Document:

<PAGE>

                                                                EXHIBIT 4.2
                                                                EXECUTION COPY

------------------------------------------------------------------------------

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                            BANKERS TRUST (DELAWARE),

                                as Owner Trustee

                         ------------------------------

                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                             Dated October 25, 2000

                         ------------------------------

------------------------------------------------------------------------------

<PAGE>

                              TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                          PAGE
                                                                          ----
<S>             <C>                                                       <C>
                               ARTICLE ONE

                               DEFINITIONS

Section 1.01.   General Definitions........................................1
Section 1.02.   Other Definitional Provisions..............................4
Section 1.03.   Interpretive Provisions....................................4

                               ARTICLE TWO

                               ORGANIZATION

Section 2.01.   Name.......................................................5
Section 2.02.   Office.....................................................5
Section 2.03.   Purposes and Powers........................................5
Section 2.04.   Appointment of Owner Trustee...............................6
Section 2.05.   Initial Capital Contribution of Owner Trust Estate.........6
Section 2.06.   Declaration of Trust.......................................6
Section 2.07.   Liability of Owners........................................7
Section 2.08.   Title to Trust Property....................................7
Section 2.09.   Situs of Issuer............................................7
Section 2.10.   Representations and Warranties of the Depositor............7

                               ARTICLE THREE

                TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.   Initial Ownership..........................................9
Section 3.02.   The Trust Certificates.....................................9
Section 3.03.   Authentication and Delivery of Trust Certificates..........9
Section 3.04.   Registration of Transfer and Exchange of Trust
                  Certificates............................................10
Section 3.05.   Mutilated, Destroyed, Lost or Stolen Trust Certificates...11
Section 3.06.   Persons Deemed Owners.....................................12
Section 3.07.   Access to List of Certificateholders' Names and Addresses.12
Section 3.08.   Maintenance of Office or Agency...........................12
Section 3.09.   Appointment of Paying Agent...............................12
Section 3.10.   Definitive Trust Certificates.............................13
Section 3.11.   Repayment of Trust Certificates...........................13

                                       i
<PAGE>

                               ARTICLE FOUR

                         ACTIONS BY OWNER TRUSTEE

Section 4.01.   Prior Notice to Owners with Respect to Certain Matters....13
Section 4.02.   Action by Owners with Respect to Certain Matters..........14
Section 4.03.   Action by Owners with Respect to Bankruptcy...............14
Section 4.04.   Restrictions on Owners' Power.............................14
Section 4.05.   Majority Control..........................................14

                               ARTICLE FIVE

              APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.   Establishment of Trust Account............................15
Section 5.02.   Application of Trust Funds................................15
Section 5.03.   Method of Payment.........................................16
Section 5.04.   No Segregation of Monies, No Interest.....................16
Section 5.05.   Accounting and Reports to Owners, Internal Revenue
                  Service and Others......................................16

                              ARTICLE SIX

                 AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.   General Authority.........................................17
Section 6.02.   General Duties............................................17
Section 6.03.   Action Upon Instruction...................................17
Section 6.04.   No Duties Except as Specified in this Agreement or
                  in Instructions.........................................18
Section 6.05.   No Action Except Under Specified Documents or
                  Instructions............................................19
Section 6.06.   Restrictions..............................................19

                             ARTICLE SEVEN

                     CONCERNING THE OWNER TRUSTEE

Section 7.01.   Acceptance of Trusts and Duties...........................19
Section 7.02.   Furnishing of Documents...................................20
Section 7.03.   Representations and Warranties............................20
Section 7.04.   Reliance, Advice of Counsel...............................21
Section 7.05.   Not Acting in Individual Capacity.........................21
Section 7.06.   Owner Trustee Not Liable for Trust Certificates
                  or Receivables..........................................21
Section 7.07.   Owner Trustee May Own Trust Certificates and Notes........22

                                      ii
<PAGE>

                             ARTICLE EIGHT

                     COMPENSATION OF OWNER TRUSTEE

Section 8.01.   Owner Trustee's Fees and Expenses.........................22
Section 8.02.   Indemnification...........................................22
Section 8.03.   Payments to the Owner Trustee.............................22

                             ARTICLE NINE

                    TERMINATION OF TRUST AGREEMENT

Section 9.01.   Termination of Trust Agreement............................23

                              ARTICLE TEN

                SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

Section 10.01.  Eligibility Requirements for Owner Trustee................24
Section 10.02.  Resignation or Removal of Owner Trustee...................24
Section 10.03.  Successor Owner Trustee...................................25
Section 10.04.  Merger or Consolidation of Owner Trustee..................25
Section 10.05.  Appointment of Co-Trustee or Separate Trustee.............26

                            ARTICLE ELEVEN

                            MISCELLANEOUS

Section 11.01.  Supplements and Amendments................................27
Section 11.02.  No Legal Title to Owner Trust Estate in Owner.............28
Section 11.03.  Limitations on Rights of Others...........................28
Section 11.04.  Notices...................................................29
Section 11.05.  Severability..............................................29
Section 11.06.  Separate Counterparts.....................................29
Section 11.07.  Successors and Assigns....................................29
Section 11.08.  No Petition...............................................29
Section 11.09.  No Recourse...............................................29
Section 11.10.  Headings..................................................30
Section 11.11.  Governing Law.............................................30
Section 11.12.  Trust Certificates Nonassessable and Fully Paid...........30
Section 11.13.  Depositor Payment Obligation..............................30

                                     iii
<PAGE>

                               EXHIBITS

Exhibit A - Form of Trust Certificate....................................A-1
Exhibit B - Form of Seller Certificate...................................B-1
Exhibit C - Form of Investment Letter....................................C-1
Exhibit D - Form of Rule 144A Letter.....................................D-1
</TABLE>

                                      iv
<PAGE>

         This Amended and Restated Trust Agreement, dated October 25, 2000,
is between American Honda Receivables Corp., a California corporation, as
depositor (the "Depositor"), and Bankers Trust (Delaware), a Delaware banking
corporation, as trustee (the "Owner Trustee").

         WHEREAS, Honda Auto Receivables 2000-1 Owner Trust has been created
pursuant to a trust agreement, dated as of October 11, 2000, between the
Depositor and the Owner Trustee (the "Initial Trust Agreement"); and

         WHEREAS, the parties hereto are entering into this amended and
restated trust agreement pursuant to which, among other things, the Initial
Trust Agreement will be amended and restated and $46,755,487.15 aggregate
principal amount of Asset Backed Certificates will be issued;

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

                                   ARTICLE ONE

                                   DEFINITIONS

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

         "ADMINISTRATION AGREEMENT" means the administration agreement, dated
as of October 1, 2000, among the Issuer, the Indenture Trustee, the Depositor
and AHFC, as amended or supplemented from time to time.

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

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

         "AHFC" means American Honda Finance Corporation, and its successors.

         "AHRC" means American Honda Receivables Corp., and its successors.

         "APPLICANTS" shall have the meaning specified in Section 3.07.

         "BENEFIT PLAN" means (i) an employee benefit plan (as such term is
defined in Section 3(3) of ERISA) that is subject to the provisions of Title
I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii)
any entity whose underlying assets include plan assets by reason of a plan's
investment in the entity.

<PAGE>

         "BUSINESS TRUST STATUTE" means Chapter 38 of Title 12 of the
Delaware Code, 12 DEL.C. Section 3801 et seq., as the same may be amended
from time to time.

         "CERTIFICATE BALANCE" means, with respect to any Trust Certificate,
the original certificate balance of such Trust Certificate minus all payments
on such Trust Certificate with respect to principal.

         "CERTIFICATE DISTRIBUTION ACCOUNT" means the account established and
maintained as such pursuant to Section 5.01.

         "CERTIFICATE OF TRUST" means the Certificate of Trust filed for the
Issuer pursuant to Section 3810(a) of the Business Trust Statute,
substantially in the form of Exhibit A to the Initial Trust Agreement.

         "CERTIFICATE RATE" means the 6.670% per annum calculated on the
basis of a 360 day year of twelve 30 day months.

         "CERTIFICATE REGISTER" and "CERTIFICATE REGISTRAR" means the
register maintained and the registrar (or any successor thereto) appointed
pursuant to Section 3.04.

         "CERTIFICATEHOLDER" or "HOLDER" means a Person in whose name a Trust
Certificate is registered.

         "CLOSING DATE" means October 25, 2000.

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

         "COMMISSION" means the Securities and Exchange Commission, and its
successors.

         "CORPORATE TRUST OFFICE" means, with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee located at 1011
Centre Road, Suite 200, Wilmington, Delaware 19805, or at such other address
as the Owner Trustee may designate by notice to the Owners and, the
Depositor, or the principal corporate trust office of any successor Owner
Trustee at the address designated by such successor Owner Trustee by notice
to the Owners and the Depositor.

         "DEPOSITOR" means AHRC in its capacity as depositor hereunder.

         "DTC" means The Depository Trust Company, and its successors.

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

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

                                       2
<PAGE>

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

         "INDEMNIFIED Parties" means the Owner Trustee and its successors,
assigns, agents and any co-trustee.

         "INVESTMENT LETTER" means a letter delivered in connection with the
transfer of a Trust Certificate pursuant to Section 3.04(a), substantially in
the form of Exhibit C.

         "ISSUER" means the Honda Auto Receivables 2000-1 Owner Trust, and
its successors.

         "OPINION OF COUNSEL" means one or more written opinions of counsel,
who may be an employee of or counsel to the Seller, the Depositor or the
Servicer, which counsel shall be acceptable to the Indenture Trustee, the
Owner Trustee or each Rating Agency, as applicable.

         "ORIGINAL CERTIFICATE BALANCE" means $46,755,487.15.

         "OWNER" means each Holder of a Trust Certificate.

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

         "OWNER TRUSTEE" means Bankers Trust (Delaware), a Delaware banking
corporation, not in its individual capacity but solely as owner trustee under
this Agreement, and any successor Owner Trustee hereunder.

         "PAYING AGENT" means any paying agent or co-paying agent appointed
pursuant to Section 3.09.

         "PERCENTAGE INTEREST" means, as to any Trust Certificate, (i) the
original certificate balance for such Trust Certificate, as specified on the
face thereof, divided by (ii) the Original Certificate Balance; provided,
that in determining whether the Holders of the requisite portion or
percentage of the Trust Certificates have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any
other Basic Document, Trust Certificates owned by the Issuer, any other
obligor upon the Certificates, the Seller, the Servicer or any Affiliate of
any of the foregoing Persons shall be disregarded and deemed to be excluded
from the Certificate Balance (unless such Persons own 100% of the Trust
Certificates), except that, in determining whether the Indenture Trustee and
Owner Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver, only Trust Certificates
that the Indenture Trustee and the Owner Trustee know to be so owned shall be
so disregarded. Trust Certificates so owned that have been pledged in good
faith may be regarded

                                       3
<PAGE>

as included in the Certificate Balance if the pledgee establishes to the
satisfaction of the Indenture Trustee or the Owner Trustee, as applicable,
the pledgee's right so to act with respect to such Trust Certificates and
that the pledgee is not the Issuer, any other obligor upon the Trust
Certificates, the Seller or any Affiliate of any of their respective
Affiliates.

         "RECORD DATE" means, with respect to any Payment Date, the day
immediately preceding such Payment Date.

         "REQUIRED RATING" means, with respect to any entity, that such
entity (or the parent of such entity) has a rating of at least BBB- by
Standard & Poor's and at least Baa3 by Moody's.

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

         "SALE AND SERVICING AGREEMENT" means the sale and servicing
agreement, dated as of October 1, 2000, among the Issuer, the Depositor and
AHFC, as servicer, as amended or supplemented from time to time.

         "SECRETARY OF STATE" means the Secretary of State of the State of
Delaware.

         "SECURITIES ACT" means the Securities Act of 1933, as amended.

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

         "TREASURY REGULATIONS" means regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to
specific provisions of proposed or temporary regulations shall include
analogous provisions of final Treasury Regulations or other successor
Treasury Regulations.

         "TRUST CERTIFICATE" means a certificate evidencing the beneficial
interest of an Owner in the Trust, substantially in the form of Exhibit A.

         Section 1.02. OTHER DEFINITIONAL PROVISIONS.

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

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

         Section 1.03. INTERPRETIVE PROVISIONS.

                  (a) For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires, (i) terms
used herein include, as

                                       4
<PAGE>

         appropriate, all genders and the plural as well as the singular,
         (ii) references to words such as "herein", "hereof" and the like
         shall refer to this Agreement as a whole and not to any particular
         part, article or section within this Agreement, (iii) references to
         a section such as "Section 1.01" and the like shall refer to the
         applicable Section of this Agreement, (iv) the term "include, and
         all variations thereof shall mean "include without limitation", (v)
         the term "or" shall include "and/or" and (vi) the term "proceeds"
         shall have the meaning set forth in the applicable UCC.

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

                                 ARTICLE TWO

                                ORGANIZATION

         Section 2.01. NAME. The trust created hereby shall be known as the
"Honda Auto Receivables 2000-1 Owner Trust", in which name the Owner Trustee
may conduct the business of the Issuer, make and execute contracts and other
instruments and sue and be sued, to the extent herein provided.

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

         Section 2.03. PURPOSES AND POWERS.

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

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

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

                                       5

<PAGE>

         Trust and to pay the balance to the Depositor pursuant to the Sale
         and Servicing Agreement;

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

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

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

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

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

         Section 2.04. APPOINTMENT OF OWNER TRUSTEE. The Depositor hereby
appoints the Owner Trustee as trustee of the Issuer effective as of the date
hereof, to have all the rights, powers and duties set forth herein, and the
Owner Trustee hereby accepts such appointment.

         The Owner Trustee may engage, in the name of the Issuer or in its
own name on behalf of the Issuer, in the activities of the Issuer, make and
execute contracts on behalf of the Issuer and sue on behalf of the Issuer.

         Section 2.05. INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE.
The Depositor hereby sells, assigns, transfers, conveys and sets over to the
Owner Trustee, as of the date hereof, the sum of $ 1,000.00. The Owner
Trustee hereby acknowledges receipt in trust from the Depositor, as of the
date hereof, of the foregoing contribution, which shall constitute the
initial Owner Trust Estate and shall be deposited in the Certificate
Distribution Account. The Depositor shall pay organizational expenses of the
Issuer as they may arise or shall, upon the request of the Owner Trustee,
promptly reimburse the Owner Trustee for any such expenses paid by the Owner
Trustee.

         Section 2.06. DECLARATION OF TRUST. The Owner Trustee hereby
declares that it will hold the Owner Trust Estate in trust upon and subject
to the conditions set forth herein for the sole purpose of conserving the
Owner Trust Estate and collecting and disbursing the periodic income
therefrom for the use and benefit of the Owners, subject to the obligations
of the Issuer under the Basic Documents. It is the intention of the parties
hereto that the Issuer constitute a business trust under the Business Trust
Statute and that this Agreement constitute the governing

                                       6
<PAGE>

instrument of such business trust. It is the intention of the parties hereto
that, solely for income and franchise tax purposes, (i) so long as there is a
sole Owner, the Issuer shall be treated as a security arrangement, with the
assets of the Issuer being the Receivables and other assets held by the
Issuer, the owner of the Receivables being the sole Owner and the Notes being
non-recourse debt of the sole Owner and (ii) if there is more than one Owner,
the Issuer shall be treated as a partnership for income and franchise tax
purposes, with the assets of the partnership being the Receivables and other
assets held by the Issuer and with the partners of the partnership being the
Owners and the Notes being debt of the partnership. The parties agree that,
unless otherwise required by appropriate tax authorities, the Issuer will
file or cause to be filed annual or other necessary returns, reports and
other forms consistent with the characterization of the Issuer as provided in
the preceding sentence for such tax purposes. Effective as of the date
hereof, the Owner Trustee shall have all rights, powers and duties set forth
herein and in the Business Trust Statute for the sole purpose and to the
extent necessary to accomplish the purpose of the Issuer as set forth in
Section 2.03(a).

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

         Section 2.08. TITLE TO TRUST PROPERTY. Legal title to the Owner
Trust Estate shall be vested at all times in the Issuer as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in
which case title shall be deemed to be vested in the Owner Trustee, a
co-trustee and/or a separate trustee, as the case may be.

         Section 2.09. SITUS OF ISSUER. The Issuer will be located in the
State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Issuer shall be located in the states of Delaware or New York.
The Issuer shall not have any employees in any state other than Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner
Trustee from having employees within or without the State of Delaware.
Payments will be received by the Issuer only in, and payments will be made by
the Issuer only from, the states of Delaware or New York. The only office of
the Issuer will be at the Corporate Trust Office.

         Section 2.10. REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR. The
Depositor hereby represents and warrants to the Owner Trustee that:

         (a) The Depositor has been duly organized and is validly existing as
a corporation in good standing under the laws of the State of California,
with power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently conducted,
and had at all relevant times, and has, power, authority and legal right to
acquire, own and sell the Receivables.

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

                                       7
<PAGE>

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

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

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

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

                                       8
<PAGE>

                                 ARTICLE THREE

                 TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

         Section 3.02. THE TRUST CERTIFICATES. The Trust Certificates shall
be issued in minimum denominations of $100,000 and integral multiples
thereof; provided, however, that one Trust Certificate may be issued in such
denomination as required to include any residual amount. The Trust
Certificates shall be executed by the Owner Trustee on behalf of the Issuer
by manual or facsimile signature of an authorized officer of the Owner
Trustee and shall have deemed to have been validly issued when so executed.
Trust Certificates bearing the manual or facsimile signatures of individuals
who were, at the time when such signatures were affixed, authorized to sign
on behalf of the Owner Trustee, shall be validly issued and binding
obligations of the Issuer and entitled to the benefit of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be
so authorized prior to the authentication and delivery of such Trust
Certificates or did not hold such offices at the date of authentication and
delivery of such Trust Certificates.

         A transferee of a Trust Certificate shall become a Certificateholder
and shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee's acceptance of a Trust
Certificate duly registered in such transferee's name pursuant to Section
3.04.

         Section 3.03. AUTHENTICATION AND DELIVERY OF TRUST CERTIFICATES. On
the Closing Date, the Owner Trustee shall cause to be authenticated and
delivered upon the order of the Depositor, in exchange for the Receivables
and the other assets of the Issuer, simultaneously with the sale, assignment
and transfer to the Issuer of the Receivables, and the constructive delivery
to the Owner Trustee of the Receivable Files and the other assets of the
Issuer, Trust Certificates duly authenticated by the Owner Trustee, in
authorized denominations equaling in the aggregate the Original Certificate
Balance and evidencing the entire ownership of the Issuer. No Trust
Certificate shall entitle its Holder to any benefit under this Agreement, or
be valid for any purpose, unless there shall appear on such Trust Certificate
a certificate of authentication substantially in the form set forth in
Exhibit A, executed by the Owner Trustee or its authenticating agent, by
manual signature; and such authentication shall constitute conclusive
evidence that such Trust Certificate shall have been duly authenticated and
delivered hereunder. All Trust Certificates shall be dated the date of their
authentication. Upon issuance, authentication and delivery pursuant to the
terms hereof, the Trust Certificates will be entitled to the benefits of this
Agreement. The authenticating agent of the Owner Trustee shall be Bankers
Trust Company. Whenever, in any Basic Document, a reference is made to
authentication by the Owner Trustee, such reference shall include
authentication by the authenticating agent.

                                       9
<PAGE>

         Section 3.04. REGISTRATION OF TRANSFER AND EXCHANGE OF TRUST
CERTIFICATES.

         (a)   The Certificate Registrar shall keep or cause to be kept, at
the office or agency maintained pursuant to Section 3.08, a Certificate
Register in which, subject to such reasonable regulations as it may
prescribe, the Owner Trustee shall provide for the registration of Trust
Certificates and of transfers and exchanges of Trust Certificates as herein
provided. Bankers Trust Company is hereby appointed as initial Certificate
Registrar. Upon any resignation of the initial Certificate Registrar, the
Owner Trustee shall promptly appoint a successor thereto.

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

         (b)   Upon surrender for registration of transfer of any Trust
Certificate at the office of the Certificate Registrar and subject to the
satisfaction of the preceding paragraph, the Owner Trustee shall execute,
authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Trust Certificates in authorized denominations
of a like aggregate original certificate balance dated the date of
authentication by the Owner Trustee or any authenticating agent; provided
that prior to such execution, authentication and delivery, the Owner Trustee
shall have received an Opinion of Counsel to the effect that the proposed
transfer will not cause the Issuer to be characterized, as an association (or
a publicly traded partnership) taxable as a corporation or alter the tax
characterization of the Notes for federal income tax purposes. At the option
of a Holder, Trust Certificates may be exchanged for other Trust Certificates
of authorized

                                      10
<PAGE>

denominations of a like aggregate original certificate balance upon surrender
of the Trust Certificates to be exchanged at the office or agency maintained
pursuant to Section 3.08.

         (c)   At the option of a Certificateholder, Trust Certificates may
be exchanged for other Trust Certificates in authorized denominations of a
like aggregate original certificate balance upon surrender of the Trust
Certificates to be exchanged at the office of the Certificate Registrar.
Whenever any Trust Certificates are so surrendered for exchange, the Owner
Trustee on behalf of the Issuer shall execute, authenticate and deliver (or
shall cause its authenticating agent to authenticate and deliver) the Trust
Certificates that the Certificateholder making the exchange is entitled to
receive. Every Trust Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer
in form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Holder or such Holder's attorney duly authorized in writing.

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

         (e)   The Trust Certificates may not be acquired by or for the
account of a Benefit Plan. By accepting and holding a Trust Certificate, the
Holder thereof shall be deemed to have represented and warranted that it is
not a Benefit Plan nor will it hold such Trust Certificate for the account of
a Benefit Plan.

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

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

         Section 3.05. MUTILATED, DESTROYED, LOST OR STOLEN TRUST
CERTIFICATES. If (i) any mutilated Trust Certificate is surrendered to the
Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Trust Certificate and
(ii) there is delivered to the Certificate Registrar and the Owner Trustee
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice that such Trust Certificate has been
acquired by a bona fide purchaser, the Owner Trustee on behalf of the Issuer
shall execute and the Owner Trustee or its authenticating agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Certificate, a new Trust Certificate in an
authorized denomination and of a like original certificate balance. In
connection with the issuance of any new Trust Certificate under

                                      11
<PAGE>

this Section, the Owner Trustee may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Trust Certificate issued pursuant to this
Section shall constitute conclusive evidence of ownership in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Trust
Certificate shall be found at any time.

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

         Section 3.07. ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND
ADDRESSES. The Owner Trustee shall furnish or cause to be furnished to the
Servicer and the Depositor, within 15 days after receipt by the Owner Trustee
of a written request therefor from the Servicer or the Depositor, a list, in
such form as the Servicer or the Depositor may reasonably require, of the
names and addresses of the Certificateholders as of the most recent Record
Date. If three or more Certificateholders, or one or more Certificateholders
evidencing not less than 51 % of the Percentage Interests of the Trust
Certificates (hereinafter referred to as the "Applicants"), apply in writing
to the Owner Trustee, and such application states that the Applicants desire
to communicate with other Certificateholders with respect to their rights
under this Agreement or under the Trust Certificates, then the Owner Trustee
shall, within five Business Days after the receipt of such application,
afford such Applicants access during normal business hours to the current
list of Certificateholders. Each Holder, by receiving and holding a Trust
Certificate, shall be deemed to have agreed not to hold any of the Depositor,
the Certificate Registrar or the Owner Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such
information was derived.

         Section 3.08. MAINTENANCE OF OFFICE OR AGENCY. The Owner Trustee
shall maintain in the Borough of Manhattan, The City of New York, an office
or offices or agency or agencies where Trust Certificates may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Owner Trustee in respect of the Trust Certificates and the Basic
Documents may be served. The Owner Trustee initially designates Bankers Trust
(Delaware) c/o Bankers Trust Company, 4 Albany Street, 10th Floor, New York,
New York 10006, Attention: Chip Greiter, as its office for such purposes. The
Owner Trustee shall give prompt written notice to the Depositor and to the
Certificateholders of any change in the location of the Certificate Register
or any such office or agency.

         Section 3.09. APPOINTMENT OF PAYING AGENT. The Paying Agent shall
make distributions to Certificateholders from the Certificate Distribution
Account pursuant to Sections 5.02 and 5.03 and shall report the amounts of
such distributions to the Owner Trustee. Any Paying Agent shall have the
revocable power to withdraw funds from the Certificate Distribution Account
for the purpose of making the distributions referred to above. The Owner
Trustee may revoke such power and remove the Paying Agent if the Owner
Trustee determines in its sole discretion that

                                      12
<PAGE>

the Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect. The Paying Agent initially shall be
Bankers Trust Company, and any co-paying agent chosen by the Paying Agent
that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted
to resign as Paying Agent upon 30 days' written notice to the Owner Trustee.
In the event that Bankers Trust Company shall no longer be the Paying Agent,
the Owner Trustee shall appoint a successor to act as Paying Agent (which
shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner
Trustee to execute and deliver to the Owner Trustee an instrument in which
such successor Paying Agent or additional Paying Agent shall agree with the
Owner Trustee that, as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholders in trust for the benefit of the Certificateholders
entitled thereto until such sums shall be paid to such Certificateholders.
The Paying Agent shall return all unclaimed funds to the Owner Trustee and
upon removal of a Paying Agent such Paying Agent shall also return all funds
in its possession to the Owner Trustee. The provisions of Sections 7.01,
7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as
Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and,
to the extent applicable, to any other paying agent appointed hereunder. Any
reference in this Agreement to the Paying Agent shall include any co-paying
agent unless the context requires otherwise.

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

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

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

         Section 4.01. PRIOR NOTICE TO OWNERS WITH RESPECT TO CERTAIN
MATTERS. Subject to the provisions and limitations of Section 4.04, with
respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee
shall have notified the Certificateholders in writing of the proposed action
and the Owners shall not have notified the Owner Trustee in writing prior to
the 30th day after such notice is given that such Owners have withheld
consent or provided alternative direction:

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

                                      13
<PAGE>

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

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

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

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

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

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

         Section 4.03. ACTION BY OWNERS WITH RESPECT TO BANKRUPTCY. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Issuer without the unanimous prior approval of all
Owners (including the Depositor) and the delivery to the Owner Trustee by
each such Owner of a certificate certifying that such Owner reasonably
believes that the Issuer is insolvent.

         Section 4.04. RESTRICTIONS ON OWNERS' POWER. The Owners shall not
direct the Owner Trustee to take or to refrain from taking any action if such
action or inaction would be contrary to any obligation of the Issuer or the
Owner Trustee under this Agreement or any of the other Basic Documents or
would be contrary to the purpose of the Issuer as set forth in Section 2.03,
nor shall the Owner Trustee be obligated to follow any such direction, if
given.

         Section 4.05. MAJORITY CONTROL. Except as expressly provided herein,
any action that may be taken by the Owners under this Agreement may be taken
by the Holders of Trust Certificates evidencing not less than a majority of
the Percentage Interests evidenced by the

                                      14
<PAGE>

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

                                 ARTICLE FIVE

                  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         Section 5.01. ESTABLISHMENT OF TRUST ACCOUNT. The Owner Trustee, for
the benefit of the Certificateholders, shall establish and maintain in the
name of the Issuer an Eligible Account (the "Certificate Distribution
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholders.

         The Issuer shall possess all right, title and interest in funds on
deposit from time to time in the Certificate Distribution Account and in the
proceeds thereof. Except as otherwise expressly provided herein, the
Certificate Distribution Account shall be under the sole dominion and control
of the Owner Trustee for the benefit of the Certificateholders. If, at any
time, the Certificate Distribution Account ceases to be an Eligible Account,
the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the
Certificate Distribution Account is not then held by the Owner Trustee or an
Affiliate thereof) shall within ten Business Days (or such longer period, not
to exceed 30 calendar days, as to which each Rating Agency may consent)
establish a new Certificate Distribution Account as an Eligible Account and
shall transfer any cash and/or any investments to such new Certificate
Distribution Account. Monies on deposit in the Certificate Distribution
Account may be invested in Eligible Investments upon the terms set forth in
Section 4.01 of the Sale and Servicing Agreement, as if the Certificate
Distribution Account were an "Account". Earnings on investments of funds in
the Certificate Distribution Account shall be paid to the Servicer as part of
the Supplemental Servicing Fee and any losses and investment expenses shall
be charged against the funds in such account.

         Section 5.02. APPLICATION OF TRUST FUNDS.

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

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

         (c)   In the event that any withholding tax is imposed on the
Issuer's payment (or allocations of income) to an Owner, such tax shall
reduce the amount otherwise distributable to the Owner in accordance with
this Section. The Owner Trustee is hereby authorized and directed to retain
from amounts otherwise distributable to the Owners sufficient funds for the
payment of any tax that is legally owed by the Issuer (but such authorization
shall not prevent

                                      15

<PAGE>

the Owner Trustee from contesting any such tax in appropriate proceedings and
withholding payment of such tax, if permitted by law, pending the outcome of
such proceedings). The amount of any withholding tax imposed with respect to
an Owner shall be treated as cash distributed to such Owner at the time it is
withheld by the Issuer and remitted to the appropriate taxing authority. If
there is a possibility that withholding tax is payable with respect to a
distribution, the Owner Trustee may in its sole discretion withhold such
amounts in accordance with this paragraph (c).

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

         Section 5.04. NO SEGREGATION OF MONIES; NO INTEREST. Subject to
Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need
not be segregated in any manner except to the extent required by law or the
Sale and Servicing Agreement and may be deposited under such general
conditions as may be prescribed by law, and the Owner Trustee shall not be
liable for any interest thereon.

         Section 5.05. ACCOUNTING AND REPORTS TO OWNERS, INTERNAL REVENUE
SERVICE AND OTHERS. The Owner Trustee shall maintain (or cause to be
maintained) the books of the Issuer on a fiscal year basis ending March 31 of
each year and the accrual method of accounting. In addition, the Issuer shall
deliver to each Owner such information, reports or statements as may be
required by the Code and applicable Treasury Regulations and as may be
required to enable each Owner to prepare its federal and state income tax
returns. Consistent with the Issuer's characterization for tax purposes, as a
security arrangement for the issuance of non-recourse debt, no federal income
tax return shall be filed on behalf of the Issuer unless either (i) the Owner
Trustee shall receive an Opinion of Counsel that, based on a change in
applicable law occurring after the date hereof, the Code requires such a
filing or (ii) the Internal Revenue Service shall determine that the Issuer
is required to file such a return. Notwithstanding the preceding sentence,
the Owner Trustee shall file Internal Revenue Service Form 8832 and elect for
the Issuer to be treated as a domestic eligible entity with a single owner
that is disregarded as a separate entity, which election shall remain in
effect so long as the Depositor or any other party is the sole Owner. In the
event that the Issuer is required to file tax returns, the Owner Trustee
shall prepare or shall cause to be prepared any tax returns required to be
filed by the Issuer and shall remit such returns to the Depositor (or if the
Depositor no longer owns any Certificates, the Owner designated for such
purpose by the Depositor to the Owner Trustee in writing) at least five days
before such returns are due to be filed. The Depositor (or such designee
Owner, as applicable) shall promptly sign such returns and deliver such
returns after signature to the Owner Trustee and such returns shall be filed
by the Owner Trustee with the appropriate tax authorities. In no event shall
the Owner Trustee or the Depositor (or such designee Owner, as applicable) be
liable for any liabilities, costs or expenses of the Issuer or the
Noteholders arising out of the application of any tax law,

                                      16
<PAGE>

including federal, state, foreign or local income or excise taxes or any
other tax imposed on or measured by income (or any interest, penalty or
addition with respect thereto or arising from a failure to comply therewith)
except for any such liability, cost or expense attributable to any act or
omission by the Owner Trustee or the Depositor (or such designee Owner, as
applicable), as the case may be, in breach of its obligations under this
Agreement.

                                 ARTICLE SIX

                    AUTHORITY AND DUTIES OF OWNER TRUSTEE

         Section 6.01. GENERAL AUTHORITY. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver the Basic Documents to which the Issuer is to
be a party and each certificate or other document attached as an exhibit to
or contemplated by the Basic Documents to which the Issuer is to be a party
and any amendment or other agreement, as evidenced conclusively by the Owner
Trustee's execution thereof. In addition to the foregoing, the Owner Trustee
is authorized, but shall not be obligated, to take all actions required of
the Issuer pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator
recommends with respect to the Basic Documents.

         Section 6.02. GENERAL DUTIES. Subject to the provisions and
limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and the other Basic Documents to
which the Issuer is a party and to administer the Issuer in the interest of
the Owners, subject to the Basic Documents and in accordance with the
provisions of this Agreement. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the other Basic Documents to the extent the Administrator
has agreed in the Administration Agreement to perform any act or to discharge
any duty of the Owner Trustee hereunder or under any Basic Document, and the
Owner Trustee shall not be held liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement.

         Section 6.03. ACTION UPON INSTRUCTION.

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

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

                                      17
<PAGE>

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

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

         Section 6.04. NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of,
or otherwise deal with the Owner Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Owner Trustee is a party, except as
expressly provided by the terms of this Agreement or in any document or
written instruction received by the Owner Trustee pursuant to Section 6.03;
and no implied duties or obligations shall be read into this Agreement or any
other Basic Document against the Owner Trustee. The Owner Trustee shall have
no responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to prepare or
file any Commission filing for the Issuer or to record this Agreement or any
other Basic Document. The Owner Trustee nevertheless agrees that it will, at
its own cost and expense, promptly take all action as may be necessary to
discharge any liens (other than the lien of the Indenture) on any part of the
Owner Trust Estate that result from actions by, or claims against, the Owner
Trustee that are not related to the ownership or the administration of the
Owner Trust Estate.

                                      18
<PAGE>

         Section 6.05. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Owner Trustee shall not manage, control, use, sell, dispose
of or otherwise deal with any part of the Owner Trust Estate except in
accordance with (i) the powers granted to and the authority conferred upon
the Owner Trustee pursuant to this Agreement, (ii) the Basic Documents and
(iii) any document or instruction delivered to the Owner Trustee pursuant to
Section 6.03.

         Section 6.06. RESTRICTIONS. The Owner Trustee shall not take any
action (i) that is inconsistent with the purposes of the Issuer set forth in
Section 2.03 or (ii) that, to the actual knowledge of the Owner Trustee,
would result in the Issuer's becoming taxable as a corporation for federal or
state income tax purposes. The Owners shall not direct the Owner Trustee to
take action that would violate the provisions of this Section.

                                ARTICLE SEVEN

                        CONCERNING THE OWNER TRUSTEE

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

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

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

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

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

         (e)   the Owner Trustee shall not be responsible for or in respect
of the validity or sufficiency of this Agreement or for the due execution
hereof by the Depositor or for the form,

                                      19
<PAGE>

character, genuineness, sufficiency, value or validity of any of the Owner
Trust Estate, or for or in respect of the validity or sufficiency of the
Basic Documents, other than the certificate of authentication on the Trust
Certificates, and the Owner Trustee shall in no event assume or incur any
liability, duty or obligation to any Noteholder or to any Owner, other than
as expressly provided for in the Basic Documents;

         (f)   the Owner Trustee shall not be liable for the default or
misconduct of the Administrator, the Seller, the Depositor, the Indenture
Trustee or the Servicer under any Basic Document or otherwise, and the Owner
Trustee shall have no obligation or liability to perform the obligations of
the Issuer under this Agreement or the other Basic Documents that are
required to be performed by the Administrator under the Administration
Agreement, the Indenture Trustee under the Indenture or the Servicer or the
Seller under the Sale and Servicing Agreement or any other Person under any
of the Basic Documents; and

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

         Section 7.02. FURNISHING OF DOCUMENTS.

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

         Section 7.03. REPRESENTATIONS AND WARRANTIES. The Owner Trustee
hereby represents and warrants to the Depositor and the Owners, that:

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

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

         (c)  neither the execution nor the delivery by it of this Agreement,
nor the consummation by it of the transactions contemplated hereby, nor
compliance by it with any of the terms or provisions hereof will contravene
any federal or Delaware law, governmental rule or

                                      20
<PAGE>

regulation governing the banking or trust powers of the Owner Trustee or any
judgment or order binding on it, or constitute any default under its charter
documents or bylaws.

         Section 7.04. RELIANCE, ADVICE OF COUNSEL.

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

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

         Section 7.05. NOT ACTING IN INDIVIDUAL CAPACITY. Except as otherwise
provided in this Article, in accepting the trusts hereby created Bankers
Trust (Delaware) acts solely as Owner Trustee hereunder and not in its
individual capacity, and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any
other Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof.

         Section 7.06. OWNER TRUSTEE NOT LIABLE FOR TRUST CERTIFICATES OR
RECEIVABLES. The recitals contained herein and in the Trust Certificates
(other than the signature of the Owner Trustee and the certificate of
authentication on the Trust Certificates) shall be taken as the statements of
the Depositor, and the Owner Trustee assumes no responsibility for the
correctness thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this Agreement, any other Basic Document or the
Trust Certificates (other than the signature of the Owner Trustee and the
certificate of authentication on the Trust Certificates and the
representations and warranties in Section 7.03) or the Notes, or of any
Receivable or related documents. The Owner Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any Financed Vehicle or the
maintenance of any such perfection and priority, or for or with respect to
the sufficiency of the

                                      21
<PAGE>

Owner Trust Estate or its ability to generate the payments to be distributed
to Certificateholders under this Agreement or the Noteholders under the
Indenture, including, without limitation, the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any
Receivable to the Issuer or of any intervening assignment; the completeness
of any Receivable; the performance or enforcement of any Receivable; the
compliance by the Depositor or the Servicer with any warranty or
representation made under any Basic Document or in any related document or
the accuracy of any such warranty or representation, or any action of the
Administrator, the Indenture Trustee or the Servicer or any subservicer taken
in the name of the Owner Trustee.

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

                                ARTICLE EIGHT

                        COMPENSATION OF OWNER TRUSTEE

         Section 8.01. OWNER TRUSTEE'S FEES AND EXPENSES. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have
been separately agreed upon before the date hereof between the Depositor and
the Owner Trustee, and upon the formation of the Issuer, the Owner Trustee
shall be entitled to be reimbursed by the Issuer for its other reasonable
expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, representatives, experts and counsel as the
Owner Trustee may employ in connection with the exercise and performance of
its rights and its duties hereunder.

         Section 8.02. INDEMNIFICATION. The Issuer shall be liable as primary
obligor for, and shall indemnify the Indemnified Parties from and against,
any and all Expenses which may at any time be imposed on, incurred by, or
asserted against the Owner Trustee or any other Indemnified Party in any way
relating to or arising out of this Agreement, the other Basic Documents, the
Owner Trust Estate, the administration of the Owner Trust Estate or the
action or inaction of the Owner Trustee or any other Indemnified Party
hereunder, except only that the Issuer shall not be liable for or required to
indemnify an Indemnified Party from and against Expenses arising or resulting
from any of the matters described in the third sentence of Section 7.01. The
indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. In the
event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section, the Owner Trustee's choice of legal counsel shall
be subject to the approval of the Depositor (or if the Depositor is no longer
an owner, the designee of the Depositor), which approval shall not be
unreasonably withheld.

         Section 8.03. PAYMENTS TO THE OWNER TRUSTEE. Any amounts paid to the
Owner Trustee pursuant to this Article shall be deemed not to be a part of
the Owner Trust Estate immediately

                                      22
<PAGE>

after such payment. Any amounts owing to the Owner Trustee under this
Agreement or the other Basic Documents shall constitute a claim against the
Owner Trust Estate.

                                ARTICLE NINE

                       TERMINATION OF TRUST AGREEMENT

         Section 9.01. TERMINATION OF TRUST AGREEMENT.

         (a)   This Agreement (other than Article Eight) and the Issuer shall
terminate and be of no further force or effect upon the earlier to occur of
(i) the purchase on any Payment Date by the Seller or the Servicer, or any
successor Servicer, at its option, pursuant to Section 8.01(a) of the Sale
and Servicing Agreement, of the Owner Trust Estate other than the Accounts
and the Certificate Distribution Account, (ii) the final distribution by the
Owner Trustee of all monies or other property or proceeds of the Owner Trust
Estate in accordance with the terms of the Indenture, the Sale and Servicing
Agreement and Article Five or (iii) the Payment Date next succeeding the
month which is one year after the maturity or other liquidation of the last
Receivable and the disposition of any amount received upon liquidation of any
property remaining in the Owner Trust Estate. The bankruptcy, liquidation,
dissolution, death or incapacity of any Owner shall not (i) operate to
terminate this Agreement or the Issuer, (ii) entitle such Owner's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of
the Issuer or Owner Trust Estate or (iii) otherwise affect the rights,
obligations and liabilities of the parties hereto.

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

         (c)   The outstanding Trust Certificates are subject to redemption
in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing
Agreement; provided that the Issuer has available funds sufficient to pay the
aggregate Certificate Balance of all the Trust Certificates, together with
accrued interest at the Certificate Rate to but excluding the Payment Date.
Notice of any termination of the Issuer, specifying the Payment Date upon
which Certificateholders shall surrender their Trust Certificates to the
Paying Agent for payment of the final distribution and cancellation, shall be
given by the Owner Trustee by letter to Certificateholders mailed within five
Business Days of receipt of notice of such termination from the Servicer
given pursuant to Section 8.01(b) of the Sale and Servicing Agreement,
stating (i) the Payment Date upon or with respect to which final payment of
the Trust Certificates shall be made upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent in The City of New York
therein designated, (ii) the amount of any such final payment and (iii) that
the Record Date otherwise applicable to such Payment Date is not applicable,
payments being made only upon presentation and surrender of the Trust
Certificates at the office of the Paying Agent therein specified. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than
the Owner Trustee) and the Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Trust
Certificates, the Paying Agent shall cause to be distributed to
Certificateholders amounts distributable on such Payment Date

                                      23
<PAGE>

pursuant to Section 5.02. The Owner Trustee shall promptly notify each Rating
Agency upon the final payment of the Trust Certificates.

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

         (e)   Upon the winding up of the Issuer and its termination, the
Owner Trustee shall cause the Certificate of Trust to be cancelled by filing
a certificate of cancellation with the Secretary of State in accordance with
Section 3810 of the Business Trust Statute.

                                ARTICLE TEN

                   SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

         Section 10.01. ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE. The Owner
Trustee shall at all times (i) be a corporation satisfying the provisions of
Section 3807(a) of the Business Trust Statute, (ii) be authorized to exercise
corporate trust powers, (iii) have a combined capital and surplus of at least
$50,000,000, (iv) be subject to supervision or examination by federal or
state authorities and (v) have the Required Rating. If such corporation shall
publish reports of condition at least annually pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for
the purpose of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. In case at any
time the Owner Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Owner Trustee shall resign immediately in the
manner and with the effect specified in Section 10.02.

         Section 10.02. RESIGNATION OR REMOVAL OF OWNER TRUSTEE. The Owner
Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator. Upon receiving
such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Owner Trustee and one
copy to the successor Owner Trustee. If no successor Owner Trustee shall have
been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Owner Trustee may
petition at the Issuer's expense any court of competent jurisdiction for the
appointment of a successor Owner Trustee.

                                     24
<PAGE>

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

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

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

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

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

         Section 10.04. MERGER OR CONSOLIDATION OF OWNER TRUSTEE. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, without

                                      25

<PAGE>

the execution or filing of any instrument or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding;
provided, that such corporation shall be eligible pursuant to Section 10.01
and, provided, further, that the Owner Trustee shall mail notice of such
merger or consolidation to each Rating Agency.

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

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

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

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

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

         Any notice, request or other writing given to the Owner Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee,
upon its

                                      26
<PAGE>

acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Owner Trustee. Each such instrument shall be
filed with the Owner Trustee and a copy thereof given to the Administrator.

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

                              ARTICLE ELEVEN

                               MISCELLANEOUS

         Section 11.01. SUPPLEMENTS AND AMENDMENTS.

         (a)   This Agreement may be amended by the parties hereto with prior
written notice to each Rating Agency, without the consent of any
Securityholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder or Certificateholder.

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

                                      27
<PAGE>

         (c)   Prior to the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Indenture Trustee, the Administrator and each
Rating Agency.

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

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

         (f)   In connection with the execution of any amendment to this
Agreement or any other basic Document to which the Issuer is a party and for
which amendment the Owner Trustee's consent is sought, the Owner Trustee
shall be entitled to receive and rely upon an Opinion of Counsel to the
effect that the execution of such amendment is authorized or permitted by
this Agreement or such other Basic Document, as the case may be, and that all
conditions precedent in this Agreement or such other Basic Document, as the
case may be, for the execution and delivery thereof by the Issuer or the
Owner Trustee, as the case may be, have been satisfied. The Owner Trustee
may, but shall not be obligated to, enter into any such amendment that
affects the Owner Trustee's own rights, duties or immunities under this
Agreement or otherwise.

         Section 11.02. NO LEGAL TITLE TO OWNER TRUST ESTATE IN OWNER. The
Owner shall not have legal title to any part of the Owner Trust Estate. The
Owners shall be entitled to receive distributions with respect to their
undivided ownership interest therein only in accordance with Articles Five
and Nine. No transfer, by operation of law or otherwise, of any right, title
or interest of the Owners to and in their ownership interest in the Owner
Trust Estate shall operate to terminate this Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it
of legal title to any part of the Owner Trust Estate.

         Section 11.03. LIMITATIONS ON RIGHTS OF OTHERS. The provisions of
this Agreement are solely for the benefit of the Owner Trustee, the
Indemnified Parties, the Depositor, the Owners, the Administrator and, to the
extent expressly provided herein, the Indenture Trustee and the Noteholders,
and nothing in this Agreement, whether express or implied, shall be construed
to give to any other Person any legal or equitable right, remedy or claim in
the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

                                      28
<PAGE>

         Section 11.04. NOTICES.

         (a)   Unless otherwise expressly specified or permitted by the terms
hereof, all demands, notices and communications under this Agreement shall be
in writing, personally delivered, mailed by certified mail, return receipt
requested, or sent via facsimile transmission (followed by hard copy by
overnight delivery) and shall be deemed to have been duly given upon receipt
(i) in the case of the Owner Trustee, at the Corporate Trust Office, with a
copy to: Bankers Trust Company, 4 Albany Street, 10th Floor, New York, New
York 10006, Attention: Chip Greiter, (ii) in the case of the Depositor, to
American Honda Receivables Corp., 700 Van Ness Avenue, Building 300,
Torrance, California 90501, Attention: President or (iii) as to either party,
at such other address as shall be designated by such party in a written
notice to the other party.

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

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

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

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

         Section 11.08. NO PETITION. The Owner Trustee, by entering into this
Agreement, each Certificateholder, by accepting a Trust Certificate, and the
Indenture Trustee and each Noteholder, by accepting the benefits of this
Agreement, hereby covenant and agree that they will not at any time institute
against the Depositor or the Issuer, or join in any institution against the
Depositor or the Issuer of, any bankruptcy proceedings under any United
States federal or state bankruptcy or similar law in connection with any
obligations relating tot he Trust Certificates, the Notes, this Agreement or
any other Basic Document.

         Section 11.09. NO RECOURSE. Each Certificateholder by accepting a
Trust Certificate acknowledges that such Certificateholder's Trust
Certificates represent beneficial interests in the

                                      29
<PAGE>

issuer only and do not represent interests in or obligations of the
Depositor, the Seller, the Servicer, the Administrator, the Owner Trustee,
the Indenture Trustee or any of their respective Affiliates and no recourse
may be had against such parties or their assets, except as may be expressly
set forth or contemplated in the Trust Certificates, this Agreement or any
other Basic Document.

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

         Section 11.11. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of Delaware, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

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

         Section 11.13. DEPOSITOR PAYMENT OBLIGATION. The Depositor shall be
responsible for payment of the Administrator's compensation under the
Administration Agreement and shall reimburse the Administrator for all
expenses and liabilities of the Administrator incurred thereunder. In
addition, the Depositor shall be responsible for the payment of all fees and
expenses of the Issuer and the Trustees paid by any of them in connection
with any of their obligations under the Basic Documents to obtain or maintain
any required license under the Pennsylvania Motor Vehicle Sales Finance Act.

                                      30
<PAGE>

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

                                       AMERICAN HONDA RECEIVABLES CORP.,
                                         as Depositor

                                       By:  /s/ Y. Kohama
                                            ----------------------------------
                                            Name:   Y. Kohama
                                            Title:  President

                                       BANKERS TRUST (DELAWARE),
                                         not in its individual capacity but
                                         solely as Owner Trustee

                                       By:  /s/ M. Lisa Wilkins
                                            ----------------------------------
                                            Name:   M. Lisa Wilkins
                                            Title:  Assistant Vice President

<PAGE>

                                                                    EXHIBIT A

                            FORM OF TRUST CERTIFICATE

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

NUMBER-1                                  Initial Certificate Balance: _____

                    HONDA AUTO RECEIVABLES 2000-1 OWNER TRUST

                         6.670% ASSET BACKED CERTIFICATE

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

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

         THIS CERTIFIES THAT ____________________________ is the registered
owner of a 100 percent nonassessable, fully-paid, undivided interest in the
Honda Auto Receivables 2000-1 Owner Trust (the "Issuer"), formed by American
Honda Receivables Corp., a California corporation (the "Depositor").

         The Issuer was created pursuant to a Trust Agreement dated as of
October __, 2000, as amended and restated by an Amended and Restated Trust
Agreement dated as of October 25, 2000 (as amended or supplemented from time
to time, the "Trust Agreement"), between the Depositor and Bankers Trust
(Delaware), as owner trustee (the "Owner Trustee"), a summary of certain of
the pertinent provisions of which is set forth below. Capitalized terms used
herein that are not otherwise defined shall have the meanings ascribed
thereto in the Trust Agreement.

         This Trust Certificate is one of the duly authorized certificates
designated as "Asset Backed Certificates" (the "Trust Certificates"). Issued
under an Indenture dated as of October 1, 2000 (the "Indenture"), between the
Issuer and U.S. Bank National Association, as indenture trustee, are four
classes of Notes designated as "Class A-1 6.71125% Asset Backed Notes,"
"Class A-2 6.650% Asset Backed Notes", "Class A-3 6.620% Asset Backed Notes"
and "Class A-4 6.670% Asset Backed Notes" (collectively, the "Notes"). This
Trust Certificate is issued under and is subject to terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of
this Trust Certificate, by virtue of its acceptance thereof, assents and by

                                     A-1
<PAGE>

which such Holder is bound. The property of the Issuer includes, among other
things, a pool of retail installment sale or conditional sale contracts for
new and used Honda and Acura motor vehicles (collectively, the
"Receivables"), all monies received on or in respect of the Receivables on or
after October 1, 2000, security interests in the vehicles financed thereby,
certain bank accounts and the proceeds thereof, proceeds from claims on
certain insurance policies and certain other rights under the Trust Agreement
and the Sale and Servicing Agreement and all proceeds of the foregoing.

         It is the intent of the Depositor, the Servicer and the
Certificateholders that, for purposes of federal income, state and local
income tax and any other income taxes, the Issuer will be treated as a
security arrangement for the issuance of debt by the sole Certificateholders.
The purchaser hereof, by acceptance of the Trust Certificates, agrees to
treat, and to take no action inconsistent with the above treatment for so
long as it is the sole Owner.

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

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

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

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

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

                                     A-2
<PAGE>

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

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

                                       HONDA AUTO RECEIVABLES 2000-1 OWNER
                                       TRUST

                                       By:  BANKERS TRUST (DELAWARE),
                                            not in its individual capacity
                                            but solely as Owner Trustee

                                       By:
                                            ----------------------------------
                                                   Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Bankers Trust (Delaware), not     OR   Bankers Trust (Delaware),
in its individual capacity but         as Owner Trustee
solely as Owner Trustee

By:                                    By:                                , as
   ------------------------------          -------------------------------
        Authorized Signatory                     Authenticating Agent

                                       By:
                                           -----------------------------------
                                                   Authorized Signatory

                                    A-3

<PAGE>

                         [REVERSE OF TRUST CERTIFICATE]

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

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

         As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Trust Certificate is
registrable in the Certificate Register upon surrender of this Trust
Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the Owner Trustee in the Borough of
Manhattan, The City of New York, accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate
Registrar duly executed by the Holder hereof or such Holder's attorney duly
authorized in writing, and thereupon one or more new Trust Certificates
evidencing the same original certificate balance in the Issuer will be issued
to the designated transferee. The initial Certificate Registrar appointed
under the Trust Agreement is Bankers Trust Company, 4 Albany Street, 10th
Floor, New York, New York 10006, Attention: Chip Greiter.

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

         The Owner Trustee, the Certificate Registrar and any agent of the
Owner Trustee or the Certificate Registrar may treat the Person in whose name
this Trust Certificate is registered as

                                     A-4
<PAGE>

the owner hereof for all purposes, and none of the Owner Trustee, the
Certificate Registrar or any such agent shall be affected by any notice to
the contrary.

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

         The Trust Certificates may not be acquired by a Benefit Plan. By
accepting and holding this Trust Certificate, the Holder hereof shall be
deemed to have represented and warranted that it is not a Benefit Plan.

                                     A-5
<PAGE>

                                                                   EXHIBIT B

                        FORM OF TRANSFEROR CERTIFICATE

                                                  ---------------, ----

[Seller]

--------------------------

--------------------------

--------------------------

BANKERS TRUST (DELAWARE)
1011 Centre Road
Suite 200
Wilmington, Delaware 19805
Attention:  ___________________

         Re:  Honda Auto Receivables 2000-1 Owner Trust
              Asset Backed Certificates
              -----------------------------------------

Dear Sirs:

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

                                       Very truly yours,

                                       [NAME OF TRANSFEROR]

                                       By
                                         -------------------------------------
                                                    Authorized Officer

                                     B-1
<PAGE>

                                                                     EXHIBIT C

                            FORM OF INVESTMENT LETTER

                                                 ---------------, ---

Seller

------------------------

------------------------

------------------------

BANKERS TRUST (DELAWARE)
1011 Centre Road
Suite 200
Wilmington, Delaware 19805
Attention:  ____________________

         Re:  Honda Auto Receivables 2000-1 Owner Trust
              Asset Backed Certificates
              -----------------------------------------

Dear Sirs:

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

                                     C-1
<PAGE>

Agreement dated as of October 1, 2000, between American Honda Receivables
Corp. and Bankers Trust (Delaware), as Owner Trustee.

                                       Very truly yours,

                                       [NAME OF TRANSFEROR]

                                       By
                                         -------------------------------------
                                                  Authorized Officer

                                     C-2
<PAGE>

                                                                     EXHIBIT D

                           FORM OF RULE 144A LETTER

                                                  ---------------, ---

[Seller]

------------------------

------------------------

------------------------

BANKERS TRUST (DELAWARE)
1011 Centre Road
Suite 200
Wilmington, Delaware 19805
Attention:  ____________________

         Re:  Honda Auto Receivables 2000-1 Owner Trust
              Asset Backed Certificates
              -----------------------------------------

Dear Sirs:

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

                                     D-1
<PAGE>

qualified institutional buyer that purchases for its own account or for the
account of a qualified ______ buyer to whom notice is given that the resale,
pledge or transfer is being made in ________ Rule 144A or (ii) pursuant to
another exemption from registration under the Act.

                                       Very truly yours,

                                       [NAME OF TRANSFEREE]

                                       By
                                          ------------------------------------
                                                    Authorized Officer

                                     D-2
<PAGE>

                                 ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

                                                                             *
                                       ---------------------------------------
                                                 Signature Guaranteed:

                                             ----------------------------

--------

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

                                                                  EXHIBIT 4.3
                                                               EXECUTION COPY

=============================================================================

                   HONDA AUTO RECEIVABLES 2000-1 OWNER TRUST,

                                   as Issuer,

                        AMERICAN HONDA RECEIVABLES CORP.,

                                   as Seller,

                                       and

                       AMERICAN HONDA FINANCE CORPORATION,

                                   as Servicer

               ----------------------------------------------------

                          SALE AND SERVICING AGREEMENT

                           Dated as of October 1, 2000

               ----------------------------------------------------

=============================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                         PAGE
                                                                         ----
<S>             <C>                                                      <C>
                                   ARTICLE ONE

                                   DEFINITIONS

Section 1.01.   General Definitions........................................1
Section 1.02.   Other Definitional Provisions.............................20
Section 1.03.   Interpretive Provisions...................................20

                                   ARTICLE TWO

             CONVEYANCE OF RECEIVABLES; CUSTODY OF RECEIVABLES FILES

Section 2.01.   Conveyance of Receivables.................................21
Section 2.02.   Custody of Receivable Files...............................22
Section 2.03.   Representations and Warranties of Seller as to the
                  Receivables.............................................22
Section 2.04.   Repurchase of Receivables Upon Breach.....................25
Section 2.05.   Duties of Servicer as Custodian...........................26
Section 2.06.   Instructions; Authority to Act............................27
Section 2.07.   Indemnification by Custodian..............................27
Section 2.08.   Effective Period and Termination..........................27

                                  ARTICLE THREE

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 3.01.   Duties of Servicer........................................28
Section 3.02.   Collection of Receivable Payments.........................29
Section 3.03.   Rebates on Full Prepayments...............................29
Section 3.04.   Realization Upon Receivables..............................29
Section 3.05.   Maintenance of Physical Damage Insurance Policies.........30
Section 3.06.   Maintenance of Security Interests in Financed Vehicles....30
Section 3.07.   Covenants of Servicer.....................................30
Section 3.08.   Purchase of Receivables Upon Breach.......................31
Section 3.09.   Total Servicing Fee; Payment of Certain Expenses by
                  Servicer................................................31
Section 3.10.   Servicer's Certificate....................................31
Section 3.11.   Annual Statement as to Compliance; Notice of Default......32
Section 3.12.   Annual Accountants' Report................................32
Section 3.13.   Access to Certain Documentation and Information
                  Regarding Receivables...................................32
Section 3.14.   Amendments to Schedule of Receivables.....................33
Section 3.15.   Reports to Securityholders and Rating Agencies............33
Section 3.16.   Appointment of Subservicer................................33

                                       i
<PAGE>

                                  ARTICLE FOUR

           DISTRIBUTIONS; RESERVE FUND; STATEMENTS TO SECURITYHOLDERS

Section 4.01.   Establishment of Accounts.................................34
Section 4.02.   Collections...............................................35
Section 4.03.   Application of Collections................................36
Section 4.04.   Advances..................................................37
Section 4.05.   Additional Deposits.......................................38
Section 4.06.   Distributions.............................................39
Section 4.07.   Reserve Fund..............................................40
Section 4.08.   Yield Supplement Account..................................40
Section 4.09.   Net Deposits..............................................41
Section 4.10.   Statements to Securityholders.............................41

                                  ARTICLE FIVE

                                   THE SELLER

Section 5.01.   Representations of Seller.................................42
Section 5.02.   Liability of Seller; Indemnities..........................44
Section 5.03.   Merger, Consolidation or Assumption of the Obligations
                  of Seller; Certain Limitations..........................45
Section 5.04.   Limitation on Liability of Seller and Others..............46
Section 5.05.   Seller May Own Notes......................................47

                                   ARTICLE SIX

                                  THE SERVICER

Section 6.01.   Representations of Servicer...............................47
Section 6.02.   Indemnities of Servicer...................................48
Section 6.03.   Merger, Consolidation or Assumption of the Obligations
                  of Service................r.............................49
Section 6.04.   Limitation on Liability of Servicer and Others............49
Section 6.05.   AHFC Not to Resign as Servicer............................49

                                  ARTICLE SEVEN

                                SERVICER DEFAULTS

Section 7.01.   Servicer Defaults.........................................50
Section 7.02.   Appointment of Successor Servicer.........................51
Section 7.03.   Notification of Servicer Termination......................52
Section 7.04.   Waiver of Past Defaults...................................52
Section 7.05.   Repayment of Advances.....................................52

                                      ii
<PAGE>

                                  ARTICLE EIGHT

                                   TERMINATION

Section 8.01.   Optional Purchase of All Receivables......................52

                                  ARTICLE NINE

                                  MISCELLANEOUS

Section 9.01.   Amendment.................................................53
Section 9.02.   Protection of Title to Trust..............................54
Section 9.03.   Notices...................................................56
Section 9.04.   Assignment................................................56
Section 9.05.   Limitations on Rights of Others...........................57
Section 9.06.   Severability..............................................57
Section 9.07.   Separate Counterparts.....................................57
Section 9.08.   Headings..................................................57
Section 9.09.   Governing Law.............................................57
Section 9.10.   Nonpetition Covenants.....................................57
Section 9.11.   Limitation of Liability of Owner Trustee and
                  Indenture Trustee.......................................58

                                    SCHEDULES

Schedule A - Schedule of Receivables.....................................SA-1
Schedule B - Location of Receivable Files................................SB-1

                                    EXHIBITS

Exhibit A - Form of Distribution Statement of Securityholders.............A-1
Exhibit B - Form of Servicer's Certificate................................B-1
</TABLE>

                                      iii
<PAGE>

         This Sale and Servicing Agreement, dated as of October 1, 2000, is
among American Honda Receivables Corp., a California corporation ("AHRC" or,
in its capacity as Seller, the "Seller"), American Honda Finance Corporation,
a California corporation ("AHFC" or, in its capacity as Servicer, the
"Servicer"), and Honda Auto Receivables 2000-1 Owner Trust, a Delaware
business trust, as issuer (the "Issuer").

         WHEREAS the Issuer desires to purchase from the Seller a portfolio
of receivables arising in connection with retail installment sale or
conditional sale contracts (the "Receivables") generated by AHFC in the
ordinary course of its business, which Receivables have been sold by AHFC to
AHRC;

         WHEREAS, AHRC is willing to sell the Receivables to the Issuer
pursuant to the terms hereof; and

         WHEREAS, AHFC is willing to service the Receivables pursuant to the
terms hereof;

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

                                ARTICLE ONE

                                DEFINITIONS

         Section 1.01. GENERAL DEFINITIONS. Whenever used in this Agreement,
the following words and phrases, unless the context otherwise requires, shall
have the following meanings:

         "ABSOLUTE PREPAYMENT MODEL" means a model calculating prepayment of
receivables with respect to which the receivables prepay at a specified
constant monthly prepayment rate.

         "ACCOUNTS" means the Collection Account, the Note Distribution
Account, the Payahead Account, the Yield Supplement Account and the Reserve
Fund.

         "ACCOUNT PROPERTY" means, with respect to each Account, such
Account, together with all cash, securities, financial assets and investments
and other property from time to time deposited or credited to such Account
and all proceeds thereof, including, with respect to the (i) Reserve Fund,
the Reserve Fund Initial Deposit and (ii) Yield Supplement Account, the Yield
Supplement Account Deposit.

         "ACTUAL PAYMENT" means, with respect to a Receivable and a
Collection Period, all payments received by the Servicer from or for the
account of the related Obligor on such Receivable during such Collection
Period, net of any Supplemental Servicing Fees attributable to such
Receivable. Actual Payments do not include Applied Payments Ahead.

         "ACTUARIAL RECEIVABLE" means any Receivable which provides for the
allocation of payments according to the "actuarial" method.

<PAGE>

         "ADMINISTRATION AGREEMENT" means the Administration Agreement, dated
as of October 1, 2000, among the Administrator, the Issuer, the Depositor and
the Indenture Trustee.

         "ADMINISTRATOR" means AHFC, or any successor Administrator under the
Administration Agreement.

         "ADMINISTRATIVE PURCHASE PAYMENT" means, with respect to a Payment
Date and to an Administrative Receivable purchased by the Seller or the
Servicer as of the end of the related Collection Period, which Receivable is
(i) a Precomputed Receivable, (a) the sum of (1) all Scheduled Payments on
such Receivable due after the last day of such Collection Period, (2) an
amount equal to any reimbursement of Outstanding Advances made pursuant to
the first sentence of Section 4.04(c) with respect to such Receivable (3) all
past due Scheduled Payments for which an Advance has not been made, minus (b)
the sum of (1) all Payments Ahead in respect of such Administrative
Receivable held by the Servicer or on deposit in the Payahead Account, (2)
any Rebate and (3) any proceeds of the liquidation of such Receivable
previously received (to the extent applied to reduce the Principal Balance of
such Receivable) or (ii) a Simple Interest Receivable, the sum of (a) the
unpaid principal balance owed by the related Obligor in respect of such
Receivable and (b) interest on such unpaid principal balance at a rate equal
to the APR of the related Receivable from the date of last payment by such
Obligor to the last day of such Collection Period.

         "ADMINISTRATIVE RECEIVABLE" means a Receivable which the Servicer is
required to purchase pursuant to Section 3.08 or which the Servicer has
elected to purchase pursuant to Section 8.01.

         "ADVANCE" means a Precomputed Advance or a Simple Interest Advance.

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

         "AGGREGATE NET LOSSES" means, with respect to a Collection Period,
an amount equal to the aggregate Principal Balance of all Receivables that
became Defaulted Receivables during such Collection Period minus all Net
Liquidation Proceeds collected during such Collection Period with respect to
all Defaulted Receivables.

         "AGREEMENT" means this Sale and Servicing Agreement, and all
amendments hereof and supplements hereto.

         "AHFC" means American Honda Finance Corporation, and its successors.

         "AHRC" means American Honda Receivables Corp., and its successors.

                                       2
<PAGE>

         "AMOUNT FINANCED" in respect of a Receivable means the aggregate
amount advanced under such Receivable toward the purchase price of the
related Financed Vehicle and any related costs, including but not limited to
accessories, insurance premiums, service and warranty contracts and other
items customarily financed as part of motor vehicle retail installment sale
contracts.

         "ANNUAL PERCENTAGE RATE" or "APR" of a Receivable means the annual
rate of finance charges stated in such Receivable.

         "APPLIED PAYMENT AHEAD" means, with respect to a Precomputed
Receivable and a Collection Period as to which (i) the Actual Payment is less
than the Scheduled Payment and (ii) a Deferred Prepayment is on deposit in
the Payahead Account or otherwise retained by the Servicer pursuant to
Section 4.02(c), an amount equal to the lesser of (a) such Deferred
Prepayment and (b) the amount by which the Scheduled Payment exceeds the
Actual Payment.

         "AVAILABLE AMOUNT" means, with respect to any Payment Date, the sum
of Available Interest and Available Principal.

         "AVAILABLE INTEREST" means, with respect to any Payment Date, the
total of the following amounts allocable to interest received by the Servicer
on or in respect of the Receivables during the related Collection Period
(computed, in the case of Precomputed Receivables, by the actuarial method
and, in the case of Simple Interest Receivables, by the simple interest
method): (i) the sum of the interest component of all (a) collections on or
in respect of all Receivables other than Defaulted Receivables (including the
interest portion of Applied Payments Ahead, but excluding Payments Ahead to
be applied in one or more future Collections Periods), (b) Net Liquidation
Proceeds, (c) Advances made by the Servicer, (d) Warranty Purchase Payments,
(e) Administrative Purchase Payments and (f) the Yield Supplement Withdrawal
Amount, if any, for the related Payment Date, less (ii) the sum of all (a)
amounts received on or in respect of a particular Receivable (other than a
Defaulted Receivable) to the extent of the aggregate Outstanding Interest
Advances in respect of such Receivable and (b) Net Liquidation Proceeds with
respect to a particular Receivable to the extent of the aggregate Outstanding
Interest Advances in respect of such Receivable.

         "AVAILABLE PRINCIPAL" means, with respect to any Payment Date, the
total of the following amounts allocable to principal received by the
Servicer on or in respect of the Receivables during the related Collection
Period (computed, in the case of Precomputed Receivables, by the actuarial
method and, in the case of Simple Interest Receivables, by the simple
interest method): (i) the sum of the principal component of all (a)
collections on or in respect of all Receivables other than Defaulted
Receivables (including the principal portion of Applied Payments Ahead but
excluding Payments Ahead), (b) Net Liquidation Proceeds, (c) Advances made by
the Servicer, (d) Warranty Purchase Payments and (e) Administrative Purchase
Payments, less (ii) an amount equal to all (a) amounts received on or in
respect of a particular Receivable (other than a Defaulted Receivable) to the
extent of the aggregate Outstanding Principal Advances in respect of such
Receivable and (b) Net Liquidation Proceeds with respect to a particular
Receivable to the extent of the aggregate Outstanding Principal Advances in
respect of such Receivable.

                                       3
<PAGE>

         "BASIC DOCUMENTS" means this Agreement, the Administration
Agreement, the Indenture, the Note Depository Agreement, the Receivables
Purchase Agreement, the Amended and Restated Trust Agreement and the Control
Agreement and any other documents or certificates delivered in connection
therewith as the same may be amended, supplemented or otherwise modified and
in effect.

         "BASIC SERVICING FEE" means the fee payable pursuant to Section 3.09
to the Servicer on each Payment Date for services rendered during the related
Collection Period, which shall be equal to one-twelfth of the Servicing Fee
Rate multiplied by the Pool Balance as of the first day of the related
Collection Period or, with respect to the first Payment Date, the Original
Pool Balance.

         "BUSINESS DAY" means any day other than a Saturday, a Sunday or a
day on which banking institutions in New York, New York, Los Angeles,
California, Wilmington, Delaware or Chicago, Illinois are authorized or
obligated by law, executive order or governmental decree to be closed.

         "CERTIFICATE BALANCE" means, on any Payment Date, the Original
Certificate Balance reduced by all distributions of principal previously made
in respect of the Certificates.

         "CERTIFICATE DISTRIBUTABLE AMOUNT" means, with respect to any
Payment Date, the sum of the Certificate Interest Distributable Amount and
the Certificate Principal Distributable Amount for such Payment Date.

         "CERTIFICATE DISTRIBUTION ACCOUNT" has the meaning specified in the
Trust Agreement.

         "CERTIFICATE INTEREST CARRYOVER SHORTFALL" means, with respect to
any Payment Date, the excess sum of the Certificate Monthly Interest
Distributable Amount plus any outstanding Certificate Interest Carryover
Shortfall for the preceding Payment Date, over the amount in respect of
interest on the Certificates that is actually paid as interest on the
Certificates on such Payment Date.

         "CERTIFICATE INTEREST DISTRIBUTABLE AMOUNT" means, with respect to
any Payment Date, the sum of the Certificate Monthly Interest Distributable
Amount for such Payment Date and the Certificate Interest Carryover Shortfall
for such Payment Date.

         "CERTIFICATE MONTHLY INTEREST DISTRIBUTABLE AMOUNT" means, with
respect to any Payment Date, interest accrued for the related Interest
Accrual Period at the Certificate Rate on the Certificate Balance on the
immediately preceding Payment Date after giving effect to all payments of
principal to Certificateholders on or prior to such Payment Date (or, in the
case of the first Payment Date, on the Original Certificate Balance).

         "CERTIFICATE MONTHLY PRINCIPAL DISTRIBUTABLE AMOUNT" means, with
respect to any Payment Date, the Certificate Percentage of the Principal
Distributable Amount for such Payment Date.

                                       4
<PAGE>

         "CERTIFICATE PERCENTAGE" means (i) for each Payment Date until the
principal amount of the Class A-1 Notes has been paid in full, 0%; (ii) for
each Payment Date to and including the Payment Date on which the principal
amount of the Class A-4 Notes has been paid in full, the percent equivalent
of a fraction, the numerator of which is the initial principal amount of the
Certificates and the denominator of which is the sum of the initial aggregate
principal amount of the Notes and the initial principal amount of the
Certificates; and (iii) for each Payment Date after the Payment Date on which
the principal amount of the Class A-4 Notes has been paid in full, 100%;
notwithstanding the foregoing, for each Payment Date after the acceleration
of the Notes following an Event of Default, the Certificate Percentage shall
be 0% until the Notes have been paid in full.

         "CERTIFICATE POOL FACTOR" means, with respect to the Certificates on
any Payment Date, a seven-digit decimal figure equal to the outstanding
principal balance of the Certificates on such Payment Date (after giving
effect to any reductions thereof to be made on such Payment Date) divided by
the Original Certificate Balance.

         "CERTIFICATE PRINCIPAL CARRYOVER SHORTFALL" means, with respect to
any Payment Date, the excess of the Certificate Monthly Principal
Distributable Amount plus any outstanding Certificate Principal Carryover
Shortfall for the preceding Payment Date, over the amount in respect of
principal that is actually paid as principal on the Certificates on such
Payment Date.

         "CERTIFICATE PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to
any Payment Date, the sum of the Certificate Monthly Principal Distributable
Amount for each Payment Date and any outstanding Certificate Principal
Carryover Shortfall as of the close of the immediately preceding Payment
Date; provided, however, that the Certificate Principal Distributable Amount
shall not exceed the Certificate Balance. In addition, on the Payment Date as
of which all of the Receivables are to be purchased pursuant to Section 8.01,
the principal required to be deposited into the Certificate Distribution
Account will include the amount necessary to reduce the Certificate Balance
to zero.

         "CERTIFICATE RATE" means 6.670% per annum (computed on the basis of
a 360 day year consisting of twelve 30-day months).

         "CERTIFICATEHOLDERS" has the meaning specified in the Trust
Agreement.

         "CHARGE-OFF RATE" with respect to a Collection Period will equal the
Aggregate Net Losses with respect to the Receivables expressed, on an
annualized basis, as a percentage of the average of the (i) Pool Balance on
the last day of the immediately preceding Collection Period and (ii) Pool
Balance on the last day of such current Collection Period.

         "CLASS" means all Securities whose form is identical except for
variation in denomination, principal amount or owner (i.e., each of Class
A-1, Class A-2, Class A-3 and Class A-4).

         "CLASS A-1 FINAL PAYMENT DATE" means the November 2001 Payment Date.

                                       5
<PAGE>

         "CLASS A-1 NOTEHOLDER" means a Person in whose name a Class A-1 Note
is Registered the Note Register.

         "CLASS A-2 FINAL PAYMENT DATE" means the December 2002 Payment Date.

         "CLASS A-2 NOTEHOLDER" means a Person in whose name a Class A-2 Note
is registered in the Note Register.

         "CLASS A-3 FINAL PAYMENT DATE" means the July 2004 Payment Date.

         "CLASS A-3 NOTEHOLDER" means a Person in whose name a Class A-3 Note
is registered in the Note Register.

         "CLASS A-4 FINAL PAYMENT DATE" means the January 2006 Payment Date.

         "CLASS A-4 NOTEHOLDER" means the Person in whose name a Class A-4
Note is registered in the Note Register.

         "CLOSING DATE" means October 25, 2000.

         "COLLECTION ACCOUNT" means the account designated as such, and
established and maintained pursuant to Section 4.01.

         "COLLECTION PERIOD" means each calendar month during the term of
this Agreement (or, in the case of the first Collection Period, the period of
time since the Cutoff Date through the last day of the calendar month
immediately preceding the month in which the first Payment Date occurs).

         "COMMISSION" means the Securities and Exchange Commission, and its
successors.

         "CONTROL" shall have the meaning specified in Section 8-106 of the
UCC.

         "CONTROL AGREEMENT" means the control agreement, dated as of October
1, 2000, among AHRC, the Issuer, the Servicer, the Indenture Trustee and U.S.
Bank National Association, as securities intermediary, as amended or
supplemented from time to time.

         "CORPORATE TRUST OFFICE" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of the execution of this Agreement is
located at 111 East Wacker Drive, Suite 3000, Chicago, Illinois 60601,
Attention: Honda 2000-1 or at such other address as the Indenture Trustee may
designate from time to time by notice to the Noteholders and the Seller, or
the principal corporate trust office of any successor Indenture Trustee (of
which address such successor Indenture Trustee will notify the Noteholders
and the Seller).

                                       6
<PAGE>

         "CURRENT RECEIVABLE" means each Receivable that is not a Defaulted
Receivable or a Liquidated Receivable.

         "CUTOFF DATE" means October 1, 2000.

         "DEALER" means the dealer of motor vehicles who sold a Financed
Vehicle and who originated and assigned the Receivable relating to such
Financed Vehicle to AHFC under an existing agreement between such dealer and
AHFC.

         "DEALER RECOURSE" means, with respect to a Receivable, all recourse
rights against the Dealer which originated the Receivable, and any successor
to such Dealer.

         "DEFAULTED RECEIVABLE" means a Receivable (other than an
Administrative Receivable or a Warranty Receivable as to which a Warranty
Purchase Payment or an Administrative Purchase Payment has been made) as to
which (i) all or any part of a Scheduled Payment is 120 or more days past due
and the Servicer has not repossessed the related Financed Vehicle or (ii) the
Servicer has, in accordance with its customary servicing procedures,
determined that eventual payment in full is unlikely and either repossessed
and liquidated the related Financed Vehicle or repossessed and held the
related Financed Vehicle in its repossession inventory for 90 days, whichever
occurs first.

         "DEFERRED PREPAYMENT" means, with respect to a Receivable and a
Collection Period, the aggregate amount, if any, of Payments Ahead remitted
to the Servicer in respect of such Receivable during one or more prior
Collection Periods and currently held by the Servicer or in the Payahead
Account.

         "DELINQUENCY PERCENTAGE" means, with respect to a Collection Period,
the percentage equivalent of a fraction, the numerator of which is the number
of (i) Receivables 61 days or more delinquent (after taking into account
permitted extensions) as of the last day of such Collection Period,
determined in accordance with the Servicer's normal practices, plus (ii)
Receivables the related Financed Vehicles of which have been repossessed but
have not been liquidated (to the extent the related Receivable is not
otherwise reflected in clause (i) above or is not a Defaulted Receivable),
and the denominator of which is the aggregate number of Current Receivables
on the last day of such Collection Period.

         "DEPOSIT DATE" means, with respect to any Collection Period and
Payment Date, the Business Day immediately preceding such Payment Date.

         "DEPOSITOR " means the Seller in its capacity as Depositor under the
Trust Agreement.

         "DETERMINATION DATE" means, with respect to any Payment Date, the
tenth calendar day of the month in which such Payment Date occurs or, if such
day is not a Business Day, the immediately succeeding Business Day.

         "DISCOUNT RECEIVABLE" means any Receivable that has an APR which is
less than the Required Rate.

                                       7

<PAGE>

         "ELIGIBLE ACCOUNT" means either (A) a segregated deposit account
over which the applicable Trustee has sole signature authority, maintained
with an Eligible Institution meeting the requirements of clause (i) thereof
or (B) a segregated trust account maintained with an Eligible Institution
meeting the requirements of clause (ii) thereof, in each case bearing a
designation clearly indicating that the funds deposited therein are held for
the benefit of the Securityholders, the Noteholders or the
Certificateholders, as the case may be.

         "ELIGIBLE INSTITUTION" means a depository institution or trust
company, (i) the commercial paper or other short-term unsecured debt
obligations of which have the Required Deposit Rating or (ii) having
corporate trust powers and organized under the laws of the United States, any
state thereof, the District of Columbia or the Commonwealth of Puerto Rico
which has a long-term deposit rating from (A) Moody's of at least Baa3 or (B)
Standard and Poor's of at least BBB- (or such lower rating as either Rating
Agency shall approve in writing).

         "ELIGIBLE INVESTMENTS" means, at any time, any one or more of the
following obligations and securities:

                   (i) obligations of, and obligations fully guaranteed as to
         timely payment of principal and interest by, the United States or
         any agency thereof, provided such obligations are backed by the full
         faith and credit of the United States;

                  (ii) general obligations of or obligations guaranteed by
         FNMA, any state of the United States, the District of Columbia or
         the Commonwealth of Puerto Rico then rated the highest available
         credit rating of each Rating Agency for such obligations;

                  (iii) securities bearing interest or sold at a discount
         issued by any corporation incorporated under the laws of the United
         States or any state thereof, the District of Columbia or the
         Commonwealth of Puerto Rico, so long as at the time of such
         investment or contractual commitment providing for such investment
         either the long-term unsecured debt of such corporation has the
         highest available credit rating from each Rating Agency for such
         obligations or the commercial paper or other short-term debt which
         is then rated has the highest available credit rating of each Rating
         Agency for such obligations;

                  (iv) certificates of deposit issued by any depository
         institution or trust company (including the Trustee) incorporated
         under the laws of the United States or any state thereof, the
         District of Columbia or the Commonwealth of Puerto Rico and subject
         to supervision and examination by banking authorities of one or more
         of such jurisdictions, provided that the short-term unsecured debt
         obligations of such depository institution or trust company has the
         highest available credit rating of each Rating Agency for such
         obligations;

                  (v) certificates of deposit issued by any bank, trust
         company, savings bank or other savings institution and fully insured
         by the FDIC;

                                       8
<PAGE>

                  (vi) repurchase obligations held by the Trustee that are
         acceptable to the Trustee with respect to any security described in
         clauses (i) or (ii) hereof or any other security issued or
         guaranteed by any other agency or instrumentality of the United
         States, in either case entered into with a federal agency or a
         depository institution or trust company (acting as principal)
         described in clause (iv) above;

                  (vii) any mutual fund, money market fund, common trust fund
         or other pooled investment vehicle having a rating, at the time of
         such investment, of no less than Aaa or its equivalent by Moody's,
         AAA or its equivalent by Standard & Poor's and AAA or its equivalent
         by Fitch, if rated by Fitch (including, but not limited to funds of
         which U.S. Bank National Association or an affiliate thereof is the
         manager or financial advisor);

                  (viii) such other investments acceptable to each Rating
         Agency in writing as will not result in the qualification,
         downgrading or withdrawal of the rating then assigned to any Rated
         Securities by such Rating Agency;

provided that each of the foregoing investments shall mature no later than
the Deposit Date immediately following the date of purchase (other than in
the case of the investment of monies in instruments of which the entity at
which the related Account or the Certificate Distribution Account, as the
case may be, is located is the obligor, which may mature on the related
Payment Date), and shall be required to be held to such maturity.

         Notwithstanding anything to the contrary contained in this
definition, (a) no Eligible Investment may be purchased at a premium, and (b)
no obligation or security is a "Eligible Investment" unless (i) the Trustee
has Control over such obligation or security and (ii) at the time such
obligation or security was delivered to the Trustee or the Trustee became the
related Entitlement Holder, the Trustee did not have notice of any adverse
claim with respect thereto within the meaning of Section 8-105 of the UCC.

         For purposes of this definition, any reference to the highest
available credit rating of an obligation shall mean the highest available
credit rating for such obligation, or such lower credit rating (as approved
in writing by each Rating Agency) as will not result in the qualification,
downgrading or withdrawal of the rating then assigned to any Rated Securities
by such Rating Agency.

         "ENTITLEMENT HOLDER" shall have the meaning specified in Section
8-102 of the UCC.

         "ENTITLEMENT ORDER" shall have the meaning specified in Section
8-102 of the UCC.

         "EXCESS PAYMENT" means, with respect to a Receivable and a
Collection Period, the amount, if any, by which the Actual Payment exceeds
the sum of (i) the Scheduled Payment and (ii) any Overdue Payment.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

         "FDIC" means the Federal Deposit Insurance Corporation.

                                       9
<PAGE>

         "FHLMC" means the Federal Home Loan Mortgage Corporation, and its
successors.

         "FNMA" means the Federal National Mortgage Association, and its
successors.

         "FINAL PAYMENT DATES" means, collectively, the Class A-1 Final
Payment Date, the Class A-2 Final Payment Date, the Class A-3 Final Payment
Date and the Class A-4 Final Payment Date.

         "FINAL SCHEDULED MATURITY DATE" means December 31, 2005.

         "FINANCED VEHICLE" means, with respect to any retail installment
sale or conditional sale contract, the related new or used Honda or Acura
motor vehicle, together with all accessions thereto, securing the related
Obligor's indebtedness under such retail installment sale or conditional sale
contract.

         "FINANCIAL ASSET" shall have the meaning specified in Section
8-102(a)(9) of the UCC.

         "FITCH" means Fitch, Inc., or its successors.

         "INDENTURE" means the indenture, dated as of October 1, 2000,
between the Issuer and the Indenture Trustee.

         "INDENTURE TRUSTEE" means the Person acting as Indenture Trustee
under the Indenture, its successors in interest and any successor trustee
under the Indenture.

         "INDEPENDENT DIRECTOR" means a director of the Seller who is not (i)
a director, officer or employee of any Affiliate of the Seller, (ii) a
natural person related to any director or officer of any Affiliate of the
Seller, (iii) a holder (directly or indirectly) of more than 10% of any
voting securities of any Affiliate of the Seller or (iv) a natural person
related to a holder (directly or indirectly) of more than 10% of any voting
securities of any Affiliate of the Seller.

         "INSOLVENCY EVENT" means, with respect to a specified Person, (i)
the filing of a decree or order for relief by a court having jurisdiction in
the premises in respect of such Person 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 such Person or for any substantial part of its
property, or ordering the winding-up or liquidation of such Person's affairs,
and such decree or order shall remain unstayed and in effect for a period of
90 consecutive days; or (ii) the commencement by such Person 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 such Person to the
entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the
making by such Person of any general assignment for the benefit of

                                      10
<PAGE>

creditors, or the failure by such Person generally to pay its debts as such
debts become due, or the taking of action by such Person in furtherance of
any of the foregoing.

         "INSURANCE POLICY" means, with respect to a Receivable, an insurance
policy covering physical damage, credit life, credit disability, theft,
mechanical breakdown or any similar event relating to the related Financed
Vehicle or Obligor.

         "LETTER OF CREDIT BANK" means any Person who has provided a Servicer
Letter of Credit pursuant to Section 4.02(b).

         "LIEN" means any security interest, lien, charge, pledge, equity or
encumbrance of any kind other than tax liens, mechanics' liens and any liens
that attach to a Receivable or any property, as the context may require, by
operation of law.

         "LIQUIDATED RECEIVABLE" means a Receivable that (i) has been the
subject of a Prepayment in full, (ii) has otherwise been paid in full or
(iii) the Servicer has determined that the final amounts in respect of such
payment have been paid with respect to a Defaulted Receivable, regardless of
whether all or any part of such payment has been made by the Obligor under
such Receivable, the Seller pursuant to this Agreement, AHFC pursuant to the
Receivables Purchase Agreement, the Servicer pursuant hereto, an insurer
pursuant to an Insurance Policy or otherwise.

         "LIQUIDATION EXPENSES" means, with respect to a Defaulted
Receivable, the amount charged by the Servicer, in accordance with its
customary servicing procedures, to or for its account for repossessing,
refurbishing and disposing of the related Financed Vehicle and other
out-of-pocket costs related to such liquidation.

         "LIQUIDATION PROCEEDS" means, with respect to a Defaulted
Receivable, all amounts realized with respect to such Receivable from
whatever sources (including, without limitation, proceeds of any Insurance
Policy), net of amounts that are required by law or such Receivable to be
refunded to the related Obligor.

         "MAXIMUM YIELD SUPPLEMENT AMOUNT" means with respect to any
Collection Period and the related Deposit Date, after giving effect to the
Yield Supplement Amount, the maximum amount required to be on deposit in the
Yield Supplement Account on the immediately succeeding Payment Date, which is
equal to the present value (using an interest rate of 2.5%) of the sum of all
Yield Supplement Amounts for all future Payment Dates, assuming that future
Scheduled Payments on the Discount Receivables are made on the date on which
they are scheduled as being due.

         "MONTHLY PAYMENT" means, with respect to any Receivable, the amount
of each fixed monthly payment payable to the obligee under such Receivable in
accordance with the terms thereof, net of any portion of such monthly payment
that represents late payment charges, extension fees or collections allocable
to payments to be made by Obligors for payment of insurance premiums,
extended service contracts or similar items.

                                      11
<PAGE>

         "MOODY'S" means Moody's Investors Service, Inc., or its successors.

         "MOTOR VEHICLE RECEIVABLES" shall have the meaning specified in
Section 5.03(b)(ii)(A).

         "NET LIQUIDATION PROCEEDS" means, with respect to a Defaulted
Receivable, Liquidation Proceeds less Liquidation Expenses.

         "NONRECOVERABLE ADVANCE" shall have the meaning specified in Section
4.04(c).

         "NOTE AMOUNT" means, with respect to any Payment Date, the aggregate
outstanding principal amount of the Notes after giving effect to payments of
principal made on the Notes on such Payment Date.

         "NOTE DISTRIBUTABLE AMOUNT" means, with respect to any Payment Date,
the sum of the Note Interest Distributable Amount and the Note Principal
Distributable Amount for such Payment Date.

         "NOTE DISTRIBUTION ACCOUNT" means the account designated as such,
and established and maintained pursuant to Section 4.01.

         "NOTE INTEREST CARRYOVER SHORTFALL" means, with respect to any
Payment Date and a Class of Notes, the excess, if any, of the sum of the Note
Monthly Interest Distributable Amount for such Class for the preceding
Payment Date plus any outstanding Note Interest Carryover Shortfall for such
Class on such preceding Payment Date, over the amount of interest that is
actually paid on the Notes on such preceding Payment Date, plus, to the
extent permitted by law, interest on the Note Interest Carryover Shortfall at
the related Interest Rate for the related Interest Accrual Period.

         "NOTE INTEREST DISTRIBUTABLE AMOUNT" means, with respect to any
Payment Date and a Class of Notes, the sum of the Note Monthly Interest
Distributable Amount for such Payment Date and the Note Interest Carryover
Shortfall for such Class of Notes. For all purposes of this Agreement and the
other Basic Documents, interest with respect to the Class A-2, Class A-3 and
Class A-4 Notes shall be computed on the basis of a 360-day year consisting
of twelve 30-day months; and interest with respect to the Class A-1 Notes
shall be computed on the basis of the actual number of days in each
applicable Interest Accrual Period, divided by 360.

         "NOTE MONTHLY INTEREST DISTRIBUTABLE AMOUNT" means, with respect to
any Payment Date, interest accrued for the related Interest Accrual Period at
the related Interest Rate for each Class of Notes on the Outstanding Amount
of the Notes of each such Class on the immediately preceding Payment Date
(or, in the case of the first Payment Date, the original principal amount of
each such Class of Notes), after giving effect to all distributions of
principal to the Noteholders of each such Class on or prior to such Payment
Date.

         "NOTE MONTHLY PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to
any Payment Date, the Note Percentage of the Principal Distributable Amount
for such Payment Date.

                                      12
<PAGE>

         "NOTE PERCENTAGE" means (i) for each Payment Date until the
principal amount of the Class A-1 Notes has been paid in full, 100%; (ii) for
each Payment Date on or after the principal amount of the Class A-1 Notes has
been paid in full to and including the Payment Date on which the principal
amount of the Class A-4 Notes has been paid in full, the percent equivalent
of a fraction, the numerator of which is the initial aggregate principal
amount of the Notes and the denominator of which is the sum of the initial
aggregate principal amount of the Notes and the initial principal amount of
the Certificates; and (iii) for each Payment Date after the Payment Date on
which the principal amount of the Class A-4 Notes has been paid in full, 0%;
notwithstanding the foregoing, for each Payment Date after the acceleration
of the Notes following an Event of Default, the Note Percentage shall be 100%
until the Notes have been paid in full.

         "NOTE POOL FACTOR" means, with respect to each Class of Notes as of
any Payment Date, a seven-digit decimal figure equal to the Outstanding
Amount of such Class of Notes as of such Payment Date (after giving effect to
any reductions thereof to be made on such Payment Date) divided by the
original outstanding principal balance of such Class of Notes.

         "NOTE PRINCIPAL CARRYOVER SHORTFALL" means, with respect to any
Payment Date, the excess, if any, of the sum of the Note Monthly Principal
Distributable Amount plus any outstanding Note Principal Carryover Shortfall
for the preceding Payment Date, over the amount in respect of principal that
is actually paid as principal on the Notes on such Payment Date.

         "NOTE PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Payment Date, the sum of (i) the Note Monthly Principal Distributable Amount,
(ii) any outstanding Note Principal Carryover Shortfall as of the close of
the immediately preceding Payment Date and, (iii) on the Final Payment Date
for a Class of Notes or the Payment Date as of which all of the Receivables
are to be purchased pursuant to Section 8.01, the amount necessary (after
giving effect to all amounts allocable to principal required to be deposited
in the Note Distribution Account on such Payment Date) to reduce the
Outstanding Amount of each related Class of Notes to zero; provided, however,
that the Note Principal Distributable Amount with respect to a Class of Notes
shall not exceed the Outstanding Amount of such Class of Notes.

         "NOTES" means the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes.

         "OBLIGOR " on a Receivable means the purchaser or co-purchasers of
the related Financed Vehicle purchased in part or in whole by the execution
and delivery of a retail installment contract or any other Person who owes or
may be liable for payments under such retail installment contract.

         "OFFERED SECURITIES" shall have the meaning specified in Section
5.03(b)(ii)(B).

         "OFFICERS' CERTIFICATE" means a certificate signed by the president,
any Vice President, the treasurer or the secretary of the Seller or the
Servicer, as the case may be, and delivered to the Trustee.

                                      13
<PAGE>

         "OPINION OF COUNSEL" means a written opinion of counsel (who, in the
case of counsel to the Seller or the Servicer, may be an employee of or
outside counsel to the Seller or the Servicer), which counsel shall be
acceptable to the Trustee.

         "ORIGINAL CERTIFICATE BALANCE" means $46,755,487.15.

         "ORIGINAL POOL BALANCE" means $1,100,025,487.15.

         "OUTSTANDING ADVANCES" means, with respect to a Receivable and the
last day of a Collection Period, the sum of all Advances made as of or prior
to such date, minus (1) all payments or collections as of or prior to such
date which are specified in Section 4.04(b) and (c) as applied to reimburse
all unpaid Advances with respect to such Receivable and (2) all amounts for
which the Servicer has deemed to have released all claims for reimbursement
of Outstanding Advances pursuant to Section 3.08.

         "OUTSTANDING AMOUNT" means the aggregate principal amount of all
Notes, or if indicated by the context, all Notes of any class, outstanding at
the date of the determination.

         "OUTSTANDING INTEREST ADVANCES" means, as of the last day of a
Collection Period with respect to a Receivable, the portion of Outstanding
Advances allocable to interest.

         "OUTSTANDING PRINCIPAL ADVANCES" means, as of the last day of a
Collection Period with respect to a Receivable, the portion of Outstanding
Advances allocable to principal.

         "OVERDUE PAYMENT" shall have the meaning specified in Section
4.03(a).

         "OWNER TRUST ESTATE" shall have the meaning specified in the Trust
Agreement.

         "OWNER TRUSTEE" means the Person acting as Owner Trustee under the
Trust Agreement, its successors in interest and any successor owner trustee
under the Trust Agreement.

         "PAYAHEAD ACCOUNT" means the account designated as such and
established and maintained pursuant to Section 4.01.

         "PAYMENT AHEAD" means, with respect to a Precomputed Receivable and
a Collection Period, any Excess Payment (not representing, when added to any
Deferred Prepayment with respect to such Precomputed Receivable, a prepayment
in full of such Precomputed Receivable) which the Servicer, in accordance
with its customary servicing practices, will apply towards the payment of
Scheduled Payments due in one or more future Collection Periods.

         "PAYMENT DATE" means, with respect to a Collection Period, the
fifteenth calendar day of the next succeeding calendar month or, if such day
is not a Business Day, the next succeeding Business Day, commencing November
2000.

         "PERCENTAGE INTERESTS" shall have the meaning specified in the Trust
Agreement.

                                      14
<PAGE>

         "PERSON" means any legal person, including any individual,
corporation, partnership, joint venture, association, joint stock company,
trust, unincorporated organization or government or any agency or political
subdivision thereof.

         "POOL BALANCE" means, as of any date, the aggregate Principal
Balance of the Receivables (exclusive of all Administrative Receivables for
which the Servicer has paid the Administrative Purchase Payment, Warranty
Receivables for which the Seller has paid the Warranty Purchase Payment and
Defaulted Receivables) as of the close of business on such date.

         "PRECOMPUTED ADVANCE" shall have the meaning specified in Section
4.04(a).

         "PRECOMPUTED RECEIVABLE" means any Actuarial Receivable or Rule of
78s Receivable.

         "PREPAYMENT" means any Excess Payment with respect to a Receivable
other than a Payment Ahead.

         "PRINCIPAL BALANCE" means, with respect to any Receivable as of any
date, the Amount Financed minus the sum of the following amounts: (i) in the
case of a Precomputed Receivable, that portion of all Scheduled Payments due
on or prior to such date allocable to principal, computed in accordance with
the actuarial method, (ii) in the case of a Simple Interest Receivable, that
portion of all Scheduled Payments actually received on or prior to such date
allocable to principal, computed in accordance with the simple interest
method, (iii) any Warranty Purchase Payment or Administrative Purchase
Payment with respect to such Receivable allocable to principal and (iv) any
Prepayments or other payments applied to reduce the unpaid principal balance
of such Receivable.

         "PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any Payment
Date, the sum of the following amounts (i) in the case of (a) Precomputed
Receivables, the principal portion of all Scheduled Payments due during the
related Collection Period, computed in accordance with the actuarial method
and (b) Simple Interest Receivables, the principal portion of all Scheduled
Payments actually received during the related Collection Period, computed in
accordance with the simple interest method, (ii) the principal portion of all
Prepayments, received during such Collection Period (to the extent such
amounts are not included in clause (i) above) and (iii) the Principal Balance
of each Receivable that became an Administrative Receivable, a Warranty
Receivable or a Defaulted Receivable during such Collection Period (to the
extent such amounts are not included in clauses (i) or (ii) above).

         "RATED SECURITIES" means each Class of Securities that has been
rated by a Rating at the request of the Seller.

         "RATING AGENCY" means Fitch, Moody's and Standard & Poor's.

         "RATING AGENCY CONDITION" means, with respect to any action, that
each Rating Agency shall have been given ten days' (or such shorter period as
shall be acceptable to each Rating Agency) prior notice thereof and that each
Rating Agency shall have notified the Seller, the

                                      15
<PAGE>

Servicer and the Trustees in writing that such action will not result in a
reduction or withdrawal of the then current rating of the Rated Securities.

         "REBATE" means, with respect to a Precomputed Receivable and any
date, the rebate, calculated in accordance with the actuarial method, under
such Receivable that is or would be payable to the related Obligor for
unearned finance charges or any other charges rebatable to the Obligor if
such Obligor were to prepay such Receivable in full on such date.

         "RECEIVABLE" means any retail installment sale contract executed by
an Obligor in respect of a Financed Vehicle, and all proceeds thereof and
payments thereunder, which Receivables shall be identified in a Schedule of
Receivables.

         "RECEIVABLE FILES" means the documents specified in Section 2.02.

         "RECEIVABLES PURCHASE AGREEMENT" means the receivables purchase
agreement, dated as of October 1, 2000, between AHFC and the Seller, as
amended or supplemented from time to time.

         "RELEASED ADMINISTRATIVE AMOUNT" means, with respect to a Payment
Date and to an Administrative Receivable, the Deferred Prepayment, if any,
for such Administrative Receivable.

         "RELEASED WARRANTY AMOUNT" means, with respect to a Payment Date and
to a Warranty Receivable, the Deferred Prepayment, if any, for such Warranty
Receivable.

         "REQUIRED RATE" means the sum of (a) the percent equivalent of a
fraction, the numerator of which is the sum for each Class of Notes of the
product of (1) the Interest Rate for such Class of Notes, (2) the original
principal balance of such Class of Notes and (3) the expected weighted
average life for such Class of Notes at the prepayment speed of 1.3% under
the Absolute Prepayment Model and the denominator of which is the sum for
each such Class of Notes of the product of (1) the original principal balance
of such Class of Notes and (2) the expected weighted average life for such
Class of Notes at the prepayment speed of 1.3% under the Absolute Prepayment
Model and (b) the Servicing Fee Rate.

         "REQUIRED DEPOSIT RATING" means the short-term credit rating of the
related entity is at least equal to P-1 by Moody's, A-1 by Standard & Poor's
and F1 by Fitch.

         "REQUIRED SERVICER RATING" means, with respect to the Servicer, that
the then short-term unsecured debt obligations of the Servicer are rated at
least equal to P-1 by Moody's, A-1 by Standard & Poor's and F1 by Fitch.

         "RESERVE FUND" means the account designated as such, and established
and maintained pursuant to Section 4.01.

         "RESERVE FUND INITIAL DEPOSIT" means the initial deposit of cash in
the amount of $5,500,127.44 made by or on behalf of the Seller into the
Reserve Fund on the Closing Date.

                                      16
<PAGE>

         "RESERVE FUND PROPERTY" means, the Reserve Fund Initial Deposit and
all proceeds thereof and all other amounts deposited in or credited to the
Reserve Fund from time to time under this Agreement, all Eligible Investments
made with amounts on deposit therein, all earnings and distributions thereon
and proceeds thereof.

         "RESPONSIBLE OFFICER" means, in the case of the Indenture Trustee,
any officer within the Corporate Trust Office of the Indenture Trustee,
including any Principal, Managing Director, Vice President, assistant Vice
President, assistant treasurer, assistant secretary or any other officer of
the Indenture Trustee customarily performing functions similar to those
performed by any of the above designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because
of such officer's knowledge of and familiarity with the particular subject
and, with respect to the Owner Trustee, any officer in the Corporate Trust
Administration Department of the Owner Trustee with direct responsibility for
the administration of the Trust Agreement and the Basic Documents on behalf
of the Owner Trustee.

         "RETAIL INSTALLMENT CONTRACTS" means retail installment sale and
conditional sale contracts.

         "RULE OF 78s RECEIVABLE" means any Receivable which provides for the
allocation of payments according to the "sum of periodic balances" or "sum of
monthly payments" method.

         "SCHEDULE OF RECEIVABLES" means the schedule of Receivables attached
as Schedule A to this Agreement, as it may be amended from time to time.

         "SCHEDULED PAYMENT" means, with respect to any Payment Date and to a
Receivable, the payment set forth in such Receivable as due from the Obligor
in the related Collection Period; provided, however, that in the case of the
first Collection Period, the Scheduled Payment shall include all such
payments due from the Obligor on or after the Cutoff Date.

         "SECURITIES" means the Notes and the Trust Certificates.

         "SECURITY ENTITLEMENT" shall have the meaning specified in Section
8-102(a)(17) of the UCC.

         "SECURITYHOLDERS" means the Noteholders and the Certificateholders.

         "SELLER" means AHRC, in its capacity as Seller of the Receivables
under this Agreement, and each successor thereto (in the same capacity)
pursuant to Section 5.03.

         "SERVICER" means AHFC, in its capacity as servicer of the
Receivables pursuant to this Agreement, and each successor thereto (in the
same capacity) pursuant to Section 6.03.

         "SERVICER DEFAULT" shall have the meaning specified in Section 7.01.

         "SERVICER LETTER OF CREDIT" means, if the Servicer desires to remit
collections on or in respect of the Receivables to the Collection Account on
a monthly basis upon satisfaction of the

                                      17

<PAGE>

conditions described in Section 4.02(b)(ii), (i) an irrevocable letter of
credit, issued by a Letter of Credit Bank and naming the Indenture Trustee a
beneficiary or (ii) a surety bond, insurance policy or deposit of cash or
securities, which is satisfactory to each Rating Agency.

         "SERVICER'S CERTIFICATE" means an Officers' Certificate of the
Servicer delivered pursuant to Section 3.10, substantially in the form of
Exhibit B.

         "SERVICING FEE RATE" means 1.00% per annum.

         "SIMPLE INTEREST ADVANCE" shall have the meaning specified in
Section 4.04(a).

         "SIMPLE INTEREST RECEIVABLE" means any Receivable which provides for
the allocation of payments according to the "simple interest" method.

         "SPECIFIED RESERVE FUND BALANCE" means, with respect to any Payment
Date $8,250,191.15, except that, if on any Payment Date (i) the average of
the Charge-off Rates for the three preceding Collection Periods exceeds 2.25%
or (ii) the average of the Delinquency Percentages for the three preceding
Collection Periods exceeds 2.25%, then the Specified Reserve Fund Balance
will be an amount equal to a specified percentage of the Pool Balance as of
the last day of the immediately preceding Collection Period. Such percentage
shall be determined by deducting from 8.00% the following fraction, expressed
as a percentage: (a) one minus (b) a fraction, the numerator of which is the
outstanding principal amount of the Notes with respect to such Payment Date
and the denominator of which is such Pool Balance. Notwithstanding the
foregoing, in no event will the Specified Reserve Fund Balance be more than
the outstanding principal amount of the Notes.

         "STANDARD & POOR'S" means Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., or its successors.

         "SUCCESSOR SERVICER" means any entity appointed as a successor to
the Servicer pursuant to Section 7.02.

         "SUPPLEMENTAL SERVICING FEE" means any interest earned on investment
of the monies on deposit in the Accounts (other than the Yield Supplement
Account and the Reserve Fund) during a Collection Period, net of any
investment expenses and losses from such investments, plus all late fees,
prepayment charges and other administrative fees and expenses or similar
charges allowed by applicable law with respect to the Receivables, including,
in the case of a Rule of 78s Receivable and that is prepaid in full, the
difference between the Principal Balance of a Rule of 78s Receivable, minus
the Principal Balance of such Receivable computed according to the actuarial
method (plus accrued interest to the date of prepayment), received by the
Servicer during such Collection Period.

         "TOTAL SERVICING FEE" means the sum of the Basic Servicing Fee and
the Supplemental Servicing Fee.

         "TRUST" means the Issuer.

                                      18
<PAGE>

         "TRUST AGREEMENT" means the trust agreement, dated as of October 11,
2000, as amended and restated, dated October 25, 2000, between the Depositor
and the Owner Trustee.

         "TRUST FEES AND EXPENSES" means all accrued and unpaid Trustees'
fees, any amounts due to the Trustees for reimbursement of expenses or in
respect of indemnification and other administrative fees of the Trust.

         "TRUSTEE" means either the Owner Trustee or the Indenture Trustee,
as the context requires.

         "TRUSTEES" means the Owner Trustee and the Indenture Trustee.

         "UCC" means the Uniform Commercial Code as in effect in the
respective jurisdiction.

         "UNITED STATES" means the United States of America.

         "VICE PRESIDENT" of any Person means any vice president of such
Person, whether or not designated by a number or words before or after the
title "Vice President", who is a duly elected officer of such Person.

         "WARRANTY PURCHASE PAYMENT" means, with respect to a Payment Date
and to a Warranty Receivable repurchased by the Seller as of the end of the
related Collection Period, which Receivable is (i) a Precomputed Receivable,
(a) the sum of (1) all Scheduled Payments on such Receivable due after the
last day of such Collection Period, (2) all past due Scheduled Payments for
which an Advance has not been made, (3) all Outstanding Advances made in
respect of such Receivable and (4) an amount equal to any reimbursement of
Outstanding Advances made pursuant to the first sentence of Section 4.04(c)
with respect to such Receivable minus (b) the sum of (1) all Payments Ahead
in respect of such Warranty Receivable held by the Servicer or on deposit in
the Payahead Account, (2) any Rebate and (3) any proceeds of the liquidation
of such Receivable previously received (to the extent applied to reduce the
Principal Balance of such Receivable) or (ii) a Simple Interest Receivable,
the sum of (a) the unpaid principal balance owed by the related Obligor in
respect of such Receivable and (b) interest on such unpaid principal balance
at a rate equal to the APR of the related Receivable from the date of last
payment by such Obligor to the last day of such Collection Period.

         "WARRANTY RECEIVABLE" means a Receivable which the Seller is
required to repurchase pursuant to Section 2.04.

         "YIELD SUPPLEMENT ACCOUNT" means the account designated as such, and
established and maintained pursuant to Section 4.01.

         "YIELD SUPPLEMENT ACCOUNT DEPOSIT" means the initial deposit of cash
in the amount of $23,950,083.32 made by or on behalf of the Seller into the
Yield Supplement Account on the Closing Date.

                                      19
<PAGE>

         "YIELD SUPPLEMENT AMOUNT" means, with respect to any Collection
Period and the related Deposit Date, the aggregate amount by which one
month's interest on the Principal Balance as of the first day of such
Collection Period of each Discount Receivable (other than a Discount
Receivable that is a Defaulted Receivable) at a rate equal to the Required
Rate, exceeds one month's interest on such Principal Balance at the APR of
each such Receivable.

         "YIELD SUPPLEMENT WITHDRAWAL AMOUNT" means, with respect to any
Collection Period and the related Deposit Date, the lesser of (a) the amount
on deposit in the Yield Supplement Account and (b) the sum of (i) the Yield
Supplement Amount and (ii) after giving effect to the withdrawal of the Yield
Supplement Amount, the amount by which the amount on deposit in the Yield
Supplement Account exceeds the Maximum Yield Supplement Amount.

         Section 1.02. OTHER DEFINITIONAL PROVISIONS.

         (a)   Capitalized terms used herein that are not otherwise defined
herein shall have the meanings ascribed thereto in the Indenture.

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

         Section 1.03. INTERPRETIVE PROVISIONS.

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

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

                                      20
<PAGE>

                                  ARTICLE TWO

             CONVEYANCE OF RECEIVABLES; CUSTODY OF RECEIVABLES FILES

         Section 2.01. CONVEYANCE OF RECEIVABLES.

         (a)   In consideration of the Issuer's delivery to or upon the order
of the Seller of the Certificates and the net proceeds of the sale of the
Notes, less an amount equal to the Reserve Fund Initial Deposit to be
deposited to the Reserve Fund and the Yield Supplement Account Deposit to be
deposited to the Yield Supplement Account, each on the Closing Date, the
Seller does hereby sell, transfer, assign, set over and otherwise convey to
the Issuer, without recourse (subject to the obligations of the Seller set
forth herein), all right, title and interest of the Seller in, to and under:

                  (i) the Receivables and all monies due thereon or paid
         thereunder or in respect thereof (including proceeds of the
         repurchase of Receivables by the Seller pursuant to Section 2.04 or
         the purchase of Receivables by the Servicer pursuant to Section 3.08
         or 8.01) 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 Receivables Purchase Agreement, but not the
         obligations of the Seller thereunder;

                  (vi) 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;

                  (vii) all funds on deposit from time to time in the
         Accounts, including the Reserve Fund Initial Deposit and the Yield
         Supplement Account Deposit, and in all investment income and
         proceeds thereof;

                  (viii)   any Servicer Letter of Credit; and

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

         (b)   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 Seller hereby grants to the Issuer 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 all
proceeds of any of the

                                      21
<PAGE>

foregoing. The parties hereto intend that this Agreement constitute a
security agreement under applicable law. Such grant is made to secure the
payment of all amounts payable hereunder.

         Section 2.02. CUSTODY OF RECEIVABLE FILES. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the Issuer
hereby revocably appoints the Servicer, and the Servicer accepts such
appointment, to act for the benefit of the Issuer and the Indenture Trustee
as custodian of the following documents or instruments which are hereby
constructively delivered to the Indenture Trustee, as pledgee of the Issuer,
as of the Closing Date with respect to each Receivable:

                  (a) the fully executed original of the Receivable;

                  (b) documents evidencing or related to any Insurance Policy;

                  (c) the original credit application of each Obligor, fully
         executed by such Obligor on AHFC's customary form, or on a form
         approved by AHFC for such application;

                  (d) the original certificate of title (or evidence that
         such certificate of title has been applied for) or such documents
         that the Servicer shall keep on file, in accordance with its
         customary procedures, evidencing the security interest in the
         related Financed Vehicle; and

                  (e) any and all other documents that the Seller or the
         Servicer, as the case may be, shall keep on file, in accordance with
         its customary procedures, relating to such Receivable or the related
         Obligor or Financed Vehicle.

         Section 2.03. REPRESENTATIONS AND WARRANTIES OF SELLER AS TO THE
RECEIVABLES. The Seller makes the following representations and warranties as
to the Receivables on which the Issuer shall rely in acquiring the
Receivables. Such representations and warranties speak as of the execution
and delivery of this Agreement and as of the Closing Date, but shall survive
the sale, transfer and assignment of the Receivables to the Issuer and the
pledge thereof to the Indenture Trustee.

                  (a) CHARACTERISTICS OF RECEIVABLES. Each Receivable (i)
         shall have been originated in the United States by a Dealer for the
         retail sale of the related Financed Vehicle in the ordinary course
         of such Dealer's business, shall have been fully and properly
         executed by the parties thereto, shall have been purchased by AHFC
         from such Dealer under an existing agreement with AHFC, shall have
         been validly assigned by such Dealer to AHFC in accordance with the
         terms of such agreement and shall have been subsequently sold by
         AHFC to the Seller pursuant to the Receivables Purchase Agreement,
         (ii) shall have created or shall create a valid, subsisting and
         enforceable first priority security interest in favor of AHFC in the
         related Financed Vehicle, which security interest has been assigned
         by AHFC to the Seller and shall be assignable, and shall be so
         assigned, by the Seller to the Owner Trustee, (iii) shall contain
         customary and enforceable provisions such that the rights and
         remedies of the holder thereof shall be

                                      22
<PAGE>

         adequate for realization against the collateral of the benefits of
         the security, (iv) shall, except as otherwise provided in this
         Agreement, provide for level Monthly Payments (provided that the
         payment in the first or last month in the life of the Receivable may
         be minimally different from the level payment) that fully amortize
         the Amount Financed over its original term and shall provide for a
         finance charge or shall yield interest at its APR, (v) shall provide
         for, in the event that such Receivable is prepaid, a prepayment that
         fully pays the Principal Balance and includes accrued but unpaid
         interest at least through the date of prepayment in an amount
         calculated by using an interest rate at least equal to its APR, (vi)
         shall have an Obligor that is not a federal, state or local
         governmental entity and (vii) is a retail installment contract.

                  (b) 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 motor vehicle receivables of AHFC which met the selection
         criteria set forth in this Agreement.

                  (c) COMPLIANCE WITH LAW. Each Receivable and each sale of
         the related Financed Vehicle shall have complied at the time it was
         originated or made, and shall comply at the time of execution of
         this Agreement, in all material respects with all requirements of
         applicable federal, state and local laws, and regulations
         thereunder, including usury laws, the Federal Truth-in-Lending Act,
         the Equal Credit Opportunity Act, the Fair Credit Billing Act, the
         Fair Credit Reporting Act, the Fair Debt Collection Practices Act,
         the Federal Trade Commission Act, the Magnuson-Moss Warranty Act,
         Federal Reserve Board Regulations B , M and Z, state adaptations of
         the National Consumer Act and of the Uniform Consumer Credit Code
         and other consumer credit, equal credit opportunity and disclosure
         laws.

                  (d) BINDING OBLIGATION. Each Receivable shall constitute
         the genuine, legal, valid and binding payment obligation in writing
         of the related Obligor, enforceable by the holder thereof 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.

                  (e) NO BANKRUPT OBLIGORS. According to the records of the
         Seller, as of the Cutoff Date, no Obligor is the subject of a
         bankruptcy proceeding.

                  (f) SECURITY INTEREST IN FINANCED VEHICLES. According to
         the records of the Seller, as of the Cutoff Date, no Financed
         Vehicle has been repossessed and not reinstated and immediately
         prior to the sale, assignment and transfer thereof, each Receivable
         shall be secured by a validly perfected first priority security
         interest in the related Financed Vehicle in favor of AHFC as secured
         party or all necessary and appropriate action with respect to such
         Receivable shall have been taken to perfect a first priority
         security interest in such Financed Vehicle in favor of AHFC as
         secured party.

                                      23
<PAGE>

                  (g) RECEIVABLES IN FORCE. No Receivable shall have been
         satisfied, subordinated or rescinded, nor shall any Financed Vehicle
         have been released in whole or in part from the lien granted by the
         related Receivable.

                  (h) NO WAIVERS. No provision of a Receivable shall have
         been waived in such a manner that such Receivable fails to meet all
         of the other representations and warranties made by the Seller
         herein with respect thereto.

                  (i) NO AMENDMENTS. No Receivable shall have been amended or
         modified in such a manner that the total number of Scheduled
         Payments has been increased or that the related Amount Financed has
         been increased or that such Receivable fails to meet all of the
         other representations and warranties made by the Seller herein with
         respect thereto.

                  (j) NO DEFENSES. No facts shall be known to the Seller
         which would give rise to any right of rescission, setoff,
         counterclaim or defense, nor shall the same have been asserted or
         threatened, with respect to any Receivable.

                  (k) NO LIENS. To the knowledge of the Seller, no liens or
         claims shall have been filed, including liens for work, labor or
         materials relating to a Financed Vehicle, that shall be liens prior
         to, or equal or coordinate with, the security interest in such
         Financed Vehicle granted by the related Receivable.

                  (l) NO DEFAULTS. Except for payment defaults that, as of
         the Cutoff Date, have been continuing for a period of not more than
         30 days, no default, breach, violation or event permitting
         acceleration under the terms of any Receivable shall have occurred
         as of the Cutoff Date and no continuing condition that with notice
         or the lapse of time would constitute a default, breach, violation
         or event permitting acceleration under the terms of any Receivable
         shall have arisen; and the Seller shall not have waived any of the
         foregoing except as otherwise permitted hereunder.

                  (m) INSURANCE. Pursuant to the Receivables, each Obligor
         has been required to obtain physical damage insurance covering the
         related Financed Vehicle and the Obligor is required under the terms
         of the related Receivable to maintain such insurance.

                  (n) TITLE. It is the intention of the Seller that the
         transfer and assignment herein contemplated, taken as a whole,
         constitute a sale of the Receivables from the Seller to the Issuer
         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 Seller under any bankruptcy
         law. No Receivable has been sold, transferred, assigned or pledged
         by the Seller to any Person other than the Issuer, and no provision
         of a Receivable shall have been waived, except as provided in clause
         (h) above; immediately prior to the transfer and assignment herein
         contemplated, the Seller had good and marketable title to each
         Receivable free and clear of all Liens and rights of others;
         immediately upon the transfer and assignment thereof, the Issuer
         shall have good and

                                      24
<PAGE>

         marketable title to each Receivable, free and clear of all Liens and
         rights of others; and the transfer and assignment herein
         contemplated has been perfected under the UCC.

                  (o) LAWFUL ASSIGNMENT. No Receivable shall have been
         originated in, or shall be subject to the laws of, any jurisdiction
         under which the sale, transfer and assignment of such Receivable
         under this Agreement or pursuant to a transfer of the Securities
         shall be unlawful, void or voidable.

                  (p) ALL FILINGS MADE. All filings (including UCC filings)
         necessary in any jurisdiction to give the Issuer a first priority
         perfected security interest in the Receivables, and to give the
         Indenture Trustee a first priority perfected security interest
         therein, shall have been made.

                  (q) ONE ORIGINAL. There shall be only one original executed
         copy of each Receivable.

                  (r) CHATTEL PAPER. Each Receivable constitutes "chattel
         paper" as defined in the UCC.

                  (s) MATURITY OF RECEIVABLES. Each Receivable shall have an
         original maturity of not less than 12 months nor greater than 60
         months and, as of the Cutoff Date, a remaining maturity of not less
         than 6 months nor greater than 60 months.

                  (t) FINANCE CHARGE. Each Receivable provides for the
         payment of a finance charge calculated on the basis of an APR
         ranging from 2.90% to 15.90%.

                  (u) PRINCIPAL BALANCE. Each Receivable had an original
         principal balance of not less than $1,410.34 nor more than
         $102,461.21 and an average unpaid principal balance, as of the
         Cutoff Date, of $15,545.57.

                  (v) ORIGINATION.  Each Receivable was originated on or
         before July 1, 2000.

                  (w) NO OVERDUE PAYMENTS. No Receivable shall have a
         Scheduled Payment that is more than 30 days past due as of the
         Cutoff Date.

                  (x) LOCATION OF RECEIVABLE FILES.  Each Receivable File
         shall be kept at one of the locations listed in Schedule B hereto.

                  (y) FINANCED VEHICLES.  Each Financed Vehicle shall be a
         new or used Honda or Acura motor vehicle.

                  (z) ADDRESSES OF OBLIGORS. The Obligor under each
         Receivable had a current billing address in the United States as of
         the Cutoff Date.

         Section 2.04. REPURCHASE OF RECEIVABLES UPON BREACH. Upon discovery
by the Seller, the Servicer or the Owner Trustee or upon the actual knowledge
of the Indenture Trustee of a

                                      25
<PAGE>

breach of any of the representations and warranties of the Seller set forth
in Section 2.03 that materially and adversely affects the interests of the
Issuer, the Trustees or the Securityholders in any Receivable, the party
discovering such breach shall give prompt written notice to the others. As of
the last day of the second Collection Period following the Collection Period
in which it discovers or receives notice of such breach (or, at the Seller's
election, the last day of the first Collection Period following the
Collection Period in which it discovers or receives notice of such breach),
the Seller shall, unless such breach shall have been cured in all material
respects, repurchase such Receivable, and, if necessary, the Seller shall
enforce the obligation of AHFC under the Receivables Purchase Agreement to
repurchase such Receivable from the Seller. This repurchase obligation shall
apply to all representations and warranties of the Seller contained in
Section 2.03 whether or not the Seller has knowledge of the breach at the
time of the breach or at the time the representations and warranties were
made. In consideration of the repurchase of any such Receivable, on the
related Deposit Date, the Seller shall remit the Warranty Purchase Payment in
respect of such Receivable to the Collection Account in the manner specified
in Section 4.05 and shall be entitled to receive the Released Warranty
Amount. In the event that, as of the date of execution and delivery of this
Agreement, any Liens or claims shall have been filed, including Liens for
work, labor or materials relating to a Financed Vehicle, that shall be prior
to, or equal or coordinate with, the lien granted by the related Receivable,
which Liens or claims shall not have been satisfied or otherwise released in
full as of the Closing Date, and such breach materially and adversely affects
the interests of the Issuer, the Trustees or the Securityholders in such
Receivable, the Seller shall repurchase such Receivable on the terms and in
the manner specified above. Upon any such repurchase, the Issuer shall,
without further action, be deemed to transfer, assign, set-over and otherwise
convey to the Seller, all right, title and interest of the Issuer in, to and
under such repurchased Receivable, all monies due or to become due with
respect thereto and all proceeds thereof. The Issuer and the Trustees shall
execute such documents and instruments of transfer and assignment and take
such other actions as shall be reasonably requested by the Seller to effect
the conveyance of such Receivable pursuant to this Section. The sole remedy
of the Issuer, the Trustees and the Securityholders with respect to a breach
of the Seller's representations and warranties pursuant to Section 2.03 or
with respect to the existence of any such Liens or claims shall be to require
the Seller to repurchase the related Receivable pursuant to this Section and
to enforce AHFC's obligation to repurchase such Receivables from the Seller
pursuant to the Receivables Purchase Agreement. Neither the Owner Trustee nor
the Indenture Trustee shall have any duty to conduct an affirmative
investigation as to the occurrence of any condition requiring the repurchase
of any Receivable pursuant to Section 2.04 or the eligibility of any
Receivables for purposes of this Agreement.

         Section 2.05. DUTIES OF SERVICER AS CUSTODIAN.

         (a)   SAFEKEEPING. The Servicer, in its capacity as custodian, shall
hold the Receivable Files for the benefit of the Issuer and maintain such
accurate and complete accounts, records and computer systems pertaining to
each Receivable File as shall enable the Issuer to comply with this
Agreement. In performing its duties as custodian, the Servicer shall act with
reasonable care, using that degree of skill and attention that it exercises
with respect to the receivable files of comparable motor vehicle receivables
that the Servicer services for itself or others. The Servicer shall conduct,
or cause to be conducted, periodic examinations of the files of all

                                      26
<PAGE>

receivables owned or serviced by it which shall include the Receivable Files
held by it under this Agreement, and of the related accounts, records and
computer systems, in such a manner as shall enable the Issuer or the
Indenture Trustee to verify the accuracy of the Servicer's record keeping.
The Servicer shall promptly report to the Issuer and the Indenture Trustee
any failure on its part to hold the Receivable Files and maintain its
accounts, records and computer systems as herein provided and promptly take
appropriate action to remedy any such failure. Nothing herein shall be deemed
to require an initial review or any periodic review of the Receivable Files
by the Issuer or the Indenture Trustee.

         (b)   MAINTENANCE OF AND ACCESS TO RECORDS. The Servicer shall
maintain each Receivable File solely in its capacity as Servicer at one of
its offices specified in Schedule B hereto or at such other office as shall
be specified to the Issuer and the Indenture Trustee by 30 days' prior
written notice. The Servicer shall make available to the Issuer and the
Indenture Trustee or its duly authorized representatives, attorneys or
auditors the Receivable Files and the related accounts, records and computer
systems maintained by the Servicer at such times as the Issuer and the
Indenture Trustee shall reasonably instruct.

         (c)   RELEASE OF DOCUMENTS. Upon instruction from the Indenture
Trustee, the Servicer shall release any document in the Receivable Files to
the Indenture Trustee or its agent or designee, as the case may be, at such
place or places as the Indenture Trustee may designate, as soon as
practicable. The Servicer shall not be responsible for any loss occasioned by
the failure of the Indenture Trustee to return any document or any delay in
doing so.

         Section 2.06. INSTRUCTIONS; AUTHORITY TO ACT. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable
Files upon its receipt of written instructions signed by a Responsible
Officer of the Indenture Trustee. A certified copy of a bylaw or of a
resolution of the board of directors of the Indenture Trustee shall
constitute conclusive evidence of the authority of any such Responsible
Officer to act and shall be considered in full force and effect until receipt
by the Servicer of written notice to the contrary given by the Indenture
Trustee.

         Section 2.07. INDEMNIFICATION BY CUSTODIAN. The Servicer, as
custodian of the Receivable Files, shall fully indemnify and hold harmless
the Issuer and the Trustees for any and all liabilities, obligations, losses,
compensatory damages, payments, costs or expenses of any kind whatsoever that
may be imposed on, incurred or asserted against the Issuer and the Trustees
as the result of any improper act or omission in any way relating to the
maintenance and custody of the Receivable Files by the Servicer, as
custodian; provided, however, that the Servicer shall not be liable for any
portion of any such amount resulting from the willful misfeasance, bad faith
or negligence of the Owner Trustee or the Indenture Trustee.

         Section 2.08. EFFECTIVE PERIOD AND TERMINATION. The Servicer's
appointment as custodian of the Receivable Files shall become effective as of
the Cutoff Date and shall continue in full force and effect until terminated
pursuant to this Section. If the Servicer shall resign as Servicer pursuant
to Section 6.05 or if all of the rights and obligations of the Servicer have
been terminated pursuant to Section 7.02, the appointment of the Servicer as
custodian of the Receivable Files shall be terminated without further action
by the Indenture Trustee or by the

                                      27

<PAGE>

Holders of Notes. The Indenture Trustee or, with the consent of the Indenture
Trustee, the Owner Trustee may terminate the Servicer's appointment as
custodian of the Receivable Files with cause at any time immediately upon
written notification to the Servicer and, without cause, upon 30 days' prior
written notification by the Servicer. As soon as practicable after any
termination of such appointment, the Servicer shall deliver the Receivable
Files to the Indenture Trustee or its agent at such place or places as the
Indenture Trustee may reasonably designate. Notwithstanding the termination
of the Servicer as custodian of the Receivable Files, the Indenture Trustee
agrees that upon any such termination, the Indenture Trustee shall provide,
or cause its agent to provide, access to the Receivable Files to the Servicer
for the purpose of carrying out its duties and responsibilities with respect
to the servicing of the Receivables pursuant to this Agreement.

                                 ARTICLE THREE

                  ADMINISTRATION AND SERVICING OF RECEIVABLES

         Section 3.01. DUTIES OF SERVICER. The Servicer, for the benefit of
the Issuer (to the extent provided herein), shall manage, service, administer
and make collections on the Receivables (other than Administrative
Receivables and Warranty Receivables) with reasonable care, using that degree
of skill and attention that the Servicer exercises with respect to all
comparable motor vehicle receivables that it services for itself or others.
The Servicer's duties shall include collection and posting of all payments,
responding to inquiries of Obligors or by federal, state or local government
authorities with respect to the Receivables, investigating delinquencies,
sending payment coupons to Obligors, reporting tax information to Obligors in
accordance with its customary practices, policing the collateral, accounting
for collections and furnishing monthly and annual statements to the Trustees
with respect to distributions, generating federal income tax information,
making Advances and performing the other duties specified herein. The
Servicer shall follow its customary standards, policies and procedures and
shall have full power and authority, acting alone, to do any and all things
in connection with such managing, servicing, administration and collection
that it may deem necessary or desirable. Without limiting the generality of
the foregoing, the Servicer shall be authorized and empowered to execute and
deliver, on behalf of itself, the Issuer, the Trustees, the Securityholders
or any of them, any and all instruments of satisfaction or cancellation, or
of partial or full release or discharge and all other comparable instruments,
with respect to the Receivables and the Financed Vehicles. The Servicer is
hereby authorized to commence, in its own name or in the name of the Issuer,
a legal proceeding to enforce a Defaulted Receivable pursuant to Section 3.04
or to commence or participate in a legal proceeding (including without
limitation a bankruptcy proceeding) relating to or involving a Receivable,
including a Defaulted Receivable. If the Servicer commences or participates
in such a legal proceeding in its own name, the Issuer shall thereupon be
deemed to have automatically assigned, solely for the purpose of collection
on behalf of the party retaining an interest in such Receivable, such
Receivable and the other property conveyed to the Issuer pursuant to Section
2.01 with respect to such Receivable to the Servicer for purposes of
commencing or participating in any such proceeding as a party or claimant,
and the Servicer is authorized and empowered by the Issuer to execute and
deliver in the Servicer's name any notices, demands, claims, complaints,
responses, affidavits or other documents or instruments in connection with
any such proceeding. If in any enforcement suit or

                                      28
<PAGE>

legal proceeding it shall be held that the Servicer may not enforce a
Receivable on the grounds that it shall not be a real party in interest or a
holder entitled to enforce such Receivable, the Owner Trustee on behalf of
the Issuer shall, at the Servicer's expense and written direction, take steps
to enforce such Receivable, including bring suit in its name or the name of
the Issuer, the Indenture Trustee, the Noteholders or the Certificateholders.
The Owner Trustee on behalf of the Issuer shall furnish the Servicer with any
powers of attorney and other documents and take any other steps which the
Servicer may deem necessary or appropriate to enable the Servicer to carry
out its servicing and administrative duties hereunder.

         Section 3.02. COLLECTION OF RECEIVABLE PAYMENTS. The Servicer shall
make reasonable efforts to collect all payments called for under the terms
and provisions of the Receivables as and when the same shall become due, and
shall follow such collection procedures as it follows with respect to all
comparable motor vehicle receivables that it services for itself or others.
The Servicer shall be authorized to grant extensions, rebates or adjustments
on a Receivable without the prior consent of the Issuer. If, as a result of
the extending of payments in accordance with the customary servicing
standards of the Servicer, any Receivable will be outstanding later than the
Final Scheduled Maturity Date occurs, the Servicer shall be obligated to
repurchase such Receivable pursuant to Section 3.08. In addition, in the
event that any such rescheduling or extension of a Receivable modifies the
terms of such Receivable in such a manner as to constitute a cancellation of
such Receivable and the creation of a new motor vehicle receivable that
results in a deemed exchange thereof within the meaning of Section 1001 of
the Code, the Servicer shall purchase such Receivable pursuant to Section
3.08, and the receivable created shall not be included in the Issuer.
Notwithstanding the foregoing, extensions or modifications of the payment
schedule of a Receivable can be made only in accordance with the customary
servicing procedures of the Servicer, provided that the amount of any
extension fee charged in connection with the extension of a Receivable is
deposited into the Collection Account by the Servicer in accordance with
Section 4.05(a). The Servicer may, in accordance with its customary servicing
procedures, waive any prepayment charge, late payment charge or any other
fees that may be collected in the ordinary course of servicing the
Receivables.

         Section 3.03. REBATES ON FULL PREPAYMENTS. In the event that the
amount of a full Prepayment by an Obligor under a Precomputed Receivable,
after adjustment for the applicable Rebate, is less than the amount that
would be payable under the actuarial method if a full Prepayment were made at
the end of the billing month under such Precomputed Receivable, either
because the Rebate calculated under the terms of such Precomputed Receivable
is greater than the amount calculable under the actuarial method or because
the Servicer's customary servicing procedure is to credit a greater Rebate,
the Servicer, as part of its servicing duties, shall remit such difference to
the Trust by deposit into the Collection Account pursuant to Section 4.05(a).

         Section 3.04. REALIZATION UPON RECEIVABLES. On behalf of the Issuer,
the Servicer shall use its best efforts, consistent with its customary
servicing procedures, to repossess or otherwise comparably convert the
ownership of any Financed Vehicle that it has reasonably determined should be
repossessed or otherwise converted following a default under the Receivable
secured by the Financed Vehicle (and shall specify such Receivables to the
Trustees no later than the Determination Date following the end of the
Collection Period in which the Servicer shall have

                                      29
<PAGE>

made such determination). The Servicer shall follow such practices and
procedures as it shall deem necessary or advisable and as shall be customary
and usual in its servicing of motor vehicle receivables, which practices and
procedures may include reasonable efforts to realize upon any Dealer
Recourse, selling the related Financed Vehicle at public or private sale and
other actions by the Servicer in order to realize upon such a Receivable. The
Servicer shall be entitled to recover its reasonable Liquidation Expenses
with respect to each Defaulted Receivable. All Net Liquidation Proceeds
realized in connection with any such action with respect to a Receivable
shall be deposited by the Servicer in the Collection Account in the manner
specified in Section 4.02(a). The foregoing is subject to the proviso that,
in any case in which the Financed Vehicle shall have suffered damage, the
Servicer shall not expend funds in connection with any repair or towards the
repossession of such Financed Vehicle unless it shall determine in its
discretion that such repair and/or repossession shall increase the
Liquidation Proceeds of the related Receivable by an amount greater than the
amount of such expenses.

         Section 3.05. MAINTENANCE OF PHYSICAL DAMAGE INSURANCE POLICIES. The
Servicer shall, in accordance with its customary servicing procedures and
underwriting standards, require that each Obligor shall have obtained
physical damage insurance covering each Financed Vehicle as of the
origination of the related Receivable.

         Section 3.06. MAINTENANCE OF SECURITY INTERESTS IN FINANCED
VEHICLES. The Servicer shall, in accordance with its customary servicing
procedures and at its own expense, take such steps as are necessary to
maintain perfection of the security interest created by each Receivable in
the related Financed Vehicle. The Servicer is hereby authorized to take such
steps as are necessary to reperfect such security interest on behalf of the
Issuer in the event of the relocation of a Financed Vehicle or for any other
reason. In the event that the assignment of a Receivable to the Issuer is
insufficient, without a notation on the related Financed Vehicle's
certificate of title, to grant to the Issuer a first priority perfected
security interest in the related Financed Vehicle, the Servicer hereby agrees
to serve as the agent of the Issuer for the purpose of perfecting the
security interest of the Issuer in such Financed Vehicle and agrees that the
Servicer's listing as the secured party on the certificate of title is solely
in its capacity as agent of the Issuer.

         Section 3.07. COVENANTS OF SERVICER. The Servicer makes the
following covenants on which the Issuer shall rely in accepting the
Receivables in trust pursuant to Section 2.01:

                  (a) LIENS IN FORCE. Except as otherwise contemplated by
         this Agreement, the Servicer shall not release in whole or in part
         any Financed Vehicle from the security interest securing the related
         Receivable.

                  (b) NO IMPAIRMENT. The Servicer shall do nothing to impair
         the rights of the Issuer in the Receivables.

                  (c) NO AMENDMENTS. Subject to Section 3.02, the Servicer
         shall not amend or otherwise modify any Receivable such that the
         total number of Scheduled Payments is extended beyond the Final
         Scheduled Maturity Date, or either the Amount Financed or the APR is
         altered.

                                      30
<PAGE>

         Section 3.08. PURCHASE OF RECEIVABLES UPON BREACH. Upon discovery by
the Seller, the Servicer or the Issuer or upon the actual knowledge of the
Indenture Trustee or Owner Trustee of a breach of any of the covenants of the
Servicer set forth in Section 3.07 that materially and adversely affects the
interests of the Issuer, the Indenture Trustee or the Securityholders in any
Receivable, or if an improper extension, rescheduling or modification of a
Receivable is made by the Servicer as described in Section 3.02, the party
discovering such breach shall give prompt written notice to the others. As of
the last day of the second Collection Period following the Collection Period
in which it discovers or receives notice of such breach (or, at the
Servicer's election, the last day of the first Collection Period following
the Collection Period in which it discovers or receives notice of such
breach), the Servicer shall, unless such breach or impropriety shall have
been cured in all material respects, purchase from the Issuer such
Receivable. In consideration of the purchase of any such Receivable, on the
related Deposit Date the Servicer shall remit the Administrative Purchase
Payment to the Collection Account in the manner specified in Section 4.05,
and shall be entitled to receive the Released Administrative Amount. Upon
such deposit of the Administrative Purchase Payment, the Servicer shall for
all purposes of this Agreement be deemed to have released all claims for
reimbursement of Outstanding Advances made in respect of such Receivable. The
sole remedy of the Issuer, the Trustees or the Securityholders against the
Servicer with respect to a breach pursuant to Section 3.02 or 3.07 shall be
to require the Servicer to purchase the related Receivables pursuant to this
Section, except as otherwise provided in Section 6.02. Neither the Owner
Trustee nor the Indenture Trustee shall have any duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the
repurchase of any Receivable pursuant to this Section.

         Section 3.09. TOTAL SERVICING FEE; PAYMENT OF CERTAIN EXPENSES BY
SERVICER. As compensation for the performance of its obligations hereunder,
the Servicer shall be entitled to receive on each Payment Date the Total
Servicing Fee. The Basic Servicing Fee in respect of a Collection Period
shall be calculated based on a 360 day year comprised of twelve 30-day
months. Except to the extent otherwise provided herein, the Servicer shall be
required to pay all expenses incurred by it in connection with its activities
under this Agreement (including fees and disbursements of the Trustees and
independent accountants, taxes imposed on the Servicer, expenses incurred in
connection with distributions and reports to Securityholders and all other
fees and expenses not expressly stated under this Agreement to be for the
account of the Securityholders).

         Section 3.10. SERVICER'S CERTIFICATE. On or before each
Determination Date, the Servicer shall deliver to the Trustees and each
Rating Agency a Servicer's Certificate containing all information necessary
to make the distributions required by Sections 4.06 and 4.07 in respect of
the related Collection Period and all information necessary for the Trustees
to send statements to Securityholders pursuant to Section 4.10. The Servicer
shall also specify to the Trustees, no later than the Determination Date
following the last day of a Collection Period as of which the Seller shall be
required to repurchase or the Servicer shall be required to purchase a
Receivable, the identity of any such Receivable and the identity of any
Receivable which the Servicer shall have determined to be a Defaulted
Receivable during such Collection Period. Receivables purchased or to be
purchased by the Servicer or the Seller and Receivables as to which the
Servicer has determined during such Collection Period to be Defaulted
Receivables and with

                                      31
<PAGE>

respect to which payment of the Administrative Purchase Payment or Warranty
Purchase Payment has been provided from whatever source as of last day of
such Collection Period shall be identified by the Seller's account number
with respect to such Receivable (as specified in the Schedule of Receivables).

         Section 3.11. ANNUAL STATEMENT AS TO COMPLIANCE; NOTICE OF DEFAULT.

         (a)   The Servicer shall deliver to the Trustees and each Rating
Agency, on or before 90 days after the end of each fiscal year, commencing
with the fiscal year ended March 31, 2001, an Officer's Certificate of the
Servicer, stating that (i) a review of the activities of the Servicer during
the preceding 12-month period ended March 31 (or, if applicable, such shorter
period in the case of the first such Officer's Certificate) and of its
performance under this Agreement has been made under such officer's
supervision, and (ii) to such officer's knowledge, based on such review, the
Servicer has fulfilled all its obligations under this Agreement throughout
such period, or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officer and the nature
and status thereof.

         (b)   The Servicer shall deliver to the Trustees and each Rating
Agency, promptly after having obtained knowledge thereof, but in no event
later than five Business Days thereafter, an Officer's Certificate specifying
the nature and status of any event which with the giving of notice or lapse
of time, or both, would become a Servicer Default.

         Section 3.12. ANNUAL ACCOUNTANTS' REPORT. The Servicer shall cause a
firm of independent accountants (who may also render other services to the
Servicer or to the Seller) to deliver to the Trustees on or before June 30 of
each year, beginning with the June 30 that is at least six months after the
Closing Date, a report with respect to the preceding 12-month period ended
March 31 (or, if applicable, such shorter period in the case of the first
such report) to the effect that such accountants have examined certain
records and documents relating to the servicing of the Receivables under this
Agreement (using procedures specified in such report, which procedures shall
be substantially in compliance with generally accepted auditing standards and
which procedure shall be specified to the Trustees by the Servicer in
writing; and the Trustees make no independent inquiry or investigation as to,
and shall have no obligation or liability in respect of, the sufficiency,
validity or correctness of such procedures) and that nothing has come to
their attention indicating that such servicing has not been conducted in
compliance with the customary servicing procedures of the Servicer, including
but not limited to the procedures set forth in this Agreement, except for (i)
such exceptions as such firm shall believe to be immaterial and (ii) such
other exceptions as shall be set forth in such report. Such report shall also
indicate that the firm is independent with respect to the Seller and the
Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants.

         Section 3.13. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING RECEIVABLES. The Servicer shall provide to the Trustees reasonable
access to the documentation regarding the Receivables. The Servicer shall
provide such access to any Securityholder only in such cases where a
Securityholder is required by applicable statutes or regulations to review
such documentation. In each case, such access shall be afforded without
charge but only upon

                                      32
<PAGE>

reasonable request and during normal business hours at the respective offices
of the Servicer. Nothing in this Section shall derogate from the obligation
of the Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to
provide access as provided in this Section as a result of such obligation
shall not constitute a breach of this Section.

         Section 3.14. AMENDMENTS TO SCHEDULE OF RECEIVABLES. If the
Servicer, during a Collection Period, assigns to a Receivable an account
number that differs from the original account number identifying such
Receivable on the Schedule of Receivables, the Servicer shall deliver to the
Seller and the Trustees on or before the Payment Date relating to such
Collection Period an amendment to the Schedule of Receivables reporting the
newly assigned account number, together with the old account number of each
such Receivable. The first such delivery of amendments to the Schedule of
Receivables shall include monthly amendments reporting account numbers
appearing on the Schedule of Receivables with the new account numbers
assigned to such Receivables during any prior Collection Period.

         Section 3.15. REPORTS TO SECURITYHOLDERS AND RATING AGENCIES.

         (a)   At the expense of the Issuer, the Indenture Trustee shall
provide to any Note Owner and the Owner Trustee shall provide to any
Certificateholder who so requests in writing a copy of (i) any Servicer's
Certificate, (ii) any annual statement as to compliance described in Section
3.1l(a), (iii) any annual accountants' report described in Section 3.12, (iv)
any statement to Securityholder pursuant to Section 4.10, (v) the Trust
Agreement, (vi) the Indenture or (vii) this Agreement (without Exhibits). The
Indenture Trustee or the Owner Trustee, as applicable, may require such
Securityholder or Note Owner to pay a reasonable sum to cover the cost of the
Trustee's complying with such request.

         (b)   The Servicer shall forward to each Rating Agency a copy of
each (i) Servicer's Certificate, (ii) annual statement as to compliance
described in Section 3.11(a), (iii) Officer's Certificate of the Servicer
described in Section 3.11(b), (iv) annual accountants' report pursuant to
Section 3.12, (v) statement to Securityholders pursuant to Section 4.10 and
(vi) other report it may receive pursuant to this Agreement, the Trust
Agreement or the Indenture.

         Section 3.16. APPOINTMENT OF SUBSERVICER. The Servicer may at any
time appoint a subservicer to perform all or any portion of its obligations
as Servicer hereunder if each Rating Agency has received 10 days prior
written notice of the Servicer's intention to do so and has not notified the
Servicer that such an appointment would or might result in the qualification,
reduction or withdrawal of a rating then assigned by such Rating Agency to
any Class of Notes; provided, however, that the Servicer shall remain
obligated and be liable to the Issuer, the Owner Trustee, the Indenture
Trustee, the Certificateholders and the Noteholders for the servicing and
administering of the Receivables in accordance with the provisions hereof
without diminution of such obligation and liability by virtue of the
appointment of such subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and
administering the Receivables. The fees and expenses of the subservicer shall
be as agreed between the Servicer and its subservicer from time to time, and
none of the Issuer, the Owner

                                      33
<PAGE>

Trustee, the Indenture Trustee, the Certificateholders or the Noteholders
shall have any responsibility therefor.

                                  ARTICLE FOUR

                          DISTRIBUTIONS; RESERVE FUND;
                          STATEMENTS TO SECURITYHOLDERS

         Section 4.01. ESTABLISHMENT OF ACCOUNTS.

         (a)   The Servicer shall establish and maintain an Eligible Account
with and in the name of the Indenture Trustee for the benefit of (i) the
Securityholders (the "Collection Account"), (ii) the Noteholders (the "Note
Distribution Account"), (iii) the Noteholders (the "Reserve Fund"), (iv) the
Securityholders (the "Yield Supplement Account") and (v) the Securityholders
(the "Payahead Account"), in each case, bearing a designation clearly
indicating that the funds deposited therein are held for the benefit of the
related Securityholders. Except as otherwise provided in this Agreement, in
the event that the Indenture Trustee is no longer an Eligible Institution,
the Servicer shall, with the assistance of the Indenture Trustee as
necessary, cause the Accounts to be moved to an Eligible Institution.

         (b)   To the extent permitted by applicable laws, rules and
regulations, all amounts held in (i) the Collection Account, the Note
Distribution Account, the Reserve Fund and the Yield Supplement Account shall
be either invested by the Indenture Trustee in Eligible Investments selected
in writing by the Servicer or maintained in cash and (ii) the Payahead
Account shall be either invested by the Indenture Trustee in investments
defined in clause (vii) of the definition of the term "Eligible Investments"
selected in writing by the Servicer or maintained in cash. Earnings on
investment of funds in the Accounts (other than the Yield Supplement Account
and the Reserve Fund) (net of losses and investment expenses) shall be paid
to the Servicer as part of the Supplemental Servicing Fee and any losses and
investment expenses shall be charged against the funds on deposit in the
related Account.

                  (i) Except as otherwise provided in Section 4.01(b), the
         Indenture Trustee shall possess all right, title and interest in all
         funds on deposit from time to time in the Accounts and in all
         proceeds thereof (including all income thereon) and all such funds,
         investments, proceeds and income shall be part of the Owner Trust
         Estate. The Accounts shall be under the sole dominion and control of
         the Indenture Trustee for the benefit of the Noteholders or the
         Securityholders, as the case may be.

                  (ii) Notwithstanding anything else contained herein, the
         Servicer agrees that each Account and the Certificate Distribution
         Account will be established only with an Eligible Institution which
         agrees substantially as follows: (A) it will comply with Entitlement
         Orders related to such account issued by the Indenture Trustee
         without further consent by the Servicer; (B) until termination of
         this Agreement, it will not enter into any other agreement related
         to such account pursuant to which it agrees to comply with
         Entitlement Orders of any Person other than the Indenture Trustee;
         (C) all Account Property delivered or credited to it in connection
         with such account and all proceeds

                                      34
<PAGE>

         thereof will be promptly credited to such account; (D) it will treat
         all Account Property as Financial Assets; and (E) all Account
         Property will be physically delivered (accompanied by any required
         endorsements) to, or credited to an account in the name of, the
         Eligible Institution maintaining the related Account in accordance
         with such Eligible Institution's customary procedures such that such
         Eligible Institution establishes a Security Entitlement in favor of
         the Indenture Trustee with respect thereto over which the Indenture
         Trustee (or such other Eligible Institution) has Control.

                  (iii) The Servicer shall have the power, revocable by the
         Indenture Trustee or by the Owner Trustee with the consent of the
         Indenture Trustee, to instruct the Indenture Trustee to make
         withdrawals and payments from the Accounts for the purpose of
         permitting the Servicer or the Owner Trustee to carry out its
         respective duties hereunder or permitting the Indenture Trustee to
         carry out its duties under the Indenture.

         Section 4.02. COLLECTIONS.

         (a)   The Servicer shall remit daily to the Collection Account all
payments received from or on behalf of the Obligors on or in respect of the
Receivables (other than, in the case of Precomputed Receivables, payments
constituting Payments Ahead) and all Net Liquidation Proceeds within two
Business Days after receipt thereof.

         (b)   Notwithstanding the provisions of Section 4.02(a) and subject
to the conditions set forth below, the Servicer may be permitted to make
remittances of collections on a less frequent basis than that specified in
Section 4.02(a) upon compliance with the specific terms and conditions set
forth below in this Section and for so long as such terms and conditions are
fulfilled. Accordingly, notwithstanding the provisions of Section 4.02(a),
the Servicer will be permitted to remit such collections to the Collection
Account in immediately available funds, on each Deposit Date but only for so
long as (i)(A) the Servicer shall be AHFC, (B) except as provided in clause
(ii) below, the Required Servicer Rating is satisfied and (C) no Servicer
Default shall have occurred and be continuing, provided, however, that
immediately following the non-compliance with clause (B) above or in the
event that an event of the nature specified in Section 7.01(c) has occurred
(notwithstanding any period of grace contained in such clause), the Servicer
shall remit such collections to the Collection Account on a daily basis
within two Business Days of receipt thereof, or (ii)(A) if the conditions
specified in clause (i)(A) and (C) above are satisfied, and (B) the Servicer
shall have obtained (1) a Servicer Letter of Credit issued by a depository
institution or insurance company, as the case may be, having a short-term
credit rating at least equal to the Required Deposit Rating and providing
that the Indenture Trustee may draw thereon in the event that the Servicer
fails to deposit collections into the Collection Account on a monthly basis
or (2) a surety bond, insurance policy or other deposit of cash or securities
satisfactory to the Indenture Trustee and each Rating Agency; provided that
in connection with clause (ii) above, the Servicer provides to the Indenture
Trustee, from each Rating Agency for which the Servicer's then-current
short-term credit rating is not at least equal to the Required Servicer
Rating for such Rating Agency, a letter to the effect that the satisfaction
of the conditions in clause (ii) above and allowing the Servicer to make
monthly deposits will not result in a qualification, reduction or withdrawal
of its then-current rating of any Class of Notes and, if applicable, an
Officer's Certificate from the Servicer to the effect that the Servicer's

                                  35
<PAGE>

then-current short-term credit rating is at least equal to the Required
Servicer Rating from each other Rating Agency, if any; and, provided further,
that if the Servicer shall have obtained a Servicer Letter of Credit in
accordance with clause (ii) above, the Servicer shall be required to remit
collections to the Collection Account on each Business Day to the extent that
the aggregate amount of collections described in Section 4.02(a) and received
during such Collection Period exceeds the Servicer Letter of Credit Amount.
The Indenture Trustee shall not be deemed to have knowledge of any event or
circumstance under clause (i)(C) above that would require daily remittance by
the Servicer to the Collection Account unless a Responsible Officer has
received notice of such event or circumstance from the Seller or the Servicer
in an Officer's Certificate, from Securityholders as provided in Section 7.01
or from the Letter of Credit Bank. For purposes of this Article the phrase
"payments made on behalf of Obligors" shall mean payments made by Persons
other than the Seller, the Servicer or the Letter of Credit Bank, if any.

         Any funds held by the Servicer which it determines are to be
remitted (or any of its own funds which the Seller or the Servicer determines
to pay to the Letter of Credit Bank) in respect of a failure previously to
remit collections which failure resulted in a payment under the Servicer
Letter of Credit, if any, shall not be remitted to the Collection Account,
but shall instead be paid immediately and directly to the Letter of Credit
Bank. Any such payment to the Letter of Credit Bank shall be accompanied by a
copy of the Servicer's Certificate related to the previous failure to remit
funds and an Officer's Certificate which includes a statement identifying, by
reference to the items in such related Servicer's Certificate, each shortfall
in Servicer remittances to which such payment relates. The Servicer will also
provide the Indenture Trustee with copies of each such Servicer's Certificate
and Officer's Certificate delivered with any such payment to the Letter of
Credit Bank.

         (c)   The Servicer shall deposit all Payments Ahead in the Payahead
Account within two Business Days after receipt thereof, which Payments Ahead
shall be transferred to the Collection Account pursuant to Section
4.06(a)(i). Notwithstanding the foregoing, so long as the Servicer is
permitted to remit collections to the Collection Account on a monthly basis
pursuant to Section 4.02(b), the Servicer will not be required to deposit
Payments Ahead in the Payahead Account within two Business Days after receipt
thereof but shall be entitled to retain such Payments Ahead, without
segregation from its other funds, until such time as the Servicer shall be
required to remit Applied Payments Ahead to the Collection Account pursuant
to Section 4.06(a)(ii). Commencing with the first day of the first Collection
Period that begins at least two Business Days after the day on which the
Servicer is no longer permitted to remit collections to the Collection
Account on a monthly basis pursuant to Section 4.02(b), and until such time
as the Servicer is once again permitted by Section 4.02(b) to remit
collections to the Collection Account on a monthly basis, all Payments Ahead
then held by the Servicer shall be immediately deposited into the Payahead
Account and all future Payments Ahead shall be remitted by the Servicer to
the Payahead Account within two Business Days after receipt thereof.

         Section 4.03. APPLICATION OF COLLECTIONS. On each Payment Date, all
collections for the related Collection Period shall be applied by the
Servicer as follows:

         (a)   With respect to each Receivable (other than an Administrative
Receivable or a Warranty Receivable), payments made by or on behalf of the
Obligor which are not

                                      36
<PAGE>

Supplemental Servicing Fees shall be applied first to reimburse the Servicer
for Outstanding Advances made with respect to such Receivable (each such
payment, an "Overdue Payment"). Next, the amount of any payment in excess of
Supplemental Servicing Fees and Outstanding Advances with respect to such
Receivable shall be applied to the Scheduled Payment with respect to such
Receivable. If the amount of such payment remaining after the applications
described in the two preceding sentences (i) in the case of Precomputed
Receivables equals (together with any Deferred Prepayment) the unpaid
principal balance of such Receivable, it shall be applied to prepay the
principal balance of such Receivable, or (ii) in the case of Simple Interest
Receivables, it shall be applied to prepay the principal balance of such
Receivable.

         (b)   With respect to each Administrative Receivable and Warranty
Receivable, payments made by or on behalf of the Obligor shall be applied in
the same manner, except that any Released Administrative Amount or Released
Warranty Amount shall be remitted to the Servicer or the Seller, as
applicable. A Warranty Purchase Payment shall be applied to reduce
Outstanding Advances and such Warranty Purchase Payment or an Administrative
Purchase Payment, as applicable, shall then be applied to the Scheduled
Payment, in each case to the extent that the payments by the Obligor shall be
insufficient, and then to prepay the unpaid principal balance of such
Receivable in full.

         Section 4.04. ADVANCES.

         (a)   As of the close of business on the last day of a Collection
Period, if the payments during such Collection Period by or on behalf of the
Obligor on or in respect of a Receivable (other than an Administrative
Receivable or a Warranty Receivable) after application under Section 4.03(a)
shall be less than the Scheduled Payment, whether as a result of any
extension granted to the Obligor or otherwise, then (i) in the case of a
Precomputed Receivable, the Deferred Prepayment, if any, with respect to such
Precomputed Receivable shall be applied by the Servicer to the extent of the
shortfall, and such Deferred Prepayment shall be reduced accordingly and the
Servicer shall advance to the Trust an amount equal to such shortfall (each,
a "Precomputed Advance") and (ii) in the case of a Simple Interest
Receivable, the Servicer shall advance to the Trust an amount equal to the
product of the principal balance of such Receivable as of the first day of
such Collection Period and one-twelfth of its APR minus the amount of
interest actually received on such Receivable during such Collection Period
(each, a "Simple Interest Advance"). If the calculation in clause (ii) above
in respect of a Simple Interest Receivable results in a negative number, an
amount equal to such negative amount shall be paid to the Servicer in
reimbursement of any Outstanding Advances in respect of Simple Interest
Receivables. In addition, in the event that a Simple Interest Receivable
becomes a Liquidated Receivable, the amount of accrued and unpaid interest
thereon (but not including interest for the current Collection Period) shall,
up to the amount of Outstanding Advances in respect of Simple Interest
Receivables in respect thereof, be withdrawn from the Collection Account and
paid to the Servicer in reimbursement of such Outstanding Advances. No
Advances will be made with respect to the Principal Balance of Simple
Interest Receivables. Notwithstanding the foregoing, the Servicer shall not
be required to make any Advance (other than a Simple Interest Advance in
respect of an interest shortfall arising from the Prepayment of a Simple
Interest Receivable) to the extent that the Servicer, in its sole discretion,
shall determine that such Advance is unlikely to be recovered from subsequent
payments made by or on behalf of the related Obligor,

                                      37

<PAGE>

Liquidation Proceeds, by the Administrative Purchase Payment or by the
Warranty Purchase Payment, in each case, with respect to such Receivable or
otherwise. On each Deposit Date, the Servicer will deposit into the
Collection Account an amount equal to all Advances to be made in respect of
the related Collection Period. The Successor Servicer shall only be required
to make Advances for payments on behalf of Obligors in respect of Receivables
arising on or after the Collection Period in which the (i) Successor Servicer
accepts its appointment or (ii) the Indenture Trustee is automatically
appointed Successor Servicer.

         (b)   The Servicer shall be entitled to reimbursement for
Outstanding Advances, without interest, with respect to a Receivable from the
following sources with respect to such Receivable: (i) subsequent payments
made by or on behalf of the related Obligor, (ii) Liquidation Proceeds, (iii)
the Administrative Purchase Payment and (iv) the Warranty Purchase Payment.

         (c)   To the extent that during any Collection Period any funds
described above in Section 4.04(b) with respect to a Receivable as to which
the Servicer previously has made an unreimbursed Advance are received by the
Issuer or the Servicer, and the Servicer determines that any Outstanding
Advances (other than a Simple Interest Advance in respect of an interest
shortfall arising from the Prepayment of a Simple Interest Receivable) with
respect to such Receivable are unlikely to be recovered from payments made on
or with respect to such Receivable (each, a "Nonrecoverable Advance"), then,
on the related Payment Date, upon the Servicer providing the Seller and the
Trustees with an Officer's Certificate setting forth the basis for its
determination of any such Nonrecoverable Advance, the Indenture Trustee shall
promptly remit to the Servicer from the Collection Account, (i) from
Available Interest an amount equal to the portion of such Nonrecoverable
Advance allocable to interest and (ii) from Available Principal an amount
equal to the portion of such Nonrecoverable Advance allocable to principal,
in each case without interest, in accordance with Section 4.06(c)(i). In lieu
of causing the Indenture Trustee to remit any such amounts or the amounts
described in clauses (i) through (iv) in Section 4.04(b), the Servicer may
deduct such amounts from deposits otherwise to be made into the Collection
Account in accordance with Section 4.09.

         Section 4.05. ADDITIONAL DEPOSITS.

         (a)   The following additional deposits shall be made to the
Collection Account: (i) the Seller shall remit the aggregate Warranty
Purchase Payments with respect to Warranty Receivables pursuant to Section
2.04 and (ii) the Servicer shall remit (A) any extension fee charged in
connection with the extension of a Receivable pursuant to Section 3.02, (B)
the amount required to be remitted in respect of certain full Prepayments
pursuant to Section 3.03, (C) the aggregate Advances pursuant to Section
4.04(a), (D) the aggregate Administrative Purchase Payments with respect to
Administrative Receivables pursuant to Section 3.08 and (E) the amount
required upon the optional purchase of all Receivables by the Servicer or any
successor to the Servicer pursuant to Section 8.01.

         (b)   All deposits required to be made in respect of a Collection
Period pursuant to this Section by the Seller or the Servicer, as the case
may be, may be made in the form of a single deposit and shall be made in
immediately available funds, on the related Deposit Date.

                                      38
<PAGE>

         Section 4.06. DISTRIBUTIONS.

         (a)   On each Deposit Date, the Indenture Trustee shall cause to be
made the following transfers and distributions in immediately available funds
in the amounts set forth in the Servicer's Certificate for such Payment Date:

                  (i) from the Payahead Account (or directly from the
         Servicer in the case of Payments Ahead held by the Servicer pursuant
         to Section 4.02(b) or (c)) to the Collection Account, the aggregate
         Applied Payments Ahead;

                  (ii) if the Servicer is not permitted to hold Payments
         Ahead pursuant to Section 4.02(b) or (c), from the Collection
         Account to the Payahead Account, the aggregate Payments Ahead for
         the related Collection Period; and

                  (iii) from the Yield Supplement Account to the Collection
         Account, an amount equal to the Yield Supplement Withdrawal Amount,
         if any, for such Payment Date.

         (b)   On each Determination Date, the Servicer shall calculate all
amounts required to be deposited in the Note Distribution Account and the
Certificate Distribution Account and to make all distributions on the related
Payment Date.

         (c)   On each Payment Date, the Servicer shall instruct the
Indenture Trustee in writing (based on the information contained in the
Servicer's Certificate delivered on the related Determination Date pursuant
to Section 3.10) to make the following deposits and distributions for receipt
by the Servicer or deposit in the applicable account, to the extent of the
Available Amount, in the following order of priority:

                  (i)  to the Servicer, Nonrecoverable Advances;

                  (ii) to the Servicer, the Total Servicing Fee (including
         any unpaid Total Servicing Fees from one or more prior Collection
         Periods);

                  (iii) to the Indenture Trustee and the Owner Trustee, any
         accrued and unpaid Trust Fees and Expenses, in each case to the
         extent such fees and expenses have not been previously paid by the
         Servicer, provided that, until the Notes have been paid in full, the
         annual amount paid to the Trustees out of the Available Amount
         allocation as described in this clause (iii) shall not exceed
         $100,000.00;

                  (iv) to the Note Distribution Account, the Note Interest
         Distributable Amount to be distributed to the holders of the Notes
         at their respective Interest Rates;

                  (v) to the Note Distribution Account, the Note Principal
         Distributable Amount;

                                      39
<PAGE>

                  (vi) to the Reserve Fund, the amount, if any, necessary to
         reinstate the balance in the Reserve Fund up to the Specified
         Reserve Fund Balance;

                  (vii) to the Certificate Distribution Account, the
         Certificate Interest Distributable Amount to be distributed to
         Certificateholders;

                  (viii) to the Certificate Distribution Account, the
         Certificate Principal Distributable Amount;

                  (ix) to the Indenture Trustee and the Owner Trustee, any
         accrued and unpaid Trust Fees and Expenses remaining after
         application of the payments described in clause (iii) above; and

                  (x) to the Seller, any Available Amount remaining (after
         giving effect to the reduction in the Available Amount described in
         clauses (i) through (ix) above.

         Notwithstanding that the Notes have been paid in full, the Indenture
Trustee shall continue to maintain the Collection Account hereunder until the
Pool Balance has been reduced to zero.

         Section 4.07. RESERVE FUND.

         (a)   On the Closing Date, the Owner Trustee will deposit, on behalf
of the Seller, the Reserve Fund Initial Deposit into the Reserve Fund from
the net proceeds of the sale of the Notes. The Reserve Fund shall be the
property of the Issuer subject to the rights of the Indenture Trustee in the
Reserve Fund Property.

         (b)   In the event that the Note Distributable Amount exceeds the
sum of the amounts deposited into the Note Distribution Account pursuant to
Sections 4.06(c)(iv) and (v) on each Payment Date (or, if the Reserve Fund is
not maintained by the Indenture Trustee, on the related Deposit Date), the
Indenture Trustee shall cause an amount equal to the lesser of (A) the amount
on deposit in the Reserve Fund and (B) such excess, to be deposited into the
Note Distribution Account in immediately available funds in the amounts set
forth in the Servicer's Certificate for such Payment Date; provided that such
amount shall be applied first, to the payment of interest due on the Notes to
the extent, if any, that the amount deposited pursuant to Section 4.06(c)(iv)
is not sufficient to cover such payment of interest and, second, to the
payment of principal of the Notes.

         (c)   All interest and other income (net of losses and investment
expenses) on funds on deposit in the Reserve Fund shall upon the written
direction of the Servicer, be paid to the Seller to the extent that the funds
therein exceed the Specified Reserve Fund Balance. Upon any distribution to
the Seller of amounts in excess of the Specified Reserve Fund Balance, the
Noteholders will not have any rights in, or claims to, such amounts.

         Section 4.08. YIELD SUPPLEMENT ACCOUNT. On the Closing Date, the
Seller will deposit the Yield Supplement Account Deposit to the Yield
Supplement Account from the net proceeds

                                      40
<PAGE>

of the sale of the Notes. The Yield Supplement Account shall be the property
of the Issuer subject to the rights of the Indenture Trustee for the benefit
of the Securityholders.

         Section 4.09. NET DEPOSITS. For so long as AHFC shall be the
Servicer, the Seller, the Servicer and the Indenture Trustee may make any
remittances pursuant to this Article net of amounts to be distributed by the
applicable recipient to such remitting party. Nonetheless, each such party
shall account for all of the above described remittances and distributions as
if the amounts were deposited and/or transferred separately.

         Section 4.10. Statements to Securityholders.

         (a)   On each Payment Date, the Servicer shall provide to the Owner
Trustee to forward to each Certificateholder of record and to the Indenture
Trustee to forward to each Noteholder of record a statement, based on the
Servicer's Certificate furnished pursuant to Section 3.10, setting forth at
least the following information as to the Securities, to the extent
applicable:

                   (i) the amount of such distribution allocable to principal,
         as allocated to each Class of Notes and to the Certificates (stated
         separately for each Class of Notes and the Certificates);

                  (ii) the amount of such distribution allocable to interest,
         as allocated to each Class of Notes and to the Certificates (stated
         separately for each Class of Notes and the Certificates);

                 (iii) the Yield Supplement Amount, the Yield Supplement
         Withdrawal Amount and the amount on deposit in the Yield Supplement
         Account after giving effect to the distributions made on such
         Payment Date;

                  (iv) the Pool Balance as of the close of business on the
         last day of the related Collection Period, after giving effect to
         payments allocated to principal reported under clause (i) above;

                   (v) the Note Distributable Amount, the Certificate
         Distributable Amount and the Available Amount;

                  (vi) the Total Servicing Fee paid to the Servicer with
         respect to the related Collection Period;

                 (vii) the amount of non-recoverable Advances;

                (viii) total Payments Ahead and the Applied Payments Ahead;

                  (ix) the amount of Trust Fees and Expenses;

                                      41
<PAGE>

                   (x) the amount of any Note Interest Carryover Shortfall
         and Note Principal Carryover Shortfall on such Payment Date and the
         change in such amounts from those with respect to the immediately
         preceding Payment Date;

                  (xi) the amount of any Certificate Interest Carryover
         Shortfall and Certificate Principal Carryover Shortfall on such
         Payment Date and the change in such amounts from those with respect
         to the immediately preceding Payment Date;

                 (xii) the Note Pool Factor for each Class of Notes and the
         Certificate Pool Factor, in each case as of such Payment Date;

                (xiii) the balance on deposit in the Reserve Fund on such
         Payment Date, after giving effect to distributions made on the
         Payment Date, if any, and the change in such balance from the
         immediately preceding Payment Date; and

                 (xiv) the amount available under the Servicer Letter of
         Credit, if any, and such amount as a percentage of the Pool Balance
         as of the last day of such Collection Period.

         Each amount set forth on the Payment Date statement under clauses
(i), (ii), (vi), (x) and (xi) above shall be expressed as a dollar amount per
$1,000 of original principal balance of a Note or the Original Certificate
Balance of a Certificate, as the case may be.

         (b)   Within the prescribed period of time for tax reporting
purposes after the end of each calendar year during the term of the Issuer,
but not later than the latest date permitted by law, the related Trustee
shall mail to each Person who at any time during such calendar year shall
have been a Securityholder, a statement, prepared by the Servicer, containing
certain information for such calendar year or, in the event such Person shall
have been a Securityholder during a portion of such calendar year, for the
applicable portion of such year, for the purposes of such Securityholder's
preparation of federal income tax returns. In addition, the Servicer shall
furnish to the Trustees for distribution to such Person at such time any
other information necessary under applicable law for the preparation of such
income tax returns.

                                  ARTICLE FIVE

                                   THE SELLER

         Section 5.01. REPRESENTATIONS OF SELLER. The Seller makes the
following representations on which the Issuer is deemed to have relied in
acquiring the Receivables. The representations speak as of the execution and
delivery of this Agreement and as of the Closing Date, and shall survive the
sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture.

                  (a) ORGANIZATION AND GOOD STANDING. The Seller has been
         duly organized and is validly existing as a corporation in good
         standing under the laws of the State of California, with power and
         authority to own its properties and to conduct its business as such
         properties are currently owned and such business is presently
         conducted, and had at

                                      42
<PAGE>

         all relevant times, and has, power, authority and legal right to
         acquire, own and sell the Receivables.

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

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

                  (d) VALID SALE; BINDING OBLIGATION. This Agreement
         evidences a valid sale, transfer and assignment of the Receivables,
         enforceable against creditors of and purchasers from the Seller, and
         constitutes a legal, valid and binding obligation of the 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.

                  (e) NO VIOLATION. The execution, delivery and performance
         by the Seller of this Agreement and the consummation of the
         transactions contemplated by this Agreement and the fulfillment of
         the terms of this Agreement does 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 Seller, or conflict with or violate
         any of the material terms or provisions of, or constitute (with or
         without notice or lapse of time) a default under, any indenture,
         agreement or other instrument to which the Seller is a party or by
         which it shall be bound; nor result in the creation or imposition of
         any Lien upon any of its properties pursuant to the terms of any
         such indenture, agreement or other instrument (other than this
         Agreement); nor violate any law or, to the Seller's knowledge, any
         order, rule or regulation applicable to the Seller of any court or
         of any federal or state regulatory body, administrative agency or
         other governmental instrumentality having jurisdiction over the
         Seller or its properties, which breach, default, conflict, lien or
         violation would have a material adverse effect on the earnings,
         business affairs or business prospects of the Seller.

                  (f) NO PROCEEDINGS. There are no proceedings or
         investigations pending, or to the Seller's knowledge, threatened,
         before any court, regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Seller or
         its properties: (i) asserting the invalidity of this Agreement or
         any other Basic Document, (ii) seeking to prevent the issuance of
         the Securities or the consummation of any of the transactions
         contemplated by the Basic Documents, (iii) seeking any determination
         or

                                      43
<PAGE>

         ruling that might materially and adversely affect the performance by
         the Seller of its obligations under, or the validity or
         enforceability of, the Basic Documents or the Securities or (iv)
         relating to the Seller and which might adversely affect the federal
         income tax attributes of the Securities.

         Section 5.02. LIABILITY OF SELLER; INDEMNITIES. The Seller shall be
liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Seller under this Agreement, which obligations
shall include the following:

                  (a) The Seller shall indemnify, defend and hold harmless
         the Issuer, the Trustees and the Servicer and any of the officers,
         directors, employees and agents of the Issuer, the Owner Trustee and
         the Indenture Trustee 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 (but, in the case of
         the Issuer, not including any taxes asserted with respect to, and as
         of the date of, the sale of the Receivables to the Issuer or the
         issuance and original sale of the Securities, or asserted with
         respect to ownership of the Receivables, or federal or other income
         taxes arising out of distributions on the Securities) and costs and
         expenses in defending against the same.

                  (b) The Seller shall indemnify, defend and hold harmless
         the Issuer, the Trustees and the Securityholders and any of the
         officers, directors, employees and agents of the Issuer, the Owner
         Trustee and the Indenture Trustee from and against any loss,
         liability or expense incurred by reason of (i) the Seller's willful
         misfeasance, bad faith or negligence in the performance of its
         duties under this Agreement, or by reason of reckless disregard of
         its obligations and duties under this Agreement and (ii) the
         Seller's or the Issuer's violation of federal or state securities
         laws in connection with the offering and sale of the Securities.

                  (c) The Seller shall indemnify, defend and hold harmless
         the Trustees and their respective officers, directors, employees and
         agents from and against all costs, expenses, losses, claims, damages
         and liabilities arising out of or incurred in connection with the
         acceptance or performance of the trusts and duties herein and
         contained in the Trust Agreement, in the case of the Owner Trustee,
         and contained in the Indenture, in the case of the Indenture
         Trustee, except to the extent that such cost, expense, loss, claim,
         damage or liability: (i) in the case of the Owner Trustee, shall be
         due to the willful misfeasance, bad faith or negligence (except for
         errors in judgment) of the Owner Trustee or shall arise from the
         breach by the Owner Trustee of any of its representations or
         warranties set forth in Section 7.03 of the Trust Agreement, or (ii)
         in the case of the Indenture Trustee, shall be due to the willful
         misfeasance, bad faith or negligence (except for errors in judgment)
         of the Indenture Trustee.

                  (d) The Seller shall pay any and all taxes levied or
         assessed upon all or any part of the Owner Trust Estate.

                                      44
<PAGE>

         Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee or the Indenture Trustee, as the case may be,
and the termination of this Agreement and shall include reasonable fees and
expenses of counsel and expenses of litigation. If the Seller shall have made
any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter shall collect any of such
amounts from others, such Person shall promptly repay such amounts to the
Seller, without interest.

         Section 5.03. MERGER, CONSOLIDATION OR ASSUMPTION OF THE OBLIGATIONS
OF SELLER; CERTAIN LIMITATIONS.

         (a)   Any corporation (i) into which the Seller may be merged or
consolidated, (ii) which may result from any merger, conversion or
consolidation to which the Seller shall be a party or (iii) which may succeed
to all or substantially all of the business of the Seller, which corporation
in any of the foregoing cases executes an agreement of assumption to perform
every obligation of the Seller under this Agreement, shall be the successor
to the Seller under this Agreement without the execution or filing of any
document or any further act on the part of any of the parties to this
Agreement, except that if the Seller in any of the foregoing cases is not the
surviving entity, then the surviving entity shall execute an agreement of
assumption to perform every obligation of the Seller hereunder. The Seller
shall provide notice of any merger, consolidation or succession pursuant to
this Section to each Rating Agency and shall receive from each Rating Agency
a letter to the effect that such merger, consolidation or succession will not
result in a qualification, downgrading or withdrawal of its then-current
rating of any Class of Notes.

         (b)       (i) Subject to paragraph (ii) below, the purpose of the
         Seller shall be to engage in any lawful activity for which a
         corporation may be organized under the general corporation law of
         California other than the banking business, the trust company
         business or the practice of a profession permitted to be
         incorporated by the California Corporations Code.

                  (ii) Notwithstanding paragraph (b)(i) above, the purpose of
         the Seller shall be limited to the following purposes, and
         activities incident to and necessary or convenient to accomplish the
         following purposes: (A) to acquire, own, hold, sell, transfer,
         assign, pledge, finance, refinance and otherwise deal with, retail
         installment contracts or wholesale loans secured by, new and used
         Honda and Acura motor vehicles (the "Motor Vehicle Receivables");
         (B) to authorize, issue, sell and deliver one or more series of
         obligations, consisting of one or more classes of certificates
         and/or notes or other evidence of indebtedness (the "Offered
         Securities") that are collateralized by or evidence an interest in
         Motor Vehicle Receivables; and (C) to negotiate, authorize, execute,
         deliver and assume the obligations or any agreement relating to the
         activities set forth in clauses (A) and (B) above, including but not
         limited to any pooling and servicing agreement, sale and servicing
         agreement, indenture, reimbursement agreement, credit support
         agreement, receivables purchase agreement or underwriting agreement
         and to engage in any lawful activity which is incidental to the
         activities contemplated by any such agreement. So long as any
         outstanding debt of the Seller or Offered Securities are rated by
         any nationally recognized statistical rating organization, the
         Seller shall not issue notes or otherwise borrow money unless (1)
         the Seller has made a written request to the related

                                      45
<PAGE>

         nationally recognized statistical rating organization to issue notes
         or incur borrowings, which notes or borrowings are rated by the
         related nationally recognized statistical rating organization the
         same as or higher than the rating afforded any outstanding rated
         debt or Offered Securities, or (2) such notes or borrowings (X) are
         fully subordinated (and which shall provide for payment only after
         payment in respect of all outstanding rated debt and/or Offered
         Securities) or are nonrecourse against any assets of the Seller
         other than the assets pledged to secure such notes or borrowings,
         (Y) do not constitute a claim against the Seller in the event such
         assets are insufficient to pay such notes or borrowings and (Z)
         where such notes or borrowings are secured by the rated debt or
         Offered Securities, are fully subordinated (and which shall provide
         for payment only after payment in respect of all outstanding rated
         debt and/or Offered Securities) to such rated debt or Offered
         Securities.

         (c)   Notwithstanding any other provision of this Section and any
provision of law, the Seller shall not do any of the following:

                  (i) engage in any business or activity other than as set
         forth in clause (b) above;

                  (ii) without the affirmative vote of a majority of the
         members of the Board of Directors of the Seller (which must include
         the affirmative vote of all duly appointed Independent Directors, as
         required by the articles of incorporation and bylaws of the Seller),
         (A) dissolve or liquidate, in whole or in part, or institute
         proceedings to be adjudicated bankrupt or insolvent, (B) consent to
         the institution of bankruptcy or insolvency proceedings against it,
         (C) file a petition seeking or consent to reorganization or relief
         under any applicable federal or state law relating to bankruptcy,
         (D) consent to the appointment of a receiver, liquidator, assignee,
         trustee, sequestrator or other similar official of the corporation
         or a substantial part of its property, (E) make a general assignment
         for the benefit of creditors, (F) admit in writing its inability to
         pay its debts generally as they become due or (G) take any corporate
         action in furtherance of the actions set forth in clauses (A)
         through (F) above; provided, however, that no director may be
         required by any shareholder of the Seller to consent to the
         institution of bankruptcy or insolvency proceedings against the
         Seller so long as it is solvent; or

                  (iii) merge or consolidate with any other corporation,
         company or entity or sell all or substantially all of its assets or
         acquire all or substantially all of the assets or capital stock or
         other ownership interest of any other corporation, company or entity
         (except for the acquisition of Motor Vehicle Receivables of AHFC and
         the sale of Motor Vehicle Receivables to one or more trusts in
         accordance with the terms of clause (b)(ii) above, which shall not
         be otherwise restricted by this Section).

         Section 5.04. LIMITATION ON LIABILITY OF SELLER AND OTHERS. The
Seller and any director, officer, employee or agent of the Seller may rely in
good faith on the advice of counsel or on any document of any kind, prima
facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Seller shall not be under any obligation to appear in,

                                      46

<PAGE>

prosecute or defend any legal action that shall not be incidental to its
obligations under this Agreement, and that in its opinion may involve it in
any expense or liability.

         Section 5.05. SELLER MAY OWN NOTES. The Seller and any Affiliate
thereof may in its individual or any other capacity become the owner or
pledgee of Notes with the same rights as it would have if it were not the
Seller or an Affiliate thereof, except as expressly provided herein or in any
other Basic Document.

                                   ARTICLE SIX

                                  THE SERVICER

         Section 6.01. REPRESENTATIONS OF SERVICER. The Servicer makes the
following representations on which the Issuer is deemed to have relied in
acquiring the Receivables. The representations speak as of the execution and
delivery of this Agreement and as of the Closing Date, and shall survive the
sale of the Receivables to the Issuer and the pledge thereof to the Indenture
Trustee pursuant to the Indenture:

         (a)   ORGANIZATION AND GOOD STANDING. The Servicer has been duly
organized and is validly existing as a corporation in good standing under the
laws of the State of California, with power and authority to own its
properties and to conduct its business as such properties are currently owned
and such business is presently conducted, and had at all relevant times, and
has, power, authority and legal right to acquire, own, sell and service the
Receivables and to hold the Receivable Files as custodian on behalf of the
Issuer.

         (b)   DUE QUALIFICATION. The Servicer is duly qualified to do
business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership
or lease of property or the conduct of its business (including the servicing
of the Receivables as required by this Agreement) shall require such
qualifications.

         (c)   POWER AND AUTHORITY. The Servicer has 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 has been duly
authorized by the Servicer by all necessary corporate action.

         (d)   BINDING OBLIGATION. This Agreement constitutes a legal, valid
and binding obligation of the Servicer enforceable 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 in law.

         (e)   NO VIOLATION. The execution, delivery and performance by the
Servicer of this Agreement and the execution, delivery and performance by the
Seller of this Agreement and the consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms of this
Agreement 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

                                      47
<PAGE>

of incorporation or bylaws of the Servicer, 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 Servicer is a party or by which it shall be bound; nor result in
the creation or imposition of any Lien upon any of its properties pursuant to
the terms of any such indenture, agreement or other instrument (other than
this Agreement); nor violate any law or, to the Servicer's knowledge, any
order, rule or regulation applicable to the Servicer of any court or of any
federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Servicer or its properties,
which breach, default, conflict, lien or violation would have a material
adverse effect on the earnings, business affairs or business prospects of the
Servicer.

         (f)   NO PROCEEDINGS. There are no proceedings or investigations
pending, or to the Servicer's best knowledge, threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Servicer or its properties: (i) asserting the
invalidity of this Agreement or any other Basic Document, (ii) seeking to
prevent the issuance of the Securities or the consummation of any of the
transactions contemplated by the Basic Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by the Servicer of its obligations under, or the validity or
enforceability of, the Basic Documents or the Securities or (iv) relating to
the Servicer and which might adversely affect the federal income tax
attributes of the Securities.

         Section 6.02. INDEMNITIES OF SERVICER.

         (a)   The Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically undertaken by the Servicer under
this Agreement. In this regard, the Servicer shall indemnify, defend and hold
harmless the Issuer, the Trustees, the Securityholders and the Seller and any
of the officers, directors, employees and agents of the Issuer, the Owner
Trustee and the Indenture Trustee from and against any and all costs,
expenses, losses, damages, claims and liabilities (i) arising out of or
resulting from the use, ownership or operation by the Servicer or any
Affiliate thereof of a Financed Vehicle, and (ii) to the extent that such
cost, expense, loss, claim, damage or liability arose out of, or was imposed
upon any such Person through, the negligence, willful misfeasance or bad
faith of the Servicer in the performance of its duties under this Agreement
or by reason of reckless disregard of its obligations and duties under this
Agreement.

         For purposes of this Section, in the event of the termination of the
rights and obligations of AHFC (or any successor thereto pursuant to Section
6.03) as Servicer pursuant to Section 7.01, or a resignation by such Servicer
pursuant to this Agreement, such Servicer shall be deemed to be the Servicer
pending appointment of a Successor Servicer (other than the Indenture
Trustee) pursuant to Section 7.02.

         (b)   Indemnification under this Section shall survive the
resignation or removal of the Owner Trustee or the Indenture Trustee, as the
case may be, or the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer shall have made any indemnity payments pursuant to this Section and
the Person

                                      48
<PAGE>

to or on behalf of whom such payments are made thereafter collects any of
such amounts from others, such Person shall promptly repay such amounts to
the Servicer, without interest.

         Section 6.03. MERGER, CONSOLIDATION OR ASSUMPTION OF THE OBLIGATIONS
OF SERVICER. Any corporation (i) into which the Servicer may be merged or
consolidated, (ii) which may result from any merger, conversion or
consolidation to which the Servicer shall be a party or (iii) which may
succeed to all or substantially all of the business of the Servicer, which
corporation in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Servicer under this Agreement, shall be
the successor to the Servicer under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties to
this Agreement. The Servicer shall provide notice of any merger,
consolidation or succession pursuant to this Section to the Trustees and each
Rating Agency.

         Section 6.04. LIMITATION ON LIABILITY OF SERVICER AND OTHERS.
Neither the Servicer nor any of the directors, officers, employees or agents
of the Servicer shall be under any liability to the Issuer or any
Securityholder, except as provided under this Agreement, for any action taken
or for refraining from the taking of any action pursuant to this Agreement or
for errors in judgment; provided, however, that this provision shall not
protect the Servicer or any such person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of reckless disregard of
obligations and duties under this Agreement. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on any
document of any kind prima facie properly executed and submitted by any
Person respecting any matters arising under this Agreement.

         Except as otherwise provided in this Agreement, the Servicer shall
not be under any obligation to appear in, prosecute or defend any legal
action that shall not be incidental to its duties to service the Receivables
in accordance with this Agreement and that in its opinion may involve it in
any expense or liability; provided, however, that the Servicer may undertake
any reasonable action that it may deem necessary or desirable in respect of
this Agreement and the other Basic Documents and the rights and duties of the
parties to this Agreement and the other Basic Documents and the interests of
the Certificateholders under this Agreement and the Noteholders under the
Indenture. The legal expenses and costs of such action and any liability
resulting therefrom will be expenses, costs and liabilities of the Issuer.

         Section 6.05. AHFC NOT TO RESIGN AS SERVICER. Subject to the
provisions of Section 6.03, AHFC shall not resign from the obligations and
duties hereby imposed on it as Servicer under this Agreement except upon a
determination that the performance of its duties under this Agreement shall
no longer be permissible under applicable law. Notice of any such
determination permitting the resignation of AHFC shall be communicated to the
Trustees at the earliest practicable time (and, if such communication is not
in writing, shall be confirmed in writing at the earliest practicable time)
and any such determination shall be evidenced by an Opinion of Counsel to
such effect delivered to the Trustees concurrently with or promptly after
such notice. No such resignation shall become effective until the Indenture
Trustee or a Successor Servicer shall have (i) assumed the responsibilities
and obligations of AHFC in accordance with Section 7.02 and (ii) become the
Administrator pursuant to Section 1.09 of the Administration Agreement.

                                      49
<PAGE>

                                  ARTICLE SEVEN

                                SERVICER DEFAULTS

         Section 7.01. SERVICER DEFAULTS. If any one of the following events
(each, a "Servicer Default") shall occur and be continuing:

                  (a) any failure by the Servicer to deliver to the related
         Trustee for deposit in any of the Accounts or the Certificate
         Distribution Account any required payment or to direct the Indenture
         Trustee to make any required distributions therefrom, which failure
         continues unremedied for a period of three Business Days after
         discovery of such failure by an officer of the Servicer or after the
         date on which written notice of such failure, requiring the same to
         be remedied, shall have been given (i) to the Servicer by the
         related Trustee or (ii) to the Servicer and to the Trustees by the
         Holders of Notes, evidencing not less than 25% of the Outstanding
         Amount of the Notes;

                  (b) failure by the Servicer (or so long as the Servicer is
         AHFC, the Seller) duly to observe or to perform in any material
         respect any other covenants or agreements of the Servicer (or so
         long as the Servicer is AHFC, the Seller) set forth in this
         Agreement or any other Basic Document, which failure shall (i)
         materially and adversely affect the rights of Certificateholders or
         Noteholders and (ii) continue unremedied for a period of 90 days
         after the date on which written notice of such failure, requiring
         the same to be remedied, shall have been given (A) to the Servicer
         or the Seller (as the case may be) by the related Trustee or (B) to
         the Servicer or the Seller (as the case may be), and to the related
         Trustee by the Holders of Notes, evidencing not less than 25% of the
         Outstanding Amount of the Notes; or

                  (c) the occurrence of an Insolvency Event with respect to
         the Seller or the Servicer;

then, and in each and every case, so long as the Servicer Default shall not
have been remedied, either the Indenture Trustee or the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes (or, if
the Notes have been paid in full and the Indenture has been discharged in
accordance with its terms, by holders of Certificates evidencing not less
than 25% of the Percentage Interests) by notice then given in writing to the
Servicer (and to the Indenture Trustee and the Owner Trustee if given by the
Noteholders) may terminate all the rights and obligations (other than the
obligations set forth in Section 6.02) of the Servicer under this Agreement.
On or after the date specified in such written notice, all authority and
power of the Servicer under this Agreement, whether with respect to the
Notes, the Certificates or the Receivables or otherwise, shall, without
further action, pass to and be vested in the Indenture Trustee or such
Successor Servicer as may be appointed under Section 7.02; and, without
limitation, the Indenture Trustee and the Owner Trustee are hereby authorized
and empowered to execute and deliver, for the benefit of the predecessor
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and related
documents, or otherwise.

                                      50
<PAGE>

The predecessor Servicer shall cooperate with the Successor Servicer and the
Trustees in effecting the termination of the responsibilities and rights of
the predecessor Servicer under this Agreement, including the transfer to the
Successor Servicer for administration by it of all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, or have been
deposited by the predecessor Servicer, in the Accounts or the Certificate
Distribution Account or thereafter received with respect to the Receivables
and all Payments Ahead that shall at that time by held by the predecessor
Servicer. All reasonable costs and expenses (including servicer conversion
costs and attorneys' fees) incurred in connection with transferring the
Receivable Files to the Successor Servicer and amending this Agreement to
reflect such succession as Servicer pursuant to this Section shall be paid by
the predecessor Servicer upon presentation of reasonable documentation of
such costs and expenses. Any costs or expenses incurred in connection with to
a Servicer Default shall constitute an expense of administration under Title
11 of the United States Bankruptcy Code or any other applicable Federal or
State bankruptcy laws. Upon receipt of notice of the occurrence of a Servicer
Default, the Indenture Trustee shall give notice thereof to each Rating
Agency.

         Section 7.02. APPOINTMENT OF SUCCESSOR SERVICER.

         (a)   Upon the Servicer's receipt of notice of termination pursuant
to Section 7.01 or the Servicer's resignation pursuant to Section 6.05, the
predecessor Servicer shall continue to perform its functions as Servicer
under this Agreement, in the case of termination, only until the date
specified in such termination notice or, if no such date is specified in a
notice of termination, until receipt of such notice and, in the case of
resignation, until the later of (i) the date 45 days from the delivery to the
Trustees of written notice of such resignation (or written confirmation of
such notice) in accordance with the terms of this Agreement and (ii) the date
upon which the predecessor Servicer shall become unable to act as Servicer,
as specified in the notice of resignation and accompanying Opinion of
Counsel. In the event of the Servicer's termination hereunder, the Indenture
Trustee shall appoint a Successor Servicer, and the Successor Servicer shall
accept its appointment (including its appointment as Administrator under the
Administration Agreement as set forth in Section 7.02(b)) by a written
assumption in form acceptable to the Trustees. In the event that a Successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, the Indenture
Trustee without further action shall automatically be appointed the Successor
Servicer and the Indenture Trustee shall be entitled to receive the Total
Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it
shall be legally unable or unwilling so to act appoint or petition a court of
competent jurisdiction to appoint any established institution, having a net
worth of not less than $50,000,000 and whose regular business shall include
the servicing of motor vehicle receivables, as the successor to the Servicer
under this Agreement.

         (b)   Upon appointment, the Successor Servicer (including the
Indenture Trustee acting as Successor Servicer) shall (i) be the successor in
all respects to the predecessor Servicer and shall be subject to all the
responsibilities, duties and liabilities arising thereafter relating thereto
placed on the predecessor Servicer and shall be entitled to the Total
Servicing Fee and all the rights granted to the predecessor Servicer by the
terms and provisions of this Agreement and (ii) become the Administrator
pursuant to Section 1.09 of the Administration Agreement.

                                      51
<PAGE>

         Section 7.03. NOTIFICATION OF SERVICER TERMINATION. Upon any
termination of, or appointment of a successor to, the Servicer pursuant to
this Article, the Owner Trustee shall give prompt written notice thereof to
Certificateholders, and the Indenture Trustee shall give prompt written
notice thereof to Noteholders and each Rating Agency.

         Section 7.04. WAIVER OF PAST DEFAULTS. The Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Notes or
the Holders (as defined in the Trust Agreement) of Certificates evidencing
not less than a majority of the Percentage Interests (in the case of a
default by the Servicer that does not adversely affect the Indenture Trustee
or the Noteholders or if all Notes have been paid in full and the Indenture
Trustee has been discharged in accordance with its terms) may, on behalf of
all Securityholders waive in writing any default by the Servicer in the
performance of its obligations hereunder and its consequences, except a
default in making any required deposits to or payments from any of the
Accounts or the Certificate Distribution Account in accordance with this
Agreement or in respect of a covenant or provision hereof that cannot be
modified with the consent of each Securityholder. Upon any such waiver of a
past default, such default shall cease to exist, and any Servicer Default
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other
default or impair any right consequent thereto except to the extent expressly
so waived.

         Section 7.05. REPAYMENT OF ADVANCES. If a Successor Servicer
replaces the Servicer, the predecessor Servicer shall be entitled to receive
reimbursement for all outstanding Advances made by the predecessor Servicer.

                                  ARTICLE EIGHT

                                   TERMINATION

         Section 8.01. OPTIONAL PURCHASE OF ALL RECEIVABLES.

         (a)   On the Payment Date following the last day of any Collection
Period as of which the Pool Balance is 10% or less of the Original Pool
Balance, the Servicer or any successor to the Servicer shall have the option
to purchase the Owner Trust Estate, other than the Accounts and the
Certificate Distribution Account. To exercise such option, on the related
Deposit Date the Servicer shall deposit pursuant to Section 4.05(a) in the
Collection Account an amount equal to the aggregate Administrative Purchase
Payments for the Receivables (including Defaulted Receivables), and shall
succeed to all interests in and to the Issuer. Notwithstanding the foregoing,
the Servicer or any successor to the Servicer shall not be permitted to
exercise such option if the amount to be distributed to Securityholders on
the related Payment Date would be less than the Note Distributable Amount and
Certificate Distributable Amount.

         (b)   As described in Article Nine of the Trust Agreement, notice of
any termination of the Trust shall be given by the Servicer to the Owner
Trustee and the Indenture Trustee as soon as practicable after the Servicer
has received notice thereof.

                                      52
<PAGE>

         (c)   Following the satisfaction and discharge of the Indenture and
the payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder
and the Owner Trustee will succeed to the rights of the Indenture Trustee
pursuant to this Agreement.

                                  ARTICLE NINE

                                  MISCELLANEOUS

         Section 9.01. AMENDMENT.

         (a)   This Agreement may be amended by the Seller, the Servicer and
the Issuer, with the consent of the Indenture Trustee, but without the
consent of any Securityholders, (i) to cure any ambiguity, to correct or
supplement any provision in this Agreement which may be inconsistent with any
other provision of this Agreement, to add, change or eliminate any other
provision of this Agreement with respect to matters or questions arising
under this Agreement that shall not be inconsistent with the provisions of
this Agreement, (ii) to change the formula for determining the Specified
Reserve Fund Balance or the manner in which the Reserve Fund is funded or to
amend or modify any provisions of this Agreement relating to the remittance
schedule with respect to collections deposited into the Collection Account or
the Payahead Account pursuant to Section 4.02 or (iii) to amend or modify any
provisions in this Agreement relating to the Servicer Letter of Credit, if
any, or the acquisition thereof and including replacing the Servicer Letter
of Credit with a surety bond, insurance policy or deposit of cash or
securities satisfactory to the Indenture Trustee and each Rating Agency;
provided, however, that in connection with any amendment pursuant to clause
(i) above, any such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Securityholder
and provided, further, that in connection with any amendment pursuant to
clause (ii) or (iii) above, the Servicer shall deliver to the Trustees a
letter from each Rating Agency to the effect that such amendment will not
cause its then-current rating on the Rated Securities to be qualified,
reduced or withdrawn.

         (b)   This Agreement may also be amended from time to time by the
Seller, the Servicer and the Issuer, with the consent of the Indenture
Trustee, the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes and the Owner Trustee,
consent of the Holders (as defined in the Trust Agreement) of outstanding
Certificates evidencing not less than a majority of the Percentage Interests,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Securityholders; provided, however, that no such
amendment shall (i) except as otherwise provided in Section 9.01 (a) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be
required to be made for the benefit of the Securityholders or (ii) reduce the
aforesaid percentage of the Outstanding Amount of the Notes and the
Percentage Interests, the Holders of which are required to consent to any
such amendment, without the consent of all of the Securityholders.

                                      53
<PAGE>

         (c)   Promptly after the execution of any such amendment or consent,
the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Certificateholder, the Indenture Trustee and
each Rating Agency. It shall not be necessary for the consent of
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.

         (d)   Prior to the execution of any amendment to this Agreement, the
Trustees shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by
this Agreement and the Opinion of Counsel referred to in Section 9.02(i)(1).
The Trustees may, but shall not be obligated to, enter into any such
amendment which affects the Owner Trustee's or the Indenture Trustee's, as
applicable, own rights, duties or immunities under this Agreement or
otherwise.

         Section 9.02. PROTECTION OF TITLE TO TRUST.

         (a)   The Seller shall execute and file such financing statements
and cause to be executed and filed such continuation statements, all in such
manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of the Issuer and of the Indenture Trustee
in the Receivables and in the proceeds thereof. The Seller shall deliver (or
cause to be delivered) to the Trustees file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing.

         (b)   Neither the Seller nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with
Section 9.02(a) seriously misleading within the meaning of Section 9-402(7)
of the UCC, unless it shall have given the Trustees at least 30 days' prior
written notice thereof and shall have promptly filed appropriate amendments
to all previously filed financing statements or continuation statements.

         (c)   Each of the Seller and the Servicer shall give the Trustees at
least 60 days' prior written notice of any relocation of its principal
executive office if, 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 promptly file any such amendment or new financing
statement. The Servicer shall at all times maintain each office from which it
shall service Receivables, and its principal executive office, within the
United States.

         (d)   The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments
and recoveries made and payments owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each

                                      54
<PAGE>

Receivable and the amounts from time to time deposited in the Accounts and
any Payments Ahead held by the Servicer in respect of such Receivable.

         (e)   The Servicer shall maintain its computer systems so that, from
and after the time of sale under this Agreement of the Receivables, the
Servicer's master computer records (including any backup archives) that refer
to a Receivable shall indicate clearly the interest of the Issuer and the
Indenture Trustee in such Receivable and that such Receivable is owned by the
Issuer and has been pledged to the Indenture Trustee. Indication of the
Issuer's and the Indenture Trustee's interest in a Receivable shall be
deleted from or modified on the Servicer's computer systems when, and only
when, the related Receivable shall have been paid in full or repurchased.

         (f)   If at any time the Seller or the Servicer shall propose to
sell, grant a security interest in, or otherwise transfer any interest in
motor vehicle receivables to any prospective purchaser, lender or other
transferee, the Servicer shall give to such prospective purchaser, lender or
other transferee computer tapes, records or printouts (including any restored
from backup archives) that, if they shall refer in any manner whatsoever to
any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Issuer and has been pledged to the Indenture Trustee.

         (g)   The Servicer shall permit the Indenture Trustee and its agents
at any time during normal business hours to inspect, audit and make copies of
and abstracts from the Servicer's records regarding any Receivable.

         (h)   Upon request, the Servicer shall furnish to the Owner Trustee
or to the Indenture Trustee, within five Business Days, a list of all
Receivables (by contract number and name of Obligor) then held as part of the
Issuer, together with a reconciliation of such list to the Schedule of
Receivables and to each of the Servicer's Certificates furnished before such
request indicating removal of Receivables from the Issuer.

         (i)   The Servicer shall deliver to the Trustees:

                  (1) promptly after the execution and delivery of this
         Agreement and of each amendment hereto, an Opinion of Counsel
         stating that, in the opinion of such counsel, either (A) all
         financing statements and continuation statements have been executed
         and filed that are necessary fully to preserve and protect the
         interest of the Trustees in the Receivables, and reciting the
         details of such filings or referring to prior Opinions of Counsel in
         which such details are given, or (B) no such action shall be
         necessary to preserve and protect such interest; and

                  (2) within 90 days after the beginning of each fiscal year
         of the Issuer beginning with the first fiscal year beginning more
         than three months after the Cutoff Date, an Opinion of Counsel,
         dated as of a date during such 90-day period, stating that, in the
         opinion of such counsel, either (A) all financing statements and
         continuation statements have been executed and filed that are
         necessary fully to preserve and protect the interest of the Trustees
         in the Receivables, and reciting the details of such filings or

                                      55
<PAGE>

         referring to prior Opinions of Counsel in which such details are
         given, or (B) no such action shall be necessary to preserve and
         protect such interest.

         Each Opinion of Counsel referred to in clause (1) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in
the following year to preserve and protect such interest.

         (j)   The Seller shall, to the extent required by applicable law,
cause the Notes to be registered with the Commission pursuant to Section
12(b) or Section 12(g) of the Exchange Act within the time periods specified
in such sections.

         Section 9.03. NOTICES. All demands, notices and communications under
this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been
duly given upon receipt (i) in the case of the Seller, to CT Corp., 818 West
7th Street, Second Floor, Los Angeles, California 90017, (ii) in the case of
the Servicer, to American Honda Finance Corporation, 700 Van Ness Avenue,
Building 300, Torrance, CA 90501, Attention: President, (iii) in the case of
the Issuer or the Owner Trustee, at the Corporate Trust Office (as such term
is defined in the Trust Agreement), with a copy to: Bankers Trust Company, 4
Albany Street, 10th Floor, New York, New York 10006, Attention: Chip Greiter,
(iv) in the case of the Indenture Trustee, at the Corporate Trust Office (as
such term is herein defined), (v) in the case of Moody's, to Moody's
Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New
York, New York 10007, (vi) in the case of Standard & Poor's, to Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., 25
Broadway (15th Floor), New York, New York 10004, Attention: Asset Backed
Surveillance Department, (vii) in the case of Fitch, to Fitch, Inc., One
State Street Plaza, New York, New York 10004, Attention: Asset Backed
Surveillance Department or (viii) as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.

         Section 9.04. ASSIGNMENT.

         (a)   Notwithstanding anything to the contrary contained herein,
except as provided in the remainder of this Section, as provided in Sections
5.03, 6.03 and 6.05, this Agreement may not be assigned by the Seller or the
Servicer without the prior written consent of Holders of Notes evidencing not
less than a majority of the Outstanding Amount of the Notes and Holders (as
such term is defined in the Trust Agreement) of Certificates evidencing not
less than a majority of the Percentage Interests. And as provided in the
provisions of this Agreement concerning the resignation of the Servicer, this
Agreement may not be assigned by the Seller or the Servicer.

         (b)   The Seller hereby acknowledges and consents to the mortgage,
pledge, assignment and grant of a security interest by the Issuer to the
Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders of all right, title and interest of the Issuer in, to and under
the Receivables and/or the assignment of any or all of the Issuer's rights
and obligations hereunder to the Indenture Trustee.

                                      56

<PAGE>

         Section 9.05. LIMITATIONS ON RIGHTS OF OTHERS. The provisions of
this Agreement are solely for the benefit of the Seller, the Servicer, the
Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee and
the Noteholders, and nothing in this Agreement, whether express or implied,
shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Owner Trust Estate or under or in respect of this
Agreement or any covenants, conditions or provisions contained herein. The
Owner Trustee is a third-party beneficiary of Sections 2.07 and 6.02 of this
Agreement and is entitled to the rights and benefits thereof and may enforce
the provisions as if it were a party hereto.

         Section 9.06. SEVERABILITY. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions or terms
shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other covenants, agreements, provisions or terms of
this Agreement.

         Section 9.07. SEPARATE COUNTERPARTS. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

         Section 9.08. HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 9.09. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, 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, EXCEPT
THAT THE DUTIES OF THE INDENTURE TRUSTEE SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

         Section 9.10. NONPETITION COVENANTS.

         (a)   Notwithstanding any prior termination of this Agreement, the
Servicer and the Seller shall not, prior to the date which is one year and
one day after the termination of this Agreement with respect to the Issuer,
acquiesce, petition or otherwise invoke or cause the Issuer to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the Issuer under any federal or state bankruptcy,
insolvency or similar law, or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Issuer or
any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer.

         (b)   Notwithstanding any prior termination of this Agreement, the
Servicer shall not, prior to the date which is one year and one day after the
termination of this Agreement with respect to the Seller, acquiesce, petition
or otherwise invoke or cause the Seller to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case
against the Seller under any federal or state bankruptcy, insolvency or
similar law, or appointing

                                      57
<PAGE>

a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Seller or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Seller.

         Section 9.11. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE
TRUSTEE.

         (a)   Notwithstanding anything contained herein to the contrary,
this Agreement has been countersigned by Bankers Trust (Delaware) not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Bankers Trust (Delaware) in its individual capacity or,
except as expressly provided in the Trust Agreement, as beneficial owner of
the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all
purposes of this Agreement, in the performance of its duties or obligations
hereunder or 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 Six, Seven and Eight of the
Trust Agreement.

         (b)   Notwithstanding anything contained herein to the contrary,
this Agreement has been accepted by U.S. Bank National Association, not in
its individual capacity but solely as Indenture Trustee and in no event shall
U.S. Bank National Association have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer
hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the
assets of the Issuer.

                                      58
<PAGE>

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

                                      HONDA AUTO RECEIVABLES 2000-1 OWNER
                                       TRUST

                                      By: BANKERS TRUST (DELAWARE), not
                                          in its individual capacity but
                                          solely as Owner Trustee on behalf
                                          of the Trust

                                      By:  /s/ Eileen M. Hughes
                                           -----------------------------------
                                           Name:   EILEEN M. HUGHES
                                           Title:  VICE PRESIDENT

                                      AMERICAN HONDA RECEIVABLES CORP.,
                                       as Seller

                                      By:  /s/ Y. Kohama
                                           -----------------------------------
                                           Name:   Y. KOHAMA
                                           Title:  PRESIDENT

                                       AMERICAN HONDA FINANCE CORPORATION,
                                        as Servicer

                                       By:  /s/ Y. Kohama
                                            ----------------------------------
                                            Name:   Y. KOHAMA
                                            Title:  PRESIDENT

Acknowledged and accepted as of the day and year first above written:

U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity
but solely as Indenture Trustee

By:  /s/ Patricia M. Child
     ---------------------------------
     Name:   PATRICIA M. CHILD
     Title:  VICE PRESIDENT

<PAGE>

                                                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                       [On File with Dewey Ballantine LLP]

                                     SA-1
<PAGE>

                                                                   SCHEDULE B

                          LOCATION OF RECEIVABLE FILES

American Honda Finance Corporation
21041 South Western Avenue, Suite 200
Torrance, California 90501

American Honda Finance Corporation
1355 Northmeadow Parkway, Suite 100
Roswell, Georgia 30076

American Honda Finance Corporation
8505 Freeport Parkway, Suite 600
Irving, Texas 75063

American Honda Finance Corporation
470 Granby Road, Suite 2
S. Hadley, Massachusetts 01075

American Honda Finance Corporation
601 Campus Drive, Suite C-7
Arlington Heights, Illinois 60004

American Honda Finance Corporation
2680 Bishop Drive, Suite 100
San Ramon, California 94583

American Honda Finance Corporation
8514 McAlpine Park Drive, Suite 100
Charlotte, North Carolina 28211

American Honda Finance Corporation
200 Continental Drive, Suite 301
Newark, Delaware 19713

American Honda Finance Corporation
700 Van Ness Avenue, Building 300
Torrance, California 90501

                                    SB-1
<PAGE>

                                                                    EXHIBIT A

                FORM OF DISTRIBUTION STATEMENT TO SECURITYHOLDERS

Honda Auto Receivables 2000-1 Owner Trust

<TABLE>

<S> <C>
NOTE PRINCIPAL DISTRIBUTABLE AMOUNT                                                     $
                                                                                         --------------------------
     Class A-1 Notes:      ($       per $1,000 original principal amount)
     Class A-2 Notes:      ($       per $1,000 original principal amount)
     Class A-3 Notes:      ($       per $1,000 original principal amount)
     Class A-4 Notes:      ($       per $1,000 original principal amount)

NOTE INTEREST DISTRIBUTABLE AMOUNT                                                      $
                                                                                         --------------------------
     Class A-1 Notes:      ($       per $1,000 original principal amount)
     Class A-2 Notes:      ($       per $1,000 original principal amount)
     Class A-3 Notes:      ($       per $1,000 original principal amount)
     Class A-4 Notes:      ($       per $1,000 original principal amount)

NOTE PRINCIPAL CARRYOVER SHORTFALL                                                      $
                                                                                         --------------------------
     change from immediately preceding Payment Date
     Class A-1 Notes:      ($       per $1,000 original principal amount)
     Class A-2 Notes:      ($       per $1,000 original principal amount)
     Class A-3 Notes:      ($       per $1,000 original principal amount)
     Class A-4 Notes:      ($       per $1,000 original principal amount)

NOTE INTEREST CARRYOVER SHORTFALL                                                       $
                                                                                         --------------------------
     change from immediately preceding Payment Date                                     $
                                                                                         --------------------------
     Class A-1 Notes:      ($       per $1,000 original principal amount)
     Class A-2 Notes:      ($       per $1,000 original principal amount)
     Class A-3 Notes:      ($       per $1,000 original principal amount)
     Class A-4 Notes:      ($       per $1,000 original principal amount)

AVAILABLE AMOUNT                                                                        $
                                                                                         --------------------------
     Available Interest                                                                 $
                                                                                         --------------------------
     Available Principal                                                                $
                                                                                         --------------------------

CERTIFICATE INTEREST DISTRIBUTABLE AMOUNT                                               $
                                                                                         --------------------------
     ($_______ per 1,000 original principal amount)

CERTIFICATE PRINCIPAL DISTRIBUTABLE AMOUNT                                              $
                                                                                         --------------------------
     ($_______ per 1,000 original principal amount)

NOTE DISTRIBUTABLE AMOUNT                                                               $
                                                                                         --------------------------

CERTIFICATE DISTRIBUTABLE AMOUNT                                                        $
                                                                                         --------------------------

CERTIFICATE PRINCIPAL CARRYOVER SHORTFALL                                               $
                                                                                         --------------------------
     change from immediately preceding Payment Date                                     $
                                                                                         --------------------------

CERTIFICATE INTEREST CARRYOVER SHORTFALL                                                $
                                                                                         --------------------------
     change from immediately preceding Payment Date                                     $
                                                                                         --------------------------

POOL BALANCE                                                                            $
                                                                                         --------------------------

                                     A-1
<PAGE>

NOTE POOL FACTOR                                                                        $
                                                                                         --------------------------
     Class A-1 Notes                                                                    $
                                                                                         --------------------------
     Class A-2 Notes                                                                    $
                                                                                         --------------------------
     Class A-3 Notes                                                                    $
                                                                                         --------------------------
     Class A-4 Notes                                                                    $
                                                                                         --------------------------

CERTIFICATE POOL FACTOR                                                                 $
                                                                                         --------------------------

RESERVE FUND BALANCE                                                                    $
                                                                                         --------------------------
     change from immediately preceding Payment Date                                     $
                                                                                         --------------------------

PAYMENTS AHEAD                                                                          $
                                                                                         --------------------------

APPLIED PAYMENTS AHEAD                                                                  $
                                                                                         --------------------------

TOTAL SERVICING FEE                                                                     $
                                                                                         --------------------------
     ($_______ per 1,000 original principal amount)

NONRECOVERABLE ADVANCES                                                                 $
                                                                                         --------------------------

YIELD SUPPLEMENT WITHDRAWAL AMOUNT                                                      $
                                                                                         --------------------------

YIELD SUPPLEMENT AMOUNT                                                                 $
                                                                                         --------------------------

AMOUNT ON DEPOSIT IN YIELD SUPPLEMENT ACCOUNT                                           $
                                                                                         --------------------------

TRUST FEES AND EXPENSES                                                                 $
                                                                                         --------------------------

PRINCIPAL PAYMENT AMOUNT                                                                $
                                                                                         --------------------------
</TABLE>

                                       A-2
<PAGE>

                                                                    EXHIBIT B

                         FORM OF SERVICER'S CERTIFICATE

<TABLE>

  <S>                                                                <C>
  Deposit to Collection Account....................................  $

</TABLE>

                                      B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]