Document:

Unassociated Document

    Exhibit
      4.1

    
        
 
        

    

    
      EXECUTION
        VERSION

      
 

    

    AMENDED
      AND RESTATED TRUST AGREEMENT

     

    among

     

    HYUNDAI
      ABS FUNDING CORPORATION,

    as
      Depositor

     

    WILMINGTON
      TRUST COMPANY,

    as
      Owner Trustee

     

    and

     

    HYUNDAI
      MOTOR FINANCE COMPANY,

     

    as
      Administrator

     

    Dated
      as of June 25, 2008

     

    

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

    

    Page

    
      	
              ARTICLE
                1. DEFINITIONS

            	
              1

            
	
              Section
                1.01

            	
              Capitalized
                Terms

            	
              1

            
	
              Section
                1.02

            	
              Other
                Definitional Provisions

            	
              3

            
	
              ARTICLE
                2. ORGANIZATION

            	
              4

            
	
              Section
                2.01

            	
              Name

            	
              4

            
	
              Section
                2.02

            	
              Office

            	
              4

            
	
              Section
                2.03

            	
              Purposes
                and Powers

            	
              4

            
	
              Section
                2.04

            	
              Appointment
                of Owner Trustee

            	
              5

            
	
              Section
                2.05

            	
              Initial
                Capital Contribution of Trust Estate

            	
              5

            
	
              Section
                2.06

            	
              Declaration
                of Trust

            	
              6

            
	
              Section
                2.07

            	
              Title
                to Trust Property

            	
              6

            
	
              Section
                2.08

            	
              Situs
                of Trust

            	
              6

            
	
              Section
                2.09

            	
              Representations,
                Warranties and Covenants of the Depositor

            	
              6

            
	
              Section
                2.10

            	
              Federal
                Income Tax Allocations

            	
              7

            
	
              ARTICLE
                3. TRUST
                CERTIFICATES AND TRANSFER OF INTERESTS

            	
              8

            
	
              Section
                3.01

            	
              Initial
                Ownership

            	
              8

            
	
              Section
                3.02

            	
              The
                Trust Certificates

            	
              8

            
	
              Section
                3.03

            	
              Execution,
                Authentication and Delivery of Trust Certificates

            	
              8

            
	
              Section
                3.04

            	
              Registration
                of Transfer and Exchange of Trust Certificates

            	
              8

            
	
              Section
                3.05

            	
              Mutilated,
                Destroyed, Lost or Stolen Trust Certificates

            	
              9

            
	
              Section
                3.06

            	
              Persons
                Deemed Owners

            	
              10

            
	
              Section
                3.07

            	
              Access
                to List of Certificateholders’ Names and Addresses

            	
              10

            
	
              Section
                3.08

            	
              Maintenance
                of Office or Agency

            	
              10

            
	
              Section
                3.09

            	
              Appointment
                of Paying Agent

            	
              10

            
	
              Section
                3.10

            	
              Form
                of Trust Certificates

            	
              11

            
	
              Section
                3.11

            	
              Transfer
                Restrictions

            	
              11

            
	
              Section
                3.12

            	
              Legending
                of Trust Certificates

            	
              14

            
	
              Section
                3.13

            	
              Authenticating
                Agent

            	
              15

            
	
              Section
                3.14

            	
              Actions
                of Certificateholders

            	
              17

            
	
              ARTICLE
                4. ACTIONS
                BY OWNER TRUSTEE

            	
              17

            

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

    

      TABLE
        OF CONTENTS

      (continued)

      Page

    

     

    
      	
              Section
                4.01

            	
              Prior
                Notice with Respect to Certain Matters

            	
              17

            
	
              Section
                4.02

            	
              Action
                by Servicer with Respect to Certain Matters

            	
              19

            
	
              Section
                4.03

            	
              Action
                by Certificateholders with Respect to Bankruptcy

            	
              19

            
	
              Section
                4.04

            	
              Restrictions
                on Servicer’s Power

            	
              19

            
	
              Section
                4.05

            	
              Majority
                Control

            	
              20

            
	
              ARTICLE
                5. APPLICATION
                OF TRUST FUNDS; CERTAIN DUTIES

            	
              20

            
	
              Section
                5.01

            	
              Establishment
                of Trust Account

            	
              20

            
	
              Section
                5.02

            	
              Application
                of Trust Funds

            	
              20

            
	
              Section
                5.03

            	
              Method
                of Payment

            	
              20

            
	
              Section
                5.04

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

            	
              21

            
	
              Section
                5.05

            	
              Signature
                on Returns; Tax Matters Partner

            	
              21

            
	
              Section
                5.06

            	
              Duties
                of Depositor on Behalf of Trust

            	
              21

            
	
              ARTICLE
                6. AUTHORITY
                AND DUTIES OF OWNER TRUSTEE

            	
              22

            
	
              Section
                6.01

            	
              General
                Authority

            	
              22

            
	
              Section
                6.02

            	
              General
                Duties

            	
              22

            
	
              Section
                6.03

            	
              Action
                upon Instruction

            	
              22

            
	
              Section
                6.04

            	
              No
                Duties Except as Specified in this Agreement or in
                Instructions

            	
              23

            
	
              Section
                6.05

            	
              No
                Action Except Under Specified Documents or Instructions

            	
              24

            
	
              Section
                6.06

            	
              Restrictions

            	
              24

            
	
              ARTICLE
                7. CONCERNING
                THE OWNER TRUSTEE

            	
              24

            
	
              Section
                7.01

            	
              Acceptance
                of Trusts and Duties

            	
              24

            
	
              Section
                7.02

            	
              Furnishing
                of Documents

            	
              25

            
	
              Section
                7.03

            	
              Representations
                and Warranties

            	
              25

            
	
              Section
                7.04

            	
              Reliance;
                Advice of Counsel

            	
              26

            
	
              Section
                7.05

            	
              Not
                Acting in Individual Capacity

            	
              26

            
	
              Section
                7.06

            	
              Owner
                Trustee Not Liable for Trust Certificates or for
                Receivables

            	
              27

            
	
              Section
                7.07

            	
              Owner
                Trustee May Own Trust Certificates and Notes

            	
              27

            
	
              Section
                7.08

            	
              Doing
                Business in Other Jurisdictions

            	
              27

            

    

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    
      

        TABLE
          OF CONTENTS

        (continued)

        Page

      

       

    

    
      	
              Section
                7.09

            	
              Paying
                Agent; Authenticating Agent

            	
              28

            
	
              ARTICLE
                8. COMPENSATION
                OF OWNER TRUSTEE

            	
              28

            
	
              Section
                8.01

            	
              Owner
                Trustee’s Fees and Expenses

            	
              28

            
	
              Section
                8.02

            	
              Indemnification

            	
              28

            
	
              Section
                8.03

            	
              Payments
                to the Owner Trustee

            	
              28

            
	
              ARTICLE
                9. TERMINATION
                OF TRUST AGREEMENT

            	
              29

            
	
              Section
                9.01

            	
              Termination
                of Trust Agreement

            	
              29

            
	
              ARTICLE
                10. SUCCESSOR
                OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

            	
              30

            
	
              Section
                10.01

            	
              Eligibility
                Requirements for Owner Trustee

            	
              30

            
	
              Section
                10.02

            	
              Resignation
                or Removal of Owner Trustee

            	
              30

            
	
              Section
                10.03

            	
              Successor
                Owner Trustee

            	
              31

            
	
              Section
                10.04

            	
              Merger
                or Consolidation of Owner Trustee

            	
              31

            
	
              Section
                10.05

            	
              Appointment
                of Co-Trustee or Separate Trustee

            	
              32

            
	
              ARTICLE
                11. MISCELLANEOUS

            	
              33

            
	
              Section
                11.01

            	
              Supplements
                and Amendments

            	
              33

            
	
              Section
                11.02

            	
              No
                Legal Title to Trust Estate in Certificateholders

            	
              34

            
	
              Section
                11.03

            	
              Limitations
                on Rights of Others

            	
              34

            
	
              Section
                11.04

            	
              Notices

            	
              35

            
	
              Section
                11.05

            	
              Severability

            	
              35

            
	
              Section
                11.06

            	
              Separate
                Counterparts

            	
              35

            
	
              Section
                11.07

            	
              Successors
                and Assigns

            	
              35

            
	
              Section
                11.08

            	
              Covenants
                of the Depositor

            	
              35

            
	
              Section
                11.09

            	
              No
                Petition

            	
              35

            
	
              Section
                11.10

            	
              No
                Recourse

            	
              36

            
	
              Section
                11.11

            	
              Headings

            	
              36

            
	
              Section
                11.12

            	
              GOVERNING
                LAW

            	
              37

            
	
              Section
                11.13

            	
              [Reserved]

            	
              37

            
	
              Section
                11.14

            	
              Sarbanes-Oxley

            	
              37

            
	
              ARTICLE
                12. COMPLIANCE
                WITH REGULATION AB

            	
              37

            

    

     

    
      
        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

    

      
        
          TABLE
            OF CONTENTS

          (continued)

          Page

        

         

      

    

    
      	
              Section
                12.01

            	
              Intent
                of the Parties; Reasonableness

            	
              37

            
	
              Section
                12.02

            	
              Additional
                Representations and Warranties of the Owner Trustee

            	
              37

            
	
              Section
                12.03

            	
              Information
                to Be Provided by the Owner Trustee

            	
              38

            
	
              Section
                12.04

            	
              Indemnification;
                Remedies

            	
              39

            

    

    
      	
              ARTICLE
                12. COMPLIANCE
                WITH REGULATION AB

            	
              37

            
	
              Section
                12.01

            	
              Intent
                of the Parties; Reasonableness

            	
              37

            
	
              Section
                12.02

            	
              Additional
                Representations and Warranties of the Owner Trustee

            	
              37

            
	
              Section
                12.03

            	
              Information
                to Be Provided by the Owner Trustee

            	
              38

            
	
              Section
                12.04

            	
              Indemnification;
                Remedies

            	
              40

            

    

    

    Exhibits

    

    
      	
              Exhibit
                A

            	
              Form
                of Trust Certificate

            	
              A-1

            
	
              Exhibit
                B

            	
              Reserved

            	
              B-1

            
	
              Exhibit
                C

            	
              Form
                of Transferee Certificate

            	
              C-1

            
	
              Exhibit
                D

            	
              Form
                of Certificate of Trust of Hyundai Auto Receivables Trust
                2008-A

            	
              D-1

            

    

    

    
      
        
        

      

      
        -iv-

        
          

        

      

      
        
        

      

    

    This
      AMENDED AND RESTATED TRUST AGREEMENT, dated as of June 25, 2008, is between
      HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation, as depositor (the
      “Depositor”),
      WILMINGTON TRUST COMPANY, a Delaware banking corporation, acting hereunder
      not
      in its individual capacity but solely as owner trustee (the “Owner
      Trustee”)
      and
      HYUNDAI MOTOR FINANCE COMPANY, a California corporation, as administrator (the
      “Administrator”).

     

    WHEREAS,
      on December 17, 2007, the Depositor, the Owner Trustee and the Administrator
      entered into a Trust Agreement (the “Original
      Trust Agreement”);
      and

     

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

     

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

     

    ARTICLE
      1.

    DEFINITIONS

     

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

     

    “Administration
      Agreement”
shall
      mean the Owner Trust Administration Agreement dated as of June 25, 2008 among
      the Trust, Hyundai Motor Finance Company, as Administrator and Citibank, N.A.,
      as Indenture Trustee, as amended, supplemented, amended and restated or
      otherwise modified from time to time.

     

    “Administrator”
shall
      mean Hyundai Motor Finance Company.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Indenture”
shall
      mean the Indenture, dated as of June 25, 2008 between the Trust and Citibank,
      N.A., as Indenture Trustee, as amended, supplemented, amended and restated
      or
      otherwise modified from time to time.

     

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

     

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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

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

     

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

     

    “Sale
      and Servicing Agreement”
shall
      mean the Sale and Servicing Agreement dated as of June 25, 2008, among the
      Depositor, Hyundai Motor Finance Company, as Seller and Servicer, the Trust
      and the Indenture Trustee, as amended, supplemented, amended and restated or
      otherwise modified from time to time.

     

    “SEC”
means
      the Securities and Exchange Commission.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      1.02 Other
      Definitional Provisions.

     

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

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

    ARTICLE
      2.

    ORGANIZATION

     

    Section
      2.01 Name.
      The
      Trust created hereby shall be known as “Hyundai Auto Receivables Trust 2008-A,”
in which name the Owner Trustee may conduct the business of the Trust, make
      and
      execute contracts and other instruments on behalf of the Trust and sue and
      be
      sued.

     

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

     

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

     

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

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
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    ARTICLE
      3.

    TRUST
      CERTIFICATES AND TRANSFER OF INTERESTS

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Section
      3.13 Authenticating
      Agent.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

     

    
      	 	
              ______________________________________

              as
                Owner Trustee

               

              By:
                ___________________________________

              Authorized
                Officer

               

              or

               

              ______________________________________

              as
                Authenticating Agent for the Owner Trustee,

               

              By:
                ___________________________________

              Authorized
                Officer

            

    

     

     

    
      
        
        

      

      
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    Section
      3.14 Actions
      of Certificateholders.

     

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

     

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

     

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

     

    ARTICLE
      4.

    ACTIONS
      BY OWNER TRUSTEE

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (n) confess
      a
      judgment against the Trust;

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

    ARTICLE
      5.

    APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES

     

    Section
      5.01 Establishment
      of Trust Account.
      The
      Paying Agent shall establish and maintain in the name of the Trust an Eligible
      Account (the “Certificate Distribution Account”), bearing a designation clearly
      indicating that the funds deposited therein are held for the benefit of the
      Certificateholders. The title of the Certificate Distribution Account shall
      be
“Hyundai Auto Receivables Trust 2008-A:  Certificate Distribution
      Account for the benefit of the Certificateholders”.

     

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

     

    Section
      5.02 Application
      of Trust Funds.

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      5.05 Signature
      on Returns; Tax Matters Partner.

     

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

     

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

     

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

     

     

    
      
        
        

      

      
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    ARTICLE
      6.

    AUTHORITY
      AND DUTIES OF OWNER TRUSTEE

     

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

     

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

     

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

     

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

     

    Section
      6.03 Action
      upon Instruction.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

    ARTICLE
      7.

    CONCERNING
      THE OWNER TRUSTEE

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      7.04 Reliance;
      Advice of Counsel.

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

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

     

     

    
      
        
        

      

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

     

    ARTICLE
      8.

    COMPENSATION
      OF OWNER TRUSTEE

     

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

     

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

     

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

     

     

    
      
        
        

      

      
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    ARTICLE
      9.

    TERMINATION
      OF TRUST AGREEMENT

     

    Section
      9.01 Termination
      of Trust Agreement.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
      10.

    SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
      11.

    MISCELLANEOUS

     

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

     

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

     

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

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
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    Section
      11.04 Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

     

    
      
        
        

      

      
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    Section
      11.10 No
      Recourse.

     

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

     

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

     

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

     

     

    
      
        
        

      

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

     

    Section
      11.13 [Reserved]

     

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

     

    ARTICLE
      12.

    COMPLIANCE
      WITH REGULATION AB

     

    Section
      12.01 Intent
      of the Parties; Reasonableness.
      The
      Depositor and the Owner Trustee acknowledge and agree that the purpose of this
      Article 12 is to facilitate compliance by the Depositor with the provisions
      of
      Regulation AB and related rules and regulations of the Commission. The Depositor
      shall not exercise its right to request delivery of information or other
      performance under these provisions other than in good faith, or for purposes
      other than compliance with the Securities Act, the Exchange Act and the rules
      and regulations of the Commission under the Securities Act and the Exchange
      Act.
      The Owner Trustee acknowledges that interpretations of the requirements of
      Regulation AB may change over time, whether due to interpretive guidance
      provided by the Commission or its staff, consensus among participants in the
      asset-backed securities markets, advice of counsel, or otherwise, and agrees
      to
      comply with reasonable requests made by the Depositor in good faith for delivery
      of information under these provisions on the basis of evolving interpretations
      of Regulation AB. The Owner Trustee shall cooperate in good faith with any
      reasonable request by the Depositor for information regarding the Owner Trustee
      that is necessary or required, in the reasonable good faith determination of
      the
      Depositor, to permit the Depositor to comply with the provisions of Regulation
      AB.

     

    Section
      12.02 Additional
      Representations and Warranties of the Owner Trustee.

     

    (a) The
      Owner
      Trustee shall be deemed to represent and warrant to the Depositor as of the
      date
      hereof and on each date on which information is provided to the Depositor under
      Sections 12.01, 12.02(b) or 12.03 that, except as disclosed in writing to
      the Depositor prior to such date: (i) it is not aware and has not received
      notice that any default, early amortization or other performance triggering
      event has occurred as to any other securitization transaction due
      to
      any default of the Owner Trustee; (ii) there are no aspects of its financial
      condition that could have a material adverse effect on the performance by it
      of
      its trustee obligations under this Agreement or any other securitization
      transaction as to which it is a trustee; (iii) there are no material legal
      or
      governmental proceedings pending (or known to be contemplated) against it that
      would be material to Noteholders; (iv) there are no relationships or
      transactions (as described in Item 1119(b) of Regulation AB) relating to the
      Owner Trustee with respect to the Depositor or any sponsor, issuing entity,
      servicer, trustee, originator, significant obligor, enhancement or support
      provider or other material transaction party (as each of such terms are used
      in
      Regulation AB) relating to the securitization transaction contemplated by this
      Trust Agreement, as identified in the prospectus supplement related to such
      securitization transaction (each, a “Transaction Party”) that are outside the
      ordinary course of business or on terms other than would be obtained in an
      arm’s
      length transaction with an unrelated third party, apart from the securitization
      transaction contemplated by this Agreement, and that are material to the
      investors’ understanding of the Notes; and (v) the Owner Trustee is not an
      affiliate (as contemplated by Item 1119(a) of Regulation AB) of any Transaction
      Party. The Depositor shall notify the Owner Trustee of any change in the
      identity of a Transaction Party after the Closing Date at least five (5)
      Business Days prior to January 31 of each calendar year.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    (b) If
      so
      requested by the Depositor on any date following the Closing Date, the Owner
      Trustee shall, within five (5) Business Days following such request, confirm
      in
      writing the accuracy of the representations and warranties set forth in
      paragraph (a) of this Section or, if any such representation and warranty
      is not accurate as of the date of such confirmation, provide the pertinent
      facts, in writing, to the Depositor. Any such request from the Depositor shall
      not be given more than once each calendar quarter, unless the Depositor shall
      have a reasonable basis for questioning the accuracy of any of the
      representations and warranties.

     

    Section
      12.03 Information
      to Be Provided by the Owner Trustee.

     

    (a) For
      so
      long as the Notes are outstanding, for the purpose of satisfying the Depositor’s
      reporting obligation under the Exchange Act with respect to the Notes, the
      Owner
      Trustee shall provide to the Depositor a written description of (i) the
      commencement of, a material development in or, if applicable, the termination
      of, any and all legal proceedings against the Owner Trustee or any and all
      proceedings of which any property of the Owner Trustee is the subject, that
      would be material to Noteholders;
      and (ii) any such proceedings known to be contemplated by governmental
      authorities that would be material to Noteholders. The Owner Trustee shall
      also
      notify the Depositor, in writing, as promptly as practicable following notice
      to
      or discovery by a Responsible Officer of the Owner Trustee of any material
      changes to proceedings described in the preceding sentence. In addition, the
      Owner Trustee will furnish to the Depositor, in writing, the necessary
      disclosure regarding the Owner Trustee describing such proceedings required
      to
      be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed
      by
      or on behalf of the Depositor pursuant to the Exchange Act. The Depositor will
      allow the Owner Trustee to review any disclosure relating to material litigation
      against the Owner Trustee prior to filing such disclosure with the Commission
      to
      the extent the Depositor changes the information provided by the Owner Trustee.
      Any
      descriptions required with respect to legal proceedings, as well as updates
      to
      previously provided descriptions, under this Section 12.03(a) shall be
      given no later than five (5) Business Days prior to the Determination Date
      following the month in which the relevant event occurs. 

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    (1) For
      so
      long as the Notes are outstanding, for the purpose of satisfying the Depositor’s
      reporting obligation under the Exchange Act with respect to the Notes, the
      Owner
      Trustee shall, no later than January 31 of each calendar year, (i) provide
      to the Depositor such information regarding the Owner Trustee as is required
      for
      the purpose of compliance with Item 1119 of Regulation AB; provided, however,
      the Owner Trustee shall not be required to provide such information in the
      event
      that there has been no change to the information previously provided by the
      Owner Trustee to the Depositor; and (ii) as promptly as practicable following
      notice to or discovery by a Responsible Officer of the Owner Trustee of any
      changes to such information, provide to the Depositor, in writing, such updated
      information. Such information shall include, at a minimum, a description of
      any
      affiliation between the Owner Trustee and any Transaction Party.

     

    In
      addition, the Owner Trustee shall provide a description of whether there is,
      and
      if so the general character of, any business relationship, agreement,
      arrangement, transaction or understanding between the Owner Trustee and any
      Transaction Party that is entered into outside the ordinary course of business
      or is on terms other than would be obtained in an arm’s length transaction with
      an unrelated third party, apart from the securitization transaction contemplated
      by this Agreement, that currently exists or that existed during the past two
      years and that is material to an investor’s understanding of the
      Notes.

     

    (b) As
      of the
      related Payment Date with respect to each Report on
      Form
      10-D with respect to the Notes filed by or on behalf of the Depositor, and
      as of
      March 15 preceding the date each Report on Form 10-K with respect to the Notes
      is filed, the Owner Trustee shall be deemed to represent and warrant that any
      information previously provided by the Owner Trustee under this Article 12
      is
      materially correct and does not have any material omissions unless the Owner
      Trustee has provided an update to such information.

     

    Section
      12.04 Indemnification;
      Remedies.

     

    (a) The
      Owner
      Trustee shall indemnify the Depositor, each affiliate of the Depositor, and
      the
      respective present and former directors, officers, employees and agents of
      each
      of the foregoing, and shall hold each of them harmless from and against any
      claims, losses, liabilities (including penalties), actions, suits, judgments,
      demands, damages, costs and expenses (including reasonable fees and expenses
      of
      attorneys or, as necessary, consultants and auditors and reasonable costs of
      investigations) that any of them may sustain arising out of or based
      upon:

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    (1) (A)
      any
      untrue statement of a material fact contained or alleged to be contained in
      any
      information, report, certification or other material provided under this Article
      12 by or on behalf of the Owner Trustee (collectively, the “Owner Trustee
      Information”), or (B) the omission or alleged omission to state in the Owner
      Trustee Information a material fact required to be stated in the Owner Trustee
      Information or necessary in order to make the statements therein, in the light
      of the circumstances under which they were made, not misleading; or

     

    (2) any
      failure by the Owner Trustee to deliver any information, report, certification
      or other material when and as required under this Article 12.

     

    (b) In
      the
      case of any failure of performance described in clause (2) of
      Section 12.04(a), the Owner Trustee shall (i) promptly reimburse the
      Depositor for all costs reasonably incurred by the Depositor in order to obtain
      the information, report, certification or other material not delivered by the
      Owner Trustee as required and (ii) cooperate with the Depositor to mitigate
      any damages that may result from such failure.

     

    (c) The
      Depositor shall indemnify the Owner Trustee, each affiliate of the Owner Trustee
      and the respective present and former directors, officers, employees and agents
      of the Owner Trustee, and shall hold each of them harmless from and against
      any
      losses, damages, penalties, fines, forfeitures, legal fees and expenses and
      related costs, judgments, and any other costs, fees and expenses that any of
      them may sustain arising out of or based upon (i) any untrue statement of a
      material fact contained or alleged to be contained in any information provided
      under this Agreement by or on behalf of the Depositor for inclusion in any
      report filed with Commission under the Exchange Act (collectively, the “Hyundai
      Information”), or (ii) the omission or alleged omission to state in the
      Hyundai Information a material fact required to be stated in the Hyundai
      Information or necessary in order to make the statements therein, in the light
      of the circumstances under which they were made, not misleading, to the extent
      that such untrue statement or omission or alleged omission does not result
      from
      or relate to (x) any information provided by the Owner Trustee pursuant to
      this
      Article 12 or (y) any breach of covenant, negligence or misconduct by the Owner
      Trustee.

     

    (d) Notwithstanding
      any provision in this Section 12.04 to the contrary, the parties agree that
      neither the Owner Trustee nor the Depositor shall be liable to the other for
      any
      consequential or punitive damages whatsoever, whether in contract, tort
      (including negligence and strict liability), or any other legal or equitable
      principle; provided,
      however,
      that
      such limitation shall not be applicable with respect to third party claims
      made
      against a party.

     

    [SIGNATURE
      PAGES FOLLOW]

    

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

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

     

    HYUNDAI
      ABS FUNDING CORPORATION,

    as
      Depositor

     

    By:
      /s/
      Min Sok Randy
      Park                                

    Name:
      Min
      Sok Randy Park

    Title:
      Vice President and Secretary

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    WILMINGTON
      TRUST COMPANY,

    as
      Owner
      Trustee

     

    By:
      /s/
      J.
      Christopher
      Murphy                             

    Name:
      J.
      Christopher Murphy

    Title:
      Financial Services Officer 

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

    HYUNDAI
      MOTOR FINANCE COMPANY,

    as
      Administrator

     

    By:
      /s/
      Dae Kwon
      Ko                                          

    Name:
      Dae
      Kwon Ko

    Title:
      Treasurer

     

    

    

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    FORM
      OF
      TRUST CERTIFICATE

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A

     

    ASSET
      BACKED TRUST CERTIFICATE

     

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

     

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

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

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

     

    THIS
      CERTIFIES THAT Hyundai ABS Funding Corporation is the registered owner of a
      100%
      Certificate Percentage Interest that is nonassessable, fully-paid, beneficial
      ownership interest in the assets of Hyundai Auto Receivables Trust 2008-A (the
      “Trust”) formed by Hyundai ABS Funding Corporation, a Delaware corporation (the
“Depositor”).

     

    The
      Trust
      is governed by an Amended and Restated Trust Agreement dated as of June 25,
      2008
      (the “Trust Agreement”), between the Depositor, Administrator and Wilmington
      Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of
      the pertinent provisions of which is set forth below. To the extent not
      otherwise defined herein, the capitalized terms used herein have the meanings
      assigned to them in the Sale and Servicing Agreement among the Trust, the
      Depositor, Hyundai Motor Finance Company, as Seller and Servicer (the
“Servicer”) and Citibank, N.A., as Indenture Trustee (“Indenture Trustee”),
      dated as of June 25, 2008 as the same may be amended or supplemented from time
      to time.

     

    This
      Certificate is one of the duly authorized Trust Certificates designated as
      Hyundai Auto Receivables Trust 2008-A Asset Backed Trust Certificates (herein
      called the “Trust Certificates”). Also issued under the Indenture dated as
      of June 25, 2008 between the Trust and the Indenture Trustee, are four classes
      of Notes, designated as 2.84863% Asset Backed Notes, Class A-1, 4.16%
      Asset Backed Notes, Class A-2, 4.93% Asset Backed Notes, Class A-3, and 5.48%
      Asset Backed Notes, Class A-4 (collectively, the “Notes”). This Trust
      Certificate is issued under and is subject to the terms, provisions and
      conditions of the Trust Agreement, to which Trust Agreement the holder of this
      Trust Certificate by virtue of the acceptance hereof assents and by which such
      holder is bound. Under the Trust Agreement, there will be distributed on the
      15th
      day of
      each month (or, if such 15th
      day is
      not a Business Day, the next Business Day), commencing on July 15, 2008, to
      the
      Person in whose name this Trust Certificate is registered at the close of
      business on the last day of the preceding month, such Certificateholder’s
      Certificate Percentage Interest of any amounts available to be distributed
      to
      Certificateholders on such date.

     

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

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

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

     

     

    
      	 	
              HYUNDAI
                AUTO RECEIVABLES TRUST 2008-A

               

              By:
                WILMINGTON
                TRUST COMPANY,

              not
                in its individual capacity,

              but
                solely as Owner Trustee

            
	 	 
	 	 
	Dated:
              __________________ 
	
              By:________________________________

              Authorized
                Signatory

            

    

     

     

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    OWNER
      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

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

     

    
      	 	
              WILMINGTON
                TRUST COMPANY,
                

              as
                Owner Trustee

               

              By:________________________________

              Name:
                

              Title:

               

              OR

               

              CITIBANK,
                N.A.,

              as
                Authenticating Agent for the Owner Trustee

               

              By:________________________________

              Name:
                

              Title:

            
	 	 
	 	 

    

    

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

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

     

    
       

        
PLEASE
        INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
        ASSIGNEE

    

     

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

     

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

     

    Dated:
      ______________________

     

    Signature
      Guaranteed:

     

    ______________________________________

     

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

     

    

    

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    

    

    [RESERVED]

    

    

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    FORM
      OF
      TRANSFEREE CERTIFICATE

     

    June
      25,
      2008

     

    Hyundai
      Auto Receivables Trust 2008-A,

    as
      Issuer

    c/o
      Wilmington Trust Company,

    as
      Owner
      Trustee

     

    Wilmington
      Trust Company,

    as
      Owner
      Trustee

     

    Ladies
      and Gentlemen:

     

    In
      connection with our proposed purchase of [ ]% Certificate Percentage Interest
      Asset Backed Trust Certificates (the “Trust Certificates”) of Hyundai Auto
      Receivables Trust 2008-A (the “Issuer”), a trust formed by Hyundai ABS Funding
      Corporation (the “Depositor”), we confirm that:

     

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

     

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

     

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

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

    
       

      
        	 	
                
                  Very
                    truly yours,

                   

                  By:________________________________

                

                Name:
                  

                Title:

              
	 	 
	 	 

      

    

     

    

    

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    EXHIBIT
      D

     

    FORM
      OF
      CERTIFICATE OF TRUST OF

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A

     

    This
      CERTIFICATE OF TRUST of HYUNDAI AUTO RECEIVABLES TRUST 2008-A (the “Trust”), is
      being duly executed and filed by WILMINGTON TRUST COMPANY, a Delaware banking
      corporation, as owner trustee, to form a statutory trust under the Delaware
      Statutory Trust Act (12 Del. Code, ss. 3801 et seq.) (the “Act”).

     

    1. Name.
      The name
      of the statutory trust formed hereby is HYUNDAI AUTO RECEIVABLES TRUST
      2008-A.

     

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

     

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

     

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

    
       

      
        	 	
                WILMINGTON
                  TRUST COMPANY,
                  

                as
                  Owner Trustee

                 

                By:________________________________

                Name:
                  

                Title:

                 

              
	 	 
	 	 

      

    

     

    
      
        
        

      

      
        D-1Unassociated Document

    
      Exhibit
        4.2

    

     
      

    EXECUTION
      VERSION

     

     

    INDENTURE

     

    between

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A,

    as
      Issuer

     

    and

     

    CITIBANK,
      N.A.,

    as
      Indenture Trustee

     

    Dated
      as
      of June 25, 2008

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
      OF CONTENTS

    (continued)

    

      
        	 	 	
                Page

              
	 	 	 
	
                ARTICLE
                  I.

              	
                DEFINITIONS
                  AND INCORPORATION BY REFERENCE

              	
                2

              
	
                Section
                  1.01

              	
                Definition

              	
                2

              
	
                Section
                  1.02

              	
                Rules
                  of Construction

              	
                8

              
	
                Section
                  1.03

              	
                Incorporation
                  by Reference of Trust Indenture Act

              	
                8

              
	
                ARTICLE
                  II.

              	
                THE
                  NOTES

              	
                9

              
	
                Section
                  2.01

              	
                Form

              	
                9

              
	
                Section
                  2.02

              	
                Execution,
                  Authentication and Delivery

              	
                9

              
	
                Section
                  2.03

              	
                Temporary
                  Notes

              	
                10

              
	
                Section
                  2.04

              	
                Registration;
                  Registration of Transfer and Exchange

              	
                10

              
	
                Section
                  2.05

              	
                [Reserved]

              	
                12

              
	
                Section
                  2.06

              	
                Mutilated,
                  Destroyed, Lost or Stolen Notes

              	
                12

              
	
                Section
                  2.07

              	
                Persons
                  Deemed Owners

              	
                12

              
	
                Section
                  2.08

              	
                Payment
                  of Principal and Interest; Defaulted Interest

              	
                13

              
	
                Section
                  2.09

              	
                Cancellation

              	
                13

              
	
                Section
                  2.10

              	
                Book
                  Entry Notes

              	
                14

              
	
                Section
                  2.11

              	
                Notices
                  to Clearing Agency

              	
                14

              
	
                Section
                  2.12

              	
                Definitive
                  Notes

              	
                15

              
	
                Section
                  2.13

              	
                Tax
                  Treatment

              	
                15

              
	
                ARTICLE
                  III.

              	
                COVENANTS

              	
                15

              
	
                Section
                  3.01

              	
                Payment
                  of Principal and Interest

              	
                15

              
	
                Section
                  3.02

              	
                Maintenance
                  of Office or Agency

              	
                15

              
	
                Section
                  3.03

              	
                Money
                  for Payments To Be Held in Trust

              	
                16

              
	
                Section
                  3.04

              	
                Existence

              	
                17

              
	
                Section
                  3.05

              	
                Protection
                  of Trust Estate

              	
                17

              
	
                Section
                  3.06

              	
                Opinions
                  as to Trust Estate

              	
                18

              
	
                Section
                  3.07

              	
                Performance
                  of Obligations; Servicing of Receivables

              	
                18

              
	
                Section
                  3.08

              	
                Negative
                  Covenants

              	
                20

              
	
                Section
                  3.09

              	
                Annual
                  Statement as to Compliance

              	
                20

              
	
                Section
                  3.10

              	
                Issuer
                  May Consolidate, etc., Only on Certain Terms

              	
                20

              
	
                Section
                  3.11

              	
                Successor
                  or Transferee

              	
                22

              

      

       

      
        
          
          

        

        
          -i-

          
            

          

        

        
          
          

        

      

      
         

        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	
                Page

              
	 	 	 
	
                Section
                  3.12

              	
                No
                  Other Business

              	
                22

              
	
                Section
                  3.13

              	
                No
                  Borrowing

              	
                22

              
	
                Section
                  3.14

              	
                Compliance
                  with Regulation AB

              	
                23

              
	
                Section
                  3.15

              	
                Guarantees,
                  Loans, Advances and Other Liabilities

              	
                23

              
	
                Section
                  3.16

              	
                Capital
                  Expenditures

              	
                23

              
	
                Section
                  3.17

              	
                Removal
                  of Administrator

              	
                23

              
	
                Section
                  3.18

              	
                Restricted
                  Payments

              	
                23

              
	
                Section
                  3.19

              	
                Notice
                  of Events of Default

              	
                23

              
	
                Section
                  3.20

              	
                Further
                  Instruments and Acts

              	
                23

              
	
                ARTICLE
                  IV.

              	
                SATISFACTION
                  AND DISCHARGE

              	
                24

              
	
                Section
                  4.01

              	
                Satisfaction
                  and Discharge of Indenture

              	
                24

              
	
                Section
                  4.02

              	
                Application
                  of Trust Money

              	
                25

              
	
                Section
                  4.03

              	
                Repayment
                  of Moneys Held by Paying Agent

              	
                25

              
	
                Section
                  4.04

              	
                Release
                  of Collateral

              	
                25

              
	
                ARTICLE
                  V.

              	
                REMEDIES

              	
                25

              
	
                Section
                  5.01

              	
                Events
                  of Default

              	
                25

              
	
                Section
                  5.02

              	
                Acceleration
                  of Maturity; Rescission and Annulment

              	
                26

              
	
                Section
                  5.03

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Indenture
                  Trustee

              	
                27

              
	
                Section
                  5.04

              	
                Remedies;
                  Priorities

              	
                29

              
	
                Section
                  5.05

              	
                Optional
                  Preservation of the Receivables

              	
                32

              
	
                Section
                  5.06

              	
                Limitation
                  of Suits

              	
                32

              
	
                Section
                  5.07

              	
                Unconditional
                  Rights of Noteholders To Receive Principal and Interest

              	
                33

              
	
                Section
                  5.08

              	
                Restoration
                  of Rights and Remedies

              	
                33

              
	
                Section
                  5.09

              	
                Rights
                  and Remedies Cumulative

              	
                33

              
	
                Section
                  5.10

              	
                Delay
                  or Omission Not a Waiver

              	
                33

              
	
                Section
                  5.11

              	
                Control
                  by the Noteholders

              	
                33

              
	
                Section
                  5.12

              	
                Waiver
                  of Past Defaults

              	
                34

              
	
                Section
                  5.13

              	
                Undertaking
                  for Costs

              	
                34

              
	
                Section
                  5.14

              	
                Waiver
                  of Stay or Extension Laws

              	
                35

              

      

      
         

        
          
            
            

          

          
            -ii-

            
              

            

          

          
            
            

          

        

         

        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	
                Page

              
	 	 	 
	
                Section
                  5.15

              	
                Action
                  on Notes

              	
                35

              
	
                Section
                  5.16

              	
                Performance
                  and Enforcement of Certain Obligations

              	
                35

              
	
                ARTICLE
                  VI.

              	
                THE
                  INDENTURE TRUSTEE

              	
                36

              
	
                Section
                  6.01

              	
                Duties
                  of Indenture Trustee

              	
                36

              
	
                Section
                  6.02

              	
                Rights
                  of Indenture Trustee

              	
                37

              
	
                Section
                  6.03

              	
                Individual
                  Rights of Indenture Trustee

              	
                38

              
	
                Section
                  6.04

              	
                Indenture
                  Trustee’s Disclaimer

              	
                38

              
	
                Section
                  6.05

              	
                Notice
                  of Defaults

              	
                39

              
	
                Section
                  6.06

              	
                Reports
                  by Indenture Trustee to Holders

              	
                39

              
	
                Section
                  6.07

              	
                Compensation
                  and Indemnity

              	
                39

              
	
                Section
                  6.08

              	
                Replacement
                  of Indenture Trustee

              	
                40

              
	
                Section
                  6.09

              	
                Successor
                  Indenture Trustee by Merger

              	
                41

              
	
                Section
                  6.10

              	
                Appointment
                  of Co Indenture Trustee or Separate Indenture Trustee

              	
                41

              
	
                Section
                  6.11

              	
                Eligibility;
                  Disqualification

              	
                42

              
	
                Section
                  6.12

              	
                [Reserved]

              	
                42

              
	
                Section
                  6.13

              	
                Preferential
                  Collection of Claims Against Issuer

              	
                42

              
	
                Section
                  6.14

              	
                Waiver
                  of Setoffs

              	
                42

              
	
                ARTICLE
                  VII.

              	
                NOTEHOLDERS’
                  LISTS AND REPORTS

              	
                43

              
	
                Section
                  7.01

              	
                Note
                  Registrar To Furnish Names and Address of Noteholders

              	
                43

              
	
                Section
                  7.02

              	
                Preservation
                  of Information; Communications to Noteholders

              	
                43

              
	
                Section
                  7.03

              	
                Reports
                  by Issuer

              	
                44

              
	
                Section
                  7.04

              	
                Reports
                  by Indenture Trustee

              	
                44

              
	
                ARTICLE
                  VIII.

              	
                ACCOUNTS,
                  DISBURSEMENTS AND RELEASES

              	
                44

              
	
                Section
                  8.01

              	
                Collection
                  of Money

              	
                44

              
	
                Section
                  8.02

              	
                Trust
                  Accounts

              	
                45

              
	
                Section
                  8.03

              	
                General
                  Provisions Regarding Accounts

              	
                46

              
	
                Section
                  8.04

              	
                Release
                  of Trust Estate

              	
                46

              
	
                Section
                  8.05

              	
                Opinion
                  of Counsel

              	
                47

              

      

      
         

        
          
            
            

          

          
            -iii-

            
              

            

          

          
            
            

          

        

         

        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	
                Page

              
	 	 	 
	
                ARTICLE
                  IX.

              	
                SUPPLEMENTAL
                  INDENTURES

              	
                47

              
	
                Section
                  9.01

              	
                Supplemental
                  Indentures Without Consent of Noteholders

              	
                47

              
	
                Section
                  9.02

              	
                Supplemental
                  Indentures with Consent of Noteholders

              	
                48

              
	
                Section
                  9.03

              	
                Execution
                  of Supplemental Indentures

              	
                50

              
	
                Section
                  9.04

              	
                Effect
                  of Supplemental Indenture

              	
                50

              
	
                Section
                  9.05

              	
                Reference
                  in Notes to Supplemental Indentures

              	
                50

              
	
                Section
                  9.06

              	
                Conformity
                  with Trust Indenture Act

              	
                50

              
	
                ARTICLE
                  X.

              	
                REDEMPTION
                  OF NOTES

              	
                50

              
	
                Section
                  10.01

              	
                Redemption

              	
                50

              
	
                Section
                  10.02

              	
                Form
                  of Redemption Notice

              	
                51

              
	
                Section
                  10.03

              	
                Notes
                  Payable on Redemption Date

              	
                51

              
	
                ARTICLE
                  XI.

              	
                MISCELLANEOUS

              	
                51

              
	
                Section
                  11.01

              	
                Compliance
                  Certificates and Opinions, etc

              	
                51

              
	
                Section
                  11.02

              	
                Form
                  of Documents Delivered to Indenture Trustee

              	
                53

              
	
                Section
                  11.03

              	
                Acts
                  of Noteholders

              	
                54

              
	
                Section
                  11.04

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

              	
                54

              
	
                Section
                  11.05

              	
                Notices
                  to Noteholders; Waiver

              	
                55

              
	
                Section
                  11.06

              	
                Alternate
                  Payment and Notice Provisions

              	
                56

              
	
                Section
                  11.07

              	
                Effect
                  of Headings and Table of Contents

              	
                56

              
	
                Section
                  11.08

              	
                Successors
                  and Assigns

              	
                56

              
	
                Section
                  11.09

              	
                Separability

              	
                56

              
	
                Section
                  11.10

              	
                Benefits
                  of Indenture

              	
                56

              
	
                Section
                  11.11

              	
                Legal
                  Holidays

              	
                56

              
	
                Section
                  11.12

              	
                GOVERNING
                  LAW

              	
                56

              
	
                Section
                  11.13

              	
                Counterparts

              	
                56

              
	
                Section
                  11.14

              	
                Recording
                  of Indenture

              	
                57

              
	
                Section
                  11.15

              	
                Trust
                  Obligation

              	
                57

              
	
                Section
                  11.16

              	
                No
                  Petition

              	
                58

              
	
                Section
                  11.17

              	
                Inspection

              	
                58

              
	
                Section
                  11.18

              	
                Conflict
                  with Trust Indenture Act

              	
                58

              
	
                Section
                  11.19

              	
                Limitation
                  of Liability

              	
                58

              

      

      
         

        
          
            
            

          

          
            -iv-

            
              

            

          

          
            
            

          

        

         

        TABLE
          OF CONTENTS

        (continued)

      

       

      
        	 	 	
                Page

              
	 	 	 
	
                Section
                  11.20

              	
                Representations
                  and Warranties

              	
                59

              

      

       

    

    
      	
              EXHIBITS

            	 
	
              SCHEDULE
                A

            	
              Schedule
                of Receivables

            
	
              EXHIBIT
                A-1

            	
              Form
                of Class A-1 Note

            
	
              EXHIBIT
                A-2

            	
              Form
                of Class A-2 Note

            
	
              EXHIBIT
                A-3

            	
              Form
                of Class A-3 Note

            
	
              EXHIBIT
                A-4

            	
              Form
                of Class A-4 Note

            
	
              EXHIBIT
                B

            	
              Form
                of the Note Depository Agreement

            

    

     

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    THIS
      INDENTURE, dated as of June 25, 2008 is between HYUNDAI AUTO RECEIVABLES TRUST
      2008-A, a Delaware statutory trust (the “Issuer”),
      and
      CITIBANK, N.A.,
      a national banking association, as trustee and not in its individual capacity
      (the “Indenture
      Trustee”).

     

    Each
      party agrees as follows for the benefit of the other party and for the equal
      and
      ratable benefit of the Holders of the Issuer’s 2.84863% Asset Backed Notes,
      Class A-1 (the “Class A-1 Notes”), 4.16% Asset Backed Notes, Class A-2 (the
“Class A-2 Notes”), 4.93% Asset Backed Notes, Class A-3
      (the “Class A-3 Notes”) and 5.48% Asset Backed Notes, Class A-4 (the
“Class A-4 Notes,” and together with the Class A-1 Notes, Class A-2 Notes and
      Class A-3 Notes, the “Notes”):

     

    GRANTING
      CLAUSE

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I.

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

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

     

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

     

    “Administration
      Agreement”
means
      the Owner Trust Administration Agreement, dated as of June 25, 2008 among the
      Administrator, the Issuer and the Indenture Trustee, as amended, supplemented,
      amended and restated or otherwise modified from time to time.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Class
      A-1 Notes”
means
      the 2.84863% Asset Backed Notes, Class A-1, substantially in the form of
Exhibit
      A-1.

     

    “Class
      A-1 Rate”
means
      2.84863% per annum, computed on the basis of the actual number of days elapsed
      in the related Interest Accrual Period.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Class
      A-2 Notes”
means
      the 4.16% Asset Backed Notes, Class A-2, substantially in the form of
Exhibit
      A-2.

     

    “Class
      A-2 Rate”
means
      4.16% per annum, computed on the basis of a 360-day year consisting of twelve
      30-day months.

     

    “Class
      A-3 Notes”
means
      the 4.93% Asset Backed Notes, Class A-3, substantially in the form of
Exhibit
      A-3.

     

    “Class
      A-3 Rate”
means
      4.93% per annum, computed on the basis of a 360-day year consisting of twelve
      30-day months.

     

    “Class
      A-4 Notes”
means
      the 5.48% Asset Backed Notes, Class A-4, substantially in the form of
Exhibit
      A-4.

     

    “Class
      A-4 Rate”
means
      5.48% per annum, computed on the basis of a 360-day year consisting of twelve
      30-day months.

     

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

     

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

     

    “Closing
      Date”
means
      June 25, 2008.

     

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

     

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

     

    “Corporate
      Trust Office”
means
      the principal office of the Indenture Trustee at which at any particular time
      its corporate trust business is administered, which office at the date of
      execution of this Agreement is located at (a) solely for the purposes of
      the transfer, surrender or exchange of Notes, 111 Wall Street, 15th
      Floor
      Window, New York, New York 10005, Attention: Structured Finance Agency and
      Trust-Hyundai Auto Receivables Trust 2008-A and (b) for all other purposes
      388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, facsimile number (212) 816-5527; or at such other
      address as the Indenture Trustee may designate from time to time by notice
      to
      the Noteholders and the Issuer, or the principal corporate trust office of
      any
      successor Indenture Trustee at the address designated by such successor
      Indenture Trustee by notice to the Noteholders and the Issuer.

     

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

     

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

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

     

    “Issuer”
means
      Hyundai Auto Receivables Trust 2008-A until a successor replaces it and,
      thereafter, means the successor and, for purposes of any provision contained
      herein and required by the TIA, each other obligor on the Notes.

     

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

     

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

     

    “Note
      Depository Agreement”
means
      the agreement dated June 25, 2008 between the Issuer and The Depository Trust
      Company, relating to the Notes, substantially in the form of Exhibit
      B.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Payment
      Date”
means
      the 15th
      day of
      each month, or if any such date is not a Business Day, the next succeeding
      Business Day, commencing July 15, 2008.

     

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

     

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

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

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

     

    “Sale
      and Servicing Agreement”
means
      the Sale and Servicing Agreement, dated as of June 25, 2008, among the Issuer,
      the Depositor, HMFC, as Seller and Servicer, and the Indenture Trustee, as
      amended, supplemented, amended and restated or otherwise modified from time
      to
      time.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (c) “or”
is
      not exclusive;

     

    (d) “including”
      means including without limitation;

     

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

     

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

     

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

     

    “Commission”
means
      the Securities and Exchange Commission.

     

    “indenture
      securities”
means
      the Notes.

     

    “indenture
      security holder”
means
      a
      Noteholder.

     

    “indenture
      to be qualified”
means
      this Indenture.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    ARTICLE
      II.

    THE
      NOTES

     

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

     

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

     

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

     

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

     

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

     

    The
      Indenture Trustee shall upon Issuer Order authenticate and deliver Class A-1
      Notes for original issue in an aggregate principal amount of $159,000,000,
      Class
      A-2 Notes for original issue in an aggregate principal amount of $179,000,000,
      Class A-3 Notes for original issue in an aggregate principal amount of
      $171,000,000 and Class A-4 Notes for original issue in an aggregate principal
      amount of $103,542,000. The aggregate principal amount of Class A-1 Notes,
      Class
      A-2 Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may
      not
      exceed such respective amounts except as provided in Section
      2.06.

     

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

     

    Section
      2.05 [Reserved].

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Section
      2.08 Payment
      of Principal and Interest; Defaulted Interest.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    ARTICLE
      III.

    COVENANTS

     

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

     

    Section
      3.02 Maintenance
      of Office or Agency.
      The
      Issuer will maintain in the Borough of Manhattan, The City of New York, an
      office or agency where Notes may be surrendered for registration of transfer
      or
      exchange, and where notices and demands to or upon the Issuer in respect of
      the
      Notes and this Indenture may be served. Such office will initially be located
      at
      (a) solely for the purposes of the transfer, surrender or exchange of
      Notes, Citibank, N.A., 111 Wall Street, 15th
      Floor
      Window, New York, New York 10005, Attention: Structured Finance Agency and
      Trust-Hyundai Auto Receivables Trust 2008-A and (b) for all other purposes
      Citibank N.A., 388 Greenwich Street, 14th
      Floor,
      New York, New York 10013, Attention: Structured Finance Agency and Trust-Hyundai
      Auto Receivables Trust 2008-A. The Issuer will give prompt written notice
      to the Indenture Trustee of the location, and of any change in the location,
      of
      any such office or agency. If at any time the Issuer shall fail to maintain
      any
      such office or agency or shall fail to furnish the Indenture Trustee with the
      address thereof, such surrenders, notices and demands may be made or served
      at
      the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee
      as its agent to receive all such surrenders, notices and demands.

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    (c) enforce
      any of the Collateral; or

     

    
      
        
        

      

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

     

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

     

    Section
      3.06 Opinions
      as to Trust Estate.

     

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

     

    (b) On
      or
      before April 30 in each calendar year, beginning in 2009, the Issuer shall
      furnish or cause to be furnished to the Indenture Trustee an Opinion of Counsel
      either stating that, in the opinion of such counsel, such action has been taken
      with respect to the recording, filing, re-recording and re-filing of this
      Indenture, any indentures supplemental hereto and any other requisite documents
      and with respect to the execution and filing of any financing statements and
      continuation statements as is necessary to maintain the lien and security
      interest created by this Indenture and reciting the details of such action,
      or
      stating that in the opinion of such counsel no such action is necessary to
      maintain such lien and security interest. Such Opinion of Counsel shall also
      describe the recording, filing, re-recording and refiling of this Indenture,
      any
      indentures supplemental hereto and any other requisite documents and the
      execution and filing of any financing statements and continuation statements
      that will, in the opinion of such counsel, be required to maintain the lien
      and
      security interest of this Indenture until April 30 in the following calendar
      year.

     

    Section
      3.07 Performance
      of Obligations; Servicing of Receivables.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (e) [Reserved].

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
      3.09 Annual
      Statement as to Compliance.
      The
      Issuer will deliver to the Indenture Trustee and the Rating Agencies, within
      120
      days after the end of each fiscal year of the Issuer (commencing with the
      calendar year of 2009), an Officer’s Certificate stating, as to the Authorized
      Officer signing such Officer’s Certificate, that:

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    Section
      3.11 Successor
      or Transferee.

     

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

     

    (b) Upon
      a
      conveyance or transfer of all the assets and properties of the Issuer pursuant
      to Section
      3.10(b),
      Hyundai
      Auto Receivables Trust 2008-A will be released from every covenant and agreement
      of this Indenture to be observed by or performed on the part of the Issuer
      with
      respect to the Notes immediately upon the delivery of written notice to the
      Indenture Trustee stating that Hyundai Auto Receivables Trust 2008-A is to
      be so
      released.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      IV.

    SATISFACTION
      AND DISCHARGE

     

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

     

    (i) either:

     

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

     

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

     

    (1) have
      become due and payable,

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    ARTICLE
      V.

    REMEDIES

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
      5.02 Acceleration
      of Maturity; Rescission and Annulment.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    Section
      5.04 Remedies;
      Priorities.

     

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

     

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

     

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

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    (3) the
      Indenture Trustee

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    THIRD:  pro
      rata, to Noteholders for amounts due and unpaid on the Notes in respect of
      interest, ratably, without preference or priority of any kind, according to
      the
      amounts due and payable on the Notes in respect of interest;

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    Section
      5.16 Performance
      and Enforcement of Certain Obligations.

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      VI.

    THE
      INDENTURE TRUSTEE

     

    Section
      6.01 Duties
      of Indenture Trustee.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      6.02 Rights
      of Indenture Trustee.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    Section
      6.12 [Reserved].

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      VII.

    NOTEHOLDERS’
      LISTS AND REPORTS

     

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

     

    Section
      7.02 Preservation
      of Information; Communications to Noteholders.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
      7.03 Reports
      by Issuer.

     

    (a) The
      Issuer shall:

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE
      VIII.

    ACCOUNTS,
      DISBURSEMENTS AND RELEASES

     

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

     

    
      
        
        

      

      
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    Section
      8.02 Trust
      Accounts.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

    Section
      8.04 Release
      of Trust Estate.

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    ARTICLE
      IX.

    SUPPLEMENTAL
      INDENTURES

     

    Section
      9.01 Supplemental
      Indentures Without Consent of Noteholders.

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (v) to
      cure
      any ambiguity, to correct or supplement any provision herein or in any
      supplemental indenture that may be inconsistent with any other provision herein
      or in any supplemental indenture or with the
      Prospectus dated June 12, 2008 or the Prospectus Supplement dated June 18,
      2008
or
      to
      make any other provisions with respect to matters or questions arising under
      this Indenture or in any supplemental indenture; provided, that such action
      shall not adversely affect the interests of the Holders of the
      Notes;

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

    ARTICLE
      X.

    REDEMPTION
      OF NOTES

     

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

     

    
      
        
        

      

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

     

    All
      notices of redemption shall state:

     

    (a) the
      Redemption Date;

     

    (b) the
      Redemption Price;

     

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

     

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

     

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

     

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

     

    ARTICLE
      XI.

    MISCELLANEOUS

     

    Section
      11.01 Compliance
      Certificates and Opinions, etc.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    Section
      11.03 Acts
      of Noteholders.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (b) the
      Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for
      every purpose hereunder if in writing and mailed first-class, postage prepaid
      to
      the Issuer addressed to: Hyundai Auto Receivables Trust 2008-A, in care of
      Wilmington Trust Company, as Owner Trustee, Rodney Square North, 1100 North
      Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
      Administration, or at any other address previously furnished in writing to
      the
      Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly
      transmit any notice received by it from the Noteholders to the Indenture
      Trustee.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    Section
      11.19 Limitation
      of Liability.
      It is
      expressly understood and agreed by the parties hereto that (a) this Indenture
      is
      executed and delivered by Wilmington Trust Company, not individually or
      personally but solely as Owner Trustee of Hyundai Auto Receivables
      Trust 2008-A, in the exercise of the powers and authority conferred and
      vested in it, (b) each of the representations, undertakings and agreements
      herein made on the part of the Issuer is made and intended not as personal
      representations, undertakings and agreements by Wilmington Trust Company but
      is
      made and intended for the purpose for binding only the Issuer, (c) nothing
      herein contained shall be construed as creating any liability on Wilmington
      Trust Company individually or personally, to perform any covenant either
      expressed or implied contained herein, all such liability, if any, being
      expressly waived by the parties hereto and by any Person claiming by, through
      or
      under the parties hereto and (d) under no circumstances shall Wilmington Trust
      Company be personally liable for the payment of any indebtedness or expenses
      of
      the Issuer or be liable for the breach or failure of any obligation,
      representation, warranty or covenant made or undertaken by the Issuer under
      this
      Indenture or any other related documents.

     

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    (b) Each
      Receivables constitutes “chattel paper” within the meaning of the UCC as in
      effect in the state of origination.

     

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

     

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

     

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

     

    (f) The
      Contracts that constitute or evidence the Receivables do not have any marks
      or
      notations indicating that they have been pledged, assigned or otherwise conveyed
      to any Person other than the Indenture Trustee, except for such marks or
      notations indicating that they have been pledged, assigned or otherwise conveyed
      (i) to the Depositor or the Issuer in accordance with the Basic Documents,
      (ii)
      pursuant to the Second Amended and Restated Receivables Purchase Agreement,
      dated as of July 23, 2002, as amended, among the Seller, Hyundai BC Funding
      Corporation, Amsterdam Funding Corporation, Barton Capital LLC, Sheffield
      Receivables Corporation, Park Avenue Receivables Company, LLC,
      Société Générale, ABN AMRO Bank N.V., Barclays Bank PLC and JPMorgan Chase
      Bank, N.A. and the Purchase and Sale Agreement dated as of January 17, 2000,
      as
      amended, between the Seller and Hyundai BC Funding Corporation or (iii) to
      HMFC
      in accordance with Dealer Agreements. All financing statements filed or to
      be
      filed against the Issuer in favor of the Indenture Trustee in connection with
      this Indenture describing the Receivables contain a statement to the following
      effect: “A purchase of or security interest in any collateral described in this
      financing statement, except as provided in the Indenture, will violate the
      rights of the Indenture Trustee.”

     

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

    

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

     

    
      	 	
              HYUNDAI
                AUTO RECEIVABLES TRUST 2008-A

            
	 	 	 
	 	
              By: 

            	
              WILMINGTON
                TRUST COMPANY,

            
	 	 	
              not
                in its individual capacity but solely

            
	 	 	
              as
                Owner Trustee under the Trust Agreement

            
	 	 	 
	 	
              By: 

            	
              /s/
                J. Christopher Murphy

            
	 	
              Name:    J. Christopher Murphy

            
	 	
              Title:      Financial Services Officer

            

    

     

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    

    
      	 	
              CITIBANK,
                N.A.,

            
	 	
              not
                in its individual capacity

            
	 	
              but
                solely as Indenture Trustee

            
	 	 
	 	
              By: 

            	
              /s/
                Karen Schluter

            
	 	
              Name:     Karen
                Schluter

            
	 	
              Title:       Vice
                President

            

    

     

    
      
        
        

      

      
        S-2

        
          

        

      

      
        
        

      

    

     

    
      	
              STATE
                OF DELAWARE

            	
              )

            	
            
	 	
              )
                ss.:

            	
               

            
	
              COUNTY
                OF NEW CASTLE

            	
              )

            	 

    

     

    BEFORE
      ME, the undersigned authority, a Notary Public in and for said county and state,
      on this day personally appeared         J.
      Christopher Murphy Financial Services
      Officer       
      of
      Wilmington Trust Company, not in its individual capacity but solely as Owner
      Trustee of Hyundai Auto Receivables Trust 2008-A, a Delaware statutory trust
      (the “Trust”), known to me to be the person and officer whose name is subscribed
      to the foregoing instrument and acknowledged to me that the same was the act
      of
      the said Trust, and that he/she executed the same as the act of said statutory
      trust for the purpose and consideration therein expressed, and in the capacities
      therein stated.

     

    GIVEN
      UNDER MY HAND AND 

    SEAL
      OF
      OFFICE, this 17th day of June, 2008.

     

    
      	
              /s/
                Amanda E. Gamble

            	 
	
              Notary
                Public – State of Delaware

            	 
	 	 
	
              My
                commission expires: May 15, 2011

            	 

    

     

    
      
        
        

      

      
        S-3

        
          

        

      

      
        
        

      

    

    

    
      	
              STATE
                OF NEW YORK

            	
              )

            	 
	 	
              )
                ss.:

            	 
	
              COUNTY
                OF NEW YORK

            	
              )

            	 

    

     

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

     

    GIVEN
      UNDER MY HAND AND 

    SEAL
      OF
      OFFICE, this 25th day of June, 2008.

     

    
      	
              /s/
                Zenaida Santiago

            	 
	
              Notary
                Public, State of New York

            	 
	
              No.
                01SA6152564

            	 
	
              Qualified
                in Kings County

            	 

    

    

    My
      commission expires: 9/18/2010

     

    
      
        
        

      

      
        S-4

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A 

     

    Schedule
      of Receivables

     

    [To
      be
      Delivered to the Trust at Closing]

     

    
      
        
        

      

      
        Schedule
          A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A-1 

     

    [FORM
      OF
      CLASS A-1 NOTE]

     

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

     

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

     

    
      	
              REGISTERED

            	
              $__________(1)

            
	
              No.
                R-_____

            	
              CUSIP
                NO. ___________

            

    

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A

     

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

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A, a statutory trust organized and existing under
      the laws of the State of Delaware (herein referred to as the “Issuer”), for
      value received, hereby promises to pay to Cede & Co., or registered assigns,
      the principal sum of ___________________________________ DOLLARS, payable on
      each Payment Date in an amount equal to the aggregate amount, if any, payable
      from the Note Distribution Account in respect of principal on the Class A-1
      Notes pursuant to Section 3.01 of the Indenture dated as of June 25, 2008 (the
      “Indenture”), between the Issuer and Citibank, N.A., a national banking
      association, as Indenture Trustee (the “Indenture Trustee”); provided,
      however,
      that
      the entire unpaid principal amount of this Note shall be due and payable on
      the
      earlier of [________] (the “Class A-1 Maturity Date”) and the Redemption
      Date, if any, Pursuant to Article X of the Indenture. Capitalized terms used
      but
      not defined herein are defined in the Indenture, which also contains rules
      as to
      construction that shall be applicable herein.

     

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

     

      
        

      

    

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

            

    

     

    
      
        
        

      

      
        A-1-1

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    Principal
      of the Class A-1 Notes will be payable on each Payment Date in an amount
      described on the face hereof. “Payment Date” means the 15th
      day of
      each month, or, if any such date is not a Business Day, the next succeeding
      Business Day, commencing July 15, 2008.

     

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

     

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

     

    
      
        
        

      

      
        A-1-2

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-1-3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-1-4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-1-5

        
          

        

      

      
        
        

      

    

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

    

      
        	
                Date:________________________

              	
                HYUNDAI
                  AUTO RECEIVABLES TRUST 2008-A

              
	 	 
	 	
                By:

              	
                WILMINGTON
                  TRUST COMPANY,

              
	 	 	
                not
                  in its individual capacity

              
	 	 	
                but
                  solely as Owner Trustee

              
	 	 	
                under
                  the Trust Agreement

              
	 	 	 
	 	
                By:

              	 	
              
	 	 	
                Authorized
                  Signatory

              

      

    

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

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

    

      
        	
                Date:________________________

              	
                CITIBANK,
                  N.A.,

              
	 	
                not
                  in its individual capacity

              
	 	
                but
                  solely as Indenture Trustee

              
	 	 
	 	
                By:

              	 	
              
	 	 	
                Authorized
                  Signatory

              

      

    

     

    
      
        
        

      

      
        A-1-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee:
      ___________________ 

     

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

    (name
      and
      address of assignee)

     

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

     

    Dated:
      ________________________ */

     

    Signature
      Guaranteed:

     

    _____________________

     

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

     

    
      
        
        

      

      
        A-1-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-2 

     

    [FORM
      OF
      CLASS A-2 NOTE]

     

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

     

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

    

      
        	
                REGISTERED

              	
                $__________(2)

              
	
                No.
                  R-________

              	
                CUSIP
                  NO. ___________

              

      

      
         

      

    

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A

     

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

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A, a statutory trust organized and existing under
      the laws of the State of Delaware (herein referred to as the “Issuer”),
      for
      value received, hereby promises to pay to Cede & Co., or registered assigns,
      the principal sum of ______________________________ DOLLARS, payable on each
      Payment Date in an amount equal to the aggregate amount, if any, payable from
      the Note Distribution Account in respect of principal on the Class A-2 Notes
      pursuant to Section 3.01 of the Indenture dated as of June 25, 2008 (the
“Indenture”),
      between the Issuer and Citibank, N.A., a national banking association, as
      Indenture Trustee (the “Indenture
      Trustee”);
      provided,
      however,
      that
      the entire unpaid principal amount of this Note shall be due and payable on
      the
      earlier of [________] (the “Class
      A-2 Maturity Date”)
      and
      the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
      terms used but not defined herein are defined in the Indenture, which also
      contains rules as to construction that shall be applicable herein.

     

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

     

    
      
        

      

       

      
        	
                2

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

              

      

    

     

    
      
        
        

      

      
        A-2-1

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    Principal
      of the Class A-2 Notes will be payable on each Payment Date in an amount
      described on the face hereof. “Payment Date” means the 15th
      day of
      each month, or, if any such date is not a Business Day, the next succeeding
      Business Day, commencing July 15, 2008.

     

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

     

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

     

    
      
        
        

      

      
        A-2-2

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-2-3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-2-4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-2-5

        
          

        

      

      
        
        

      

    

    

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

    

      
        	
                Date:________________________

              	HYUNDAI
                AUTO RECEIVABLES TRUST 2008-A
	 	 
	 	
                By:

              	
                WILMINGTON
                  TRUST COMPANY,

              
	 	 	
                not
                  in its individual capacity

              
	 	 	
                but
                  solely as Owner Trustee

              
	 	 	
                under
                  the Trust Agreement

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Signatory

              

      

    

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

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

    

      
        	
                Date:________________________

              	
                CITIBANK,
                  N.A.,

              
	 	
                not
                  in its individual capacity

              
	 	
                but
                  solely as Indenture Trustee

              
	 	 
	 	
                By:

              	 
	 	 	
                Authorized
                  Signatory

              

      

    

     

    
      
        
        

      

      
        A-2-6

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee:
      __________________ 

     

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

    _________________________________________________________________________________________________________________________________________

    (name
      and
      address of assignee)

     

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

     

    Dated:
      ________________________ */

     

    Signature
      Guaranteed:

     

    _____________________________

     

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

    

    
      
        
        

      

      
        A-2-7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A-3

     

    [FORM
      OF
      CLASS A-3 NOTE]

     

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

     

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

    

      
        	
                REGISTERED

              	
                $__________(3)

              
	
                No.
                  R-________

              	
                CUSIP
                  NO. ___________

              

      

    

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A

     

    [____]%
      ASSET BACKED NOTE, CLASS A-3

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A, a statutory trust organized and existing under
      the laws of the State of Delaware (herein referred to as the “Issuer”), for
      value received, hereby promises to pay to Cede & Co. or registered assigns,
      the principal sum of ______________________________ DOLLARS, payable on each
      Payment Date in an amount equal to the aggregate amount, if any, payable from
      the Note Distribution Account in respect of principal on the Class A-3 Notes
      pursuant to Section 3.01 of the Indenture dated as of June 25, 2008 (the
“Indenture”), between the Issuer and Citibank, N.A., a national banking
      association, as Indenture Trustee (the “Indenture Trustee”); provided,
      however,
      that
      the entire unpaid principal amount of this Note shall be due and payable on
      the
      earlier of [________] (the “Class A-3 Maturity Date”) and the Redemption
      Date, if any, pursuant to Article X of the Indenture. Capitalized terms used
      but
      not defined herein are defined in the Indenture, which also contains rules
      as to
      construction that shall be applicable herein.

     

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

     

    
      

    

    
      	3	
              Denominations
                of $1,000 and integral multiples of $1,000 in excess
                thereof.

            

    

     

    
      
        
        

      

      
        A-3-1

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    This
      Note
      is one of a duly authorized issue of Notes of the Issuer, designated as its
      [____]% Asset Backed Notes, Class A-3 (herein called the “Class A-3 Notes”), all
      issued under the Indenture, to which Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the Holders
      of
      the Notes. The Class A-3 Notes are subject to all terms of the
      Indenture.

     

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

     

    Principal
      of the Class A-3 Notes will be payable on each Payment Date in an amount
      described on the face hereof. “Payment Date” means the 15th
      day of
      each month, or, if any such date is not a Business Day, the next succeeding
      Business Day, commencing July 15, 2008.

     

    As
      described above, the entire unpaid principal amount of this Note shall be due
      and payable on the earlier of the Class A-3 Maturity Date and the Redemption
      Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
      foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
      of Notes representing not less than a majority of the Outstanding Amount of
      the
      Notes may declare the Notes to be immediately due and payable in the manner
      provided in Section 5.02 of the Indenture. All principal payments on the Class
      A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.
      

     

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

     

    
      
        
        

      

      
        A-3-2

        
          

        

      

      
        
        

      

    

     

    The
      Issuer shall pay interest on overdue installments of interest at the Class
      A-3
      Rate to the extent lawful.

     

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

     

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

     

    
      
        
        

      

      
        A-3-3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-3-4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        A-3-5

        
          

        

      

      
        
        

      

    

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

     

    
      	
              Date:
                ___________________

            	 	
              HYUNDAI
                AUTO RECEIVABLES TRUST 2008-A

            
	 	 	 
	 	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY,

            
	 	 	 	
              not
                in its individual capacity

            
	 	 	 	
              but
                solely as Owner Trustee

            
	 	 	 	
              under
                the Trust Agreement

            
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

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

     

    
      	
              Date:
                ___________________

            	 	
              CITIBANK,
                N.A.,

            
	
               

            	 	
              not
                in its individual capacity 

            
	
               

            	 	
              but
                solely as Indenture Trustee 

            
	 	 	 
	
               

            	
              By: 

            	 
	 	 	
              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        A-3-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee:
      __________________ 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:
      __________________________________________________________________________
       (name
      and
      address of assignee)

     

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

     

    Dated:
      ________________________ */

     

    Signature
      Guaranteed:

     

    _____________________________

     

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

    
      
        
          
          

        

        
          A-3-7

          
            

          

        

        
          
          

          
          

        

      

    

     

    EXHIBIT
      A-4

     

    [FORM
      OF
      CLASS A-4 NOTE]

     

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

     

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

    
      

        
          	
                  REGISTERED
                    

                  No.
                    R-________

                	
                  $__________(4)

                  CUSIP
                    NO. ___________

                

        

      

    

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A

     

    [____]%
      ASSET BACKED NOTE, CLASS A-4

     

    HYUNDAI
      AUTO RECEIVABLES TRUST 2008-A, a statutory trust organized and existing under
      the laws of the State of Delaware (herein referred to as the “Issuer”),
      for
      value received, hereby promises to pay to Cede & Co., or registered assigns,
      the principal sum of __________________________________ DOLLARS, payable on
      each
      Payment Date in an amount equal to the aggregate amount, if any, payable from
      the Note Distribution Account in respect of principal on the Class A-4 Notes
      pursuant to Section 3.01 of the Indenture dated as of June 25, 2008 (the
“Indenture”),
      between the Issuer and Citibank, N.A., a national banking association, as
      Indenture Trustee (the “Indenture
      Trustee”);
      provided,
      however,
      that
      the entire unpaid principal amount of this Note shall be due and payable on
      the
      earlier of [________] (the “Class
      A-4 Maturity Date”)
      and
      the Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized
      terms used but not defined herein are defined in the Indenture, which also
      contains rules as to construction that shall be applicable herein.

     

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

    _____________________

      
        	4	
                Denominations
                  of $1,000 and integral multiples of $1,000 in excess
                  thereof.

              

      

    

    
      
        
        

      

      
        A-4-1

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    This
      Note
      is one of a duly authorized issue of Notes of the Issuer, designated as its
      [____]% Asset Backed Notes, Class A-4 (herein called the “Class A-4 Notes”), all
      issued under the Indenture, to which Indenture and all indentures supplemental
      thereto reference is hereby made for a statement of the respective rights and
      obligations thereunder of the Issuer, the Indenture Trustee and the Holders
      of
      the Notes. The Class A-4 Notes are subject to all terms of the
      Indenture.

     

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

     

    Principal
      of the Class A-4 Notes will be payable on each Payment Date in an amount
      described on the face hereof. “Payment Date” means the 15th
      day of
      each month, or, if any such date is not a Business Day, the next succeeding
      Business Day, commencing July 15, 2008.

     

    As
      described above, the entire unpaid principal amount of this Note shall be due
      and payable on the earlier of the Class A-4 Maturity Date and the Redemption
      Date, if any, pursuant to Article X of the Indenture. Notwithstanding the
      foregoing, if an Event of Default occurs, the Indenture Trustee or the Holders
      of Notes representing not less than a majority of the Outstanding Amount of
      the
      Notes may declare the Notes to be immediately due and payable in the manner
      provided in Section 5.02 of the Indenture. All principal payments on the Class
      A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
      thereto.

     

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

    
      
        
        

      

      
        A-4-2

        
          

        

      

      
        
        

      

    

     

    The
      Issuer shall pay interest on overdue installments of interest at the Class
      A-4
      Rate to the extent lawful.

     

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

     

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

    
      
        
        

      

      
        A-4-3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        A-4-4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        A-4-5

        
          

        

      

      
        
        

      

    

    

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

     

    
      	
              Date:
                ___________________

            	 	
              HYUNDAI
                AUTO RECEIVABLES TRUST 2008-A

            
	 	 	 	 
	 	 	
              By:

            	
              WILMINGTON
                TRUST COMPANY,

            
	 	 	 	
              not
                in its individual capacity

            
	 	 	 	
              but
                solely as Owner Trustee

            
	 	 	 	
              under
                the Trust Agreement

            
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

     

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

     

    
      	
              Date:
                ___________________

            	 	
              CITIBANK,
                N.A.,

            
	 	 	
              not
                in its individual capacity

            
	 	 	
              but
                solely as Indenture Trustee

            
	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        A-4-6

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    Social
      Security or taxpayer I.D. or other identifying number of assignee:
      __________________ 

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto:
      __________________________________________________________________________
       (name
      and
      address of assignee)

     

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

     

    Dated:
      ________________________ */

     

    Signature
      Guaranteed:

     

    _____________________________

     

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

    
      
        
        

      

      
        A-4-7

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    FORM
      OF
      NOTE DEPOSITORY AGREEMENT

     

    (Letter
      of Representations)

    
      
        
        

      

      
        B-1

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