Indenture, the Indenture Trustee shall be entitled to receive
        and shall be fully protected in relying upon, an Opinion of Counsel stating
        that
        the execution of such supplemental indenture is authorized or permitted by
        this
        Indenture. The Indenture Trustee may, but shall not be obligated to, enter
        into
        any such supplemental indenture that affects the Indenture Trustee’s own rights,
        duties, liabilities or immunities under this Indenture or otherwise. The
        Administrator shall provide a fully executed copy of any supplemental indentures
        to this Indenture to each Rating Agency.

       

      Section
        9.04 Effect
        of Supplemental Indenture.
        Upon
        the execution of any supplemental indenture pursuant to the provisions hereof,
        this Indenture shall be and shall be deemed to be modified and amended in
        accordance therewith with respect to the Notes affected thereby, and the
        respective rights, limitations of rights, obligations, duties, liabilities
        and
        immunities under this Indenture of the Indenture Trustee, the Issuer and
        the
        Holders of the Notes shall thereafter be determined, exercised and enforced
        hereunder subject in all respects to such modifications and amendments, and
        all
        the terms and conditions of any such supplemental indenture shall be and
        be
        deemed to be part of the terms and conditions of this Indenture for any and
        all
        purposes.

       

      Section
        9.05 Reference
        in Notes to Supplemental Indentures.
        Notes
        authenticated and delivered after the execution of any supplemental indenture
        pursuant to this Article IX may, and if required by the Indenture Trustee
        shall,
        bear a notation in form approved by the Indenture Trustee as to any matter
        provided for in such supplemental indenture. If the Issuer or the Indenture
        Trustee shall so determine, new Notes so modified as to conform, in the opinion
        of the Indenture Trustee and the Issuer, to any such supplemental indenture
        may
        be prepared and executed by the Issuer and authenticated and delivered by
        the
        Indenture Trustee in exchange for Outstanding Notes.

       

      
        
          
          

        

        
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      Section
        9.06 Conformity
        with Trust Indenture Act.
        Every
        amendment of this Indenture and every supplemental indenture executed pursuant
        to this Article IX shall conform to the requirements of the Trust Indenture
        Act
        as then in effect so long as this Indenture shall then be qualified under
        the
        Trust Indenture Act.

       

      ARTICLE
        X.

      REDEMPTION
        OF NOTES

       

      Section
        10.01 Redemption.
        The
        Notes are subject to redemption in whole, but not in part, at the direction
        of
        the Servicer pursuant to Section
        9.01
        of the
        Sale and Servicing Agreement, on any Payment Date on which the Servicer
        exercises its option to purchase the Trust Estate pursuant to said Section 9.01,
        for a
        purchase price equal to the Redemption Price; provided, that the Issuer has
        available funds sufficient to pay the Redemption Price. The Servicer or the
        Issuer shall furnish the Rating Agencies and the Indenture Trustee notice
        of
        such redemption. If the Notes are to be redeemed pursuant to this Section
        10.01,
        the
        Servicer shall furnish notice of such election to the Indenture Trustee and
        the
        Swap Counterparty not later than 20 days prior to the Redemption Date and
        shall
        deposit the Business Day prior to the Redemption Date with the Indenture
        Trustee
        in the Note Distribution Account the Redemption Price of the Notes to be
        redeemed, whereupon all such Notes shall be due and payable on the Redemption
        Date upon the furnishing of a notice complying with Section
        10.02
        to each
        Holder of the Notes.

       

      Section
        10.02 Form
        of Redemption Notice.
        Notice
        of redemption under Section
        10.01
        shall be
        given by the Indenture Trustee by first-class mail, postage prepaid, or by
        facsimile mailed or transmitted not later than 10 days prior to the applicable
        Redemption Date to each Holder of Notes, as of the close of business on the
        Record Date preceding the applicable Redemption Date, at such Holder’s address
        or facsimile number appearing in the Note Register.

       

      All
        notices of redemption shall state:

       

      (a) the
        Redemption Date;

       

      (b) the
        Redemption Price;

       

      (c) the
        place
        where such Notes are to be surrendered for payment of the Redemption Price
        (which shall be the office or agency of the Issuer to be maintained as provided
        in Section
        3.02);
        and

       

      (d) that
        interest on the Notes shall cease to accrue on the Redemption Date.

       

      Notice
        of
        redemption of the Notes shall be given by the Indenture Trustee in the name
        and
        at the expense of the Issuer. Failure to give notice of redemption, or any
        defect therein, to any Holder of any Note shall not impair or affect the
        validity of the redemption of any other Note.

       

      Section
        10.03 Notes
        Payable on Redemption Date.
        The
        Notes or portions thereof to be redeemed shall, following notice of redemption
        as required by Section
        10.02
        (in the
        case of redemption pursuant to Section
        10.01),
        on the
        Redemption Date become due and payable at the Redemption Price and (unless
        the
        Issuer shall default in the payment of the Redemption Price) no interest
        shall
        accrue on the Redemption Price for any period after the date to which accrued
        interest is calculated for purposes of calculating the Redemption
        Price.

       

      
        
          
          

        

        
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      ARTICLE
        XI.

      MISCELLANEOUS

       

      Section
        11.01 Compliance
        Certificates and Opinions, etc.

       

      (a) Upon
        any
        application or request by the Issuer to the Indenture Trustee to take any
        action
        under any provision of this Indenture, the Issuer shall furnish to the Indenture
        Trustee (i) an Officer’s Certificate stating that all conditions precedent, if
        any, provided for in this Indenture relating to the proposed action have
        been
        complied with and (ii) an Opinion of Counsel stating that in the opinion
        of such
        counsel all such conditions precedent, if any, have been complied with and
        (iii)
        (if required by the TIA) an Independent Certificate from a firm of certified
        public accountants meeting the applicable requirements of this Section, except
        that, in the case of any such application or request as to which the furnishing
        of such documents is specifically required by any provision of this Indenture,
        no additional certificate or opinion need be furnished.

       

      Every
        certificate or opinion with respect to compliance with a condition or covenant
        provided for in this Indenture shall include:

       

      (i) a
        statement that each signatory of such certificate or opinion has read or
        has
        caused to be read such covenant or condition and the definitions herein relating
        thereto;

       

      (ii) a
        brief
        statement as to the nature and scope of the examination or investigation
        upon
        which the statements or opinions contained in such certificate or opinion
        are
        based;

       

      (iii) a
        statement that, in the opinion of each such signatory, such signatory has
        made
        such examination or investigation as is necessary to enable such signatory
        to
        express an informed opinion as to whether or not such covenant or condition
        has
        been complied with; and

       

      (iv) a
        statement as to whether, in the opinion of each such signatory, such condition
        or covenant has been complied with.

       

      (b) (i) Prior
        to
        the deposit of any Collateral or other property or securities with the Indenture
        Trustee that is to be made the basis for the release of any property or
        securities subject to the lien of this Indenture, the Issuer shall, in addition
        to any obligation imposed in Section
        11.01(a)
        or
        elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s
        Certificate certifying or stating the opinion of each person signing such
        certificate as to the fair value (within 90 days of such deposit) to the
        Issuer
        of the Collateral or other property or securities to be so
        deposited.

       

      
        
          
          

        

        
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      (ii) Whenever
        the Issuer is required to furnish to the Indenture Trustee an Officer’s
        Certificate certifying or stating the opinion of any signer thereof as to
        the
        matters described in clause (i) above, the Issuer shall also deliver to the
        Indenture Trustee an Independent Certificate as to the same matters, if the
        fair
        value to the Issuer of the securities to be so deposited and of all other
        such
        securities made the basis of any such withdrawal or release since the
        commencement of the then-current fiscal year of the Issuer, as set forth
        in the
        certificates delivered pursuant to clause (i) above and this clause (ii),
        is 10%
        or more of the Outstanding Amount of the Notes, but such a certificate need
        not
        be furnished with respect to any securities so deposited, if the fair value
        thereof to the Issuer as set forth in the related Officer’s Certificate is less
        than $25,000 or less than one percent of the Outstanding Amount of the
        Notes.

       

      (iii) Whenever
        any property or securities are to be released from the lien of this Indenture,
        the Issuer shall also furnish to the Indenture Trustee an Officer’s Certificate
        certifying or stating the opinion of each person signing such certificate
        as to
        the fair value (within 90 days of such release) of the property or securities
        proposed to be released and stating that in the opinion of such person the
        proposed release will not impair the security under this Indenture in
        contravention of the provisions hereof.

       

      (iv) Other
        than with respect to the release of any Purchased Receivable, the Issuer
        is
        required to furnish to the Indenture Trustee an Officer’s Certificate certifying
        or stating the opinion of any signer thereof as to the matters described
        in
        clause (iii) above, the Issuer shall also furnish to the Indenture Trustee
        an
        Independent Certificate as to the same matters if the fair value of the property
        or securities and of all other property, other than property as contemplated
        by
        clause (v) below, or securities released from the lien of this Indenture
        since
        the commencement of the then-current calendar year, as set forth in the
        certificates required by clause (iii) above and this clause (iv), equals
        10% or
        more of the Outstanding Amount of the Notes, but such certificate need not
        be
        furnished in the case of any release of property or securities if the fair
        value
        thereof as set forth in the related Officer’s Certificate is less than $25,000
        or less than one percent of the then Outstanding Amount of the
        Notes.

       

      (v) Notwithstanding
        Section
        4.04
        or any
        other provision of this Section, the Issuer may, without compliance with
        the
        requirements of the other provisions of this Section, (A) collect, liquidate,
        sell or otherwise dispose of Receivables and Financed Vehicles as and to
        the
        extent permitted or required by the Basic Documents and (B) make cash payments
        out of the Trust Accounts as and to the extent permitted or required by the
        Basic Documents.

       

      Section
        11.02 Form
        of Documents Delivered to Indenture Trustee.
        In any
        case where several matters are required to be certified by, or covered by
        an
        opinion of, any specified Person, it is not necessary that all such matters
        be
        certified by, or covered by the opinion of, only one such Person, or that
        they
        be so certified or covered by only one document, but one such Person may
        certify
        or give an opinion with respect to some matters and one or more other such
        Persons as to other matters, and any such Person may certify or give an opinion
        as to such matters in one or several documents.

       

      
        
          
          

        

        
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      Any
        certificate or opinion of an Authorized Officer of the Issuer may be based,
        insofar as it relates to legal matters, upon a certificate or opinion of,
        or
        representations by, counsel, unless such officer knows, or in the exercise
        of
        reasonable care should know, that the certificate or opinion or representations
        with respect to the matters upon which such officer’s certificate or opinion is
        based are erroneous. Any such certificate of an Authorized Officer or Opinion
        of
        Counsel may be based, insofar as it relates to factual matters, upon a
        certificate or opinion of, or representations by, an officer or officers
        of the
        Servicer, either Seller, the Issuer or the Administrator, stating that the
        information with respect to such factual matters is in the possession of
        the
        Servicer, the applicable Seller, the Issuer or the Administrator, unless
        such
        counsel knows, or in the exercise of reasonable care should know, that the
        certificate or opinion or representations with respect to such matters are
        erroneous.

       

      Where
        any
        Person is required to make, give or execute two or more applications, requests,
        consents, certificates, statements, opinions or other instruments under this
        Indenture, they may, but need not, be consolidated and form one
        instrument.

       

      Whenever
        in this Indenture, in connection with any application or certificate or report
        to the Indenture Trustee, it is provided that the Issuer shall deliver any
        document as a condition of the granting of such application, or as evidence
        of
        the Issuer’s compliance with any term hereof, it is intended that the truth and
        accuracy, at the time of the granting of such application or at the effective
        date of such certificate or report (as the case may be), of the facts and
        opinions stated in such document shall in such case be conditions precedent
        to
        the right of the Issuer to have such application granted or to the sufficiency
        of such certificate or report. The foregoing shall not, however, be construed
        to
        affect the Indenture Trustee’s right to rely upon the truth and accuracy of any
        statement or opinion contained in any such document as provided in Article
        VI.

       

      Section
        11.03 Acts
        of Noteholders.

       

      (a) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action provided by this Indenture to be given or taken by Noteholders may
        be
        embodied in and evidenced by one or more instruments of substantially similar
        tenor signed by such Noteholders in person or by agents duly appointed in
        writing; and except as herein otherwise expressly provided such action shall
        become effective when such instrument or instruments are delivered to the
        Indenture Trustee and, where it is hereby expressly required, to the Issuer.
        Such instrument or instruments (and the action embodied therein and evidenced
        thereby) are herein sometimes referred to as the “Act” of the Noteholders
        signing such instrument or instruments. Proof of execution of any such
        instrument or of a writing appointing any such agent shall be sufficient
        for any
        purpose of this Indenture and (subject to Section
        6.01)
        conclusive in favor of the Indenture Trustee and the Issuer, if made in the
        manner provided in this Section.

       

      (b) The
        fact
        and date of the execution by any person of any such instrument or writing
        may be
        proved in any manner that the Indenture Trustee deems sufficient.

       

      (c) The
        ownership of Notes shall be proved by the Note Register.

       

      (d) Any
        request, demand, authorization, direction, notice, consent, waiver or other
        action by the Holder of any Notes shall bind the Holder of every Note issued
        upon the registration thereof or in exchange therefor or in lieu thereof,
        in
        respect of anything done, omitted or suffered to be done by the Indenture
        Trustee or the Issuer in reliance thereon, whether or not notation of such
        action is made upon such Note.

       

      
        
          
          

        

        
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      Section
        11.04 Notices,
        etc., to Indenture Trustee, Issuer and Rating Agencies.
        Any
        request, demand, authorization, direction, notice, consent, waiver or Act
        of
        Noteholders or other documents provided or permitted by this Indenture shall
        be
        in writing and, if such request, demand, authorization, direction, notice,
        consent, waiver or act of Noteholders is to be made upon, given or furnished
        to
        or filed with:

       

      (a) the
        Indenture Trustee by any Noteholder or by the Issuer, shall be sufficient
        for
        every purpose hereunder if made, given, furnished or filed in writing to
        or with
        the Indenture Trustee at its Corporate Trust Office; or

       

      (b) the
        Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient
        for
        every purpose hereunder if in writing and mailed first-class, postage prepaid
        to
        the Issuer addressed to: Hyundai Auto Receivables Trust 2007-A, in care of
        Wilmington Trust Company, as Owner Trustee, Rodney Square North, 1100 North
        Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
        Administration, or at any other address previously furnished in writing to
        the
        Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly
        transmit any notice received by it from the Noteholders to the Indenture
        Trustee.

       

      Notices
        required to be given to the Rating Agencies by the Issuer, the Indenture
        Trustee
        or the Owner Trustee shall be in writing, personally delivered, electronically
        delivered or mailed by certified mail, return receipt requested, to (i) in
        the
        case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS
        Monitoring Department, 99 Church Street, New York, New York 10007; (ii) in
        the
        case of Standard & Poor’s, via electronic delivery to
        Servicer_reports@sandp.com or at the following address: Standard & Poor’s
        Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
        Street, New York, New York 10041, Attention of Asset Backed Surveillance
        Department; and (iii) in the case of Fitch, at the following address: Fitch,
        Inc., One State Street Plaza, New York, New York 10004; or as to each of
        the
        foregoing, at such other address as shall be designated by written notice
        to the
        other parties.

       

      Section
        11.05 Notices
        to Noteholders; Waiver.
        Where
        this Indenture provides for notice to Noteholders of any event, such notice
        shall be sufficiently given (unless otherwise herein expressly provided)
        if in
        writing and mailed, first-class, postage prepaid to each Noteholder affected
        by
        such event, at such Holder’s address as it appears on the Note Register, not
        later than the latest date, and not earlier than the earliest date, prescribed
        for the giving of such notice. In any case where notice to Noteholders is
        given
        by mail, neither the failure to mail such notice nor any defect in any notice
        so
        mailed to any particular Noteholder shall affect the sufficiency of such
        notice
        with respect to other Noteholders, and any notice that is mailed in the manner
        herein provided shall conclusively be presumed to have been duly
        given.

       

      Where
        this Indenture provides for notice in any manner, such notice may be waived
        in
        writing by any Person entitled to receive such notice, either before or after
        the event, and such waiver shall be the equivalent of such notice. Waivers
        of
        notice by Noteholders shall be filed with the Indenture Trustee but such
        filing
        shall not be a condition precedent to the validity of any action taken in
        reliance upon such a waiver.

       

      
        
          
          

        

        
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      In
        case,
        by reason of the suspension of regular mail service as a result of a strike,
        work stoppage or similar activity, it shall be impractical to mail notice
        of any
        event to Noteholders when such notice is required to be given pursuant to
        any
        provision of this Indenture, then any manner of giving such notice as shall
        be
        satisfactory to the Indenture Trustee shall be deemed to be a sufficient
        giving
        of such notice.

       

      Where
        this Indenture provides for notice to the Rating Agencies, failure to give
        such
        notice shall not affect any other rights or obligations created hereunder,
        and
        shall not under any circumstance constitute a Default or Event of
        Default.

       

      Section
        11.06 Alternate
        Payment and Notice Provisions.
        Notwithstanding any provision of this Indenture or any of the Notes to the
        contrary, the Issuer may enter into any agreement with any Holder of a Note
        providing for a method of payment, or notice by the Indenture Trustee or
        any
        Paying Agent to such Holder, that is different from the methods provided
        for in
        this Indenture for such payments or notices, provided that the Issuer agrees
        to
        pay any additional expenses incurred as a result of such alternative payment
        or
        notice provision. The Issuer will furnish to the Indenture Trustee a copy
        of
        each such agreement and the Indenture Trustee will cause payments to be made
        and
        notices to be given in accordance with such agreements. The Indenture Trustee
        shall provide a copy of any request made pursuant to this Section
        11.06
        to the
        Owner Trustee.

       

      Section
        11.07 Effect
        of Headings and Table of Contents.
        The
        Article and Section headings herein and the Table of Contents are for
        convenience only and shall not affect the construction hereof.

       

      Section
        11.08 Successors
        and Assigns.
        All
        covenants and agreements in this Indenture and the Notes by the Issuer shall
        bind its successors and assigns, whether so expressed or not. All agreements
        of
        the Indenture Trustee in this Indenture shall bind its successors, co-trustees
        and agents.

       

      Section
        11.09 Separability.
        In case
        any provision in this Indenture or in the Notes shall be invalid, illegal
        or
        unenforceable, the validity, legality and enforceability of the remaining
        provisions shall not in any way be affected or impaired thereby.

       

      Section
        11.10 Benefits
        of Indenture.
        Nothing
        in this Indenture or in the Notes, express or implied, shall give to any
        Person,
        other than the parties hereto and their successors hereunder, and the
        Noteholders, and any other party secured hereunder, and any other Person
        with an
        ownership interest in any part of the Trust Estate, any benefit or any legal
        or
        equitable right, remedy or claim under this Indenture.

       

      Section
        11.11 Legal
        Holidays.
        In any
        case where the date on which any payment is due shall not be a Business Day,
        then (notwithstanding any other provision of the Notes or this Indenture)
        payment need not be made on such date, but may be made on the next succeeding
        Business Day with the same force and effect as if made on the date on which
        nominally due, and no interest shall accrue for the period from and after
        any
        such nominal date.

       

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

       

      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

       

      Section
        11.13 Counterparts.
        This
        Indenture may be executed in any number of counterparts, each of which so
        executed shall be deemed to be an original, but all such counterparts shall
        together constitute but one and the same instrument.

       

      Section
        11.14 Recording
        of Indenture.
        If this
        Indenture is subject to recording in any appropriate public recording offices,
        such recording is to be effected by the Issuer and at the expense of the
        Servicer accompanied by an Opinion of Counsel (which may be counsel to the
        Indenture Trustee or any other counsel reasonably acceptable to the Indenture
        Trustee) to the effect that such recording is necessary either for the
        protection of the Noteholders or any other Person secured hereunder or for
        the
        enforcement of any right or remedy granted to the Indenture Trustee under
        this
        Indenture.

       

      Section
        11.15 Trust
        Obligation.
        (a) No
        recourse may be taken, directly or indirectly, with respect to the obligations
        of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or
        under
        this Indenture or any certificate or other writing delivered in connection
        herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee
        in
        its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller, or (iii) any partner, owner, beneficiary, agent,
        officer, director, employee or agent of the Indenture Trustee or the Owner
        Trustee in its individual capacity, any holder of a beneficial interest in
        the
        Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
        assign
        of the Indenture Trustee or the Owner Trustee in its individual capacity,
        except
        as any such Person may have expressly agreed (it being understood that the
        Indenture Trustee and the Owner Trustee have no such obligations in their
        individual capacity). For all purposes of this Indenture, 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
        Article
        VI, VII and VIII of the Trust Agreement.

       

      (b) In
        furtherance of and not in derogation of the foregoing, to the extent the
        Depositor enters into other securitization transactions, each Noteholder,
        by
        accepting a Note, acknowledges and agrees that it shall have no right, title
        or
        interest in or to any assets or interests therein of the Depositor (other
        than
        the Trust Estate and Reserve Account relating to this transaction) conveyed
        or
        purported to be conveyed by the Depositor to another securitization trust
        or
        other Person or Persons in connection therewith (whether by way of a sale,
        capital contribution or by virtue of the granting of a lien) (“Other
        Assets”).
        To
        the extent that, notwithstanding the agreements and provisions contained
        herein,
        a Noteholder either (i) asserts an interest or claim to, or benefit from,
        Other Assets, whether asserted against or through the Depositor or any other
        Person owned by the Depositor, or (ii) is deemed to have any such interest,
        claim or benefit in or from Other Assets, whether by operation of law, legal
        process, pursuant to applicable provisions of insolvency laws or otherwise
        (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or
        any
        successor provision having similar effect under the Bankruptcy Code), and
        whether deemed asserted against or through the Depositor or any other Person
        owned by the Depositor, then each Noteholder, by accepting a Note, further
        acknowledges and agrees that any such interest, claim or benefit in or from
        Other Assets is and shall be expressly subordinated to the indefeasible payment
        in full of all obligations and liabilities of the Depositor which, under
        the
        terms of the relevant documents relating to the securitization of such Other
        Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
        secured by such Other Assets (whether or not any such entitlement or security
        interest is legally perfected or otherwise entitled to priority of distribution
        or application under applicable law, including insolvency laws, and whether
        asserted against Depositor or any other Person owned by the Depositor),
        including the payment of post-petition interest on such other obligations
        and
        liabilities. This subordination agreement shall be deemed a subordination
        agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each
        Noteholder, by acceptance of a Note, further acknowledges and agrees that
        no
        adequate remedy at law exists for a breach of this paragraph and the terms
        of
        this paragraph may be enforced by an action for specific performance. The
        provisions of this paragraph shall be for the third party benefit of those
        entitled to rely thereon and shall survive the termination of this
        Indenture.

       

      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

       

      Section
        11.16 No
        Petition.
        The
        Indenture Trustee, by entering into this Indenture, and each Noteholder,
        by
        accepting a Note or a beneficial interest in a Note, hereby covenant and
        agree
        that they will not at any time institute against the Issuer or the Depositor,
        or
        join in any institution against the Issuer or the Depositor, of any bankruptcy,
        reorganization, arrangement, insolvency or liquidation proceedings, or other
        proceedings under any United States federal or state bankruptcy or similar
        law
        in connection with any obligations relating to the Notes, this Indenture
        or any
        of the Basic Documents.

       

      Section
        11.17 Inspection.
        The
        Issuer agrees that, on reasonable prior notice, it will permit any
        representative of the Indenture Trustee, during the Issuer’s normal business
        hours, to examine all the books of account, records, reports and other papers
        of
        the Issuer, to make copies and extracts therefrom, to cause such books to
        be
        audited by Independent certified public accountants, and to discuss the Issuer’s
        affairs, finances and accounts with the Issuer’s officers, employees and
        Independent certified public accountants, all at such reasonable times and
        as
        often as may be reasonably requested; provided,
        however,
        that
        the Indenture Trustee may only cause the books of the Issuer to be audited
        on an
        annual basis, unless there occurs an Event of Default hereunder. The Indenture
        Trustee shall, and shall cause its representatives to, hold in confidence
        all
        such information except to the extent such information is publicly available
        or
        such disclosure may be required by law (and all reasonable applications for
        confidential treatment are unavailing) and except to the extent that the
        Indenture Trustee may reasonably determine with the advice of counsel and
        after
        consultation with the Issuer that such disclosure is consistent with its
        obligations hereunder.

       

      Section
        11.18 Conflict
        with Trust Indenture Act.
        If any
        provision hereof limits, qualifies or conflicts with another provision hereof
        that is required to be included in this Indenture by any of the provisions
        of
        the Trust Indenture Act, such required provision shall control.

       

      The
        provisions of TIA Sections 310 through 317 that impose duties on any person
        (including the provisions automatically deemed included herein unless expressly
        excluded by this Indenture) are a part of and govern this Indenture, whether
        or
        not physically contained herein.

       

      Section
        11.19 Limitation
        of Liability.
        It is
        expressly understood and agreed by the parties hereto that (a) this Indenture
        is
        executed and delivered by Wilmington Trust Company, not individually or
        personally but solely as Owner Trustee of Hyundai Auto Receivables Trust
        2007-A,
        in the exercise of the powers and authority conferred and vested in it, (b)
        each
        of the representations, undertakings and agreements herein made on the part
        of
        the Issuer is made and intended not as personal representations, undertakings
        and agreements by Wilmington Trust Company but is made and intended for the
        purpose for binding only the Issuer, (c) nothing herein contained shall be
        construed as creating any liability on Wilmington Trust Company individually
        or
        personally, to perform any covenant either expressed or implied contained
        herein, all such liability, if any, being expressly waived by the parties
        hereto
        and by any Person claiming by, through or under the parties hereto and (d)
        under
        no circumstances shall Wilmington Trust Company be personally liable for
        the
        payment of any indebtedness or expenses of the Issuer or be liable for the
        breach or failure of any obligation, representation, warranty or covenant
        made
        or undertaken by the Issuer under this Indenture or any other related
        documents.

       

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

       

      Section
        11.20 Representations
        and Warranties.
        The
        Issuer makes the representations and warranties set forth below with respect
        to
        the Receivables, on which the Indenture Trustee relies. Such representations
        and
        warranties speak as of the execution and delivery of this Indenture as of
        the
        Closing Date, but shall survive the assignment of the Receivables to the
        Indenture Trustee, and shall not be waived by the Indenture Trustee except
        in
        accordance with the terms of this Indenture.

       

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

       

      (b) Each
        Receivables constitutes “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 the
        Sale
        and Servicing Agreement, the Issuer shall have good and marketable title
        to each
        Receivable, free and clear of any Lien of any Person.

       

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

       

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

       

      (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 Indenture Trustee, except for such marks or
        notations indicating that they have been pledged, assigned or otherwise conveyed
        (i) to the Depositor or the Issuer in accordance with the Basic Documents,
        (ii)
        pursuant to the Second Amended and Restated Receivables Purchase Agreement,
        dated as of July 23, 2002, as amended, among the Seller, Hyundai BC Funding
        Corporation, Amsterdam Funding Corporation, Asset One Securitization, LLC,
        Sheffield Receivables Corporation, Park Avenue Receivables Company, LLC,
        Société
Générale, ABN AMRO Bank N.V., Barclays Bank PLC and JPMorgan Chase Bank, N.A.
        and the Purchase and Sale Agreement dated as of January 17, 2000, as amended,
        between the Seller and Hyundai BC Funding Corporation or (iii) to HMFC in
        accordance with Dealer Agreements. All financing statements filed or to be
        filed
        against the Issuer in favor of the Indenture Trustee in connection with this
        Indenture 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 Indenture, will violate the
        rights of the Indenture Trustee.”

       

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

       

      Section
        11.21 Limitation
        of Rights.
        All of
        the rights of the Swap Counterparty in, to and under this Indenture or any
        other
        Basic Document (including, but not limited to, all of the Swap Counterparty’s
        rights as a third-party beneficiary of this Indenture and all of the Swap
        Counterparty’s rights to receive notice of any action hereunder or under any
        other Basic Document and to give or withhold consent to any action hereunder
        or
        under any other Basic Document) shall terminate upon the termination of the
        Interest Rate Swap Agreement in accordance with the terms thereof and the
        payment in full of all amounts owing to the Swap Counterparty under such
        Interest Rate Swap Agreement.

       

      
        
          
          

        

        
          60

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Indenture
        to be duly executed by their respective officers, thereunto duly authorized
        and
        duly attested, all as of the day and year first above written.

      
        	 	 	 
	 	HYUNDAI
                AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
              	By:  	WILMINGTON TRUST COMPANY,
	 	
                not
                  in its individual capacity but solely

                as
                  Owner Trustee under the Trust
                  Agreement

              

      

       

      
        	 	 	 
	
              	By:  	/s/ J.
                Christopher Murphy
	 	
                
Name:
                J. Christopher Murphy
	 	Title:
                Financial Services Officer

      

      

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	 	CITIBANK,
                N.A.,
	 	
                not
                  in its individual capacity

                but
                  solely as Indenture Trustee

              
	 
 	 
 	 
 
	
              	By:  	/s/ Karen
                Schluter
	 	
                
Name:
                Karen Schluter
	 	Title:
                Vice President

      

       

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

       

      
        
          	STATE OF DELAWARE 	)	 
	 	)  ss.:	 
	COUNTY OF NEW CASTLE	)	 

        

      

                                                 

      BEFORE
        ME, the undersigned authority, a Notary Public in and for said county and
        state,
        on this day personally appeared J.
        Christopher Murphy
        of
        Wilmington Trust Company, not in its individual capacity but solely as Owner
        Trustee of Hyundai Auto Receivables Trust 2007-A, a Delaware statutory trust
        (the “Trust”), known to me to be the person and officer whose name is subscribed
        to the foregoing instrument and acknowledged to me that the same was the
        act of
        the said Trust, and that he/she executed the same as the act of said statutory
        trust for the purpose and consideration therein expressed, and in the capacities
        therein stated.

       

      GIVEN
        UNDER MY HAND AND 

       

      SEAL
        OF
        OFFICE, this 21st
        day of
 September,
        2007.

       

      /s/
        Amanda E. Gamble
        
Notary
        Public - State of Delaware

       

      My
        commission expires: May
        15,
        2001

       

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

       

      
        
          
            	STATE OF NEW YORK	)	 
	 	)  ss.:	 
	COUNTY OF NEW
                    YORK	)	 

          

        

      

       

      BEFORE
        ME, the undersigned authority, a Notary Public in and for said county and
        state,
        on this day personally appeared  Karen
        Schluter,
        known
        to me to be the person and officer whose name is subscribed to the foregoing
        instrument and acknowledged to me that the same was the act of Citibank,
        N.A., a
        national banking association, and that he/she executed the same as the act
        of
        said national banking association for the purpose and consideration therein
        stated.

       

      GIVEN
        UNDER MY HAND AND 

       

      SEAL
        OF
        OFFICE, this 21st
        day of
September,
        2007.

       

      /s/
        Zenaida Santiago

      
        

      

      Notary
        Public, State of New York

      No.
        015A6152564

      Qualified
        in Kings
        County

       

      My
        commission expires: September
        18, 2010

       

      
        
          
          

        

        
          S-4

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A 

       

      Schedule
        of Receivables

       

      [To
        be
        Delivered to the Trust at Closing]

      

      
        
          
          

        

        
          Schedule
            A-1

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-1 

       

      [FORM
        OF
        CLASS A-1 NOTE]

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
        ISSUED
        IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THE
        PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
        ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
        BE
        LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

       

      
        
          	REGISTERED	
                  $__________(1)

                
	No. R-_____	
                  CUSIP
                    NO.
                    ___________

                

        

      

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A

       

      [_____]%
        ASSET BACKED NOTE, CLASS A-1

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A, a statutory trust organized and existing under
        the laws of the State of Delaware (herein referred to as the “Issuer”), for
        value received, hereby promises to pay to Cede & Co., or registered assigns,
        the principal sum of ___________________________________ DOLLARS, payable
        on
        each Payment Date in an amount equal to the aggregate amount, if any, payable
        from the Note Distribution Account in respect of principal on the Class A-1
        Notes pursuant to Section 3.01 of the Indenture dated as of September 28,
        2007
        (the “Indenture”), between the Issuer and Citibank, N.A., a national banking
        association, as Indenture Trustee (the “Indenture Trustee”); provided,
        however,
        that
        the entire unpaid principal amount of this Note shall be due and payable
        on the
        earlier of [________] (the “Class A-1 Maturity Date”) and the Redemption Date,
        if any, Pursuant to Article X of the Indenture. Capitalized terms used but
        not
        defined herein are defined in the Indenture, which also contains rules as
        to
        construction that shall be applicable herein.

       

      The
        Issuer will pay interest on this Note at the rate per annum set forth above,
        on
        each Payment Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note outstanding on the preceding
        Payment Date (after giving effect to all payments of principal made on the
        preceding Payment Date), subject to certain limitations contained in the
        last
        sentence of Section 3.01 of the Indenture. Interest on this Note will accrue
        for
        each Payment Date on the basis of a 360-day year and the actual number of
        days
        from the previous Payment Date (or, in the case of the first Payment Date,
        from
        the Closing Date) to but excluding the next Payment Date. Such principal
        of and
        interest on this Note shall be paid in the manner specified herein.

       

        
          

        

      

      
        
          	
                  1

                	
                  Denominations
                    of $1,000 and integral multiples of $1,000 in excess
                    thereof.

                

        

      

      
         

        
          
            
            

          

          
            A-1-1

            
              

            

          

          
            
            

          

        

         

      

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

       

      Unless
        the certificate of authentication hereon has been executed by the Indenture
        Trustee whose name appears below by manual signature, this Note shall not
        be
        entitled to any benefit under the Indenture, or be valid or obligatory for
        any
        purpose.

       

      This
        Note
        is one of a duly authorized issue of Notes of the Issuer, designated as its
        [____]% Asset Backed Notes, Class A-1 (herein called the “Class A-1 Notes”), all
        issued under the Indenture, to which Indenture and all indentures supplemental
        thereto reference is hereby made for a statement of the respective rights
        and
        obligations thereunder of the Issuer, the Indenture Trustee and the Holders
        of
        the Notes. The Class A-1 Notes are subject to all terms of the
        Indenture.

       

      The
        Class
        A-1 Notes are and will be secured by the collateral pledged as security therefor
        as provided in the Indenture. The Class A-1 Notes are senior in right of
        payment
        to the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, to the
        extent provided in the Indenture.

       

      Principal
        of the Class A-1 Notes will be payable on each Payment Date in an amount
        described on the face hereof. “Payment Date” means the 15th
        day of
        each month, or, if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

      As
        described above, the entire unpaid principal amount of this Note shall be
        due
        and payable on the earlier of the Class A-1 Maturity Date and the Redemption
        Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
        foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
        of Notes representing not less than a majority of the Outstanding Amount
        of the
        Notes may declare the Notes to be immediately due and payable in the manner
        provided in Section 5.02 of the Indenture. All principal payments on the
        Class
        A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled
        thereto.

       

      Payments
        of interest on this Note due and payable on each Payment Date, together with
        the
        installment of principal, if any, to the extent not in full payment of this
        Note, shall be made by check mailed to the Person whose name appears as the
        Registered Holder of this Note (or one or more Predecessor Notes) on the
        Note
        Register as of the close of business on each Record Date, except that with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
        made by wire transfer in immediately available funds to the account designated
        by such nominee. Such checks shall be mailed to the Person entitled thereto
        at
        the address of such Person as it appears on the Note Register as of the
        applicable Record Date without requiring that this Note be submitted for
        notation of payment. Any reduction in the principal amount of this Note (or
        any
        one or more Predecessor Notes) effected by any payments made on any Payment
        Date
        shall be binding upon all future Holders of this Note and of any Note issued
        upon the registration of transfer hereof or in exchange hereof or in lieu
        hereof, whether or not noted hereon. If funds are expected to be available,
        as
        provided in the Indenture, for payment in full of the then remaining unpaid
        principal amount of this Note on a Payment Date, then the Indenture Trustee,
        in
        the name of and on behalf of the Issuer, will notify the Person who was the
        Registered Holder hereof as of the Record Date preceding such Payment Date
        by
        notice mailed or transmitted by facsimile prior to such Payment Date, and
        the
        amount then due and payable shall be payable only upon presentation and
        surrender of this Note at the Indenture Trustee’s principal Corporate Trust
        Office or at the office of the Indenture Trustee’s agent appointed for such
        purposes located in The City of New York.

       

      
        
          
          

        

        
          A-1-2

          
            

          

        

        
          
          

        

      

       

      The
        Issuer shall pay interest on overdue installments of interest at the Class
        A-1
        Rate to the extent lawful.

       

      As
        provided in the Indenture and subject to the limitations set forth therein
        and
        on the face hereof, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the
        office
        or agency designated by the Issuer pursuant to the Indenture, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
        duly authorized in writing, with such signature guaranteed by an “eligible
        guarantor institution” meeting the requirements of the Note Registrar, which
        requirements include membership or participation in the Securities Transfer
        Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
        for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended, and thereupon one or more new Notes of authorized denominations
        and in
        the same aggregate principal amount will be issued to the designated transferee
        or transferees. No service charge will be charged for any registration of
        transfer or exchange of this Note, but the transferor may be required to
        pay a
        sum sufficient to cover any tax or other governmental charge that may be
        imposed
        in connection with any such registration of transfer or exchange subject
        to
        certain exceptions set forth in the Indenture.

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees that no recourse
        may be taken, directly or indirectly, with respect to the obligations of
        the
        Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
        the
        Indenture or any certificate or other writing delivered in connection therewith,
        against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
        Trustee
        in its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent,
        officer, director or employee of the Seller, the Servicer, the Indenture
        Trustee
        or the Owner Trustee in its individual capacity, any holder of a beneficial
        interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
        Indenture Trustee or of any successor or assign of the Indenture Trustee
        or the
        Owner Trustee in its individual capacity, except as any such Person may have
        expressly agreed and except that any such partner, owner or beneficiary shall
        be
        fully liable, to the extent provided by applicable law, for any unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity. Each Noteholder or Note Owner,
        by its
        acceptance of a Note or, in the case of a Note Owner, a beneficial interest
        in a
        Note, agrees that, except as expressly provided in the Basic Documents, in
        the
        case of an Event of Default under the Indenture, the Noteholder shall have
        no
        claim against any of the foregoing for any deficiency, loss or claim therefrom;
        provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-1-3

          
            

          

        

        
          
          

        

      

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees by accepting
        the
        benefits of the Indenture that such Noteholder or Note Owner will not at
        any
        time institute against the Issuer or the Depositor, or join in any institution
        against the Issuer or the Depositor of, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings under any United States
        federal or state bankruptcy or similar law in connection with any obligations
        relating to the Notes, the Indenture or the other Basic Documents.

       

      The
        Issuer has entered into the Indenture and this Note is issued with the intention
        that, for purposes of federal and state income tax, franchise tax and any
        other
        tax measured in whole or in part by income, the Notes will be characterized
        as
        indebtedness secured by the Trust Estate. Each Noteholder, by acceptance
        of a
        Note (and each Note Owner by acceptance of a beneficial interest in a Note),
        agrees to treat the Notes for such purposes as indebtedness.

       

      This
        Note, or any interest therein, may not be transferred to an “employee benefit
        plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a
“plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to
        hold “plan assets” of any of the foregoing by reason of an employee benefit
        plan’s or other plan’s investment in such entity, or any governmental, foreign
        or church plan subject to applicable law that is substantially similar to
        Section 406 of ERISA or Section 4975 of the Code, unless such transferee
        represents, warrants and covenants that its purchase and holding of this
        Note,
        throughout the period that it holds this Note is, and will be, eligible for
        relief under Section 408(b)(17) of ERISA; Department of Labor prohibited
        transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38;
        PTCE 84-14 or another applicable prohibited transaction exemption (or in
        the
        case of a governmental, foreign or church plan subject to law that is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        a similar type of exemption or other applicable relief). By its acquisition
        of
        this Note in book-entry form or any interest therein, each transferee will
        be
        deemed to have represented, warranted and covenanted that it satisfies the
        foregoing requirements and the Indenture Trustee may rely conclusively on
        the
        same for purposes hereof.

       

      Prior
        to
        the due presentment for registration of transfer of this Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name this Note (as of the day of determination or as
        of such
        other date as may be specified in the Indenture) is registered as the owner
        hereof for all purposes, whether or not this Note be overdue, and none of
        the
        Issuer, the Indenture Trustee or any such agent shall be affected by notice
        to
        the contrary.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        rights of the Holders of the Notes under the Indenture at any time by the
        Issuer
        with the consent of the Holders of Notes representing a majority of the
        Outstanding Amount of all Notes at the time Outstanding. The Indenture also
        contains provisions permitting Holders of Notes representing specified
        percentages of the Outstanding Amount of the Notes, on behalf of the Holders
        of
        all the Notes, to waive compliance by the Issuer with certain provisions
        of the
        Indenture and certain past defaults under the Indenture and their consequences.
        Any such consent or waiver by the Holder of this Note (or any one or more
        Predecessor Notes) shall be conclusive and binding upon such Holder and upon
        all
        future Holders of this Note and of any Note issued upon the registration
        of
        transfer hereof or in exchange hereof or in lieu hereof whether or not notation
        of such consent or waiver is made upon this Note. The Indenture also permits
        the
        Indenture Trustee to amend or waive certain terms and conditions set forth
        in
        the Indenture without the consent of Holders of the Notes issued
        thereunder.

       

      
        
          
          

        

        
          A-1-4

          
            

          

        

        
          
          

        

      

       

      The
        term
“Issuer” as used in this Note includes any successor to the Issuer under the
        Indenture.

       

      The
        Notes
        are issuable only in registered form in denominations as provided in the
        Indenture, subject to certain limitations therein set forth.

       

      This
        Note
        and the Indenture shall be construed in accordance with the laws of the State
        of
        New York, without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder and thereunder
        shall
        be determined in accordance with such laws.

       

      No
        reference herein to the Indenture and no provision of this Note or of the
        Indenture shall alter or impair the obligation of the Issuer, which is absolute
        and unconditional, to pay the principal of and interest on this Note at the
        times, place and rate, and in the coin or currency herein
        prescribed.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, none of Wilmington Trust Company in its individual capacity,
        Citibank, N.A. in its individual capacity, any owner of a beneficial interest
        in
        the Issuer, the Seller, the Servicer, or any of their respective partners,
        beneficiaries, agents, officers, directors, employees or successors or assigns
        shall be personally liable for, nor shall recourse be had to any of them
        for,
        the payment of principal of or interest on this Note or performance of, or
        omission to perform, any of the covenants, obligations or indemnifications
        contained in the Indenture. The Holder of this Note by its acceptance hereof
        agrees that, except as expressly provided in the Basic Documents, in the
        case of
        an Event of Default under the Indenture, the Holder shall have no claim against
        any of the foregoing for any deficiency, loss or claim therefrom; provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-1-5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
        or
        in facsimile, by its Authorized Officer, as of the date set forth
        below.

      
        	 	 	 
	Date:
                ___________________	HYUNDAI
                AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
              	By:  	
                WILMINGTON
                  TRUST COMPANY,
                  not in its 

                individual
                  capacity but solely as Owner Trustee under 

                the
                  Trust Agreement,

              
	 	 	 
	 	 	 
	 	
                
Authorized
                Signatory

      

       

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

      This
        is
        one of the Notes designated above and referred to in the within-mentioned
        Indenture.

      
        
          	 	 	 
	Date:
                  ___________________	
                  CITIBANK,
                    N.A.,
                    not in its individual

                
	 	
                  capacity
                    but solely as Indenture Trustee,

                
	
                	
                	
                   

                
	 	 	 
	 	By:  	
                
	 	 	
                  
                    

                  

                  Authorized
                    Signatory

                

        

         

        
          
            
            

          

          
            A-1-6

            
              

            

          

          
            
            

          

        

      

       

      ASSIGNMENT

       

      Social
        Security or taxpayer I.D. or other identifying number of assignee:
        ___________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns
        and transfers unto: 

       

      
        

      

      (name
        and
        address of assignee)

       

      the
        within Note and all rights thereunder, and hereby irrevocably constitutes
        and
        appoints ____________________________________________, attorney, to transfer
        said Note on the books kept for registration thereof, with full power of
        substitution in the premises.

       

      Dated:
        ________________________ */

       

      Signature
        Guaranteed:

       

        _____________________________

         

      

      */ NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of
        the Note Registrar, which requirements include membership or participation
        in
        STAMP or such other “signature guarantee program” as may be determined by the
        Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Securities Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          A-1-7

          
            

          

        

        
          
          

        

         

      

      EXHIBIT
        A-2a 

       

      [FORM
        OF
        CLASS A-2a NOTE]

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
        ISSUED
        IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THE
        PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
        ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
        BE
        LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

       

      
        
          	REGISTERED	
                  $__________(2)

                
	 No.
                  R-________	
                  CUSIP
                    NO.
                    ___________

                

        

      

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A

       

      [____]%
        ASSET BACKED NOTE, CLASS A-2a

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A, a statutory trust organized and existing under
        the laws of the State of Delaware (herein referred to as the “Issuer”),
        for
        value received, hereby promises to pay to Cede & Co., or registered assigns,
        the principal sum of ______________________________ DOLLARS, payable on each
        Payment Date in an amount equal to the aggregate amount, if any, payable
        from
        the Note Distribution Account in respect of principal on the Class A-2a Notes
        pursuant to Section 3.01 of the Indenture dated as of September 28, 2007
        (the
“Indenture”),
        between the Issuer and Citibank, N.A., a national banking association, as
        Indenture Trustee (the “Indenture
        Trustee”);
        provided,
        however,
        that
        the entire unpaid principal amount of this Note shall be due and payable
        on the
        earlier of [________] (the “Class
        A-2a Maturity Date”)
        and
        the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
        terms used but not defined herein are defined in the Indenture, which also
        contains rules as to construction that shall be applicable herein.

       

      The
        Issuer will pay interest on this Note at the rate per annum set forth above,
        on
        each Payment Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note outstanding on the preceding
        Payment Date (after giving effect to all payments of principal made on the
        preceding Payment Date), subject to certain limitations contained in the
        last
        sentence of Section 3.01 of the Indenture. Interest on this Note will accrue
        for
        each Payment Date from and including the 15th
        day of
        the month preceding the month of such Payment Date (or, in the case of the
        first
        Payment Date, from the Closing Date) to but excluding the 15th
        day of
        the month of such Payment Date. Interest will be computed on the basis of
        a
        360-day year consisting of twelve 30-day months. Such principal of and interest
        on this Note shall be paid in the manner specified herein.

       

      
        

      

      
        
          	2	
                  Denominations
                    of $1,000 and integral multiples of $1,000 in excess
                    thereof.

                

        

         

      

      
        
          
          

        

        
          A-2a-1

          
            

          

        

        
          
          

        

      

       

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

       

      Unless
        the certificate of authentication hereon has been executed by the Indenture
        Trustee whose name appears below by manual signature, this Note shall not
        be
        entitled to any benefit under the Indenture, or be valid or obligatory for
        any
        purpose.

       

      This
        Note
        is one of a duly authorized issue of Notes of the Issuer, designated as its
        [____]% Asset Backed Notes, Class A-2a (herein called the “Class A-2a Notes”),
        all issued under the Indenture, to which Indenture and all indentures
        supplemental thereto reference is hereby made for a statement of the respective
        rights and obligations thereunder of the Issuer, the Indenture Trustee and
        the
        Holders of the Notes. The Class A-2a Notes are subject to all terms of the
        Indenture.

       

      The
        Class
        A-2a Notes are and will be secured by the collateral pledged as security
        therefor as provided in the Indenture. The Class A-2a Notes are subordinated
        in
        right of payment to the Class A-1 Notes and are senior in right of payment
        to
        the Class A-3 Notes and the Class A-4 Notes, to the extent provided in the
        Indenture.

       

      Principal
        of the Class A-2a Notes will be payable on each Payment Date in an amount
        described on the face hereof. “Payment Date” means the 15th
        day of
        each month, or, if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

      As
        described above, the entire unpaid principal amount of this Note shall be
        due
        and payable on the earlier of the Class A-2a Maturity Date and the Redemption
        Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
        foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
        of Notes representing not less than a majority of the Outstanding Amount
        of the
        Notes may declare the Notes to be immediately due and payable in the manner
        provided in Section 5.02 of the Indenture. All principal payments on the
        Class
        A-2a Notes shall be made pro rata to the Class A-2a Noteholders entitled
        thereto.

       

      Payments
        of interest on this Note due and payable on each Payment Date, together with
        the
        installment of principal, if any, to the extent not in full payment of this
        Note, shall be made by check mailed to the Person whose name appears as the
        Registered Holder of this Note (or one or more Predecessor Notes) on the
        Note
        Register as of the close of business on each Record Date, except that with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
        made by wire transfer in immediately available funds to the account designated
        by such nominee. Such checks shall be mailed to the Person entitled thereto
        at
        the address of such Person as it appears on the Note Register as of the
        applicable Record Date without requiring that this Note be submitted for
        notation of payment. Any reduction in the principal amount of this Note (or
        any
        one or more Predecessor Notes) effected by any payments made on any Payment
        Date
        shall be binding upon all future Holders of this Note and of any Note issued
        upon the registration of transfer hereof or in exchange hereof or in lieu
        hereof, whether or not noted hereon. If funds are expected to be available,
        as
        provided in the Indenture, for payment in full of the then remaining unpaid
        principal amount of this Note on a Payment Date, then the Indenture Trustee,
        in
        the name of and on behalf of the Issuer, will notify the Person who was the
        Registered Holder hereof as of the Record Date preceding such Payment Date
        by
        notice mailed or transmitted by facsimile prior to such Payment Date, and
        the
        amount then due and payable shall be payable only upon presentation and
        surrender of this Note at the Indenture Trustee’s principal Corporate Trust
        Office or at the office of the Indenture Trustee’s agent appointed for such
        purposes located in The City of New York.

       

      
        
          
          

        

        
          A-2a-2

          
            

          

        

        
          
          

        

      

       

      The
        Issuer shall pay interest on overdue installments of interest at the Class
        A-2a
        Rate to the extent lawful.

       

      As
        provided in the Indenture and subject to the limitations set forth therein
        and
        on the face hereof, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the
        office
        or agency designated by the Issuer pursuant to the Indenture, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
        duly authorized in writing, with such signature guaranteed by an “eligible
        guarantor institution” meeting the requirements of the Note Registrar, which
        requirements include membership or participation in the Securities Transfer
        Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
        for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended, and thereupon one or more new Notes of authorized denominations
        and in
        the same aggregate principal amount will be issued to the designated transferee
        or transferees. No service charge will be charged for any registration of
        transfer or exchange of this Note, but the transferor may be required to
        pay a
        sum sufficient to cover any tax or other governmental charge that may be
        imposed
        in connection with any such registration of transfer or exchange subject
        to
        certain exceptions set forth in the Indenture.

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees that no recourse
        may be taken, directly or indirectly, with respect to the obligations of
        the
        Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
        the
        Indenture or any certificate or other writing delivered in connection therewith,
        against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
        Trustee
        in its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent,
        officer, director or employee of the Seller, the Servicer, Indenture Trustee
        or
        the Owner Trustee in its individual capacity, any holder of a beneficial
        interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
        Indenture Trustee or of any successor or assign of the Indenture Trustee
        or the
        Owner Trustee in its individual capacity, except as any such Person may have
        expressly agreed and except that any such partner, owner or beneficiary shall
        be
        fully liable, to the extent provided by applicable law, for any unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity. Each Noteholder or Note Owner,
        by its
        acceptance of a Note or, in the case of a Note Owner, a beneficial interest
        in a
        Note, agrees that, except as expressly provided in the Basic Documents, in
        the
        case of an Event of Default under the Indenture, the Noteholder shall have
        no
        claim against any of the foregoing for any deficiency, loss or claim therefrom;
        provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-2a-3

          
            

          

        

        
          
          

        

      

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees by accepting
        the
        benefits of the Indenture that such Noteholder or Note Owner will not at
        any
        time institute against the Issuer or the Depositor, or join in any institution
        against the Issuer or the Depositor of, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings under any United States
        federal or state bankruptcy or similar law in connection with any obligations
        relating to the Notes, the Indenture or the other Basic Documents.

       

      The
        Issuer has entered into the Indenture and this Note is issued with the intention
        that, for purposes of federal and state income tax, franchise tax and any
        other
        tax measured in whole or in part by income, the Notes will be characterized
        as
        indebtedness secured by the Trust Estate. Each Noteholder, by acceptance
        of a
        Note (and each Note Owner by acceptance of a beneficial interest in a Note),
        agrees to treat the Notes for such purposes as indebtedness.

       

      This
        Note, or any interest therein, may not be transferred to an “employee benefit
        plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a
“plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to
        hold “plan assets” of any of the foregoing by reason of an employee benefit
        plan’s or other plan’s investment in such entity, or any governmental, foreign
        or church plan subject to applicable law that is substantially similar to
        Section 406 of ERISA or Section 4975 of the Code, unless such transferee
        represents, warrants and covenants that its purchase and holding of this
        Note,
        throughout the period that it holds this Note is, and will be, eligible for
        relief under Section 408(b)(17) of ERISA; Department of Labor prohibited
        transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38;
        PTCE 84-14 or another applicable prohibited transaction exemption (or in
        the
        case of a governmental, foreign or church plan subject to law that is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        a similar type of exemption or other applicable relief). By its acquisition
        of
        this Note in book-entry form or any interest therein, each transferee will
        be
        deemed to have represented, warranted and covenanted that it satisfies the
        foregoing requirements and the Indenture Trustee may rely conclusively on
        the
        same for purposes hereof.

       

      Prior
        to
        the due presentment for registration of transfer of this Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name this Note (as of the day of determination or as
        of such
        other date as may be specified in the Indenture) is registered as the owner
        hereof for all purposes, whether or not this Note be overdue, and none of
        the
        Issuer, the Indenture Trustee or any such agent shall be affected by notice
        to
        the contrary.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        rights of the Holders of the Notes under the Indenture at any time by the
        Issuer
        with the consent of the Holders of Notes representing a majority of the
        Outstanding Amount of all Notes at the time Outstanding. The Indenture also
        contains provisions permitting Holders of Notes representing specified
        percentages of the Outstanding Amount of the Notes, on behalf of the Holders
        of
        all the Notes, to waive compliance by the Issuer with certain provisions
        of the
        Indenture and certain past defaults under the Indenture and their consequences.
        Any such consent or waiver by the Holder of this Note (or any one or more
        Predecessor Notes) shall be conclusive and binding upon such Holder and upon
        all
        future Holders of this Note and of any Note issued upon the registration
        of
        transfer hereof or in exchange hereof or in lieu hereof whether or not notation
        of such consent or waiver is made upon this Note. The Indenture also permits
        the
        Indenture Trustee to amend or waive certain terms and conditions set forth
        in
        the Indenture without the consent of Holders of the Notes issued
        thereunder.

       

      
        
          
          

        

        
          A-2a-4

          
            

          

        

        
          
          

        

      

       

      The
        term
“Issuer” as used in this Note includes any successor to the Issuer under the
        Indenture.

       

      The
        Notes
        are issuable only in registered form in denominations as provided in the
        Indenture, subject to certain limitations therein set forth.

       

      This
        Note
        and the Indenture shall be construed in accordance with the laws of the State
        of
        New York, without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder and thereunder
        shall
        be determined in accordance with such laws. No reference herein to the Indenture
        and no provision of this Note or of the Indenture shall alter or impair the
        obligation of the Issuer, which is absolute and unconditional, to pay the
        principal of and interest on this Note at the times, place and rate, and
        in the
        coin or currency herein prescribed.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, none of Wilmington Trust Company in its individual capacity,
        Citibank, N.A. in its individual capacity, any owner of a beneficial interest
        in
        the Issuer, the Seller, the Servicer, or any of their respective partners,
        beneficiaries, agents, officers, directors, employees or successors or assigns
        shall be personally liable for, nor shall recourse be had to any of them
        for,
        the payment of principal of or interest on this Note or performance of, or
        omission to perform, any of the covenants, obligations or indemnifications
        contained in the Indenture. The Holder of this Note by its acceptance hereof
        agrees that, except as expressly provided in the Basic Documents, in the
        case of
        an Event of Default under the Indenture, the Holder shall have no claim against
        any of the foregoing for any deficiency, loss or claim therefrom; provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-2a-5

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
        or
        in facsimile, by its Authorized Officer, as of the date set forth
        below.

      
        
          	 	 	 
	Date:
                  ___________________	HYUNDAI
                  AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
                	By:	
                  WILMINGTON
                    TRUST COMPANY,
                    not in its

                  individual
                    capacity but solely as Owner Trustee under 

                  the
                    Trust Agreement,

                
	 	 	 
	 	
                	
                
	 	 	
                  
                    

                  

                  Authorized
                    Signatory

                

        

         

      

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

      This
        is
        one of the Notes designated above and referred to in the within-mentioned
        Indenture.

      
        
          	 	 	 
	Date:
                  ___________________	
                  CITIBANK,
                    N.A.,
                    not in its individual

                  capacity
                    but solely as Indenture Trustee,

                
	 
 	 
 	 
 
	 	By:  	
                
	 	 	
                  
                    

                  

                  Authorized
                    Signatory

                

        

         

        
          
            
            

          

          
            A-2a-6

            
              

            

          

          
            
            

          

        

      

      ASSIGNMENT

       

      Social
        Security or taxpayer I.D. or other identifying number of assignee:
        __________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns
        and
        transfers unto:
        __________________________________________________________________________
         (name
        and
        address of assignee)

       

      the
        within Note and all rights thereunder, and hereby irrevocably constitutes
        and
        appoints _________________________________________, attorney, to transfer
        said
        Note on the books kept for registration thereof, with full power of substitution
        in the premises.

       

      Dated:
        ________________________ */

       

      Signature
        Guaranteed:

       

      _____________________________

       

      */ NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of
        the Note Registrar, which requirements include membership or participation
        in
        STAMP or such other “signature guarantee program” as may be determined by the
        Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Securities Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          A-2a-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-2b 

       

      [FORM
        OF
        CLASS A-2b NOTE]

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
        ISSUED
        IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THE
        PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
        ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
        BE
        LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      
         

        
          
            	REGISTERED	
                    $__________(3)

                  
	 No.
                    R-________	
                    CUSIP
                      NO.
                      ___________

                  

          

        

         

      

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A

       

      LIBOR
        +
        [____]% ASSET BACKED NOTE, CLASS A-2b

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A, a statutory trust organized and existing under
        the laws of the State of Delaware (herein referred to as the “Issuer”),
        for
        value received, hereby promises to pay to Cede & Co., or registered assigns,
        the principal sum of ______________________________ DOLLARS, payable on each
        Payment Date in an amount equal to the aggregate amount, if any, payable
        from
        the Note Distribution Account in respect of principal on the Class A-2b Notes
        pursuant to Section 3.01 of the Indenture dated as of September 28, 2007
        (the
“Indenture”),
        between the Issuer and Citibank, N.A., a national banking association, as
        Indenture Trustee (the “Indenture
        Trustee”);
        provided,
        however,
        that
        the entire unpaid principal amount of this Note shall be due and payable
        on the
        earlier of [________] (the “Class
        A-2b Maturity Date”)
        and
        the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
        terms used but not defined herein are defined in the Indenture, which also
        contains rules as to construction that shall be applicable herein.

       

      The
        Issuer will pay interest on this Note at the rate per annum set forth above,
        on
        each Payment Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note outstanding on the preceding
        Payment Date (after giving effect to all payments of principal made on the
        preceding Payment Date), subject to certain limitations contained in the
        last
        sentence of Section 3.01 of the Indenture. Interest on this Note will accrue
        for
        each Payment Date on the basis of a 360-day year and the actual number of
        days
        from the previous Payment Date (or, in the case of the first Payment Date,
        from
        the Closing Date) to but excluding the next Payment Date. Such principal
        of and
        interest on this Note shall be paid in the manner specified herein.

       

      
        

      

      
        	3	
                Denominations
                  of $1,000 and integral multiples of $1,000 in excess
                  thereof.

              

      

       

      
        
          
          

        

        
          A-2b-1

          
            

          

        

        
          
          

        

      

       

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

       

      Unless
        the certificate of authentication hereon has been executed by the Indenture
        Trustee whose name appears below by manual signature, this Note shall not
        be
        entitled to any benefit under the Indenture, or be valid or obligatory for
        any
        purpose.

       

      This
        Note
        is one of a duly authorized issue of Notes of the Issuer, designated as its
        LIBOR + [____]% Asset Backed Notes, Class A-2b (herein called the “Class A-2b
        Notes”), all issued under the Indenture, to which Indenture and all indentures
        supplemental thereto reference is hereby made for a statement of the respective
        rights and obligations thereunder of the Issuer, the Indenture Trustee and
        the
        Holders of the Notes. The Class A-2b Notes are subject to all terms of the
        Indenture.

       

      The
        Class
        A-2b Notes are and will be secured by the collateral pledged as security
        therefor as provided in the Indenture. The Class A-2b Notes are subordinated
        in
        right of payment to the Class A-1 Notes and are senior in right of payment
        to
        the Class A-3 Notes and the Class A-4 Notes, to the extent provided in the
        Indenture.

       

      Principal
        of the Class A-2b Notes will be payable on each Payment Date in an amount
        described on the face hereof. “Payment Date” means the 15th
        day of
        each month, or, if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

      As
        described above, the entire unpaid principal amount of this Note shall be
        due
        and payable on the earlier of the Class A-2b Maturity Date and the Redemption
        Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
        foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
        of Notes representing not less than a majority of the Outstanding Amount
        of the
        Notes may declare the Notes to be immediately due and payable in the manner
        provided in Section 5.02 of the Indenture. All principal payments on the
        Class
        A-2b Notes shall be made pro rata to the Class A-2b Noteholders entitled
        thereto.

       

      Payments
        of interest on this Note due and payable on each Payment Date, together with
        the
        installment of principal, if any, to the extent not in full payment of this
        Note, shall be made by check mailed to the Person whose name appears as the
        Registered Holder of this Note (or one or more Predecessor Notes) on the
        Note
        Register as of the close of business on each Record Date, except that with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
        made by wire transfer in immediately available funds to the account designated
        by such nominee. Such checks shall be mailed to the Person entitled thereto
        at
        the address of such Person as it appears on the Note Register as of the
        applicable Record Date without requiring that this Note be submitted for
        notation of payment. Any reduction in the principal amount of this Note (or
        any
        one or more Predecessor Notes) effected by any payments made on any Payment
        Date
        shall be binding upon all future Holders of this Note and of any Note issued
        upon the registration of transfer hereof or in exchange hereof or in lieu
        hereof, whether or not noted hereon. If funds are expected to be available,
        as
        provided in the Indenture, for payment in full of the then remaining unpaid
        principal amount of this Note on a Payment Date, then the Indenture Trustee,
        in
        the name of and on behalf of the Issuer, will notify the Person who was the
        Registered Holder hereof as of the Record Date preceding such Payment Date
        by
        notice mailed or transmitted by facsimile prior to such Payment Date, and
        the
        amount then due and payable shall be payable only upon presentation and
        surrender of this Note at the Indenture Trustee’s principal Corporate Trust
        Office or at the office of the Indenture Trustee’s agent appointed for such
        purposes located in The City of New York.

       

      
        
          
          

        

        
          A-2b-2

          
            

          

        

        
          
          

        

      

       

      The
        Issuer shall pay interest on overdue installments of interest at the Class
        A-2b
        Rate to the extent lawful.

       

      As
        provided in the Indenture and subject to the limitations set forth therein
        and
        on the face hereof, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the
        office
        or agency designated by the Issuer pursuant to the Indenture, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
        duly authorized in writing, with such signature guaranteed by an “eligible
        guarantor institution” meeting the requirements of the Note Registrar, which
        requirements include membership or participation in the Securities Transfer
        Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
        for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended, and thereupon one or more new Notes of authorized denominations
        and in
        the same aggregate principal amount will be issued to the designated transferee
        or transferees. No service charge will be charged for any registration of
        transfer or exchange of this Note, but the transferor may be required to
        pay a
        sum sufficient to cover any tax or other governmental charge that may be
        imposed
        in connection with any such registration of transfer or exchange subject
        to
        certain exceptions set forth in the Indenture.

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees that no recourse
        may be taken, directly or indirectly, with respect to the obligations of
        the
        Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
        the
        Indenture or any certificate or other writing delivered in connection therewith,
        against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
        Trustee
        in its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent,
        officer, director or employee of the Seller, the Servicer, Indenture Trustee
        or
        the Owner Trustee in its individual capacity, any holder of a beneficial
        interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
        Indenture Trustee or of any successor or assign of the Indenture Trustee
        or the
        Owner Trustee in its individual capacity, except as any such Person may have
        expressly agreed and except that any such partner, owner or beneficiary shall
        be
        fully liable, to the extent provided by applicable law, for any unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity. Each Noteholder or Note Owner,
        by its
        acceptance of a Note or, in the case of a Note Owner, a beneficial interest
        in a
        Note, agrees that, except as expressly provided in the Basic Documents, in
        the
        case of an Event of Default under the Indenture, the Noteholder shall have
        no
        claim against any of the foregoing for any deficiency, loss or claim therefrom;
        provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-2b-3

          
            

          

        

        
          
          

        

      

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees by accepting
        the
        benefits of the Indenture that such Noteholder or Note Owner will not at
        any
        time institute against the Issuer or the Depositor, or join in any institution
        against the Issuer or the Depositor of, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings under any United States
        federal or state bankruptcy or similar law in connection with any obligations
        relating to the Notes, the Indenture or the other Basic Documents.

       

      The
        Issuer has entered into the Indenture and this Note is issued with the intention
        that, for purposes of federal and state income tax, franchise tax and any
        other
        tax measured in whole or in part by income, the Notes will be characterized
        as
        indebtedness secured by the Trust Estate. Each Noteholder, by acceptance
        of a
        Note (and each Note Owner by acceptance of a beneficial interest in a Note),
        agrees to treat the Notes for such purposes as indebtedness.

       

      This
        Note, or any interest therein, may not be transferred to an “employee benefit
        plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a
“plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to
        hold “plan assets” of any of the foregoing by reason of an employee benefit
        plan’s or other plan’s investment in such entity, or any governmental, foreign
        or church plan subject to applicable law that is substantially similar to
        Section 406 of ERISA or Section 4975 of the Code, unless such transferee
        represents, warrants and covenants that its purchase and holding of this
        Note,
        throughout the period that it holds this Note is, and will be, eligible for
        relief under Section 408(b)(17) of ERISA; Department of Labor prohibited
        transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38;
        PTCE 84-14 or another applicable prohibited transaction exemption (or in
        the
        case of a governmental, foreign or church plan subject to law that is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        a similar type of exemption or other applicable relief). By its acquisition
        of
        this Note in book-entry form or any interest therein, each transferee will
        be
        deemed to have represented, warranted and covenanted that it satisfies the
        foregoing requirements and the Indenture Trustee may rely conclusively on
        the
        same for purposes hereof.

       

      Prior
        to
        the due presentment for registration of transfer of this Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name this Note (as of the day of determination or as
        of such
        other date as may be specified in the Indenture) is registered as the owner
        hereof for all purposes, whether or not this Note be overdue, and none of
        the
        Issuer, the Indenture Trustee or any such agent shall be affected by notice
        to
        the contrary.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        rights of the Holders of the Notes under the Indenture at any time by the
        Issuer
        with the consent of the Holders of Notes representing a majority of the
        Outstanding Amount of all Notes at the time Outstanding. The Indenture also
        contains provisions permitting Holders of Notes representing specified
        percentages of the Outstanding Amount of the Notes, on behalf of the Holders
        of
        all the Notes, to waive compliance by the Issuer with certain provisions
        of the
        Indenture and certain past defaults under the Indenture and their consequences.
        Any such consent or waiver by the Holder of this Note (or any one or more
        Predecessor Notes) shall be conclusive and binding upon such Holder and upon
        all
        future Holders of this Note and of any Note issued upon the registration
        of
        transfer hereof or in exchange hereof or in lieu hereof whether or not notation
        of such consent or waiver is made upon this Note. The Indenture also permits
        the
        Indenture Trustee to amend or waive certain terms and conditions set forth
        in
        the Indenture without the consent of Holders of the Notes issued
        thereunder.

       

      
        
          
          

        

        
          A-2b-4

          
            

          

        

        
          
          

        

      

       

      The
        term
“Issuer” as used in this Note includes any successor to the Issuer under the
        Indenture.

       

      The
        Notes
        are issuable only in registered form in denominations as provided in the
        Indenture, subject to certain limitations therein set forth.

       

      This
        Note
        and the Indenture shall be construed in accordance with the laws of the State
        of
        New York, without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder and thereunder
        shall
        be determined in accordance with such laws. No reference herein to the Indenture
        and no provision of this Note or of the Indenture shall alter or impair the
        obligation of the Issuer, which is absolute and unconditional, to pay the
        principal of and interest on this Note at the times, place and rate, and
        in the
        coin or currency herein prescribed.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, none of Wilmington Trust Company in its individual capacity,
        Citibank, N.A. in its individual capacity, any owner of a beneficial interest
        in
        the Issuer, the Seller, the Servicer, or any of their respective partners,
        beneficiaries, agents, officers, directors, employees or successors or assigns
        shall be personally liable for, nor shall recourse be had to any of them
        for,
        the payment of principal of or interest on this Note or performance of, or
        omission to perform, any of the covenants, obligations or indemnifications
        contained in the Indenture. The Holder of this Note by its acceptance hereof
        agrees that, except as expressly provided in the Basic Documents, in the
        case of
        an Event of Default under the Indenture, the Holder shall have no claim against
        any of the foregoing for any deficiency, loss or claim therefrom; provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-2b-5

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
        or
        in facsimile, by its Authorized Officer, as of the date set forth
        below.

      
        
          
            	 	 	 
	Date:
                    ___________________	HYUNDAI
                    AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
                  	By:	
                    WILMINGTON
                      TRUST COMPANY,
                      not in its

                    individual
                      capacity but solely as Owner Trustee under 

                    the
                      Trust Agreement,

                  
	 	 	 
	 	
                  	
                  
	 	 	
                    
                      

                    

                    Authorized
                      Signatory

                  

          

           

        

        TRUSTEE’S
          CERTIFICATE OF AUTHENTICATION

         

        This
          is
          one of the Notes designated above and referred to in the within-mentioned
          Indenture.

        
          
            	 	 	 
	Date:
                    ___________________	
                    CITIBANK,
                      N.A.,
                      not in its individual

                    capacity
                      but solely as Indenture Trustee,

                  
	 
 	 
 	 
 
	 	By:  	
                  
	 	 	
                    
                      

                    

                    Authorized
                      Signatory

                  

          

           

          
            
              
              

            

            
              A-2b-6

              
                

              

            

            
              
              

            

          

        

      

       

      ASSIGNMENT

       

      Social
        Security or taxpayer I.D. or other identifying number of assignee:
        __________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns
        and
        transfers unto:
        __________________________________________________________________________
         (name
        and
        address of assignee)

       

      the
        within Note and all rights thereunder, and hereby irrevocably constitutes
        and
        appoints _________________________________________, attorney, to transfer
        said
        Note on the books kept for registration thereof, with full power of substitution
        in the premises.

       

      Dated:
        ________________________ */

       

      Signature
        Guaranteed:

       

      _____________________________

       

      */ NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of
        the Note Registrar, which requirements include membership or participation
        in
        STAMP or such other “signature guarantee program” as may be determined by the
        Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Securities Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          A-2b-7

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3a

       

      [FORM
        OF
        CLASS A-3a NOTE]

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
        ISSUED
        IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THE
        PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
        ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
        BE
        LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      
        
           

          
            
              	REGISTERED	
                      $__________(4)

                    
	 No.
                      R-________	
                      CUSIP
                        NO.
                        ___________

                    

            

          

           

        

      

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A

       

      [____]%
        ASSET BACKED NOTE, CLASS A-3a

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A, a statutory trust organized and existing under
        the laws of the State of Delaware (herein referred to as the “Issuer”), for
        value received, hereby promises to pay to Cede & Co. or registered assigns,
        the principal sum of ______________________________ DOLLARS, payable on each
        Payment Date in an amount equal to the aggregate amount, if any, payable
        from
        the Note Distribution Account in respect of principal on the Class A-3a Notes
        pursuant to Section 3.01 of the Indenture dated as of September 28, 2007
        (the
“Indenture”), between the Issuer and Citibank, N.A., a national banking
        association, as Indenture Trustee (the “Indenture Trustee”); provided,
        however,
        that
        the entire unpaid principal amount of this Note shall be due and payable
        on the
        earlier of [________] (the “Class A-3a Maturity Date”) and the Redemption Date,
        if any, pursuant to Article X of the Indenture. Capitalized terms used but
        not
        defined herein are defined in the Indenture, which also contains rules as
        to
        construction that shall be applicable herein.

       

      The
        Issuer will pay interest on this Note at the rate per annum set forth above,
        on
        each Payment Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note outstanding on the preceding
        Payment Date (after giving effect to all payments of principal made on the
        preceding Payment Date), subject to certain limitations contained in the
        last
        sentence of Section 3.01 of the Indenture. Interest on this Note will accrue
        for
        each Payment Date from and including the 15th
        day of
        the month preceding the month of such Payment Date (or, in the case of the
        first
        Payment Date, from the Closing Date) to but excluding the 15th
        day of
        the month of such Payment Date. Interest will be computed on the basis of
        a
        360-day year consisting of twelve 30-day months. Such principal of and interest
        on this Note shall be paid in the manner specified herein.

       

      
        
          

        

        
          
            
              	4	
                      Denominations
                        of $1,000 and integral multiples of $1,000 in excess
                        thereof.

                    

            

          

        

         

        
          
            
            

          

          
            A-3a-1

            
              

            

          

          
            
            

          

        

         

      

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

       

      Unless
        the certificate of authentication hereon has been executed by the Indenture
        Trustee whose name appears below by manual signature, this Note shall not
        be
        entitled to any benefit under the Indenture, or be valid or obligatory for
        any
        purpose.

       

      This
        Note
        is one of a duly authorized issue of Notes of the Issuer, designated as its
        [____]% Asset Backed Notes, Class A-3a (herein called the “Class A-3a Notes”),
        all issued under the Indenture, to which Indenture and all indentures
        supplemental thereto reference is hereby made for a statement of the respective
        rights and obligations thereunder of the Issuer, the Indenture Trustee and
        the
        Holders of the Notes. The Class A-3a Notes are subject to all terms of the
        Indenture.

       

      The
        Class
        A-3a Notes are and will be secured by the collateral pledged as security
        therefor as provided in the Indenture. The Class A-3a Notes are subordinated
        in
        right of payment to the Class A-1 Notes and the Class A-2b Notes, share in
        right
        of payment, on a pro rata basis, with the Class A-3b Notes and are senior
        in
        right of payment to the Class A-4 Notes, to the extent provided in the
        Indenture.

       

      Principal
        of the Class A-3a Notes will be payable on each Payment Date in an amount
        described on the face hereof. “Payment Date” means the 15th
        day of
        each month, or, if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

      As
        described above, the entire unpaid principal amount of this Note shall be
        due
        and payable on the earlier of the Class A-3a Maturity Date and the Redemption
        Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
        foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
        of Notes representing not less than a majority of the Outstanding Amount
        of the
        Notes may declare the Notes to be immediately due and payable in the manner
        provided in Section 5.02 of the Indenture. All principal payments on the
        Class
        A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.
        

       

      Payments
        of interest on this Note due and payable on each Payment Date, together with
        the
        installment of principal, if any, to the extent not in full payment of this
        Note, shall be made by check mailed to the Person whose name appears as the
        Registered Holder of this Note (or one or more Predecessor Notes) on the
        Note
        Register as of the close of business on each Record Date, except that with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
        made by wire transfer in immediately available funds to the account designated
        by such nominee. Such checks shall be mailed to the Person entitled thereto
        at
        the address of such Person as it appears on the Note Register as of the
        applicable Record Date without requiring that this Note be submitted for
        notation of payment. Any reduction in the principal amount of this Note (or
        any
        one or more Predecessor Notes) effected by any payments made on any Payment
        Date
        shall be binding upon all future Holders of this Note and of any Note issued
        upon the registration of transfer hereof or in exchange hereof or in lieu
        hereof, whether or not noted hereon. If funds are expected to be available,
        as
        provided in the Indenture, for payment in full of the then remaining unpaid
        principal amount of this Note on a Payment Date, then the Indenture Trustee,
        in
        the name of and on behalf of the Issuer, will notify the Person who was the
        Registered Holder hereof as of the Record Date preceding such Payment Date
        by
        notice mailed or transmitted by facsimile prior to such Payment Date, and
        the
        amount then due and payable shall be payable only upon presentation and
        surrender of this Note at the Indenture Trustee’s principal Corporate Trust
        Office or at the office of the Indenture Trustee’s agent appointed for such
        purposes located in The City of New York.

       

      
        
          
          

        

        
          A-3a-2

          
            

          

        

        
          
          

        

      

       

      The
        Issuer shall pay interest on overdue installments of interest at the Class
        A-3a
        Rate to the extent lawful.

       

      As
        provided in the Indenture and subject to the limitations set forth therein
        and
        on the face hereof, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the
        office
        or agency designated by the Issuer pursuant to the Indenture, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
        duly authorized in writing, with such signature guaranteed by an “eligible
        guarantor institution” meeting the requirements of the Note Registrar, which
        requirements include membership or participation in the Securities Transfer
        Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
        for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended, and thereupon one or more new Notes of authorized denominations
        and in
        the same aggregate principal amount will be issued to the designated transferee
        or transferees. No service charge will be charged for any registration of
        transfer or exchange of this Note, but the transferor may be required to
        pay a
        sum sufficient to cover any tax or other governmental charge that may be
        imposed
        in connection with any such registration of transfer or exchange subject
        to
        certain exceptions set forth in the Indenture.

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees that no recourse
        may be taken, directly or indirectly, with respect to the obligations of
        the
        Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
        the
        Indenture or any certificate or other writing delivered in connection therewith,
        against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
        Trustee
        in its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent,
        officer, director or employee of the Seller, the Servicer, Indenture Trustee
        or
        the Owner Trustee in its individual capacity, any holder of a beneficial
        interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
        Indenture Trustee or of any successor or assign of the Indenture Trustee
        or the
        Owner Trustee in its individual capacity, except as any such Person may have
        expressly agreed and except that any such partner, owner or beneficiary shall
        be
        fully liable, to the extent provided by applicable law, for any unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity. Each Noteholder or Note Owner,
        by its
        acceptance of a Note or, in the case of a Note Owner, a beneficial interest
        in a
        Note, agrees that, except as expressly provided in the Basic Documents, in
        the
        case of an Event of Default under the Indenture, the Noteholder shall have
        no
        claim against any of the foregoing for any deficiency, loss or claim therefrom;
        provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-3a-3

          
            

          

        

        
          
          

        

      

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees by accepting
        the
        benefits of the Indenture that such Noteholder or Note Owner will not at
        any
        time institute against the Issuer or the Depositor, or join in any institution
        against the Issuer or the Depositor of, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings under any United States
        federal or state bankruptcy or similar law in connection with any obligations
        relating to the Notes, the Indenture or the other Basic Documents.

       

      The
        Issuer has entered into the Indenture and this Note is issued with the intention
        that, for purposes of federal and state income tax, franchise tax and any
        other
        tax measured in whole or in part by income, the Notes will be characterized
        as
        indebtedness secured by the Trust Estate. Each Noteholder, by acceptance
        of a
        Note (and each Note Owner by acceptance of a beneficial interest in a Note),
        agrees to treat the Notes for such purposes as indebtedness.

       

      This
        Note, or any interest therein, may not be transferred to an “employee benefit
        plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a
“plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to
        hold “plan assets” of any of the foregoing by reason of an employee benefit
        plan’s or other plan’s investment in such entity, or any governmental, foreign
        or church plan subject to applicable law that is substantially similar to
        Section 406 of ERISA or Section 4975 of the Code, unless such transferee
        represents, warrants and covenants that its purchase and holding of this
        Note,
        throughout the period that it holds this Note is, and will be, eligible for
        relief under Section 408(b)(17) of ERISA; Department of Labor prohibited
        transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38;
        PTCE 84-14 or another applicable prohibited transaction exemption (or in
        the
        case of a governmental, foreign or church plan subject to law that is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        a similar type of exemption or other applicable relief). By its acquisition
        of
        this Note in book-entry form or any interest therein, each transferee will
        be
        deemed to have represented, warranted and covenanted that it satisfies the
        foregoing requirements and the Indenture Trustee may rely conclusively on
        the
        same for purposes hereof.

       

      Prior
        to
        the due presentment for registration of transfer of this Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name this Note (as of the day of determination or as
        of such
        other date as may be specified in the Indenture) is registered as the owner
        hereof for all purposes, whether or not this Note be overdue, and none of
        the
        Issuer, the Indenture Trustee or any such agent shall be affected by notice
        to
        the contrary.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        rights of the Holders of the Notes under the Indenture at any time by the
        Issuer
        with the consent of the Holders of Notes representing a majority of the
        Outstanding Amount of all Notes at the time Outstanding. The Indenture also
        contains provisions permitting Holders of Notes representing specified
        percentages of the Outstanding Amount of the Notes, on behalf of the Holders
        of
        all the Notes, to waive compliance by the Issuer with certain provisions
        of the
        Indenture and certain past defaults under the Indenture and their consequences.
        Any such consent or waiver by the Holder of this Note (or any one or more
        Predecessor Notes) shall be conclusive and binding upon such Holder and upon
        all
        future Holders of this Note and of any Note issued upon the registration
        of
        transfer hereof or in exchange hereof or in lieu hereof whether or not notation
        of such consent or waiver is made upon this Note. The Indenture also permits
        the
        Indenture Trustee to amend or waive certain terms and conditions set forth
        in
        the Indenture without the consent of Holders of the Notes issued
        thereunder.

       

      
        
          
          

        

        
          A-3a-4

          
            

          

        

        
          
          

        

      

       

      The
        term
“Issuer” as used in this Note includes any successor to the Issuer under the
        Indenture.

       

      The
        Notes
        are issuable only in registered form in denominations as provided in the
        Indenture, subject to certain limitations therein set forth.

       

      This
        Note
        and the Indenture shall be construed in accordance with the laws of the State
        of
        New York, without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder and thereunder
        shall
        be determined in accordance with such laws.

       

      No
        reference herein to the Indenture and no provision of this Note or of the
        Indenture shall alter or impair the obligation of the Issuer, which is absolute
        and unconditional, to pay the principal of and interest on this Note at the
        times, place and rate, and in the coin or currency herein
        prescribed.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, none of Wilmington Trust Company in its individual capacity,
        Citibank, N.A. in its individual capacity, any owner of a beneficial interest
        in
        the Issuer, the Seller, the Servicer, or any of their respective partners,
        beneficiaries, agents, officers, directors, employees or successors or assigns
        shall be personally liable for, nor shall recourse be had to any of them
        for,
        the payment of principal of or interest on this Note or performance of, or
        omission to perform, any of the covenants, obligations or indemnifications
        contained in the Indenture. The Holder of this Note by its acceptance hereof
        agrees that, except as expressly provided in the Basic Documents, in the
        case of
        an Event of Default under the Indenture, the Holder shall have no claim against
        any of the foregoing for any deficiency, loss or claim therefrom; provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-3a-5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
        or
        in facsimile, by its Authorized Officer, as of the date set forth
        below.

      
        
          
            
              
                	 	 	 
	Date:
                        ___________________	HYUNDAI
                        AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
                      	By:	
                        WILMINGTON
                          TRUST COMPANY,
                          not in its

                        individual
                          capacity but solely as Owner Trustee under 

                        the
                          Trust Agreement,

                      
	 	 	 
	 	
                      	
                      
	 	 	
                        
                          

                        

                        Authorized
                          Signatory

                      

              

            

             

          

          TRUSTEE’S
            CERTIFICATE OF AUTHENTICATION

           

          This
            is
            one of the Notes designated above and referred to in the within-mentioned
            Indenture.

          
            
              	 	 	 
	Date:
                      ___________________	
                      CITIBANK,
                        N.A.,
                        not in its individual

                      capacity
                        but solely as Indenture Trustee,

                    
	 
 	 
 	 
 
	 	By:  	
                    
	 	 	
                      
                        

                      

                      Authorized
                        Signatory

                    

            

             

            
              
                
                

              

              
                A-3a-6

                
                  

                

              

              
                
                

              

            

          

        

      

       

      ASSIGNMENT

       

      Social
        Security or taxpayer I.D. or other identifying number of assignee:
        __________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns
        and
        transfers unto:
        __________________________________________________________________________
         (name
        and
        address of assignee)

       

      the
        within Note and all rights thereunder, and hereby irrevocably constitutes
        and
        appoints _________________________________________, attorney, to transfer
        said
        Note on the books kept for registration thereof, with full power of substitution
        in the premises.

       

      Dated:
        ________________________ */

       

      Signature
        Guaranteed:

       

      _____________________________

       

      */ NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of
        the Note Registrar, which requirements include membership or participation
        in
        STAMP or such other “signature guarantee program” as may be determined by the
        Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Securities Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          A-3a-7

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A-3b

       

      [FORM
        OF
        CLASS A-3b NOTE]

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
        ISSUED
        IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THE
        PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
        ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
        BE
        LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

      
        
           

          
            
              	REGISTERED	
                      $__________(5)

                    
	 No.
                      R-________	
                      CUSIP
                        NO.
                        ___________

                    

            

          

           

        

      

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A

       

      LIBOR
        +
        [____]% ASSET BACKED NOTE, CLASS A-3b

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A, a statutory trust organized and existing under
        the laws of the State of Delaware (herein referred to as the “Issuer”), for
        value received, hereby promises to pay to Cede & Co. or registered assigns,
        the principal sum of ______________________________ DOLLARS, payable on each
        Payment Date in an amount equal to the aggregate amount, if any, payable
        from
        the Note Distribution Account in respect of principal on the Class A-3b Notes
        pursuant to Section 3.01 of the Indenture dated as of September 28, 2007
        (the
“Indenture”), between the Issuer and Citibank, N.A., a national banking
        association, as Indenture Trustee (the “Indenture Trustee”); provided,
        however,
        that
        the entire unpaid principal amount of this Note shall be due and payable
        on the
        earlier of [________] (the “Class A-3b Maturity Date”) and the Redemption Date,
        if any, pursuant to Article X of the Indenture. Capitalized terms used but
        not
        defined herein are defined in the Indenture, which also contains rules as
        to
        construction that shall be applicable herein.

       

      The
        Issuer will pay interest on this Note at the rate per annum set forth above,
        on
        each Payment Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note outstanding on the preceding
        Payment Date (after giving effect to all payments of principal made on the
        preceding Payment Date), subject to certain limitations contained in the
        last
        sentence of Section 3.01 of the Indenture. Interest on this Note will accrue
        for
        each Payment Date on the basis of a 360-day year and the actual number of
        days
        from the previous Payment Date (or, in the case of the first Payment Date,
        from
        the Closing Date) to but excluding the next Payment Date. Such principal
        of and
        interest on this Note shall be paid in the manner specified herein.

       

        
          

        

        
          
            	5	
                    Denominations
                      of $1,000 and integral multiples of $1,000 in excess
                      thereof.

                  

          

           

        

      

      
        
          
          

        

        
          A-3b-1

          
            

          

        

        
          
          

        

      

       

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

       

      Unless
        the certificate of authentication hereon has been executed by the Indenture
        Trustee whose name appears below by manual signature, this Note shall not
        be
        entitled to any benefit under the Indenture, or be valid or obligatory for
        any
        purpose.

       

      This
        Note
        is one of a duly authorized issue of Notes of the Issuer, designated as its
        LIBOR + [____]% Asset Backed Notes, Class A-3b (herein called the “Class A-3b
        Notes”), all issued under the Indenture, to which Indenture and all indentures
        supplemental thereto reference is hereby made for a statement of the respective
        rights and obligations thereunder of the Issuer, the Indenture Trustee and
        the
        Holders of the Notes. The Class A-3b Notes are subject to all terms of the
        Indenture.

       

      The
        Class
        A-3b Notes are and will be secured by the collateral pledged as security
        therefor as provided in the Indenture. The Class A-3b Notes are subordinated
        in
        right of payment to the Class A-1 Notes and the Class A-2b Notes, share in
        right
        of payment, on a pro rata basis, with the Class A-3a Notes and are senior
        in
        right of payment to the Class A-4 Notes, to the extent provided in the
        Indenture.

       

      Principal
        of the Class A-3b Notes will be payable on each Payment Date in an amount
        described on the face hereof. “Payment Date” means the 15th
        day of
        each month, or, if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

      As
        described above, the entire unpaid principal amount of this Note shall be
        due
        and payable on the earlier of the Class A-3b Maturity Date and the Redemption
        Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
        foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
        of Notes representing not less than a majority of the Outstanding Amount
        of the
        Notes may declare the Notes to be immediately due and payable in the manner
        provided in Section 5.02 of the Indenture. All principal payments on the
        Class
        A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.
        

       

      Payments
        of interest on this Note due and payable on each Payment Date, together with
        the
        installment of principal, if any, to the extent not in full payment of this
        Note, shall be made by check mailed to the Person whose name appears as the
        Registered Holder of this Note (or one or more Predecessor Notes) on the
        Note
        Register as of the close of business on each Record Date, except that with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
        made by wire transfer in immediately available funds to the account designated
        by such nominee. Such checks shall be mailed to the Person entitled thereto
        at
        the address of such Person as it appears on the Note Register as of the
        applicable Record Date without requiring that this Note be submitted for
        notation of payment. Any reduction in the principal amount of this Note (or
        any
        one or more Predecessor Notes) effected by any payments made on any Payment
        Date
        shall be binding upon all future Holders of this Note and of any Note issued
        upon the registration of transfer hereof or in exchange hereof or in lieu
        hereof, whether or not noted hereon. If funds are expected to be available,
        as
        provided in the Indenture, for payment in full of the then remaining unpaid
        principal amount of this Note on a Payment Date, then the Indenture Trustee,
        in
        the name of and on behalf of the Issuer, will notify the Person who was the
        Registered Holder hereof as of the Record Date preceding such Payment Date
        by
        notice mailed or transmitted by facsimile prior to such Payment Date, and
        the
        amount then due and payable shall be payable only upon presentation and
        surrender of this Note at the Indenture Trustee’s principal Corporate Trust
        Office or at the office of the Indenture Trustee’s agent appointed for such
        purposes located in The City of New York.

       

      
        
          
          

        

        
          A-3b-2

          
            

          

        

        
          
          

        

      

       

      The
        Issuer shall pay interest on overdue installments of interest at the Class
        A-3b
        Rate to the extent lawful.

       

      As
        provided in the Indenture and subject to the limitations set forth therein
        and
        on the face hereof, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the
        office
        or agency designated by the Issuer pursuant to the Indenture, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
        duly authorized in writing, with such signature guaranteed by an “eligible
        guarantor institution” meeting the requirements of the Note Registrar, which
        requirements include membership or participation in the Securities Transfer
        Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
        for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended, and thereupon one or more new Notes of authorized denominations
        and in
        the same aggregate principal amount will be issued to the designated transferee
        or transferees. No service charge will be charged for any registration of
        transfer or exchange of this Note, but the transferor may be required to
        pay a
        sum sufficient to cover any tax or other governmental charge that may be
        imposed
        in connection with any such registration of transfer or exchange subject
        to
        certain exceptions set forth in the Indenture.

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees that no recourse
        may be taken, directly or indirectly, with respect to the obligations of
        the
        Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
        the
        Indenture or any certificate or other writing delivered in connection therewith,
        against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
        Trustee
        in its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent,
        officer, director or employee of the Seller, the Servicer, Indenture Trustee
        or
        the Owner Trustee in its individual capacity, any holder of a beneficial
        interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
        Indenture Trustee or of any successor or assign of the Indenture Trustee
        or the
        Owner Trustee in its individual capacity, except as any such Person may have
        expressly agreed and except that any such partner, owner or beneficiary shall
        be
        fully liable, to the extent provided by applicable law, for any unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity. Each Noteholder or Note Owner,
        by its
        acceptance of a Note or, in the case of a Note Owner, a beneficial interest
        in a
        Note, agrees that, except as expressly provided in the Basic Documents, in
        the
        case of an Event of Default under the Indenture, the Noteholder shall have
        no
        claim against any of the foregoing for any deficiency, loss or claim therefrom;
        provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-3b-3

          
            

          

        

        
          
          

        

      

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees by accepting
        the
        benefits of the Indenture that such Noteholder or Note Owner will not at
        any
        time institute against the Issuer or the Depositor, or join in any institution
        against the Issuer or the Depositor of, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings under any United States
        federal or state bankruptcy or similar law in connection with any obligations
        relating to the Notes, the Indenture or the other Basic Documents.

       

      The
        Issuer has entered into the Indenture and this Note is issued with the intention
        that, for purposes of federal and state income tax, franchise tax and any
        other
        tax measured in whole or in part by income, the Notes will be characterized
        as
        indebtedness secured by the Trust Estate. Each Noteholder, by acceptance
        of a
        Note (and each Note Owner by acceptance of a beneficial interest in a Note),
        agrees to treat the Notes for such purposes as indebtedness.

       

      This
        Note, or any interest therein, may not be transferred to an “employee benefit
        plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a
“plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to
        hold “plan assets” of any of the foregoing by reason of an employee benefit
        plan’s or other plan’s investment in such entity, or any governmental, foreign
        or church plan subject to applicable law that is substantially similar to
        Section 406 of ERISA or Section 4975 of the Code, unless such transferee
        represents, warrants and covenants that its purchase and holding of this
        Note,
        throughout the period that it holds this Note is, and will be, eligible for
        relief under Section 408(b)(17) of ERISA; Department of Labor prohibited
        transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38;
        PTCE 84-14 or another applicable prohibited transaction exemption (or in
        the
        case of a governmental, foreign or church plan subject to law that is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        a similar type of exemption or other applicable relief). By its acquisition
        of
        this Note in book-entry form or any interest therein, each transferee will
        be
        deemed to have represented, warranted and covenanted that it satisfies the
        foregoing requirements and the Indenture Trustee may rely conclusively on
        the
        same for purposes hereof.

       

      Prior
        to
        the due presentment for registration of transfer of this Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name this Note (as of the day of determination or as
        of such
        other date as may be specified in the Indenture) is registered as the owner
        hereof for all purposes, whether or not this Note be overdue, and none of
        the
        Issuer, the Indenture Trustee or any such agent shall be affected by notice
        to
        the contrary.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        rights of the Holders of the Notes under the Indenture at any time by the
        Issuer
        with the consent of the Holders of Notes representing a majority of the
        Outstanding Amount of all Notes at the time Outstanding. The Indenture also
        contains provisions permitting Holders of Notes representing specified
        percentages of the Outstanding Amount of the Notes, on behalf of the Holders
        of
        all the Notes, to waive compliance by the Issuer with certain provisions
        of the
        Indenture and certain past defaults under the Indenture and their consequences.
        Any such consent or waiver by the Holder of this Note (or any one or more
        Predecessor Notes) shall be conclusive and binding upon such Holder and upon
        all
        future Holders of this Note and of any Note issued upon the registration
        of
        transfer hereof or in exchange hereof or in lieu hereof whether or not notation
        of such consent or waiver is made upon this Note. The Indenture also permits
        the
        Indenture Trustee to amend or waive certain terms and conditions set forth
        in
        the Indenture without the consent of Holders of the Notes issued
        thereunder.

       

      
        
          
          

        

        
          A-3b-4

          
            

          

        

        
          
          

        

      

       

      The
        term
“Issuer” as used in this Note includes any successor to the Issuer under the
        Indenture.

       

      The
        Notes
        are issuable only in registered form in denominations as provided in the
        Indenture, subject to certain limitations therein set forth.

       

      This
        Note
        and the Indenture shall be construed in accordance with the laws of the State
        of
        New York, without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder and thereunder
        shall
        be determined in accordance with such laws.

       

      No
        reference herein to the Indenture and no provision of this Note or of the
        Indenture shall alter or impair the obligation of the Issuer, which is absolute
        and unconditional, to pay the principal of and interest on this Note at the
        times, place and rate, and in the coin or currency herein
        prescribed.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, none of Wilmington Trust Company in its individual capacity,
        Citibank, N.A. in its individual capacity, any owner of a beneficial interest
        in
        the Issuer, the Seller, the Servicer, or any of their respective partners,
        beneficiaries, agents, officers, directors, employees or successors or assigns
        shall be personally liable for, nor shall recourse be had to any of them
        for,
        the payment of principal of or interest on this Note or performance of, or
        omission to perform, any of the covenants, obligations or indemnifications
        contained in the Indenture. The Holder of this Note by its acceptance hereof
        agrees that, except as expressly provided in the Basic Documents, in the
        case of
        an Event of Default under the Indenture, the Holder shall have no claim against
        any of the foregoing for any deficiency, loss or claim therefrom; provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-3b-5

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
        or
        in facsimile, by its Authorized Officer, as of the date set forth
        below.

      
        
          
            
              
                	 	 	 
	Date:
                        ___________________	HYUNDAI
                        AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
                      	By:	
                        WILMINGTON
                          TRUST COMPANY,
                          not in its

                        individual
                          capacity but solely as Owner Trustee under 

                        the
                          Trust Agreement,

                      
	 	 	 
	 	
                      	
                      
	 	 	
                        
                          

                        

                        Authorized
                          Signatory

                      

              

            

             

          

          TRUSTEE’S
            CERTIFICATE OF AUTHENTICATION

           

          This
            is
            one of the Notes designated above and referred to in the within-mentioned
            Indenture.

          
            
              	 	 	 
	Date:
                      ___________________	
                      CITIBANK,
                        N.A.,
                        not in its individual

                      capacity
                        but solely as Indenture Trustee,

                    
	 
 	 
 	 
 
	 	By:  	
                    
	 	 	
                      
                        

                      

                      Authorized
                        Signatory

                    

            

             

            
              
                
                

              

              
                A-3b-6

                
                  

                

              

              
                
                

              

            

          

        

      

       

      ASSIGNMENT

       

      Social
        Security or taxpayer I.D. or other identifying number of assignee:
        __________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns
        and
        transfers unto:
        __________________________________________________________________________
         (name
        and
        address of assignee)

       

      the
        within Note and all rights thereunder, and hereby irrevocably constitutes
        and
        appoints _________________________________________, attorney, to transfer
        said
        Note on the books kept for registration thereof, with full power of substitution
        in the premises.

       

      Dated:
        ________________________ */

       

      Signature
        Guaranteed:

       

      _____________________________

       

      */ NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of
        the Note Registrar, which requirements include membership or participation
        in
        STAMP or such other “signature guarantee program” as may be determined by the
        Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Securities Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          A-3b-7

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A-4

       

      [FORM
        OF
        CLASS A-4 NOTE]

       

      UNLESS
        THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST
        COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR
        ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
        ISSUED
        IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
        BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
        OF
        DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
        OR TO
        ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
        HAS AN INTEREST HEREIN.

       

      THE
        PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
        ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY
        BE
        LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

      
        
           

          
            
              	REGISTERED	
                      $__________(6)

                    
	 No.
                      R-________	
                      CUSIP
                        NO.
                        ___________

                    

            

          

           

        

      

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A

       

      [____]%
        ASSET BACKED NOTE, CLASS A-4

       

      HYUNDAI
        AUTO RECEIVABLES TRUST 2007-A, a statutory trust organized and existing under
        the laws of the State of Delaware (herein referred to as the “Issuer”),
        for
        value received, hereby promises to pay to Cede & Co., or registered assigns,
        the principal sum of __________________________________ DOLLARS, payable
        on each
        Payment Date in an amount equal to the aggregate amount, if any, payable
        from
        the Note Distribution Account in respect of principal on the Class A-4 Notes
        pursuant to Section 3.01 of the Indenture dated as of September 28, 2007
        (the
“Indenture”),
        between the Issuer and Citibank, N.A., a national banking association, as
        Indenture Trustee (the “Indenture
        Trustee”);
        provided,
        however,
        that
        the entire unpaid principal amount of this Note shall be due and payable
        on the
        earlier of [________] (the “Class
        A-4 Maturity Date”)
        and
        the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
        terms used but not defined herein are defined in the Indenture, which also
        contains rules as to construction that shall be applicable herein.

       

      The
        Issuer will pay interest on this Note at the rate per annum set forth above,
        on
        each Payment Date until the principal of this Note is paid or made available
        for
        payment, on the principal amount of this Note outstanding on the preceding
        Payment Date (after giving effect to all payments of principal made on the
        preceding Payment Date), subject to certain limitations contained in the
        last
        sentence of Section 3.01 of the Indenture. Interest on this Note will accrue
        for
        each Payment Date from and including the 15th
        day of
        the month preceding the month of such Payment Date (or, in the case of the
        first
        Payment Date, from the Closing Date) to but excluding the 15th
        day of
        the month of such Payment Date. Interest will be computed on the basis of
        a
        360-day year consisting of twelve 30-day months. Such principal of and interest
        on this Note shall be paid in the manner specified herein.

       

      
        

      

      
        	6	
                Denominations
                  of $1,000 and integral multiples of $1,000 in excess
                  thereof.

              

      

       

      
        
          
          

        

        
          A-4-1

          
            

          

        

        
          
          

        

      

       

      The
        principal of and interest on this Note are payable in such coin or currency
        of
        the United States of America as at the time of payment is legal tender for
        payment of public and private debts. All payments made by the Issuer with
        respect to this Note shall be applied first to interest due and payable on
        this
        Note as provided above and then to the unpaid principal of this
        Note.

       

      Unless
        the certificate of authentication hereon has been executed by the Indenture
        Trustee whose name appears below by manual signature, this Note shall not
        be
        entitled to any benefit under the Indenture, or be valid or obligatory for
        any
        purpose.

       

      This
        Note
        is one of a duly authorized issue of Notes of the Issuer, designated as its
        [____]% Asset Backed Notes, Class A-4 (herein called the “Class A-4 Notes”), all
        issued under the Indenture, to which Indenture and all indentures supplemental
        thereto reference is hereby made for a statement of the respective rights
        and
        obligations thereunder of the Issuer, the Indenture Trustee and the Holders
        of
        the Notes. The Class A-4 Notes are subject to all terms of the
        Indenture.

       

      The
        Class
        A-4 Notes are and will be secured by the collateral pledged as security therefor
        as provided in the Indenture. The Class A-4 Notes are subordinated in right
        of
        payment to the Class A-1 Notes, the Class A-2b Notes and the Class A-3 Notes
        to
        the extent provided in the Indenture.

       

      Principal
        of the Class A-4 Notes will be payable on each Payment Date in an amount
        described on the face hereof. “Payment Date” means the 15th
        day of
        each month, or, if any such date is not a Business Day, the next succeeding
        Business Day, commencing October 15, 2007.

       

      As
        described above, the entire unpaid principal amount of this Note shall be
        due
        and payable on the earlier of the Class A-4 Maturity Date and the Redemption
        Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
        foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
        of Notes representing not less than a majority of the Outstanding Amount
        of the
        Notes may declare the Notes to be immediately due and payable in the manner
        provided in Section 5.02 of the Indenture. All principal payments on the
        Class
        A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
        thereto.

       

      Payments
        of interest on this Note due and payable on each Payment Date, together with the
        installment of principal, if any, to the extent not in full payment of this
        Note, shall be made by check mailed to the Person whose name appears as the
        Registered Holder of this Note (or one or more Predecessor Notes) on the
        Note
        Register as of the close of business on each Record Date, except that with
        respect to Notes registered on the Record Date in the name of the nominee
        of the
        Clearing Agency (initially, such nominee to be Cede & Co.), payments will be
        made by wire transfer in immediately available funds to the account designated
        by such nominee. Such checks shall be mailed to the Person entitled thereto
        at
        the address of such Person as it appears on the Note Register as of the
        applicable Record Date without requiring that this Note be submitted for
        notation of payment. Any reduction in the principal amount of this Note (or
        any
        one or more Predecessor Notes) effected by any payments made on any Payment
        Date
        shall be binding upon all future Holders of this Note and of any Note issued
        upon the registration of transfer hereof or in exchange hereof or in lieu
        hereof, whether or not noted hereon. If funds are expected to be available,
        as
        provided in the Indenture, for payment in full of the then remaining unpaid
        principal amount of this Note on a Payment Date, then the Indenture Trustee,
        in
        the name of and on behalf of the Issuer, will notify the Person who was the
        Registered Holder hereof as of the Record Date preceding such Payment Date
        by
        notice mailed or transmitted by facsimile prior to such Payment Date, and
        the
        amount then due and payable shall be payable only upon presentation and
        surrender of this Note at the Indenture Trustee’s principal Corporate Trust
        Office or at the office of the Indenture Trustee’s agent appointed for such
        purposes located in The City of New York.

       

      
        
          
          

        

        
          A-4-2

          
            

          

        

        
          
          

        

      

       

      The
        Issuer shall pay interest on overdue installments of interest at the Class
        A-4
        Rate to the extent lawful.

       

      As
        provided in the Indenture and subject to the limitations set forth therein
        and
        on the face hereof, the transfer of this Note may be registered on the Note
        Register upon surrender of this Note for registration of transfer at the
        office
        or agency designated by the Issuer pursuant to the Indenture, duly endorsed
        by,
        or accompanied by a written instrument of transfer in form satisfactory to
        the
        Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney
        duly authorized in writing, with such signature guaranteed by an “eligible
        guarantor institution” meeting the requirements of the Note Registrar, which
        requirements include membership or participation in the Securities Transfer
        Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution
        for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended, and thereupon one or more new Notes of authorized denominations
        and in
        the same aggregate principal amount will be issued to the designated transferee
        or transferees. No service charge will be charged for any registration of
        transfer or exchange of this Note, but the transferor may be required to
        pay a
        sum sufficient to cover any tax or other governmental charge that may be
        imposed
        in connection with any such registration of transfer or exchange subject
        to
        certain exceptions set forth in the Indenture.

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees that no recourse
        may be taken, directly or indirectly, with respect to the obligations of
        the
        Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
        the
        Indenture or any certificate or other writing delivered in connection therewith,
        against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
        Trustee
        in its individual capacity, (ii) any owner of a beneficial interest in the
        Issuer, including the Seller or (iii) any partner, owner, beneficiary, agent,
        officer, director or employee of the Seller, the Servicer, Indenture Trustee
        or
        the Owner Trustee in its individual capacity, any holder of a beneficial
        interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
        Indenture Trustee or of any successor or assign of the Indenture Trustee
        or the
        Owner Trustee in its individual capacity, except as any such Person may have
        expressly agreed and except that any such partner, owner or beneficiary shall
        be
        fully liable, to the extent provided by applicable law, for any unpaid
        consideration for stock, unpaid capital contribution or failure to pay any
        installment or call owing to such entity. Each Noteholder or Note Owner,
        by its
        acceptance of a Note or, in the case of a Note Owner, a beneficial interest
        in a
        Note, agrees that, except as expressly provided in the Basic Documents, in
        the
        case of an Event of Default under the Indenture, the Noteholder shall have
        no
        claim against any of the foregoing for any deficiency, loss or claim therefrom;
        provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-4-3

          
            

          

        

        
          
          

        

      

       

      Each
        Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
        Owner, a beneficial interest in a Note, covenants and agrees by accepting
        the
        benefits of the Indenture that such Noteholder or Note Owner will not at
        any
        time institute against the Issuer or the Depositor, or join in any institution
        against the Issuer or the Depositor of, any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings under any United States
        federal or state bankruptcy or similar law in connection with any obligations
        relating to the Notes, the Indenture or the other Basic Documents.

       

      The
        Issuer has entered into the Indenture and this Note is issued with the intention
        that, for purposes of federal and state income tax, franchise tax and any
        other
        tax measured in whole or in part by income, the Notes will be characterized
        as
        indebtedness secured by the Trust Estate. Each Noteholder, by acceptance
        of a
        Note (and each Note Owner by acceptance of a beneficial interest in a Note),
        agrees to treat the Notes for such purposes as indebtedness.

       

      This
        Note, or any interest therein, may not be transferred to an “employee benefit
        plan” within the meaning of Section 3(3) of ERISA that is subject to ERISA, a
“plan” described in Section 4975(e)(1) of the Code, any entity that is deemed to
        hold “plan assets” of any of the foregoing by reason of an employee benefit
        plan’s or other plan’s investment in such entity, or any governmental, foreign
        or church plan subject to applicable law that is substantially similar to
        Section 406 of ERISA or Section 4975 of the Code, unless such transferee
        represents, warrants and covenants that its purchase and holding of this
        Note,
        throughout the period that it holds this Note is, and will be, eligible for
        relief under Section 408(b)(17) of ERISA; Department of Labor prohibited
        transaction class exemption (“PTCE”) 90-1; PTCE 96-23; PTCE 95-60; PTCE 91-38;
        PTCE 84-14 or another applicable prohibited transaction exemption (or in
        the
        case of a governmental, foreign or church plan subject to law that is
        substantially similar to Section 406 of ERISA or Section 4975 of the Code,
        a similar type of exemption or other applicable relief). By its acquisition
        of
        this Note in book-entry form or any interest therein, each transferee will
        be
        deemed to have represented, warranted and covenanted that it satisfies the
        foregoing requirements and the Indenture Trustee may rely conclusively on
        the
        same for purposes hereof.

       

      Prior
        to
        the due presentment for registration of transfer of this Note, the Issuer,
        the
        Indenture Trustee and any agent of the Issuer or the Indenture Trustee may
        treat
        the Person in whose name this Note (as of the day of determination or as
        of such
        other date as may be specified in the Indenture) is registered as the owner
        hereof for all purposes, whether or not this Note be overdue, and none of
        the
        Issuer, the Indenture Trustee or any such agent shall be affected by notice
        to
        the contrary.

       

      The
        Indenture permits, with certain exceptions as therein provided, the amendment
        thereof and the modification of the rights and obligations of the Issuer
        and the
        rights of the Holders of the Notes under the Indenture at any time by the
        Issuer
        with the consent of the Holders of Notes representing a majority of the
        Outstanding Amount of all Notes at the time Outstanding. The Indenture also
        contains provisions permitting Holders of Notes representing specified
        percentages of the Outstanding Amount of the Notes, on behalf of the Holders
        of
        all the Notes, to waive compliance by the Issuer with certain provisions
        of the
        Indenture and certain past defaults under the Indenture and their consequences.
        Any such consent or waiver by the Holder of this Note (or any one or more
        Predecessor Notes) shall be conclusive and binding upon such Holder and upon
        all
        future Holders of this Note and of any Note issued upon the registration
        of
        transfer hereof or in exchange hereof or in lieu hereof whether or not notation
        of such consent or waiver is made upon this Note. The Indenture also permits
        the
        Indenture Trustee to amend or waive certain terms and conditions set forth
        in
        the Indenture without the consent of Holders of the Notes issued
        thereunder.

       

      
        
          
          

        

        
          A-4-4

          
            

          

        

        
          
          

        

      

       

      The
        term
“Issuer” as used in this Note includes any successor to the Issuer under the
        Indenture.

       

      The
        Notes
        are issuable only in registered form in denominations as provided in the
        Indenture, subject to certain limitations therein set forth.

       

      This
        Note
        and the Indenture shall be construed in accordance with the laws of the State
        of
        New York, without reference to its conflict of law provisions, and the
        obligations, rights and remedies of the parties hereunder and thereunder
        shall
        be determined in accordance with such laws. No reference herein to the Indenture
        and no provision of this Note or of the Indenture shall alter or impair the
        obligation of the Issuer, which is absolute and unconditional, to pay the
        principal of and interest on this Note at the times, place and rate, and
        in the
        coin or currency herein prescribed.

       

      Anything
        herein to the contrary notwithstanding, except as expressly provided in the
        Basic Documents, none of Wilmington Trust Company in its individual capacity,
        Citibank, N.A. in its individual capacity, any owner of a beneficial interest
        in
        the Issuer, the Seller, the Servicer, or any of their respective partners,
        beneficiaries, agents, officers, directors, employees or successors or assigns
        shall be personally liable for, nor shall recourse be had to any of them
        for,
        the payment of principal of or interest on this Note or performance of, or
        omission to perform, any of the covenants, obligations or indemnifications
        contained in the Indenture. The Holder of this Note by its acceptance hereof
        agrees that, except as expressly provided in the Basic Documents, in the
        case of
        an Event of Default under the Indenture, the Holder shall have no claim against
        any of the foregoing for any deficiency, loss or claim therefrom; provided,
        however,
        that
        nothing contained herein shall be taken to prevent recourse to, and enforcement
        against, the assets of the Issuer for any and all liabilities, obligations
        and
        undertakings contained in the Indenture or in this Note.

       

      
        
          
          

        

        
          A-4-5

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
        or
        in facsimile, by its Authorized Officer, as of the date set forth
        below.

      
        
          
            
              
                
                  	 	 	 
	Date:
                          ___________________	HYUNDAI
                          AUTO RECEIVABLES TRUST 2007-A
	 
 	 
 	 
 
	
                        	By:	
                          WILMINGTON
                            TRUST COMPANY,
                            not in its

                          individual
                            capacity but solely as Owner Trustee under 

                          the
                            Trust Agreement,

                        
	 	 	 
	 	
                        	
                        
	 	 	
                          
                            

                          

                          Authorized
                            Signatory

                        

                

              

               

            

            TRUSTEE’S
              CERTIFICATE OF AUTHENTICATION

             

            This
              is
              one of the Notes designated above and referred to in the within-mentioned
              Indenture.

            
              
                	 	 	 
	Date:
                        ___________________	
                        CITIBANK,
                          N.A.,
                          not in its individual

                        capacity
                          but solely as Indenture Trustee,

                      
	 
 	 
 	 
 
	 	By:  	
                      
	 	 	
                        
                          

                        

                        Authorized
                          Signatory

                      

              

               

              
                
                  
                  

                

                
                  A-4-6

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

      

       

      ASSIGNMENT

       

      Social
        Security or taxpayer I.D. or other identifying number of assignee:
        __________________ FOR VALUE RECEIVED, the undersigned hereby sells, assigns
        and
        transfers unto:
        __________________________________________________________________________
         (name
        and
        address of assignee)

       

      the
        within Note and all rights thereunder, and hereby irrevocably constitutes
        and
        appoints _________________________________________, attorney, to transfer
        said
        Note on the books kept for registration thereof, with full power of substitution
        in the premises.

       

      Dated:
        ________________________ */

       

      Signature
        Guaranteed:

       

      _____________________________

       

      */ NOTICE:
        The signature to this assignment must correspond with the name of the registered
        owner as it appears on the face of the within Note in every particular, without
        alteration, enlargement or any change whatsoever. Such signature must be
        guaranteed by an “eligible guarantor institution” meeting the requirements of
        the Note Registrar, which requirements include membership or participation
        in
        STAMP or such other “signature guarantee program” as may be determined by the
        Note Registrar in addition to, or in substitution for, STAMP, all in accordance
        with the Securities Exchange Act of 1934, as amended.

       

      
        
          
          

        

        
          A-4-7

          
            

          

        

        
          
          

        

         

      

      EXHIBIT
        B

       

      FORM
        OF
        NOTE DEPOSITORY AGREEMENT

       

      (Letter
        of Representations)

       

      
        
          
          

        

        
          B-1

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