Document:

Exhibit 4.2

 

Execution Copy 

 

AMERICAN
HONDA RECEIVABLES LLC,

as Depositor

 

and

 

U.S.
Bank Trust National Association

as Owner Trustee

 

______________________________

 

AMENDED AND RESTATED

TRUST AGREEMENT

 

Dated October 22, 2015

 

______________________________

 

     

     

    

  

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	ARTICLE One	 	 
	 	 	DEFINITIONS	 	 
	 	 	 	 	 
	Section 1.01.	 	General Definitions	 	1
	 	 	 	 	 
	Section 1.02.	 	Other Definitional Provisions	 	5
	 	 	 	 	 
	Section 1.03.	 	Interpretive Provisions	 	5
	 	 	 	 	 
	 	 	ARTICLE Two	 	 
	 	 	ORGANIZATION	 	 
	 	 	 	 	 
	Section 2.01.	 	Name	 	5
	 	 	 	 	 
	Section 2.02.	 	Office	 	5
	 	 	 	 	 
	Section 2.03.	 	Purposes and Powers	 	5
	 	 	 	 	 
	Section 2.04.	 	Appointment of Owner Trustee	 	6
	 	 	 	 	 
	Section 2.05.	 	Initial Capital Contribution of Owner Trust Estate	 	6
	 	 	 	 	 
	Section 2.06.	 	Declaration of Trust	 	7
	 	 	 	 	 
	Section 2.07.	 	Liability of Owners	 	7
	 	 	 	 	 
	Section 2.08.	 	Title to Trust Property	 	7
	 	 	 	 	 
	Section 2.09.	 	Situs of Issuer	 	7
	 	 	 	 	 
	Section 2.10.	 	Representations and Warranties of the Depositor	 	8
	 	 	 	 	 
	 	 	ARTICLE Three	 	 
	 	 	TRUST CERTIFICATES AND TRANSFER OF INTERESTS	 	 
	 	 	 	 	 
	Section 3.01.	 	Initial Ownership	 	9
	 	 	 	 	 
	Section 3.02.	 	The Trust Certificates	 	9
	 	 	 	 	 
	Section 3.03.	 	Authentication and Delivery of Trust Certificates	 	9
	 	 	 	 	 
	Section 3.04.	 	Registration of Transfer and Exchange of Trust Certificates	 	10
	 	 	 	 	 
	Section 3.05.	 	Mutilated, Destroyed, Lost or Stolen Trust Certificates	 	11
	 	 	 	 	 
	Section 3.06.	 	Persons Deemed Owners	 	12
	 	 	 	 	 
	Section 3.07.	 	Access to List of Certificateholders’ Names and Addresses	 	12
	 	 	 	 	 
	Section 3.08.	 	Maintenance of Office or Agency	 	12
	 	 	 	 	 
	Section 3.09.	 	Appointment of Paying Agent	 	13
	 	 	 	 	 
	Section 3.10.	 	Definitive Trust Certificates	 	13

 

     i

     

    

 

	Section 3.11.	 	Repayment of Trust Certificates	 	13
	 	 	 	 	 
	 	 	ARTICLE Four	 	 
	 	 	ACTIONS BY OWNER TRUSTEE	 	 
	 	 	 	 	 
	Section 4.01.	 	Prior Notice to Owners with Respect to Certain Matters	 	13
	 	 	 	 	 
	Section 4.02.	 	Action by Owners with Respect to Certain Matters	 	14
	 	 	 	 	 
	Section 4.03.	 	Action by Owners with Respect to Bankruptcy	 	14
	 	 	 	 	 
	Section 4.04.	 	Restrictions on Owners’ Power	 	14
	 	 	 	 	 
	Section 4.05.	 	Majority Control	 	14
	 	 	 	 	 
	 	 	ARTICLE Five	 	 
	 	 	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	 	 
	 	 	 	 	 
	Section 5.01.	 	Establishment of Trust Account	 	15
	 	 	 	 	 
	Section 5.02.	 	Application of Trust Funds	 	15
	 	 	 	 	 
	Section 5.03.	 	Method of Payment	 	16
	 	 	 	 	 
	Section 5.04.	 	No Segregation of Monies; No Interest	 	16
	 	 	 	 	 
	Section 5.05.	 	Accounting and Reports to Owners, Internal Revenue Service and Others	 	16
	 	 	 	 	 
	 	 	ARTICLE Six	 	 
	 	 	AUTHORITY AND DUTIES OF OWNER TRUSTEE	 	 
	 	 	 	 	 
	Section 6.01.	 	General Authority	 	17
	 	 	 	 	 
	Section 6.02.	 	General Duties	 	17
	 	 	 	 	 
	Section 6.03.	 	Action Upon Instruction	 	17
	 	 	 	 	 
	Section 6.04.	 	No Duties Except as Specified in this Agreement or in Instructions	 	18
	 	 	 	 	 
	Section 6.05.	 	No Action Except Under Specified Documents or Instructions	 	18
	 	 	 	 	 
	Section 6.06.	 	Restrictions	 	18
	 	 	 	 	 
	Section 6.07.	 	Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties	 	19
	 	 	 	 	 
	 	 	ARTICLE Seven	 	 
	 	 	CONCERNING THE OWNER TRUSTEE	 	 
	 	 	 	 	 
	Section 7.01.	 	Acceptance of Trusts and Duties	 	19
	 	 	 	 	 
	Section 7.02.	 	Furnishing of Documents	 	21
	 	 	 	 	 
	Section 7.03.	 	Representations and Warranties of the Owner Trustee	 	21
	 	 	 	 	 
	Section 7.04.	 	Reliance, Advice of Counsel	 	22

 

     ii

     

    

 

	Section 7.05.	 	Not Acting in Individual Capacity	 	22
	 	 	 	 	 
	Section 7.06.	 	Owner Trustee Not Liable for Trust Certificates or Receivables	 	22
	 	 	 	 	 
	Section 7.07.	 	Owner Trustee May Own Trust Certificates and Notes	 	23
	 	 	 	 	 
	Section 7.08.	 	[RESERVED]	 	23
	 	 	 	 	 
	 	 	ARTICLE Eight	 	 
	 	 	compensation of owner trustee	 	 
	 	 	 	 	 
	Section 8.01.	 	Owner Trustee’s Fees and Expenses	 	23
	 	 	 	 	 
	Section 8.02.	 	Indemnification	 	23
	 	 	 	 	 
	Section 8.03.	 	Payments to the Owner Trustee	 	24
	 	 	 	 	 
	 	 	ARTICLE Nine	 	 
	 	 	TERMINATION OF TRUST AGREEMENT	 	 
	 	 	 	 	 
	Section 9.01.	 	Termination of Trust Agreement	 	24
	 	 	 	 	 
	 	 	ARTICLE Ten	 	 
	 	 	SUCCESSOR AND ADDITIONAL OWNER TRUSTEES	 	 
	 	 	 	 	 
	Section 10.01.	 	Eligibility Requirements for Owner Trustee	 	25
	 	 	 	 	 
	Section 10.02.	 	Resignation or Removal of Owner Trustee	 	26
	 	 	 	 	 
	Section 10.03.	 	Successor Owner Trustee	 	26
	 	 	 	 	 
	Section 10.04.	 	Merger or Consolidation of Owner Trustee	 	27
	 	 	 	 	 
	Section 10.05.	 	Appointment of Co-Trustee or Separate Trustee	 	27
	 	 	 	 	 
	 	 	ARTICLE Eleven	 	 
	 	 	MISCELLANEOUS	 	 
	 	 	 	 	 
	Section 11.01.	 	Supplements and Amendments	 	28
	 	 	 	 	 
	Section 11.02.	 	No Legal Title to Owner Trust Estate in Owner	 	30
	 	 	 	 	 
	Section 11.03.	 	Limitations on Rights of Others	 	30
	 	 	 	 	 
	Section 11.04.	 	Notices	 	30
	 	 	 	 	 
	Section 11.05.	 	Severability	 	30
	 	 	 	 	 
	Section 11.06.	 	Separate Counterparts	 	30
	 	 	 	 	 
	Section 11.07.	 	Successors and Assigns	 	31
	 	 	 	 	 
	Section 11.08.	 	No Petition	 	31
	 	 	 	 	 
	Section 11.09.	 	No Recourse	 	31
	 	 	 	 	 
	Section 11.10.	 	Headings	 	31

 

     iii

     

    

 

	Section 11.11.	 	Governing Law; Submission to Jurisdiction	 	31
	 	 	 	 	 
	Section 11.12.	 	Trust Certificates Nonassessable and Fully Paid	 	31
	 	 	 	 	 
	Section 11.13.	 	Depositor Payment Obligation	 	32
	 	 	 	 	 
	Section 11.14.	 	Tax Treatment	 	32
	 	 	 	 	 
	Section 11.15.	 	Waiver of Jury Trial	 	32
	 	 	 	 	 
	Section 11.16.	 	Communications with Rating Agencies	 	32

 

	EXHIBITS
	 	 	 
	Exhibit A - Form of Trust Certificate	 	A-1
	 	 	 
	Exhibit B - Form of Seller Certificate	 	B-1
	 	 	 
	Exhibit C - Form of Investment Letter	 	C-1
	 	 	 
	Exhibit D - Form of Rule 144A Letter	 	D-1
	 	 	 
	Exhibit E - Form of Monthly 15Ga-1 Report	 	E-1

 

     iv

     

    

 

This Amended and Restated Trust Agreement,
dated October 22, 2015 is between American Honda Receivables LLC, a Delaware limited liability company, as depositor (the “Depositor”)
and U.S. Bank Trust National Association, as owner trustee (the “Owner Trustee”);

 

WHEREAS, Honda Auto Receivables 2015-4 Owner
Trust has been created pursuant to a Trust Agreement, dated as of September 2, 2015 between the Depositor and the Owner Trustee
(the “Initial Trust Agreement”); and

 

WHEREAS, the parties hereto are entering
into this amended and restated trust agreement pursuant to which, among other things, the Initial Trust Agreement will be amended
and restated and $30,568,788.34, aggregate principal amount of Asset Backed Certificates will be issued;

 

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

 

ARTICLE
One

DEFINITIONS

 

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

 

“Administration Agreement”
means the administration agreement, dated October 22, 2015, among the Issuer, the Indenture Trustee, the Depositor and AHFC, as
amended or supplemented from time to time.

 

“Administrator” means
AHFC, as Administrator under the Administration Agreement, and its successors in such capacity.

 

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

 

“AHFC” means American
Honda Finance Corporation, and its successors.

 

“AHR” means American
Honda Receivables LLC, and its successors.

 

“Applicants” shall have
the meaning specified in Section 3.07.

 

“Authenticating Agent”
means the Owner Trustee or any authenticating agent appointed pursuant to Section 3.03.

 

“Benefit Plan Investor”
means (i) an employee benefit plan (as such term is defined in Section 3(3) of ERISA) whether or not 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
assets of a plan described in (i) or (ii) by reason of such plan’s investment in the entity.

 

     

     

    

 

“Business Day” means
any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, Los Angeles,
California, Chicago, Illinois, St. Paul, Minnesota or Wilmington, Delaware are authorized or obligated by law, executive order
or governmental decree to be closed.

 

“Certificate Balance”
means, with respect to any Trust Certificate, the original certificate balance of such Trust Certificate minus all payments on
such Trust Certificate with respect to principal.

 

“Certificate Distribution Account”
means the account established and maintained as such pursuant to Section 5.01.

 

“Certificate of Trust”
means the Certificate of Trust filed for the Issuer pursuant to Section 3810(a) of the Statutory Trust Statute, substantially in
the form of Exhibit A to the Initial Trust Agreement.

 

“Certificate Rate” means
0.00% per annum calculated on the basis of a 360 day year of twelve 30 day months.

 

“Certificate Register”
and “Certificate Registrar” means the register maintained and the registrar (or any successor thereto) appointed
pursuant to Section 3.04.

 

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

 

“Closing Date” means
October 22, 2015.

 

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

 

“Commission” means the
Securities and Exchange Commission, and its successors.

 

“Corporate
Trust Office” means, with respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at U.S.
Bank Trust National Association, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603 Attention: Corporate Trust Services
– Honda Auto Receivables 2015-4, or at such other address as the Owner Trustee may designate by notice to the Owners and,
the Depositor, or the principal corporate trust office of any successor Owner Trustee at the address designated by such successor
Owner Trustee by notice to the Owners and the Depositor.

 

“Depositor” means AHR
in its capacity as depositor hereunder.

 

“DTC” means The Depository
Trust Company, and its successors.

 

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

 

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

 

    	 	2	 

     

    

 

“Expenses” means all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable out of pocket costs, expenses
and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever.

 

“Indemnified Parties”
means the Owner Trustee and its successors, assigns and agents, the Paying Agent, the Certificate Registrar, any Authenticating
Agent and any co-trustee.

 

“Indenture” means the
indenture dated October 22, 2015 between the Issuer and The Bank of New York Mellon, as indenture trustee.

 

“Investment Letter” means
a letter delivered in connection with the transfer of a Trust Certificate pursuant to Section 3.04(a), substantially in the form
of Exhibit C.

 

“Issuer” means the Honda
Auto Receivables 2015-4 Owner Trust, and its successors.

 

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

 

“Original Certificate Balance”
means $30,568,788.34.

 

“Original Contribution Amount”
means $1,000.

 

“Owner” means each Holder
of a Trust Certificate.

 

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

 

“Owner Trustee” means
U.S. Bank Trust National Association, not in its individual capacity but solely as owner trustee under this Agreement, and any
successor Owner Trustee hereunder.

 

“Paying Agent” means
any paying agent or co-paying agent appointed pursuant to Section 3.09.

 

“Payment Date” means
the 21st calendar day of each month, or if such day is not a Business Day, then the next succeeding Business Day, commencing November
23, 2015.

 

    	 	3	 

     

    

  

“Percentage Interest”
means, as to any Trust Certificate, (i) the original certificate balance for such Trust Certificate, as specified on the face thereof,
divided by (ii) the Original Certificate Balance; provided, that in determining whether the Holders of the requisite portion or
percentage of the Trust Certificates have given any request, demand, authorization, direction, notice, consent or waiver hereunder
or under any other Basic Document, Trust Certificates owned by the Issuer, any other obligor upon the Certificates, the Seller,
the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed to be excluded from the Certificate
Balance (unless such Persons own 100% of the Trust Certificates), except that, in determining whether the Indenture Trustee and
Owner Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only
Trust Certificates that a Responsible Officer of the Indenture Trustee and the Owner Trustee have actual knowledge of being so
owned shall be so disregarded. Trust Certificates so owned that have been pledged in good faith may be regarded as included in
the Certificate Balance if the pledgee establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as applicable,
the pledgee’s right so to act with respect to such Trust Certificates and that the pledgee is not the Issuer, any other obligor
upon the Trust Certificates, the Seller or any Affiliate of any of their respective Affiliates. Neither the Indenture Trustee nor
the Owner Trustee shall incur any liability to any person in determining whether a pledgee has the right to act with respect to
such Trust Certificates.

 

“Rating Agency” has the
meaning set forth in the Sale and Servicing Agreement.

 

“Record Date” means the
day immediately preceding the Payment Date so long as the securities are in book-entry form, and the last day of the month preceding
the Payment Date if the securities are issued in definitive form.

 

“Required Rating” means,
with respect to any entity, that such entity (or the parent of such entity) meets at all times the ratings criteria acceptable
to each Rating Agency rating the Notes, so as to preclude a downgrade of the Notes and/or credit watch of the Notes with negative
implications.

 

“Rule 144A Letter” means
a letter delivered in connection with the transfer of a Trust Certificate pursuant to Section 3.04(a), substantially in the form
attached hereto as Exhibit D.

 

“Sale and Servicing Agreement”
means the sale and servicing agreement, dated October 22, 2015, among the Issuer, the Depositor and AHFC, as servicer, as amended
or supplemented from time to time.

 

“Secretary of State”
means the Secretary of State of the State of Delaware.

 

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

 

“Seller Certificate”
means a certificate of transfer delivered in connection with the transfer of a Trust Certificate pursuant to Section 3.04(a), substantially
in the form of Exhibit B.

 

“Statutory Trust Statute”
means Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. § 3801 et seq., as the same may be amended from
time to time.

 

“Treasury Regulations”
means 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.

 

    	 	4	 

     

    

 

“Trust Certificate” means
a certificate evidencing the beneficial interest of an Owner in the Trust, substantially in the form of Exhibit A.

 

Section 1.02.         Other
Definitional Provisions.

 

(a)          Capitalized
terms used herein that are not otherwise defined have the meanings ascribed thereto in the Sale and Servicing Agreement or the
Indenture, as the case may be.

 

(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.

 

Section 1.03.         Interpretive
Provisions.

 

(a)          For
all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used
herein include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein”,
“hereof” and the like shall refer to this Agreement as a whole and not to any particular part, article or section within
this Agreement, (iii) references to a section such as “Section 1.01” and the like shall refer to the applicable Section
of this Agreement, (iv) the term “include”, and all variations thereof shall mean “include without limitation”,
(v) the term “or” shall include “and/or” and (vi) the term “proceeds” shall have the meaning
set forth in the applicable UCC.

 

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

 

ARTICLE
Two

ORGANIZATION

 

Section
2.01.         Name. The
trust created hereby shall be known as the “Honda Auto Receivables 2015-4 Owner Trust”, in which name the Owner Trustee
may conduct the business of the Issuer, make and execute contracts and other instruments and sue and be sued, to the extent herein
provided.

 

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

 

Section 2.03.         Purposes
and Powers.

 

    	 	5	 

     

    

 

(a)          The
sole purpose of the Issuer is to conserve the Owner Trust Estate and collect and disburse the periodic income therefrom for the
use and benefit of the Certificateholders, and in furtherance of such purpose to engage in the following ministerial activities:

 

(i)          to
issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to sell the Notes and the Trust
Certificates;

 

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

 

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

 

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

 

(v)         to
engage in those activities, including entering into agreements, that are necessary to accomplish the foregoing or are incidental
thereto or connected therewith, including entering into interest rate swap agreements, interest rate cap agreements and other derivative
instruments; and

 

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

 

(b)          The
Issuer is hereby authorized to engage in the foregoing activities. The Issuer shall not engage in any activities, including, without
limitation, assuming or incurring any indebtedness (with the exception of the Notes), other than in connection with the foregoing
or other than as required or authorized by the terms of this Agreement or the other Basic Documents.

 

Section
2.04.         Appointment of Owner Trustee. The
Depositor hereby appoints the Owner Trustee as trustee of the Issuer effective as of the date hereof, to have all the rights, powers
and duties set forth herein, and the Owner Trustee hereby accepts such appointment. The Owner Trustee may engage, in the name of
the Issuer or in its own name on behalf of the Issuer, in the activities of the Issuer, make and execute contracts on behalf of
the Issuer and sue on behalf of the Issuer.

 

Section
2.05.         Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby reaffirms its sale, assignment, transfer and conveyance to the Owner Trustee, on or about the date of the Initial
Trust Agreement, the sum of $1,000.00 (the “Original Contribution Amount”). The Owner Trustee hereby reaffirms
its receipt in trust from the Depositor, as of the date of the Initial Trust Agreement, of the Original Contribution Amount, which
constituted the initial Owner Trust Estate and shall be on or before the date hereof deposited in the Certificate Distribution
Account. On the date hereof the Owner Trustee is hereby directed to withdraw the Original Contribution Amount from the Certificate
Distribution Account and transfer such sums to the Depositor via wire transfer to the Depositor’s account from which the
Original Contribution Amount was received. The Depositor shall pay organizational expenses of the Issuer 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.

 

    	 	6	 

     

    

  

Section
2.06.         Declaration of Trust. The
Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein
for the sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income therefrom for the use
and benefit of the Owners, subject to the obligations of the Issuer under the Basic Documents. It is the intention of the parties
hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto that, solely for income and franchise tax purposes,
(i) so long as there is a sole Owner, the Issuer shall be disregarded as an entity separate from the owner, with the assets of
the Issuer being the Receivables and other assets held by the Issuer, the owner of the Receivables being the sole Owner and the
Notes being non-recourse debt of the sole Owner and (ii) if there is more than one Owner, the Issuer shall be treated as a partnership
for income and franchise tax purposes, with the assets of the partnership being the Receivables and other assets held by the Issuer
and with the partners of the partnership being the Owners and the Notes being debt of the partnership. The parties agree that,
unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Issuer as provided in the preceding sentence for such tax purposes.
Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory
Trust Statute for the sole purpose and to the extent necessary to accomplish the purpose of the Issuer as set forth in Section
2.03(a).

 

Section
2.07.         Liability of Owners. The
Owners shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit
organized under the general corporation law of the State of Delaware.

 

Section
2.08.         Title to Trust Property. 
Legal title to the Owner Trust Estate shall be vested at all times in the Issuer as a separate legal entity except where applicable
law in any jurisdiction requires title to any part of the Owner 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 and/or a separate trustee, as the case may be.

 

Section
2.09.         Situs of Issuer. The
Issuer will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Issuer shall
be located in the states of Delaware, Illinois or New York. The Issuer shall not have any employees in any state other than Delaware;
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 Issuer only in, and payments will be made by the Issuer only from, the states
of Delaware, Illinois or New York. The only offices of the Issuer will be at the Corporate Trust Office. 

 

    	 	7	 

     

    

  

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

 

(a)          The
Depositor has been duly organized and is validly existing as a limited liability company in good standing under the laws of the
State of Delaware, and had at all relevant times, and has, power, authority and legal right to acquire, own and sell the Receivables
and to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

(b)          The
Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary
licenses and approvals, in each jurisdiction in which such qualification, license or approval is necessary for the performance
of its obligations under and consummation of the transactions contemplated by, the Basic Documents.

 

(c)          The
Depositor has the 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 Owner Trustee as part of
the Owner Trust Estate and the Depositor has duly authorized such sale and assignment and deposit to the Issuer 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)          This
Agreement constitutes a legal, valid and binding obligation of the Depositor, enforceable in accordance with its terms, except
as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent
conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity,
regardless of whether such enforceability shall be considered in a proceeding in equity or in law.

 

(e)          The
execution, delivery and performance by the Depositor of this Agreement and 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, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability
company agreement of the Depositor, or conflict with or violate any of the material terms or provisions of, or constitute (with
or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the 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, to the best of the Depositor’s
knowledge, violate any law or 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;
which breach, default, conflict, lien or violation would have a material adverse effect on the earnings, business affairs or business
prospects of the Depositor.

 

    	 	8	 

     

    

  

(f)          There
are no proceedings or investigations pending or, to the Depositor’s knowledge, 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 issuance of the Trust Certificates or 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.

 

ARTICLE
Three

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

 

Section 3.01.         Initial
Ownership. Upon the formation of the Issuer 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 Issuer.

 

Section 3.02.         The
Trust Certificates. The Trust Certificates shall be issued in minimum denominations of $100,000 and integral multiples thereof;
provided, however, that one Trust Certificate may be issued in such denomination as required to include any residual amount. The
Trust Certificates shall be executed by the Owner Trustee on behalf of the Issuer by manual or facsimile signature of an authorized
officer of the Owner Trustee and shall have deemed to have been validly issued when so executed and authenticated (as set forth
in Section 3.03 below). Trust Certificates bearing the manual or facsimile signatures of individuals who were, at the time when
such signatures were affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and binding obligations
of the Issuer and entitled to the benefit of this Agreement, 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.

 

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.         Authentication
and Delivery of Trust Certificates. On the Closing Date, the Owner Trustee shall cause to be authenticated and delivered upon
the order of the Depositor, in exchange for the Receivables and the other assets of the Issuer, simultaneously with the sale, assignment
and transfer to the Issuer of the Receivables, and the constructive delivery to the Issuer of the Receivable Files and the other
assets of the Issuer, Trust Certificates duly authenticated by the Owner Trustee, in authorized denominations equaling in the aggregate
the Original Certificate Balance and evidencing the entire ownership of the Issuer. 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 the Trust’s Authenticating
Agent, by manual signature; and 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. Upon issuance,
authentication and delivery pursuant to the terms hereof, the Trust Certificates will be entitled to the benefits of this Agreement.
Whenever, in any Basic Document, a reference is made to authentication by the Owner Trustee, such reference shall include authentication
by the Owner Trustee and/or authentication by a party appointed to act as the Authenticating Agent of the Owner Trustee.

 

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Section 3.04.         Registration
of Transfer and Exchange of Trust Certificates.

 

(a)          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, it shall provide for the registration of Trust Certificates
and of transfers and exchanges of Trust Certificates as herein provided. The Owner Trustee shall act as initial Certificate Registrar.
The Owner Trustee may appoint an agent to act as Certificate Registrar. Upon any resignation of the Certificate Registrar, the
Owner Trustee shall promptly appoint a successor thereto.

 

The Trust Certificates have not been registered
under the Securities Act or listed on any securities exchange. No transfer of a Trust Certificate shall be made unless such transfer
is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is
exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer
is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with
the Securities Act and such laws, the Holder desiring to effect such transfer and such Holder’s prospective transferee shall
each certify to the Issuer in writing the facts surrounding the transfer in the form of a Seller Certificate and Investment Letter
or a Rule 144A Letter. Except in the case of a transfer as to which the proposed transferee has provided a Rule 144A Letter, there
shall also be delivered to the Issuer an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities
Act and an Opinion of Counsel or memorandum of law that such transfer may be made pursuant to an exemption from state securities
laws, which Opinion(s) of Counsel and memorandum of law shall not be an expense of the Issuer or the Owner Trustee. The Depositor
shall provide to any Holder of a Trust Certificate and any prospective transferee designated by any such Holder, information regarding
the Trust Certificates and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility
set forth in Rule 144A(d)(4) for transfer of any such Trust Certificate without registration thereof under the Securities Act pursuant
to the registration exemption provided by Rule 144A. Each Holder of a Trust Certificate desiring to effect such a transfer shall,
and does hereby agree to, indemnify the Issuer, the Owner Trustee and the Depositor against any liability that may result if the
transfer is not so exempt or is not made in accordance with federal and state securities laws. The Owner Trustee on behalf of the
Issuer shall cause each Trust Certificate to contain a legend in the form set forth on the form of Trust Certificate attached hereto
as Exhibit A.

 

(b)          Upon
surrender for registration of transfer of any Trust Certificate at the office of the Certificate Registrar and subject to the satisfaction
of the preceding paragraph, 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 original certificate balance dated the date of authentication by the Owner Trustee or any Authenticating
Agent; provided that prior to such execution, authentication and delivery, the Owner Trustee shall have received an Opinion of
Counsel to the effect that the proposed transfer will not cause the Issuer to be characterized, as an association (or a publicly
traded partnership) taxable as a corporation or alter the tax characterization of the Notes for federal income tax purposes. At
the option of a Holder, Trust Certificates may be exchanged for other Trust Certificates of authorized denominations of a like
aggregate original certificate balance upon surrender of the Trust Certificates to be exchanged at the office or agency maintained
pursuant to Section 3.08.

 

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(c)          At
the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates in authorized denominations
of a like aggregate original certificate balance upon surrender of the Trust Certificates to be exchanged at the office of the
Certificate Registrar. Whenever any Trust Certificates are so surrendered for exchange, the Owner Trustee on behalf of the Issuer
shall execute, authenticate and deliver (or shall cause its Authenticating Agent to authenticate and deliver) the Trust Certificates
that the Certificateholder making the exchange is entitled to receive. 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 Holder or such Holder’s attorney duly authorized in writing.

 

(d)          No
service charge shall be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee (or the
Paying Agent) 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.

 

(e)          The
Trust Certificates may not be acquired or held by or for the account of a Benefit Plan Investor or a person who is not a United
States Person within the meaning of Section 7701(a)(30) of the Code. No transfer of a Trust Certificate shall be made unless the
prospective transferee has certified to the Issuer in writing that it is not a Benefit Plan Investor.

 

(f)          All
Trust Certificates surrendered for registration of transfer or exchange, if surrendered to the Issuer or any agent of the Owner
Trustee or the Issuer under this Agreement, shall be delivered to the Owner Trustee and promptly cancelled by it, or, if surrendered
to the Owner Trustee, shall be promptly cancelled by it, and no Trust Certificates shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Agreement. The Owner Trustee shall dispose of cancelled Trust Certificates in accordance
with its normal practice.

 

(g)          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.

 

Section 3.05.         Mutilated,
Destroyed, Lost or Stolen Trust Certificates. If (i) any mutilated Trust Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Trust Certificate and
(ii) there is 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 to a Responsible Officer of the Owner Trustee that such Trust Certificate
has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Issuer shall execute and the Owner Trustee or its
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 in an authorized denomination and of a like original certificate balance. In connection
with the issuance of any new Trust Certificate under this Section, the Owner Trustee 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.

 

    	 	11	 

     

    

  

Section 3.06.         Persons
Deemed Owners. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar, any Paying Agent and any of their respective agents may treat the Person in whose name any Trust Certificate is registered
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, any Paying Agent or any of their respective agents shall
be affected by any notice to the contrary.

 

Section 3.07.         Access
to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished
to the Servicer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from
the Servicer 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. If three or more Certificateholders, or one or more Certificateholders
evidencing not less than 51% of the Percentage Interests of the Trust Certificates (hereinafter referred to as the “Applicants”),
apply in writing to the Certificate Registrar, 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, then the Certificate Registrar
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 Holder, 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.

 

Section 3.08.         Maintenance
of Office or Agency. The Trust shall maintain 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 Owner Trustee or its agent in respect of
the Trust Certificates and the Basic Documents may be served. The Owner Trustee initially designates U.S. Bank Trust National Association,
EP-MN-WS2N, 111 Fillmore Avenue East, St. Paul, Minnesota 55107 Attention: Bondholder Services, as its office for such purposes.
The Owner Trustee shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location
of the Certificate Register or any such office or agency.

 

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Section 3.09.         Appointment
of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account
pursuant to Sections 5.02 and 5.03 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. The
Owner Trustee shall act as the initial Paying Agent. Each Paying Agent shall be permitted to resign as Paying Agent upon 30 days’
written notice to the Owner Trustee. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor
Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee 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. The provisions of Sections 7.01, 7.03, 7.04, 8.01 and 8.02 shall apply
to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

 

Section 3.10.         Definitive
Trust Certificates. The Trust Certificates, upon original issuance, will be issued in definitive, fully registered form.

 

Section 3.11.         Repayment
of Trust Certificates. In the event of an optional purchase pursuant to Section 8.01(a) of the Sale and Servicing Agreement,
the Trust Certificates will be prepaid in whole, but not in part, at an aggregate prepayment price equal to the aggregate Certificate
Balance of all the Trust Certificates plus accrued interest thereon at the Certificate Rate.

 

ARTICLE
Four

ACTIONS BY OWNER TRUSTEE

 

Section 4.01.         Prior
Notice to Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, 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 Certificateholders in writing of the proposed action and the Owners shall not have notified the
Owner Trustee in writing prior to the 30th day after such notice is given that such Owners have withheld consent or provided alternative
direction:

 

(a)          the
initiation of any claim or lawsuit by the Issuer (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 Issuer (except with respect to the aforementioned
claims or lawsuits for collection of the Receivables);

 

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

 

    	 	13	 

     

    

 

(c)          the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 

(d)          the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and
such amendment materially adversely affects the interests of the Owners;

 

(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 Owners; or

 

(f)          the
appointment pursuant to the Indenture of a successor Note Registrar, paying agent for the Notes 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, Indenture
Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable.

 

Section 4.02.         Action
by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall
not have the power, except upon the direction of the Owners, to (i) remove the Administrator pursuant to Section 1.09 of the Administration
Agreement, (ii) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement, (iii) remove the Servicer
pursuant to Section 7.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture, or (v) authorize the merger or consolidation of the Issuer with or into any
other statutory trust or entity (other than in accordance with Section 3.10 of the Indenture). The Owner Trustee shall take the
actions referred to in the preceding sentence only upon written instructions signed by the Owners.

 

Section 4.03.         Action
by Owners with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy
relating to the Issuer without the unanimous prior approval of all Owners (including the Depositor) and the delivery to the Owner
Trustee by each such Owner of a certificate certifying that such Owner reasonably believes that the Issuer is insolvent.

 

Section 4.04.         Restrictions
on Owners’ Power. The Owners 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 Issuer or the Owner Trustee under this Agreement or any of the other
Basic Documents or would be contrary to the purpose of the Issuer as set forth in Section 2.03, nor shall the Owner Trustee be
obligated to follow any such direction, if given.

 

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

 

    	 	14	 

     

    

  

ARTICLE
Five

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01.         Establishment
of Trust Account. The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain (or shall cause
to be established and maintained) in the name of the Issuer 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 Issuer shall possess all right, title and interest in funds
on deposit from time to time in the Certificate Distribution Account and in the 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 Owner Trustee ceases to be an Eligible Institution, the Owner Trustee
(or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by the Owner Trustee
or an Affiliate thereof) shall cause the Certificate Distribution Account to be moved to an Eligible Institution and shall transfer
any cash to such new Certificate Distribution Account. All amounts held in the Certificate Distribution Account will not be invested.

 

Section 5.02.         Application
of Trust Funds.

 

(a)          On
each Payment Date, the Paying Agent will distribute to Certificateholders, on the basis of the Percentage Interest evidenced by
their Trust Certificates, amounts deposited in the Certificate Distribution Account pursuant to Section 4.06 of the Sale and Servicing
Agreement with respect to such Payment Date.

 

(b)          On
each Payment Date, the Paying Agent shall send to each Certificateholder the statement or statements provided to the Owner Trustee
by the Servicer pursuant to Section 4.10 of the Sale and Servicing Agreement with respect to such Payment Date.

 

(c)          In
the event that any withholding tax is imposed on the Issuer’s payment (or allocations of income) to an Owner, such tax shall
reduce the amount otherwise distributable to the Owner in accordance with this Section. The Paying Agent will retain from amounts
otherwise distributable to the Owners sufficient funds for the payment of any tax that is legally owed by the Issuer (but such
authorization shall not prevent the Owner Trustee or the Paying Agent from contesting any such tax in appropriate proceedings and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings) upon the written direction of the
Depositor. The amount of any withholding tax imposed with respect to an Owner shall be treated as cash distributed to such Owner
at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that
withholding tax is payable with respect to a distribution, the Paying Agent may in its sole discretion withhold such amounts in
accordance with this paragraph (c).

 

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Section 5.03.         Method
of Payment. Subject to Section 9.01(c) respecting the final payment upon retirement of each Trust Certificate, distributions
required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the related
Record Date by wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions
at least five Business Days prior to such Payment Date, or, if not, by check mailed to such Certificateholder at the address of
such Holder appearing in the Certificate Register.

 

Section 5.04.         No
Segregation of Monies; No Interest. Subject to Sections 5.01 and 5.02, monies received by the Owner Trustee or the Paying Agent
hereunder need not be segregated in any manner except to the extent required by law or the Sale and Servicing Agreement and may
be deposited under such general conditions as may be prescribed by law, and neither the Owner Trustee nor the Paying Agent shall
be liable for any interest thereon.

 

Section 5.05.         Accounting
and Reports to Owners, Internal Revenue Service and Others. The Owner Trustee shall maintain (or cause to be maintained) the
books of the Issuer on a fiscal year basis ending March 31 of each year and the accrual method of accounting. In addition, the
Issuer shall deliver to each Owner such information, reports or statements prepared by the Administrator as may be required by
the Code and applicable Treasury Regulations and as may be required to enable each Owner to prepare its federal and state income
tax returns. Consistent with the Issuer’s characterization for tax purposes, as disregarded as an entity separate from the
Owner, no federal income tax return shall be filed on behalf of the Issuer unless either (i) the Owner Trustee shall receive an
Opinion of Counsel that, based on a change in applicable law occurring after the date hereof, the Code requires such a filing or
(ii) the Internal Revenue Service shall determine that the Issuer is required to file such a return. Neither the Owner Trustee
nor any Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise, to classify
the Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose. In the event that
the Issuer is required to file tax returns, the Owner Trustee shall, to the extent not undertaken by the Administrator pursuant
to the Administration Agreement, prepare or shall cause to be prepared any tax returns required to be filed by the Issuer and shall
remit such returns to the Depositor (or if the Depositor no longer owns any Certificates, the Owner designated for such purpose
by the Depositor to the Owner Trustee in writing) at least five days before such returns are due to be filed. The Depositor (or
such designee Owner, as applicable) shall promptly sign such returns and deliver such returns after signature to the Owner Trustee
and such returns shall be filed by the Owner Trustee with the appropriate tax authorities. In no event shall the Owner Trustee
or the Depositor (or such designee Owner, as applicable) be liable for any liabilities, costs or expenses of the Issuer or the
Noteholders arising out of the application of any tax law, including federal, state, foreign or local income or excise taxes or
any other tax imposed on or measured by income (or any interest, penalty or addition with respect thereto or arising from a failure
to comply therewith) except for any such liability, cost or expense attributable to any act or omission by the Owner Trustee or
the Depositor (or such designee Owner, as applicable), as the case may be, in breach of its obligations under this Agreement.

 

The Depositor is authorized and directed
to execute on behalf of the Issuer, and after execution to deliver to the Administrator for filing with the Commission, all documents
and forms required to be filed in accordance with applicable law or the rules and regulations prescribed by the Commission.

 

    	 	16	 

     

    

  

ARTICLE
Six

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

Section 6.01.         General
Authority. Subject to the provisions and limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed
to execute and deliver the Basic Documents to which the Issuer 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 Issuer is to be a party and any amendment or other agreement,
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 Issuer 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. Subject to the provisions and limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge
(or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and the other Basic Documents to
which the Issuer is a party and to administer the Issuer in the interest of the Owners, subject to the Basic Documents and in accordance
with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its
duties and responsibilities hereunder and under the other 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.

 

Section 6.03.         Action
Upon Instruction.

 

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

 

(b)          The
Owner Trustee shall not be required to take any action hereunder or under any other 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 other 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 other Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the
circumstances) to the Owners 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 the Owners 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 ten 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 and the other
Basic Documents, as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such
action or inaction.

 

    	 	17	 

     

    

  

(d)          In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any other 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 Owners 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 ten 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 other Basic Documents, as it shall deem to be in the best interests of the Owners, 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 Owner 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 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 other 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 Commission filing for the Issuer or to record this Agreement or any other
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 (other than the lien of the Indenture) on any part of the Owner Trust Estate that result from
actions by, or claims against, the Owner Trustee that are not related to the ownership or the administration of the Owner Trust
Estate.

 

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 Owner Trust Estate except in accordance with (i) the powers granted to and the authority
conferred upon the Owner Trustee pursuant to this Agreement, (ii) the Basic Documents and (iii) 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 (i) that is inconsistent with the purposes of the Issuer set forth in Section 2.03
or (ii) that, to the actual knowledge of the Owner Trustee, would result in the Issuer’s becoming taxable as a corporation
for federal or state income tax purposes. The Owners shall not direct the Owner Trustee to take action that would violate the provisions
of this Agreement.

 

    	 	18	 

     

    

  

Section 6.07.         Covenants
for Reporting of Repurchase Demands due to Breaches of Representations and Warranties. The Owner Trustee shall, no later than
the third Business Day after the last day of each calendar month, provide notice to American Honda Finance Corporation and American
Honda Receivables LLC (each, a “Honda Party,” and together, the “Honda Parties”) in the form
set forth as Exhibit E hereto (or such other form or format as the Honda Parties may otherwise specify) of the request or any requests
of (i) all demands communicated to the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations
and warranties concerning such Receivable relating to the Issuer and (ii) any actions taken by the Owner Trustee with respect to
such demand communicated to the Owner Trustee in respect of any Receivables. In addition, the Owner Trustee shall, upon written
request of either Honda Party, at any time they reasonably feel necessary, provide notification to the Honda Parties with respect
to any actions taken by the Owner Trustee as soon as practicable and in any event within five Business Days of receipt of such
request. Such notices shall be provided to the Honda Parties in accordance with Section 11.04(iv) of the Indenture. The Owner Trustee
and the Issuer acknowledge and agree that the purpose of this Section 6.07 is to facilitate compliance by the Honda Parties with
Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended, and Items 1104(e), 1121(c) and 1125 of Regulation AB (the “Repurchase
Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules
and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among
participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable written
requests (including email in PDF format) made by the Honda Parties in good faith for delivery of information in its possession
under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall
cooperate fully with the Honda Parties to deliver any and all records and any other information in its possession and necessary
in the good faith determination of the Honda Parties to permit them to comply with the provisions of Repurchase Rules and Regulations.
In no event shall the Owner Trustee have any responsibility or liability in connection with any filing required to be made by a
securitizer under the Repurchase Rules and Regulations.

 

ARTICLE
Seven

CONCERNING THE OWNER TRUSTEE

 

Section 7.01.         Acceptance
of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and each 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 monies actually
received by it constituting part of the Owner Trust Estate upon the terms of this Agreement and the other Basic Documents. The
Owner Trustee shall not be answerable or accountable hereunder or under any other Basic Document under any circumstances, except
(i) for its own willful misconduct, bad faith or gross 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):

 

    	 	19	 

     

    

 

(a)          the
Owner Trustee shall not be liable for any error of judgment made in good faith by 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 Administrator or any Owner or Owners;

 

(c)          no
provision of this Agreement or any other 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 other 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 Basic Document, including
the principal of and interest on the Notes or the Trust Certificates;

 

(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 Owner 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 not in any event assume or incur any liability, duty or obligation to any Noteholder
or to any Owner, other than as expressly provided for in the Basic Documents;

 

(f)          the
Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Seller, the Depositor, the Indenture
Trustee or the Servicer under any Basic Document or otherwise, and the Owner Trustee shall not have any obligation or liability
to perform the obligations of the Issuer under this Agreement or the other Basic Documents that are required to be performed by
the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Seller under
the Sale and Servicing Agreement or any other Person under any of the Basic Documents;

 

(g)          the
Owner Trustee shall not be under any 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 other Basic Document,
at the request, order or direction of any of the Owners, unless such Owners have 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 other Basic Document shall not
be construed as a duty, and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful
misconduct in the performance of any such act; and

 

    	 	20	 

     

    

 

 

(h)          in
no event shall the Owner Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation strikes, work stoppages,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities; it being understood that the Owner Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 7.02.         Furnishing
of Documents.

 

The Owner Trustee shall furnish to the Owners,
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 of the Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor and the Owners, that:

 

(a)          it
is a banking association duly organized and validly existing under the laws of the United States of America; 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; and

 

(c)          neither
the execution nor 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 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; and

 

(d)          this
Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance
with its terms, except as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium,
liquidation, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by
general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or in law;
and

 

(e)          the
execution, delivery and performance by the Owner Trustee of this Agreement and 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, nor constitute (with or without notice or lapse of time) a default under, the charter documents or bylaws of the Owner Trustee;
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); and

 

(f)          there
are no proceedings or investigations pending or, to the Owner Trustee’s actual knowledge, threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties:
(i) asserting the invalidity of this Agreement or (ii) seeking any determination or ruling that might materially and adversely
affect this Agreement.

 

    	 	21	 

     

    

 

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 trusts hereunder and in the performance of its duties and obligations under this Agreement
and the other 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 in good faith by it in accordance with the written opinion or advice of any such counsel,
accountants or other such persons and not contrary to this Agreement or any other Basic Document.

 

Section 7.05.         Not
Acting in Individual Capacity. Except as otherwise provided in this Article, in accepting the trusts hereby created, U.S. Bank
Trust National Association is acting 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 other Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

 

Section 7.06.         Owner
Trustee Not Liable for Trust Certificates or Receivables. The recitals contained herein and in the Trust Certificates (other
than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificates) shall be taken as the
statements of the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes
no representations as to the validity or sufficiency of this Agreement, any other Basic Document or the Trust Certificates (other
than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificates and the representations
and warranties in Section 7.03) 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 Owner Trust Estate or its ability to generate the payments to be
distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including, without limitation, the
existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence
and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the
Issuer or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable;
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.

 

    	 	22	 

     

    

 

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.         [RESERVED]

 

ARTICLE
Eight

compensation of owner trustee

 

Section 8.01.         Owner
Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and upon the formation of
the Issuer, the Owner Trustee shall be entitled to be reimbursed by the Issuer 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.

 

Section 8.02.         Indemnification.
The Issuer shall, or shall cause the Administrator to, indemnify each Indemnified Party and its respective officers, directors,
employees and agents against any and all loss, liability or expense (including reasonable attorney’s fees and expenses) incurred
by it in connection with the administration of the Issuer and the performance of its duties hereunder not resulting from its own
willful misconduct, gross negligence or bad faith. The Indemnified Party shall notify the Issuer and the Administrator promptly
of any claim for which it may seek indemnity. 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 Owner Trustee’s choice of legal counsel shall be subject to the approval of
the Depositor (or if the Depositor is no longer an owner, the designee of the Depositor), which approval shall not be unreasonably
withheld. Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense
incurred by any Indemnified Party (1) through such party’s own willful misconduct, gross negligence or bad faith or (2) in
the case of the inaccuracy of any representation or warranty contained in Sections 7.03 expressly made by the Owner Trustee.

 

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Section 8.03.         Payments
to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article shall be deemed not to be a part of the
Owner Trust Estate immediately after such payment. Any amounts owing to the Owner Trustee under this Agreement or the other Basic
Documents shall constitute a claim against the Owner Trust Estate.

 

ARTICLE
Nine

TERMINATION OF TRUST AGREEMENT

 

Section 9.01.         Termination
of Trust Agreement.

 

(a)          The
Issuer shall dissolve immediately prior to the earlier to occur of (i) the purchase on any Payment Date by the Servicer, or any
successor Servicer, at its option, pursuant to Section 8.01(a) of the Sale and Servicing Agreement, of the Owner Trust Estate other
than the Accounts and the Certificate Distribution Account, (ii) the final distribution by the Owner Trustee of all monies or other
property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement,
and Article Five, or (iii) the Payment Date next succeeding the month which is one year after the maturity or other liquidation
of the last Receivable and the disposition of any amount received upon liquidation of any property remaining in the Owner Trust
Estate. The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not (i) operate to terminate this Agreement
or the Issuer, (ii) entitle such Owner’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 Issuer or Owner Trust Estate or (iii) otherwise affect the
rights, obligations and liabilities of the parties hereto. The Issuer shall be entitled to deduct from the final distribution to
Certificateholders any amounts required to pay any other claims against and obligations of the Issuer in accordance with Section
3808(e) of the Statutory Trust Statute.

 

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

 

(c)          The
outstanding Trust Certificates are subject to redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing
Agreement; provided that the Issuer has available funds sufficient to pay the aggregate Certificate Balance of all the Trust Certificates,
together with accrued interest at the Certificate Rate to but excluding the Payment Date. Notice of any termination of the Issuer,
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 Certificateholders mailed within five
Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 8.01(b) 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 (if other than the Owner
Trustee) at the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust Certificates, the
Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section
5.02. The Owner Trustee shall promptly notify the Administrator (who shall make such notice available to each Rating Agency pursuant
to Section 1.02(c) of the Administration Agreement) upon the final payment of the Trust Certificates.

 

    	 	24	 

     

    

 

(d)          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. Subject to applicable escheat laws, any funds remaining in the Issuer after exhaustion of such
remedies shall be distributed by the Owner Trustee to the Depositor, in its capacities as Depositor and as Holder of such Certificate.

 

(e)          Upon
the winding up of the Issuer and its termination, the Owner Trustee shall, upon the direction and at the expense of the Depositor,
cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance
with Section 3810 of the Statutory Trust Statute. Upon the filing of the certificate of cancellation, the Issuer and this Agreement
(other than Article 8) shall terminate and be of no further force or effect.

 

ARTICLE
Ten

SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

 

Section 10.01.     Eligibility
Requirements for Owner Trustee. The Owner Trustee shall at all times (i) maintain its principal place of business in the State
of Delaware or such other location within the United States to which the Depositor shall consent in writing, (ii) be authorized
to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000, (iv) be subject to supervision
or examination by federal or state authorities and (v) have the Required Rating. If such person 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 person 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.

 

    	 	25	 

     

    

  

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. 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 at
the Issuer’s expense 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 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 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 and expenses owed to
the outgoing Owner Trustee.

 

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 pursuant to Section 1.02(c) of the Administration Agreement.

 

Section 10.03.     Successor
Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 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.

 

    	 	26	 

     

    

 

Upon acceptance of appointment by a successor
Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders, the Indenture Trustee
and the Noteholders; and, in the case of each Rating Agency, shall make such notice available pursuant to Section 1.02(c) of the
Administration Agreement. If the Administrator shall fail to mail such notice within ten 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.

 

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 the Administrator (who
shall make such notice available to each Rating Agency pursuant to Section 1.02(c) of the Administration Agreement).

 

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 Owner 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 Owner Trust Estate, and to vest in such Person,
in such capacity, such title to the Trust 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 to do so, the Owner Trustee alone
shall have the power to make such appointment. The Owner Trustee agrees that upon receipt of a written request from the Administrator
to appoint a co-trustee, it will, at the expense of the Issuer, either (i) promptly provide evidence reasonably satisfactory to
the Administrator that such co-trustee is not required or (ii) cooperate fully to ensure a co-trustee is appointed with any required
timeframe. 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, except that such co-trustee or successor trustee shall have the Required Rating, 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
Owner 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;

 

    	 	27	 

     

    

  

(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.

 

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
Eleven

MISCELLANEOUS

 

Section 11.01.         Supplements
and Amendments.

 

(a)          This
Agreement may be amended by the parties hereto with prior written notice to the Administrator (who shall make such notice available
to each Rating Agency pursuant to Section 1.02(c) of the Administration Agreement), without the consent of any Securityholders,
to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of, (i) 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 an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder or Certificateholder, or (ii) to correct any manifest
error in the terms of this Agreement as compared to the terms set forth in the Prospectus.

 

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(b)          This
Agreement may also be amended from time to time by the parties hereto, with prior written notice to the Administrator (who shall
make such notice available to each Rating Agency pursuant to Section 1.02(c) of the Administration Agreement), with the consent
of the Holders of Trust Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates
and, if such amendment materially and adversely affects the interests of the Noteholders, with the consent of Holders (as such
term is defined in the Indenture) of Notes evidencing not less than a majority of the Outstanding Amount of the Notes, for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying
in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions
that shall be required to be made for the benefit of the Noteholders or the Certificateholders, (ii) increase or reduce any Interest
Rate or Certificate Rate or (iii) reduce the aforesaid percentage of the Outstanding Amount of the Notes or of the Percentage Interests
evidenced by the Trust Certificates required to consent to any such amendment, without the consent of the Holders of all the outstanding
Notes and Trust Certificates affected thereby.

 

(c)          Prior
to the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Indenture Trustee and the Administrator (who shall make such notice available to each Rating Agency
pursuant to Section 1.02(c) of the Administration Agreement).

 

(d)          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. It shall not be necessary for the consent of Certificateholders, Noteholders
or the Indenture Trustee 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.

 

(e)          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.

 

(f)          In
connection with the execution of any amendment to this Agreement or any other basic Document to which the Issuer is a party and
for which amendment the Owner Trustee’s consent is sought, the Owner Trustee shall be entitled to receive and rely upon an
Opinion of Counsel to the effect that the execution of such amendment is authorized or permitted by this Agreement or such other
Basic Document, as the case may be, and that all conditions precedent in this Agreement or such other Basic Document, as the case
may be, for the execution and delivery thereof by the Issuer or the Owner Trustee, as the case may be, have been satisfied. 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.

 

    	 	29	 

     

    

 

Section 11.02.    No
Legal Title to Owner Trust Estate in Owner. The Owner shall not have legal title to any part of the Owner Trust Estate. The
Owners shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance
with Articles Five and Nine. No transfer, by operation of law or otherwise, of any right, title or interest of the Owners to and
in their ownership interest in the Owner 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 Owner 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 Indemnified Parties,
the Depositor, the Owners, 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 Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein.

 

Section 11.04.    Notices.

 

(a)          Unless
otherwise expressly specified or permitted by the terms hereof, all demands, notices and communications under this Agreement shall
be in writing, personally delivered, mailed by electronic mail (if an address therefore has been provided by the respective party
in writing), mailed by certified mail, return receipt requested, delivered by overnight delivery service, or sent via facsimile
transmission and shall be deemed to have been duly given upon receipt (i) in the case of the Owner Trustee, to U.S. Bank Trust
National Association, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603 Attention: Corporate Trust Services – Honda
Auto Receivables 2015-4, (ii) in the case of the Depositor, to American Honda Receivables LLC, 20800 Madrona Avenue, Torrance,
California 90503, Attention: Treasury Manager or (iii) as to any party, at such other address as shall be designated by such party
in a written notice to the other party.

 

(b)          Any
notice required or permitted to be given to a Certificateholder shall be given by overnight delivery or first-class mail, postage
prepaid, at the address of such Holder 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 the Certificateholder receives such notice.

 

Section 11.05.    Severability.
If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held
invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements,
provisions or terms of this Agreement or of the Trust Certificates or the rights of the Holders thereof.

 

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.

 

    	 	30	 

     

    

 

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 assigns, the Owner Trustee and its successors, and each Owner and its successors and permitted assigns,
all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by an Owner shall bind the
successors and assigns of such Owner.

 

Section 11.08.    No
Petition. 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, each hereby covenants and agrees that it
will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer
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 other Basic Document.

 

Section 11.09.    No
Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates
represent beneficial interests in the Issuer only and do not represent interests in or obligations of the Depositor, the Seller,
the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse
may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Trust Certificates,
this Agreement or any other Basic Document.

 

Section 11.10.    Headings.
The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

 

Section 11.11.    Governing
Law; Submission to Jurisdiction. 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.

 

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

 

Section 11.12.    Trust
Certificates Nonassessable and Fully Paid. Certificateholders shall not be personally liable for obligations of the Issuer.
The interests represented by the Trust Certificates shall be nonassessable for any losses or expenses of the Issuer or for any
reason whatsoever, and, upon the authentication thereof by the Owner Trustee pursuant to Section 3.03, 3.04 or 3.05, the Trust
Certificates are and shall be deemed fully paid.

 

    	 	31	 

     

    

  

Section 11.13.    Depositor
Payment Obligation. The Depositor shall be responsible for payment of the Administrator’s compensation under the Administration
Agreement and shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred thereunder. In addition,
the Depositor shall be responsible for the payment of all fees and expenses of the Issuer and the Trustees paid by any of them
in connection with any of their obligations under the Basic Documents to obtain or maintain any required license under the Pennsylvania
Motor Vehicle Sales Finance Act and the Maryland Act (MD Fin. Inst. Code Ann., Title 11, Subtitle 4).

 

Section 11.14.    Tax
Treatment. Notwithstanding the foregoing or anything herein to the contrary, all persons (and their respective employees, representatives
or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
transaction described herein and all materials of any kind (including opinions or other tax analyses) that are provided to the
recipient relating to such tax treatment and tax structure.

 

Section 11.15.     Waiver
of Jury Trial. Each of the parties hereto irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to the transaction contemplated hereby.

 

Section 11.16.    Communications
with Rating Agencies. If the Owner Trustee shall receive any written or oral communications from any Rating Agency (or any
of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents
or in any way relating to the Notes, the Owner Trustee agrees to coordinate with the Administrator with respect to any communication
received from a Rating Agency and further agrees that in no event shall the Owner Trustee engage in any oral communication with
respect to the substance of the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes,
with any Rating Agency (or any of their respective officers, directors or employees) without the participation of the Administrator.

 

The Owner Trustee will not be responsible
for delays attributable to the Administrator’s failure to deliver any information related to any communication with a Rating
Agency (with respect to this section, the “Information”), defects in the Information supplied to the Rating Agency
or Administrator or other circumstances beyond the control of the Owner Trustee. In addition, the Owner Trustee shall not be under
any obligation to make any determination as to the veracity or applicability of any Information provided to it, or whether any
such Information is required to be maintained on a website or other public medium.

 

    	 	32	 

     

    

 

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

 

	 	AMERICAN HONDA RECEIVABLES LLC,
	 	as Depositor
	 	 
	 	By:	/s/ Paul C. Honda
	 	 	Name: Paul C. Honda
	 	 	Title: Treasurer
	 	 	 
	 	U.S. Bank Trust National Association,
	 	as Owner Trustee
	 	 
	 	By:	/s/ Jessica J. Elliott
	 	 	Name: Jessica J. Elliott
	 	 	Title: Vice President

 

    	 	33	 

     

    

  

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, THE TRANSFER
OF THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN SECTION 3.04 OF THE TRUST AGREEMENT UNDER WHICH
THIS CERTIFICATE ISSUED (A COPY OF WHICH TRUST AGREEMENT IS AVAILABLE FROM THE OWNER TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY
THE OWNER TRUSTEE OF AN INVESTMENT LETTER IN WHICH THE TRANSFEREE MAKES CERTAIN REPRESENTATIONS.

 

NUMBER: R-1          Initial
Certificate Balance: $30,568,788.34

 

HONDA AUTO RECEIVABLES 2015-4 OWNER TRUST

 

0.00% ASSET BACKED CERTIFICATE

 

evidencing a fractional undivided interest in the Issuer, as
defined below, the property of which includes a pool of retail installment sale or conditional sale contracts secured by new and
used Honda and Acura motor vehicles (including automobiles and light-duty trucks).

 

(This Trust Certificate does not represent
an interest in or obligation of American Honda Receivables LLC, American Honda Finance Corporation or any of their respective affiliates.)

 

THIS CERTIFIES THAT American Honda Receivables
LLC is the registered owner of a 100 percent nonassessable, fully-paid, undivided interest in the Honda Auto Receivables
2015-4 Owner Trust (the “Issuer”), formed by American Honda Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

The Issuer was created pursuant to a Trust
Agreement dated as of September 2, 2015, as amended and restated by an Amended and Restated Trust Agreement dated October 22, 2015
(as amended or supplemented from time to time, the “Trust Agreement”), between the Depositor and U.S. Bank Trust
National Association, as owner trustee (the “Owner Trustee”) a summary of certain of the pertinent provisions
of which is set forth below. Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto
in the Trust Agreement.

 

    	A-1

     

    

 

This Trust Certificate is one of the duly
authorized certificates designated as “Asset Backed Certificates” (the “Trust Certificates”). Issued
under an Indenture dated October 22, 2015 (the “Indenture”), between the Issuer and The Bank of New York Mellon,
as indenture trustee, are four classes of Notes designated as “Class A-1 0.40000% Asset Backed Notes,” “Class
A-2 0.82% Asset Backed Notes”, “Class A-3 1.23% Asset Backed Notes” and “Class A-4 1.44% Asset Backed Notes”
(collectively, the “Notes”). This Trust Certificate is issued under and is subject to terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this Trust Certificate, by virtue of its acceptance thereof,
assents and by which such Holder is bound. The property of the Issuer includes, among other things, a pool of retail installment
sale or conditional sale contracts for new and used Honda and Acura motor vehicles (including automobiles and light-duty trucks)
(collectively, the “Receivables”), all monies received on or in respect of the Receivables on or after October
1, 2015, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims
on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds
of the foregoing.

 

It is the intent of the Depositor, the Servicer
and the Certificateholder that, solely for purposes of federal income, state and local income tax and any other income taxes, the
Issuer will be treated as a disregarded entity not separate from the sole Certificateholder. The purchaser hereof, by acceptance
of the Trust Certificates, agrees to treat, and to take no action inconsistent with the above treatment for so long as it is the
sole Owner.

 

Solely in the event the Trust Certificates
are held by more than a single Owner, it is the intent of the Depositor, the Servicer and the Certificateholders that, solely for
purposes of federal income, state and local income and single business tax and any other income taxes, the Issuer will be treated
as a partnership and the Certificateholders will be treated as partners in the partnership. The purchaser hereof and the other
Certificateholders, by acceptance of a Trust Certificate, agree to treat, and to take no action inconsistent with the treatment
of, the Trust Certificates for such tax purposes as partnership interests in the Issuer.

 

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 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 other Basic Document.

 

Distributions on this Trust Certificate
will be made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the Certificateholder
of record in the Certificate Register without the presentation or surrender of this Trust Certificate or the making of any notation
hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Trust
Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation
and surrender of this Trust Certificate at the office or agency maintained for the purpose by the Owner Trustee.

 

Reference is hereby made to the further
provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

 

Unless the certificate of authentication
hereon shall have been executed by an authorized officer of the Owner Trustee or the authenticating agent, 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.

 

    	A-2

     

    

 

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.

 

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

 

	 	HONDA AUTO RECEIVABLES 2015-4 OWNER TRUST
	 	 	 
	 	By:	
        U.S. Bank Trust National
        

        Association,

        not in its individual capacity but solely as

        Owner Trustee on behalf of the Trust

	 	 	 
	 	By:	                  
	 	 	Authorized Signatory

 

OWNER TRUSTEE’S
OR AUTHENTICATING AGENT’S CERTIFICATE OF AUTHENTICATION

 

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

 

	
        U.S. Bank Trust National
        

        Association,

        not in its individual capacity but solely as

        Authenticating Agent on behalf of the

        Trust
	 	
        U.S. Bank Trust National
        

        Association,

        not in its individual capacity but solely as

        Owner Trustee on behalf of the

        Trust

	 	 	 	 	 
	By:	 	OR	By:	 
	 	Authorized Signatory	 	 	Authorized Signatory

 

    	A-3

     

    

 

[REVERSE OF TRUST
CERTIFICATE]

 

The Trust Certificates do not represent
an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee or any of their respective affiliates and no
recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust
Agreement or the other Basic Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency or instrumentality
and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts),
all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement
and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal
office of the Depositor and at such other places, if any, designated by the Depositor.

 

The Trust Agreement permits, with certain
exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the
rights of the Certificateholders under the Trust Agreement at any time by the parties thereto with the consent of the Holders of
the Trust Certificates and the Notes, each voting as a class, evidencing not less than a majority of the Percentage Interests evidenced
by the outstanding Trust Certificates, or a majority of the outstanding principal balance of the Notes of each such class. Any
such consent by the Holder of this Trust Certificate shall be conclusive and binding on such Holder and on all future Holders of
this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the Trust Certificates.

 

As provided in the Trust Agreement and subject
to certain limitations therein set forth, the transfer of this Trust Certificate is registrable in the Certificate Register upon
surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate
Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more
new Trust Certificates evidencing the same original certificate balance in the Issuer will be issued to the designated transferee.

 

Except as provided in the Trust Agreement,
the Trust Certificates are issuable only as registered Trust Certificates. As provided in the Trust Agreement and subject to certain
limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates evidencing the same aggregate original
certificate balance, as requested by the Holder surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any
tax or governmental charge payable in connection therewith.

 

The Owner Trustee, the Certificate Registrar
and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Trust Certificate is registered
as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected
by any notice to the contrary.

 

    	A-4

     

    

 

The obligations and responsibilities created
by the Trust Agreement and the Issuer created thereby shall terminate upon the payment to Certificateholders of all amounts required
to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held
as part of the Owner Trust Estate. The Servicer of the Receivables may at its option purchase the Owner Trust Estate at a price
specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Issuer will effect
early retirement of the Trust Certificates; provided, however, such right of purchase is exercisable only as of the last day of
any Collection Period as of which the Pool Balance is less than or equal to 10% of the Original Pool Balance.

 

The Trust Certificates may not be acquired
or held by a Benefit Plan Investor or a person who is not a United States Person within the meaning of Section 7701(a)(30) of the
Code. By accepting and holding this Trust Certificate, the Holder hereof shall be required to have represented and warranted that
it is not a Benefit Plan Investor.

 

    	A-5

     

    

 

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, any
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.

 

	 	·
	 	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 whatsoever. 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.

 

    	A-6

     

    

 

EXHIBIT B

 

FORM OF SELLER CERTIFICATE

 

_______________, ____

 

HONDA AUTO RECEIVABLES 2015-4

OWNER TRUST

c/o U.S. BANK TRUST NATIONAL ASSOCIATION

EP-MN-WS2N, 111 Fillmore Avenue East

St. Paul, Minnesota 55107

Attention: Bondholder Services

 

		Re:	Honda Auto Receivables 2015-4 Owner Trust

Asset Backed Certificates                       

 

Dear Sirs:

 

In connection with our disposition of the
above-referenced Asset Backed Certificates (the “Certificates”) we certify that (i) we understand that the Certificates
have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred
by us in a transaction that is exempt from the registration requirements of the Act and (ii) we have not offered or sold any Certificates
to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect
thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act.

 

	 	Very truly yours,
	 	 
	 	[NAME OF SELLER]
	 	 
	 	By	                    
	 	 	Authorized Officer

 

    	B-1

     

    

 

EXHIBIT C

 

FORM OF INVESTMENT LETTER

 

_______________, ___

 

HONDA AUTO RECEIVABLES 2015-4

OWNER TRUST

c/o U.S. BANK TRUST NATIONAL ASSOCIATION

EP-MN-WS2N, 111 Fillmore Avenue East

St. Paul, Minnesota 55107

Attention: Bondholder Services

 

		Re:	Honda Auto Receivables 2015-4 Owner Trust

Asset Backed Certificates                       

 

Dear Sirs:

 

In connection with our acquisition of the
above-referenced Asset Backed Certificates (the “Certificates”) we certify that (a) we understand that the Certificates
are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws
and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws,
(b) we are an “accredited investor,” as defined in Regulation D under the Act, and have such knowledge and experience
in financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c)
we have had the opportunity to ask questions of and receive answers from the Seller concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d)
we are acquiring the Certificates for investment for our own account and not with a view to any distribution of such Certificates
(but without prejudice to our right at all times to sell or otherwise dispose of the Certificates in accordance with clause (f)
below), (e) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any other action that would result in a violation of Section
5 of the Act or any state securities laws, (f) we are not a Benefit Plan Investor and (g) we will not sell, or otherwise dispose
of any Certificates unless (i) such sale, transfer or other disposition is made pursuant to an effective registration statement
under the Act and in compliance with any state securities laws or is exempt from such registration requirements and, if requested,
we will at our expense provide an Opinion of Counsel satisfactory to the addresses of this certificate that such sale, transfer
or other disposition may be made pursuant to an exemption from the Act, (ii) the purchaser or transferee of such Certificate has
executed and delivered to you a certificate to substantially the same effect as this certificate and (iii) the purchaser or transferee
has otherwise complied with any conditions for transfer set forth in the Amended and Restated Trust Agreement dated October 22,
2015, between American Honda Receivables LLC, as depositor and U.S. Bank Trust National Association, as owner trustee.

 

    	C-1

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEREE]
	 	 
	 	By	 
	 	 	Authorized Officer

 

    	C-2

     

    

 

EXHIBIT D

 

FORM OF RULE 144A LETTER

 

_______________, 20__

 

HONDA AUTO RECEIVABLES 2015-4

OWNER TRUST

c/o U.S. BANK TRUST NATIONAL ASSOCIATION

EP-MN-WS2N, 111 Fillmore Avenue East

St. Paul, Minnesota 55107

Attention: Bondholder Services

 

		Re:	Honda Auto Receivables 2015-4 Owner Trust

Asset Backed Certificates                       

 

Dear Sirs:

 

In connection with our acquisition of the
above-referenced Asset Backed Certificates (the “Certificates”) we certify that (a) we understand that the Certificates
are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws
and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws,
(b) we have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks
of investments in the Certificates, (c) we have had the opportunity to ask questions of and receive answers from the Seller concerning
the purchase of the Certificates and all matters relating thereto or any additional information deemed necessary to our decision
to purchase the Certificates, (d) we have not, nor has anyone acting on our behalf, offered, transferred, pledged, sold or otherwise
disposed of the Certificates or an interest in the Certificates, or solicited any offer to buy, transfer, pledge or otherwise dispose
of the Certificates or any interest in the Certificates from any person in any manner or made any general solicitation by means
of general advertising or in any other manner, taken any other action that would constitute a distribution of the Certificates
under the Act or that would render the disposition of the Certificates a violation of Section 5 of the Act or any state securities
laws or require registration pursuant thereto, and we will not act, or authorize any person to act, in such manner with respect
to the Certificates, (e) we are not a Benefit Plan Investor and (f) we are a “qualified institutional buyer” as that
term is defined in Rule 144A under the Act. We are aware that the sale to us is being made in reliance on Rule 144A. We are acquiring
the certificates for our own account or for resale pursuant to Rule 144A and understand that such certificates may be resold, pledged
or transferred only (i) to a person reasonably believed to be a qualified institutional buyer that purchases for its own account
or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A or (ii) pursuant to another exemption from registration under the Act.

 

    	D-1

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEREE]
	 	 	 
	 	By	 
	 	 	Authorized Officer

 

    	D-2

     

    

 

EXHIBIT E

 

Form of Monthly Rule 15Ga-1 Asset Repurchase
Activity Report

Reporting Period: ____________

Name of Issuing Entity: HAROT 2015-4

Trustee: U.S. Bank Trust National Association

 ̈
Check here if the Trustee has no activity to report during Reporting Period indicated above

 

	Name
                                         of

                                         Issuing 

        Entity
	 	Check
                                         if 

        Registered
	 	Name
                                         of 

        Originator
	 	Total
    Assets in 

    ABS by Originator1	 	Assets
                                         That Were 

        Subject
        of

        Demand
	 	Assets
                                         That Were 

        Repurchased
        or 

        Replaced
	 	Assets
                                         Pending 

        Repurchase
        or

        Replacement

        (within cure period)
	 	Demand
    in Dispute	 	Demand
    Withdrawn	 	Demand
    Rejected	 
	

    

    

    

    (a)	 	

    

    

    

    (b)	 	

    

    

    

    (c)	 	(#)

    

    

    

    (d)	 	($)

    

    

    

    (e)	 	(%
                                         of

        principal

        balance)

        

        (f)
	 	(#)

    

    

    

    (g)	 	($)

    

    

    

    (h)	 	(%
                                         of

        principal

        balance)

        

        (i)
	 	(#)

    

    

    

    (j)	 	($)

    

    

    

    (k)	 	(%
                                         of

        principal

        balance)

        

        (l)
	 	(#)

    

    

    

    (m)	 	($)

    

    

    

    (n)	 	(%
                                         of

        principal

        balance)

        

        (o)
	 	(#)

    

    

    

    (p)	 	($)

    

    

    

    (q)	 	(%
                                         of

        principal

        balance)

        

        (r)
	 	(#)

    

    

    

    (s)	 	($)

    

    

    

    (t)	 	(%
                                         of

        principal

        balance)

        

        (u)
	 	(#)

    

    

    

    (v)	 	($)

    

    

    

    (w)	 	(%
                                         of

        principal

        balance)

        

        (x)
	 
	Asset Class X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing Entity A CIK #	 	X	 	Originator 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Originator 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 
	Asset Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing Entity B	 	 	 	Originator 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 

 

 

1
Owner Trustee to provide if such information is available.

 

    	E-1EX-4.1

 Exhibit 4.1 

 
  

DOMINO’S PIZZA MASTER ISSUER LLC, 

DOMINO’S PIZZA DISTRIBUTION LLC, 

DOMINO’S IP HOLDER LLC and 

DOMINO’S SPV CANADIAN HOLDING COMPANY INC. 

each as Co-Issuer 
 and 

CITIBANK, N.A., 
 as Trustee and
Securities Intermediary 
  
  

FIRST SUPPLEMENT 
 Dated as
of September 16, 2013 
 to the 

AMENDED AND RESTATED BASE INDENTURE 

Dated as of March 15, 2012 
  

 
 Asset Backed
Notes 
 (Issuable in Series) 
  

 

 FIRST SUPPLEMENT TO AMENDED AND RESTATED BASE INDENTURE 

FIRST SUPPLEMENT, dated as of September 16, 2013 (this “First Supplement”), to the Amended and Restated Base Indenture,
dated as of March 15, 2012 (the “Original Base Indenture”), by and among DOMINO’S PIZZA MASTER ISSUER LLC, a Delaware limited liability company (the “Master Issuer”), DOMINO’S PIZZA DISTRIBUTION LLC,
a Delaware limited liability company (the “Domestic Distributor”), DOMINO’S SPV CANADIAN HOLDING COMPANY INC., a Delaware corporation (the “SPV Canadian Holdco”), DOMINO’S IP HOLDER LLC, a Delaware limited
liability company (the “IP Holder” and together with the Master Issuer, the Domestic Distributor and the SPV Canadian Holdco, collectively, the “Co-Issuers” and each, a “Co-Issuer”), and CITIBANK,
N.A., a national banking association, as trustee (in such capacity, the “Trustee”), and as securities intermediary. 
 W I T
N E S S E T H: 
 WHEREAS, the Co-Issuers and the Trustee entered into the Amended and Restated Base Indenture, dated as of March 15,
2012 (as further amended, supplemented or otherwise modified from time to time, the “Base Indenture”); 
 WHEREAS,
Section 13.2(a) of the Base Indenture provides, among other things, that the Co-Issuers and the Trustee, with the consent of the Control Party (acting at the direction of the Controlling Class Representative), may at any time, and from
time to time, make certain amendments, waivers and other modifications to the Base Indenture, including the types of amendments set forth in this First Supplement; and 

WHEREAS, the Co-Issuers and the Trustee wish to amend the Original Base Indenture Supplement as set forth herein. 

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

 ARTICLE I 
 DEFINITIONS

 Unless otherwise defined herein, capitalized terms used herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in the Definitions List attached to the Base Indenture as Annex A (the “Base Indenture Definitions List”), as such Definitions List may be amended, supplemented or otherwise modified from time to time in
accordance with the provisions of the Base Indenture. 

  
 2 

 ARTICLE II 

AMENDMENTS 

Section 2.1 Retained Collections Contributions. The definition of “Retained Collections Contribution” in the Base
Indenture Definitions List is hereby amended by inserting the double underlined text in the following paragraph: 
 “Retained
Collections Contribution” means, with respect to any Quarterly Collection Period, a cash contribution made to the Master Issuer at any time prior to the Final Series Legal Final Maturity Date
(other than a cash contribution made to the Master Issuer for the purpose of collateralizing letters of credit issued under any Class A-1 Subfacility) in an amount no greater than
$7,500,000 in any Quarterly Collection Period, not more than $15,000,000 during any period of four consecutive Quarterly Collection Periods and not more than $30,000,000 in the aggregate from the Closing Date to the Final Series Legal Final Maturity
Date, which for all purposes of the Related Documents, except as otherwise specified therein, will be treated as Retained Collections received during such Quarterly Collection Period. 

Section 2.2 Series Non-Amortization Test. The definition of “Series Non-Amortization Test” is hereby amended by
inserting the double underlined text in the following paragraph: 
 “Series Non-Amortization Test”
has the meaning specified in the applicable Series Supplement or, if not specified therein, means a test that will be satisfied on any Quarterly Payment Date if (i) the level of both
the Holdco Leverage Ratio and the Securitization Leverage Ratio are each less than or equal to 4.5x as of the Accounting Date preceding such Quarterly Payment Date and (ii) there is no Senior Notes Scheduled Principal Catch-Up Amount
outstanding as of such Quarterly Payment Date. 
 Section 2.3 Senior Notes Principal Payments Account.
Section 5.12(g) of the Original Indenture is hereby amended by deleting the stricken text and inserting the double underlined text in the following paragraph: 

(g) Senior Notes Principal Payments Account. On each Accounting Date, the Master Issuer shall instruct the Trustee in
writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to
be paid to each applicable Class of Senior Notes from the Collection Account up to the aggregate amount of the Senior Notes Aggregate Scheduled Principal Payments and amounts distributed to such administrative account pursuant to clauses
(xiii), (xv), (xvii) and (xxxiii) of the Priority of Payments owed to each such Class of Senior Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior
Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the Senior Notes of such Class; provided that no Senior Notes Scheduled Principal Payments shall be made in respect of any Series of Senior Notes
subsequent to the occurrence of any Rapid Amortization Event set forth in clause (e) of the definition of Rapid Amortization Event, and (B) to be paid to each applicable Class of Senior Notes from the Collection Account up
to 

  
 3 

 
the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Senior Notes in the following order: first, if a Class A-1 Senior
Notes Amortization Period is in effect, to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes on a pro rata basis; second, to prepay the Outstanding Principal Amount of all Senior Notes of all
Series other than Class A-1 Senior Notes sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Notes of the same alphanumerical designation based on the Outstanding Principal Amount of
the Senior Notes of such Class; and third, provided clause first does not apply, to prepay and permanently reduce the Commitments under all Class A-1 Senior Notes of all Series on a pro rata basis based on Commitment
Amounts and deposit such funds into the applicable Series Distribution Accounts, and (C) if any funds were allocated to the Senior Notes Principal Payments Account on any Weekly Allocation
Date with respect to the immediately preceding Quarterly Collection Period, but are not due and payable on the Quarterly Payment Date following such Accounting Date because the applicable Series Non-Amortization Test is satisfied as of the
applicable date of determination, and to the extent such funds are available after application of funds pursuant to subclause (A) and after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any
Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii) and 5.12(f)(ii), to be re-allocated in accordance with clauses (xiii) through (xxxviii) of the Priority of Payments, in each case, as though such
Accounting Date was a Weekly Allocation Date and such funds were on deposit in the Collection Account, in the priorities set forth in such clauses and to the extent of amounts due and payable pursuant to such clauses on the following Quarterly
Payment Date after giving effect to other funds already allocated therefor; (ii) if the aggregate amount of funds allocated to the Senior Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately
preceding Quarterly Collection Period is less than the Senior Notes Aggregate Scheduled Principal Payments owed to each applicable Class of Senior Notes on such Quarterly Payment Date and/or the amount of funds allocated to the Senior Notes
Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate Disposition Proceeds due on such Quarterly Payment Date with
respect to each applicable Class of Senior Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any payments of higher priority to be made as of such
Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii) or 5.12(f)(ii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account,
second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payments

  
 4 

 
Account, fifth, the Subordinated Notes Interest Account, and sixth, the Senior Subordinated Notes Principal Payments Account, to be paid to each applicable Class of Senior Notes up
to the amount of unpaid Senior Notes Scheduled Principal Payments, Indemnification Payments and/or Real Estate Disposition Proceeds, as the case may be, in the applicable order set forth in clause (i) above, and deposit such funds into
the applicable Series Distribution Accounts; (iii) if a Rapid Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any amounts are on deposit in the Subordinated Notes Post-ARD Contingent Interest
Account, Senior Subordinated Notes Post-ARD Contingent Interest Account, Senior Notes Post-ARD Contingent Interest Account, the Subordinated Notes Principal Payments Account, the Subordinated Notes Interest Account or the Senior Subordinated Notes
Principal Payments Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date
from any Collection Account Administrative Account pursuant to this Section 5.12) to be paid to each Class of Senior Notes, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable
Series Distribution Accounts; and (iv) so long as no Rapid Amortization Period is continuing, if a Class A-1 Senior Notes Amortization Event is continuing, after giving effect to the payments described in clauses (i) through
(iii) above, amounts on deposit in the Cash Trap Reserve Account to the extent necessary to pay the principal amounts of the Class A-1 Senior Notes until no principal amounts with respect to the Class A-1 Senior Notes are
Outstanding, to be deposited to the Senior Notes Principal Payments Account and paid to the holders of the Class A-1 Senior Notes, pro rata according to principal amounts Outstanding. 

Section 2.4 Senior Subordinated Notes Principal Payments Account. Section 5.12(i) of the Original Indenture is hereby
amended by deleting the stricken text and inserting the double underlined text in the following paragraph: 
 (i) Senior
Subordinated Notes Principal Payments Account. On each Accounting Date, the Master Issuer shall instruct the Trustee in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Senior Subordinated Notes
Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period (A) to be paid to each applicable Class of Senior Subordinated Notes from the Collection Account up to the amount of
the Senior Subordinated Notes Scheduled Principal Payments and amounts distributed to such administrative account pursuant to clauses (xix), (xx) and (xxxiv) of the Priority of Payments owed to each such Class of
Senior Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Senior Subordinated Notes of the same alphanumerical designation based upon the Outstanding Principal Amount of the
Senior Subordinated Notes of such Class; 

  
 5 

 
provided that no Senior Subordinated Notes Scheduled Principal Payments shall be made in respect of any Series of Senior Subordinated Notes subsequent to the occurrence of any Rapid
Amortization Event set forth in clause (e) of the definition of Rapid Amortization Event, and (B) to be paid (so long as no Senior Notes are Outstanding) to each applicable Class of Senior Subordinated Notes from the
Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Senior Subordinated Notes, sequentially in order of alphabetical designation and pro rata among
each Class of Senior Subordinated Notes of the same alphabetical designation based upon the Outstanding Principal Amount of each such Class, and deposit such funds into the applicable Series Distribution Accounts,
and (C) if any funds were allocated to the Senior Subordinated Notes Principal Payments Account on any Weekly Allocation Date with respect to the immediately preceding Quarterly Collection
Period, but are not due and payable on the Quarterly Payment Date following such Accounting Date because the applicable Series Non-Amortization Test is satisfied as of the applicable date of determination, and to the extent such funds are available
after application of funds pursuant to subclause (A) and after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii),
5.12(d)(ii), 5.12(f)(ii) and 5.12(g)(ii), to be re-allocated in accordance with clauses (xix) through (xxxviii) of the Priority of Payments, in each case, as though such Accounting Date was a Weekly Allocation Date and such funds were on
deposit in the Collection Account, in the priorities set forth in such clauses and to the extent of amounts due and payable pursuant to such clauses on the following Quarterly Payment Date after giving effect to other funds already allocated
therefor (including amounts re-allocated pursuant to Section 5.12(g)(1)(C); (ii) if the aggregate amount of funds allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the
immediately preceding Quarterly Collection Period is less than the Senior Subordinated Notes Aggregate Scheduled Principal Payments owed to each applicable Class of Senior Subordinated Notes on such Quarterly Payment Date and/or the amount of funds
allocated to the Senior Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate Disposition Proceeds
due on such Quarterly Payment Date with respect to each applicable Class of Senior Subordinated Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to
any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii), 5.12(f)(ii) or 5.12(g)(ii)) from
first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, third, 

  
 6 

 
the Senior Notes Post-ARD Contingent Interest Account, fourth, the Subordinated Notes Principal Payments Account, and fifth, the Subordinated Notes Interest Account, to be paid to
each applicable Class of Senior Subordinated Notes up to the amount of unpaid Senior Subordinated Notes Scheduled Principal Payments and/or Indemnification Payments and/or Real Estate Disposition Proceeds, as the case may be, in the applicable order
set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts, and (iii) if a Rapid Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment Date and any
amounts are on deposit in the Subordinated Notes Post-ARD Contingent Interest Account, Senior Subordinated Notes Post-ARD Contingent Interest Account, Senior Notes Post-ARD Contingent Interest Account, the Subordinated Notes Principal Payments
Account or the Subordinated Notes Interest Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account Administrative Accounts (after giving effect to any payments of higher priority to be made as of such
Quarterly Payment Date from any Collection Account Administrative Account pursuant to this Section 5.12) to be paid to each Class of Senior Subordinated Notes, in the applicable order set forth in clause (i) above, and
deposit such funds into the applicable Series Distribution Accounts. 
 Section 2.5 Subordinated Notes Principal Payments
Account. Section 5.12(l) of the Original Indenture is hereby amended by deleting the stricken text and inserting the double underlined text in the following paragraph: 

(l) Subordinated Notes Principal Payments Account. On each Accounting Date, the Master Issuer shall instruct the Trustee
in writing to withdraw on the following Quarterly Payment Date: (i) the funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period
(A) to be paid to each applicable Class of Subordinated Notes from the Collection Account up to the amount of Subordinated Notes Scheduled Principal Payments and amounts distributed to such administrative account pursuant to clauses
(xxvi), (xxvii) and (xxxv) of the Priority of Payments owed to each such Class of Subordinated Notes, sequentially in order of alphanumerical designation and pro rata among each such Class of Subordinated Notes of the
same alphanumerical designation based upon the Outstanding Principal Amount of such Class; provided, that no Subordinated Notes Scheduled Principal Payments shall be made in respect of any Series of Subordinated Notes subsequent to the
occurrence of any Rapid Amortization Event set forth in clause (e) of the definition thereof; and (B) to be paid (so long as no Senior Notes or Senior Subordinated Notes are Outstanding) to each applicable Class of
Subordinated Notes from the Collection Account up to the aggregate amount of Indemnification Payments and Real Estate Disposition Proceeds owed to each such Class of Subordinated Notes, sequentially in order of

  
 7 

 
alphabetical designation and pro rata among each Class of Subordinated Notes of the same alphabetical designation based upon the Outstanding Principal Amount of each such Class,
and (C) if any funds were allocated to the Subordinated Notes Principal Payments Account on any Weekly Allocation Date with respect to the immediately preceding Quarterly Collection
Period, but are not due and payable on the Quarterly Payment Date following such Accounting Date because the applicable Series Non-Amortization Test is satisfied as of the applicable date of determination, and to the extent such funds are available
after application of funds pursuant to subclause (A) and after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii),
5.12(d)(ii), 5.12(f)(ii), 5.12(g)(ii), 5.12(i)(ii) and 5.12(j)(ii)), to be re-allocated in accordance with clauses (xxvi) through (xxxviii) of the Priority of Payments, in each case, as though such Accounting Date was a Weekly Allocation
Date and such funds were on deposit in the Collection Account, in the priorities set forth in such clauses and to the extent of amounts due and payable pursuant to such clauses on the following Quarterly Payment Date after giving effect to other
funds already allocated therefor (including amounts re-allocated pursuant to Section 5.12(g)(1)(C) and Section 5.12(i)(1)(C); (ii) if the aggregate amount of funds allocated to the Subordinated Notes Principal Payments Account on
each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Subordinated Notes Scheduled Principal Payments owed for the Interest Period ending most recently prior to such Quarterly Payment Date
and/or the amount of funds allocated to the Subordinated Notes Principal Payments Account on each Weekly Allocation Date with respect to the immediately preceding Quarterly Collection Period is less than the Indemnification Payments and Real Estate
Disposition Proceeds due on such Quarterly Payment Date with respect to the Subordinated Notes, an amount equal to the lesser of (A) any such insufficiency and (B) the Available Administrative Account Amount (after giving effect to any
payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to Sections 5.12(a)(iii), 5.12(d)(ii), 5.12(f)(ii), 5.12(g)(ii), 5.12(i)(ii) or
5.12(j)(ii)) from first, the Subordinated Notes Post-ARD Contingent Interest Account, second, the Senior Subordinated Notes Post-ARD Contingent Interest Account, and third, the Senior Notes Post-ARD Contingent Interest
Account, to be paid to each applicable Class of Subordinated Notes up to the amount of unpaid Subordinated Notes Scheduled Principal Payments and/or Indemnification Payments and/or Real Estate Disposition Proceeds, as the case may be, in the
applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts, and (iii) if a Rapid Amortization Event has occurred and is continuing or shall occur on such Quarterly Payment
Date and any amounts are on deposit in the Senior Notes Post-ARD Contingent Interest Account, the Senior Subordinated Notes Post-ARD 

  
 8 

 
Contingent Interest Account or the Subordinated Notes Post-ARD Contingent Interest Account on such Accounting Date, an amount equal to all amounts on deposit in such Collection Account
Administrative Accounts (after giving effect to any payments of higher priority to be made as of such Quarterly Payment Date from any Collection Account Administrative Account pursuant to this Section 5.12) to be paid to each Class of
Subordinated Notes, in the applicable order set forth in clause (i) above, and deposit such funds into the applicable Series Distribution Accounts. 

ARTICLE III 
 GENERAL 

Section 3.1 Effect on Indenture. Upon the date hereof (i) the Base Indenture shall be amended in accordance herewith,
(ii) this First Supplement shall form part of the Base Indenture for all purposes and (iii) the parties and each Noteholder shall be bound by the Base Indenture, as so amended. Except as expressly set forth or contemplated in this First
Supplement, the terms and conditions of the Base Indenture shall remain in place and shall not be altered, amended or changed in any manner whatsoever, except by any further amendment to the Base Indenture made in accordance with the terms of the
Base Indenture, as amended by this First Supplement. 
 Section 3.2 Binding Effect. This First Supplement shall inure to the
benefit of and be binding on the respective successors and assigns of the parties hereto, each Noteholder and each other Secured Party. 

Section 3.3 Counterparts. The parties to this First Supplement may sign any number of copies of this First Supplement. Each signed
copy shall be an original, but all of them together represent the same agreement. 
 Section 3.4 Governing Law. THIS FIRST
SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK). 
 Section 3.5 Amendments. This First Supplement may not be modified or amended except in accordance with the
terms of the Base Indenture. 
 Section 3.6 Matters relating to the Trustee. The Trustee makes no representations or warranties
as to the correctness of the recitals contained herein, which shall be taken as statements of the Co-Issuers, or the validity or sufficiency of this First Supplement and the Trustee shall not be accountable or responsible for or with respect to nor
shall the Trustee have any responsibility for provisions thereof. In entering into this First Supplement, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or
affording protection to the Trustee. 

  
 9 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Each party hereto represents and warrants to each other party hereto that this First Supplement has been duly and validly executed and
delivered by such party and constitutes its legal, valid and binding obligation, enforceable against such party in accordance with its terms 

[Remainder of Page Intentionally Left Blank] 

  
 10 

 IN WITNESS WHEREOF, each of the Co-Issuers, the Trustee and the Securities Intermediary have
caused this First Supplement to the Amended and Restated Base Indenture to be duly executed by its respective duly authorized officer as of the day and year first written above. 

 

					
	DOMINO’S MASTER ISSUER LLC, as Co-Issuer
		
	By:	 	  

		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary
	
	DOMINO’S PIZZA DISTRIBUTION LLC, as Co-Issuer
		
	By:	 	  

		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary
	
	DOMINO’S SPV CANADIAN HOLDING COMPANY INC., as Co-Issuer
		
	By:	 	  

		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary
	
	DOMINO’S IP HOLDER LLC, as Co-Issuer
		
	By:	 	  

		 	Name:	 	Adam J. Gacek
		 	Title:	 	Secretary

 
					
	CITIBANK, N.A., in its capacity as Trustee and as Securities Intermediary
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	CONSENT OF CONTROL PARTY AND CONTROLLING CLASS REPRESENTATIVE:
	
	In accordance with Section 2.4 of the Servicing Agreement, Midland Loan Services, a division of PNC Bank, National Association, as Control Party and Controlling Class Representative (pursuant to Section 11.1(d)
of the Amended and Restated Base Indenture), hereby consents to the execution and delivery by the Co-Issuers and the Trustee of this First Supplement to the Amended and Restated Base Indenture.
	
	MIDLAND LOAN SERVICES,
	A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	  

		 	Name:	 	
		 	Title:

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