Document:

Exhibit 10.4

 

AMERICAN HONDA RECEIVABLES LLC,

as Depositor,

 

THE BANK OF NEW YORK MELLON,

as Owner Trustee

 

and

 

BNY MELLON TRUST OF DELAWARE,

as Delaware Trustee 

_______________________________

 

AMENDED AND RESTATED

TRUST AGREEMENT

 

Dated May 26, 2021 

_______________________________

 

     

     

    

TABLE OF CONTENTS

 

ARTICLE One

DEFINITIONS

 

	 	 	Page
	Section 1.01.	General Definitions	1
	Section 1.02.	Other Definitional Provisions	1
	Section 1.03.	Interpretive Provisions	1
	ARTICLE TWO
	ORGANIZATION
	Section 2.01.	Name	1
	Section 2.02.	Office	2
	Section 2.03.	Purposes and Powers	2
	Section 2.04.	Appointment of Owner Trustee and the Delaware Trustee	3
	Section 2.05.	Expenses	3
	Section 2.06.	Declaration of Trust	3
	Section 2.07.	Liability of Certificateholders	3
	Section 2.08.	Title to Trust Property	3
	Section 2.09.	Situs of Issuer	4
	Section 2.10.	Representations and Warranties of the Depositor	4
	ARTICLE THREE
	TRUST CERTIFICATES AND TRANSFER OF INTERESTS
	Section 3.01.	Initial Ownership	5
	Section 3.02.	The Trust Certificates	5
	Section 3.03.	Authentication and Delivery of Trust Certificates	5
	Section 3.04.	Registration of Transfer and Exchange of Trust Certificates	6
	Section 3.05.	Mutilated, Destroyed, Lost or Stolen Trust Certificates	8
	Section 3.06.	Persons Deemed Certificateholders	8
	Section 3.07.	Access to List of Certificateholders’ Names and Addresses	9
	Section 3.08.	Maintenance of Office or Agency	9
	Section 3.09.	Appointment of Paying Agent	9
	Section 3.10.	Definitive Trust Certificates	10
	Section 3.11.	Repayment of Trust Certificates	10
	ARTICLE FOUR
	ACTIONS BY OWNER TRUSTEE
	Section 4.01.	Prior Notice to Certificateholders with Respect to Certain Matters	10

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	Section 4.02.	Action by Certificateholders with Respect to Certain Matters	11
	Section 4.03.	Action by Certificateholders with Respect to Bankruptcy	11
	Section 4.04.	Restrictions on Certificateholders’ Power	11
	Section 4.05.	Majority Control	11
	ARTICLE FIVE
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	Section 5.01.	Establishment of Trust Account	11
	Section 5.02.	Application of Trust Funds	12
	Section 5.03.	Method of Payment	12
	Section 5.04.	No Segregation of Monies; No Interest	12
	Section 5.05.	Accounting and Reports to Certificateholders, Internal Revenue Service and Others	13
	Section 5.06.	Audit Procedure	14
	ARTICLE SIX
	AUTHORITY AND DUTIES OF OWNER TRUSTEE
	Section 6.01.	General Authority	15
	Section 6.02.	General Duties	15
	Section 6.03.	Action Upon Instruction	15
	Section 6.04.	No Duties Except as Specified in this Agreement or in Instructions	16
	Section 6.05.	No Action Except Under Specified Documents or Instructions	16
	Section 6.06.	Restrictions	17
	Section 6.07.	Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties	17
	ARTICLE SEVEN
	CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE
	Section 7.01.	Acceptance of Trusts and Duties	18
	Section 7.02.	Furnishing of Documents	19
	Section 7.03.	Representations and Warranties of the Owner Trustee and the Delaware Trustee	19
	Section 7.04.	Reliance, Advice of Counsel	21
	Section 7.05.	Not Acting in Individual Capacity	21
	Section 7.06.	Owner Trustee and Delaware Trustee Not Liable for Trust Certificates or Receivables	22
	Section 7.07.	Owner Trustee or Delaware Trustee May Own Trust Certificates and Notes	22

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	Section 7.08.	Duties of the Delaware Trustee	22
	ARTICLE EIGHT
	compensation
    of owner trustee and the delaware trustee
	Section 8.01.	Owner Trustee’s and Delaware Trustee’s Fees and Expenses	23
	Section 8.02.	Indemnification	23
	Section 8.03.	Payments to the Owner Trustee and to the Delaware Trustee	23
	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 and Delaware Trustee	25
	Section 10.02.	Resignation or Removal of Owner Trustee or Delaware Trustee	25
	Section 10.03.	Successor Owner Trustee or Delaware Trustee	26
	Section 10.04.	Merger or Consolidation of Owner Trustee or Delaware Trustee	27
	Section 10.05.	Appointment of Co-Trustee or Separate Trustee	27
	ARTICLE ELEVEN
	MISCELLANEOUS
	Section 11.01.	Amendments	28
	Section 11.02.	No Legal Title to the Owner Trust Estate for the Certificateholder	30
	Section 11.03.	Limitations on Rights of Others	30
	Section 11.04.	Notices	30
	Section 11.05.	Severability	31
	Section 11.06.	Separate Counterparts; Electronic Transmission	31

	Section 11.07.	Successors and Assigns	31
	Section 11.08.	No Petition	32
	Section 11.09.	No Recourse	32
	Section 11.10.	Headings	32
	Section 11.11.	Governing Law; Submission to Jurisdiction	32
	Section 11.12.	Trust Certificates Nonassessable and Fully Paid	32
	Section 11.13.	Depositor Payment Obligation	33
	Section 11.14.	Tax Treatment	33
	Section 11.15.	Waiver of Jury Trial	33
	Section 11.16.	Communications with Rating Agencies	33

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

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This Amended and Restated Trust Agreement
(the “Agreement”), dated May 26, 2021 is among American Honda Receivables LLC, a Delaware limited liability
company, as depositor (the “Depositor”), The Bank of New York Mellon, a New York banking corporation, as owner
trustee (the “Owner Trustee”), and BNY Mellon Trust of Delaware, a Delaware banking corporation, as Delaware
trustee (the “Delaware Trustee”);

 

The parties to this Agreement wish to amend
and restate in its entirety the original trust agreement (the “Initial Trust Agreement”), dated as of April
16, 2021, among the Depositor, the Owner Trustee and the Delaware Trustee.

 

ARTICLE
One

DEFINITIONS

 

Section 1.01. General Definitions.
Whenever used herein, unless the context otherwise requires, defined terms shall have the meanings set forth in the Sale and Servicing
Agreement.

 

Section 1.02. Other Definitional Provisions.
All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered
pursuant hereto unless otherwise defined therein.

 

Section 1.03. Interpretive Provisions.

 

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

 

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

 

ARTICLE
Two

ORGANIZATION

 

Section 2.01. Name. The trust created
hereby shall be known as the “Honda Auto Receivables 2021-2 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 Delaware
office of the Issuer shall be in care of the Delaware Trustee at the address set forth on Schedule A to the Sale and Servicing
Agreement, or at such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Certificateholders
and the Depositor. The New York, New York office of the Issuer shall be in care of the Owner Trustee at its Corporate Trust Office
or at such other address in New York as the Owner Trustee may designate by written notice to the Certificateholders 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 or otherwise
transfer (including to Affiliates) the Notes and the Trust Certificates;

 

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

 

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

 

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

 

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

 

(vi)         subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with
conservation of the Owner Trust Estate, the making of distributions to the Certificateholders and the Noteholders, and in respect
of amounts to be released to the Servicer, Administrator and third parties, if any.

 

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

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Section 2.04. Appointment of Owner Trustee
and the Delaware 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
Depositor hereby appoints the Delaware Trustee as a trustee of the Issuer effective as of the date hereof, for the sole purpose
of satisfying Section 3807(a) of the Statutory Trust Statute, and the Delaware 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. Expenses. 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 Certificateholders, subject to the obligations of the Issuer under the Basic Documents. It is the intention
of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute
the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for U.S. federal income,
state and local income and franchise tax purposes, (i) so long as there is a sole Certificateholder, the Issuer shall be disregarded
as an entity separate from the owner, with the assets of the Issuer being the Receivables and other assets held by the Issuer,
the owner of the Receivables being the sole Certificateholder and the Notes being non-recourse debt of the sole Certificateholder
and (ii) if there is more than one Certificateholder, the Issuer shall be treated as a partnership for U.S. federal income, state
and local 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 Certificateholders and the Notes being debt of the partnership. The
parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual
or other necessary returns, reports and other forms consistent with the characterization of the Issuer as provided in the preceding
sentence for such tax purposes. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Statutory Trust Statute for the sole purpose and to the extent necessary to accomplish the purpose of the
Issuer as set forth in Section 2.03(a).

 

Section 2.07. Liability of Certificateholders.
The Certificateholders 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.

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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 Issuer’s principal offices will be at the Corporate Trust Office of the Owner Trustee and at the office
of the Delaware Trustee, located at the address set forth on Schedule A to the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

    4 

     

    

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

 

ARTICLE
Three

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

 

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

 

Section 3.02. The Trust Certificates.
The Trust Certificates shall be issued in minimum denominations of $100,000 and integral multiples thereof; provided, however,
that one Trust Certificate may be issued in such denomination as required to include any residual amount. The Trust Certificates
shall be executed by the Owner Trustee on behalf of the Issuer by manual or facsimile signature (which signature may be a scanned
electronic version) of an authorized officer of the Owner Trustee and shall have deemed to have been validly issued when so executed
and authenticated (as set forth in Section 3.03 below). Trust Certificates bearing the manual or facsimile signatures (which signature
may be a scanned electronic version) of individuals who were, at the time when such signatures were affixed, authorized to sign
on behalf of the Owner Trustee, shall be validly issued and binding obligations of the Issuer and entitled to the benefit of this
Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication
and delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates.

 

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

 

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

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

 

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

 

The Trust Certificates have not been registered
under the Securities Act or listed on any securities exchange. No transfer of a Trust Certificate shall be made unless such transfer
is made pursuant to an effective registration statement under the Securities Act and any applicable state securities laws or is
exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer
is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance with
the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Certificateholder’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 Certificateholder of a Trust Certificate and any prospective transferee designated
by any such Certificateholder, 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 Certificateholder
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.

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(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 U.S. federal income
tax purposes. At the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates of authorized
denominations of a like aggregate original certificate balance upon surrender of the Trust Certificates to be exchanged at the
office or agency maintained pursuant to Section 3.08.

 

(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 Certificateholder or such Certificateholder’s attorney duly authorized in
writing.

 

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

 

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

 

(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.

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(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 fifteen (15) days preceding the due date for any
payment with respect to the Trust Certificates.

 

(h)         
No transfer of a Trust Certificate (or interest therein) shall be permitted (nor shall a Trust Certificate be so held) if
(i) it causes the Issuer to be a Section 385 Controlled Partnership (i.e., 80 percent or more of the Issuer’s ownership interests
are owned, directly or indirectly, by one or more members of a Section 385 Expanded Group) that has an expanded group partner (within
the meaning of Treasury Regulation section 1.385-3(g)(12)) which is a Domestic Corporation and (ii) either (x) a member of such
Section 385 Expanded Group owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded Group owns any
Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section 385 Expanded
Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group (as described in Treasury
Regulation section 1.1502-1(h)) which includes such Domestic Corporation). No transfer of a Trust Certificate (or interest therein)
shall be permitted (nor shall a Trust Certificate be so held) if (i) it results in the Issuer becoming disregarded as an entity
separate from a Domestic Corporation for U.S. federal income tax purposes and (ii) either (x) a member of a Section 385 Expanded
Group that includes such Domestic Corporation owns any Notes or (y) a Section 385 Controlled Partnership of such Section 385 Expanded
Group owns any Notes (in the case of clause (x), unless such member, or in the case of clause (y), unless each member of the Section
385 Expanded Group that is a partner in such Section 385 Controlled Partnership is a member of the consolidated group (as described
in Treasury Regulation section 1.1502-1(h)) which includes such Domestic Corporation).

 

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

 

Section 3.06. Persons Deemed Certificateholders.
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.

    8 

     

    

Section 3.07. Access to List of Certificateholders’
Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor, within
fifteen (15) days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Depositor,
a list, in such form as the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders
as of the most recent Record Date. If three or more Certificateholders, or one or more Certificateholders evidencing not less than
51% of the Percentage Interests of the Trust Certificates (hereinafter referred to as the “Applicants”), apply
in writing to the Certificate Registrar, and such application states that the Applicants desire to communicate with other Certificateholders
with respect to their rights under this Agreement or under the Trust Certificates, then the Certificate Registrar shall, within
five (5) Business Days after the receipt of such application, afford such Applicants access during normal business hours to the
current list of Certificateholders. Each Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have
agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the disclosure
of its name and address, regardless of the source from which such information was derived.

 

Section 3.08. Maintenance of Office or
Agency. The Trust shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon the Owner Trustee or its agent in respect of the
Trust Certificates and the Basic Documents may be served. The Owner Trustee initially designates its Corporate Trust Office 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 the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Owner Trustee
shall act as the initial Paying Agent. Each Paying Agent shall be permitted to resign as Paying Agent upon thirty (30) days’
written notice to the Owner Trustee. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee
an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying
Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders
in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders.
The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04, 8.01 and 8.02 shall
apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to
the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise. 

    9 

     

    

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 Certificateholders
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 thirty (30) days before the taking of such action, the Owner Trustee shall
have notified the Certificateholders in writing of the proposed action and the Certificateholders shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided
alternative direction:

 

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

 

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

 

(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 Certificateholders;

 

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

    10 

     

    

Section 4.02. Action by Certificateholders
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 Certificateholders, to (i) remove the Administrator pursuant to Section 1.09 of the
Administration Agreement, (ii) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement, (iii)
remove the Servicer pursuant to Section 7.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in the Basic
Documents, sell the Receivables after the termination of the Indenture, or (v) authorize the merger or consolidation of the Issuer
with or into any other statutory trust or entity (other than in accordance with Section 3.10 of the Indenture). The Owner Trustee
shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.

 

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

 

Section 4.04. Restrictions on Certificateholders’
Power. The Certificateholders 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 Certificateholders under this Agreement may be taken by the Certificateholders
evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates. Except as expressly provided
herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders
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 (or shall cause to be established
and maintained) in the name of the Issuer an Eligible Account (the “Certificate Distribution Account”), bearing
a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.

 

    11 

     

    

The Issuer shall possess all right, title
and interest in funds on deposit from time to time in the Certificate Distribution Account and in the proceeds thereof. Except
as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the
Owner Trustee for the benefit of the Certificateholders. If, at any time, the Owner Trustee ceases to be an Eligible Institution,
the Owner Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by
the Owner Trustee or an Affiliate thereof) shall cause the Certificate Distribution Account to be moved to an Eligible Institution
and shall transfer any cash to such new Certificate Distribution Account. All amounts held in the Certificate Distribution Account
will not be invested.

 

Section 5.02. Application of Trust Funds.

 

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

 

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

 

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

 

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
(i) wire transfer, in immediately available funds, to the account of such Certificateholder 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 (5) Business Days prior to such Payment Date, or (ii) if not, by check mailed to such Certificateholder at the address
of such Certificateholder appearing in the Certificate Register.

 

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

    12 

     

    

Section 5.05. Accounting and Reports
to Certificateholders, 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 Certificateholder such information, reports or statements prepared by the Administrator as may be
required by the Code and applicable Treasury Regulations and as may be required to enable each Certificateholder to prepare its
U.S. federal and state income tax returns and make such elections as from time to time may be required or appropriate under any
applicable state or federal statute or any rule or regulation thereunder so as to maintain the Issuer’s characterization
for U.S. federal income tax purposes as (i) disregarded as a separate entity from the Certificateholder or, (ii) if there is more
than one Certificate Owner for U.S. federal income tax purposes, a partnership. Consistent with the Issuer’s characterization
for U.S. federal income tax purposes as disregarded as an entity separate from the Certificateholder, no U.S. federal income tax
return shall be filed on behalf of the Issuer unless (i) there is more than one Certificate Owner for U.S. federal income tax purposes,
(ii) 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 (iii) the Internal Revenue Service shall determine that the Issuer is required to file such
a return. Neither the Owner Trustee nor any Certificateholder will, under any circumstances, or at any time, make an election on
IRS Form 8832 or otherwise, to classify the Trust as an association (or a publicly traded partnership) taxable as a corporation
for U.S. federal income, state and local income and franchise tax purposes. In the event that the Issuer is required to file tax
returns, the Owner Trustee shall, to the extent not undertaken by the Administrator pursuant to the Administration Agreement, prepare
or shall cause to be prepared any tax returns required to be filed by the Issuer and shall remit such returns to the Depositor
(or if the Depositor no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the
Owner Trustee in writing) at least five (5) days before such returns are due to be filed. The Depositor (or such designee Certificateholder,
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 Certificateholder, as applicable) be liable for any liabilities, costs or expenses of the Issuer or the Noteholders
arising out of the application of any tax law, including U.S. federal income, state and local income and franchise tax (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 Certificateholder,
as applicable), as the case may be, in breach of its obligations under this Agreement.

 

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

    13 

     

    

Section 5.06. Audit Procedure.

 

(a)         
In the event that the Issuer is classified as a partnership for U.S. federal income tax purposes, the Depositor (or a U.S.
affiliate of the Depositor if the Depositor is ineligible) is hereby designated as the partnership representative under Section
6223(a) of the Code, and any corresponding provision of state law (and as the tax matters partner for any applicable state tax
purposes), to the extent allowed under the law (including working with the Depositor to designate any designated individual required
under the law). The Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct the Owner Trustee
on behalf of the Issuer to), to the extent eligible, make the election under Section 6221(b) of the Code, and any corresponding
provision of state law, with respect to determinations of adjustments at the partnership level and take any other action such as
disclosures and notifications necessary to effectuate such election. If the election described in the preceding sentence is not
available, to the extent applicable, the Issuer shall (or the Depositor shall cause the Issuer to, or the Depositor shall instruct
the Owner Trustee on behalf of the Issuer to) make the election under Section 6226(a) of the Code, and any corresponding provision
of state law, with respect to the alternative to payment of imputed underpayment by partnership and take any other action such
as filings, disclosures and notifications necessary to effectuate such election. Notwithstanding the foregoing, the Issuer and
Depositor are each authorized, each in its sole discretion, to make any available election related to Sections 6221 through 6241
of the Code, and any corresponding provisions of state law, and take any action it deems necessary or appropriate to comply with
the requirements of the Code and conduct the Issuer’s affairs under Sections 6221 through 6241 of the Code, and any corresponding
provisions of state law. Each Certificateholder and, if different, each Certificate Owner shall promptly provide the Issuer, Depositor
and Owner Trustee any requested information, documentation or material to enable the Issuer to make any of the elections described
in this clause (c) and otherwise comply with Sections 6221 through 6241 of the Code and any corresponding provisions of state law.
Each Certificate Owner shall hold the Issuer and its affiliates harmless for any expenses or losses (i) resulting from a Certificate
Owner not properly taking into account or paying its allocated adjustment or liability under Section 6226 of the Code, and any
corresponding provision of state law, and (ii) it may suffer attributable to the management or defense of an audit under Sections
6221 through 6241 of the Code, and any corresponding provisions of state law, or otherwise suffered due to actions it takes with
respect to and to comply with the rules under Sections 6221 through 6241 of the Code, and any corresponding provisions of state
law.

 

(b)        
Certificateholder Information. (A) Each Certificateholder shall provide to the Owner Trustee and the Depositor any
further information required by the Issuer to comply with Sections 6221 through 6241 of the Code, including Section 6226(a) of
the Code, and any corresponding provisions of state law, and (B) if the Certificateholder is not the Certificate Owner, the Certificate
Owner shall provide to the Owner Trustee and the Depositor any further information required by the Issuer to comply with Sections
6221 through 6241 of the Code, including Section 6226(a) of the Code, and any corresponding provisions of state law, and, to the
extent the Issuer determines such appointment necessary for it to make an election under Section 6226(a) of the Code, and any corresponding
provision of state law, hereby appoints the Depositor as its agent for purposes of receiving any notifications or information pursuant
to the notice requirements under Section 6226(a)(2) of the Code, and any corresponding provision of state law.

    14 

     

    

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 Certificateholders, 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 Certificateholders 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 Certificateholders pursuant to Article Four.

 

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

 

(c)         
Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms
of this Agreement or under any other Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Certificateholders 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 Certificateholders 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 (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Agreement and the other Basic Documents, as it shall deem to be in the best interests of the Certificateholders,
and shall have no liability to any Person for such action or inaction.

    15 

     

    

(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 Certificateholders 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 (10) days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or the other Basic Documents, as it shall deem to be in the best interests
of the Certificateholders, and shall have no liability to any Person for such action or inaction.

 

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

 

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

    16 

     

    

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 an association (or a publicly traded
partnership) taxable as a corporation for U.S. federal income and state and local income tax purposes. The Certificateholders shall
not direct the Owner Trustee to take action that would violate the provisions of this Agreement.

 

Section 6.07. Covenants for Reporting
of Repurchase Demands due to Breaches of Representations and Warranties. The Owner Trustee shall, no later than the third Business
Day after the last day of each calendar month, provide notice to American Honda Finance Corporation and American Honda Receivables
LLC (each, a “Honda Party,” and together, the “Honda Parties”) in the form set forth as Exhibit
E hereto (or such other form or format as the Honda Parties may otherwise specify) of the request or any requests of (i) all
demands communicated to the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations
and warranties concerning such Receivable relating to the Issuer and (ii) any actions taken by the Owner Trustee with respect to
such demand communicated to the Owner Trustee in respect of any Receivables. In addition, the Owner Trustee shall, upon written
request of either Honda Party, at any time they reasonably feel necessary, provide notification to the Honda Parties with respect
to any actions taken by the Owner Trustee as soon as practicable and in any event within five (5) Business Days of receipt of such
request. Such notices shall be provided to the Honda Parties in accordance with Section 11.04(iv) of the Indenture. The Owner Trustee
and the Issuer acknowledge and agree that the purpose of this Section 6.07 is to facilitate compliance by the Honda Parties with
Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended, and Items 1104(e), 1121(c) and 1125 of Regulation AB (the “Repurchase
Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules
and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among
participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable written
requests (including email in PDF format) made by the Honda Parties in good faith for delivery of information in its possession
under these provisions on the basis of evolving interpretations of the Repurchase Rules and Regulations. The Owner Trustee shall
cooperate fully with the Honda Parties to deliver any and all records and any other information in its possession and necessary
in the good faith determination of the Honda Parties to permit them to comply with the provisions of Repurchase Rules and Regulations.
In no event shall the Owner Trustee have any responsibility or liability in connection with any filing required to be made by a
securitizer under the Repurchase Rules and Regulations.

    17 

     

    

ARTICLE
Seven

CONCERNING THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE

 

Section 7.01. Acceptance of Trusts and
Duties. Each of the Owner Trustee and the Delaware Trustee accepts the trusts hereby created and each agrees to perform its
duties hereunder with respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse
all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this Agreement and the other Basic
Documents. Neither the Owner Trustee nor the Delaware Trustee shall 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 or the Delaware
Trustee, as applicable. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

(a)         
neither the Owner Trustee nor the Delaware Trustee shall be liable for any error of judgment made in good faith by the Owner
Trustee or the Delaware Trustee;

 

(b)        
neither the Owner Trustee nor the Delaware Trustee shall 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 Certificateholder or Certificateholders;

 

(c)         
no provision of this Agreement or any other Basic Document shall require the Owner Trustee or the Delaware 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 or the Delaware 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 or the Delaware 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)         
neither the Owner Trustee nor the Delaware Trustee shall be responsible for or in respect of the validity or sufficiency
of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value
or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, other
than the certificate of authentication on the Trust Certificates, and neither the Owner Trustee nor the Delaware Trustee shall
in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly
provided for in the Basic Documents;

 

(f)         
neither the Owner Trustee nor the Delaware Trustee shall 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 neither the Owner Trustee
nor the Delaware Trustee shall have any obligation or liability to perform the obligations of the Issuer under this Agreement or
the other Basic Documents that are required to be performed by the Administrator under the Administration Agreement, the Indenture
Trustee under the Indenture or the Servicer or the Seller under the Sale and Servicing Agreement or any other Person under any
of the Basic Documents;

 

(g)         
neither the Owner Trustee nor the Delaware Trustee shall be under any obligation to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation
to this Agreement or any other Basic Document, at the request, order or direction of any of the Certificateholders, unless such
Certificateholders have offered to the Owner Trustee or the Delaware Trustee, as applicable, security or indemnity satisfactory
to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee or the Delaware Trustee, as applicable,
therein or thereby; the right of the Owner Trustee and the Delaware Trustee to perform any discretionary act enumerated in this
Agreement or in any other Basic Document shall not be construed as a duty, and neither the Owner Trustee nor the Delaware Trustee
shall be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act;

    18 

     

    

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

 

(i)         
in no event shall the Owner Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage
(including, but not limited to, loss of profit).

 

Section 7.02. Furnishing of Documents.

 

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

 

Section 7.03. Representations and Warranties
of the Owner Trustee and the Delaware Trustee. (1) The Owner Trustee hereby represents and warrants to the Depositor and the
Certificateholders, that:

 

(a)        
it is a New York banking corporation duly organized and validly existing under the laws of the State of New York; 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 regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute
any default under its charter documents or bylaws; and

 

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

    19 

     

    

(e)         
the execution, delivery and performance by the Owner Trustee of this Agreement and the consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the charter documents or bylaws
of the Owner Trustee; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of
any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); and

 

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

 

(2)          The
Delaware Trustee hereby represents and warrants to the Depositor and the Certificateholders that:

 

(a)         
it is a Delaware banking corporation duly organized and validly existing 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 regulation governing the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or constitute
any default under its charter documents or bylaws; and

 

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

 

(e)         
the execution, delivery and performance by the Delaware Trustee of this Agreement and the consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the charter documents or bylaws
of the Delaware Trustee; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms
of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); and 

    20 

     

    

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

 

Section 7.04. Reliance, Advice of Counsel.

 

(a)         
The Owner Trustee and the Delaware 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 or the Delaware 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 or the Delaware 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 or
the Delaware 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 and the Delaware Trustee (i) may act directly or through its respective
agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee and the Delaware Trustee, as applicable,
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 or the Delaware Trustee, as applicable, 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 and the Delaware 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, each of The Bank of New York
Mellon and BNY Mellon Trust of Delaware is acting solely as Owner Trustee and Delaware Trustee, respectively, hereunder and not
in its individual capacity, and all Persons having any claim against the Owner Trustee or the Delaware 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.

    21 

     

    

Section 7.06. Owner Trustee and Delaware
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 and the Delaware Trustee assume no responsibility for the correctness thereof.
The Owner Trustee and the Delaware Trustee make 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 and the Delaware Trustee shall at no time have any responsibility or liability for or with respect to the legality,
validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable
in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this Agreement or the
Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any Financed Vehicle;
the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other
record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment; the completeness
of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty
or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation,
or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee
or the Delaware Trustee.

 

Section 7.07. Owner Trustee or Delaware
Trustee May Own Trust Certificates and Notes. Each of the Owner Trustee and the Delaware 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 or
the Delaware Trustee, respectively.

 

Section 7.08. Duties of the Delaware
Trustee. The Delaware Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose
of satisfying the requirement of Section 3807(a) of the Statutory Trust Statute that the Trust have at least one trustee with a
principal place of business in Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall have
none of the duties or liabilities of the Owner Trustee. The duties of the Delaware Trustee shall be limited to (a) accepting legal
process served on the Trust in the State of Delaware and (b) the execution of any certificates required to be filed with the Secretary
of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Statutory Trust Statute.
To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities relating
thereto to the Trust, the beneficial owners thereof or any other person, it is hereby understood and agreed by the other parties
hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set forth
in this Section 7.08. The Delaware Trustee shall have all the rights, privileges and immunities of the Owner Trustee.

    22 

     

    

ARTICLE
Eight

compensation of owner trustee and the delaware trustee

 

Section 8.01. Owner Trustee’s and
Delaware Trustee’s Fees and Expenses. Each of the Owner Trustee and the Delaware 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 the Depositor and the Delaware Trustee, respectively, and upon the formation of the Issuer, each of the Owner Trustee
and the Delaware 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 each of the Owner
Trustee and the Delaware Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

 

Section 8.02. Indemnification. The
Issuer shall, or shall cause the Administrator to, indemnify each of the Owner Trustee, the Delaware Trustee, the Paying Agent,
the Certificate Registrar, any Authenticating Agent and any co-trustee and their respective officers, directors, employees and
agents (each, an “Indemnified Party”) against any and all loss, liability or expense (including reasonable attorney’s
fees and expenses) incurred by such Indemnified Party in connection with the administration of the Issuer and the performance of
its duties hereunder not resulting from its own willful misconduct, gross negligence or bad faith. Any Indemnified Party seeking
indemnity in respect of any such claim shall notify the Issuer and the Administrator promptly of such claim. The indemnities contained
in this Section shall survive the resignation or termination of the Owner Trustee, the Delaware 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 or the Delaware Trustee’s choice of legal counsel shall be subject to the approval of the Depositor (or if
the Depositor is no longer an owner, the designee of the Depositor), which approval shall not be unreasonably withheld. Neither
the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by any
Indemnified Party (1) through such party’s own willful misconduct, gross negligence or bad faith or (2) in the case of the
inaccuracy of any representation or warranty contained in Sections 7.03 expressly made by the Owner Trustee or the Delaware Trustee,
as applicable. The Indemnified Parties’ right to indemnification shall include any reasonable legal fees, costs and expenses
incurred in connection with any enforcement (including any action, claim, suit, arbitration or mediation brought) by an Indemnified
Party of any indemnification or other obligation of the Issuer, the Servicer, the Administrators, the Noteholders or the Note Owners.

 

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

 

ARTICLE
Nine

TERMINATION OF TRUST AGREEMENT

 

Section 9.01. Termination of Trust Agreement.

 

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

    23 

     

    

(b)        
Except as provided in Section 9.01(a), neither of the Depositor nor any Certificateholder 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 (5) Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 8.01(b)
of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates
shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii)
the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable,
payments being made only upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified.
The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if
other than the Owner Trustee) at the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust
Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant
to Section 5.02. The Owner Trustee shall promptly notify the Administrator (who shall make such notice available to each Rating
Agency pursuant to Section 1.02(c) of the Administration Agreement) upon the final payment of the Trust Certificates.

 

(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 Certificateholder.

    24 

     

    

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

 

ARTICLE
Ten

SUCCESSOR AND ADDITIONAL OWNER TRUSTEES

 

Section 10.01. Eligibility Requirements
for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times (i) maintain its principal place of business in
the State of New York or such other location within the United States to which the Depositor shall consent in writing, (ii) be
authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000, (iv) be subject
to supervision or examination by federal or state authorities and (v) have the Required Rating. If such person shall publish reports
of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for the purpose of this Section, the combined capital and surplus of such person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. The Delaware Trustee shall at all times be a Person satisfying
the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Owner Trustee or the Delaware Trustee,
as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee or the Delaware
Trustee, as applicable, shall resign immediately in the manner and with the effect specified in Section 10.02.

 

Section 10.02. Resignation or Removal
of Owner Trustee or Delaware Trustee. The Owner Trustee or Delaware 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 or Delaware Trustee, as applicable, by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee or Delaware Trustee, as applicable, and one copy to the successor
Owner Trustee or Delaware Trustee, as applicable. If no successor Owner Trustee or Delaware Trustee, as applicable, shall have
been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning
Owner Trustee or Delaware Trustee, as applicable, may petition at the Issuer’s expense any court of competent jurisdiction
for the appointment of a successor Owner Trustee or Delaware Trustee, as applicable.

 

If at any time the Owner Trustee or Delaware
Trustee, as applicable, shall cease to be eligible in accordance with Section 10.01 and shall fail to resign after 31 days prior
written request therefor by the Administrator, or if at any time the Owner Trustee or Delaware Trustee, as applicable, shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or Delaware Trustee, as applicable,
of either of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or Delaware
Trustee or of either of their property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator
may remove the Owner Trustee or Delaware Trustee, as applicable. If the Administrator shall remove the Owner Trustee or Delaware
Trustee, as applicable, under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor
Owner Trustee or Delaware Trustee, as applicable, by written instrument, in duplicate, one copy of which instrument shall be delivered
to the outgoing Owner Trustee or Delaware Trustee, as applicable, so removed and one copy to the successor Owner Trustee or Delaware
Trustee, as applicable, and shall pay all fees and expenses owed to the outgoing Owner Trustee or Delaware Trustee, as applicable.

    25 

     

    

Any resignation or removal of the Owner
Trustee or Delaware Trustee, as applicable, and appointment of a successor Owner Trustee or Delaware Trustee, as applicable, pursuant
to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee
or Delaware Trustee, as applicable, pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee
or Delaware Trustee, as applicable. The Administrator shall provide notice of such resignation or removal of the Owner Trustee
or Delaware Trustee, as applicable, to each Rating Agency pursuant to Section 1.02(c) of the Administration Agreement.

 

Section 10.03. Successor Owner Trustee
or Delaware Trustee. Any successor Owner Trustee or Delaware Trustee, as applicable, appointed pursuant to Section 10.02 shall
execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee or Delaware Trustee, as applicable,
an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner
Trustee or Delaware Trustee, as applicable, shall become effective, and such successor Owner Trustee or Delaware Trustee, as applicable,
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 or Delaware Trustee, as applicable.
The predecessor Owner Trustee or Delaware Trustee, as applicable, shall upon payment of its fees and expenses deliver to the successor
Owner Trustee or Delaware Trustee, as applicable, all documents and statements and monies held by it under this Agreement and the
Administrator and the predecessor Owner Trustee or Delaware Trustee, as applicable, 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
or Delaware Trustee, as applicable, all such rights, powers, duties and obligations.

 

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

 

Upon acceptance of appointment by a successor
Owner Trustee or Delaware Trustee, as applicable, pursuant to this Section, the Administrator shall mail notice thereof to all
Certificateholders, the Indenture Trustee and the Noteholders; and, in the case of each Rating Agency, shall make such notice available
pursuant to Section 1.02(c) of the Administration Agreement. If the Administrator shall fail to mail such notice within ten (10)
days after acceptance of such appointment by the successor Owner Trustee or Delaware Trustee, as applicable, the successor Owner
Trustee or Delaware Trustee, as applicable, shall cause such notice to be mailed at the expense of the Administrator.

    26 

     

    

Section 10.04. Merger or Consolidation
of Owner Trustee or Delaware Trustee. Any Person into which the Owner Trustee or Delaware Trustee, as applicable, may be merged
or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which
the Owner Trustee or Delaware Trustee, as applicable, shall be a party, or any Person succeeding to all or substantially all of
the corporate trust business of the Owner Trustee or Delaware Trustee, as applicable, shall be the successor of the Owner Trustee
or Delaware Trustee, as applicable, hereunder, without the execution or filing of any instrument or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant
to Section 10.01 and, provided, further, that the Owner Trustee or Delaware Trustee, as applicable, shall mail notice of such merger
or consolidation to the Administrator (who shall make such notice available to each Rating Agency pursuant to Section 1.02(c) of
the Administration Agreement).

 

Section 10.05. Appointment of Co-Trustee
or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint
one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as
separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity,
such title to the Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not
have joined in such appointment within fifteen (15) days after the receipt by it of a request to do so, the Owner Trustee alone
shall have the power to make such appointment. The Owner Trustee agrees that upon receipt of a written request from the Administrator
to appoint a co-trustee, it will, at the expense of the Issuer, either (i) promptly provide evidence reasonably satisfactory to
the Administrator that such co-trustee is not required or (ii) cooperate fully to ensure a co-trustee is appointed with any required
timeframe. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 10.01, except that such co-trustee or successor trustee shall have the Required Rating, and no
notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

 

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

 

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

    27 

     

    

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

 

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

 

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

 

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

 

ARTICLE
Eleven

MISCELLANEOUS

 

Section 11.01. Amendments.

 

(a)         
Any term or provision of this Agreement may be amended by the parties hereto but without the consent of any Securityholders,
the Issuer or any other Person if the Depositor delivers an Opinion of Counsel to the Indenture Trustee and the Owner Trustee to
the effect that such amendment will not materially and adversely affect the interests of the Securityholders whose written consent
has not been obtained.

 

(b)        
This Agreement may also be amended from time to time by the parties hereto, with prior notice to the Indenture Trustee,
the written consent of the Certificateholders 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
Noteholders (as such term is defined in the Indenture) 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 Noteholders and Certificateholders of all the outstanding Notes and Trust Certificates affected thereby.

    28 

     

    

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

 

(d)         
Promptly after the execution of any such amendment, the Depositor shall furnish written notification of the substance of
such amendment to the Indenture Trustee and the Administrator (who shall make such notice available to each Rating Agency pursuant
to Section 1.02(c) of the Administration Agreement). It shall not be necessary for the consent of Securityholders or Trustees 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)         
No amendment that adversely affects the Trustees shall be effective without the prior written consent of the party adversely
affected. The Trustees may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s,
the Delaware Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement
or otherwise.

 

(f)          
Promptly after the execution of any such amendment, the Owner Trustee shall furnish written notification of the substance
of such amendment or consent to each Certificateholder. 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.

 

(g)         
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 or the Delaware Trustee’s consent is sought, the Owner Trustee and
the Delaware 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.

    29 

     

    

Section 11.02. No Legal Title to the
Owner Trust Estate for the Certificateholder. The Certificateholder shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders 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 Certificateholders 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 Delaware Trustee, the Indemnified
Parties, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee
and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person
any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

 

Section 11.04. Notices.

 

(a)         
Unless otherwise expressly specified or permitted by the terms hereof, all demands, notices and communications under this
Agreement shall be in writing, personally delivered, mailed by electronic mail (if an address therefore has been provided by the
respective party in writing), mailed by certified mail, return receipt requested, delivered by overnight delivery service, or sent
as a scanned image or sent via facsimile transmission and shall be deemed to have been duly given upon receipt at the address for
such party set forth on Schedule A to the Sale and Servicing Agreement or at such other address as shall be designated by such
party in a written notice to each other party.

 

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

 

(c)         
The Owner Trustee hereby agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured
e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Owner
Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing
specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person
is to be added or deleted from the listing. If such party sending such instruction or direction elects to give the Owner Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Owner Trustee in its discretion elects
to act upon such instructions, the Owner Trustee’s understanding of such instructions shall be deemed controlling. The Owner
Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Owner Trustee’s reliance
upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written
instruction. The party sending such instruction or direction agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Owner Trustee, including without limitation the risk of the Owner Trustee
acting on unauthorized instructions, and the risk of interception and misuse by third parties.

    30 

     

    

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 Certificateholders.

 

Section 11.06. Separate Counterparts;
Electronic Transmission.

 

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

 

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

 

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

    31 

     

    

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

 

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

 

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

 

Section 11.11. Governing Law; Submission
to Jurisdiction. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE
TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

 

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

 

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

    32 

     

    

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.

 

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

 

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

 

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

 

Neither the Owner Trustee nor the Delaware
Trustee will be responsible for delays attributable to the Administrator’s failure to deliver any information related to
any communication with a Rating Agency (with respect to this section, the “Information”), defects in the Information
supplied to the Rating Agency or Administrator or other circumstances beyond the control of the Owner Trustee or the Delaware
Trustee, as applicable. In addition, neither the Owner Trustee nor the Delaware Trustee shall be under any obligation to make
any determination as to the veracity or applicability of any Information provided to it, or whether any such Information is required
to be maintained on a website or other public medium. 

    33 

     

    

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

 

	 	AMERICAN HONDA RECEIVABLES LLC,
	 	
        as Depositor

         

	 	By:	 
	 	 	Name:   Paul C. Honda
	 	 	Title:     Treasurer
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	
        as Owner Trustee

         

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	BNY MELLON TRUST OF DELAWARE,
	 	
        as Delaware Trustee

         

	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 	 

 

HAROT 2021-2

A&R Trust Agreement 

    S-1 

     

    

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

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

 

	NUMBER: R-1           Initial Certificate Balance: $40,489,928.90
	 
	HONDA AUTO RECEIVABLES 2021-2 OWNER TRUST
	 
	0.00% ASSET BACKED CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT American Honda Receivables
LLC is the registered owner of a 100 percent nonassessable, fully-paid, undivided interest in the Honda Auto Receivables
2021-2 Owner Trust (the “Issuer”), formed by American Honda Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

The Issuer was created pursuant to a Trust
Agreement dated as of April 16, 2021 as amended and restated by an Amended and Restated Trust Agreement dated May 26, 2021 (as
amended or supplemented from time to time, the “Trust Agreement”), among the Depositor, The Bank of New York
Mellon, as owner trustee (the “Owner Trustee”), and BNY Mellon Trust of Delaware, as Delaware trustee (the “Delaware
Trustee”) a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement.

    A-1 

     

    

This Trust Certificate is one of the duly authorized certificates
designated as “Asset Backed Certificates” (the “Trust Certificates”). Issued under an Indenture
dated May 26, 2021 (the “Indenture”), between the Issuer and U.S. Bank National Association., as indenture trustee,
are four classes of Notes designated as “Class A-1 0.09253% Asset Backed Notes,” “Class A-2 0.17% Asset Backed
Notes”, “Class A-3 0.33% Asset Backed Notes” and “Class A-4 0.55% 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 Certificateholder of this Trust Certificate, by virtue of its acceptance thereof,
assents and by which such Certificateholder is bound. The property of the Issuer includes, among other things, a pool of retail
installment sale or conditional sale contracts for new and used Honda and Acura motor vehicles (including automobiles and light-duty
trucks) (collectively, the “Receivables”), all monies received on or in respect of the Receivables on or after
May 26, 2021, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from
claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement and
all proceeds of the foregoing.

 

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

 

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

 

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

 

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

 

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

 

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

    A-2 

     

    

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

 

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

 

	 	HONDA AUTO RECEIVABLES 2021-2 OWNER TRUST
	 	 
	 	By:	
        THE BANK OF
NEW YORK MELLON,

not in its individual capacity but solely as Owner Trustee on behalf of the Trust 

	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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

 

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

 

	THE BANK OF NEW YORK MELLON,

not in its individual capacity but solely as Authenticating Agent on behalf of the Trust

	 	
        THE BANK
        OF NEW YORK MELLON,

        not in its individual capacity but solely as Owner Trustee on behalf of the

        Trust

         

	By:	 	OR	By:	 
	 	Authorized Signatory	 	 	Authorized Signatory

    A-3 

     

    

[REVERSE OF TRUST CERTIFICATE]

 

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

 

The Trust Agreement permits, with certain
exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the
rights of the Certificateholders under the Trust Agreement at any time by the parties thereto with the consent of the Certificateholders
and Noteholders, 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
Certificateholder of this Trust Certificate shall be conclusive and binding on such Certificateholder and on all future Certificateholders
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 Certificateholders of any of the Trust Certificates.

 

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

 

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

 

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

    A-4 

     

    

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

 

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

    A-5 

     

    

ASSIGNMENT

 

	FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto
	 
	PLEASE INSERT SOCIAL SECURITY OR
	OTHER IDENTIFYING NUMBER OF ASSIGNEE
	 
	 (Please print or type name and address, including postal zip code, of assignee)
	 

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

                     

	 	Signature Guaranteed:
	 	 
	 	
 

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

    A-6 

     

    

EXHIBIT B

 

FORM OF SELLER CERTIFICATE

 

_______________, ____

 

HONDA AUTO RECEIVABLES 2021-2

OWNER TRUST

c/o THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2021-2

 

THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2021-2

 

Re:         Honda Auto Receivables 2021-2
Owner Trust

Asset Backed Certificates                                  

 

Dear Sirs:

 

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

 

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

    B-1 

     

    

EXHIBIT C

 

FORM OF INVESTMENT LETTER

 

_______________, ___

 

HONDA AUTO RECEIVABLES 2021-2

OWNER TRUST

c/o THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2021-2

 

THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2021-2

 

Re:         Honda Auto Receivables 2021-2
Owner Trust

Asset Backed Certificates                                  

 

Dear Sirs:

 

In connection with our acquisition of the
above-referenced Asset Backed Certificates (the “Certificates”) we certify that (a) we understand that the Certificates
are not being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws
and are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws,
(b) we are an “accredited investor,” as defined in Regulation D under the Act, and have such knowledge and experience
in financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c)
we have had the opportunity to ask questions of and receive answers from the Seller concerning the purchase of the Certificates
and all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d)
we are acquiring the Certificates for investment for our own account and not with a view to any distribution of such Certificates
(but without prejudice to our right at all times to sell or otherwise dispose of the Certificates in accordance with clause (f)
below), (e) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any other action that would result in a violation of Section
5 of the Act or any state securities laws, (f) we are not a Benefit Plan Investor or a Plan that is subject to Similar Law and
(g) we will not sell, or otherwise dispose of any Certificates unless (i) such sale, transfer or other disposition is made pursuant
to an effective registration statement under the Act and in compliance with any state securities laws or is exempt from such registration
requirements and, if requested, we will at our expense provide an Opinion of Counsel satisfactory to the addresses of this certificate
that such sale, transfer or other disposition may be made pursuant to an exemption from the Act, (ii) the purchaser or transferee
of such Certificate has executed and delivered to you a certificate to substantially the same effect as this certificate and (iii)
the purchaser or transferee has otherwise complied with any conditions for transfer set forth in the Amended and Restated Trust
Agreement dated May 26, 2021 among American Honda Receivables LLC, as depositor, The Bank of New York Mellon, as owner trustee,
and BNY Mellon Trust of Delaware, as Delaware trustee.

 

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

    C-1 

     

    

EXHIBIT D

 

FORM OF RULE 144A LETTER

 

_______________, 20__

 

HONDA AUTO RECEIVABLES 2021-2

OWNER TRUST

c/o THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2021-2

 

THE BANK OF NEW YORK MELLON

240 Greenwich Street, Floor 7 West

New York, New York 10286

Attention: Asset Backed Securities Unit – HAROT 2021-2

 

Re:         Honda Auto Receivables 2021-2
Owner Trust

Asset Backed Certificates                                  

 

Dear Sirs:

 

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

 

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

    D-1 

     

    

EXHIBIT E

 

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

Reporting Period: ____________

Name of Issuing Entity: HAROT 2021-2

Trustee: The Bank of New York Mellon

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

 

	Name
    of

    Issuing Entity	 	Check
    if Registered	 	Name
    of Originator	 	Total
    Assets in 
 ABS by Originator1	 	Assets
    That Were

 Subject of

    Demand	 	Assets
    That Were

 Repurchased or

 Replaced	 	Assets
    Pending

 Repurchase or

    Replacement 

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

    

    

    

    (d)	 	($)

    

    

    

    (e)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (f)
	 	(#)

    

    

    

    (g)	 	($)

    

    

    

    (h)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (i)
	 	(#)

    

    

    

    (j)	 	($)

    

    

    

    (k)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (l)
	 	(#)

    

    

    

    (m)	 	($)

    

    

    

    (n)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (o)
	 	(#)

    

    

    

    (p)	 	($)

    

    

    

    (q)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (r)
	 	(#)

    

    

    

    (s)	 	($)

    

    

    

    (t)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (u)
	 	(#)

    

    

    

    (v)	 	($)

    

    

    

    (w)	 	(%
                                         of

                                                                                principal
                                         balance)
 
 (x)
	 
	Asset

 Class X	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing

 Entity A

 CIK
    #	 	X	 	Originator
    1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Originator
    2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 	#	 	$	 	 	 
	Asset

 Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing

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

 

 

1
Owner Trustee to provide if such information is available. 

    E-1Exhibit
10.5

 

ASSET
REPRESENTATIONS REVIEW AGREEMENT

 

among

 

HONDA
AUTO RECEIVABLES 2021-2 OWNER TRUST,

as Issuer,

 

AMERICAN
HONDA FINANCE CORPORATION,

as Sponsor and Servicer

 

and

 

CLAYTON
FIXED INCOME SERVICES LLC,

 

as
Asset Representations Reviewer

 

Dated
as of May 26, 2021

    

     

    

TABLE OF CONTENTS

 

	 	 	 	 	Page
	ARTICLE I 	USAGE AND DEFINITIONS	1
	 	Section 1.1.	 	Usage and Definitions	1
	 	Section 1.2.	 	Additional Definitions	2
	ARTICLE II 	ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER	2
	 	Section 2.1.	 	Engagement; Acceptance	2
	 	Section 2.2.	 	Confirmation of Scope	2
	ARTICLE III 	ASSET REPRESENTATIONS REVIEW PROCESS	3
	 	Section 3.1.	 	Review Notices	3
	 	Section 3.2.	 	Identification of Subject Receivables	3
	 	Section 3.3.	 	Review Materials	3
	 	Section 3.4.	 	Performance of Reviews	3
	 	Section 3.5.	 	Review Reports	4
	 	Section 3.6.	 	Limitations on Review Obligations	5
	ARTICLE IV 	ASSET REPRESENTATIONS REVIEWER	5
	 	Section 4.1.	 	Representations and Warranties	5
	 	Section 4.2.	 	Covenants	6
	 	Section 4.3.	 	Fees, Expenses and Indemnities	7
	 	Section 4.4.	 	Limitation on Liability	7
	 	Section 4.5.	 	Indemnification by Asset Representations Reviewer	8
	 	Section 4.6.	 	Indemnification of Asset Representations Reviewer	8
	 	Section 4.7.	 	Inspections of Asset Representations Reviewer	9
	 	Section 4.8.	 	Delegation of Obligations	9
	 	Section 4.9.	 	Confidential Information	9
	 	Section 4.10.	 	Personally Identifiable Information	11
	ARTICLE V 	RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS
REVIEWER	13
	 	Section 5.1.	 	Eligibility Requirements for Asset Representations Reviewer	13
	 	Section 5.2.	 	Resignation and Removal of Asset Representations Reviewer	13
	 	Section 5.3.	 	Successor Asset Representations Reviewer	13
	 	Section 5.4.	 	Merger, Consolidation or Succession	14

    i

     

    

TABLE OF CONTENTS

(continued)

 

	 	 	 	 	Page
	ARTICLE VI 	OTHER AGREEMENTS	14
	 	Section 6.1.	 	Independence of Asset Representations Reviewer	14
	 	Section 6.2.	 	No Petition	14
	 	Section 6.3.	 	Limitation of Liability of Owner Trustee	15
	 	Section 6.4.	 	Termination of Agreement	15
	ARTICLE VII 	MISCELLANEOUS PROVISIONS	15
	 	Section 7.1.	 	Amendments	15
	 	Section 7.2.	 	Assignment; Benefit of Agreement; Third Party Beneficiaries	15
	 	Section 7.3.	 	Notices	16
	 	Section 7.4.	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	16
	 	Section 7.5.	 	No Waiver; Remedies	17
	 	Section 7.6.	 	Severability	17
	 	Section 7.7.	 	Headings	17
	 	Section 7.8.	 	Counterparts; Electronic Transmission	17

	Schedule A	Representations and Warranties, Review Materials and Tests	 

    ii

     

    

ASSET
REPRESENTATIONS REVIEW AGREEMENT, dated as of May 26, 2021 (this “Agreement”), among HONDA AUTO RECEIVABLES
2021-2 OWNER TRUST, a Delaware statutory trust, as Issuer (the “Issuer”), AMERICAN HONDA FINANCE CORPORATION,
a California Corporation (“AHFC”), as Sponsor and Servicer, and CLAYTON FIXED INCOME SERVICES LLC, a Delaware
limited liability company, as Asset Representations Reviewer (the “Asset Representations Reviewer”).

 

BACKGROUND

 

WHEREAS,
in the regular course of its business, AHFC acquires certain motor vehicle retail installment sale contracts secured by new and
used automobiles (including light-duty trucks) from motor vehicle dealers.

 

WHEREAS,
in connection with a securitization transaction sponsored by AHFC, AHFC sold a pool of Receivables consisting of retail installment
sale contracts to American Honda Receivables, LLC (the “Depositor”), who sold them to the Issuer.

 

WHEREAS,
the Issuer has granted a security interest in the pool of Receivables to the Indenture Trustee, for the benefit of the Holders
of Notes, as security for the Notes issued by the Issuer under the Indenture.

 

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

 

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

 

ARTICLE
I

USAGE AND DEFINITIONS

 

Section
1.1.            Usage and Definitions. (a) Except as otherwise specified
herein or if the context may otherwise require, capitalized terms not defined in this Agreement shall have the respective meanings
assigned such terms set forth in Appendix A to the Sale and Servicing Agreement, dated as of the date hereof (the “Sale
and Servicing Agreement”), by and among the Depositor, as seller, AHFC, as servicer, RPA seller and sponsor, and Honda
Auto Receivables 2021-2 Owner Trust, as issuer.

 

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

    

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
II

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

 

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

 

Section
2.2.            Confirmation of Scope. The parties confirm that
the Asset Representations Reviewer is not responsible for determining whether noncompliance with the representations or warranties
constitutes a breach of the Basic Documents.

    2

     

    

ARTICLE
III

ASSET REPRESENTATIONS REVIEW PROCESS

 

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

 

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

 

Section
3.3.            Review Materials.

 

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

 

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

 

Section
3.4.            Performance of Reviews.

 

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

    3

     

    

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

 

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

 

(d)         
Previously Reviewed Receivable: Duplicative Tests. If any Subject Receivable was included in a prior Asset Review, the
Asset Representations Reviewer will not perform the same Tests on it, but will include the results of the previous Tests in the
Review Report for the current Asset Review.

 

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

 

(f)         
Termination of Review. If an Asset Review is in process and the Notes will be paid in full on the next Distribution Date,
the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten (10) calendar days before
that Distribution Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and
will have no obligation to deliver a Review Report.

 

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

 

(b)         
Questions About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing
to written questions or requests for clarification of any Review Report from the Servicer or the Indenture Trustee, acting solely
on behalf of the Noteholders, until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of the
Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification
from Noteholders or any Person other than the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, and
will direct such Persons to submit written requests to the Servicer.

    4

     

    

Section
3.6.            Limitations on Review Obligations.

 

(a)         
Review Process Limitations. The Asset Representations Reviewer will have no obligation:

 

(i)           
to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct
an Asset Review under the Indenture, and may rely on the information in any review notice delivered by the Indenture Trustee;

 

(ii)          
to determine which Receivables are subject to an Asset Review, and may rely on the lists of Subject Receivables provided by the
Servicer;

 

(iii)         
to obtain or confirm the validity of the Review Materials and no liability for any errors in the Review Materials and may rely
on the accuracy and completeness of the Review Materials;

 

(iv)         
to obtain missing or insufficient Review Materials from any party or any other source; or

 

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

 

ARTICLE
IV

ASSET REPRESENTATIONS REVIEWER

 

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

 

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

 

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

    5

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

    6

     

    

Section
4.3.            Fees, Expenses and Indemnities.

 

(a)          
Annual Fee. The Sponsor will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations
Reviewer under this Agreement, an annual fee equal to $5,000. The annual fee will be paid as agreed in Section 4.3(d) by
the Sponsor until this Agreement is terminated; provided, that in the year in which all Notes are paid in full, the annual
fee shall be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding.

 

(b)          
Review Fee. Following the completion of an Asset Review and the delivery to the Indenture Trustee, the Sponsor and the
Servicer of the Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the
Sponsor of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250 for each Account containing
a Subject Receivable (the “Review Fee”). However, no Review Fee will be charged for any Tests that were performed
in a prior Asset Representations Review or for any Asset Representations Review in which no Tests were completed prior to the
Asset Representations Reviewer being notified of a termination of the Asset Representations Review in accordance with Section
3.4(e). The Sponsor will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of Section
4.3(d) of this Agreement. If an Asset Review is terminated according to Section 3.4(e), the Asset Representations Reviewer
must submit its invoice for the Review Fee for the terminated Asset Review no later than five Business Days before the final Payment
Date to be reimbursed no later than the final Payment Date.

 

(c)          
Reimbursement of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the
Sponsor will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset
Review upon receipt of a detailed invoice.

 

(d)          
Payment of Fees and Indemnities. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor
for any amounts owed to it under this Agreement. To the extent not paid by the Sponsor within sixty (60) calendar days following
the receipt of a detailed invoice, the fees provided for in this Section 4.3 and the indemnities provided for in Section
4.6(a) shall be paid by the Issuer pursuant to Section 4.06(c) of the Sale and Servicing Agreement; provided, that
prior to any such payment pursuant to the Sale and Servicing Agreement, the Asset Representations Reviewer shall notify the Sponsor
in writing that such payments have been outstanding for at least sixty (60) calendar days. For the avoidance of doubt, to the
extent that such owed amounts are not paid in full by the Sponsor or any other party, upon receipt of a detailed invoice, the
Asset Representations Reviewer shall be entitled to payment by the Sponsor of incurred but otherwise unpaid amounts.

 

Section
4.4.            Limitation on Liability. The Asset Representations
Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors
in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith, breach of this
Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer
be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations
Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

    7

     

    

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

 

Section
4.6.            Indemnification of Asset Representations Reviewer.

 

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

 

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

    8

     

    

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

 

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

 

Section
4.7.            Inspections of Asset Representations Reviewer. The
Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized
representatives of the Issuer, the Servicer or the Sponsor, during the Asset Representations Reviewer’s normal business
hours, to examine and review the books of account, records, reports and other documents and materials of the Asset Representations
Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments
of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations
Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s
or the Sponsor’s representatives to make copies and extracts of any of those documents and to discuss them with the Asset
Representations Reviewer’s officers and employees. Each of the Issuer, the Servicer and the Sponsor will, and will cause
its authorized representatives to, hold in confidence any proprietary confidential information of the Asset Representations Reviewer
except if disclosure may be required by law or if the Issuer, the Servicer or the Sponsor reasonably determines that it is required
to make the disclosure under this Agreement or the other Basic Documents. Except as described in Section 4.2(c), the Asset
Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of
at least two years after the termination of its obligations under this Agreement.

 

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

 

Section
4.9.            Confidential Information.

 

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

    9

     

    

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

 

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

 

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

 

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

 

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

 

(c)         
Protection. The Asset Representations Reviewer will use reasonable measures to protect the secrecy of and avoid disclosure
and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information
and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable
Information is also subject to the additional requirements in Section 4.9.

 

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

 

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

    10

     

    

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

 

Section
4.10.        Personally Identifiable Information.

 

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

 

(b)         
Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. None of the Issuer,
the Sponsor or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However,
if the Asset Representations Reviewer receives any Issuer PII, the Asset Representations Reviewer will promptly (i) notify the
Servicer and (ii) delete and destroy such Issuer PII in accordance with Section 4.10(c). Notwithstanding the foregoing,
the Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer’s
business, including any legally required codes of conduct, including those relating to privacy, security and data protection.
The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including
administrative, technical and physical safeguards designed to (i) protect the security, confidentiality and integrity of Issuer
PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized
access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards include a
written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g.,
intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

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

 

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

    11

     

    

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

 

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

 

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

 

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

 

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

 

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

    12

     

    

ARTICLE
V

RESIGNATION AND REMOVAL;

SUCCESSOR ASSET REPRESENTATIONS REVIEWER

 

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

 

Section
5.2.            Resignation and Removal of Asset Representations Reviewer.

 

(a)         
No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer will not resign as Asset Representations
Reviewer unless (a) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1 or (b)
upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. The
Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines
it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

 

(b)        
Removal of Asset Representations Reviewer. If any of the following events occur, the Sponsor, by notice to the Asset Representations
Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement:

 

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

 

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

 

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

 

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

 

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

 

Section
5.3.            Successor Asset Representations Reviewer.

 

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

    13

     

    

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

 

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

 

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

 

ARTICLE
VI

OTHER AGREEMENTS

 

Section
6.1.            Independence of Asset Representations Reviewer.
The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer,
the Owner Trustee or the Indenture Trustee for the manner in which it accomplishes the performance of its obligations under this
Agreement. Unless authorized by the Issuer, the Owner Trustee, or the Indenture Trustee, respectively, the Asset Representations
Reviewer will have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture Trustee and will not be
considered an agent of the Issuer, the Owner Trustee or the Indenture Trustee. None of the Issuer, the Owner Trustee or the Indenture
Trustee will be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the
failure of the Asset Representations Reviewer to perform its obligations hereunder. Nothing in this Agreement will make the Asset
Representations Reviewer and any of the Issuer, the Owner Trustee or the Indenture Trustee members of any partnership, joint venture
or other separate entity or impose any liability as such on any of them.

 

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

    14

     

    

Section
6.3.            Limitation of Liability of Owner Trustee. This Agreement
has been signed on behalf of the Issuer by The Bank of New York Mellon not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer. In no event will The Bank of New York Mellon in its individual capacity be liable for the Issuer’s
obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to
the benefits of, the Trust Agreement.

 

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

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

Section
7.1.            Amendments.

 

(a)         
This Agreement can be modified in a written document executed by the parties hereto without the consent of the Noteholders or
any other Person; provided, that, except with respect to amendments (i) to clarify an ambiguity, correct an error or correct or
supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide
for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer or (ii) to convert or supplement
any provision in a manner consistent with the intent of this Agreement, either (a) such amendment shall not, as evidenced by an
opinion of counsel or officer’s certificate, materially and adversely affect the interests of the holders of any outstanding
Note or (b) the Rating Agency Condition is satisfied with respect to such amendment. With respect to any amendment for which clauses
(a) or (b) of the immediately preceding sentence cannot be satisfied, this Agreement can be amended with the consent of the Noteholders
of a majority of the Outstanding Principal Balance of the Notes of each adversely affected Series.

 

(b)         
Notice of Amendments. The Servicer will notify the Rating Agencies in advance of any amendment. Promptly after the execution
of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies and the Indenture Trustee.

 

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

 

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

 

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

    15

     

    

Section
7.3.            Notices.

 

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

 

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

 

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

 

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

 

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

 

(b)         
Notice Addresses. Any notice, request, demand, consent, waiver or other communication will be delivered or addressed to:
(i) (a) in the case of the Sponsor and the Servicer, to American Honda Finance Corporation, 1919 Torrance Blvd. 5th
Floor, Torrance, CA 90501, Attention: Treasury Capital Markets, (b) in the case of the Issuer or the Owner Trustee, to Honda Auto
Receivables 2021-2 Owner Trust, c/o The Bank of New York Mellon, 240 Greenwich Street, Floor 7 West, New York, NY 10286, Attention:
Asset Backed Securities Unit – Honda Auto Receivables 2021-2, (c) in the case of the Indenture Trustee, to U.S. Bank National
Association, 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Corporate Trust Services Honda
Auto Receivables 2021-2 and (d) in the case of the Asset Representations Reviewer via electronic mail to ARRNotices@clayton.com,
and to Clayton Fixed Income Services LLC, 2638 South Falkenburg Road, Riverview, FL 33578, Attention: SVP; with a copy to Covius
Services, LLC, 720 S. Colorado Blvd, Suite 200, Glendale, CO 80246, Attention: Legal Department or, (ii) as to each party, at
such other address or email as shall be designated by such party in a written notice to each other party.

 

Section
7.4.            Governing Law; Submission to Jurisdiction; Waiver of
Jury Trial. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO
ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

    16

     

    

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

 

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

 

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

 

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

 

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

 

Section
7.8.           Counterparts; Electronic Transmission.

 

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

    17

     

    

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

 

[Remainder
of Page Left Blank]

    18

     

    

EXECUTED
BY:

 

	 	HONDA AUTO RECEIVABLES 2021-2
    OWNER TRUST, as Issuer
	 	 	 	 
	 	By:	The Bank of New York Mellon, not
    in its individual capacity, but solely as Owner Trustee
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	AMERICAN HONDA FINANCE CORPORATION,
	 	 	as Sponsor and Servicer
	 	 	 	 
	 	By:	 	 
	 	 	Name:	Paul C. Honda
	 	 	Title:	Vice President and Assistant Secretary
	 	 	 	 
	 	CLAYTON FIXED INCOME SERVICES
    LLC,
	 	 	as Asset Representations Reviewer
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

HAROT
2021-2

ARR
Agreement

    S-1

     

    

Schedule
A

 

Representations
and Warranties, Review Materials and Tests

 

	Representations
                                         and Warranty

        	Review
                                         Materials and Tests

	(i)         Characteristics
                                         of Receivables. Each Receivable

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

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

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

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

        (e)  
        allows for prepayment,

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

        (g)  
        is a retail installment sales contract.

        	Review
                                         Materials:

        (a)   
        Title documents

        (b)    Installment sales contract

        (c)   
        Receivable Files

        (d)   
        Servicer’s Records/Data file

        Tests:

        (a)    Origination

        i.     
        Review the contract and confirm that the Dealer address is a United States address.

        ii.    
        Review the contract and confirm that it was signed by the Obligor.

        iii.   
        Review the contract and confirm that AHFC (or an acceptable variation of the name) is listed as an assignee within the
        assignment section.

        iv.   
        Review the contract and confirm the Vehicle Identification Number (VIN) on the contract matches the VIN on the Certificate
        of Title or Application for Title.

        v.    
        Confirm the Dealer signed the assignment section of the contract.

        (b)    Security Interest Enforcement

        i.     
        Review the Receivable File and confirm that the security interest has not been subordinated and the Receivable maintains
        an enforceable security interest in favor of AHFC for the Financed Vehicle.

        (c)   
        Repossession

        i.     
        Review the contract and confirm that it contains language permitting the repossession and sale of the Financed Vehicle
        upon default by the Obligor.

        (d)   
        Fully Amortizing Payment Schedule

        i.     
        Review the contract and confirm that all payments are equivalent with the possible exception of the first and last payments,
        which may be two times the level payment.

        ii.    
        Review the Truth-in-Lending section of the contract and calculate the product of the Amount of Payments with the Number
        of Payments and confirm that this amount is equal to the Total of Payments.

        (e)   
        Prepayments

        i.     
        Review the contract and confirm that the terms conform to the representation.

        (f)     No governmental obligors

        i.     
        Review the contract and confirm that the Obligor does not appear to be a governmental entity and that the Servicer’s
        records do not otherwise indicate that the Obligor is a governmental entity.

        

    

     

    

	 	(g)  
        Retail installment sale contract

        i.      
        Review the contract and confirm that the contract terms conform to the representation.

        (h)  
        If (a) through (g) are confirmed, then Test Pass.

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

        (a)  
        Installment sales contract

        (b)   AHFC’s list of approved contract forms.

        Tests:

        (a)  
        Review the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract
        forms.

        (b)  
        If (a) is confirmed, then Test Pass.

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

        (a)  
        Installment sales contract

        (b)  
        AHFC’s list of approved contract forms.

        Tests:

        (a)   Review the contract form number and revision date and confirm that they are both on AHFC’s list of approved contract
        forms.

        (b)  
        Confirm the Obligor signed the contract.

        (c)  
        If (a) and (b) are confirmed, then Test Pass.

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

        (a)  
        Receivable Files

        (b)  
        Title documents

        (c)   Servicer’s Records/Data file

        Tests:

        (a)  
        Confirm that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was subordinated
        or rescinded.

        (b)  
        Confirm that there is no indication in the Servicer’s Records or Receivable Files that the Receivable was satisfied
        prior to the Cut-off Date.

        (c)  
        Confirm that there is no indication in the Servicer’s Records or Receivable Files that the Financed Vehicle has
        been released from the lien in whole or in part.

        (d)  
        If (a) through (c) are confirmed, then Test Pass.

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

        (a)  
        Receivable Files

        (b)  
        Receivable system

        Tests:

        (a)  
        Review the Receivable Files and confirm that there is no indication the Receivable is subject to rescission, setoff, counterclaim
        or defense that would cause the Receivable to become invalid, or, if so, confirm such indications were not present as
        of the Cut-off Date.

        (b)  
        If (a) is confirmed, then Test Pass.

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

        (a)  
        Servicer’s Records/Data file

        Tests:

        (a)  
        Confirm that there is no indication of a payment default, other than payment delinquencies of not more than thirty (30)
        days, or if so, confirm such defaults were not present as of the Cut-off Date.

        (b)  
        If (a) is confirmed, then Test Pass.

        

    

     

    

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

        (a)  
        Installment sale contract

        Tests:

        (a)  
        Confirm that the contract contains language that requires the Obligor to obtain and maintain insurance against physical
        damage to the Financed Vehicle.

        (b)  
        If (a) is confirmed, then Test Pass.

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

        (a)  
        Installment sale contract

        Tests:

        (a)  
        Review the contract and confirm that there is no language present that limits the rights of the owner of the Receivable
        to sell the Receivable.

        (b)  
        If (a) is confirmed, then Test Pass.

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

        (a)  
        Installment sale contract

        (b)  
        AHFC’s list of approved contract forms

        (c)  
        Title documents

        Tests:

        (a)  
        Review the contract form number and revision date and confirm that it is on AHFC’s list of approved contract forms.

        (b)  
        Confirm there is a signature under the each of the Obligor’s and seller’s name within the contract.

        (c)  
        Confirm there is no indication the contract was voided or is otherwise not the original authenticated copy.

        (d)  
        If (a) through (c) are confirmed, then Test Pass.

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

        (a)  
        Installment sales contract

        (b)   Title documents

        Tests:

        (a)  
        Confirm the Title documents report AHFC (or an acceptable variation of the name) as the first lien holder.

        (b)  
        Confirm that the Obligor name on the contract matches the name on the title documents.

        (c)  
        Confirm that the Vehicle Identification Number (VIN) on the contract matches the vehicle identification number as reported
        on the title documents.

        (d)  
        If (a) through (c) are confirmed, then Test Pass.

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

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

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

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

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

        	Review
                                         Materials:

        (a)  
        Installment sales contract

        (b)  
        Servicer’s Records/Data file

        (c)  
        Receivable Files

        Tests:

        (a)  
        Bankruptcy

        i.     
        Review the Servicer’s records and confirm that the Obligor was not the subject of a bankruptcy proceeding as of
        the Cutoff Date.

        (b)  
        Original Maturity

        i.     
        Confirm that the number of payments as stated within the contract does not exceed 72 payments.

        

    

     

    

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

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

        i.     
        Confirm that the Contract Rate stated within the contract is greater than or equal to 0.50% as of the Cutoff Date.

        (d)   Past Due

        i.     
        Review the Servicer’s records and confirm that the Receivable was not more than thirty (30) days past due as of
        the Cutoff Date.

        (e)   New or Used Honda or Acura

        i.     
        Confirm the Financed Vehicle is a new or used automobile or light-duty truck as stated within the New/Used section of
        the contract.

        (f)    Billing Address

        i.     
        Confirm the Receivable Files indicate that the Obligor’s address is located within the United States or its territories
        or possessions as of the Cutoff Date.

        (g)   If (a) through (f) are confirmed, then Test Pass.

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