Document:

Exhibit 10.5

 

ASSET REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HYUNDAI AUTO RECEIVABLES TRUST 2017-A,

as Issuer,

 

HYUNDAI CAPITAL AMERICA,

as Servicer

 

and

 

CLAYTON FIXED INCOME SERVICES LLC,

 

as Asset Representations Reviewer

 

Dated as of March 29, 2017

 

     

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	USAGE AND DEFINITIONS	1
	 	 	 
	Section 1.1.	Usage and Definitions	1
	 	 	 
	Section 1.2.	Additional Definitions	1
	 	 	 
	ARTICLE II	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	2
	 	 	 
	Section 2.1.	Engagement; Acceptance	2
	 	 	 
	Section 2.2.	Confirmation of Scope	2
	 	 	 
	ARTICLE III	ASSET REPRESENTATIONS REVIEW PROCESS	2
	 	 	 
	Section 3.1.	Review Notices	2
	 	 	 
	Section 3.2.	Identification of Subject Receivables	2
	 	 	 
	Section 3.3.	Review Materials	3
	 	 	 
	Section 3.4.	Performance of Reviews	3
	 	 	 
	Section 3.5.	Review Reports	4
	 	 	 
	Section 3.6.	Limitations on Review Obligations	4
	 	 	 
	Section 3.7.	Dispute Resolution	5
	 	 	 
	ARTICLE IV	ASSET REPRESENTATIONS REVIEWER	5
	 	 	 
	Section 4.1.	Representations and Warranties	5
	 	 	 
	Section 4.2.	Covenants	6
	 	 	 
	Section 4.3.	Fees, Expenses and Indemnities	7
	 	 	 
	Section 4.4.	Limitation on Liability	8
	 	 	 
	Section 4.5.	Indemnification by Asset Representations Reviewer	8
	 	 	 
	Section 4.6.	Indemnification of Asset Representations Reviewer	8
	 	 	 
	Section 4.7.	Inspections of Asset Representations Reviewer	9
	 	 	 
	Section 4.8.	Delegation of Obligations	9
	 	 	 
	Section 4.9.	Confidential Information	10
	 	 	 
	Section 4.10.	Personally Identifiable Information	11
	 	 	 
	ARTICLE V	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER	13
	 	 	 
	Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	13
	 	 	 
	Section 5.2.	Resignation and Removal of Asset Representations Reviewer	13
	 	 	 
	Section 5.3.	Successor Asset Representations Reviewer	14

 

    	 	i	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.4.	Merger, Consolidation or Succession	14
	 	 	 
	ARTICLE VI	OTHER AGREEMENTS	14
	 	 	 
	Section 6.1.	Independence of Asset Representations Reviewer	14
	 	 	 
	Section 6.2.	No Petition	14
	 	 	 
	Section 6.3.	Limitation of Liability of Owner Trustee	15
	 	 	 
	Section 6.4.	Termination of Agreement	15
	 	 	 
	ARTICLE VII	MISCELLANEOUS PROVISIONS	15
	 	 	 
	Section 7.1.	Amendments	15
	 	 	 
	Section 7.2.	Assignment; Benefit of Agreement; Third Party Beneficiaries	16
	 	 	 
	Section 7.3.	Notices	16
	 	 	 
	Section 7.4.	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	17
	 	 	 
	Section 7.5.	No Waiver; Remedies	17
	 	 	 
	Section 7.6.	Severability	18
	 	 	 
	Section 7.7.	Headings	18
	 	 	 
	Section 7.8.	Counterparts	18
	 	 	 
	Schedule A	Representations and Warranties, Review Materials and Tests	 

 

    	 	ii	 

     

    

 

ASSET REPRESENTATIONS REVIEW AGREEMENT,
dated as of March 29, 2017 (this “Agreement”), among HYUNDAI AUTO RECEIVABLES TRUST 2017-A, a Delaware statutory
trust, as issuer (the “Issuer”), HYUNDAI CAPITAL AMERICA, a California corporation (“HCA”),
as servicer (the “Servicer”), and CLAYTON FIXED INCOME SERVICES LLC , a Delaware limited liability company,
as asset representations reviewer (the “Asset Representations Reviewer”).

 

WHEREAS, the Issuer desires to engage the
Asset Representations Reviewer to perform reviews of certain Receivables for compliance with the representations and warranties
made by HCA, as seller, about the Receivables in the pool.

 

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

 

ARTICLE
I

USAGE
AND DEFINITIONS

 

Section 1.1.          Usage
and Definitions. (a) Except as otherwise specified herein or if the context may otherwise require, capitalized terms not defined
in this Agreement shall have the respective meanings assigned such terms set forth in Appendix A to the Sale and Servicing
Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), by and among the Depositor, HCA,
as seller and servicer, Hyundai Auto Receivables Trust 2017-A, as issuer and Citibank, N.A., as indenture trustee (the “Indenture
Trustee”).

 

(b)          With
respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any gender
include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing
words in a visible form; references to agreements and other contractual instruments include all subsequent amendments, amendments
and restatements, and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited
by this Agreement; references to Persons include their permitted successors and assigns; references to laws include their amendments
and supplements, the rules and regulations thereunder and any successors thereto; the term “including” means “including
without limitation;” and the term “or” is not exclusive.

 

Section 1.2.          Additional
Definitions. The following terms have the meanings given below:

 

“Asset Representations Review”
means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Receivable
according to Section 3.4.

 

“Confidential Information”
has the meaning stated in Section 4.9(b).

 

“Information Recipients”
has the meaning stated in Section 4.9(a).

 

“Issuer PII” has the
meaning stated in Section 4.10.

 

     

     

    

 

“Personally Identifiable Information”
or “PII” has the meaning stated in Section 4.10(a).

 

“Review Fee” has the
meaning stated in Section 4.3(b).

 

“Review Materials” means,
for an Asset Representations Review and a Subject Receivable, the documents and other materials for each Test listed under “Review
Materials” in Schedule A.

 

“Review Report” means,
for an Asset Representations Review, the report of the Asset Representations Reviewer prepared according to Section 3.5.

 

“Test” has the meaning
stated in Section 3.4(a).

 

“Test Complete” has the
meaning stated in Section 3.4(c).

 

“Test Fail” has the meaning
stated in Section 3.4(a).

 

“Test Incomplete” has
the meaning stated in Section 3.4(a).

 

“Test Pass” has the meaning
stated in Section 3.4(a).

 

ARTICLE
II

ENGAGEMENT
OF ASSET REPRESENTATIONS REVIEWER

 

Section 2.1.          Engagement;
Acceptance. The Issuer engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.
Clayton Fixed Income Services LLC accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer
on the terms in this Agreement.

 

Section 2.2.          Confirmation
of Scope. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables
for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement or (b)
determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

 

ARTICLE
III

ASSET
REPRESENTATIONS REVIEW PROCESS

 

Section 3.1.          Review
Notices. On receipt of a Review Notice in accordance with Section 7.05 of the Indenture, the Asset Representations Reviewer
will commence an Asset Representations Review. The Asset Representations Reviewer will have no obligation to start an Asset Representations
Review until a Review Notice is received.

 

Section 3.2.          Identification
of Subject Receivables. Within ten (10) Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset
Representations Reviewer a list of the Subject Receivables.

 

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Section 3.3.          Review
Materials.

 

(a)          Access
to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the
Subject Receivables within sixty (60) calendar days after receipt of the Review Notice in one or more of the following ways in
the Servicer’s reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which
the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject
Receivables at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations
Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary
for the Asset Representations Reviewer to complete the Asset Representations Review remains intact and unchanged.

 

(b)          Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review
Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations
Reviewer reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer
to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty
(20) calendar days before completing the Review, and the Servicer will use reasonable efforts to provide the Asset Representations
Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within fifteen
(15) calendar days. If the missing or insufficient Review Materials have not been provided by the Servicer within sixty (60) calendar
days, the parties agree that the Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will
indicate the reason for the Test Incomplete.

 

Section 3.4.          Performance
of Reviews.

 

(a)          Test
Procedures. For an Asset Representations Review, the Asset Representations Reviewer will perform for each Subject Receivable
the procedures listed under “Tests” in Schedule A for each representation and warranty (each, a “Test”),
using the Review Materials listed for each such Test in Schedule A. For each Test and Subject Receivable, the Asset Representations
Reviewer will determine in its reasonable judgment if the Test has been satisfied (a “Test Pass”), if the Test
has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete
Review Materials (a “Test Incomplete”). The Asset Representations Reviewer will use such determination for all
Subject Receivables that are subject to the same Test.

 

(b)          Review
Period. The Asset Representations Reviewer will complete the Asset Representations Review of all of the Subject Receivables
within sixty (60) calendar days after receiving access to the Review Materials under Section 3.3(a). However, if missing
or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the review period
will be extended for an additional thirty (30) calendar days.

 

(c)          Completion
of Review for Certain Subject Receivables. Following the delivery of the list of the Subject Receivables and before the delivery
of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject
Receivable is paid in full by the Obligor or purchased from the Issuer by the Seller or the Servicer according to the applicable
Basic Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables
and the Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review
Report will indicate a Test Complete for the Receivables and the related reason.

 

    	 	3	 

     

    

 

(d)          Previously
Reviewed Receivable. If a Subject Receivable was included in a prior Asset Representations Review, the Asset Representations
Reviewer will not conduct additional Tests on any such duplicate Subject Receivable unless such Subject Receivable was deemed a
Test Incomplete as a result of the failure of the Servicer to provide missing Review Material for such Subject Receivable and the
Servicer elects to have such Subject Receivable included in the current Asset Representations Review. The Asset Representations
Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for
the current Asset Representations Review.

 

(e)          Duplicative
Tests. If the same Test is required for more than one representation or warranty listed on Schedule A, the Asset Representations
Reviewer will only perform the Test once for each Subject Receivable but will report the results of the Test for each applicable
representation or warranty on the Review Report.

 

(f)          Termination
of Review. If an Asset Representations Review is in process and all of the Notes will be paid in full on the next Payment Date,
the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment
Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Representations Review immediately and
will have no obligation to deliver a Review Report.

 

Section 3.5.          Review
Reports. (a) Within ten (10) calendar days after the end of the Asset Representations Review period under Section 3.4(b),
the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Indenture Trustee a Review Report indicating
for each Subject Receivable whether there was a Test Pass, a Test Incomplete or a Test Fail for each Test, or whether the Subject
Receivable was a Test Complete and the related reason. The Review Report will contain a summary of the findings and conclusions
of the Asset Representations Reviewer with respect to the Asset Representations Review to be included in the Issuer’s Form
10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that
the Review Report does not contain any Issuer PII. On the reasonable request of the Servicer, the Asset Representations Reviewer
will provide additional details on the Test results.

 

(b)          Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written
questions or requests for clarification of any Review Report from the Servicer until payment of the Notes in full. The Asset Representations
Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than
the Servicer and will direct such Persons to submit written questions or requests to the Servicer.

 

Section 3.6.          Limitations
on Review Obligations. The Asset Representations Reviewer may rely on the information in any Review Notice, the list(s) of
the Subject Receivables provided by the Servicer, and the accuracy and completeness of the Review Materials. The Asset Representations
Reviewer will have no obligation:

 

    	 	4	 

     

    

 

(a)          to
determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset
Representations Review under the Indenture;

 

(b)          to
determine which Receivables are Subject Receivables;

 

(c)          to
confirm the validity of the Review Materials; or

 

(d)          to
take any action or cause any other party to take any action under any of the Basic Documents or otherwise to enforce any remedies
against any Person for breaches of representations or warranties about the Subject Receivables.

 

Section 3.7.          Dispute
Resolution. The Asset Representations Reviewer acknowledges and agrees that any Review Report may be used by the Issuer, the
Seller or the Servicer in any dispute resolution proceeding related to the Subject Receivables. No additional fees or reimbursement
of expenses shall be paid to the Asset Representations Reviewer regarding the Issuer’s, the Seller’s or the Servicer’s
use of any Review Report; provided that the Asset Representations Reviewer will be reimbursed for its out-of-pocket expenses
incurred in its participation in any dispute resolution proceeding.

 

ARTICLE
IV

ASSET
REPRESENTATIONS REVIEWER

 

Section 4.1.          Representations
and Warranties. The Asset Representations Reviewer represents and warrants as of the Closing Date:

 

(a)          Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a limited liability company
in good standing under the laws of the State of Delaware. The Asset Representations Reviewer is qualified as a foreign limited
liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership
or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure
to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)          Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform
its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance
of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable
against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating
to the enforcement of creditors’ rights or by general equitable principles.

 

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(c)          No
Conflicts and No Violation. The execution, delivery and performance by the Asset Representations Reviewer of the transactions
contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement
will not (A) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee
or other agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition
of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage,
deed of trust, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset
Representations Reviewer or (D) violate any law or any order, rule or regulation of a federal or state court, regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material
adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)          No
Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with
the execution, delivery and performance by the Asset Representations Reviewer of this Agreement other than (i) approvals and authorizations
that have previously been obtained and filings that have previously been made and (ii) approvals, authorizations or filings which,
if not obtained or made, would not have a material adverse effect on the ability of the Asset Representations Reviewer to perform
its obligations under this Agreement.

 

(e)          No
Proceedings. There are no proceedings or investigations pending or, to the knowledge of the Asset Representations Reviewer,
threatened in writing before a federal or state court, regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Asset Representations Reviewer or its properties (A) asserting the invalidity of this Agreement, (B)
seeking to prevent the completion of the transactions contemplated by this Agreement or (C) seeking any determination or ruling
that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform
its obligations under, or the validity or enforceability of, this Agreement.

 

(f)          Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.1 and will notify the Issuer and the
Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.1.

 

Section 4.2.          Covenants.
The Asset Representations Reviewer covenants and agrees that:

 

(a)          Eligibility.
It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

 

(b)          Review
Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform
each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will
ensure that these systems allow for each Subject Receivable and the related Review Materials to be individually tracked and stored
as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to
conduct Asset Representations Reviews as required by this Agreement.

 

    	 	6	 

     

    

 

(c)          Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to an Asset
Representations Review, including internal correspondence and work papers, for a period of two years after the termination of this
Agreement or repayment of the Notes in full, whichever comes first.

 

Section 4.3.          Fees,
Expenses and Indemnities.

 

(a)          Annual
Fee. The Servicer will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, an annual fee of $7,500.00. The annual fee will be payable by the Servicer on the Closing Date and
on each anniversary thereof until this Agreement is terminated, provided, that in the year in which all public Notes are
paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the public Notes are
no longer outstanding.

 

(b)          Review
Fee. Following the completion of an Asset Representations Review and the delivery to the Indenture Trustee, the Issuer and
the Servicer of the Review Report, or the termination of an Asset Representations Review in accordance with Section 3.4(f),
and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $200 for
each Subject Receivable for which the Asset Representations Review was started (the “Review Fee”), to be paid
as agreed in Section 4.3(e). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Representations
Review or for any Asset Representations Review in which no Tests were completed prior to the Asset Representations Reviewer being
notified of a termination of the Asset Representations Review in accordance with Section 3.4(f). The Servicer will pay the
Review Fee to the Asset Representations Reviewer in accordance with the terms of the detailed invoice from the Asset Representations
Reviewer. If an Asset Representations Review is terminated in accordance with Section 3.4(f), the Asset Representations
Reviewer must submit its invoice for the Review Fee for the terminated Asset Representations Review no later than five Business
Days before the final Payment Date in order to be reimbursed no later than the final Payment Date.

 

(c)          Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Asset Representations
Reviewer will be reimbursed for its reasonable travel expenses incurred in connection with the Review in accordance with Section
4.3(e).

 

(d)          Dispute
Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding and its reasonable
expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the
end of the proceeding, the Servicer will reimburse the Asset Representations Reviewer for such expenses in accordance with Section
4.3(e).

 

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(e)          Payment
of Fees, Expenses and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Servicer
for any amounts owed to it under this Agreement. To the extent not paid by the Servicer within sixty (60) calendar days following
the receipt of a detailed invoice on the due date therefor hereunder, the fees provided for in this Section 4.3 and the
indemnities provided for in Section 4.6(a) shall be paid by the Issuer pursuant to the priority of payments set forth in
Section 5.05(b) of the Sale and Servicing Agreement; provided, that prior to any such payment pursuant to the Sale and Servicing
Agreement, the Asset Representations Reviewer shall notify the Servicer in writing that such payments have been outstanding for
at least sixty (60) calendar days. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by the
Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment
by the Servicer of incurred but otherwise unpaid amounts.

 

Section 4.4.          Limitation
on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
faith under this Agreement, including without limitation such actions that are based upon the exercise of judgment or discretion.
Subject to the foregoing, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this
Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer
be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer
has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.5.          Indemnification
by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Servicer, the
Depositor, the Seller, the Sponsor, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees
and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred
by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations
Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing
its obligations under this Agreement, (b) the Asset Representations Reviewer’s failure to comply with the requirements of
applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations
Reviewer’s breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset
Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the
termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

 

Section 4.6.          Indemnification
of Asset Representations Reviewer.

 

(a)          Indemnification.
The Servicer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified
Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations
under this Agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding
any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct,
bad faith or negligence, (ii) the Asset Representations Reviewer’s failure to comply with the requirements of applicable
federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer’s
breach of any of its representations, warranties, covenants or other obligations in this Agreement.

 

    	 	8	 

     

    

 

(b)          Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to
be made under Section 4.6(a), notify the Servicer of the Proceeding. The Servicer may participate in and assume the defense
and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense
of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for legal expenses
of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer, and an Indemnified Person.
If there is a conflict, the Servicer will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person.
No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will
not be unreasonably withheld.

 

(c)          Survival
of Obligations. The Servicer’s obligations under this Section 4.6 will survive the permitted resignation or removal
of the Asset Representations Reviewer and the termination of this Agreement.

 

(d)          Repayment.
If the Servicer makes any payment under this Section 4.6 and the Indemnified Person later collects any of the amounts for
which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Servicer.

 

Section 4.7.          Inspections
of Asset Representations Reviewer. The Asset Representations Reviewer agrees that, with reasonable prior notice not more than
once during any year, it will permit authorized representatives of the Issuer or the Servicer, during the Asset Representations
Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents and materials
of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations
under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) any claim
made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the
Issuer’s or the Servicer’s representatives to make copies and extracts of any of those documents and to discuss them
with the Asset Representations Reviewer’s officers and employees. Each of the Issuer and the Servicer will, and will cause
its authorized representatives to, hold in confidence the information except if disclosure may be required by law or if the Issuer
or the Servicer reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.
The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period
of at least two years after the termination of its obligations under this Agreement.

 

Section 4.8.          Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to
any Person without the consent of the parties to this Agreement.

 

    	 	9	 

     

    

 

Section 4.9.          Confidential
Information.

 

(a)          Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence
and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the
confidentiality of the Confidential Information. The Confidential Information will not, without the prior consent of the Servicer,
be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates,
including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing
Asset Representations Reviews of Subject Receivables or performing its obligations under this Agreement. The Asset Representations
Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Sponsor or
its affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for
the preparation of research reports, newsletters or other publications or similar communications.

 

(b)          Definition.
“Confidential Information” means oral, written and electronic materials (irrespective of its source or form
of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer, including:

 

(i)          lists
of Subject Receivables and any related Review Materials;

 

(ii)         origination
and servicing guidelines, policies and procedures and form contracts; and

 

(iii)        notes,
analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or
on behalf of the Servicer or its representatives.

 

However, Confidential Information will not include information
that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B)
was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other
than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient
is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information
to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the Confidential
Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’
possession or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

 

(c)          Protection.
The Asset Representations Reviewer will use best efforts to protect the secrecy of and avoid disclosure and unauthorized use of
Confidential Information, including those measures that it takes to protect its own confidential information and not less than
a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also
subject to the additional requirements in Section 4.10.

 

(d)          Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental,
regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information.
However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will
use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s
expense, in the Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure
of the Confidential Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by
the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the
Confidential Information that it is advised by its legal counsel it is legally required to disclose.

 

    	 	10	 

     

    

 

(e)          Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9
by its Information Recipients.

 

(f)          Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the
Servicer and the Issuer, the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is
initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be entitled to reimbursement
of costs and expenses, including reasonable attorney’s fees, incurred by it for the enforcement.

 

Section 4.10.        Personally
Identifiable Information.

 

(a)          Definitions.
“Personally Identifiable Information” or “PII” means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), vehicle identification
number or “VIN”, any other actual or assigned attribute associated with or identifiable to an individual and any information
that when used separately or in combination with other information could identify an individual. “Issuer PII”
means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or
otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

 

(b)          Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. The Asset Representations
Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the
Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply
with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required
codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect
and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that
comply with applicable laws and regulations and this Agreement. The Asset Representations Reviewer will implement and maintain
reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i)
protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security
or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its
obligations under this Agreement. These safeguards include a written data security plan, employee training, information access
controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission
protection) and physical security measures.

 

(c)          Additional
Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations
Reviewer’s disclosure of Issuer PII is also subject to the following requirements:

 

    	 	11	 

     

    

 

(i)          The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except
(A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Representations Review, (B) with
the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII
will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations
Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel
with access to Issuer PII on the proper use and protection of Issuer PII.

 

(ii)         The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior
consent of the Issuer.

 

(d)          Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected
security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer
PII and, where applicable, immediately take action to prevent any further breach.

 

(e)          Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the
completion of the Asset Representations Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations
Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or
(ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable
copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations
Reviewer will limit the Asset Representations Reviewer’s further use or disclosure of Issuer PII to that required by applicable
law.

 

(f)          Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset
Representations Reviewer’s compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree
to modify this Section 4.10 as necessary from time to time for either party to comply with applicable law.

 

(g)          Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives
to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations Reviewer’s
normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year
unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described
in this Section 4.10(g) with the inspections described in Section 4.7. The Asset Representations Reviewer will also
permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit
any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations
under this Agreement.

 

    	 	12	 

     

    

 

(h)          Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party
when performing an Asset Representations Review, and if such Affiliate or third party is identified to the Asset Representations
Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement
is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms
of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

 

ARTICLE
V

RESIGNATION
AND REMOVAL;

SUCCESSOR
ASSET REPRESENTATIONS REVIEWER

 

Section 5.1.          Eligibility
Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated
with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was
not, and is not Affiliated with a Person that was, engaged by the Sponsor or any underwriter to perform any due diligence on the
Receivables prior to the Closing Date.

 

Section 5.2.          Resignation
and Removal of Asset Representations Reviewer.

 

(a)          No
Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer unless the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1. The Asset
Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines
it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)          Removal
of Asset Representations Reviewer. If any of the following events occur, the Issuer, by notice to the Asset Representations
Reviewer, may, and in the case of clause (i) below, shall, remove the Asset Representations Reviewer and terminate its rights and
obligations under this Agreement:

 

(i)          the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

 

(ii)         the
Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement;
or

 

(iii)        an
Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)          Notice
of Resignation or Removal. The Issuer will notify the Servicer and the Indenture Trustee of any resignation or removal of the
Asset Representations Reviewer.

 

(d)          Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective,
and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations
Reviewer has accepted its engagement according to Section 5.3(b).

 

    	 	13	 

     

    

 

Section 5.3.          Successor
Asset Representations Reviewer.

 

(a)          Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the
Issuer will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

 

(b)          Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor
Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement
and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement
with the Issuer on substantially the same terms as this Agreement.

 

(c)          Transition
and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate
with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations
Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations
Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations
Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations
on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

 

Section 5.4.          Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting
from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the
Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor
to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer
an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens
by operation of law).

 

ARTICLE
VI

OTHER
AGREEMENTS

 

Section 6.1.          Independence
of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject
to the supervision of the Issuer, the Indenture Trustee or the Owner Trustee for the manner in which it accomplishes the performance
of its obligations under this Agreement. Nothing in this Agreement will make the Asset Representations Reviewer and the Issuer
members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

 

Section 6.2.          No
Petition. Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or,
if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust
for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue
against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This
Section 6.2 will survive the termination of this Agreement.

 

    	 	14	 

     

    

 

Section 6.3.          Limitation
of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, (a) this instrument is executed and
delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of Hyundai Auto Receivables
Trust 2017-A, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings
and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements
by U.S. Bank Trust National Association but is made and intended for the purpose for binding only the Issuer, (c) nothing herein
contained shall be construed as creating any liability on U.S. Bank Trust National Association individually or personally, to perform
any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto
and by any Person claiming by, through or under the parties hereto, (d) U.S. Bank Trust National Association has made no investigation
as to the accuracy or completeness of any representations or warranties made by the Issuer in this instrument and (e) under no
circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness or expenses of
the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this instrument or any other related documents. In no event will U.S. Bank Trust National Association in its individual
capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under this Agreement. For all purposes
under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

 

Section 6.4.          Termination
of Agreement. This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in
this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture
and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE
VII

MISCELLANEOUS
PROVISIONS

 

Section 7.1.          Amendments.

 

(a)          This
Agreement may be amended by the parties hereto, but without the consent of the Depositor, the Indenture Trustee, the Owner Trustee,
any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement,
or for the purpose of correcting any inconsistency with the Prospectus dated September 14, 2016, or for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner
the rights of the Noteholders or the Certificateholders, subject to one of the following conditions:

 

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

 

    	 	15	 

     

    

 

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

 

(b)          With
respect to any amendment for which clauses (a)(i) or (a)(ii) above cannot be satisfied, this Agreement can be amended with the
consent of the Noteholders holding not less than a majority of the Outstanding Amount of the Controlling Class of Notes. It shall
not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment,
but it shall be sufficient if such approval shall be with respect to the substance thereof.

 

(c)          Promptly
after the execution of any amendment, the Administrator shall furnish written notification of the substance of such amendment to
each Noteholder and each Rating Agency.

 

Section 7.2.          Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)          Assignment.
Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent
of the Servicer.

 

(b)          Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their
permitted successors and assigns. The Indenture Trustee, for the benefit of the Noteholders, will be a third-party beneficiary
of this Agreement and entitled to enforce this Agreement against the Asset Representations Reviewer. No other Person will have
any right or obligation under this Agreement.

 

Section 7.3.          Notices.

 

(a)          Delivery
of Notices. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing
and will be considered given:

 

(i)          For
overnight mail, on delivery or, for a letter mailed by registered first class mail, postage prepaid, three days after deposit in
the mail;

 

(ii)         for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)        for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)        for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of
confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred.

 

    	 	16	 

     

    

 

(b)          Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to: (i) (a) in the
case of the Servicer, to Hyundai Capital America, 3161 Michelson Drive, Suite 1900, Irvine, California 92612, Attention: Treasurer,
(b) in the case of the Issuer, to Hyundai Auto Receivables Trust 2017-A, c/o Hyundai Capital America, 3161 Michelson Drive, Suite
1900, Irvine, California 92612, Attention: Treasurer, (d) in the case of the Indenture Trustee, to Citibank, N.A., 388 Greenwich
Street, 14th Floor, New York, New York, 10013, Attention: Agency & Trust – HART 2017-A, and (e) in the case
of the Asset Representations Reviewer, to Clayton Fixed Income Services LLC, 1700 Lincoln Street, Suite 2600, Denver, Colorado
80203, Attention: SVP Surveillance, with a copy of 100 Beard Sawmill Road, Suite 200, Shelton, Connecticut 06848, Attention: General
Counsel or, (ii) as to each party, at such other address or email as shall be designated by such party in a written notice to each
other party.

 

Section 7.4.          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, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

EACH OF THE PARTIES HERETO HEREBY SUBMITS
TO THE 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 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 7.5.          No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate
as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power,
right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in
addition to any powers, rights and remedies under law.

 

    	 	17	 

     

    

 

Section 7.6.         Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.7.         Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.8.          Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together
be one document.

 

[Remainder of Page Left Blank]

 

    	 	18	 

     

    

 

EXECUTED BY:

 

	 	HYUNDAI AUTO RECEIVABLES TRUST
	 	2017-A,
	 	 	as Issuer
	 	 	 	 
	 	By:	U.S. Bank Trust National Association, not in _
	 	 	its individual capacity, but solely as
	 	 	Owner Trustee
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	HYUNDAI CAPITAL AMERICA,
	 	 	as Servicer
	 	 	 	 
	 	By:	 
	 	 	Name:  	Hyung Seok Lee
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	CLAYTON FIXED INCOME SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to Asset Representations
Review Agreement]

 

     

     

    

 

Schedule A

 

Representations and Warranties, Review Materials
and Tests

 

Review Materials

 

		·	Retail Installment Contract

 

		·	Any assignment if not included in Contract

 

		·	Documents which evidence the security interest in the Financed Vehicle (Certificate of Title, E-Title, Application for Title,
etc) (the “Title Documents’)

 

		·	List of Approved Contracts form numbers and revision dates

 

		·	Servicing System screen prints or data fields within the Data Tape (As of the Cutoff Date) showing (the “Cutoff Date
Data File”)

 

		o	Receivable Active/Satisfied

 

		o	Scheduled Monthly Payment amount

 

		o	Annual Percentage Rate

 

		o	Original Balance

 

		o	Unpaid Balance

 

		o	Maturity Date

 

		o	Days Delinquent

 

		o	Bankruptcy Flag

 

		o	Litigation/Attorney Involvement Flag

 

		o	Vehicle Repossessed Flag

 

		o	Days Delinquent

 

     

     

    

 

		·	Applicable Dealer Agreement

 

		·	List of Seller Affiliates

 

		·	Schedule of Receivables to Receivables Purchase Agreement and Sale and Servicing Agreement

 

		·	Receivable File

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(i)(a)	 	
        (i)          Characteristics
        of Receivables. Each Receivable:

         

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

         

         
	 	
        1.    Confirm
        that Dealer’s location, indicated in the Receivable File, is in United States.

         

        2.    Confirm
        that the Receivable is payable in US Dollars.

         

        3.    Confirm
        that the Receivable has been signed by the Obligor and the Dealer.

         

        4.    Confirm
        that there is a Dealer Agreement between the applicable Dealer and the Seller.

         

        5.    Confirm
        the assignment section of the Receivable is signed by the Dealer and the Seller is listed as the assignee.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(i)(b)	 	(b)          has created or shall create a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been assigned by the Seller to the Depositor and by the Depositor to the Issuer,	 	
        1.    Confirm
        that the Receivable contains security interest language in favor of the Seller in the Financed Vehicle.

         

        2.    Confirm
        that a Certificate of Title or other suitable documentation lists Seller as lienholder or that an application for a Certificate
        of Title or other suitable documentation has been filed in the applicable state listing the Seller as lienholder.

         

        3.    Confirm
        that the Receivable is listed on Schedules of Receivables to the Receivables Purchase Agreement and the Sale and Servicing Agreement.

	 	 	 	 	 
	(i)(c)	 	(c)          contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor,	 	1. Review the Receivable to confirm that its terms permit repossession and sale of the Financed Vehicle upon default by Obligor.
	 	 	 	 	 
	(i)(d)	 	(d)          provides for fixed level monthly payments (provided that the first and last payments may be different from but in no event more than three times the level payments) that fully amortize the Amount Financed over the original term,	 	
        1. Review the Receivable in order to confirm
        all payments are fixed monthly payments, with the possible exception of the first and last payments, which may be three times the
        level payment.

         

        2. Using the Truth in Lending section of the
        Receivable, confirm that payment schedule fully amortizes the Amount Financed over the original term at the applicable APR.

	 	 	 	 	 
	(i)(e)	 	(e)          amortizes using the simple interest method,	 	1. Confirm the Receivable employs a simple interest method of amortization.
	 	 	 	 	 
	(i)(f)	 	(f)          has an Obligor which is not an affiliate of the Seller,	 	1. Confirm that the Obligor’s name does not appear on a list provided by the Seller of the Seller’s affiliates.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(i)(g)	 	(g)          has an Obligor which is not listed on Seller’s electronic records related to receivables as a government or governmental subdivision or agency, and	 	1. Confirm the Cutoff Date Data File does not indicate the Obligor was a government entity.
	 	 	 	 	 
	(i)(h)	 	(h)          has an Obligor which is not shown on the Servicer’s electronic records related to receivables as a debtor in pending bankruptcy proceeding,	 	1. Confirm the Cutoff Date Data File does not indicate the Obligor was in bankruptcy.
	 	 	 	 	 
	(ii)	 	(ii)         Compliance with Law.  Each
    Receivable complied at the time it was originated or made in all material respects with all requirements of law in effect
    at that time and applicable to such Receivable.	 	1. Confirm that the contract form number and revision date are on a list of approved contract forms provided by the Seller.
	 	 	 	 	 
	(iii)	 	(iii)        Binding Obligation.  Each
    Receivable represents the legal and binding payment obligation of the Obligor, enforceable in all material respects by the
    holder of the Receivable, except as may be limited by bankruptcy, insolvency, reorganization or other laws relating to the
    enforcement of creditors’ rights or by general equitable principles, consumer protection laws and the Servicemembers
    Civil Relief Act.	 	
        1. Confirm that the contract form number and
        revision date are on a list of approved contract forms provided by the Seller.

         

        2. Confirm that the buyer and co-buyer, if
        applicable, have signed the Contract.

	 	 	 	 	 
	(iv)	 	(iv)        Chattel Paper.  Each Receivable
    constitutes either “tangible chattel paper” or “electronic chattel paper” within the meaning of the
    UCC as in effect in the state of origination.	 	
        1. Confirm that the contract form number and
        revision date are on a list of approved contract forms provided by the Seller.

         

        2. Confirm that there is a signature under
        the appropriate buyer, co-buyer, if applicable, and Seller signature lines within the contract.

         

        3. Confirm the Receivable contains security
        interest language in favor of the Seller in the Financed Vehicle?

	 	 	 	 	 
	(v)	 	(v)         One Original.  There is only one original authenticated copy of each Receivable.	 	1. Confirm the Contract was signed by the buyer and co-buyer, if applicable.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(vi)	 	(vi)        Receivables in Force.  As
    of the Cutoff Date, the Servicer’s electronic records related to receivables do not indicate that any Receivable was
    satisfied, subordinated or rescinded, or that any Financed Vehicle was released from the Lien of the related Receivable.  As
    of the Cutoff Date, none of the material terms of any Receivable has been expressly waived, altered or modified in any material
    respect since its origination, except by instruments or documents identified in the Seller’s receivable system.	 	
        1. Review the Cutoff Data File and confirm
        there is no evidence that the Receivable was satisfied, subordinated or rescinded or that the Financed Vehicle was released from
        the lien prior to the Cutoff Date.

         

        2. Review Receivable File and the
records in Seller’s receivable system for evidence of express waivers prior to the Cutoff Date that were neither identified
in the Receivable File nor identified in the receivable system as of that date.

	 	 	 	 	 
	(vii)	 	(vii)       Lawful Assignment.  The terms
    of the Receivable do not prohibit the sale, transfer and assignment of such Receivable under this Agreement, the Sale and
    Servicing Agreement or the pledge of such Receivable under the Indenture.	 	
        1. Confirm that the contract form
number and revision date are on a list of approved contract forms provided by the Seller. 

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

         

        2. Review the Title Documents and confirm
        that the Seller is listed as a first priority lien holder for the Financed Vehicle.

         

        3. Confirm there is one original authenticated
        copy of the Receivable

	 	 	 	 	 
	(ix)	 	(ix)         No Defenses.  The
    Servicer’s electronic records related to receivables do not reflect any right of rescission, setoff, counterclaim or
    defense asserted or threatened by any Obligor for any Receivable indicated in the Seller’s receivable system.	 	1. Confirm the Cutoff Date Data File does not contain any indication of any right of rescission, counterclaim or defense asserted or threatened by any Obligor as of the Cutoff Date.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(x)	 	(x)          No Default.  As
    of the Cutoff Date, the Servicer’s receivable system did not disclose that there was any payment default under the terms
    of any Receivable (other than payment delinquencies of not more than 30 days).	 	1. Review the records in Seller’s receivable system to confirm that Receivable was not more than 30 days past due as of Cutoff Date.
	 	 	 	 	 
	(xi)	 	(xi)         Insurance.  Under
    the terms of each Receivable, the Obligor is required to maintain physical damage insurance covering the related Financed
    Vehicle.	 	1. Confirm the Receivable contains language that requires the Obligor to obtain and maintain insurance against physical damage to the Financed Vehicle.
	 	 	 	 	 
	(xii)(a)	 	
        (xii)        Individual
        Characteristics. Each Receivable has the following individual characteristics as of the Cutoff Date:

         

        (a)          each
        Receivable had an original maturity of not less than 12 or more than 75 months,
	 	1. Review the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, had an original maturity date within the allowable limits as of the Cutoff Date.
	 	 	 	 	 
	(xii)(b)	 	(b)          no Receivable was more than  30 days past due as of the Cutoff Date,	 	1. Review the records in Seller’s receivable system to confirm the Receivable was not more than the maximum allowable days past due as of the Cutoff Date.
	 	 	 	 	 
	(xii)(c)	 	(c)          no Receivable has a final scheduled payment date after April 26, 2023,	 	1. Confirm that the final scheduled payment date specified in the Receivable, as amended by documents in the Receivable File and notations in the records in Seller’s receivable system, was not later than latest allowable final scheduled payment date as of the Cutoff Date.
	 	 	 	 	 
	(xii)(d)	 	(d)          no Receivable has a Contract Rate of less than 0.00%,	 	1. Review the records in Seller’s receivable system to confirm the Receivable did not have a Contract Rate less than the minimum allowable percentage rate as of the Cutoff Date.

 

     

     

    

 

	 	 	Representation	 	Method of Testing
	 	 	 	 	 
	(xii)(e)	 	(e)          each Receivable has a remaining term of at least 7 months and no more than 75 months,	 	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining term within the allowable limits as of the Cutoff Date.
	 	 	 	 	 
	(xii)(f)	 	(f)          each Receivable has a remaining balance of at least $5,000.00 and not greater than $63,183.78, and	 	1. Review the records in Seller’s receivable system to confirm the Receivable had a remaining balance within the allowable limits as of the Cutoff date.
	 	 	 	 	 
	(xii)(g)	 	(g)          each Receivable is secured by a new or used automobile, light-duty truck or minivan.	 	1. Confirm that the Receivable’s terms indicate the Receivable is secured by a new or used automobile, light-duty truck or minivan.Exhibit 10.1

 

 

PERSHING GOLD CORPORATION 

RESTRICTED STOCK UNIT GRANT AGREEMENT

 

This Restricted Stock
Unit Grant Agreement (this “Agreement”), dated March 21, 2017 (the “Effective Date”), is
entered into by and between PERSHING GOLD CORPORATION (the “Corporation”) and Stephen D. Alfers (“Participant”).

 

RECITALS

 

A.       The
Board of Directors has adopted, and the stockholders have approved, the Pershing Gold Corporation 2013 Equity Incentive Plan (the
“Plan”);

 

B.       The
Plan provides for awards of restricted stock units to eligible participants as determined by the Administrator (as defined in the
Plan);

 

C.       The
Administrator has determined that Participant is a person eligible to receive an award of restricted stock units under the Plan
and has determined that it would be in the best interest of the Corporation to grant the restricted stock units provided for herein;
and

 

D.       This
Agreement is being entered into by Participant and the Corporation in connection with the Participant’s annual bonus under
the Participant’s Amended and Restated Executive Employment Agreement dated June 28, 2015 (the employment contract, as amended
from time to time, being the “Employment Agreement”) for services rendered in 2016.

 

AGREEMENT

 

1.             Grant of Restricted Stock Units.

 

(a)               
Bonus Award. Participant is hereby awarded on the Effective Date, subject to the conditions of the Plan and this
Agreement, fifty thousand (50,000) restricted stock units (the “Restricted Stock Units”). The Restricted Stock
Units are fully vested on the Effective Date.

 

(b)              
Notional Value. Each Restricted Stock Unit represents the right to receive one share of the Corporation’s common
stock, $0.0001 per share (the “Common Stock”) at the time(s) and subject to the terms and conditions set forth
herein.

 

(c)               
Plan Incorporated. Participant acknowledges receipt of a copy of the Plan, and agrees that this award of Restricted
Stock Units shall be subject to all of the terms and conditions set forth in the Plan, as the Plan may be amended from time to
time. The Plan is incorporated herein by reference as a part of this Agreement. Except as defined herein, capitalized terms shall
have the same meanings ascribed to them under the Plan.

 

2.             Settlement of Restricted Stock Units.

 

(a)               
Restricted Stock Units. The shares of Common Stock issuable in respect of the Restricted Stock Units shall be issued
within 30 days following the soonest to occur of: (i) Participant’s Separation from Service (as defined below), (ii) Participant’s
death, (iii) December 31, 2018, or (iv) a 409A Change in Control (as defined below). Notwithstanding the foregoing, if and only
if (A) the Restricted Stock Units provided hereunder are non-qualified deferred compensation subject to Code Section 409A, (B)
Participant is a “specified employee” as defined for purposes of Code Section 409A, and (C) distribution would otherwise
be made as a result of the Participant’s Separation from Service, then distribution shall be delayed until the sooner of
(x) the date that is 6 months and one day following the date of such Separation from Service, (y) Participant’s death, or
(z) such sooner date as may be permitted under Code Section 409A. For purposes of this Agreement, “Separation from Service”
shall have the meaning set forth in Treasury Regulation Section 1.409A-1(h), and “409A Change in Control” shall
mean a Change in Control (as defined in the Plan) that also qualified as a “change in control event” as defined in
Treasury Regulation Section 1.409A-3(i)(5).

 

     

     

    

 

(b)              
Issuance of Certificates. On the settlement date, the Corporation shall cause a stock certificate or certificates
to be delivered to or on behalf of Participant for the shares of Common Stock issuable in respect of the Restricted Stock Units
held by the Participant.

 

3.             Limits on Transferability. The Restricted Stock Units shall not be transferable except by will or the laws of descent
and distribution or pursuant to a beneficiary designation, or as otherwise permitted by Section 5.7 of the Plan. No beneficiary
hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities, or torts of Participant. Any purported
assignment, alienation, pledge, attachment, sale, transfer or other encumbrance of Restricted Stock Units that does not satisfy
the requirements of this Agreement and the Plan shall be void and unenforceable against the Corporation.

 

4.             Stockholder Rights. The Participant shall not have any stockholder rights, including voting or dividend rights, with
respect to the shares of Common Stock subject to the Restricted Stock Units until such shares are issued.

 

5.            Dividend
Equivalent Rights. The Participant shall have dividend equivalent rights with respect to all Restricted Stock Units. Pursuant
to such dividend equivalent rights, the Corporation shall establish an account or accounts for the Participant and reflect in that
account any ordinary dividends paid with respect to shares of Common Stock underlying Participant’s Restricted Stock Units.
The amounts credited to Participant’s account(s) shall be held without interest and shall be payable in connection with the
settlement of the Restricted Stock Units pursuant to Section 2.

 

6.            Withholding.
All amounts payable hereunder shall be subject to applicable federal, state and local income and employment tax withholdings. Notwithstanding
anything herein to the contrary, the Corporation’s obligation to deliver shares of Common Stock in settlement of the Restricted
Stock Units shall be subject to the Participant making (and the delivery of shares shall be delayed until the Participant actually
makes) arrangements acceptable to the Corporation to satisfy all applicable tax withholdings.

 

7.            Tax
Consideration. The Corporation has advised Participant to seek Participant’s own tax and financial advice with regard
to the federal and state tax considerations resulting from Participant’s receipt of Restricted Stock Units pursuant to this
Agreement. Participant understands that the Corporation will report to appropriate taxing authorities the payment to Participant
of compensation income upon the issuance of shares in respect of the Restricted Stock Units. Participant understands that he is
solely responsible for the payment of all federal and state taxes resulting from the Restricted Stock Units.

 

    	 	- 2 -	 

     

    

 

 

8.            Binding
Effect. This Agreement shall bind Participant and the Corporation and their respective beneficiaries, survivors, executors,
administrators and transferees.

 

9.            No
Guarantee of Continued Employment. This Agreement is not a contract for employment and nothing herein shall supersede or amend
the terms of the Employment Agreement or imply that Participant has a right to continued employment with the Corporation.

 

10.          Applicable
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Nevada without
regard to conflict of law principles thereunder.

 

11.          Conflicts
and Interpretation. In the event of any conflict between this Agreement and the Plan, the Plan shall control.

 

12.          Compliance
with Law. Notwithstanding any other provisions of this Agreement, the issuance or delivery of any shares of Common Stock may
be postponed for such period as may be required to comply with any requirements under any law or regulation applicable to the issuance
or delivery of such shares. The Corporation shall not be obligated to issue or deliver any shares of Common Stock if the issuance
or delivery thereof shall constitute a violation of any provision of any law or of any regulation of any governmental authority

 

13.          Amendment.
The Corporation may modify, amend or waive the terms of the Restricted Stock Units award, prospectively or retroactively, but no
such modification, amendment or waiver shall impair the rights of Participant without his or her consent, except as required by
applicable law or stock exchange rules, tax rules or accounting rules. Prior to the effectiveness of any modification, amendment
or waiver required by tax or accounting rules, the Corporation will provide notice to Participant and the opportunity for Participant
to consult with the Corporation regarding such modification, amendment or waiver. The waiver by either party of compliance with
any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any
subsequent breach by such party of a provision of this Agreement.

 

14.          Compliance
with Code Section 409A. The Restricted Stock Units granted under this Agreement are intended to comply with or be exempt from
the requirements of section 409A of the Code, and this Agreement shall be interpreted and administered in a manner consistent with
such intent. Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
on Participant in connection with the Restricted Stock Units granted hereunder (including any taxes and penalties under section
409A of the Code), and neither the Corporation nor any of its affiliates shall have any obligation to indemnify or otherwise hold
Participant harmless from any or all of such taxes or penalties.

 

 

 

 

[Signature Page Follows.]

 

    	 	- 3 -	 

     

    

 

 

IN WITNESS WHEREOF,
the parties have executed this Restricted Stock Unit Grant Agreement as of the date first written above.

 

	 	PERSHING GOLD CORPORATION	 
	 	 	 
	 	 	 
	 	By: 	/s/ Mindyjo Germann	 
	 	Name:	Mindyjo Germann	 
	 	Title: 	Corporate Secretary	 
	 	 	 	 
	 	PARTICIPANT:	 
	 	 	 
	 	 	 
	 	/s/ Stephen D. Alfers	 
	 	Stephen D. Alfers

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