Document:

Exhibit 4.1

 

HONDA AUTO RECEIVABLES 2021-3 OWNER TRUST,

as Issuer,

and

CITIBANK, N.A.,

as Indenture Trustee

 

 

INDENTURE

Dated August 25, 2021

 

 

     

     

    

 

CROSS REFERENCE TABLE*

 

	TIA Section	 	Indenture Section
	 	 	 	 
	310	(a)(1)	 	6.11
	 	(a)(2)	 	6.11
	 	(a)(3)	 	6.10; 6.11
	 	(a)(4)	 	N.A.**
	 	(a)(5)	 	6.11
	 	(b)	 	6.08; 6.11
	 	(c)	 	N.A.**
	311	(a)	 	6.12
	 	(b)	 	6.12
	 	(c)	 	N.A.
	312	(a)	 	7.01
	 	(b)	 	7.02
	 	(c)	 	7.02
	313	(a)	 	7.04
	 	(b)(1)	 	7.04
	 	(b)(2)	 	7.04
	 	(c)	 	7.04; 11.05
	 	(d)	 	7.04
	314	(a)	 	7.03
	 	(b)	 	11.15
	 	(c)(1)	 	11.01
	 	(c)(2)	 	11.01
	 	(c)(3)	 	11.01
	 	(d)	 	11.01
	 	(e)	 	11.01
	 	(f)	 	11.01
	315	(a)	 	6.01
	 	(b)	 	6.05; 11.01
	 	(c)	 	6.01
	 	(d)	 	6.01
	 	(e)	 	5.13
	316	(a)	 	1.01
	 	(a)(1)(A)	 	5.11
	 	(a)(1)(B)	 	5.12
	 	(a)(2)	 	N.A.
	 	(b)	 	5.07
	 	(c)	 	N.A.
	317	(a)(1)	 	5.03
	 	(a)(2)	 	5.03
	 	(b)	 	3.03
	318	(a)	 	11.07

 

 

 

		*	This Cross Reference Table shall not, for any purpose, be deemed
to be part of this Indenture.

		**	N.A. means Not Applicable.

 

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Table
of Contents

 

	 	Page
	ARTICLE I           DEFINITIONS AND INCORPORATION BY REFERENCE	2
	Section 1.01.	Definitions	2
	Section 1.02.	Incorporation by Reference of Trust Indenture Act	2
	ARTICLE II          THE NOTES	2
	Section 2.01.	Form	2
	Section 2.02.	Execution, Authentication and Delivery	3
	Section 2.03.	Temporary Notes	3
	Section 2.04.	Note Register, Registration of Transfer and Exchange	3
	Section 2.05.	Mutilated, Destroyed, Lost or Stolen Notes	7
	Section 2.06.	Persons Deemed Owner	8
	Section 2.07.	Payment of Principal and Interest, Defaulted Interest	8
	Section 2.08.	Cancellation	9
	Section 2.09.	Book-Entry Notes	9
	Section 2.10.	Notices to Clearing Agency	10
	Section 2.11.	Definitive Notes	10
	Section 2.12.	Release of Collateral	11
	Section 2.13.	Tax Treatment; Tax Information	11
	Section 2.14.	Employee Benefit Plans	11
	ARTICLE III         COVENANTS	12
	Section 3.01.	Payment of Principal and Interest	12
	Section 3.02.	Maintenance of Office or Agency	12
	Section 3.03.	Money for Payments to be Held in Trust	12
	Section 3.04.	Existence	14
	Section 3.05.	Protection of Owner Trust Estate	14
	Section 3.06.	Opinions as to Owner Trust Estate	15
	Section 3.07.	Performance of Obligations; Servicing of Receivables	15
	Section 3.08.	Negative Covenants	17
	Section 3.09.	Annual Statement as to Compliance	17
	Section 3.10.	Issuer May Consolidate, etc., Only on Certain Terms	18
	Section 3.11.	Successor or Transferee	19
	Section 3.12.	No Other Business	20
	Section 3.13.	No Borrowing	20

 

    -i-

     

    

 

	Section 3.14.	Servicer’s
    Obligations	20
	Section
    3.15.	Guarantees,
    Loans, Advances and Other Liabilities	20
	Section
    3.16.	Capital
    Expenditures	20
	Section
    3.17.	Removal
    of Administrator	20
	Section
    3.18.	Restricted
    Payments	20
	Section
    3.19.	Notice
    of Events of Default	21
	Section
    3.20.	Further
    Instruments and Acts	21
	Section
    3.21.	Compliance
    with Laws	21
	ARTICLE
    IV         SATISFACTION AND DISCHARGE	21
	Section
    4.01.	Satisfaction
    and Discharge of Indenture	21
	Section
    4.02.	Application
    of Trust Money	22
	Section
    4.03.	Repayment
    of Monies Held by Paying Agent	22
	ARTICLE
    V          REMEDIES	23
	Section
    5.01.	Events
    of Default	23
	Section
    5.02.	Acceleration
    of Maturity, Rescission and Annulment	24
	Section
    5.03.	Collection
    of Indebtedness and Suits for Enforcement by Indenture Trustee	25
	Section
    5.04.	Remedies,
    Priorities	27
	Section
    5.05.	Optional
    Preservation of the Receivables	28
	Section
    5.06.	Limitation
    of Suits	29
	Section
    5.07.	Unconditional
    Rights of Noteholders to Receive Principal and Interest	29
	Section
    5.08.	Restoration
    of Rights and Remedies	29
	Section
    5.09.	Rights
    and Remedies Cumulative	30
	Section
    5.10.	Delay
    or Omission Not a Waiver	30
	Section
    5.11.	Control
    by Noteholders	30
	Section
    5.12.	Waiver
    of Past Defaults	31
	Section
    5.13.	Undertaking
    for Costs	31
	Section
    5.14.	Waiver
    of Stay or Extension Laws	31
	Section
    5.15.	Action
    on Notes	31
	Section
    5.16.	Performance
    and Enforcement of Certain Obligations	32
	ARTICLE
    VI         THE INDENTURE TRUSTEE	32
	Section
    6.01.	Duties
    of Indenture Trustee	32
	Section
    6.02.	Rights
    of Indenture Trustee	34
	Section
    6.03.	Individual
    Rights of Indenture Trustee	35

 

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	Section 6.04.	Indenture
    Trustee’s Disclaimer	36
	Section
    6.05.	Notice
    of Defaults	36
	Section
    6.06.	Reports
    by Indenture Trustee to Noteholders	36
	Section
    6.07.	Compensation
    and Indemnity	36
	Section
    6.08.	Replacement
    of Indenture Trustee	37
	Section
    6.09.	Successor
    Indenture Trustee by Merger	38
	Section
    6.10.	Appointment
    of Co-Trustee or Separate Trustee	39
	Section
    6.11.	Eligibility,
    Disqualification	40
	Section
    6.12.	Preferential
    Collection of Claims Against Issuer	40
	Section
    6.13.	Representations
    and Warranties of Indenture Trustee	41
	ARTICLE
    VII        NOTEHOLDERS’ LISTS AND REPORTS	41
	Section
    7.01.	Issuer
    to Furnish Indenture Trustee Names and Addresses of Noteholders	41
	Section
    7.02.	Preservation
    of Information; Communications, Reports and Certain Documents to Noteholders	42
	Section
    7.03.	Reports
    by Issuer	43
	Section
    7.04.	Reports
    by Indenture Trustee	44
	Section
    7.05.	Noteholder
    and Note Owner Demand for Asset Representations Review	44
	Section
    7.06.	Voting
    of Notes Held by Honda Parties	44
	ARTICLE
    VIII      ACCOUNTS, DISBURSEMENTS AND RELEASES	45
	Section
    8.01.	Collection
    of Money	45
	Section
    8.02.	Accounts	45
	Section
    8.03.	General
    Provisions Regarding Accounts	48
	Section
    8.04.	Release
    of Owner Trust Estate	49
	Section
    8.05.	Opinion
    of Counsel	49
	ARTICLE
    IX        SUPPLEMENTAL INDENTURES	50
	Section
    9.01.	Supplemental
    Indentures Without Consent of Noteholders	50
	Section
    9.02.	Supplemental
    Indentures With Consent of Noteholders	51
	Section
    9.03.	Execution
    of Supplemental Indentures	52
	Section
    9.04.	Effect
    of Supplemental Indenture	52
	Section
    9.05.	Conformity
    with Trust Indenture Act	53
	Section
    9.06.	Reference
    in Notes to Supplemental Indentures	53

 

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	ARTICLE X          REDEMPTION OF NOTES	53
	Section
    10.01.	Redemption	53
	Section
    10.02.	Form
    of Redemption Notice	53
	Section
    10.03.	Notes
    Payable on Redemption Date	54
	ARTICLE
    XI         MISCELLANEOUS	54
	Section
    11.01.	Compliance
    Certificates and Opinions, etc	54
	Section
    11.02.	Form
    of Documents Delivered to Indenture Trustee	56
	Section
    11.03.	Acts
    of Noteholders	57
	Section
    11.04.	Notices,
    etc., to Indenture Trustee, Issuer and Rating Agencies	57
	Section
    11.05.	Notices
    to Noteholders; Waiver	58
	Section
    11.06.	Alternate
    Payment and Notice Provisions	59
	Section
    11.07.	Conflict
    with Trust Indenture Act	59
	Section
    11.08.	Effect
    of Headings and Table of Contents	59
	Section
    11.09.	Successors
    and Assigns	59
	Section
    11.10.	Separability	59
	Section
    11.11.	Benefits
    of Indenture	59
	Section
    11.12.	Legal
    Holidays	59
	Section
    11.13.	Governing
    Law; Submission to Jurisdiction; Waiver of Jury Trial	59
	Section
    11.14.	Counterparts;
    Electronic Transmission	60
	Section
    11.15.	Recording
    of Indenture	61
	Section
    11.16.	Trust
    Obligation	61
	Section
    11.17.	No
    Petition	61
	Section
    11.18.	Inspection	62
	Section
    11.19.	[Reserved]	62
	Section
    11.20.	Disclosure
    of Tax Treatment	62
	Section
    11.21.	Intent
    of the Parties; Reasonableness	62
	Section
    11.22.	Owner
    Trustee	63
	Section
    11.23.	U.S.A.
    Patriot Act	63
	Section
    11.24.	Communications
    with Rating Agencies	63

 

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	SCHEDULES	 
	 	 
	Schedule A – Schedule of Receivables	S-A-1
	 	 
	EXHIBITS	 
	 	 
	Exhibit A – Form of Class A-1, A-2, A-3 and A-4 Notes	A-1
	Exhibit B – Form of Transferor Certificate for Retained Notes	B-1
	Exhibit C – Form of Investment Letter for Retained Notes	C-1
	Exhibit D – Servicing Criteria to be Addressed in Assessment of Compliance	D-1
	Exhibit E – Form of Monthly 15GA-1 Report	E-1

 

    v

     

    

 

 

This Indenture, dated August 25, 2021, is between
Honda Auto Receivables 2021-3 Owner Trust, a Delaware statutory trust (the “Issuer”), Citibank, N.A., as indenture
trustee (the “Indenture Trustee” and “Citibank”).

 

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 Class A-1 0.11500% Asset Backed Notes, Class
A-2 0.20% Asset Backed Notes, Class A-3 0.41% Asset
Backed Notes, Class A-4 0.60% Asset Backed Notes.

 

GRANTING CLAUSE

 

The Issuer hereby Grants to the Indenture Trustee
at the Closing Date, on behalf of and for the benefit of the Noteholders, without recourse, all of the Issuer’s right, title and
interest in, to and under (i) the Receivables and all monies due thereon and payments received thereon on and after August 1, 2021; (ii)
the security interests in the Financed Vehicles; (iii) any proceeds of any physical damage insurance policies covering the Financed Vehicles
and in any proceeds of any credit life or credit disability insurance policies relating to the Receivables or the Obligors; (iv) any proceeds
of Dealer Recourse; (v) the right to realize upon any property (including the right to receive future Liquidation Proceeds) that shall
have secured a Receivable and have been repossessed by or on behalf of the Issuer; (vi) all funds, and all investment property, from time
to time carried in or credited to the Accounts, including the Reserve Fund Initial Deposit and the Yield Supplement Account Deposit and
in all investment income and proceeds thereof; (vii) the rights of the Seller under the Receivables Purchase Agreement including, but
not limited to, the representations and warranties set forth in Sections 2.02 and 2.03 therein and the rights of the Issuer under the
Sale and Servicing Agreement; and (viii) 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 which at any time constitute all
or part of or are included in the proceeds of any of the foregoing as each such term is defined in Section 1.01 (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, except as expressly provided in this Indenture and the Sale and Servicing Agreement and (ii) to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

 

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

 

     

     

    

 

ARTICLE
I

 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01. Definitions. Except as otherwise
specified herein or as the context may otherwise require, defined terms used in this Indenture shall have the meanings ascribed thereto
in the Sale and Servicing Agreement.

 

Section 1.02. Incorporation by Reference of
Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the Securities
and Exchange Commission.

 

“indenture securities” means
the Notes.

 

“indenture security holder”
means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

“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 or by 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 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 such 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 the Note.

 

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.

 

    2 

     

    

 

Each Note shall be dated the date of its authentication.
The terms of the Notes are 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, facsimile or scanned. Notes bearing the manual, facsimile or scanned 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
for original issue the following aggregate principal amount of Notes: (i) $346,000,000 of Class A-1 Notes, (ii) $549,000,000 of Class
A-2 Notes, (iii) $549,000,000 of Class A-3 Notes and (iv) $134,948,000 of Class A-4 Notes. 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 2.05.

 

Each Note shall be dated the date of its authentication.
The Notes shall be issuable as registered Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in excess thereof.

 

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 pursuant to Section 2.11, 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 related Noteholder. 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 tenor and 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. Note Register, 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 Issuer shall provide for the registration of Notes and the
registration of all 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.

 

    3 

     

    

 

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 rely
upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders
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, provided that the requirements of
Section 8-401 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.

 

At the option of the Noteholder, 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, provided that the requirements of Section 8-401
of the UCC are met (as determined by the Issuer), the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, the Notes which 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 Noteholder thereof or such Noteholder’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 Noteholder
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 9.06 not involving any transfer.

 

    4 

     

    

 

Neither the Issuer nor the Note Registrar will
be required to register transfers or exchanges of Notes that will be redeemed within fifteen (15) days after the requested date of transfer
or exchange.

 

Any Notes issued to and beneficially owned by the
Issuer or any other person treated as the same person as the Issuer for U.S. federal income tax purposes may not be sold, pledged, or
otherwise transferred unless counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that such Notes to be
sold, pledged, or otherwise transferred will be characterized as indebtedness for U.S. federal income tax purposes after such sale, pledge,
or other transfer. Any attempted sale, pledge, or other transfer in contravention of this paragraph will be void ab initio and
the purported transferor will continue to be treated as the owner of such Notes. If for tax or other reasons it may be necessary to track
any Notes, tracking conditions such as requiring separate CUSIPs or definitive form instruments may be required by the Sponsor or the
Administrator as a condition to such transfer.

 

Section 2.04A.   Transfer Restrictions on
the Retained Notes.

 

(a)       On
the Closing Date, each of the Retained Notes will be registered in the name of the Sponsor and issued in physical form as a
Definitive Note in the applicable form of Exhibit A hereto. No transfer of a Retained Note, other than to an Affiliate of the
Sponsor, shall be made unless such transfer is made pursuant to, (i) an effective registration statement under the Securities Act
and any applicable state securities laws or, (ii) is exempt from the registration requirements under the Securities Act and such
state securities laws. Except in the case of a transfer by the Sponsor to an Affiliate, in the event that a transfer is to be made
in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with the Securities
Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder’s prospective transferee shall each
certify to the Owner Trustee, the Issuer, the Indenture Trustee and the Sponsor in writing the facts surrounding the transfer in
substantially the forms set forth in Exhibit B (the “Transferor Certificate”) and Exhibit C (the
 “Investment Letter”). Except in the case of a transfer by the Sponsor to an Affiliate, there shall also be
delivered to the Owner Trustee, the Issuer and the Indenture Trustee an opinion of counsel that such transfer may be made pursuant
to an exemption from the Securities Act and state securities laws, which opinion of counsel shall not be an expense of the Issuer,
the Owner Trustee or the Indenture Trustee; provided that such opinion of counsel in respect of the applicable state securities laws
may be a memorandum of law rather than an opinion if such counsel is not licensed in the applicable jurisdiction. If the Sponsor
subsequently transfers any of the Retained Notes in a transaction exempt from the registration requirements under the Securities Act
pursuant to Section 4(2) thereof and any Noteholder intends to transfer such Retained Notes pursuant to Rule 144A, the Sponsor shall
provide to any Noteholder and any prospective transferee designated by any such Noteholder information regarding such Retained Notes
and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Retained Notes without registration thereof under the Securities Act pursuant to the
registration exemption provided by Rule 144A, in each case with the cost of the provision of such information to be borne by the
requesting noteholder. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuer, the
Owner Trustee, the Indenture Trustee, the Depositor and AHFC (in any capacity) against any liability that may result if the transfer
is not so exempt or is not made in accordance with federal and state securities laws.

 

    5 

     

    

 

(b)       By
directly or indirectly acquiring any Retained Note in a transaction pursuant to Rule 144A, each underwriter, transferee and owner of an
ownership or beneficial interest will be required to represent, warrant and agree (if in Definitive Note form) or will be deemed to represent,
warrant and agree (if in Book Entry Note form) as follows:

 

(i)       it
understands that the Retained Notes have not been registered under the Securities Act, but were retained by the Sponsor, and may not be
sold except as permitted in the following sentence. It understands and agrees, on its own behalf and on behalf of any accounts for which
it is acting as hereinafter stated, (x) that such Retained Notes are being offered only in a transaction not involving any public offering
within the meaning of the Securities Act and (y) that such Retained Notes may be resold, pledged or transferred only (i) to the Sponsor
or an Affiliate, (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the Securities
Act (an “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate
substantially in the form of the Investment Letter, (iii) so long as such Retained Note is eligible for resale pursuant to Rule 144A under
the Securities Act, to a person whom it reasonably believes after due inquiry is a “qualified institutional buyer” as defined
in Rule 144A, 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, pledge or transfer is being made in reliance
on Rule 144A 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 the Sponsor shall require that both the prospective transferor and the prospective transferee certify
to the Indenture Trustee and the Sponsor in writing the facts surrounding such transfer, which certification shall be in form and substance
reasonably satisfactory to the Issuer, the Owner Trustee, the Indenture Trustee and the Sponsor. Except in the case of a transfer described
in clauses (i) or (iii) above, the Sponsor shall require that a written opinion of counsel (which will not be at the expense of the Sponsor,
any affiliate of the Sponsor, the Owner Trustee or the Indenture Trustee), reasonably satisfactory to the Issuer and the Sponsor, be delivered
to the Issuer, the Owner Trustee, the Indenture Trustee and the Sponsor to the effect that such transfer will not violate the Securities
Act, and will be effected in accordance with any applicable securities laws of each state of the United States. It will notify any purchaser
of the Retained Notes from it of the above resale restrictions, if then applicable. It further understands that in connection with any
transfer of the Retained Notes by it that the Issuer and the Sponsor may request, and if so requested it will furnish, such certificates
and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions;

 

(ii)       if
eligible for resale pursuant to Rule 144A, it is a “qualified institutional buyer” as defined under Rule 144A under the
Securities Act and is acquiring the Retained Notes 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”). It is familiar with Rule 144A under the
Securities Act and is aware that the seller of the Retained Notes and other parties intend to rely on the foregoing representations,
warranties and acknowledgements and the exemption from the registration requirements of the Securities Act provided by Rule
144A;

 

    6 

     

    

 

(iii)       if
in Definitive Note form, it satisfies the requirements of Section 2.14 of this Indenture;

 

(iv)       it
understands that the Indenture Trustee, the Sponsor and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and it agrees that if any of the acknowledgments, representations and warranties deemed to have been made
by it by its purchase of the Retained Notes, for its own account or for one or more accounts as to each of which it exercises sole investment
discretion, are no longer accurate, it shall promptly notify the Sponsor; and

 

(v)       the
Indenture Trustee and the Sponsor are entitled to rely upon the foregoing representations, warranties and acknowledgements and are irrevocably
authorized to produce the foregoing representations, warranties and acknowledgments or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby.

 

(c)       In
the case of a transfer of the Retained Notes to an Affiliate of the Sponsor, the Sponsor shall provide a written representation to the
Issuer, the Indenture Trustee and the Owner Trustee that the transferee is an Affiliate of the Sponsor, and the Issuer, the Indenture
Trustee and the Owner Trustee may conclusively rely on such representation.

 

Section 2.05. 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, (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 and (iii) the requirements of Section 8-405
of the UCC are met, 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, the Issuer shall execute, and upon its written request 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 seven (7) 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 pursuant to the proviso to the preceding
sentence, a Protected 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.

 

    7 

     

    

 

Upon the issuance of any replacement Note under
this Section, the Issuer or the Indenture Trustee may require the payment by the Noteholder 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 and
expenses of the Indenture Trustee or the Note Registrar) 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 2.06. Persons Deemed Owner. Prior
to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any of their respective agents 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 of their respective agents shall be affected by notice to the contrary.

 

Section 2.07. Payment of Principal and Interest,
Defaulted Interest.

 

(a)              
Each Class of Notes shall accrue interest at the related Interest Rate, and such interest shall be due and payable on each Payment
Date as specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of interest or principal, if any, payable on any
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 wire transfer in immediately available funds to the account
designated by such Person (and if such Notes are registered on the Record Date in the name of the nominee) of the Clearing Agency (initially,
such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by
such nominee.

 

(b)               The
principal of each Note shall be payable as provided in Section 8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable, if not previously paid, on the related Final Scheduled Payment Date or the
date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Noteholders representing not
less than a majority of the Outstanding Amount have declared the Notes to be immediately due and payable in the manner provided in
Section 5.02. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled
thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business five (5) Business
Days preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note
will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and 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; provided, however, if a Definitive Note is held by the Sponsor or any
of its Affiliates, then the final installment of principal of and interest on such Note may be paid prior to the surrender of the
Note. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02.

 

    8 

     

    

 

(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. The Issuer may pay such defaulted interest to the
Persons who are Noteholders on a subsequent special record date, which date shall be at least five (5) Business Days prior to the next
payment date. The Issuer shall fix or cause to be fixed any such special record date and related payment date, and, at least fifteen (15)
days before any such special record date, the Issuer shall mail to each Noteholder a notice that states the special record date, the payment
date and the amount of defaulted interest to be paid.

 

Section 2.08. 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 which 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.

 

Section 2.09. Book-Entry Notes. The Non-Retained
Notes, upon original issuance, will be issued in the form of a typewritten Note or Notes representing the Book-Entry Notes, to be delivered
to the Indenture Trustee, as agent for 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 Note Owner will receive a definitive Note representing such Note Owner’s interest in such Note, except as provided
in Section 2.11. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such
Note Owners pursuant to Section 2.11:

 

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

 

(ii)              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;

 

    9 

     

    

 

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

 

(iv)            
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 and/or the Clearing Agency Participants. Pursuant to the Note Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the 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

 

(v)              
whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing
a specified percentage of the Outstanding Amount, 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 and/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 2.10. 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 2.11, the Indenture Trustee shall give all such notices and communications specified
herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to such Note Owners.

 

Section 2.11. Definitive Notes. On the
Closing Date, the Retained Notes will be issued in physical form as Definitive Notes in the applicable form of Exhibit A
hereto and registered in the name of the Sponsor. The Non-Retained Notes will be issued on the Closing Date as Book-Entry Notes;
however, if at anytime (i)(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 (B) neither the Indenture
Trustee nor the Administrator is able to locate a qualified successor, (ii) the Administrator at its option advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an
Event of Default or a Servicer Default, Owners of Book-Entry Notes representing beneficial interests aggregating at least a majority
of the Outstanding Amount of such Notes advise the Indenture Trustee and the Clearing Agency Participants through 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, in each case, the Indenture Trustee shall notify all Note Owners of the related Class of Notes through the
Clearing Agency of the occurrence of any such event and of the availability of Definitive Notes of the related Class of Notes to
Note Owners requesting the same. Upon surrender to the Indenture Trustee of the Note or Notes representing the Book-Entry Notes by
the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate
the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar 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 of a Class, the Indenture Trustee shall recognize
the holders of the Definitive Notes as Noteholders hereunder. Except in the case of a Noteholder who is an Affiliate of the Sponsor,
subsequent Noteholders of Notes that were initially Retained Notes shall have the right, but at such Noteholders sole cost and
expense, to request that such Retained Notes be converted to Book Entry Notes and the Issuer, the Indenture Trustee, the
Administrative Agent and the Sponsor agree to cooperate and use reasonable efforts to effect such conversion.

 

    10 

     

    

 

Section 2.12. Release of Collateral. Subject
to Section 11.01 and the terms of the other Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture
only upon receipt of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and (except in the case of
a full redemption under Section 10.01) Independent Certificates in accordance with TIA §§ 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.

 

Section 2.13. Tax Treatment; Tax Information.

 

(a)              
The Issuer has entered into this Indenture, and the Notes will be issued (other than Notes beneficially owned by the Issuer or
any other person treated as the same person as the Issuer for U.S. federal income tax purposes unless transferred in accordance with Section
2.04), with the intention that, for all purposes including U.S. federal income, state and local income and franchise tax purposes, the
Notes will qualify as indebtedness secured by the Owner 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 (other than Notes beneficially owned by the Issuer or any other person treated as the same person as the Issuer for U.S. federal
income tax purposes unless transferred in accordance with Section 2.04) for all purposes including U.S. federal income, state and local
income and franchise tax purposes as indebtedness.

 

(b)              
Each Noteholder, by its acceptance of a Note, and Note Owner, if different, by its acceptance of a beneficial interest in a Note,
agrees to provide and shall provide to the person making payments on the Note to it (or other person responsible for withholding of taxes)
with the Tax Information, and will update or replace such Tax Information when it becomes incorrect or obsolete, at any time required
by applicable law or promptly upon request. Each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the Indenture
Trustee, Paying Agent and Issuer (or other person responsible for withholding of taxes) have the right to withhold on payments with respect
to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in the preceding
sentence or the Indenture Trustee, Paying Agent or Issuer (or other person responsible for withholding of taxes) is otherwise required
to so withhold under applicable law.

 

Section 2.14. Employee Benefit Plans.
The transfer of a Definitive Note shall not be registered unless the prospective transferee (and if the transferee is a Plan, its
fiduciary) has represented in writing to the Indenture Trustee that either (i) it is not acquiring such Note with the assets of a
Benefit Plan Investor or a Plan that is subject to Similar Law; or (ii) its acquisition and holding of such Note will not give rise
to, in the case of a Benefit Plan Investor, a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the
Code or, in the case of a Plan that is subject to Similar Law, a violation of Similar Law. Any Person that acquires a beneficial
interest in a Book Entry Note shall be deemed to make the same representations as set forth above in this Section 2.14.

 

    11 

     

    

 

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), the Issuer will cause to be distributed all amounts on
deposit in the Note Distribution Account on a Payment Date deposited therein in accordance with Section 8.02(d). 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 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 and such office initially will be located in
Jersey City, New Jersey. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes.
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, provided that the Indenture Trustee shall not
serve as an agent or office for the purpose of service of process on behalf of the Issuer.

 

Section 3.03. Money for Payments to be Held
in Trust. As provided in Sections 5.04 and 8.02, all payments of amounts due and payable with respect to any Notes that are to be
made from amounts withdrawn from the Collection Account and the Note Distribution Account pursuant to Section 8.02(c) 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 and
the Note Distribution Account for payments of Notes shall be paid over to the Issuer except as provided in this Section.

 

On or before the Business Day immediately preceding
each Payment Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Collection Account (to be transferred
to the Note Distribution Account on the related Payment Date) 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 in writing of its action or failure so to act.

 

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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:

 

(i)                
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;

 

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

 

(iii)           
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;

 

(iv)            
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;

 

(v)              
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 obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax
Information and making any withholdings with respect to the Notes as required by the Code and paying over such withheld amounts to the
appropriate governmental authority) and

 

(vi)            
comply with any applicable reporting requirements in connection with any payments made by it on any Notes and any withholding of
taxes therefrom, and, upon request, provide any Tax Information to the Issuer.

 

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 to the Issuer on Issuer Request; and the Noteholder 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 written
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 thirty (30) days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to or for the account of the Issuer. The Indenture Trustee shall also adopt and employ, at the
expense and written direction of the Issuer, any other reasonable means of notification of such repayment (including, but not
limited to, mailing notice of such repayment to Noteholders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in monies 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 Noteholder).

 

    13 

     

    

 

Section 3.04. Existence. 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, 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 Owner Trust Estate
in connection with this Indenture and the other Basic Documents and the transactions contemplated hereby and thereby until such time as
the Issuer shall terminate in accordance with the terms hereof.

 

Section 3.05. Protection of Owner Trust Estate.
The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Indenture Trustee on behalf of the Noteholders
to be prior to all other liens in respect of the Owner Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain,
for the benefit of the Indenture Trustee on behalf of the Noteholders, a first lien on and a first priority, perfected security interest
in the Owner 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, all as prepared by the Administrator
and delivered to the Issuer, and will take such other action necessary or advisable to:

 

(i)                
grant more effectively any portion of the Owner Trust Estate;

 

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

 

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

 

(iv)            
enforce any of the Collateral;

 

(v)              
preserve and defend title to the Owner Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Owner Trust
Estate against the claims of all persons and parties; or

 

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(vi)            
 pay all taxes or assessments levied or assessed upon the Owner Trust Estate when due.

 

Financing statements filed pursuant to such appointment
may describe the Owner Trust Estate in the same manner as described herein or may describe the collateral subject thereto as “All
of the Debtor’s personal property and other assets, whether now owned or existing or hereafter acquired or arising, together with
all products and proceeds thereof, substitutions and replacements therefor, and additions and accessions thereto.”

 

Section 3.06. Opinions as to Owner Trust Estate.

 

(a)              
Promptly after the execution and delivery of this Indenture, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
to the effect that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been executed
and filed that are necessary to create and continue the Indenture Trustee’s first priority perfected security interest in the collateral
for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details
are given, or (ii) no such action shall be necessary to perfect such security interest.

 

(b)              
Within ninety (90) days after the beginning of each fiscal year of the Issuer (commencing with the first fiscal year that begins
on a date that is more than three months after the Cutoff Date), the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel,
dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (i) all financing statements and continuation
statements have been filed that are necessary to create and continue the Indenture Trustee’s first priority perfected security interest
in the collateral for the benefit of the Noteholders, and reciting the details of such filings or referring to prior Opinions of Counsel
in which such details are given, or (ii) no such action shall be necessary to perfect such security interest.

 

Section 3.07. Performance of Obligations; Servicing
of Receivables.

 

(a)              
The Issuer will not take any action and will use its 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 Owner 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 other Basic Documents or such other instrument
or agreement.

 

(b)              
The Issuer may contract with other Persons 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.

 

(c)               The
Issuer will and will cause the Administrator to, punctually perform and observe all of its obligations and agreements contained in
this Indenture, the other Basic Documents and in the instruments and agreements included in the Owner 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 other Basic Documents 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 written consent of the Indenture Trustee or the Noteholders of at least a
majority of the Outstanding Amount or such greater percentage as may be specified in the particular provision.

 

    15 

     

    

 

 

(d)              
If the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer shall promptly provide written notice to
a Responsible Officer of the Indenture Trustee and to the Administrator thereof, and shall specify in such notice the action, if any,
the Issuer is taking with respect of such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of
its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable
steps available to it to remedy such failure. The Administrator shall, in accordance with Section 1.02(c) of the Administration Agreement,
make such notice available to each Rating Agency.

 

(e)               As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant to
Section 7.01 of the Sale and Servicing Agreement, the Issuer shall promptly notify a Responsible Officer of the Indenture Trustee
and the Indenture Trustee shall appoint a Successor Servicer, and such Successor Servicer shall accept its appointment by a written
assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted
its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall
automatically be appointed the Successor Servicer. The Indenture Trustee may resign as the Servicer by giving written notice of such
resignation to the Issuer and in such event will be released from such duties and obligations, such release not to be effective
until the date a new servicer enters into a servicing agreement as provided below. Upon delivery of any such notice to the Issuer,
the Issuer shall obtain a new servicer as the Successor Servicer under the Sale and Servicing Agreement. As soon as such a Successor
Servicer is appointed, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and
address of such Successor Servicer. Any Successor Servicer other than the Indenture Trustee shall (i) be an established financial
institution having a net worth of not less than $50,000,000 and whose regular business includes the servicing of motor vehicle
receivables and (ii) enter into a servicing agreement with the Issuer and the Seller having substantially the same provisions as the
provisions of the Sale and Servicing Agreement applicable to the Servicer. If within thirty (30) days after the delivery of the
notice referred to above, the Issuer shall not have obtained such a new servicer, the Indenture Trustee may appoint, or may petition
a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment, the Issuer may make
such arrangements for the compensation of such successor as it and such successor shall agree, subject to the limitations set forth
below and in the Sale and Servicing Agreement, and in accordance with Section 7.02 of the Sale and Servicing Agreement, the Issuer
and the Seller shall enter into an agreement with such successor for the servicing of the Receivables (such agreement to be in form
and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer’s duties as
servicer of the Receivables as provided herein, it shall do so in its individual capacity and not in its capacity as Indenture
Trustee and, accordingly, the provisions of Article VI shall be inapplicable (except as set forth in the proviso contained in
Section 6.01(a)) to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In
case the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee
shall be entitled to appoint as Servicer any one of its Affiliates or agents, provided that it shall be fully liable for the actions
and omissions of such Affiliate or agent in such capacity as Successor Servicer.

 

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

 

(i)                
except as expressly permitted by Section 3.10(b) and the Basic Documents, sell, transfer, exchange or otherwise dispose of any
of the properties or assets of the Issuer, including those included in the Owner Trust Estate, unless directed to do so by the Indenture
Trustee;

 

(ii)             
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 applicable state law) 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 Owner Trust Estate;

 

(iii)           
(A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien created by 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, (B) 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 Owner 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 (C) permit the lien created by 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 Owner Trust Estate; or

 

(iv)            
dissolve or liquidate in whole or in part.

 

Section 3.09. Annual Statement as to Compliance.

 

(a)              
The Issuer will deliver to the Indenture Trustee, within 90 days after the end of each fiscal year of the Issuer (commencing with
the fiscal year ended March 31, 2022), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s
Certificate, that:

 

(i)               
a review of the activities of the Issuer during such year (since the Closing Date, in the case of the first of such Officer’s
Certificate) and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and

 

(ii)               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.

 

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(b)              
On or before June 1st of each calendar year in which a Form 10-K is required to be filed on behalf of the Issuer, commencing
in 2022, the Indenture Trustee shall deliver to the Issuer and the Administrator a report regarding the Indenture Trustee’s assessment
of compliance with each of the Servicing Criteria specified on Exhibit D hereto during the immediately preceding reporting year
accompanied by an attestation report by a registered public accounting firm, in each case as required under Rules 13a-18 and 15d-18 of
the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and
shall address each of the Servicing Criteria specified on Exhibit D hereto.

 

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

 

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

 

(i)               
the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States 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, and each other Basic Document, on the
part of the Issuer to be performed or observed;

 

(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 U.S. federal tax consequence 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 (which shall
describe the actions taken as required by clause (v) above or that no actions will be taken) each stating that such consolidation or merger
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with (including
any filing required by the Exchange Act).

 

    18 

     

    

 

(b)              
 The Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the
Owner Trust Estate, to any Person (except as expressly permitted by the Basic Documents), unless:

 

(i)                the Person that acquires by conveyance or transfer the properties or assets of the Issuer shall (A) be a United States citizen
or a Person organized and existing under the laws of the United States or any State, (B) 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 and each
other Basic Document on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree 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
Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the
Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree
by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings
with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;

 

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

 

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

 

(iv)            
the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the
effect that such transaction will not have any material adverse U.S. federal tax consequence 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 (which shall
describe the actions taken as required by clause (v) above or that no actions will be taken) each stating that such conveyance or transfer
and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction
have been complied with (including any filing required by the Exchange Act).

 

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.

 

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(b)              
 Upon a conveyance or transfer of all of the properties or assets of the Issuer pursuant to Section 3.10(b), the Issuer will be
released from every covenant and agreement of this Indenture to be observed 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 the Issuer 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 other Basic Documents and 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 (i) the Notes
and (ii) any other indebtedness permitted by or arising under the other Basic Documents.

 

Section 3.14. Servicer’s Obligations.
The Issuer shall cause the Servicer to comply with Sections 3.10, 3.11, 3.12, 4.10 and Article VIII of the Sale and Servicing Agreement.

 

Section 3.15. Guarantees, Loans, Advances and
Other Liabilities. Except as contemplated by the Basic Documents, 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 other 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 without cause unless the Rating Agency Condition shall
have been satisfied in connection with such removal.

 

Section 3.18. Restricted Payments. Except
as expressly permitted by the Basic Documents, the Issuer shall not, directly or indirectly, (i) 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, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii)
set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, (a)
distributions as contemplated by, and to the extent funds are available for such purpose under this Indenture, the Sale and Servicing
Agreement or the Trust Agreement, (b) payments to the Indenture Trustee pursuant to Section 1.02(b)(ii) of the Administration Agreement.
The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this
Indenture and the Basic Documents.

 

    20 

     

    

 

Section 3.19. Notice of Events of
Default. The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of
each Event of Default hereunder and 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.

 

Section 3.21. Compliance with Laws. The
Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate,
materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

 

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 (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.20 and 3.22, (v) 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 (vi) 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 written 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 (i) Notes that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 2.05 and (ii) Notes for whose payment 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 at the Class A-4 Final Scheduled Payment Date within one year, or

 

    21 

     

    

 

(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 clauses (1), (2) or (3) 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 (which 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 related Final Scheduled Payment 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 performed or caused to be paid or performed all amounts and obligations which the Issuer may owe to or on
behalf of the Indenture Trustee for the benefit of the Noteholders, under this Indenture or the Notes; and

 

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

 

Section 4.02. Application of Trust Money.
All monies deposited with the Indenture Trustee pursuant to Section 4.01 shall be held in trust in a segregated non-interest bearing account
and applied by it, (a) in accordance with the provisions of the Notes, the Sale and Servicing Agreement and this Indenture, to the payment,
either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular Notes for the
payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for
principal and interest; but such monies need not be segregated from other funds of the Issuer except to the extent required herein or
in the Sale and Servicing Agreement or required by law and (b) in accordance with instructions from the Administrator, on which instructions
the Indenture Trustee may conclusively rely.

 

Section 4.03. Repayment of Monies Held by Paying
Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all monies then held by any
Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon 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 monies.

 

    22 

     

    

 

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):

 

(i)                default
by the Issuer 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 five (5) Business Days or more;

 

(ii)             
default by the Issuer in the payment of the principal of or any installment of the principal of any Note at the Final Scheduled
Payment Date for such Class of Notes;

 

(iii)            
any failure by the Issuer to duly observe or perform in any material respect any covenant or agreement 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),
which failure shall materially and adversely affect the rights of the Noteholders and shall continue or not be cured for a period of sixty
(60) days (or for such longer period not in excess of ninety (90) days as may be reasonably necessary to remedy such failure; provided
the Issuer notifies the Indenture Trustee that it is a breach of the type capable of remedy within ninety (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 Noteholders of at least 25% of the Outstanding Amount, a written notice specifying such default and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder;

 

(iv)            
any representation or warranty of the Issuer made in this Indenture 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, which
incorrect statement shall materially and adversely affect the rights of the Noteholders and 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
(or for such longer period not in excess of ninety (90) days as may be reasonably necessary to remedy such incorrect statement; provided
the Issuer notifies the Indenture Trustee that it is a breach of the type capable of remedy within ninety (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 Noteholders of at least 25% of the Outstanding Amount, a written notice specifying such incorrect representation or warranty and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder;

 

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(v)               (A)
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 its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for the Issuer or for any substantial part of its property, or ordering 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 ninety (90) consecutive days; or (B) 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 possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for the Issuer or for any substantial part of its property, 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 action by the Issuer in furtherance of any of the foregoing;

 

provided, however, that (A) if any delay or failure of performance
referred to in clause (i) above shall have been caused by Force Majeure or other similar occurrences, the grace period referred to in
such clause shall be extended for an additional sixty (60) days, (B) if any delay or failure of performance referred to in clause (ii)
above shall have been caused by Force Majeure or other similar occurrences, the grace period referred to in such clause shall be extended
for an additional sixty (60) days and (C) if any delay or failure of performance referred to in clause (iii) or (iv) above shall have
been caused by Force Majeure or other similar occurrences, the grace period referred to in such clause shall be extended for an additional
sixty (60) days.

 

The Issuer shall deliver to a Responsible Officer of the Indenture
Trustee, within five (5) Business Days after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate
of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii) or (iv) above,
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 should occur and be continuing, then and in every such case the Noteholders representing not less than a
majority of the Outstanding Amount or the Indenture Trustee, at the request or direction of the Noteholders of Notes representing not
less than a majority of the Outstanding Amount, may declare all the Notes to be 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 unpaid principal amount of such Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

 

(b)              
At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the
money due has been obtained by the Indenture Trustee as hereinafter in this Article provided, the Noteholders of Notes representing a
majority of the Outstanding Amount, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration
and its consequences if:

 

    24 

     

    

 

(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 all 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 or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Indenture 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 the Notes are accelerated following the occurrence of an Event of Default, the Issuer will, upon demand
of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes for 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, disbursements and advances of the Indenture
Trustee and its agents and counsel.

 

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

 

(c)              
If an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its
discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture
Trustee shall 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 upon the Notes or any Person having or claiming an
ownership interest in the Owner 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 judicial Proceedings relative to the Issuer or other obligor upon 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:

 

    25 

     

    

 

(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 all expenses and liabilities incurred, and all advances made, 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 and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby
trustee or Person performing similar functions in any such Proceedings;

 

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

 

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

 

(v)             
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
and liabilities incurred, and all advances made, 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 Noteholder 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.

 

    26 

     

    

 

(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 trial or other Proceedings relative thereto, and any
such action or 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 Noteholders.

 

(g)              
In any Proceedings brought by the Indenture Trustee (including 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 Noteholders,
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 Sections 5.02 and 5.05):

 

(i)               
institute Proceedings in its own name and/or 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 upon such Notes monies adjudged due;

 

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

 

(iii)            
exercise any remedies of a secured party under the UCC and any other remedy available to the Indenture Trustee and take any other
appropriate action to protect and enforce the rights and remedies of the Indenture Trustee on behalf of the Noteholders under this Indenture;
and

 

(iv)            
sell the Owner 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, however, that the Indenture Trustee may not sell or otherwise
liquidate the Owner Trust Estate following an Event of Default, unless (A) the Noteholders of 100% of the Outstanding Amount consent thereto,
(B) the proceeds of such sale or liquidation distributable to the Noteholders and Certificateholders are sufficient to discharge in full
all amounts then due and unpaid upon such Notes and Certificates for principal and interest or (C) the Indenture Trustee determines that
the Owner Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes and Certificates
as would have become due if the Notes and Certificates had not been declared due and payable, and the Indenture Trustee obtains the consent
of Noteholders of 100% of the Outstanding Amount. In determining such sufficiency or insufficiency with respect to clause (B) and (C)
above, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, 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 Owner
Trust Estate for such purpose.

 

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(b)              
 If the Indenture Trustee collects any money or property pursuant to this Article, it shall pay out the money or property in the
following order and priority:

 

(i)               
on a pro rata basis, to the Indenture Trustee, the Delaware Trustee and the Owner Trustee, any amounts due under the Trust Agreement
or Section 6.07 hereof;

 

(ii)              
to the Servicer, for amounts due and unpaid in respect of Nonrecoverable Advances under the Sale and Servicing Agreement;

 

(iii)             
to the Servicer, for amounts due and unpaid in respect of the Total Servicing Fee under the Sale and Servicing Agreement;

 

(iv)            
to the Asset Representations Reviewer, any amounts due under the Asset Representations Review Agreement that were not previously
paid;

 

(v)              
to the Noteholders of the Notes of each Class, the Note Interest Distributable Amount ratably in proportion to the Note Interest
Distributable Amount for each Class at their respective Interest Rates;

 

(vi)            
to the Noteholders of Class A-1 Notes, the Outstanding Amount of the Class A-1 Notes, until the Class A-1 Notes are paid in full;

 

(vii)           
to the Noteholders of the Class A-2, Class A-3 and Class A-4 Notes, pro rata in proportion to the Outstanding Amount of each such
Class, until the Class A-2, Class A-3 and Class A-4 Notes are paid in full;

 

(viii)          
to the Certificate Distribution Account for distribution to the Certificateholders, the Certificate Interest Distributable Amount;

 

(ix)             
to the Certificate Distribution Account for distribution to the Certificateholders, the outstanding principal amount of the Trust
Certificates; and

 

(x)              
to the Seller, any remaining amount.

 

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.

 

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 Owner 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 any 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 Owner Trust Estate. In determining whether to maintain
possession of the Owner Trust Estate, the Indenture Trustee may, but need not, obtain, at the expense of the Issuer, 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 Owner Trust Estate for such purpose.

 

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Section 5.06. Limitation of Suits. No Noteholder
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:

 

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

 

(ii)              
the Event of Default arises from the failure to remit payments when due or the Noteholders of not less than 25% of the Outstanding
Amount 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;

 

(iii)            
such Noteholder or Noteholders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities
to be incurred in complying with such request;

 

(iv)            
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

 

(v)              
no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Noteholders
of a majority of the Outstanding Amount.

 

It is understood and intended that no one or more Noteholders shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders 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 Noteholders, each representing less than a majority of the Outstanding Amount, the Indenture
Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.
The Indenture Trustee shall not be liable for any such determination made in good faith.

 

Section 5.07. Unconditional Rights of Noteholders
to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Noteholder 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 Noteholder.

 

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

 

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

 

Section 5.10. Delay or Omission Not a Waiver.
No delay or omission of the Indenture Trustee or any Noteholder 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 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 by the Noteholders, as the case may be.

 

Section 5.11. Control by Noteholders. The
Noteholders of Notes representing a majority of the Outstanding Amount 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:

 

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

 

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

 

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

 

(iv)            
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 for which it will not be adequately indemnified or might materially
adversely affect the rights of any Noteholders not consenting to such action.

 

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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 Noteholders of Notes of
not less than a majority of the Outstanding Amount may waive any past Default or Event of Default and its consequences except a
Default (i) in payment of principal of or interest on any of the Notes or (ii) in respect of a covenant or provision hereof which
cannot be modified or amended without the consent of each Noteholder. In the case of any such waiver, the Issuer, the Indenture
Trustee and the Noteholders shall respectively be restored to their former positions and rights hereunder; but no such waiver shall
extend to any subsequent or other Default or Event of 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.

 

Section 5.13. Undertaking for Costs. All
parties to this Indenture agree, and each Noteholder by such Noteholder’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 and reasonable expenses, 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 (i) any suit instituted by
the Indenture Trustee, (ii) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more
than 10% of the Outstanding Amount or (iii) any suit instituted by any Noteholder for the enforcement of the payment of principal of or
interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption,
on or after the Redemption Date).

 

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

 

Section 5.15. Action on Notes. The Indenture
Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining
or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer
or by the levy of any execution under such judgment upon any portion of the Owner 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).

 

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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 in accordance with the terms
thereof, 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 to the extent and in the manner directed by the Indenture Trustee, including the transmission of
notices of default on the part of the 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.

 

(b)           If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing)
of the Noteholders of at least 66 2/3% of the Outstanding Amount 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, including the right or
power to take any action to compel or secure performance or observance by the Seller or the Servicer, as applicable, 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, as applicable, and any right of the Issuer to take such action shall be suspended.

 

ARTICLE
VI

THE INDENTURE TRUSTEE

 

Section 6.01. Duties of Indenture Trustee.

 

(a)            If
an Event of Default has occurred and is continuing of which a Responsible Officer of the Indenture Trustee has actual knowledge, the
Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided,
however, that if the Indenture Trustee shall assume the duties of the Servicer pursuant to Section 3.07(e), the Indenture Trustee in
performing such duties shall use the degree of care and skill customarily exercised by a prudent institutional servicer with respect
to installment sale contracts that it services for itself or others.

 

(b)           Except
during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has actual knowledge:

 

(i)               the
Indenture Trustee shall undertake 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; and

 

(ii)              in
the absence of bad faith 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 certificates or opinions furnished to the Indenture Trustee and conforming to
the requirements of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions specifically required
to be furnished pursuant to any provision of this Indenture to determine whether or not they conform to the requirements of this
Indenture.

 

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(c)            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 Section 6.01(b);

 

(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 Section 5.11.

 

(d)           Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b) and (c) of
this Section.

 

(e)           The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with
the Issuer.

 

(f)            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.

 

(g)           No
provision of this Indenture shall require the Indenture Trustee to 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.

 

(h)           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.

 

(i)            The
Indenture Trustee shall not be charged with knowledge of any Event of Default or any breach of a representation or warranty, as made
in the Receivables Purchase Agreement, unless either (i) a Responsible Officer shall have actual knowledge of such Event of Default or
breach, as applicable, or (ii) written notice of such Event of Default, or breach, as applicable, shall have been received by a Responsible
Officer of the Indenture Trustee in accordance with the provisions of this Indenture. The receipt by the Indenture Trustee of a Review
Report shall not obligate the Indenture Trustee to exercise its rights to enforce repurchase obligations under the Receivables Purchase
Agreement unless the Indenture Trustee is directed to do so by a Noteholder or Note Owner.

 

    33 

     

    

 

(j)            The Indenture Trustee shall have no duty (A) 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, (B) to see to any insurance,
(C) 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 Owner Trust Estate, or (D) to confirm or verify the contents of any reports
or certificates of the Servicer delivered to the Indenture Trustee pursuant to this Indenture believed by the Indenture Trustee to be
genuine and to have been signed or presented by the proper party or parties.

 

Section 6.02. Rights of Indenture Trustee.

 

(a)            Except
as otherwise provided in the second succeeding sentence, the Indenture Trustee may conclusively rely on, and shall be protected in acting
or refraining from acting upon, any resolution, Officer’s Certificate, Opinion of Counsel, certificate of auditors, Independent
Certificate or any other 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, calculation or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee,
upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the
Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them
to determine whether they comply as to form to the requirements of this Indenture.

 

(b)           Before
the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. 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.

 

(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, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

 

(d)           The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which 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 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.

 

    34 

     

    

 

(f)            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, other than requests, demands or directions relating to an asset representations review pursuant
to Section 7.05, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory
to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; provided, however, nothing
contained herein shall relieve the Indenture Trustee of the obligation, upon the occurrence of an Event of Default of which a Responsible
Officer of the Indenture Trustee shall have actual knowledge (which has not been cured), to exercise such of the rights and powers vested
in it by this Indenture, and to 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.

 

(g)           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 in the performance of such act for other than its negligence or willful misconduct.

 

(h)           The
Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the Owner Trust Estate created hereby
or the powers granted hereunder.

 

(i)            All
rights of action and claims under this Indenture or the Note may be prosecuted and enforced by the Indenture Trustee without the possession
of any of the Notes or the production thereof in any proceeding relating thereto, any such proceeding instituted by the Indenture Trustee
shall be brought in its own name or in its capacity as Indenture Trustee. Any recovery of judgment shall, after provision for the payments
to the Indenture Trustee provided for in Section 6.07, be for the ratable benefit of the Noteholders in respect of which such judgment
has been recovered.

 

(j)             In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, Force Majeure; it being understood that the Indenture Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performances as soon as practicable
under the circumstances.

 

(k)            The
Indenture Trustee shall not be obligated to monitor, supervise or enforce the performance of the Depositor or Sponsor under the Basic
Documents, except as otherwise expressly required herein or therein.

 

(l)             The
Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee reasonably
determines in good faith that the action so directed would involve the Indenture Trustee in personal liability or violate applicable
law binding upon it (which determination may be based on an Opinion of Counsel).

 

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 Sections 6.11 and 6.12.

 

    35 

     

    

 

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 Owner 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 this Indenture 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. The Indenture
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 record this
Indenture.

 

Section 6.05. Notice of Defaults. If a Default
occurs and is continuing and if it is known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each
Noteholder notice of the Default within ninety (90) 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 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
Noteholders. The Indenture Trustee shall make available to each Noteholder such information as may be required to enable each Noteholder
to prepare its respective U.S. federal and state income tax returns. The Indenture Trustee will make documents or information which it
is required to provide available to the Noteholders, including, without limitation, the Servicer’s Certificate, and the Indenture
Trustee will post at https://sf.citidirect.com information regarding principal and interest due and paid on the Notes. The Indenture Trustee
shall have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more
accessible to the above parties and the Indenture Trustee shall provide timely and adequate notification to all above parties regarding
any such changes; provided, however, that the Indenture Trustee will also mail copies of any such statements to any Noteholders who so
request in writing.

 

Section 6.07. Compensation and
Indemnity. The Issuer shall, or shall cause the Administrator to, (i) pay to the Indenture Trustee from time to time reasonable
compensation for its services, which compensation shall not be limited by any law on compensation of a trustee of an express trust,
(ii) reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it (including reasonable expenses
incurred pursuant to Section 7.05), including without limitation, costs of collection, in addition to the compensation for
its services, which expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture
Trustee’s agents, counsel, accountants and experts and (iii) indemnify the Indenture Trustee and its officers, directors,
employees and agents against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses)
incurred by it in connection with the administration of this trust and the performance of its duties hereunder (including any
reasonable legal fees and expenses incurred by the Indenture Trustee in connection with the enforcement of any indemnification or
other obligation of the Issuer) not resulting from its own willful misconduct, negligence or bad faith. The Indenture Trustee shall
notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to
so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The
indemnities contained in this Section 6.07 shall survive the resignation or removal of the Indenture Trustee or the termination of
this Indenture. Absent an Event of Default, in the event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section 6.07, the Indenture Trustee’s choice of legal counsel shall be subject to the approval of the
Depositor (or if the Depositor is no longer an owner, the designee of the Depositor), which approval shall not be unreasonably
withheld, conditioned, delayed or denied. Neither the Issuer nor the Administrator need reimburse any expense or indemnify against
any loss, liability or expense incurred by the Indenture Trustee (1) through the Indenture Trustee’s own willful misconduct,
negligence or bad faith or (2) in the case of the inaccuracy of any representation or warranty contained in Section 6.13 expressly
made by the Indenture Trustee.

 

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The Issuer’s payment obligations to the Indenture
Trustee pursuant to this Section shall survive the discharge of this Indenture and the resignation or discharge of the Indenture Trustee
and shall extend to any co-trustee or separate trustee appointed pursuant to Section 6.10 hereunder. 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.

 

Anything in this Indenture 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, other than interest due but not paid on the Notes), even if the Indenture Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action.

 

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. The Indenture Trustee may resign at any time by
so notifying the Issuer. Noteholders representing a majority of the Outstanding Amount may remove the Indenture Trustee at any time (with
thirty-one (31) days’ prior notice) and appoint a successor Indenture Trustee by so notifying the Indenture Trustee in writing.
The Issuer shall remove the Indenture Trustee (with thirty-one (31) days’ prior notice) if:

 

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

 

(ii)             
a court having jurisdiction in the premises in respect of the Indenture Trustee in an involuntary case or proceeding under federal
or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency
or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian,
trustee, conservator, sequestrator (or similar official) for the Indenture Trustee or for any substantial part of the Indenture Trustee’s
property, or ordering the winding-up or liquidation of the Indenture Trustee’s affairs, provided any such decree or order shall
have continued unstayed and in effect for a period of thirty (30) consecutive days;

 

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(iii)            
 the Indenture Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted,
or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator or other similar official for the Indenture Trustee
or for any substantial part of the Indenture Trustee’s property, or makes any assignment for the benefit of creditors or fails generally
to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing; or

 

(iv)            
the Indenture Trustee otherwise becomes incapable of acting.

 

If the Indenture Trustee resigns or is removed
or if a vacancy exists in the office of the 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 to 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 successor Indenture Trustee shall mail a notice of its succession to the Noteholders. The retiring Indenture
Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee.

 

If a successor Indenture Trustee does not take
office within sixty (60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or
the Noteholders of a majority in Outstanding Amount 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.

 

Any resignation or removal of the Indenture Trustee
and appointment of a successor Indenture Trustee pursuant to the provisions of this Section shall not become effective until acceptance
of appointment by the successor Indenture Trustee pursuant to this Section and payment of all fees and expenses owed to the outgoing Indenture
Trustee. Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s
obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

 

Section 6.09. Successor Indenture Trustee
by Merger. If the Indenture Trustee consolidates or merges with, converts or transfers all or substantially all its corporate
trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation shall,
without any further act, be the successor Indenture Trustee; provided, that such corporation or banking association shall be
otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Administrator prior written notice of
any such transaction, and in accordance with Section 1.02(c) of the Administration Agreement, the Administrator will make such
notice available to each Rating Agency.

 

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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 as is provided anywhere in the Notes
or in this Indenture that the certificate of the Indenture Trustee shall have.

 

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

 

(a)            Notwithstanding
any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any
part of the Owner Trust Estate may at the time be located, the Indenture Trustee and the Administrator, acting jointly, 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 Owner 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. If the Administrator shall
not have joined in such appointment within fifteen (15) days after its receipt of a request to do so, the Indenture Trustee alone shall
have the power to make such appointment. 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.

 

(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 Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Indenture Trustee;

 

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

 

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

 

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(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 Indenture 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 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 and a copy thereof given to the Administrator.

 

(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 Indenture 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 § 310(a). The Indenture Trustee shall have a combined capital
and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of the
Indenture Trustee shall have a rating that is otherwise acceptable to the Rating Agencies, such that the rating of the Indenture Trustee,
the Owner Trustee or any other bank would not in and of itself result in a qualification, downgrade or withdrawal of any of the then-current
ratings assigned thereby to the Notes (as evidenced by written notice to the Indenture Trustee, Owner Trustee or any other bank). The
Indenture Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA §
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 § 310(b)(1) are met.

 

In the event that, (A) the Indenture Trustee (i)
or any of its directors or executive officers is an underwriter, or (ii) directly or indirectly, controls or is controlled by, or is in
common control with, an underwriter; and (B) an Event of Default occurs, the Indenture Trustee shall comply with TIA § 310(b). For
this purpose only and pursuant to TIA § 310(b), an “underwriter” means any person who, within one year prior to the occurrence
of the Event of Default, was an underwriter of any of the notes outstanding at the time of such Event of Default.

 

Section 6.12. Preferential Collection of Claims
Against Issuer. The Indenture Trustee shall comply with TIA § 311 (a), excluding any creditor relationship listed in TIA §
311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 31l(a) to the extent indicated.

 

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Section 6.13. Representations and
Warranties of Indenture Trustee. The Indenture Trustee hereby makes the following representations and warranties on which the
Issuer and Noteholders shall rely:

 

(i)              
it is a national banking association duly organized, validly existing and in good standing under the laws of the United States
of America;

 

(ii)             
it has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary
action to authorize the execution, delivery and performance by it of this Indenture;

 

(iii)            
assuming the necessary authorization, execution and delivery thereof by the other parties thereto, the duties and obligations of
the Indenture Trustee under the Indenture constitute the valid, legal and binding obligations of the Indenture Trustee enforceable in
accordance with its terms except as enforcement may be limited by bankruptcy, insolvency, reorganization or similar laws or equitable
principles limiting creditors’ rights generally, and provided that no representation is expressed as to the availability of equitable
remedies;

 

(iv)            
that to the best knowledge of the Indenture Trustee, the Indenture Trustee is not in breach of or default under any law or administrative
rule or regulation of the United States of America, or any department, division, agency or instrumentality thereof, or any applicable
court or administrative decree or order, and which would materially impair the ability of the Indenture Trustee to perform its obligations
under the Indenture; and

 

(v)             
that to the best knowledge of the Indenture Trustee, no authorization, consent or other order of any state or federal government
authority or agency having jurisdiction over the trust powers of the Indenture Trustee are required to be obtained by the Indenture Trustee
for the valid authorization, execution and delivery by the Indenture Trustee of the Indenture or the authentication of the Notes.

 

ARTICLE
VII

NOTEHOLDERS’ LISTS AND REPORTS

 

Section 7.01. Issuer to Furnish Indenture Trustee
Names and Addresses of Noteholders. If Definitive Notes are issued, the Issuer will furnish or cause to be furnished to the Indenture
Trustee (i) not more than five (5) days after the earlier of (a) each Record Date and (b) three months after the last Record Date, a list,
in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, and
(ii) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than ten (10) days prior to the time such list is furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished.

 

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Section 7.02. Preservation of Information;
Communications, Reports and Certain Documents to Noteholders.

 

(a)           The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Noteholders
contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Noteholders
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.

 

(b)           Noteholders
may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes.
A Noteholder or Note Owner, as applicable, that seeks to communicate with other Noteholders or Note Owners, as applicable, about the
exercise of Noteholder and Note Owner rights under this Indenture or the other Basic Documents may send a request to the Issuer or the
Servicer to include information regarding the communication in the Form 10-D to be filed by the Servicer, on behalf of the Issuer, with
the Securities and Exchange Commission relating to the Collection Period in which such request was received. Each request must include
(i) the name of the requesting Noteholder or Note Owner, (ii) the method by which the other Noteholders or Note Owners, as applicable,
may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Note Owner that
it is a Note Owner, together with at least one form of documentation, acceptable to the Indenture Trustee, evidencing its ownership of
a Note, including, but not limited to, a trade confirmation, account statement, letter from a broker or dealer or other similar document.
On receipt of such a request, the Servicer will include in the Form 10-D to be filed (i) a statement that the Issuer has received a request
from a Noteholder or a Note Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable,
about a possible exercise of rights under this Indenture or the other Basic Documents, (ii) the name of the requesting Noteholder or
Note Owner, (iii) the date the request was received and (iv) a description of the date and method by which the other Noteholders or Note
Owners, as applicable, may contact the requesting Noteholder or Note Owner.

 

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

 

(d)           The
Indenture Trustee will provide to Securityholders the reports, certificates, opinions and documents specified in Section 3.15 of the
Sale and Servicing Agreement, upon written request to the Indenture Trustee.

 

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(e)           The
Indenture Trustee shall, no later than the third Business Day after the last day of each calendar month, provide notice to American Honda
Finance Corporation and American Honda Receivables LLC (each, a “Honda Party,” and together, the “Honda Parties”)
in the form set forth as Exhibit E hereto (or such other form or format as the Honda Parties may otherwise specify) of the request
or any requests of (i) all demands communicated to the Indenture Trustee for the repurchase or replacement of any Receivable for breach
of the representations and warranties concerning such Receivable relating to the Issuer and (ii) any actions taken by the Indenture Trustee
with respect to such demand communicated to the Indenture Trustee in respect of any Receivables. In addition, the Indenture Trustee shall,
upon written request of either Honda Party, at any time they reasonably feel necessary, provide notification to the Honda Parties with
respect to any actions taken by the Indenture Trustee as soon as practicable and in any event within five (5) Business Days of receipt
of such request. Such notices shall be provided to the Honda Parties in accordance with Section 11.04(iv) of this Indenture. The Indenture
Trustee and the Issuer acknowledge and agree that the purpose of this Section 7.02(e) is to facilitate compliance by the Honda Parties
with Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended, and Items 1104(e), 1121(c) and 1125 of Regulation AB (the “Repurchase
Rules and Regulations”). The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules
and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable written requests (including
email in PDF format) made by the Honda Parties in good faith for delivery of information in its possession under these provisions on
the basis of evolving interpretations of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with the Honda
Parties to deliver any and all records and any other information in its possession and necessary in the good faith determination of the
Honda Parties to permit them to comply with the provisions of Repurchase Rules and Regulations. In no event shall the Indenture Trustee
have any responsibility or liability in connection with any filing required to be made by a securitizer under the Repurchase Rules and
Regulations.

 

Section 7.03. Reports by Issuer.

 

(a)            The
Issuer shall:

 

(i)               deliver
to the Indenture Trustee, within fifteen (15) days after the Issuer is required to file the same with the Commission, copies of the annual
reports and 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 deliver to the Commission pursuant to Section 13
or 15(d) of the Exchange Act;

 

(ii)             
deliver to 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 § 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.

 

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

 

Section 7.04. Reports by Indenture Trustee.
If required by TIA § 313(a), within sixty (60) days after each March 31st (commencing March 31st, 2022), the
Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with
TIA § 313(a). The Indenture Trustee also shall comply with TIA § 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 promptly notify the Indenture Trustee in writing if and when the Notes are listed on any stock exchange and of any delisting
thereof.

 

Section 7.05. Noteholder and Note Owner Demand
for Asset Representations Review. If the Delinquency Percentage on any Payment Date meets or exceeds the Delinquency Trigger for that
Payment Date, the Servicer shall notify the Noteholders and Note Owners on the Form 10-D filed for that Payment Date. On or after such
Payment Date, an Investor may make a demand on the Indenture Trustee, in accordance with Section 11.03 to cause a vote of the Investors
about whether to direct the Asset Representations Reviewer to conduct an Asset Representations Review under the Asset Representations
Review Agreement. The Servicer shall notify Investors of the initiation of such a vote on the Form 10-D filed for that Payment Date. If
Investors of at least 5% in the aggregate of the Outstanding Amount of the Notes, as of the filing of the Form 10-D that disclosed that
the Delinquency Trigger was met or exceeded, demand a vote within ninety (90) days after the filing of the Form 10-D in which the occurrence
of the Delinquency Trigger being met or exceeded was reported, the Indenture Trustee, in accordance with its standard internal vote solicitation
process, will promptly request a vote of the Noteholders (through the Clearing Agency) and Note Owners. The Indenture Trustee shall set
a record date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with
TIA Section 316(c) as of the date of filing of the Form 10-D that disclosed that the Delinquency Trigger was met or exceeded. The
vote will be initiated no later than ninety (90) days after the filing of the Form 10-D reporting that the Delinquency Percentage met
or exceeded the Delinquency Trigger for that Payment Date and will remain open until one hundred fifty (150) days after such Form 10-D
filing. The Servicer shall pay the costs, expenses and liabilities incurred by the Indenture Trustee, the Owner Trustee and the Issuer
in connection with the voting process, including the costs and expenses of counsel to such parties. If the Investors of a majority of
the Outstanding Amount of Notes (out of those that are voted) vote in favor of an Asset Representations Review, the Indenture Trustee
will promptly notify the Asset Representations Reviewer, the Issuer, the RPA Seller, the Administrator and the Servicer of such vote.
Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not the Noteholders
and Note Owners have voted for an Asset Representations Review.

 

Section 7.06. Voting of Notes Held by Honda
Parties. If any of the Notes are held by any of the Honda Parties or any of their Affiliates, such Notes shall not be considered for
purposes of determining whether a specified percentage of the Outstanding Amount has voted to take any action under this Indenture or
any other Basic Document.

 

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ARTICLE
VIII

 

ACCOUNTS, DISBURSEMENTS AND RELEASES

 

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

 

Section 8.02. Accounts.

 

(a)            Pursuant
to Section 4.01 of the Sale and Servicing Agreement, there has been established and there shall be maintained an Eligible Account (initially
at the Securities Intermediary) in the name, and under the sole dominion and control, of the Indenture Trustee until the Outstanding
Amount has been reduced to zero, and thereafter, in the name, and under the sole dominion and control, of the Owner Trustee, which is
designated as the Yield Supplement Account.

 

(b)           On
or prior to the Closing Date, the Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, Eligible
Accounts for the benefit of the (i) Securityholders, the Collection Account, the Yield Supplement Account and the Reserve Fund and (ii)
Noteholders, the Note Distribution Account as provided in Section 4.01 of the Sale and Servicing Agreement.

 

(c)           On
or before each Payment Date, with respect to the preceding Collection Period, all amounts required to be deposited in the Collection
Account will be deposited as provided in Sections 4.02 and 4.05 of the Sale and Servicing Agreement. On or before each Payment Date,
all amounts required to be deposited in the Note Distribution Account with respect to the preceding Collection Period pursuant to Sections
4.06 and 4.07 of the Sale and Servicing Agreement will be transferred from the Collection Account, the Reserve Fund and/or the Yield
Supplement Account to the Note Distribution Account.

 

(d)           On
each Payment Date and Redemption Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account
to Noteholders, in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest (including any
premium), in the amounts and order as set forth in the Servicer’s Certificate which shall be in the following amounts and in the
following order of priority (except as otherwise provided in Section 5.04(b)):

 

    45 

     

    

 

 

(i)              the Note Interest Distributable Amount; provided, that if there are not sufficient funds in the Note Distribution Account to pay
the allocable portion of the Note Interest Distribution Amount with respect to each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such amount pro rata on the basis of the total Note Interest Distributable Amount due on the
Notes;

 

(ii)            
the Note Principal Distributable Amount (first to the Class A-1 Notes until the Class A-1 Notes are paid in full, second to the
Class A-2 Notes until paid in full, third to the Class A-3 Notes until paid in full, and fourth to the Class A-4 Notes until paid in full);

 

(iii)           
notwithstanding clause (ii) above, on each Payment Date after the Notes have been accelerated as provided in Section 5.02(a) following
the occurrence of an Event of Default, until such time as the Notes have been paid in full, the Note Principal Distributable Amount shall
be paid first to the Class A-1 Notes until the Class A-1 Notes are paid in full and then to the Class A-2, Class A-3 and Class A-4 Notes
on a pro rata basis based on the Outstanding Amount of each such Class of Notes; and

 

(iv)           
in the event that there are insufficient funds in the Note Distribution Account, an amount will be withdrawn from the Reserve Fund
pursuant to Section 4.07(b) of the Sale and Servicing Agreement.

 

The Indenture Trustee shall, subject to Article
VI, make the distributions on the Notes in a manner consistent with the Servicer’s Certificate and will, upon the request of the
Issuer, confirm to the Issuer that it has made such payments in accordance with the Servicer’s Certificate.

 

(e)          
The Securities Intermediary.

 

(i)              Citibank,
N.A. is hereby appointed as the initial securities intermediary with respect to the Collection Account, the Yield Supplement Account
and the Reserve Fund (the “Securities Intermediary”) and Citibank, N.A. hereby accepts such appointment as Securities
Intermediary. The Securities Intermediary hereby agrees with the parties hereto that the jurisdiction of the Securities Intermediary
with respect to the Collection Account, the Yield Supplement Account and the Reserve Fund shall be the State of New York. The Securities
Intermediary hereby represents and covenants that it is not and will not be (as long as it is the Securities Intermediary hereunder)
a party to any agreement that is inconsistent with the provisions of this Indenture. The Securities Intermediary hereby agrees that any
item of property credited to the Collection Account, the Yield Supplement Account or the Reserve Fund shall not be subject to any security
interest, lien, encumbrance or right of setoff in favor of the Securities Intermediary or anyone claiming through the Securities Intermediary
(other than the Indenture Trustee).

 

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(ii)             It
is the intent of the Indenture Trustee and the Issuer that each of the Collection Account, the Yield Supplement Account and the
Reserve Fund shall be a securities account of the Indenture Trustee and not an account of the Issuer. In furtherance thereof, the
Securities Intermediary agrees to comply with entitlement orders with respect to and with instructions directing the disposition of
funds held in or credited to the Collection Account, the Yield Supplement Account and the Reserve Fund originated by the Indenture
Trustee without further consent by the Issuer, the Servicer or any other person or entity. The Securities Intermediary hereby
covenants that it will not agree with any person or entity other than the Indenture Trustee, the Issuer and the Servicer that it
will comply with entitlement orders originated by any person or entity, or instructions regarding the disposition of funds, with
respect to such Accounts other than the Indenture Trustee, the Issuer and the Servicer. The Securities Intermediary hereby agrees
(A) to treat all Account Property as Financial Assets, and (B) that all Account Property will be physically delivered to
(accompanied by any required endorsements) to, or credited to an account in the name of, the Securities Intermediary in accordance
with the Securities Intermediary’s customary procedures such that the Securities Intermediary establishes a Security
Entitlement in favor of the Indenture Trustee with respect thereto over which the Indenture Trustee has Control.

 

(iii)           
Any successor Securities Intermediary shall be required to make the same representations and covenants as set forth above in clauses
(i) and (ii).

 

(iv)           
Nothing herein shall imply or impose upon the Securities Intermediary any duties or obligations other than those expressly set
forth herein and those applicable to a securities intermediary under the UCC (and the Securities Intermediary shall be entitled to all
of the protections available to a securities intermediary under the UCC). Without limiting the foregoing, nothing herein shall imply or
impose upon the Securities Intermediary any duties of a fiduciary nature (such as the fiduciary duties of the Indenture Trustee hereunder).

 

(v)            
The rights and powers granted herein to the Indenture Trustee, and the covenants and obligations of the Securities Intermediary
hereunder, have been granted in order to perfect the Indenture Trustee’s security interest in the Collection Account, the Yield
Supplement Account and the Reserve Fund, and such rights, powers, covenants and obligations hereunder shall continue in effect with respect
to the Collection Account, the Yield Supplement Account and the Reserve Fund until the Outstanding Amount of the Notes has been reduced
to zero.

 

(vi)          
The Indenture Trustee, to the extent it is acting in the capacity as Securities Intermediary with respect to the Accounts, represents,
warrants and covenants that:

 

(A)            
it is a “securities intermediary,” as such term is defined in Section 8-102(a)(14)(B) of the relevant UCC;

 

(B)             
pursuant to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC, the jurisdiction of the Securities Intermediary
is the law of the State of New York; and

 

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(C)             
 the Securities Intermediary has and shall continue to have at all relevant times one or more offices in the United States of America
engaged in a business or other regular activity of maintaining securities accounts.

 

(vii)          
To the extent that there are any other agreements with the Indenture Trustee or the Securities Intermediary governing the Accounts,
the parties agree that each and every such agreement is hereby amended to provide that with respect to the Accounts, the law applicable
to all issues specified in Article 2(1) of the Hague Securities Convention shall be the laws of the State of New York.

 

Section 8.03. General Provisions Regarding Accounts.

 

(a)           So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Reserve Fund
and the Yield Supplement Account shall be invested in Eligible Investments and reinvested by the Securities Intermediary upon the written
direction of the Servicer, subject to the provisions of Section 4.01(b) of the Sale and Servicing Agreement. All income or other gain
from investments of monies deposited in the Reserve Fund and the Yield Supplement Account shall be credited to such Account, and any loss
resulting from such investments shall be charged to such Account.

 

(b)           To
the extent that the Servicer is required to remit all payments received from or on behalf of the Obligors on or in respect of the Receivables
and all Net Liquidation Proceeds daily to the Collection Account as provided in Section 4.02 of the Sale and Servicing Agreement, all
or a portion of the funds in the Collection Account may be invested in Eligible Investments and reinvested by the Securities Intermediary
upon the written direction of the Servicer, subject to the provisions of Section 4.01(b) of the Sale and Servicing Agreement. All income
or other gain from investments of monies deposited in the Collection Account, if any, shall be paid to the Servicer as part of the Supplemental
Servicing Fee, and any loss resulting from such investments shall be charged to the Collection Account in accordance with Section 4.01(b)
of the Sale and Servicing Agreement.

 

(c)           Subject
to Section 6.01(c), the Securities Intermediary shall not in any way be held liable by reason of any insufficiency in any of the Reserve
Fund, the Yield Supplement Account or the Collection Account resulting from any loss on any Eligible Investment included therein except
for losses attributable to the Securities Intermediary’s failure to make payments on such Eligible Investments issued by the Securities
Intermediary, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

 

(d)           If
(i) the Servicer shall have failed to give investment directions for any funds on deposit in the Reserve Fund, Yield Supplement Account
or Collection Account to the Securities Intermediary by 2:00 P.M., New York Time (or such other time as may be agreed by the Issuer and
the Securities Intermediary) on any Business Day or (ii) to the knowledge of a Responsible Officer of the Indenture Trustee a Default
or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and
payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and payable following an Event of Default but amounts
collected or receivable from the Owner Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a
declaration, then the Indenture Trustee upon actual knowledge by a Responsible Officer of such event shall, in the case of clause (i)
above, maintain such funds in cash or, in the case of clauses (ii) or (iii) above, to the fullest extent practicable, invest and reinvest
funds in the Reserve Fund, Yield Supplement Account or Collection Account as specified in the most recent investment direction received
by the Securities Intermediary from the Servicer.

 

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Section 8.04. Release of Owner 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 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 monies.

 

(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, release any remaining portion of the Owner 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 Accounts. The Indenture Trustee shall release property
from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt 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 §§ 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.01. Such release shall be deemed to have been made upon completion of the
requirements set forth in the foregoing sentence.

 

Section 8.05. Opinion of Counsel. The Indenture
Trustee shall receive at least seven (7) days written notice when requested by the Issuer, unless such notice requirement is waived by
the Indenture Trustee, to take any action pursuant to Section 8.04(a), 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 Owner 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.

 

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ARTICLE
IX

 

SUPPLEMENTAL INDENTURES

 

Section 9.01. Supplemental Indentures Without
Consent of Noteholders.

 

(a)           Without
the consent of the Noteholders of any Notes but with prior notice from the Administrator to each Rating Agency, the Issuer and the Indenture
Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto
(which shall conform to the provisions of the TIA 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 additional
property to the lien of this Indenture;

 

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

 

(iii)           
to add to the covenants of the Issuer, for the benefit of the Noteholder of any 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 the other Basic Documents 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 Noteholders;

 

(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;

 

(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; or

 

(viii)         
to correct any manifest error in the terms of this Indenture as compared to the terms expressly set forth in the Prospectus.

 

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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 Noteholders but with
prior notice from the Administrator to each Rating Agency, 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 Noteholders under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion
of Counsel, adversely affect in any material respect the interests of any Noteholder whose written consent has not been obtained.

 

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 from the Administrator
to each Rating Agency and with the written consent of the Noteholders of not less than a majority of the Outstanding Amount, by Act of
such Noteholders delivered to the Issuer, the Indenture Trustee (which consent shall not be unreasonably withheld), 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 Noteholders under this Indenture; provided, however, that no such supplemental
indenture shall, without the written consent of the Noteholder of each Outstanding Note affected thereby:

 

(i)              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 Owner 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);

 

(ii)            
reduce the percentage of the Outstanding Amount, the consent of the Noteholders of which is required for any such supplemental
indenture, or the consent of the Noteholders 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;

 

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

 

(iv)            reduce
the percentage of the Outstanding Amount required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the
Owner Trust Estate pursuant to Section 5.04 or amend the provisions of this Article which specify the percentage of the Outstanding
Amount required to amend this Indenture or the other Basic Documents;

 

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

 

(vi)            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 Owner 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 Noteholder of any Note of the security provided by the lien of this Indenture; or

 

(vii)          
amend the provisions of Section 7.06 regarding the voting of Notes held by the Honda Parties, if any.

 

The Administrator shall certify to the Indenture
Trustee whether or not any Notes would be affected by any supplemental indenture and any such certification shall be conclusive upon all
Noteholders, whether theretofore or thereafter authenticated and delivered hereunder.

 

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 Noteholders to which
such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture.
Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

Section 9.03. Execution of Supplemental Indentures.
In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article or the modification
thereby of the trusts created by this Indenture, the Trustees shall be entitled to receive, and subject to Sections 6.01 and 6.02, 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 Trustees may, but shall not be obligated to, enter into any such supplemental indenture that affects the respective
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. No supplemental indenture that adversely
affects a Trustee shall be effective without its prior written consent.

 

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 Noteholders 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.

 

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Section 9.05. Conformity with Trust Indenture
Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article shall conform to the requirements
of the TIA as then in effect so long as this Indenture shall then be qualified under the TIA.

 

Section 9.06. Reference in Notes to Supplemental
Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article 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.

 

ARTICLE
X

REDEMPTION OF NOTES

 

Section 10.01. Redemption. The Outstanding
Notes are subject to redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing Agreement, on any Payment
Date on which the Servicer exercises its option to purchase the Owner Trust Estate pursuant to said Section, for a purchase price equal
to the Redemption Price; provided that the Issuer has available funds sufficient to pay the Redemption Price. The Administrator shall
make notice available to each Rating Agency of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section,
the Servicer or the Issuer shall furnish written notice of such election to the Indenture Trustee not later than ten (10) days prior to
the Redemption Date and the Issuer shall deposit by 8:00 A.M., Los Angeles time, on 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 Noteholder.

 

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, by electronic mail
in accordance with Section 11.04, or by facsimile, mailed or transmitted prior to the applicable Redemption Date to each Noteholder, as
of the close of business on the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or facsimile
number appearing in the Note Register.

 

All notices of redemption shall include the following
information:

 

(i)              the
Redemption Date;

 

(ii)            
the Redemption Price;

 

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(iii)           
 the CUSIP number;

 

(iv)           
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

 

(v)             that
on the Redemption Date, the Redemption Price will become due and payable upon each Note and that interest thereon shall cease to accrue
from and after 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 Noteholder 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, 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 that is not specifically required by 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, (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 and except in the case of a full redemption under Section 10.01) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of this Section. Upon any application or request by the Issuer to the Indenture Trustee to take any
action under any provision of this Indenture wherein such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or opinion need be furnished.

 

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

 

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

 

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(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 ninety (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, 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)           
Other than with respect to any release described in clause (A) or (B) of Section 11.01(b)(v), 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 ninety (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)            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 (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 described in clauses (A) or (B) of Section 11.01 (b)(v)) 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, 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.

 

(v)      
       Notwithstanding Section 2.12 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 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, the Seller, the Issuer or the Administrator, stating that the information with respect to
such factual matters is in the possession of the Servicer, the Seller, the Issuer or the Administrator, unless such counsel knows, or
in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

 

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

 

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

 

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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 any Noteholder shall bind the Noteholder 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. (a) 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:

 

(i)              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 and mailed first-class, postage prepaid, overnight delivery service or facsimile to or with the Indenture Trustee at its Corporate
Trust Office, or (as to notices sent by the Issuer to the Indenture Trustee only) if sent by electronic mail, to an address provided
by the Indenture Trustee in writing, or

 

(ii)             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, overnight delivery service or facsimile to the Issuer addressed to the address set forth on Schedule A to the Sale and
Servicing Agreement 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.

 

(iii)            (a)
Notices required to be given to each Rating Agency by the Issuer or the Administrator shall be in writing, personally delivered,
couriered or mailed by certified mail, return receipt requested, electronic mail (if an address therefore has been provided by the
respective party in writing) or overnight delivery service to the address set forth for such Rating Agency on Schedule A to the Sale
and Servicing Agreement; or at such other address (including electronic mail addresses) as shall be designated by written notice to
the party or parties providing notice under this paragraph.

 

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(b)           Notwithstanding subsection (iii)(a) above, notices required to be given to each Rating Agency by the Issuer or the Administrator,
as the case may be, may be made available by the Administrator through a website post, provided that the Administrator shall inform or
cause each Rating Agency to be informed in writing (including by electronic mail) that a notice has been posted.

 

(i)              Notices
required to be given to the Honda Parties pursuant to Section 7.02(e) shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, or overnight delivery service, by facsimile or by electronic mail (if an address therefore has been provided
by the Honda Parties in writing) to the address set forth on Schedule A to the Sale and Servicing Agreement.

 

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 Noteholder’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 each
Rating Agency, 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.

 

    58 

     

    

 

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 Noteholder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices. 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.

 

Section 11.07. 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 11.08. 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 11.09. 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 11.10. 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 of this Indenture and the Notes shall not in any way be affected or impaired thereby.

 

Section 11.11. Benefits of Indenture. Nothing
in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Trustees and their
successors hereunder, the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part
of the Owner Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 11.12. 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 Note’s
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 11.13. Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial. 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. regardless
of any provision in any other agreement, for purposes of the ucc, new york shall be deemed to be the securities intermediary’s
jurisdiction, and the law of the state of new york shall govern all issues specified in article 2(1) of the hague securities convention.

 

 

    59 

     

    

 

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

 

Each party hereto hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising
out of, under or in connection with this Indenture.

 

Section 11.14. Counterparts; Electronic Transmission.

 

(a)           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. Delivery of an executed counterpart of a signature page of this Indenture
may be electronically signed, and that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures
provided by DocuSign or any other digital signature provider as specified in writing to the Indenture Trustee) appearing on this Agreement
or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that
delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents may be made by facsimile,
email or other electronic transmission. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to any document to be signed in connection with this Indenture and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act.

 

    60 

     

    

 

 

 

(b)               The
Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Issuer are authorized to accept written instructions, directions,
reports, notices or other communications signed manually, by way of faxed signatures, or delivered by Electronic Transmission. In
the absence of bad faith or negligence on its part, each of the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the
Issuer may conclusively rely on the fact that the Person sending instructions, directions, reports, notices or other communications
or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices
or other communications or information on behalf of the party purporting to send such Electronic Transmission and, in the absence of
bad faith or negligence, shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any
party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications
or information to the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Issuer, including, without limitation, the
risk of either the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Issuer acting on unauthorized instructions,
notices, reports or other communications or information, and the risk of interception and misuse by third parties.

 

Section 11.15. 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 its expense 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 11.16. Trust Obligation. 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 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) 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. 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 Articles VI, VII and VIII of the Trust Agreement as if specifically set forth herein.

 

Section 11.17. No Petition. The Indenture
Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any
time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any U.S. federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, this Indenture or any of the other Basic Documents.

 

    61

     

    

 

Section 11.18. 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 accounting books, 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 and Independent certified public accountants, all at such reasonable
times and as often as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be
construed to prohibit (i) the disclosure of any and all information that is or becomes publicly known, or information obtained by
the Indenture Trustee from sources other than the Servicer or the Issuer, (ii) the disclosure of any and all information (A) if
required to do so by any applicable law, rule or regulation, (B) to any government agency or regulatory body having or claiming
authority to regulate or oversee any aspects of the Indenture Trustee’s business or that of its affiliates, (C) pursuant to
any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration
to which the Indenture Trustee or any affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any
preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions
contemplated by the Agreement approved in advance by the Servicer or the Issuer or (E) to any affiliate, independent or internal
auditor, agent, employee or attorney of the Indenture Trustee having a need to know the same for reasons directly related to the
ability of the Indenture Trustee to perform its duties hereunder, provided that the Indenture Trustee advises such recipient of the
confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the Servicer or the Issuer.

 

Section 11.19. [Reserved]

 

Section 11.20. Disclosure of Tax Treatment.
Notwithstanding the foregoing or anything herein to the contrary, all persons (and their respective employees, representatives or other
agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transaction described
herein and all materials of any kind (including opinions or other tax analyses) that are provided to the recipient relating to such tax
treatment and tax structure. However, any such information relating to the tax treatment or tax structure shall be required to be kept
confidential to the extent necessary to comply with any applicable securities laws.

 

Section 11.21. Intent of the Parties; Reasonableness.
The Indenture Trustee and Issuer acknowledge and agree that the purpose of Section 3.09 and 7.02(e) of this Indenture is to facilitate
compliance by the Issuer and the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.

 

Neither the Issuer nor the Administrator
(acting on behalf of the Issuer) shall 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 federal securities laws, including the Securities
Act, the Exchange Act and the rules and regulations of the Commission thereunder. Each of the parties hereto agrees that (a) the
obligations of the parties hereunder shall be interpreted in such a manner as to accomplish compliance with Regulation AB, (b) the
parties’ obligations hereunder will be supplemented and modified as necessary to be consistent with any such amendments,
interpretive advice or guidance from the Securities and Exchange Commission, convention or consensus among active participants in
the asset-backed securities markets, or otherwise in respect of the requirements of Regulation AB as they may be applied by the
Securities and Exchange Commission to the Issuer in connection with the Notes and (c) the parties shall comply with reasonable
requests made by or on behalf of the Issuer or the Indenture Trustee for delivery of additional or different information, to the
extent such information is available, as the person requesting such information may determine in good faith is necessary for it to
comply with the provisions of Regulation AB. Any and all expenses incurred by the Indenture Trustee in compliance with this Section
shall be considered indemnities payable in accordance with Section 6.07 hereof.

 

    62

     

    

 

The Issuer (or the Administrator, acting on behalf
of the Issuer) shall cooperate with the Indenture Trustee by providing timely notice of requests for information under these provisions
and by reasonably limiting such requests to information required, in the reasonable judgment of the Issuer to comply with Regulation AB.

 

Section 11.22. Owner Trustee. The
parties hereto agree that this Indenture is executed and delivered by the Owner Trustee, not individually or personally but solely
as owner trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it under the Amended and
Restated Trust Agreement; each of the representations, undertakings and agreements herein made on the part of the Issuer are made
and intended not as personal representations, undertakings and agreements by The Bank of New York Mellon or BNY Mellon Trust of
Delaware but are made and intended for the purpose of binding only the Issuer; and under no circumstances shall The Bank of New York
Mellon or BNY Mellon Trust of Delaware be personally liable for the inaccuracy or breach of any statements made by the Issuer in
this Indenture.

 

Section 11.23. U.S.A. Patriot Act. The parties
hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Indenture Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. The parties to this Indenture
agree that they will provide the Indenture Trustee with such information about the Owner Trustee as it may request in order for the Indenture
Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

Section 11.24. Communications with Rating Agencies.
If the Indenture Trustee shall receive any written or oral communication from any Rating Agency (or any of their respective officers,
directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the
Notes, the Indenture Trustee agrees to refrain from communicating with such Rating Agency and to promptly notify the Administrator of
such communication. The Indenture Trustee agrees to coordinate with the Administrator with respect to any communication received from
a Rating Agency and further agrees that in no event shall the Indenture Trustee engage in any oral communication with respect to the substance
of the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes, with any Rating Agency (or any
of their respective officers, directors or employees) without the participation of the Administrator.

 

The Indenture Trustee will not be responsible for
delays attributable to the Administrator’s failure to deliver any information related to any communication with a Rating Agency
(with respect to this section, the “Information”), defects in the Information supplied to the Rating Agency or Administrator
or other circumstances beyond the control of the Indenture Trustee. The Indenture Trustee shall be under no obligation to make any determination
as to the veracity or applicability of any Information provided to it, or whether any such Information is required to be maintained on
a website or other public medium.

 

    63

     

    

 

IN WITNESS WHEREOF, the parties hereto 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.

 

	 	HONDA AUTO RECEIVABLES 2021-3 OWNER
    TRUST,
	 	 
	 	By:
         The Bank of New York Mellon, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
	 	 
	 	By:	/s/ Latoya S. Elvin
	 	 	Name: Latoya S. Elvin
	 	 	Title: Vice President
	 	 
	 	CITIBANK,
    N.A.,
	 	not
    in its individual capacity but solely as Indenture Trustee and as Securities Intermediary
	 	 
	 	By:	/s/ Louis Piscitelli
	 	 	Name: Louis Piscitelli
	 	 	Title: Senior Trust Officer

 

Agreed
to with respect to Section 7.02(b):

 

	AMERICAN
    HONDA FINANCE CORPORATION, as Servicer	 
	 	 
	By:	/s/ Paul C. Honda	 
	 	Name: 	Paul C. Honda	 
	 	Title:	Vice President and Assistant Secretary	 

 

    	 	S-1	HAROT 2021-3
Indenture

     

    

 

	STATE OF New
Jersey	)
	 	) ss
	COUNTY OF Passaic	)

 

On August 19, 2021 before me, Brett J. Anderson,
Notary Public, personally appeared Latoya S. Elvin, Vice President.

 

	x	personally known to me, or
	 	 
	 ̈	
    proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument, 

 

and acknowledged to me that he/she executed the same in his/her authorized
capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person acted, executed the
instrument.

 

WITNESS my hand and official seal. 

 

	Signature	/s/ Brett J. Anderson	 	[Seal]

 

    HAROT 2021-3
Indenture 

     

    

 	STATE OF New
York	)
	 	) ss
	COUNTY OF New
York	)

 

On August 25, 2021 before me, Kate Molina,
Notary Public, personally appeared Louis Piscitelli, STO of Citibank, N.A.

 

	x	personally known to me, or
	 	 
	 ̈	
    proved to me on the basis of satisfactory evidence to be the person(s)
whose name(s) is/are subscribed to the within instrument, 

 

and acknowledged to me that he/she executed the same in his/her authorized
capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which such person acted, executed the
instrument.

 

WITNESS my hand and official seal.

 

	Signature	/s/ Kate Molina	 	[Seal]

 

    HAROT 2021-3
Indenture 

     

    

 

SCHEDULE A

 

SCHEDULE OF RECEIVABLES

To be provided to the Indenture Trustee

 

    Schedule A-1

     

    

 

EXHIBIT A

 

FORM OF CLASS [A-1] [A-2] [A-3] [A-4] NOTE

 

[For Retained Notes: THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE
UNITED STATES OR ANY FOREIGN SECURITIES LAWS. NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH
SALE, PLEDGE OR OTHER TRANSFER IS MADE BY THE SPONSOR TO AN AFFILIATE, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED
INVESTOR THAT EXECUTES A NOTE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE INDENTURE, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS
UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE 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 SALE, PLEDGE OR TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE SPONSOR SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE
CERTIFY TO THE ISSUER, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE AND THE SPONSOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE SPONSOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR
(iii) ABOVE, THE SPONSOR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE TRUST, THE OWNER TRUSTEE
OR THE INDENTURE TRUSTEE) SATISFACTORY TO THE SPONSOR TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

 

UNLESS COUNSEL SATISFACTORY TO THE SPONSOR SHALL
HAVE RENDERED AN OPINION TO THE EFFECT THAT THE RETAINED NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED AS INDEBTEDNESS
FOR U.S. FEDERAL INCOME TAX PURPOSES, NO SALE, PLEDGE, OR TRANSFER OF THIS RETAINED NOTE MAY BE MADE.]

 

[For Non-Retained Notes: UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 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
IN 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.]

 

    A-1-1

     

    

 

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-_____	CUSIP NO. _______

 

HONDA AUTO RECEIVABLES 2021-3 OWNER TRUST

____% ASSET BACKED NOTES, CLASS [A-1][A-2] [A-3] [A-4]

 

Honda Auto Receivables 2021-3
Owner Trust, a statutory trust organized and existing under the laws of the State of Delaware (the “Issuer”), for value received,
hereby promises to pay to [American Honda Finance Corporation][Cede & Co.], or registered assigns, the principal sum of _____________________
Dollars ($__________), payable to the extent described in the Indenture referred to on the reverse hereof on each Payment Date; provided,
however, that the entire unpaid principal amount of this Note shall be payable on the earlier of ________________ ___, 20__ (the “Class
[A-1] [A-2] [A-3] [A-4] Final Scheduled Payment Date”) and the Redemption Date, if any, selected pursuant to the Indenture.

 

The Issuer will pay interest
on this Note at the rate per annum shown 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), or on the Closing Date in the case of the first Payment Date or if no interest has yet been paid, subject
to certain limitations contained in the Indenture. [Interest on this Class A-[_] Note will accrue for each Payment Date from and including
the immediately preceding Payment Date (or, in the case of the first Payment Date, the Closing Date), to but excluding such Payment Date].
[Interest on this Class A-[_] Note will accrue for each Payment Date from and including the [__] day of the prior month (or, in the case
of the first Payment Date, the Closing Date) to but excluding the [__] day of the month of such Payment Date] and will be computed on
the basis of [the actual number of days in the Interest Accrual Period with respect to the Class A-[_] Notes divided by 360] [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 on the reverse
hereof.

 

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.

 

    A-1-2

     

    

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face 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.

 

    A-1-3

     

    

 

 

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

 

	Date:	HONDA AUTO RECEIVABLES 2021-3 OWNER

TRUST,
	 
	By:	THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Owner Trustee on behalf of the Trust,
	By:	
	 	Authorized Signatory

 

    A-1-4

     

    

 

INDENTURE 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-1-5

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuer, designated as its ___% Asset Backed Notes, Class [A-1] [A-2] [A-3] [A-4] (the “Class [A-1]
[A-2] [A-3] [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 Noteholders.
The Notes are subject to all terms of the Indenture. Capitalized terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in the Sale and Servicing Agreement.

 

The Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4 Notes (collectively, the “Notes”) are and will be equally and ratably secured
by the collateral pledged as security therefore, except as provided in the Indenture or the Sale and Servicing Agreement.

 

Principal payable on the Notes
will be paid on each Payment Date in the amount specified in the Indenture and in the Sale and Servicing Agreement. As described above,
the entire unpaid principal amount of this Note will be payable on the earlier of the Class [A-1] [A-2] [A-3] [A-4] Final Scheduled Payment
Date and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the foregoing, under certain circumstances,
the entire unpaid principal amount of the Class [A-1] [A-2] [A-3] [A-4] Notes shall be due and payable following the occurrence and continuance
of an Event of Default, as described in the Indenture. All principal payments on the Class [A-1] [A-2] [A-3] [A-4] Notes shall be made
pro rata to the Class [A-1] [A-2] [A-3] [A-4] Noteholders entitled thereto.

 

Payments of principal and
interest on this Note due and payable on each Payment Date or Redemption Date shall be made by wire transfer in immediately available
funds to the account designated by such Person (and if such Notes are registered on the Record Date in the name of the nominee of the
Depository (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. If funds are expected to be available, as provided in the Indenture or the Sale and Servicing Agreement,
for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee,
in the name of and on behalf of the Issuer, will notify the Person who was the registered Noteholder hereof as of the Record Date preceding
such Payment Date or Redemption Date by notice mailed within five (5) Business Days of such Payment Date or Redemption Date and the amount
then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture
Trustee.

 

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 Noteholder hereof or such Noteholder’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.

 

    A-1-6

     

    

 

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 Indenture Trustee or the
Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee 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 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 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 Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any U.S. federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the
other Basic Documents.

 

By acquiring this Note (or
interest herein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) is deemed to represent and
warrant that either (i) it is not acquiring the Note (or interest therein) with the assets of a Benefit Plan Investor or a Plan that is
subject to Similar Law; or (ii) the acquisition and holding of the Note (or interest therein) will not give rise to, in the case of a
Benefit Plan Investor, a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a
Plan that is subject to Similar Law, a violation of Similar Law.

 

The Issuer has entered into
the Indenture and this Note is issued with the intention that, for U.S. federal income, state and local income and franchise tax purposes,
the Notes will qualify as indebtedness secured by the Owner Trust Estate. Each Noteholder (other than a Noteholder of a Retained Note),
by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for U.S. federal
income, state and local income and franchise tax purposes as indebtedness.

 

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-1-7

     

    

 

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 Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders of Notes representing a majority
of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders of Notes
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Noteholders 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 Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders 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 Noteholders of the Notes issued thereunder.

 

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

 

This Note 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.

 

    A-1-8

     

    

 

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:	 	 	 	1
	 	 	Signature Guaranteed:	*
	 	 	 	 
	 	 	 	 	 

 

 

 

1 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 whatever. 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-1-9

     

    

 

EXHIBIT B

 

FORM OF TRANSFEROR CERTIFICATE FOR RETAINED NOTES

 

[DATE]

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: HAROT 2021-3

 

American Honda Finance Corporation

1919 Torrance Blvd. 5th Floor

Torrance, California 90501

 

	 	Re:	Honda Auto Receivables 2021-3 Owner Trust, Class [__] Notes (Retained Notes)

 

Ladies and Gentlemen:

 

In connection with our disposition
of such of the Class [__] Notes that are Retained Notes (the “Retained Notes”) we certify that (a) we understand
that the Retained Notes have not been registered under the Securities Act of 1933, as amended (the “Act”), but were
retained by the Sponsor, and are being transferred by us in a transaction that is exempt from the registration requirements of the Act
and (b) we have not offered or sold any Retained Notes to, or solicited offers to buy any Retained Notes from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would
result in, a violation of Section 5 of the Act.

 

	 	Very truly yours,
	 	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    B-1

     

    

 

 

EXHIBIT C

 

FORM OF INVESTMENT LETTER FOR RETAINED NOTES

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: HAROT 2021-3

American Honda Finance Corporation

1919 Torrance Blvd. 5th Floor

Torrance, California 90501

Ladies and Gentlemen:

 

In connection with our proposed purchase of such
of the Class [__] Notes that are Retained Notes (the “Retained Notes”) of Honda Auto Receivables 2021-3 Owner Trust
(the “Issuing Entity”), we confirm that:

 

1.       We
understand that such Retained Notes have not been registered under the Securities Act of 1933, as amended (the “1933 Act”)
but were retained by American Honda Finance Corporation (the “Sponsor”), and may not be sold except as permitted in
the following sentence. We understand and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter
stated, (x) that such Retained Notes are being offered only in a transaction not involving any public offering within the meaning
of the 1933 Act and (y) that such Retained Notes may be resold, pledged or transferred only (i) to the Sponsor or an Affiliate,
(ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act
(an “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others
(which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate
substantially in the form hereof, (iii) so long as such Retained Note is eligible for resale pursuant to Rule 144A under the 1933
Act (“Rule 144A”), to a person whom we reasonably believe after due inquiry is a “qualified institutional buyer”
as defined in Rule 144A, 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, pledge or transfer is being made in reliance
on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements
of the 1933 Act, in which case the Sponsor shall require that both the prospective transferor and the prospective transferee certify to
the Indenture Trustee and the Sponsor in writing the facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Issuer and the Sponsor. Except in the case of a transfer described in clauses (i) or (iii) above, the Sponsor
shall require that a written opinion of counsel (which will not be at the expense of the Sponsor, any Affiliate of the Sponsor, the Owner
Trustee or the Indenture Trustee), reasonably satisfactory to the Issuer and the Sponsor, be delivered to the Issuer, the Owner Trustee,
the Indenture Trustee and the Sponsor to the effect that such transfer will not violate the 1933 Act, and will be effected in accordance
with any applicable securities laws of each state of the United States. We will notify any purchaser of the Retained Notes from us of
the above resale restrictions, if then applicable. We further understand that in connection with any transfer of the Retained Notes by
us that the Issuer and the Sponsor may request, and if so requested we will furnish, such certificates and other information as they may
reasonably require to confirm that any such transfer complies with the foregoing restrictions.

 

    C-1

     

    

 

2.       [CHECK
ONE]

 

(a)       We
are an Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary or agent for others (which
others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of our investment in the Retained Notes, and we and
any accounts for which we are acting are each able to bear the economic risk of our or their investment for an indefinite period of time.
We are acquiring the Retained Notes or investment and not with a view to, or for offer and sale in connection with, a public distribution.

 

(b)       We
are a “qualified institutional buyer” as defined under Rule 144A under the 1933 Act and are acquiring the Retained Notes for
our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional
buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Retained Notes and other parties
intend to rely on the statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A.

 

3.       Either
(a) we are not a Plan (as defined below) that is subject to (i) Title I of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) (each of
the foregoing, a “Benefit Plan Investor”), or (ii) a law that is similar to the fiduciary or prohibited transaction
provisions of Title I of ERISA or Section 4975 of the Code (“Similar Law”) or (b) we and our fiduciary represent and
warrant that the acquisition and holding of this Note (or any interest herein) will not give rise to, in the case of a Benefit Plan Investor,
a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or, in the case of a Plan that is subject to
Similar Law, a violation of Similar Law. For purposes of the foregoing, the term “Plan” means an “employee benefit
plan” as defined in Section 3(3) of ERISA whether or not subject to Title I of ERISA, a “plan” as defined in Section
4975 of the Code, or an entity deemed to hold the plan assets of any of the foregoing.

 

4.       We
understand that the Indenture Trustee, the Sponsor and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made
by us by our purchase of the Retained Notes, for our own account or for one or more accounts as to each of which we exercise sole investment
discretion, are no longer accurate, we shall promptly notify the Sponsor.

 

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

 

    C-2

     

    

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Date:	 

 

    C-3

     

    

 

EXHIBIT D

 

Servicing Criteria To Be Addressed In Assessment
Of Compliance

 

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

 

	Reference	Criteria	 
	 	
     

    Cash Collection and Administration

     
	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	X
	 	
     

    Investor Remittances and Reporting

     
	 
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.*	X
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	X
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	X

 

* With respect to remittances.

 

    D-1

     

    

 

EXHIBIT E

 

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

Reporting Period: ____________

Name of Issuing Entity: HAROT 2021-3

Trustee: Citibank, N.A.

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

 

	Name of

Issuing 

Entity	Check if 

Registered	Name of Originator	Total Assets in 

ABS by Originator	Assets That Were Subject of

Demand	Assets That Were Repurchased or Replaced	Assets Pending Repurchase or

Replacement 

(within cure period)	Demand in Dispute	Demand Withdrawn	Demand Rejected
	(a)	(b)	(c)	(#)

(d)	($)

(e)	(% of principal balance)

(f)	(#)

(g)	($)

(h)	(% of principal balance)

(i)	(#)

(j)	($)

(k)	(% of principal balance)

(l)	(#)

(m)	($)

(n)	(% of principal balance)

(o)	(#)

(p)	($)

(q)	(% of principal balance)

(r)	(#)

(s)	($)

(t)	(% of principal balance)

(u)	(#)

(v)	($)

(w)	(% of principal balance)

(x)
	Asset 

Class X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing Entity A CIK #	X	Originator 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Originator 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 
	Asset 

Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing 

Entity B	 	Originator 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 	#	$	 

 

    E-1Exhibit 10.1

 

AMERICAN HONDA
FINANCE CORPORATION,

as RPA Seller,

 

and

 

AMERICAN HONDA RECEIVABLES LLC,

as Purchaser

 

RECEIVABLES PURCHASE AGREEMENT

 

Dated August
25, 2021

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    One	DEFINITIONS	1
	 	 	 
	Section
    1.01	Definitions	1
	Section
    1.02	Other Definitional Provisions	1
	 	 	 
	ARTICLE
    Two	CONVEYANCE OF RECEIVABLES	1
	 	 	 
	Section
    2.01	Conveyance of Receivables	1
	Section
    2.02	Representations and Warranties
    of the RPA Seller and the Purchaser	2
	Section
    2.03	Representations and Warranties
    as to the Receivables	6
	Section
    2.04	Covenants of the RPA Seller	7
	 	 	 
	ARTICLE
    Three	PAYMENT OF RECEIVABLES
    PURCHASE PRICE	8
	 	 	 
	Section
    3.01	Payment of Receivables Purchase Price	8
	 	 	 
	ARTICLE
    Four	TERMINATION	8
	 	 	 
	Section
    4.01	Termination	8
	 	 	 
	ARTICLE
    Five	MISCELLANEOUS
    PROVISIONS	8
	 	 	 
	Section
    5.01	Amendment	8
	Section
    5.02	Protection of Right, Title and
    Interest to Receivables	9
	Section
    5.03	GOVERNING LAW; SUBMISSION TO
    JURISDICTION; WAIVER OF JURY TRIAL	10
	Section
    5.04	Notices	10
	Section
    5.05	Severability of Provisions	10
	Section
    5.06	Assignment	11
	Section
    5.07	Further Assurances	11
	Section
    5.08	No Waiver; Cumulative Remedies	11
	Section
    5.09	Counterparts	11
	Section
    5.10	Third-Party Beneficiaries	12
	Section
    5.11	Headings	12
	Section
    5.12	RPA Seller Indemnification	12
	Section
    5.13	Merger, Consolidation or Assumption
    of the Obligations of the RPA Seller	13
	Section
    5.14	Dispute Resolution	13
	 	 	 
	EXHIBIT	 	 
	 	 	 
	Exhibit A - Representations
and Warranties as to the Receivables	A-1 

 

    ii

     

    

 

This Receivables Purchase Agreement (the “Agreement”),
dated August 25, 2021, is between American Honda Finance Corporation, a California corporation, as seller (the “RPA Seller”),
and American Honda Receivables LLC, a Delaware limited liability company, as purchaser (the “Purchaser”).

 

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

 

ARTICLE
One

DEFINITIONS

 

Section 1.01       
Definitions. Terms not defined in this Agreement shall have the meanings assigned thereto in Appendix A to the Sale
and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the
 “Sale and Servicing Agreement”) among the Purchaser, as seller, Honda Auto Receivables 2021-3 Owner Trust, as Issuer,
and the RPA Seller, as Servicer and Sponsor.

 

Section 1.02       
Other Definitional Provisions. The words “hereof,” “herein” and “hereunder” and words
of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement;
the words Section, subsection and Schedule references contained in this Agreement are references to Sections, subsections and Schedules
in or to this Agreement unless otherwise specified; the term “proceeds” shall have the meaning set forth in the applicable
UCC; and the word “including” means including without limitation.

 

ARTICLE
Two

CONVEYANCE OF RECEIVABLES

 

Section 2.01       
Conveyance of Receivables.

 

(a)              
In consideration of the payment by the Purchaser to the RPA Seller of the Receivables Purchase Price as set forth in Section 3.01,
the RPA Seller hereby sells, transfers, assigns and otherwise conveys to the Purchaser, and the Purchaser hereby purchases from the RPA
Seller, without recourse (subject to the RPA Seller’s obligations hereunder), all of the right, title and interest of the RPA Seller
in, to and under the following:

 

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

 

(ii)             
the security interests in the Financed Vehicles;

 

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

 

     

     

    

 

(iv)            
 any proceeds of Dealer Recourse;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)                
Organization and Good Standing. The RPA Seller is a corporation duly organized, validly existing and in good standing under
the laws of the State of California, and had at all relevant times, and has, power, authority and legal right to acquire, own and sell
the Receivables and to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

     2

     

    

 

(ii)             
 Due Qualification. The RPA Seller is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary licenses and approvals in each jurisdiction where any such failure to do so would materially and adversely affect the RPA
Seller’s ability to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

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

 

(iv)            
Valid Sale; Binding Obligation. This Agreement evidences a valid sale, transfer and assignment of the Receivables, enforceable
against creditors of and purchasers from the RPA Seller, and constitutes a legal, valid and binding obligation of the RPA Seller enforceable
in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless
of whether such enforceability shall be considered in a proceeding in equity or at law.

 

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

 

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

 

     3

     

    

 

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

 

(viii)       
All Filings Made. Both the RPA Seller and the Purchaser, respectively, have caused or will have caused, or have taken or
will take, within ten (10) days of the Closing Date, all steps necessary, including the filing of all appropriate financing statements
(including UCC filings) necessary in the appropriate jurisdictions under the applicable law, to give the Issuer a first priority perfected
security interest in the Receivables (other than the Related Security with respect thereto, to the extent that an ownership interest therein
cannot be perfected by the filing of a financing statement), and to give the Indenture Trustee a first priority perfected security interest
therein.

 

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

 

(x)              
Title. It is the intention of the RPA Seller that the transfer and assignment herein contemplated, taken as a whole, constitutes
a sale of the Receivables from the RPA Seller to the Purchaser and that the beneficial interest in and title to the Receivables not be
part of the debtor’s estate in the event of the filing of a bankruptcy petition by or against the RPA Seller under any bankruptcy
law. Other than (1) the sale by the RPA Seller to the Purchaser pursuant to this Agreement, (2) the sale by the Purchaser to the Issuer
pursuant to the Sale and Servicing Agreement and (3) the security interest granted by the Issuer to the Indenture Trustee in the Indenture,
no Receivable has been sold, transferred, assigned or pledged by the RPA Seller to any Person other than the Purchaser or by the Purchaser
to any Person other than the Issuer, and no Receivable has been sold, transferred, assigned or pledged by the Issuer to any Person other
than the Indenture Trustee, and no provision of a Receivable shall have been waived, except as provided in this Agreement. Immediately
prior to the transfer and assignment herein contemplated, the RPA Seller has good and marketable title to each Receivable free and clear
of all Liens (except Permitted Liens and any Lien which will be released prior to the sale and transfer of such Receivable to the Issuer),
and, immediately upon the transfer and assignment contemplated herein, the Purchaser shall have good and marketable title to each Receivable,
free and clear of all Liens (except Permitted Liens and any Lien which will be released prior to the sale and transfer of such Receivable
to the Issuer).

 

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

 

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

 

     4

     

    

 

(ii)             
Due Qualification. The Purchaser is duly qualified to do business as a foreign limited liability company in good standing,
and has obtained all necessary licenses and approvals in each jurisdiction where any such failure to do so would materially and adversely
affect the Purchaser’s ability to perform its obligations under and consummate the transactions contemplated by the Basic Documents.

 

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

 

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

 

(v)              
No Violation. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof shall not conflict with, result in any breach of any of the terms and provisions
of, nor constitute (with or without notice or lapse of time) a default under, the certificate of formation or limited liability company
agreement of the Purchaser, or conflict with or breach any of the material terms or provisions of, or constitute (with or without notice
or lapse of time) a default under, any indenture, agreement or other instrument to which the Purchaser is a party or by which it may be
bound or any of its properties are subject; nor result in the creation or imposition of any lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than this Agreement); nor, to the knowledge of the Purchaser, violate
any law or any order, rule or regulation applicable to it or its properties of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Purchaser or any of its properties, in each case where any such
conflict, breach, default, lien or violation would reasonably be expected to have a material adverse effect on the Purchaser’s ability
to perform its obligations under this Agreement and consummate the transactions contemplated by the Basic Documents.

 

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

 

     5

     

    

 

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

 

Section 2.03       
Representations and Warranties as to the Receivables.

 

(a)              
Eligibility of Receivables.

 

(i)                
The RPA Seller hereby (A) makes the representations and warranties set forth on Exhibit A as of the Cutoff Date as to the Receivables
(on which the Purchaser relies in accepting the Receivables) and (B) consents to the assignment by the Purchaser to the Issuer of the
Purchaser’s rights with respect thereto. Such representations and warranties speak as of the respective dates set forth therein,
but shall survive the sale, transfer and assignment of the Receivables to the Issuer under the Sale and Servicing Agreement and the pledge
of such Receivables to the Indenture Trustee under the Indenture. The RPA Seller hereby acknowledges and agrees that under the Sale and
Servicing Agreement, the Purchaser will transfer to the Issuer the Purchaser’s rights under the Receivables Purchase Agreement,
including the representations and warranties of the RPA Seller as set forth on Exhibit A to this Agreement (upon which representations
and warranties the Issuer relies in accepting the Receivables and delivering the Securities), together with all rights of the Purchaser
with respect to any breach thereof, including the right to require the RPA Seller to repurchase Receivables in accordance with this Agreement.
Any inaccuracy in any of such representations or warranties will be deemed not to constitute a breach of such representations or warranties
if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Receivable on the terms and
conditions and within the timeframe set forth in the underlying retail installment sales contract.

 

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

 

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

 

     6

     

    

 

(c)              
Repurchase of Receivables. In the event of a breach of any representation or warranty set forth on Exhibit A which materially
and adversely affects the interests of the Issuer or the Securityholders and unless the breach shall have been cured by the last day of
the second Collection Period following the Collection Period in which the discovery of the breach is made or notice is received, as the
case may be (or, at the option of the RPA Seller, the last day in the first Collection Period following the Collection Period in which
such discovery is made), the RPA Seller shall repurchase such Receivable. In consideration of the purchase of any such Receivable, on
the related Payment Date, the RPA Seller shall remit an amount equal to the Warranty Purchase Payment in respect of such Receivable to
the Purchaser and shall be entitled to receive the Released Warranty Amount. Upon any such repurchase, each of the Purchaser and the Issuer
shall, without further action, be deemed to transfer, assign and otherwise convey to the RPA Seller, without recourse, representation
or warranty, all the right, title and interest of either the Purchaser or the Issuer in, to and under such repurchased Receivable, all
monies due or to become due with respect thereto and all proceeds thereof. The Purchaser, the Issuer, the Owner Trustee, the Delaware
Trustee or the Indenture Trustee, as applicable, shall execute such documents and instruments of transfer or assignment and take such
other actions as shall reasonably be requested by the RPA Seller to effect the conveyance of such Receivable pursuant to this Section.
The sole remedy of the Purchaser, the Issuer, the Trustees or the Securityholders with respect to a breach of the RPA Seller’s representations
and warranties pursuant to Section 2.03(a) shall be to require the RPA Seller to repurchase the related Receivables pursuant to this Section.

 

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

 

(a)              
Security Interests. Except for the conveyances and grants of security interests hereunder and contemplated pursuant to this
Agreement and the other Basic Documents, the RPA Seller shall not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any Lien on any Receivable or interest therein, and the RPA Seller shall defend the right, title and
interest of the Purchaser in, to and under such Receivables against all claims of third parties claiming through or under the RPA Seller;
provided, however, that the RPA Seller’s obligations under this Section 2.04(a) shall terminate upon the
termination of the Trust pursuant to Section 9.01 of the Trust Agreement.

 

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

 

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

 

     7

     

    

 

ARTICLE
Three

 

PAYMENT OF RECEIVABLES PURCHASE PRICE

 

Section 3.01       
Payment of Receivables Purchase Price. In consideration of the sale of the Receivables from the RPA Seller to the Purchaser
as provided in Section 2.01, on the Closing Date the Purchaser agrees to pay the RPA Seller an amount equal to the estimated fair market
value of the Receivables (such amount, the “Receivables Purchase Price”), which amount shall be paid in the form of
(i) cash, less the par value of the Retained Notes to be issued to the RPA Seller on the Closing Date, and (ii) a capital contribution
from the RPA Seller to the Purchaser in an amount equal to the excess, if any, of such estimated fair market value of the Receivables
over the net sum of such cash payment.

 

ARTICLE
Four

TERMINATION

 

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

 

ARTICLE
Five

MISCELLANEOUS PROVISIONS

 

Section 5.01       
Amendment.

 

(a)              
Any term or provision of this Agreement may be amended by the Purchaser and the RPA Seller, but without the consent of any Securityholders
or any other Person subject to the satisfaction of one of the following conditions:

 

(i)                
the Purchaser or the RPA Seller delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will
not materially and adversely affect the interests of any Noteholders that have not consented in writing to such amendment; or

 

(ii)             
the Rating Agency Condition is satisfied with respect to such amendment and the Purchaser or the RPA Seller notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment;

 

provided, that in the event that any
Trust Certificates are then held by anyone other than the Depositor or any of its Affiliates, this Agreement may only be amended by the
Purchaser and the RPA Seller if, in addition, (i) the Certificateholders evidencing a majority of the Certificate Balance of the
Trust Certificates consent to such amendment or (ii) such amendment shall not, as evidenced by an Officer’s Certificate of
the Purchaser or the RPA Seller or an Opinion of Counsel delivered to the Owner Trustee, materially and adversely affect the interests
of the Certificateholders.

 

     8

     

    

 

(b)              
This Agreement may also be amended from time to time by the Purchaser and the RPA Seller, with notice to the Indenture Trustee,
the written consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes and the consent of the
Certificateholders evidencing not less than a majority of all the percentage interests evidenced by the Trust Certificates, for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement.

 

(c)              
Any term or provision of this Agreement may also be amended from time to time by the Purchaser and the RPA Seller, for the purpose
of conforming the terms of this Agreement to the description thereof in the Prospectus, without the consent of any Securityholders or
any other Person.

 

(d)              
Promptly after the execution of any such amendment, the RPA Seller or the Purchaser shall furnish an executed copy of such amendment
to the Indenture Trustee and the Administrator (who shall make such notice available to each Rating Agency pursuant to Section 1.02(c)
of the Administration Agreement). It shall not be necessary for the consent of Securityholders pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents and of evidencing the authorization of Certificateholders of the execution thereof shall be subject
to such reasonable requirements as the Owner Trustee may require.

 

(e)              
No amendment that adversely affects the Indenture Trustee, the Owner Trustee or the Delaware Trustee shall be effective without
the prior written consent of the party adversely affected.

 

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

 

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

 

(b)               In
the event that the RPA Seller makes any change in its name, identity or corporate structure which would make any financing statement
or continuation statement filed in accordance with Section 5.02(a) seriously misleading within the meaning of Section 9-507(c) of
the UCC as in effect in the applicable state, the RPA Seller shall give the Purchaser not less than five (5) days prior written
notice of any such change and shall, within thirty (30) days of such change, execute and file such financing statements or
amendments as may be necessary to continue the perfection of the Purchaser’s security interest in the Receivables and the
proceeds thereof.

 

     9

     

    

 

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

 

Section 5.03       
GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

 

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

 

Each party hereto hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising
out of, under or in connection with this agreement.

 

Section 5.04       
Notices. All demands, notices and communications hereunder shall be in writing and shall be deemed to have been duly given
if personally delivered at or mailed by registered mail, return receipt requested, or overnight delivery service, by facsimile or by electronic
mail (if an address therefore has been provided by the respective party in writing) to, the address of each party as set forth on Schedule
B to the Sale and Servicing Agreement, or, as to any of such Persons, at such other address as shall be designated by such Person in a
written notice to the other Persons.

 

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

 

     10

     

    

 

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

 

Section 5.07       
Further Assurances. The RPA Seller and the Purchaser agree to do and perform, from time to time, any and all acts and to
execute any and all further instruments required or reasonably requested by the other party hereto or by the Issuer or the Indenture Trustee
more fully to effect the purposes of this Agreement, including, without limitation, the execution of any financing statements, amendments,
continuation statements or releases relating to the Receivables for filing under the provisions of the UCC or other law of any applicable
jurisdiction.

 

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

 

Section 5.09       
Counterparts.

 

(a)              
This Agreement may be executed in two or more counterparts, (and by different parties on separate counterparts), each of which
shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed
in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries
or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and
as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any other similar
state laws based on the Uniform Electronic Transactions Act.

 

(b)               The
Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Issuer are authorized to accept written instructions, directions,
reports, notices or other communications signed manually, by way of faxed signatures, or delivered by Electronic Transmission. In
the absence of bad faith or negligence on its part, each of the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the
Issuer may conclusively rely on the fact that the Person sending instructions, directions, reports, notices or other communications
or information by Electronic Transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices
or other communications or information on behalf of the party purporting to send such Electronic Transmission and, in the absence of
bad faith or negligence, shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any
party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications
or information to the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Issuer, including, without limitation, the
risk of either the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Issuer acting on unauthorized instructions,
notices, reports or other communications or information, and the risk of interception and misuse by third parties.

 

     11

     

    

 

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

 

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

 

Section 5.12       
RPA Seller Indemnification.

 

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

 

(b)              
Trustees. The RPA Seller shall indemnify, defend and hold harmless the Trustees from and against any and all costs, expenses,
losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, and was
imposed upon the Trustees through the negligence, willful misfeasance or bad faith of the RPA Seller in the performance of its duties
under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.

 

(c)              
Taxes. The RPA Seller shall indemnify, defend and hold harmless the Purchaser and any of the officers, directors, employees
and agents of the Purchaser from and against any taxes that may at any time be asserted against any such Person with respect to the transactions
contemplated herein and in the other Basic Documents, including any sales, gross receipts, general corporation, tangible personal property,
privilege or license taxes and costs and expenses in defending against the same.

 

     12

     

    

 

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

 

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

 

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

 

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

 

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

 

Section 5.14       
Dispute Resolution.

 

(a)              
If any Investor (each, a “Requesting Party”) requests that the RPA Seller repurchase any Receivable pursuant
to Section 2.03(c) of this Agreement and the repurchase request has not been fulfilled or otherwise resolved to the reasonable satisfaction
of such Requesting Party within one-hundred eighty (180) days of the receipt of notice of the request by the RPA Seller, the Requesting
Party will have the right to refer the matter, at its discretion, to mediation, non-binding arbitration or binding arbitration pursuant
to this Section 5.14. In order to make a repurchase request, such Requesting Party will provide a notice stating the request to the RPA
Seller.

 

(b)               The
Requesting Party will provide notice in accordance with the provisions of Section 5.04 of its intention to refer the matter to
mediation, non-binding arbitration or binding arbitration, as applicable, to the RPA Seller, with a copy to the Issuer, the
Purchaser, the Owner Trustee and the Indenture Trustee. The RPA Seller agrees that it will participate in the resolution method
selected by the Requesting Party. Any settlement agreement reached in a mediation and any decision by an arbitrator in a binding
arbitration shall be binding upon the Requesting Party, the Purchaser, the Issuer, the Owner Trustee, and the Indenture Trustee with
respect to the Receivable that is the subject matter of the repurchase request, and, in that situation, issues relating to that
Receivable may not be re-litigated by the Purchaser, the Issuer, the Owner Trustee, or the Indenture Trustee or become the subject
of a subsequent repurchase request by the Requesting Party in mediation (including non-binding arbitration), arbitration, court, or
otherwise.

 

     13

     

    

 

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

 

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

 

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

 

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

 

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

 

(i)                
The arbitration will be administered by a nationally recognized arbitration and mediation association jointly selected by the parties,
and if the parties are unable to agree on an association, the arbitration will be administered by the AAA, and conducted pursuant to such
association’s arbitration procedures in effect at such time.

 

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

 

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

 

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

 

     14

     

    

 

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

 

(i)                
Any mediation or arbitration will be held in New York, New York or such other location mutually agreed to by the Requesting Party
and the RPA Seller;

 

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

 

Other than as publicly available with the Commission or otherwise publicly
disclosed, the details and/or existence of any unfulfilled repurchase request, any meetings or discussions regarding any unfulfilled repurchase
request, mediations or arbitration proceedings conducted under this Section 5.14, including all offers, promises, conduct and statements,
whether oral or written, made in the course of the parties’ attempt to resolve an unfulfilled repurchase request, any information
exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, “Confidential
Information”), shall be and remain confidential and inadmissible (except as permitted in accordance with applicable law) for
any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this
Section 5.14) other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to
the extent that the RPA Seller, in its sole discretion, elects to disclose such information. Such information will be kept strictly confidential
and will not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys,
experts, accountants and other agents and representatives (collectively “Representatives”), as reasonably required
in connection with any resolution procedure under this Section 5.14), if the disclosing Party (a) directs such Representatives to
keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its
sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena
or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient
will promptly notify the other party and will provide the other party with the opportunity to object to the production of its Confidential
Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the
absence of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or
by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure
only the part of such Confidential Information that is required to be disclosed.

 

     15

     

    

 

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

 

	 	AMERICAN HONDA FINANCE CORPORATION,
	 	as RPA Seller
	 	 
	 	By:	/s/ Paul C. Honda
	 	 	Name: Paul C. Honda
	 	 	Title: Vice President and Assistant Secretary
	 	 
	 	AMERICAN HONDA RECEIVABLES LLC,
	 	as Purchaser
	 	 
	 	By:	/s/ Paul C. Honda
	 	 	Name: Paul C. Honda
	 	 	Title: Treasurer

 

    
	 	S-1	HAROT 2021-3 
 Receivables Purchase Agreement

     

    

 

EXHIBIT A

 

REPRESENTATIONS AND WARRANTIES AS TO THE RECEIVABLES

 

(i)            Characteristics
of Receivables. Each Receivable

 

		(a)	was originated by a Dealer located in the United States for the sale of the related Financed Vehicle, fully executed or electronically
authenticated by the Obligor thereto, purchased by AHFC from such Dealer under an existing agreement with AHFC, assigned by such Dealer
to the RPA Seller and subsequently sold by the RPA Seller to the Purchaser pursuant to the Receivables Purchase Agreement,

 

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

 

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

 

		(d)	except as otherwise provided in this Agreement, provides, at the time of origination, for level Monthly Payments (provided that the
first and last payments in the life of the Receivable may be different from but in no event more than two times the level payment) that
fully amortize the Amount Financed over its original term,

 

		(e)	allows for prepayment,

 

		(f)	is not listed on the Servicer’s records as a federal, state or local governmental entity and

 

		(g)	is a retail installment sales contract.

 

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

 

(iii)       Binding
Obligation. Each Receivable is on a form contract that includes the legal and binding payment obligation in writing of the related
Obligor, enforceable by the holder thereof, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation or other laws affecting the enforcement of creditors’ rights and by general principles of equity, consumer
protection laws and the Servicemembers Civil Relief Act.

 

(iv)       Receivables
in Force. According to the Servicer’s Receivables system, the Receivable shall not have been satisfied, subordinated or rescinded,
nor shall the Financed Vehicle have been released in whole or in part from the lien granted by the related Receivable on the Cutoff Date.

 

    A- 1

     

    

 

(v)        No
Defenses. To the RPA Seller’s knowledge, no right of rescission, setoff, counterclaim or defense has been asserted or threatened
in writing by any Obligor against the Receivable.

 

(vi)       No
Defaults. Except for payment delinquencies that, as of the Cutoff Date, were not more than thirty (30) days, according to the accounting
records of the RPA Seller, no payment default existed under the terms of any Receivable as of the Cutoff Date.

 

(vii)       Insurance.
Each Obligor of a Receivable has been required to obtain physical damage insurance covering the related Financed Vehicle and is required
under the terms of the related Receivable to maintain such insurance.

 

(viii)       Lawful
Assignment. The terms of the Receivable do not limit the right of the owner of the Receivable to sell the Receivable.

 

(ix)       Chattel
Paper. The Receivable is either “tangible chattel paper” or “electronic chattel paper” within the meaning
of the applicable UCC and (A) if the Receivable is tangible chattel paper, there is only one executed or otherwise authenticated original
of such Receivable or (B) if the Receivable is electronic chattel paper, there is only one authoritative copy of the record or records
(as defined in the UCC) comprising such Receivable. If the Receivable constitutes electronic chattel paper, AHFC has “control”
of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC.

 

(x)       Security
Interest. The RPA Seller has, or the Servicer has, started procedures that will result in the RPA Seller having a perfected, first
priority security interest in the Financed Vehicle within ten (10) days of the Closing Date, which security interest was validly created
and is assignable by the RPA Seller to the Purchaser.

 

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

 

		(a)	is not listed on the Servicer’s records as the subject of a pending bankruptcy proceeding;

 

		(b)	had an original maturity of not greater than 72 payments;

 

		(c)	provides for the payment of a finance charge or shall yield interest calculated on the basis of a Contract Rate of at least 0.50%;

 

		(d)	has a Scheduled Payment that is not more than thirty (30) days past due;

 

		(e)	the Financed Vehicle to which the Receivable relates is a new or used Honda or Acura automobile or light-duty truck; and

 

		(f)	the Obligor under each Receivable had a billing address in the United States or its territories or possessions, according to the records
of the Servicer.

 

    A- 2

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