Document:

exv4w1

 

EXECUTION COPY

EXHIBIT 4.1

SALE AND SERVICING AGREEMENT

among

HYUNDAI AUTO RECEIVABLES TRUST 2005-A,

Issuer,

HYUNDAI ABS FUNDING CORPORATION,

Depositor,

HYUNDAI MOTOR FINANCE COMPANY,

Seller and Servicer,

and

CITIBANK, N.A.,

Indenture Trustee

Dated as of July 8, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I. DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.01

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.02

	 	Other Definitional Provisions
	 	 	16	 
	 
	 	 	 	 	 	 
	ARTICLE II. CONVEYANCE OF RECEIVABLES	 	 	17	 
	 
	 	 	 	 	 	 
	Section 2.01

	 	Conveyance of Receivables
	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE III. THE RECEIVABLES	 	 	18	 
	 
	 	 	 	 	 	 
	Section 3.01

	 	Representations and Warranties of the Seller
	 	 	18	 
	 
	 	 	 	 	 	 
	Section 3.02

	 	Representations and Warranties of the Depositor
	 	 	19	 
	 
	 	 	 	 	 	 
	Section 3.03

	 	Repurchase upon Breach
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE IV. ADMINISTRATION AND SERVICING OF RECEIVABLES	 	 	21	 
	 
	 	 	 	 	 	 
	Section 4.01

	 	Duties of Servicer
	 	 	21	 
	 
	 	 	 	 	 	 
	Section 4.02

	 	Collection of Receivable Payments; Modifications of Receivables
	 	 	21	 
	 
	 	 	 	 	 	 
	Section 4.03

	 	Realization upon Receivables
	 	 	22	 
	 
	 	 	 	 	 	 
	Section 4.04

	 	[Reserved]
	 	 	22	 
	 
	 	 	 	 	 	 
	Section 4.05

	 	Maintenance of Security Interests in Financed Vehicles
	 	 	22	 
	 
	 	 	 	 	 	 
	Section 4.06

	 	Covenants of Servicer
	 	 	23	 
	 
	 	 	 	 	 	 
	Section 4.07

	 	Purchase of Receivables Upon Breach
	 	 	23	 
	 
	 	 	 	 	 	 
	Section 4.08

	 	Servicing Fee
	 	 	24	 
	 
	 	 	 	 	 	 
	Section 4.09

	 	Servicer’s Certificate
	 	 	24	 
	 
	 	 	 	 	 	 
	Section 4.10

	 	Annual Statement as to Compliance, Notice of Servicer Termination Event
	 	 	24	 
	 
	 	 	 	 	 	 
	Section 4.11

	 	[Reserved]
	 	 	24	 
	 
	 	 	 	 	 	 
	Section 4.12

	 	Access to Certain Documentation and Information Regarding Receivables
	 	 	25	 
	 
	 	 	 	 	 	 
	Section 4.13

	 	Term of Servicer
	 	 	25	 
	 
	 	 	 	 	 	 
	Section 4.14

	 	Annual Independent Accountants’ Report
	 	 	25	 
	 
	 	 	 	 	 	 
	Section 4.15

	 	Reports to the Commission
	 	 	25	 
	 
	 	 	 	 	 	 
	Section 4.16

	 	Compensation of Indenture Trustee
	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE V. DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS	 	 	26	 
	 
	 	 	 	 	 	 
	Section 5.01

	 	Accounts
	 	 	26	 
	 
	 	 	 	 	 	 

					
	 
	 	-i-
	 	(2005-A Sale and Servicing Agreement)

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	Section 5.02

	 	Application of Collections
	 	 	27	 
	 
	 	 	 	 	 	 
	Section 5.03

	 	Property of the Trust
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 5.04

	 	Purchased Amounts
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 5.05

	 	Distributions
	 	 	28	 
	 
	 	 	 	 	 	 
	Section 5.06

	 	Reserve Account
	 	 	30	 
	 
	 	 	 	 	 	 
	Section 5.07

	 	Statements to Securityholders
	 	 	31	 
	 
	 	 	 	 	 	 
	Section 5.08

	 	Advances by the Servicer
	 	 	32	 
	 
	 	 	 	 	 	 
	ARTICLE VI. THE DEPOSITOR	 	 	32	 
	 
	 	 	 	 	 	 
	Section 6.01

	 	Representations of Depositor
	 	 	32	 
	 
	 	 	 	 	 	 
	Section 6.02

	 	Corporate Existence
	 	 	34	 
	 
	 	 	 	 	 	 
	Section 6.03

	 	Liability of Depositor
	 	 	34	 
	 
	 	 	 	 	 	 
	Section 6.04

	 	Merger or Consolidation of, or Assumption of the Obligations of,
Depositor
	 	 	35	 
	 
	 	 	 	 	 	 
	Section 6.05

	 	Amendment of Depositor’s Organizational Documents
	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE VII. THE SERVICER	 	 	36	 
	 
	 	 	 	 	 	 
	Section 7.01

	 	Representations of Servicer
	 	 	36	 
	 
	 	 	 	 	 	 
	Section 7.02

	 	Indemnities of Servicer
	 	 	37	 
	 
	 	 	 	 	 	 
	Section 7.03

	 	Merger or Consolidation of, or Assumption of the Obligations of, Servicer
	 	 	38	 
	 
	 	 	 	 	 	 
	Section 7.04

	 	Limitation on Liability of Servicer and Others
	 	 	39	 
	 
	 	 	 	 	 	 
	Section 7.05

	 	Delegation of Duties
	 	 	39	 
	 
	 	 	 	 	 	 
	Section 7.06

	 	Servicer Not to Resign
	 	 	39	 
	 
	 	 	 	 	 	 
	ARTICLE VIII. DEFAULT	 	 	40	 
	 
	 	 	 	 	 	 
	Section 8.01

	 	Servicer Termination Events
	 	 	40	 
	 
	 	 	 	 	 	 
	Section 8.02

	 	Consequences of a Servicer Termination Event
	 	 	40	 
	 
	 	 	 	 	 	 
	Section 8.03

	 	Appointment of Successor Servicer
	 	 	41	 
	 
	 	 	 	 	 	 
	Section 8.04

	 	Notification to Securityholders
	 	 	41	 
	 
	 	 	 	 	 	 
	Section 8.05

	 	Waiver of Past Defaults
	 	 	41	 
	 
	 	 	 	 	 	 
	ARTICLE IX. TERMINATION	 	 	42	 
	 
	 	 	 	 	 	 
	Section 9.01

	 	Optional Purchase of All Receivables
	 	 	42	 
	 
	 	 	 	 	 	 

					
	 
	 	-ii-
	 	(2005-A Sale and Servicing Agreement)

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE X. MISCELLANEOUS	 	 	42	 
	 
	 	 	 	 	 	 
	Section 10.01

	 	Amendment
	 	 	42	 
	 
	 	 	 	 	 	 
	Section 10.02

	 	Protection of Title to Trust
	 	 	43	 
	 
	 	 	 	 	 	 
	Section 10.03

	 	Notices
	 	 	45	 
	 
	 	 	 	 	 	 
	Section 10.04

	 	Assignment by the Depositor or the Servicer
	 	 	45	 
	 
	 	 	 	 	 	 
	Section 10.05

	 	Limitations on Rights of Others
	 	 	45	 
	 
	 	 	 	 	 	 
	Section 10.06

	 	Severability
	 	 	46	 
	 
	 	 	 	 	 	 
	Section 10.07

	 	Counterparts
	 	 	46	 
	 
	 	 	 	 	 	 
	Section 10.08

	 	Headings
	 	 	46	 
	 
	 	 	 	 	 	 
	Section 10.09

	 	GOVERNING LAW
	 	 	46	 
	 
	 	 	 	 	 	 
	Section 10.10

	 	Assignment by Issuer
	 	 	46	 
	 
	 	 	 	 	 	 
	Section 10.11

	 	Nonpetition Covenants
	 	 	46	 
	 
	 	 	 	 	 	 
	Section 10.12

	 	Limitation of Liability of Owner Trustee and Indenture Trustee	 	 	46	 
	 
	 	 	 	 	 	 
	Exhibit A

	 	Representations and Warranties of Hyundai Motor Finance Company Under
Section 3.02 of the Receivables Purchase Agreement
	 	 	A-1	 
	 
	 	 	 	 	 	 
	Exhibit B

	 	Form of Record Date Statement
	 	 	B-1	 
	 
	 	 	 	 	 	 
	Exhibit C

	 	Form of Servicer’s Certificate
	 	 	C-1	 
	 
	 	 	 	 	 	 
	Schedule A

	 	Schedule of Receivables
	 	Sched. A-1
	 
	 
	 	 	 	 	 	 
	Schedule B

	 	Yield Supplement Overcollateralization Amount
	 	Sched. B-1
	 
	 
	 	 	 	 	 	 

					
	 
	 	-iii-
	 	(2005-A Sale and Servicing Agreement)

 

 

     This SALE AND SERVICING AGREEMENT, dated as of July 8, 2005, among HYUNDAI AUTO RECEIVABLES
TRUST 2005-A, a Delaware statutory trust (the “Issuer”), HYUNDAI ABS FUNDING CORPORATION, a
Delaware corporation (the “Depositor”), HYUNDAI MOTOR FINANCE COMPANY, a California
corporation, as servicer (in such capacity, the “Servicer”) and as seller (in such
capacity, the “Seller”), and Citibank, N.A., a national banking association, as indenture
trustee (the “Indenture Trustee”).

     WHEREAS, the Issuer desires to purchase a portfolio of receivables arising in connection with
automobile retail installment sale contracts acquired by the Seller in the ordinary course of
business and sold by the Seller to the Depositor;

     WHEREAS, the Depositor is willing to sell such receivables to the Issuer; and

     WHEREAS, the Servicer is willing to service such receivables.

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

ARTICLE I.

DEFINITIONS

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

     “Administration Agreement” means the Owner Trust Administration Agreement, dated as of
July 8, 2005, among Hyundai Auto Receivables Trust 2005-A, Hyundai Motor Finance Company, and
Citibank, N.A., a national banking association, as amended, supplemented, amended and restated or
otherwise modified from time to time.

     “Administrator” means Hyundai Motor Finance Company, a California corporation, and its
successors in interest.

     “Adjusted Pool Balance” means, with respect to any Payment Date, the Pool Balance as
of the end of the previous Collection Period less the Yield Supplement Overcollateralization Amount
with respect to such Payment Date.

     “Advance” means, as to any Payment Date, an advance made by the Servicer on such
Payment Date pursuant to Section 5.08 in respect of the aggregate of all Scheduled Payments of
interest which were due during the related Collection Period that remained unpaid at the end of
such Collection Period.

     “Agreement” means this Sale and Servicing Agreement, as amended, supplemented, amended
and restated or otherwise modified from time to time.

     “Amount Financed” means with respect to a Receivable, the amount advanced under the
Receivable toward the purchase price of the Financed Vehicle and any related costs.

(2005-A Sale and Servicing Agreement)

 

 

     “Annual Percentage Rate” or “APR” of a Receivable means the annual rate of
finance charges stated in the related Contract.

     “Available Amounts” means, with respect to any Payment Date, the sum of the following
amounts (without duplication) with respect to the related Collection Period: (i) all Collections
on Receivables, (ii) the Purchased Amount of each Receivable that becomes a Purchased Receivable,
(iii) Advances and (iv) Recoveries.

     “Available Amounts Shortfall” means, with respect to any Payment Date, the positive
difference, if any, of the Total Required Payment for such Payment Date minus the Available Amounts
for such Payment Date.

     “Basic Documents” means the Trust Agreement, the Securities Account Control Agreement,
the Indenture, this Agreement, the Receivables Purchase Agreement, the Administration Agreement,
the Note Depository Agreement and other documents and certificates delivered in connection
therewith.

     “Business Day” means any day other than a Saturday, a Sunday or a day on which a
commercial banking institution in the states of California, Delaware or New York are authorized or
obligated by law or executive order to remain closed.

     “Certificate” means a certificate evidencing the beneficial interest of a
Certificateholder in the Trust.

     “Certificateholders” has the meaning assigned to such term in the Trust Agreement.

     “Class” means any one of the classes of Notes.

     “Class A Noteholders” means the Class A-1 Noteholders, the Class A-2 Noteholders,
Class A-3 Noteholders and the Class A-4 Noteholders.

     “Class A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes
and the Class A-4 Notes.

     “Class A-1 Noteholder” means the Person in whose name a Class A-1 Note is registered
in the Note Register.

     “Class A-1 Notes” means the 3.51438% Asset Backed Notes, Class A-1, substantially in
the form of Exhibit A-1 to the Indenture.

     “Class A-1 Rate” means 3.51438% per annum, computed on the basis of an actual/360-day
year.

     “Class A-2 Noteholder” means the Person in whose name a Class A-2 Note is registered
in the Note Register.

     “Class A-2 Notes” means the 3.88% Asset Backed Notes, Class A-2, substantially in the
form of Exhibit A-2 to the Indenture.

      

					
	 
	 	2
	 	(2005-A Sale and Servicing Agreement)

 

 

     “Class A-2 Rate” means 3.88% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class A-3 Noteholder” means the Person in whose name a Class A-3 Note is registered
in the Note Register.

     “Class A-3 Notes” means the 3.98% Asset Backed Notes, Class A-3, substantially in the
form of Exhibit A-3 to the Indenture.

     “Class A-3 Rate” means 3.98% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class A-4 Noteholder” means the Person in whose name a Class A-4 Note is registered
in the Note Register.

     “Class A-4 Notes” means the 4.18% Asset Backed Notes, Class A-4, substantially in the
form of Exhibit A-4 to the Indenture.

     “Class A-4 Rate” means 4.18% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class B Maturity Date” means February 15, 2012.

     “Class B Noteholder” means the Person in whose name a Class B Note is registered in
the Note Register.

     “Class B Notes” means the 4.20% Asset Backed Notes, Class B, substantially in the form
of Exhibit B to the Indenture.

     “Class B Rate” means 4.20% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class C Maturity Date” means February 15, 2012.

     “Class C Noteholder” means the Person in whose name a Class C Note is registered in
the Note Register.

     “Class C Notes” means the 4.22% Asset Backed Notes, Class C, substantially in the form
of Exhibit C to the Indenture.

     “Class C Rate” means 4.22% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class D Maturity Date” means February 15, 2012.

     “Class D Noteholder” means the Person in whose name a Class D Note is registered in
the Note Register.

      

					
	 
	 	3
	 	(2005-A Sale and Servicing Agreement)

 

 

     “Class D Notes” means the 4.45% Asset Backed Notes, Class D, substantially in the form
of Exhibit D to the Indenture.

     “Class D Rate” means 4.45% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Closing Date” means July 8, 2005.

     “CFR” means the Code of Federal Regulations.

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

     “Collection” means, with respect to any Receivable and to the extent received by the
Servicer after the Cutoff Date, (i) any monthly payment by or on behalf of the Obligor thereunder,
(ii) full or partial prepayment of that Receivable, (iii) all Liquidation Proceeds and (iv) any
other amounts received by the Servicer which, in accordance with the customary servicing practices,
would be applied to the payment of accrued interest or to reduce the Principal Balance of that
Receivable; provided, however, that the term “Collection” in no event will include
(1) any amounts in respect of any Receivable purchased by the Servicer, the Seller or the Depositor
on a prior Payment Date or (2) any late fees, extension fees, non-sufficient funds charges and any
and all other administrative fees or similar charges allowed by applicable law with respect to any
Receivable and payable to the Servicer.

     “Collection Account” means the account designated as such, established and maintained
pursuant to Section 5.01.

     “Collection Period” means each fiscal month of the Servicer during the term of this
Agreement. With respect to any Determination Date or Payment Date, the “related Collection Period”
means the Collection Period preceding the fiscal month in which such Determination Date or Payment
Date occurs.

     “Commission” means the Securities and Exchange Commission.

     “Contract” means a motor vehicle retail installment sale contract.

     “Controlling Class” means with respect to any Notes that are Outstanding, the Class A
Notes (voting together as a single class) so long as the Class A Notes are Outstanding, and
thereafter the Class B Notes so long as any Class B Notes are Outstanding, and thereafter the Class
C Notes so long as any Class C Notes are Outstanding and thereafter the Class D Notes so long as
any Class D Notes are Outstanding, excluding in each case, Notes held by the Depositor, the
Servicer or their affiliates.

     “Conveyed Assets” has the meaning provided in Section 2.01.

     “Corporate Trust Administration Department” has the meaning set forth in the Trust
Agreement.

     “Corporate Trust Office” has the meaning set forth in the Indenture.

      

					
	 
	 	4
	 	(2005-A Sale and Servicing Agreement)

 

 

     “Credit and Collection Policy” means the credit and collection practices, policies and
procedures of HMFC from time to time.

     “Cutoff Date” means the close of business on May 31, 2005.

     “Dealer” means the dealer who sold a Financed Vehicle and who originated the related
Receivable and assigned it to HMFC pursuant to a Dealer Agreement.

     “Dealer Agreement” means an agreement between HMFC and a Dealer pursuant to which such
Dealer sells Contracts to HMFC.

     “Defaulted Receivables” means any Receivable (a) on which any installment is unpaid
more than sixty (60) days past its original due date or (b) where the Servicer’s records show that
the Obligor has suffered an Insolvency Event.

     “Deliver” or “Delivered”: when used with respect to Trust Account Property
means when the relevant steps specified below are accomplished with respect to such Trust Account
Property:

     (i) if such Trust Account Property is an instrument or a certificated security (each as
defined in the UCC), by (a) delivering such instrument or security certificate to the Eligible
Institution then maintaining the applicable Eligible Account either registered in the name of such
Eligible Institution, or indorsed, by an effective endorsement, to the Eligible Institution or in
blank (provided, that no endorsement shall be required for certificated securities in bearer form),
(b) causing such Eligible Institution to maintain (on behalf of the Indenture Trustee) continuous
possession of such instrument or security certificate, (c) causing the Eligible Institution to
credit such instrument or certificated security to the appropriate Eligible Account (d) causing the
Eligible Institution to agree to treat all such instruments and certificated securities as
“financial assets” (as defined in the UCC) and (e) causing the Eligible Institution to agree
pursuant to a Control Agreement that it will comply with “entitlement orders” (as defined in the
UCC) originated by the Indenture Trustee with respect to each security entitlement (as defined in
the UCC) relating to such instruments and certificated securities without further consent by the
Depositor, the Issuer or any other Person;

     (ii) if such Trust Account Property is a security entitlement (as defined in the UCC), by (a)
causing the Eligible Institution then maintaining the applicable Eligible Account to become the
entitlement holder of such security entitlement, (b) causing the Eligible Institution to credit
such security entitlement to the appropriate Eligible Account thereby creating a securities
entitlement with respect to the financial asset underlying such securities entitlement and (c)
causing the Eligible Institution to agree pursuant to a Control Agreement that it will comply with
“entitlement orders” (as defined in the UCC) originated by the Indenture Trustee with respect to
each security entitlement (as defined in the UCC) without further consent by the Depositor, Issuer
or any other Person;

     (iii) if such Trust Account Property is an uncertificated security (as defined in the UCC), by
(a) causing the Eligible Institution then maintaining the applicable Eligible Account to become the
registered owner of such uncertificated security, (b) causing such registration to remain effective
and (c) causing the Eligible Institution to credit such uncertificated security to

      

					
	 
	 	5
	 	(2005-A Sale and Servicing Agreement)

 

 

the appropriate Eligible Account thereby creating a securities entitlement with respect to the
uncertificated security and (c) causing the Eligible Institution to agree pursuant to a Control
Agreement that it will comply with “entitlement orders” (as defined in the UCC) originated by the
Indenture Trustee with respect to each security entitlement (as defined in the UCC) without further
consent by the Depositor, Issuer or any other Person;

     (iv) if such Trust Account Property consists of deposit accounts (as defined in the UCC) by
either (X) causing the Indenture Trustee to be the customer with respect to such deposit accounts
or (Y) causing the bank maintaining such deposit account to enter into a Control Agreement pursuant
to which it agrees to comply with all instructions issued by the Indenture Trustee without further
consent by the Depositor, Issuer or any other Person;

     (v) in the case of any general intangibles, by causing an effective financing statement naming
the Issuer as debtor and the Indenture Trustee as secured party and covering such general
intangibles to be filed in the location (within the meaning of Section 9-307 of the UCC) of the
Issuer; and

     (vi) in the case of any Trust Account Property not covered above or as an additional method of
delivery for any of the foregoing, by delivering to the Indenture Trustee a legal opinion of
counsel reasonably satisfactory to the Indenture Trustee specifying another method of delivery that
will result in the Indenture Trustee having a valid and perfected security interest therein and by
delivery in compliance with the method specified in such legal opinion.

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

     “Determination Date” means, with respect to each Payment Date, the tenth calendar day
of the month in which such Payment Date occurs (or if such tenth day is not a Business Day, the
next succeeding Business Day).

     “Eligible Account” means a segregated securities account with an Eligible Institution.

     “Eligible Institution” means the following:

     (a) a depository institution or trust company

(i) whose commercial paper, short-term unsecured debt obligations or other
short-term deposits are rated “P-1” by Moody’s or “A-1+” by Standard &
Poor’s or “F1” by Fitch, if the deposits are to be held in the account for
30 days or less, or

(ii) whose long-term unsecured debt obligations are rated at least “Aa3” by
Moody’s or “AA-” by Standard & Poor’s or “AA-” by Fitch, if the deposits are
to be held in the account more than 30 days, or

     (b) a segregated trust account or accounts maintained in the trust department of a
federal or state-chartered depository institution having a combined capital and
surplus of at least $50,000,000 and subject to regulations regarding fiduciary

 

					
	 
	 	6
	 	(2005-A Sale and Servicing Agreement)

 

 

funds on deposit similar to Title 12 of the Code of Federal Regulations Section
9.10(b), or

     (c) any other institution that the Rating Agencies shall approve in writing.

     “Eligible Investments” means book-entry securities, negotiable instruments or
securities represented by instruments in bearer or registered form and that evidence:

     (a) direct obligations of, and obligations fully guaranteed as to the full and timely
payment by, the United States of America;

     (b) demand deposits, time deposits or certificates of deposit of any depository
institution (including any affiliate of the Depositor, the Servicer, the Indenture Trustee
or the Owner Trustee) or trust company incorporated under the laws of the United States of
America or any state thereof or the District of Columbia (or any domestic branch of a
foreign bank) and subject to supervision and examination by Federal or state banking or
depository institution authorities (including depository receipts issued by any such
institution or trust company as custodian with respect to any obligation referred to in the
first bullet point above or a portion of such obligation for the benefit of the holders of
such depository receipts); provided that at the time of the investment or contractual
commitment to invest therein (which shall be deemed to be made again each time funds are
reinvested following each Payment Date), the commercial paper or other short-term senior
unsecured debt obligations (other than such obligations the rating of which is based on the
credit of a person other than such depository institution or trust company) of such
depository institution or trust company shall have a credit rating from each Rating Agency
in the highest investment category granted thereby;

     (c) commercial paper (including commercial paper of any affiliate of Depositor, the
Servicer, the Indenture Trustee or the Owner Trustee) having, at the time of the investment
or contractual commitment to invest therein, a rating from each Rating Agency in the highest
investment category granted thereby;

     (d) investments in money market funds (including funds for which the Depositor, the
Servicer, the Indenture Trustee or the Owner Trustee or any of their respective affiliates
is investment manager or advisor) having a rating from each of Moody’s and Standard & Poor’s
in the highest investment category granted thereby;

     (e) bankers’ acceptances issued by any depository institution or trust company referred
to in clause (b) above;

     (f) repurchase obligations with respect to any security that is a direct obligation of,
or fully guaranteed by, the United States of America or any agency or instrumentality
thereof the obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or trust
company (acting as principal) described in clause (b);

      

					
	 
	 	7
	 	(2005-A Sale and Servicing Agreement)

 

 

     (g) any other investment with respect to which the Issuer, the Indenture Trustee or the
Servicer has received written notification from each Rating Agency that the acquisition of
such investment will satisfy the Rating Agency Condition.

     “Eligible Servicer” means Hyundai Motor Finance Company or any other Person that at
the time of its appointment as Servicer (i) is servicing a portfolio of motor vehicle retail
installment sale contracts or motor vehicle installment loans, (ii) is legally qualified and has
the capacity to service the Receivables, (iii) has demonstrated the ability professionally and
competently to service a portfolio of motor vehicle retail installment sale contracts or motor
vehicle installment loans similar to the Receivables with reasonable skill and care and (iv) has a
minimum net worth of $100,000,000.

     “Fee Letter” means the letter regarding fees dated July 8, 2005 between the Depositor,
the Owner Trustee and HMFC.

     “Financed Vehicle” means a new or used automobile, light-duty truck, van or minivan,
together with all accessions thereto, securing an Obligor’s indebtedness under the related
Contract.

     “First Priority Principal Distribution Amount” means, with respect to any Payment
Date, an amount, not less than zero, equal to the result of (i) the aggregate outstanding principal
amount of the Class A Notes as of the preceding Payment Date (after giving effect to any principal
payments made on the Class A Notes on that preceding Payment Date), minus (ii) the Adjusted Pool
Balance at the end of the Collection Period preceding that Payment Date; provided,
however, that the First Priority Principal Distribution Amount shall not exceed the sum of
the aggregate outstanding principal amount of all of the Notes on that Payment Date (after giving
effect to any principal payments made on the Notes on that preceding Payment Date); and
provided further, that the First Priority Principal Distribution Amount on and
after the Stated Maturity Date of a class of Class A Notes shall not be less than the amount that
is necessary to reduce the outstanding principal amount of such class of the Class A Notes and all
earlier maturing classes of Class A Notes to zero.

     “Fitch” means Fitch, Inc., and its successors.

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

     “Indenture” means the Indenture, dated as of July 8, 2005, between the Issuer and the
Indenture Trustee, as amended, supplemented, amended and restated or otherwise modified from time
to time.

     “Indenture Trustee” means the Person acting as Indenture Trustee under the Indenture,
its successors in interest and any successor trustee under the Indenture.

     “Initial Class A-1 Note Balance” means $169,000,000.

     “Initial Class A-2 Note Balance” means $230,000,000.

      

					
	 
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     “Initial Class A-3 Note Balance” means $171,000,000.

     “Initial Class A-4 Note Balance” means $110,300,000.

     “Initial Class B Note Balance” means $31,900,000.

     “Initial Class C Note Balance” means $27,900,000.

     “Initial Class D Note Balance” means $33,900,000.

     “Initial Pool Balance” means, an amount equal to the aggregate Principal Balance of
the Receivables as of the Cutoff Date.

     “Insolvency Event” means, with respect to a specified Person, (a) the filing of a
decree or order for relief by a court having jurisdiction in the premises in respect of such Person
or any substantial part of its property in an involuntary case under any applicable federal or
state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such
Person or for any substantial part of its property, or ordering the winding-up or liquidation of
such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or (b) the commencement by such Person of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an involuntary case under any
such law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for
any substantial part of its property, or the making by such Person of any general assignment for
the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
become due, or the taking of action by such Person in furtherance of any of the foregoing.

     “Interest Distribution Account” means, the account designated as such, established and
maintained pursuant to Section 5.01(a)(iv).

     “Interest Period” means, with respect to the Class A-1 Notes, the period from and
including the most recent Payment Date on which interest has been paid (or, in the case of the
first Payment Date, the Closing Date) to but excluding the next succeeding Payment Date and, with
respect to the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the
Class C Notes and the Class D Notes, the period from and including the 15th day of the
calendar month (or, in the case of the first Payment Date, from and including the Closing Date) to
but excluding the 15th day of the next calendar month.

     “Investment Earnings” means, with respect to any Payment Date, any investment earnings
(net of losses and investment expenses) on amounts on deposit in a Trust Account.

     “Issuer” means Hyundai Auto Receivables Trust 2005-A.

     “Lien” means a security interest, lien, charge, pledge, equity or encumbrance of any
kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable
by operation of law as a result of any act or omission by the related Obligor.

      

					
	 
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     “Liquidated Receivable” means a Receivable with respect to which the earliest of the
following shall have occurred: (i) the related Financed Vehicle has been repossessed and
liquidated, (ii) the related Financed Vehicle has been repossessed for 90 days or more and has not
yet been liquidated, (iii) the end of the Collection Period in which the Receivable becomes more
than 120 days past due, or (iv) the Servicer has determined in accordance with its collection
policies that all amounts that it expects to receive with respect to the Receivable have been
received.

     “Liquidation Proceeds” means, with respect to any Liquidated Receivable, all proceeds
of the liquidation of such Liquidated Receivable, net of the sum of any out-of-pocket expenses of
the Servicer reasonably allocated to the auction, repossession, transport, reconditioning and
liquidation and any amounts required by law to be remitted or allocated to the account of the
Obligor on such Liquidated Receivable.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

     “Note Balance” means, as of any date of determination, an amount equal to (a) the sum
of (i) the Initial Class A-1 Note Balance, (ii) the Initial Class A-2 Note Balance, (iii) the
Initial Class A-3 Note Balance, (iv) the Initial Class A-4 Note Balance, (v) the Initial Class B
Note Balance, (vi) the Initial Class C Note Balance and (vii) the Initial Class D Note Balance less
(b) all amounts distributed to Noteholders on or prior to such date and allocable to principal
thereon.

     “Note Distribution Account” means the account designated as such, established and
maintained pursuant to Section 5.01(a)(ii).

     “Note Pool Factor” means, with respect to each Class of Notes as of the close of
business on the last day of a Collection Period, a seven-digit decimal figure equal to the
Outstanding Amount of such Class of Notes (after giving effect to any reductions thereof to be made
on the immediately following Payment Date) divided by the original Outstanding Amount of such Class
of Notes. The Note Pool Factor will be 1.0000000 as of the Closing Date; thereafter, the Note Pool
Factor will decline to reflect reductions in the Outstanding Amount of such Class of Notes.

     “Noteholders” shall mean the Class A-1 Noteholders, the Class A-2 Noteholders, the
Class A-3 Noteholders, the Class A-4 Noteholders, the Class B Noteholders, the Class C Noteholders
or the Class D Noteholders.

     “Notes” shall mean the Class A Notes, the Class B Notes, the Class C Notes and the
Class D Notes.

     “Obligor” means a person who obtained installment credit for the purchase of a
Financed Vehicle the terms of which are evidenced by a Contract, and any other person obligated to
make payments thereunder.

     “Officers’ Certificate” means a certificate signed by (a) the chairman of the board,
any vice president, the controller or any assistant controller and (b) the president, a treasurer,
assistant treasurer, secretary or assistant secretary of the Depositor or the Servicer, as
appropriate.

      

					
	 
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     “Opinion of Counsel” means one or more written opinions of counsel, who may be an
employee of or counsel to the Issuer, Seller or the Servicer, which counsel shall be reasonably
acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies, as applicable, and
which shall be addressed to the Owner Trustee and the Indenture Trustee.

     “Other Assets” means any assets (or interests therein) (other than the Trust Estate)
conveyed or purported to be conveyed by the Depositor to another Person or Persons other than the
Issuer, whether by way of a sale, capital contribution or by virtue of the granting of a lien.

     “Outstanding Amount” means, as of any date of determination, the aggregate principal
amount of a Class of Notes outstanding as of such date of determination.

     “Owner Trustee” means Wilmington Trust Company, acting not in its individual capacity
but solely as owner trustee under the Trust Agreement.

     “Payment Date” means, with respect to each Collection Period, the 15th day
of the following month or, if such day is not a Business Day, the immediately following Business
Day, commencing on August 15, 2005.

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

     “Physical Property” has the meaning assigned to such term in the definition of
“Delivery” above.

     “Pool Balance” means, with respect to any Payment Date, an amount equal to the
aggregate Principal Balance of the Receivables at the end of the related Collection Period, after
giving effect to all payments of principal received from Obligors and Purchased Amounts to be
remitted by the Servicer for such Collection Period and reduction to zero of the aggregate
outstanding Principal Balance of all Receivables that became Liquidated Receivables during such
Collection Period.

     “Principal Balance” means, as of any time with respect to any Receivable, the
principal balance of such Receivable as of the close of business on the last day of the preceding
Collection Period under the terms of the Receivable determined in accordance with the customary
servicing practices.

     “Principal Distribution Account” means that account designated as such established and
maintained pursuant to Section 5.01(a)(iv).

     “Purchased Amount” means, with respect to any Receivable that became a Purchased

Receivable, the unpaid principal balance owed by the Obligor thereon plus interest on such amount
at the applicable APR to the last day of the Collection Period of repurchase.

     “Purchased Receivable” means a Receivable purchased as of the close of business on the
last day of a Collection Period by or on behalf of the Servicer pursuant to Section 4.07 of this

      

					
	 
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Agreement or by or on behalf of the Seller pursuant to Section 3.03 of this Agreement or
Section 7.02 of the Receivables Purchase Agreement.

     “Rating Agency” means Fitch, Moody’s or Standard & Poor’s, as the context may require.
If none of Fitch, Moody’s, Standard & Poor’s or a successor thereto remains in existence, “Rating
Agency” shall mean any nationally recognized statistical rating organization or other comparable
Person designated by the Depositor and, written notice of which designation shall be given to the
Owner Trustee, the Indenture Trustee and the Servicer.

     “Rating Agency Condition” means, with respect to any action, that each Rating Agency
shall have been given 10 days’ (or such shorter period as shall be acceptable to each Rating
Agency) prior notice thereof and that each Rating Agency shall not have notified the Issuer or the
Indenture Trustee in writing that such action will result in a reduction, withdrawal or down-grade
of the then-current rating of each class of Notes.

     “Realized Losses” means, with respect to any Receivable that becomes a Liquidated
Receivable, the excess of the Principal Balance thereof over the portion of related Liquidation
Proceeds allocable to principal.

     “Receivable” means any Contract listed on Schedule A (which Schedule may be in the
form of microfiche).

     “Receivable Files” means the following documents with respect to each Financed
Vehicle:

     (i) the fully executed original of each Receivable (together with any agreements
modifying each such Receivable, including any extension agreement);

     (ii) the original credit application, or a copy thereof, fully executed by each Obligor
thereon;

     (iii) the original certificate of title or such other documents evidencing the security
interest of the Seller in the related Financed Vehicle; and

     (iv) any and all other documents that the Servicer shall have kept on file in
accordance with its customary procedures relating to Receivables, Obligors or Financed
Vehicles.

     “Receivables Purchase Agreement” means the Receivables Purchase Agreement dated as of
July 8, 2005, between the Seller and the Depositor, as amended, supplemented, amended and restated
or otherwise modified from time to time.

     “Record Date” means, as to any Payment Date, the day immediately preceding such
Payment Date.

     “Recoveries” means, with respect to any Receivable that becomes a Liquidated
Receivable, monies collected in respect thereof (other than Liquidation Proceeds), from whatever

      

					
	 
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source, net of the sum of any amounts expended by the Servicer for the account of the Obligor
and any amounts required by law to be remitted or allocated to the account of the Obligor.

     “Regular Principal Distribution Amount” means, with respect to any Payment Date, an
amount no less than zero equal to the excess, if any, of (i) the aggregate outstanding principal
amount of the Notes immediately preceding such Payment Date over (ii)(a) the Adjusted Pool Balance
as of the last day of the related Collection Period minus (b) the Target Overcollateralization
Amount with respect to such Payment Date; provided, however, that the Regular
Principal Distribution Amount shall not exceed the sum of the aggregate outstanding principal
amount of all of the Notes on such Payment Date (after giving effect to any principal payments made
on the Notes on such Payment Date in respect of the First Priority Principal Distribution Amount,
the Second Priority Principal Distribution Amount, and the Third Priority Principal Distribution
Amount, if any); and provided further, that the Regular Principal Distribution
Amount on or after the Class D Stated Maturity Date shall not be less than the amount that is
necessary to reduce the outstanding principal amount of the Class D Notes to zero.

     “Reserve Account” means the account designated as such, established by the Issuer and
maintained by the Indenture Trustee pursuant to Section 5.01(a)(iii).

     “Reserve Account Deposit” means $3,989,857.94.

     “Reserve Account Required Amount” means with respect to any Payment Date, an amount
equal to 0.50% of the Adjusted Pool Balance as of the Cutoff Date; provided,
however, that in no event shall the Reserve Account Required Amount on any Payment Date be
more than the aggregate outstanding principal amount of the Notes on such Payment Date (after
giving effect to the allocation of principal payments on such Payment Date).

     “Reserve Account Withdrawal Amount” means, with respect to each Payment Date, the
lesser of (x) the Available Amounts Shortfall with respect to such Payment Date and (y) and the
amount on deposit in the Reserve Account on such Payment Date.

     “Responsible Officer” means the chairman of the board, the president, any executive
vice president, any vice president, the treasurer, any assistant treasurer, the secretary, or any
assistant secretary of the Servicer.

     “Scheduled Payment” means, with respect to each Receivable, the scheduled monthly
payment amount set forth in the related Contract and required to be paid by the Obligor during each
Collection Period.

     “Second Priority Principal Distribution Amount” means, with respect to any Payment
Date, an amount not less than zero equal to (i) an amount equal to (A) the sum of the aggregate
outstanding principal amount of the Class A Notes and the Class B Notes as of the preceding Payment
Date (after giving effect to any principal payments made on the Class A Notes and the Class B Notes
on that preceding Payment Date), minus (B) the Adjusted Pool Balance at the end of the Collection
Period preceding that Payment Date, minus (ii) the First Priority Principal Distribution Amount;
provided, however, that the Second Priority Principal Distribution Amount shall not
exceed the sum of the aggregate outstanding principal amount of all of the Notes on that Payment
Date (after giving effect to any principal payments made on the Notes on that preceding

      

					
	 
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Payment Date); and provided further, that the Second Priority Principal
Distribution Amount on and after the Class B Maturity Date shall not be less than the amount that
is necessary to reduce the outstanding principal amount of the Class B Notes to zero.

     “Securities” means the Notes and the Certificates.

     “Securities Account Control Agreement” means the Securities Account Control Agreement
dated as of July 8, 2005 between the Trust, the Indenture Trustee and the Securities Intermediary,
as amended, supplemented, amended and restated or otherwise modified from time to time.

     “Securities Intermediary” means Citibank, N.A., in its capacity as the securities
intermediary in the Securities Account Control Agreement.

     “Securityholders” means the Noteholders and/or the Certificateholders, as the context
may require.

     “Seller” means HMFC and its successors in interest as seller of the Receivables to the
Depositor pursuant to the Receivables Purchase Agreement.

     “Servicer” means HMFC, as the servicer of the Receivables, and each successor to HMFC
(in the same capacity) pursuant to Section 7.03 or 8.03.

     “Servicer Termination Event” has the meaning set forth in Section 8.01.

     “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered
pursuant to Section 4.09, substantially in the form of Exhibit C.

     “Servicing Fee” means an amount equal to the product of the Servicing Fee Rate and the
aggregate Principal Balance of the Receivables as of the first day of the related Collection
Period.

     “Servicing Fee Rate” means 1.00% per annum.

     “Simple Interest Method” means the method of allocating the monthly payments received
with respect to a Receivable to interest in an amount equal to the product of (i) the applicable
APR, (ii) the period of time (expressed as a fraction of a year, based on the actual number of days
in the calendar month and 365 days in the calendar year) elapsed since the preceding payment was
made under such Receivable and (iii) the outstanding principal amount of such Receivable, and
allocating the remainder of each such monthly payment to principal.

     “Simple Interest Receivable” means any Receivable under which the portion of a payment
allocable to interest and the portion allocable to principal is determined in accordance with the
Simple Interest Method.

     “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., and its successors.

      

					
	 
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     “Stated Maturity Date” means, for each class of Notes, the respective date set forth
opposite such class of Notes in the table below or, if such date is not a Business Day, the next
succeeding Business Day:

	 	 	 
	Class	 	Stated Maturity Date
	 
	 	 
	Class A-1 Notes

	 	July 17, 2006
	 
	 	 
	Class A-2 Notes

	 	June 16, 2008
	 
	 	 
	Class A-3 Notes

	 	November 16, 2009
	 
	 	 
	Class A-4 Notes

	 	February 15, 2012
	 
	 	 
	Class B Notes

	 	February 15, 2012
	 
	 	 
	Class C Notes

	 	February 15, 2012
	 
	 	 
	Class D Notes

	 	February 15, 2012

     “Target Overcollateralization Amount” means, with respect to any Payment Date, the
greater of (a) 7.50% of the Adjusted Pool Balance, minus amounts on deposit in the Reserve Account
after withdrawals from the Reserve Account but prior to deposits to the Reserve Account, in each
case, on such Payment Date and (b) 1.50% of the Adjusted Pool Balance as of the Cut-off Date.
Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the
Adjusted Pool Balance on such Payment Date.

     “Third Priority Principal Distribution Amount” means, with respect to any Payment
Date, an amount not less than zero equal to (i) an amount equal to (A) the sum of the aggregate
outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of
the preceding Payment Date (after giving effect to any principal payments made on the Class A
Notes, the Class B Notes and the Class C Notes on that preceding Payment Date), minus (B) the
Adjusted Pool Balance at the end of the Collection Period, minus (ii) the sum of (A) the First
Priority Principal Distribution Amount, plus (B) the Second Priority Principal Distribution Amount;
provided, however, that the Third Priority Principal Distribution Amount shall not
exceed the sum of the aggregate outstanding principal amount of all of the Notes on that Payment
Date (after giving effect to any principal payments made on the Notes on that preceding Payment
Date); and provided further, that the Third Priority Principal Distribution Amount
on and after the Class C Maturity Date shall not be less than the amount that is necessary to
reduce the outstanding principal amount of the Class C Notes to zero.

     “Total Required Payment” means (a) with respect to any Payment Date prior to the
occurrence of an “Event of Default” under the Indenture which has resulted in the acceleration of
the Notes, the sum of (i) the Servicing Fee for the related Collection Period and all unpaid
Servicing Fees from prior Collection Periods, (ii) unreimbursed Advances, (iii) the accrued and
unpaid interest on the Notes, (iv) an amount equal to the change in the Adjusted Pool Balance
during the related Collection Period, and (v) on or after the Stated Maturity Date of any class of

      

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

Notes, an amount necessary to reduce the outstanding principal amount of such class of Notes
to zero, and (b) with respect to any Payment Date following the occurrence and during the
continuation of an “Event of Default” under the Indenture which has resulted in an acceleration of
the Notes, until the Payment Date on which the outstanding principal amount of all the Notes has
been paid in full, the sum of (i) the specified amounts payable to the Indenture Trustee, (ii) the
Servicing Fee for the related Collection Period and all unpaid Servicing Fees from prior Collection
Periods, (iii) unreimbursed Advances, (iv) the accrued and unpaid interest on the Notes and (v) the
amount necessary to reduce the outstanding principal amount of all the Notes to zero.

     “Trust” means the Issuer.

     “Trust Account Property” means the Trust Accounts, all amounts and investments held
from time to time in any Trust Account and all proceeds of the foregoing.

     “Trust Accounts” shall mean the Collection Account, the Note Distribution Account and
the Reserve Account.

     “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of July 8,
2005, between the Depositor, the Administrator and the Owner Trustee, as amended, supplemented,
amended and restated or otherwise modified from time to time.

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

     “UCC” means the Uniform Commercial Code, as in effect in the relevant jurisdiction.

     “Yield Supplement Overcollateralization Amount” means with respect to any Payment
Date, the dollar amount set forth next to such Payment Date on Schedule B hereto.

     Section 1.02 Other Definitional Provisions.

          (a) Capitalized terms used herein that are not otherwise defined has the meanings ascribed
thereto in the Indenture or, if not defined therein, in the Trust Agreement.

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

           

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

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

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

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

ARTICLE II.

CONVEYANCE OF RECEIVABLES

     Section 2.01 Conveyance of Receivables. In consideration of the Issuer’s delivery to
or upon the order of the Depositor of $772,729,252.94, the Certificates and such other amounts to
be distributed to the Depositor on the Closing Date, the Depositor does hereby sell, transfer,
assign, set over and otherwise convey to the Issuer, without recourse (subject to the obligations
of the Depositor set forth herein), all right, title and interest of the Depositor in and to:

     (i) the Receivables and all moneys received thereon on or after the Cutoff
Date;

     (ii) the security interests in the Financed Vehicles and any accessions
thereto granted by Obligors pursuant to the Receivables and any other interest of
the Depositor in such Financed Vehicles;

     (iii) any Liquidation Proceeds and any other proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability
insurance policies covering the Financed Vehicles or the related

      

					
	 
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Obligors, including any vendor’s single interest or other collateral
protection insurance policy;

     (iv) any property that shall have secured a Receivable and shall have been
acquired by or on behalf of the Depositor, the Servicer or the Trust;

     (v) all documents and other items contained in the Receivable Files;

     (vi) all of the Depositor’s rights (but not its obligations) under the
Receivables Purchase Agreement;

     (vii) all right, title and interest in the Trust Accounts and all funds,
securities or other assets credited from time to time to the Trust Accounts and in
all investments therein and proceeds thereof (including all Investment Earnings
thereon);

     (viii) any proceeds from any Receivable repurchased by a Dealer pursuant to a
Dealer Agreement; and

     (ix) the proceeds of any and all of the foregoing (collectively, with the
assets listed in clauses (i) through (viii) above, the “Conveyed Assets”).

     The Depositor and the Issuer agree that the purchase price for the Conveyed Assets sold by the
Depositor to the Issuer represents reasonably equivalent value for the Conveyed Assets. It is the
intention of the Depositor that the transfer and assignment contemplated by this Agreement shall
constitute a sale of the Conveyed Assets from the Depositor to the Trust and the beneficial
interest in and title to the Receivables and the related property shall not be part of the
Depositor’s estate in the event of the filing of a bankruptcy petition by or against the Depositor
under any bankruptcy law. In the event that, notwithstanding the intent of the Depositor, the
transfer and assignment contemplated hereby is held not to be a sale or is otherwise not effective
to sell the Conveyed Assets, this Agreement shall constitute a grant by the Depositor to the Issuer
of a security interest in all Conveyed Assets and all accounts, money, chattel paper, securities,
instruments, documents, deposit accounts, uncertificated securities, general intangibles, contract
rights, goods and other property consisting of, arising from or relating to such Conveyed Assets,
for the benefit of the Securityholders.

ARTICLE III.

THE RECEIVABLES

     Section 3.01 Representations and Warranties of the Seller.

          (a) The Seller has made each of the representations and warranties set forth in Exhibit A
hereto under the Receivables Purchase Agreement and has consented to the assignment by the
Depositor to the Issuer of the Depositor’s rights with respect thereto. Such representations and
warranties speak as of the respective dates set forth therein, but shall survive

           

					
	 
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the sale, transfer and assignment of the Receivables to the Issuer and the pledge of such
Receivables to the Indenture Trustee. Pursuant to Section 2.01 of this Agreement, the Depositor
has sold, assigned, transferred and conveyed to the Issuer, as part of the assets of the Issuer,
its rights under the Receivables Purchase Agreement, including the representations and warranties
of the Seller therein as set forth in Exhibit A, upon which representations and warranties the
Issuer relies in accepting the Receivables and delivering the Securities, together with all rights
of the Depositor with respect to any breach thereof, including the right to require the Seller to
repurchase Receivables in accordance with the Receivables Purchase Agreement. It is understood and
agreed that the representations and warranties referred to in this Section shall survive the sale
and delivery of the Receivables to the Issuer.

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

     Section 3.02 Representations and Warranties of the Depositor. The Depositor makes the
following representations and warranties, on which the Issuer relies in accepting the Receivables
and delivering the Securities. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and
assignment of the Receivables by the Depositor to the Issuer and the pledge thereof to the
Indenture Trustee pursuant to the Indenture:

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

          (b) Each Receivable constitutes “chattel paper” within the meaning of the UCC.

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

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

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

           

					
	 
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interest granted to the Issuer under this Agreement. The Depositor is not aware of any
judgment or tax lien filings against the Depositor.

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

     Section 3.03 Repurchase upon Breach. Upon discovery by any party hereto of a breach
of any of the representations and warranties set forth part (b) of Exhibit A at the time
such representations and warranties were made which materially and adversely affects the interests
of the Issuer or the Noteholders, the party discovering such breach shall give prompt written
notice thereof to the other parties hereto; provided that the failure to give such notice shall not
affect any obligation of the Seller hereunder. If the Seller does not correct or cure such breach
prior to the end of the Collection Period which includes the 60th day (or, if the Seller elects, an
earlier date) after the date that the Seller became aware or was notified of such breach, then the
Seller shall purchase any Receivable materially and adversely affected by such breach from the
Issuer on the Payment Date following the end of such Collection Period. Any such purchase by the
Seller shall be at a price equal to the Purchased Amount. In consideration for such repurchase,
the Seller shall make (or shall cause to be made) a payment to the Issuer equal to the Purchased
Amount by depositing such amount into the Collection Account in accordance with Section 5.04 on
such Payment Date. Upon payment of such Purchased Amount by the Seller, the Issuer and the
Indenture Trustee shall release and shall execute and deliver such instruments of release, transfer
or assignment, in each case without recourse or representation, as shall be reasonably necessary to
vest in the Seller or its designee any Receivable repurchased pursuant hereto. It is understood
and agreed that the right to cause the Seller to purchase (or to enforce the obligations of Seller
under the Receivables Purchase Agreement to purchase) any Receivable as described above shall
constitute the sole remedy respecting such breach available to the Issuer, the Noteholders, the
Owner Trustee, the Certificateholders and the Indenture Trustee. Neither the Owner Trustee nor the
Indenture Trustee will have any duty to conduct an affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Receivable pursuant to this Section 3.03.

      

					
	 
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ARTICLE IV.

ADMINISTRATION AND SERVICING OF RECEIVABLES

     Section 4.01 Duties of Servicer. The Servicer, for the benefit of the Issuer and the
Indenture Trustee, shall manage, service, administer and make collections on the Receivables and
perform the other actions required of the Servicer under this Agreement. The Servicer shall
service the Receivables in accordance with its customary servicing practices, using the degree of
skill and attention that the Servicer exercises with respect to all other comparable motor vehicle
receivables that it services for itself and others. The Servicer’s duties shall include the
collection and posting of all payments, responding to inquiries of Obligors, investigating
delinquencies, sending payment statements to Obligors, reporting any required tax information to
Obligors, monitoring the Collateral, accounting for collections, furnishing monthly and annual
statements to the Owner Trustee and the Indenture Trustee with respect to distributions and
performing the other duties specified herein. The Servicer also shall administer and enforce all
rights of the holder of the Receivables under the Receivables and the Dealer Agreements to the
extent and in a manner consistent with its customary practices. To the extent consistent with the
standards, policies and procedures otherwise required hereby and the Credit and Collection Policy,
the Servicer shall follow its customary standards, policies and procedures and shall have full
power and authority, acting alone, to do any and all things in connection with the managing,
servicing, administration and collection of the Receivables that it may deem necessary or
desirable. Without limiting the generality of the foregoing and subject to Section 4.02, the
Servicer is hereby authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders, or
any of them, any and all instruments of satisfaction or cancellation, or of partial or full release
or discharge, and all other comparable instruments with respect to the Receivables and with respect
to the Financed Vehicles. The Servicer is hereby authorized to commence, in its own name or in the
name of the Issuer, the Indenture Trustee, the Owner Trustee, the Certificateholders or the
Noteholders, a legal proceeding to enforce a Receivable pursuant to Section 4.03 or to commence or
participate in any other legal proceeding (including a bankruptcy proceeding) relating to or
involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or
participates in any such legal proceeding in its own name, the Indenture Trustee or the Issuer
shall thereupon be deemed to have automatically assigned the applicable Receivable to the Servicer
solely for purposes of commencing or participating in such proceeding as a party or claimant, and
the Servicer is authorized and empowered by the Indenture Trustee or the Issuer to execute and
deliver in the Indenture Trustee’s or the Issuer’s name any notices, demands, claims, complaints,
responses, affidavits or other documents or instruments in connection with any such proceeding. If
in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a
Receivable on the ground that it shall not be a real party in interest or a holder entitled to
enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and direction, take
steps to enforce such Receivable, including bringing suit in its name or the name of the Issuer,
the Indenture Trustee, the Certificateholders or the Noteholders. The Owner Trustee and the
Indenture Trustee shall upon the written request of the Servicer furnish the Servicer with any
powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer
to carry out its servicing and administrative duties hereunder.

     Section 4.02 Collection of Receivable Payments; Modifications of Receivables.

      

					
	 
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          (a) Consistent with the standards, policies and procedures required by this Agreement, the
Servicer shall make reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables as and when the same shall become due, and shall follow such
collection procedures as it follows with respect to all comparable motor vehicle receivables that
it services for itself or others. The Servicer is authorized in its discretion to waive any
prepayment charge, late payment charge or any other similar fees that may be collected in the
ordinary course of servicing any Receivable.

          (b) Subject to Section 4.06, the Servicer may grant extensions, rebates, deferrals,
amendments, modifications or adjustments on a Receivable in accordance with its customary servicing
practices; provided, however, that if the Servicer (i) extends the date for final payment
by the Obligor of any Receivable beyond the last day of the Collection Period prior to the Class D
Maturity Date or (ii) reduces the APR or unpaid principal balance with respect to any Receivable
other than as required by applicable law, it will promptly purchase such Receivable in the manner
provided in Section 4.07.

     Section 4.03 Realization upon Receivables. Consistent with the standards, policies
and procedures required by this Agreement and the Credit and Collection Policy, the Servicer shall
use reasonable efforts to repossess or otherwise convert the ownership of and liquidate any
Financed Vehicle securing a Receivable with respect to which the Servicer shall have determined
that eventual payment in full is unlikely; provided, however, that the Servicer may
elect not to repossess a Financed Vehicle if in its good faith judgment it determines that the
proceeds ultimately recoverable with respect to such Receivable would not be greater than the
expense of such repossession. In repossessing or otherwise converting the ownership of a Financed
Vehicle and liquidating a Receivable, the Servicer is authorized to follow such customary practices
and procedures as it shall deem necessary or advisable, consistent with the standard of care
required by Section 4.01, which practices and procedures may include reasonable efforts to realize
upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale,
the submission of claims under an insurance policy and other actions by the Servicer in order to
realize upon a Receivable; provided, however, that in any case in which the
Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with
any repair or towards the repossession of such Financed Vehicle unless it shall determine in its
reasonable judgment that such repair or repossession shall increase the related Liquidation
Proceeds by an amount materially greater than the expense for such repair or repossession. The
Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of
repossessing and liquidating a Financed Vehicle into cash proceeds, but only out of the cash
proceeds of the sale of such Financed Vehicle, any deficiency obtained from the related Obligor or
any amounts received from recourse to the related Dealer.

     Section 4.04 [Reserved]

     Section 4.05 Maintenance of Security Interests in Financed Vehicles. The Servicer
shall, in accordance with its customary servicing procedures, take such steps as are necessary to
maintain perfection of the security interest created by each Receivable in the related Financed
Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such
security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation
of a Financed Vehicle, or for any other reason. In the event that the assignment of a Receivable
to

      

					
	 
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the Issuer is insufficient, without a notation on the related Financed Vehicle’s certificate
of title, or without fulfilling any additional administrative requirements under the laws of the
state in which such Financed Vehicle is located, to perfect a security interest in the related
Financed Vehicle in favor of the Issuer, the Servicer hereby agrees that the designation of HMFC as
the secured party on the certificate of title is in its capacity as agent of the Issuer.

     Section 4.06 Covenants of Servicer. By its execution and delivery of this Agreement,
the Servicer hereby covenants as follows (upon which covenants the Issuer, the Indenture Trustee
and the Owner Trustee rely in accepting the Receivables and delivering the applicable Securities):

          (a) Liens in Force. The Servicer will not release the Financed Vehicle securing any
Receivable from the security interest granted by such Receivable in whole or in part except (i) in
the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a
deficiency which the Servicer would not attempt to collect in accordance with its customary
servicing practices, (ii) in connection with repossession and sale of the Financed Vehicle or (iii)
as may be required by an insurer in order to receive proceeds from any Insurance Policy covering
such Financed Vehicle;

          (b) No Impairment. The Servicer shall do nothing to impair the rights of the Trust in
the property of the Trust;

          (c) No Amendments. The Servicer shall (i) not extend the date for final payment by
the Obligor of any Receivable beyond the last day of the Collection Period prior to the Class D
Maturity Date; or (ii) reduce the APR or unpaid principal balance with respect to any Receivable
other than as required by applicable law.

     Section 4.07 Purchase of Receivables Upon Breach. Upon discovery by any party hereto
of a breach of any of the covenants set forth in Sections 4.02, 4.03, 4.05
or 4.06 which materially and adversely affects the interests of the Issuer or the
Noteholders, the party discovering such breach shall give prompt written notice thereof to the
other parties hereto; provided that the failure to give such notice shall not affect any obligation
of the Servicer under this Section 4.07. If the Servicer does not correct or cure such breach
prior to the end of the Collection Period which includes the 60th day (or, if the Servicer elects,
an earlier date) after the date that the Servicer became aware or was notified of such breach, then
the Servicer shall purchase any Receivable materially and adversely affected by such breach from
the Issuer on the Payment Date following the end of such Collection Period. Any such purchase by
the Servicer shall be at a price equal to the Purchased Amount. In consideration for such
repurchase, the Servicer shall make (or shall cause to be made) a payment to the Issuer equal to
the Purchased Amount by depositing such amount into the Collection Account in accordance with
Section 5.04 on such Payment Date. Upon payment of such Purchased Amount by the Servicer, the
Issuer and the Indenture Trustee shall release and shall execute and deliver such instruments of
release, transfer or assignment, in each case without recourse or representation, as shall be
reasonably necessary to vest in the Servicer or its designee any Receivable repurchased pursuant
hereto. It is understood and agreed that the obligation of the Servicer to purchase any Receivable
as described above shall constitute the sole remedy respecting such breach available to the Issuer,
the Owner Trustee, the Certificateholders, the Noteholders and the Indenture Trustee.

      

					
	 
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     Section 4.08 Servicing Fee. The Servicing Fee shall be payable to the Servicer on
each Payment Date. The Servicing Fee shall be calculated on the basis of a 360-day year comprised
of twelve 30-day months. In addition, the Servicer will be entitled to retain all late fees,
extension fees, non-sufficient funds charges and any and all other administrative fees and expenses
or similar charges allowed by applicable law with respect to any Receivable. The Servicer also
will be entitled to receive investment earnings (net of investment losses and expenses) on funds
deposited in the Collection Account during each Collection Period. The Servicer shall be required
to pay all expenses incurred by it in connection with its activities under this Agreement
(including taxes imposed on the Servicer and expenses incurred in connection with distributions and
reports made by the Servicer to the Owner Trustee and the Indenture Trustee). The Servicer shall
be required to pay all of the Indenture Trustee’s fees, expenses, reimbursements and
indemnifications.

     Section 4.09 Servicer’s Certificate. The Servicer shall prepare and deliver to the
Owner Trustee, the Indenture Trustee, and the Depositor, with a copy to each Rating Agency, two
Business Days prior to each Payment Date a Servicer’s Certificate containing all information
necessary to make the distributions to be made on the related Payment Date pursuant to Section 5.05
for the related Collection Period and such Servicer’s Certificate shall be certified by a
Responsible Officer of the Servicer to the effect that the information provided is complete and no
Servicer Termination Events have occurred. If any defaults have occurred, such Servicer’s
Certificate will provide an explanation of such Servicer Termination Events. Receivables to be
purchased by the Servicer or to be repurchased by the Seller and each Receivable that became a
Liquidated Receivable shall be identified by the Servicer by account number with respect to such
Receivable (as specified in the applicable Schedule of Receivables). At the sole option of the
Servicer, each Servicer’s Certificate may be delivered in electronic or hard copy format.

     Section 4.10 Annual Statement as to Compliance, Notice of Servicer Termination Event.

          (a) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each Rating
Agency, within 120 days after the end of the Servicer’s fiscal year (or, in the case of the first
such certificate, not later than April 30, 2006), an Officer’s Certificate signed by a Responsible
Officer of the Servicer, stating that (i) a review of the activities of the Servicer during the
preceding 12-month period (or such shorter period in the case of the first such Officer’s
Certificate) and of the performance of its obligations under this Agreement has been made under
such officer’s supervision and (ii) to such officer’s knowledge, based on such review, the Servicer
has fulfilled all its obligations under this Agreement throughout such period or, if there has been
a default in the fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof.

          (b) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee, and each Rating
Agency, promptly after having obtained knowledge thereof, written notice in an Officer’s
Certificate of any event that with the giving of notice or lapse of time or both would become a
Servicer Termination Event under Section 8.01.

     Section 4.11 [Reserved]

      

					
	 
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     Section 4.12 Access to Certain Documentation and Information Regarding Receivables.
The Servicer shall provide to representatives of the Owner Trustee, the Indenture Trustee and the
Certificateholders reasonable access to the documentation regarding the Receivables and the related
Trust property. The Servicer will provide such access to any Noteholder only in such cases where
the Servicer shall be required by applicable statutes or regulations to permit a Noteholder to
review such documentation. In each case, access shall be afforded without charge, but only upon
reasonable request and during the normal business hours at the offices of the Servicer. Nothing in
this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors and the failure of the Servicer to provide access
to information as a result of such obligation shall not constitute a breach of this Section.

     Section 4.13 Term of Servicer. The Servicer hereby covenants and agrees to act as
Servicer under, and for the term of, this Agreement, subject to the provisions of Sections 7.03 and
7.06.

     Section 4.14 Annual Independent Accountants’ Report. The Servicer shall cause a firm
of independent certified public accountants, which may also render other services to the Servicer
or its Affiliates, to deliver to the Owner Trustee, the Indenture Trustee, and each Rating Agency,
within 120 days after the end of each fiscal year (or, in the case of the first such report, not
later than April 30, 2006), a report addressed to the Board of Directors of the Servicer, the Owner
Trustee, and the Indenture Trustee, to the effect that such firm has audited the books and records
of the Servicer and issued its report thereon and that (i) such audit was made in accordance with
generally accepted auditing standards and accordingly included such tests of the accounting records
and such other auditing procedures as such firm considered necessary in the circumstances and (ii)
the firm is independent of the Depositor and the Servicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants.

     Section 4.15 Reports to the Commission. The Servicer shall, or shall cause the
Depositor to, on behalf of the Issuer, execute and cause to be filed with the Commission any
periodic reports required to be filed with respect to the issuance of the Notes under the
provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission thereunder. The Depositor shall, at its expense, cooperate in any reasonable request
made by the Servicer in connection with such filings.

     Section 4.16 Compensation of Indenture Trustee. The Servicer will:

          (a) pay the Indenture Trustee (and any separate trustee or co-trustee appointed pursuant to
Section 6.10 of the Indenture (a “Separate Trustee”)) from time to time reasonable
compensation for all services rendered by the Indenture Trustee or Separate Trustee, as the case
may be, under the Indenture (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

          (b) except as otherwise expressly provided in the Indenture, reimburse the Indenture Trustee
or any Separate Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Indenture Trustee or Separate Trustee, as

           

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

the case may be, in accordance with any provision of the Indenture (including the reasonable
compensation, expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith;

          (c) indemnify the Indenture Trustee and any Separate Trustee and their respective agents for,
and hold them harmless against, any losses, liability or expense incurred without negligence or bad
faith on their part, arising out of or in connection with the acceptance or administration of the
transactions contemplated by the Indenture and the other Basic Documents, including the reasonable
costs and expenses of defending themselves against any claim or liability in connection with the
exercise or performance of any of their powers or duties under the Indenture; and

          (d) indemnify the Owner Trustee and its agents, successors, assigns and servants in accordance
with Section 8.02 of the Trust Agreement to the extent that amounts thereunder have not been paid
pursuant to Section 5.05 of this Agreement.

ARTICLE V.

DISTRIBUTIONS; STATEMENTS TO SECURITYHOLDERS

     Section 5.01 Accounts.

          (a) (i) On or prior to the Closing Date, the Servicer shall establish, or cause to be
established, an account with and in the name of the Indenture Trustee (the “Collection
Account”), which shall be maintained as an Eligible Account and shall bear a designation
clearly indicating that the amounts deposited thereto are held for the benefit of the Noteholders.

     (ii) The Issuer, for the benefit of the Noteholders, shall cause the Servicer
to establish with and maintain in the name of the Indenture Trustee an Eligible
Account (including the subaccounts referred to in clause (iv) below, the “Note
Distribution Account”), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Noteholders.

     (iii) The Issuer, for the benefit of the Noteholders, shall cause the Servicer
to establish with and maintain in the name of the Indenture Trustee an Eligible
Account (the “Reserve Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Noteholders.

     (iv) The Issuer shall also cause to be established two administrative
subaccounts within the Note Distribution Account, which subaccounts shall be
designated the “Interest Distribution Account” and the “Principal
Distribution Account”, respectively. The Interest Distribution Account and
the Principal Distribution Account are established and maintained solely for
administrative purposes.

      

					
	 
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     (v) Funds on deposit in the Reserve Account, shall be invested by the
Indenture Trustee in Eligible Investments selected in writing by the Servicer;
provided, however, that if the Servicer fails to select any
Eligible Investment, such funds shall remain uninvested. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the
Noteholders and/or the Certificateholders, as applicable. Other than as permitted
in writing by the Rating Agencies, funds on deposit in the Reserve Account shall
be invested in Eligible Investments that will mature so that such funds will be
available on the next Payment Date. Funds deposited in the Reserve Account, upon
the maturity of any Eligible Investments on a day which immediately precedes a
Payment Date, are not required to be invested overnight.

     (vi) Funds on deposit in the Collection Account shall be invested by the
Indenture Trustee in Eligible Investments selected in writing by the Servicer;
provided, however, that if the Servicer fails to select any
Eligible Investments, such funds shall remain uninvested. All such Eligible
Investments shall be held by the Indenture Trustee for the benefit of the
Noteholders and/or the Certificateholders, as applicable. Other than as permitted
in writing by the Rating Agencies, funds on deposit in the Collection Account
shall be invested in Eligible Investments that will mature so that such funds will
be available on the next Payment Date. Investment earnings on funds deposited in
the Collection Account, net of losses and investment expenses, shall be released
to the Servicer on each Payment Date and shall be the property of the Servicer.

          (b) (i) The Indenture Trustee shall possess all right, title and interest in all funds
received and all funds on deposit from time to time in the Trust Accounts and in all proceeds
thereof. The Trust Accounts shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Noteholders and the Certificateholders, as the case may be. If, at any
time, a Trust Account ceases to be an Eligible Account, the Indenture Trustee (or the Servicer on
its behalf) shall within ten (10) Business Days (or such longer period, not to exceed 15 calendar
days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible
Account and shall transfer any cash or any investments from the account that is no longer an
Eligible Account to the Trust Account. Neither the Servicer nor the Indenture Trustee shall in any
way be held liable by reason of any insufficiency in any Trust Account resulting from any
investment loss in any Eligible Investment.

     (ii) The Servicer shall have the power, revocable by the Indenture Trustee or
by the Owner Trustee with the consent of the Indenture Trustee, to instruct the
Indenture Trustee in writing to make withdrawals and payments from the Trust
Accounts and the Certificate Deposit Account for the purpose of withdrawing any
amounts deposited in error into such accounts.

          Section 5.02 Application of Collections. All payments received from or on behalf of
an Obligor during each Collection Period with respect to each Receivable (other than a Purchased
Receivable) shall be applied to interest and principal in accordance with the Simple Interest
Method. The Servicer shall make all deposits of Collections and other Available Amounts received
into the Collection Account on the second Business Day following receipt thereof.

           

					
	 
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However, so long as the Monthly Remittance Condition is satisfied, the Servicer may retain
such amounts received during a Collection Period until one Business Day prior to the related
Payment Date. The “Monthly Remittance Condition” shall be deemed to be satisfied if (i)
HMFC or one of its Affiliates is the Servicer, (ii) no Servicer Termination Event has occurred and
is continuing and (iii) HMFC has a short-term debt rating of at least “Prime-1” from Moody’s, “A-1”
from Standard & Poor’s and “F-1” from Fitch. Notwithstanding the foregoing, the
Servicer may remit Collections to the Collection Account on any other alternate remittance
schedule (but not later than the Business Day prior to the related Payment Date) if the
Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending
deposit into the Collection Account, Collections may be commingled and used by the Servicer at its
own risk and are not required to be segregated from its own funds.

     Section 5.03 Property of the Trust. All payments and other proceeds of any type and
from any source on or with respect to the Receivables shall be the property of the Trust, subject
to the Lien of the Indenture and the rights of the Indenture Trustee thereunder.

     Section 5.04 Purchased Amounts. The Servicer or the Seller shall deposit or cause to
be deposited in the Collection Account, on or prior to each Payment Date, the aggregate Purchased
Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to
be paid under Section 4.07. Notice of this amount shall be provided in writing by the applicable
party to the Indenture Trustee.

     Section 5.05 Distributions.

          (a) The Servicer shall calculate all amounts required to be deposited pursuant to this Section
and deliver a Servicer’s Certificate two Business Days prior to each Payment Date pursuant to
Section 4.09.

          (b) On each Payment Date, except as specified in Section 5.04(b) of the Indenture, the
Servicer shall instruct the Indenture Trustee in writing (based on the information contained in the
Servicer’s Certificate delivered two Business Days prior to each Payment Date pursuant to Section
4.09) to make the following deposits and distributions from Available Amounts on deposit in the
Collection Account, and to the extent of any Reserve Account Withdrawal Amount from amounts
withdrawn from the Reserve Account in the following order and priority:

     (i) to the Servicer, the Servicing Fee, including any unpaid Servicing Fees
with respect to one or more prior Collection Periods, and Advances not previously
reimbursed to the Servicer;

     (ii) to the Interest Distribution Account, (a) the aggregate amount of
interest accrued for the related Interest Period on each of the Class A Notes at
their respective interest rates on the principal outstanding as of the previous
Payment Date after giving effect to all payments of principal to the Class A
Noteholders on the preceding Payment Date; and (b) the excess, if any, of the
amount of interest payable to the Class A Noteholders on those prior Payment Dates
over the amounts actually paid to the Class A Noteholders on

      

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

those prior Payment Dates, plus interest on any such shortfall at their
respective interest rates to the extent permitted by law;

     (iii) to the Principal Distribution Account, the First Priority Principal
Distribution Amount, if any;

     (iv) to the Interest Distribution Account, (a) the aggregate amount of
interest accrued for the related Interest Period on each of the Class B Notes at
the Class B Rate on the principal outstanding as of the previous Payment Date
after giving effect to all payments of principal to the Class B Noteholders on the
preceding Payment Date; and (b) the excess, if any, of the amount of interest
payable to the Class B Noteholders on prior Payment Dates over the amounts
actually paid to the Class B Noteholders on those prior Payment Dates, plus
interest on any such shortfall at the Class B Rate to the extent permitted by law;

     (v) to the Principal Distribution Account, the Second Priority Principal
Distribution Amount, if any;

     (vi) to the Interest Distribution Account, (a) the aggregate amount of
interest accrued for the related Interest Period on each of the Class C Notes at
the Class C Rate on the principal outstanding as of the previous Payment Date
after giving effect to all payments of principal to the Class C Noteholders on the
preceding Payment Date; and (b) the excess, if any, of the amount of interest
payable to the Class C Noteholders on prior Payment Dates over the amounts
actually paid to the Class C Noteholders on prior Payment Dates, plus interest on
any such shortfall at the Class C Rate to the extent permitted by law;

     (vii) to the Principal Distribution Account, the Third Priority Principal
Distribution Amount, if any;

     (viii) to the Interest Distribution Account, (a) the aggregate amount of
interest accrued for the related Interest Period on each of the Class D Notes at
the Class D Rate on the principal outstanding as of the previous Payment Date
after giving effect to all payments of principal to the Class D Noteholders on the
preceding Payment Date; and (b) the excess, if any, of the amount of interest
payable to the Class D Noteholders on prior Payment Dates over the amounts
actually paid to the Class D Noteholders on prior Payment Dates, plus interest on
any such shortfall at the Class D Rate to the extent permitted by law;

     (ix) to the Principal Distribution Account, the Regular Principal
Distribution Amount;

     (x) to the Reserve Account, from Available Amounts remaining, the amount, if
any, necessary to cause the amount on deposit in that account to equal the Reserve
Account Required Amount;

      

					
	 
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     (xi) to the Indenture Trustee and the Owner Trustee, any accrued and unpaid
fees, reimbursements and expenses, in each case to the extent such fees,
reimbursements and expenses have not been previously paid by the Servicer and to
the Securities Intermediary, any accrued and unpaid indemnification expenses owed
to it; and

     (xii) any Available Amounts remaining, if any, to the Owner Trustee or its
agent, for deposit into the Certificate Distribution Account (as defined in the
Trust Agreement) and subsequent distribution to the Certificateholder pursuant to
Section 5.01 of the Trust Agreement.

     Section 5.06 Reserve Account.

          (a) On or prior to the Closing Date, the Issuer shall cause to be deposited an amount equal to
the Reserve Account Deposit into the Reserve Account from the net proceeds of the sale of the
Notes. The Reserve Account shall be an asset of the Issuer.

          (b) In the event that the Servicer’s Certificate states that there is an Available Amounts
Shortfall, then the Indenture Trustee shall, upon written directions from the Servicer, withdraw
the Reserve Account Withdrawal Amount from the Reserve Account and deposit such Reserve Account
Withdrawal Amount into the Collection Account no later than 12:00 noon, New York City time, on the
Business Day prior to the related Payment Date.

          (c) In the event that the amount on deposit in the Reserve Account (after giving effect to all
deposits thereto and withdrawals therefrom on such Business Day on a Payment Date) is greater than
the Reserve Account Required Amount on any Payment Date, the Indenture Trustee shall distribute,
upon written directions from the Servicer, all such amounts to the Certificateholder as per the
monthly Servicer’s Certificate. Upon any such distribution to the Certificateholder, the
Noteholders shall have no further rights in, or claims to, such amounts.

          (d) In the event that on any Payment Date the amount on deposit in the Reserve Account shall
be less than the Reserve Account Required Amount, the Available Amounts remaining after the payment
of the amounts set forth in Section 5.05(b)(i) through (ix), up to an amount equal to such
shortfall, shall be deposited by the Indenture Trustee, upon written directions from the Servicer,
to the Reserve Account on such Payment Date.

          (e) Subject to Section 9.01, amounts will continue to be applied pursuant to Section 5.05
following the payment in full of the Outstanding Amount of Notes until the Pool Balance is reduced
to zero. Following the payment in full of the aggregate Outstanding Amount of the Notes and the
Certificates and of all other amounts owing or to be distributed hereunder or under the Indenture
or the Trust Agreement to the Noteholders and the termination of the Trust, any amount then
allocated to the Reserve Account shall be distributed to the Depositor.

     Section 5.07 Statements to Securityholders. On each Payment Date, the Servicer shall
provide to the Indenture Trustee (with a copy to each Rating Agency) for the Indenture Trustee to
forward to each Noteholder of record as of the most recent Record Date and to the Owner Trustee for
the Owner Trustee to forward to each Certificateholder of record as of the most

      

					
	 
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recent Record Date a statement substantially in the form of Exhibit B, respectively, setting
forth at least the following information as to the Securities to the extent applicable:

     (i) the amount of collections received with respect to the Receivables during
the related Collection Period and allocable to principal allocable to each Class
of Notes on such Payment Date;

     (ii) the amount of collections received with respect to the Receivables
during the related Collection Period and allocable to interest allocable to each
Class of Notes on such Payment Date;

     (iii) the Outstanding Amount of each Class of Notes, the Note Pool Factor for
each such Class as of the close of business on the last day of the preceding
Collection Period, after giving effect to payments allocated to principal reported
under clause (i) above;

     (iv) the amount of the Servicing Fee paid to the Servicer and the amount of
any fees payable to the Owner Trustee, or the Indenture Trustee with respect to
the related Collection Period;

     (v) the aggregate amounts of Realized Losses, if any, with respect to the
related Collection Period;

     (vi) the balance of the Reserve Account on the related Determination Date
after giving effect to deposits and withdrawals to be made on the relevant Payment
Date, if any;

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

     (viii) the amount of any deposit to the Reserve Account and the amount and
application of any funds withdrawn from the Reserve Account, in each case with
respect to such Payment Date;

     (ix) the aggregate principal balance of all Receivables that became
Liquidated Receivables or Purchased Receivables during the related Collection
Period;

     (x) the aggregate principal balance and number of Receivables that are 30 to
60 days, 61 to 90 days or 91 days or more delinquent as of the last day of the
related Collection Period;

     (xi) any Available Amounts Shortfall after giving effect to payments on such
Payment Date, and any change in such amounts from the preceding statement;

      

					
	 
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     (xii) the aggregate Purchased Amounts for Receivables, if any, that were
purchased during or with respect to such Collection Period;

     (xiii) the aggregate Principal Balance and number of all Receivables with
respect to which the related Financed Vehicle was repossessed;

     (xiv) the aggregate Principal Balance and number of Receivables with respect
to which the Servicer granted an extension;

     (xv) the Yield Supplement Overcollateralization Amount for the next
Collection Period; and

     (xvi) any amounts distributed to the Certificateholders.

     Each amount set forth on the Payment Date statement under clauses (i), (ii) or (iv) above
shall be expressed as a dollar amount per $1,000 of original principal balance of a Certificate or
Note, as applicable.

     The Indenture Trustee may make any such statement which it is required to provide to the
Noteholders, including, without limitation, all information as may be required to enable each
Noteholder to prepare its respective federal and state income tax returns (and, at its option, any
additional files containing the same information in an alternative format), via its internet web
site (initially located at www.sf.citidirect.com). In connection with providing access to the
Indenture Trustee’s website, the Indenture Trustee may require registration and the acceptance of
certain terms and conditions. The Indenture Trustee shall have the right to change the way such
statements are distributed in order to make such distributions more convenient and/or more
accessible to the above parties and the Indenture Trustee shall provide timely and adequate
notification to the Noteholders regarding any such changes; provided, however, that
the Indenture Trustee will also mail copies of any such statements to any requesting Noteholder who
provides a written request.

     Section 5.08 Advances by the Servicer. By the close of business on the day required
by Section 5.01 hereof, the Servicer may, in its sole discretion, deposit into the Collection
Account, out of its own funds, an Advance; provided, however, that the Servicer
shall not make any Advances with respect to Defaulted Receivables.

ARTICLE VI.

THE DEPOSITOR

     Section 6.01 Representations of Depositor. The Depositor makes the following
representations on which the Issuer relies in accepting the Receivables and delivering the
Securities. Such representations speak as of the execution and delivery of this Agreement and as
of the Closing Date and shall survive the sale, transfer and assignment of the Receivables by the
Depositor to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

      

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

          (b) Due Qualification. The Depositor is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and approvals, in all
jurisdictions where the failure to do so would materially and adversely affect the Depositor’s
ability to transfer the Receivables to the Trust pursuant to this Agreement or the validity or
enforceability of the Receivables.

          (c) Power and Authority. The Depositor has the corporate power and authority to
execute and deliver this Agreement and the other Basic Documents to which it is a party and to
carry out their respective terms; the Depositor has full power and authority to sell and assign the
property to be sold and assigned to and deposited with the Issuer, and the Depositor shall have
duly authorized such sale and assignment to the Issuer by all necessary corporate action; and the
execution, delivery and performance of this Agreement and the other Basic Documents to which the
Depositor is a party have been and will be duly authorized by the Depositor by all necessary
corporate action.

          (d) Binding Obligation. This Agreement and the other Basic Documents to which the
Depositor is a party, when duly executed and delivered by the other parties hereto and thereto,
shall constitute legal, valid and binding obligations of the Depositor, enforceable against the
Depositor in accordance with their respective terms, except as the enforceability thereof may be
limited by bankruptcy, insolvency, reorganization or similar laws now or hereafter in effect
relating to or affecting creditors’ rights generally and to general principles of equity (whether
applied in a proceeding at law or in equity).

          (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the other Basic Documents and the fulfillment of the terms of this Agreement and the other
Basic Documents shall not conflict with, result in any breach of any of the terms or provisions of
or constitute (with or without notice or lapse of time, or both) a default under, the certificate
of incorporation or bylaws of the Depositor, or any indenture, agreement, mortgage, deed of trust
or other instrument to which the Depositor is a party or by which it is bound; or result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement and
the other Basic Documents; or violate any law, order, rule or regulation applicable to the
Depositor of any court or federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its properties. There shall
be no breach of the representations and warranties in this paragraph resulting from any of the
foregoing breaches, violations, Liens or other matters which, individually or in the aggregate,
would not materially and adversely affect the Depositor’s ability to perform its obligations under
the Basic Documents.

          (f) No Proceedings. There are no proceedings or investigations pending or, to the
Depositor’s knowledge, threatened, against the Depositor before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having jurisdiction over

           

					
	 
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the Depositor or its properties: (i) asserting the invalidity of this Agreement or any other
Basic Document; (ii) seeking to prevent the issuance of the Notes or the Certificates or the
consummation of any of the transactions contemplated by this Agreement or any other Basic Document;
(iii) seeking any determination or ruling that would materially and adversely affect the
performance by the Depositor of its obligations under, or the validity or enforceability of, this
Agreement or any other Basic Document; or (iv) seeking to adversely affect the federal income tax
attributes of the Trust, the Notes or the Certificates.

          (g) No Consents. The Depositor is not required to obtain the consent of any other
party or any consent, license, approval, registration, authorization, or declaration of or with any
governmental authority, bureau or agency in connection with the execution, delivery, performance,
validity or enforceability of this Agreement or any other Basic Document to which it is a party
that has not already been obtained, other than (i) UCC filings and (ii) consents, licenses,
approvals, registrations, authorizations or declarations which, if not obtained or made, would not
have a material adverse effect on the enforceability or collectibility of the Receivables or would
not materially and adversely affect the ability of the Depositor to perform its obligations under
the Basic Documents.

     Section 6.02 Corporate Existence. During the term of this Agreement, the Depositor
will keep in full force and effect its existence, rights and franchises under the laws of the
jurisdiction of its incorporation and will obtain and preserve its qualification to do business in
each jurisdiction in which the failure to be so qualified would materially and adversely affect the
validity and enforceability of this Agreement, the Basic Documents, the proper administration of
this Agreement or the transactions contemplated hereby. In addition, all transactions and dealings
between the Depositor and its Affiliates will be conducted on an arm’s-length basis.

     Section 6.03 Liability of Depositor.

          (a) The Depositor shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Depositor under this Agreement (which shall not include
distributions on account of the Notes or the Certificates).

          (b) The Issuer, the Servicer, the Indenture Trustee and the Owner Trustee, by entering into or
accepting this Agreement, acknowledge and agree that they have no right, title or interest in or to
the Other Assets of the Depositor. To the extent that, notwithstanding the agreements and
provisions contained in the preceding sentence, the Issuer, the Servicer, the Indenture Trustee or
the Owner Trustee either (i) asserts an interest or claim to, or benefit from, Other Assets, or
(ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having
similar effect under the Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee or
the Owner Trustee further acknowledges and agrees that any such interest, claim or benefit in or
from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which,
under the terms of the relevant documents relating to the securitization or conveyance of such
Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is legally perfected or
otherwise entitled to a priority of distributions or

           

					
	 
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application under applicable law, including insolvency laws, and whether or not asserted
against the Depositor), including the payment of post-petition interest on such other obligations
and liabilities. This subordination agreement will be deemed a subordination agreement within the
meaning of Section 510(a) of the Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee
and the Owner Trustee each further acknowledges and agrees that no adequate remedy at law exists
for a breach of this Section 6.03(b) and the terms of this Section 6.03(b) may be
enforced by an action for specific performance. The provisions of this Section 6.03(b)
will be for the third party benefit of those entitled to rely thereon and will survive the
termination of this Agreement.

     Section 6.04 Merger or Consolidation of, or Assumption of the Obligations of,
Depositor. Any Person (i) into which the Depositor may be merged or consolidated, (ii)
resulting from any merger, conversion, or consolidation to which the Depositor is a party, (iii)
succeeding to the business of the Depositor, or (iv) more than 50% of the voting stock or voting
power and 50% or more of the economic equity of which is owned directly or indirectly by any
affiliate of HMFC, which Person in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Depositor under this Agreement, will be the successor to the
Depositor under this Agreement without the execution or filing of any document or any further act
on the part of any of the parties to this Agreement. Notwithstanding the foregoing, if the
Depositor enters into any of the foregoing transactions and is not the surviving entity, (x) the
Depositor shall deliver to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel
each stating that such merger, conversion, consolidation or succession and such agreement of
assumption comply with this Section 6.04 and that all conditions precedent, if any,
provided for in this Agreement relating to such transaction have been complied with and (y) the
Depositor will deliver to the Indenture Trustee an Opinion of Counsel either (A) stating that, in
the opinion of such counsel, all financing statements and continuation statements and amendments
thereto have been executed and filed that are necessary fully to preserve and protect the interest
of the Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting the details
of such filings, or (B) stating that, in the opinion of such counsel, no such action is necessary
to preserve and protect such interest. It shall be a condition precedent to any of the foregoing
transactions that (1) each Rating Agency will be notified of any merger, consolidation or
succession pursuant to this Section 6.04 and each Rating Agency shall notify the Indenture
Trustee in writing that such merger, consolidation or succession shall not result in a reduction,
withdrawal or downgrade of the then-current rating of each class of Notes and (2) the
organizational documents of the surviving entity shall contain bankruptcy remoteness protections
that are not materially less favorable to the Noteholders than those contained in the Certificate
of Incorporation and Bylaws of the Depositor.

     Section 6.05 Amendment of Depositor’s Organizational Documents. The Depositor shall
not amend its organizational documents except in accordance with the provisions thereof.

ARTICLE VII.

THE SERVICER

     Section 7.01 Representations of Servicer. The Servicer makes the following
representations upon which the Issuer is deemed to have relied in acquiring the Receivables.

      

					
	 
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Such representations speak as of the execution and delivery of this Agreement and as of the
Closing Date and shall survive the sale of the Receivables to the Issuer and the pledge thereof to
the Indenture Trustee pursuant to the Indenture.

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

          (b) Due Qualification. The Servicer is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and approvals, in all
jurisdictions where the failure to do so would materially and adversely affect the Servicer’s
ability to acquire, own and service the Receivables.

          (c) Power and Authority. The Servicer has the power and authority to execute and
deliver this Agreement and the other Basic Documents to which it is a party and to carry out their
respective terms; and the execution, delivery and performance of this Agreement and the other Basic
Documents to which it is a party have been duly authorized by the Servicer by all necessary
corporate action.

          (d) Binding Obligation. This Agreement and the other Basic Documents to which it is a
party constitute legal, valid and binding obligations of the Servicer, enforceable against the
Servicer in accordance with their respective terms, except as the enforceability thereof may be
limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement
of creditors’ rights generally and to general principles of equity whether applied in a proceeding
in equity or at law.

          (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the other Basic Documents to which it is a party and the fulfillment of their respective terms
shall not conflict with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, the articles of incorporation or
bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to
which the Servicer is a party or by which it is bound; or result in the creation or imposition of
any Lien upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument, other than this Agreement and the other Basic
Documents, or violate any law, order, rule or regulation applicable to the Servicer of any court or
federal or state regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Servicer or any of its properties. There shall be no breach of the
representations and warranties in this paragraph resulting from any of the foregoing breaches,
violations, Liens or other matters which, individually or in the aggregate, would not materially
and adversely affect the Servicer’s ability to perform its obligations under the Basic Documents.

          (f) No Proceedings. There are no proceedings or investigations pending or, to the
Servicer’s knowledge, threatened, against the Servicer before any court, regulatory body,

           

					
	 
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administrative agency or other tribunal or governmental instrumentality having jurisdiction
over the Servicer or its properties: (i) asserting the invalidity of this Agreement or any of the
other Basic Documents; (ii) seeking to prevent the issuance of the Securities or the consummation
of any of the transactions contemplated by this Agreement or any of the other Basic Documents;
(iii) seeking any determination or ruling that would materially and adversely affect the
performance by the Servicer of its obligations under, or the validity or enforceability of, this
Agreement or any of the other Basic Documents; or (iv) seeking to adversely affect the federal
income tax or other federal, state or local tax attributes of the Securities.

          (g) No Consents. The Servicer is not required to obtain the consent of any other
party or any consent, license, approval or authorization, or registration or declaration with, any
governmental authority, bureau or agency in connection with the execution, delivery, performance,
validity or enforceability of this Agreement, other than (i) UCC filings and (ii) consents,
licenses, approvals, registrations, authorizations or declarations which, if not obtained or made,
would not have a material adverse effect on the enforceability or collectibility of the Receivables
or would not materially and adversely affect the ability of the Servicer to perform its obligations
under the Basic Documents.

     Section 7.02 Indemnities of Servicer. The Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the Servicer and the
representations made by the Servicer under this Agreement:

          (a) The Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the
Indenture Trustee, the Securityholders and the Depositor and any of the officers, directors,
employees and agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against
any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting
from the use, ownership or operation by the Servicer or any Affiliate thereof of a Financed
Vehicle, excluding any losses incurred in connection with the sale of any repossessed Financed
Vehicles in compliance with the terms of this Agreement.

          (b) The Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the
Indenture Trustee and the Depositor and their respective officers, directors, agents and employees,
and the Securityholders, from and against any taxes that may at any time be asserted against any of
such parties with respect to the transactions contemplated in this Agreement, including any sales,
gross receipts, tangible or intangible personal property, privilege or license taxes (but not
including any federal or other income taxes, including franchise taxes asserted with respect to,
and as of the date of, the transfer of the Receivables to the Trust or the issuance and original
sale of the Securities), and any costs and expenses in defending against the same.

          (c) The Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the
Indenture Trustee, the Depositor, the Securityholders and any of the officers, directors, employees
or agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against any and all
costs, expenses, losses, claims, damages and liabilities to the extent that such cost, expense,
loss, claim, damage or liability arose out of, or was imposed upon any such Person through, the
negligence, misfeasance or bad faith of the Servicer in the performance of its

           

					
	 
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duties or by failure to perform its obligations under this Agreement or by reason of reckless
disregard of its obligations and duties under this Agreement.

     For purposes of this Section, in the event of the termination of the rights and obligations of
HMFC (or any successor thereto pursuant to Section 7.03) as Servicer pursuant to Section 8.02, or
the resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be
the Servicer pending appointment of a successor Servicer (other than the Indenture Trustee)
pursuant to Section 8.03.

     Indemnification under this Section shall survive the resignation or removal of the Servicer or
the termination of this Agreement, and shall include reasonable fees and expenses of counsel and
reasonable expenses of litigation. If the Servicer shall have made any indemnity payments pursuant
to this Section and the Person to or on behalf of whom such payments are made thereafter collects
any of such amounts from others, such Person shall promptly repay such amounts to the Servicer,
without interest. The Servicer shall pay all amounts due, pursuant to this Section, with respect
to the Indenture Trustee and Owner Trustee as set forth in Section 5.05(b)(xi).

     Section 7.03 Merger or Consolidation of, or Assumption of the Obligations of,
Servicer. The Servicer shall not merge or consolidate with any other Person, convey, transfer
or lease substantially all its assets as an entirety to another Person, or permit any other Person
to become the successor to the Servicer’s business unless, after such merger, consolidation,
conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of
fulfilling the duties of the Servicer contained in this Agreement. Any Person (i) into which the
Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which
the Servicer shall be a party, (iii) that acquires by conveyance, transfer or lease substantially
all of the assets of the Servicer or (iv) succeeding to the business of the Servicer, which Person
shall execute an agreement of assumption to perform every obligation of the Servicer under this
Agreement, shall be the successor to the Servicer under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties to this Agreement. The
Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section
7.03 to the Owner Trustee, the Indenture Trustee and each Rating Agency. Notwithstanding the
foregoing, the Servicer shall not merge or consolidate with any other Person or permit any other
Person to become a successor to the Servicer’s business unless (i) immediately after giving effect
to such transaction, no representation or warranty made pursuant to Section 7.01 shall have been
breached (for purposes hereof, such representations and warranties shall speak as of the date of
the consummation of such transaction) and no event that, after notice or lapse of time or both,
would become a Servicer Termination Event shall have occurred, (ii) the Servicer shall have
delivered to the Owner Trustee and the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such consolidation, merger or succession and such agreement of assumption
comply with this Section 7.03 and that all conditions precedent provided for in this Agreement
relating to such transaction have been complied with and (iii) the Servicer shall have delivered to
the Owner Trustee and the Indenture Trustee an Opinion of Counsel stating that either (A) all
financing statements and continuation statements and amendments thereto have been executed and
filed that are necessary to preserve and protect the interest of the Trust and the Indenture
Trustee, respectively, in the assets of the Trust and reciting the details of such filings or (B)
no such action shall be necessary to preserve and protect such interest.

      

					
	 
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     Section 7.04 Limitation on Liability of Servicer and Others. None of the Servicer or
any of its directors, officers, employees or agents shall be under any liability to the Issuer, the
Depositor, the Indenture Trustee, the Owner Trustee, the Noteholders or the Certificateholders,
except as provided in this Agreement, for any action taken or for refraining from the taking of any
action pursuant to this Agreement; provided, however, that this provision shall not
protect the Servicer or any such Person against any liability that would otherwise be imposed by
reason of a breach of this Agreement or willful misfeasance or bad faith in the performance of
duties. The Servicer and any director, officer, employee or agent of the Servicer may conclusively
rely in good faith on the written advice of counsel or on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising under
this Agreement.

     Section 7.05 Delegation of Duties. The Servicer may, at any time without notice or
consent, delegate (a) any or all of its duties (including, without limitation, its duties as
custodian) under the Basic Documents to any of its Affiliates or (b) specific duties to
sub-contractors who are in the business of performing such duties; provided, however, that Servicer
shall give the Rating Agencies then rating the Notes at least 10 Business Days’ written notice
prior to any delegation that the Servicer reasonably believes to be of a material aspect of the
Servicer’s servicing duties. The fees and expenses of any subservicer shall be as agreed between
the Servicer and such subservicer from time to time, and none of the Owner Trustee, the Indenture
Trustee, the Issuer or the Securityholders shall have any responsibility thereof.

     Section 7.06 Servicer Not to Resign.

          (a) Subject to the provisions of Section 7.03, the Servicer shall not resign from the
obligations and duties imposed on it by this Agreement as Servicer except upon a determination that
the performance of its duties under this Agreement shall no longer be permissible under applicable
law.

          (b) Notice of any determination that the performance by the Servicer of its duties hereunder
is no longer permitted under applicable law shall be communicated to the Owner Trustee and the
Indenture Trustee at the earliest practicable time (and, if such communication is not in writing,
shall be confirmed in writing at the earliest practicable time) and any such determination shall be
evidenced by an Opinion of Counsel to such effect delivered by the Servicer to the Owner Trustee
and the Indenture Trustee concurrently with or promptly after such notice. No resignation of the
Servicer shall become effective until a successor shall have assumed the responsibilities and
obligations of the Servicer in accordance with Section 8.03. If no successor Servicer has been
appointed within 30 days of resignation or removal, the Servicer, as the case may be, may petition
any court of competent jurisdiction for such appointment.

           

					
	 
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ARTICLE VIII.

DEFAULT

     Section 8.01 Servicer Termination Events. For purposes of this Agreement, the
occurrence and continuance of any of the following shall constitute a “Servicer Termination Event”:

          (a) Any failure by the Servicer to deposit into any Account any proceeds or payment required
to be so delivered or to direct the Indenture Trustee to make the required payment from any Account
under the terms of this Agreement that continues unremedied for a period of five Business days
after written notice is received by the Servicer or after discovery of such failure by a
Responsible Officer of the Servicer;

          (b) Failure on the part of the Servicer duly to observe or perform, in any material respect,
any covenants or agreements of the Servicer set forth in this Agreement, which failure (i)
materially and adversely affects the rights of the Securityholders and (ii) continues unremedied
for a period of 60 days after discovery of such failure by a Responsible Officer of the Servicer or
after the date on which written notice of such failure requiring the same to be remedied shall have
been given to the Servicer by any of the Owner Trustee, the Indenture Trustee or Noteholders
evidencing not less than 50% of the Outstanding Amounts of the Controlling Class of Notes; or

          (c) The occurrence of an Insolvency Event with respect to the Servicer.

provided, however, that a delay or failure of performance referred to under clauses (a)
above for a period of 10 days or clause (b) above for a period of 30 days will not constitute a
Servicer Termination Event if such delay or failure was caused by force majeure or other similar
occurrence.

     Section 8.02 Consequences of a Servicer Termination Event. If a Servicer Termination
Event shall occur, the Indenture Trustee or Noteholders evidencing more than 50% of the voting
interests of the Controlling Class may, by notice given in writing to the Servicer (and to the
Indenture Trustee, the Owner Trustee and the Depositor if given by such Noteholders), terminate all
of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the
Servicer of such written notice, all authority, power, obligations and responsibilities of the
Servicer under this Agreement automatically shall pass to, be vested in and become obligations and
responsibilities of the successor Servicer; provided, however, that the successor
Servicer shall have no liability with respect to any obligation that was required to be performed
by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or
any claim of a third party based on any alleged action or inaction of the terminated Servicer. The
successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf
of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments and to do or accomplish all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, whether to complete the transfer and endorsement of the
Receivables and related documents to show the Indenture Trustee (or the Owner Trustee if the Notes
have been paid in full) as lienholder or secured party on the related

      

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

certificates of title of the Financed Vehicles or otherwise. The terminated Servicer agrees
to cooperate with the successor Servicer in effecting the termination of the responsibilities and
rights of the terminated Servicer under this Agreement, including the transfer to the successor
Servicer for administration by it of all money and property held by the Servicer with respect to
the Receivables and other records relating to the Receivables, including any portion of the
Receivables File held by the Servicer and a computer tape in readable form as of the most recent
Business Day containing all information necessary to enable the successor Servicer to service the
Receivables. The terminated Servicer shall also provide the successor Servicer access to Servicer
personnel and computer records in order to facilitate the orderly and efficient transfer of
servicing duties.

     Section 8.03 Appointment of Successor Servicer.

          (a) On and after the time the Servicer receives a notice of termination pursuant to Section
8.02 or upon the resignation of the Servicer pursuant to Section 7.06, the Indenture Trustee or the
Noteholders evidencing more than 50% of the voting interests of the Controlling Class shall appoint
a successor Servicer which shall be the successor in all respects to the Servicer in its capacity
as Servicer under this Agreement and shall be subject to all the rights, responsibilities,
restrictions, duties, liabilities and termination provisions relating to the Servicer under this
Agreement, except as otherwise stated herein. The Depositor, the Owner Trustee, the Indenture
Trustee and such successor Servicer shall take such action, consistent with this Agreement, as
shall be necessary to effectuate any such succession. If a successor Servicer is acting as
Servicer hereunder, it shall be subject to termination under Section 8.02 upon the occurrence of
any Servicer Termination Event after its appointment as successor Servicer. The original Servicer
shall pay any and all fees and expenses incurred as a result of a transfer of servicing.

          (b) The Noteholders evidencing more than 50% of the voting interests of the Controlling Class
shall have no liability to the Owner Trustee, the Indenture Trustee, the Servicer, the Depositor,
any Noteholders, any Certificateholders or any other Person if it exercises its right to appoint a
successor to the Servicer. Pending appointment pursuant to the preceding paragraph, the outgoing
Servicer shall continue to act as Servicer until a successor has been appointed and accepted such
appointment.

          (c) Upon appointment, the successor Servicer shall be the successor in all respects to the
predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities
arising thereafter relating thereto placed on the predecessor Servicer, and shall be entitled to
the Servicing Fee and all the rights granted to the predecessor Servicer by the terms and
provisions of this Agreement.

     Section 8.04 Notification to Securityholders. Upon any termination of, or appointment
of a successor to, the Servicer pursuant to this Article VIII, the Administrator shall give prompt
written notice thereof to the Certificateholders, and the Indenture Trustee shall give prompt
written notice thereof to the Noteholders and each Rating Agency.

     Section 8.05 Waiver of Past Defaults. The Noteholders evidencing more than 50% of the
voting interests of the Controlling Class may, on behalf of all Securityholders, waive in writing

      

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

any default by the Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits to or payments from any of the
Trust Accounts in accordance with this Agreement. Upon any such waiver of a past default, such
default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereto.

ARTICLE IX.

TERMINATION

     Section 9.01 Optional Purchase of All Receivables.

          (a) On each Determination Date as of which the Pool Balance is equal to or less than 10% of
the Initial Pool Balance, the Servicer shall have the option to purchase the Receivables. To
exercise such option, the Servicer shall deposit to the Collection Account pursuant to Section 5.04
an amount equal to the aggregate Purchased Amount for the Receivables and shall succeed to all
interests in and to the Receivables. The exercise of such option shall effect a redemption, in
whole but not in part, of all outstanding Notes.

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

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

ARTICLE X.

MISCELLANEOUS

     Section 10.01 Amendment.

          (a) This Agreement may be amended by the Depositor and the Servicer, but without the consent
of the Indenture Trustee, the Owner Trustee, any of the Noteholders or the Certificateholders, to
cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions in this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that such action shall not materially and adversely affect the
interests of any Noteholder or Certificateholder, and the Indenture Trustee shall have received
notification from each Rating Agency that such action will not result in a reduction, withdrawal or
downgrade of the then-current rating of each class of Notes.

           

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

          (b) This Agreement may also be amended from time to time by the Depositor, the Servicer and
the Issuer, with the prior written consent of the Indenture Trustee and Noteholders holding 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 Securityholders; provided, however,
that no such amendment shall (i) reduce the interest rate or principal amount of any Note or delay
the Stated Maturity Date of any Note without the consent of the Holder of such Note or (ii) reduce
the aforesaid percentage of the Outstanding Amount of the Notes, the Securityholders of which are
required to consent to any such amendment, without the consent of the Noteholders holding all
Outstanding Notes and Certificateholders holding all outstanding Certificates.

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

     It shall not be necessary for the consent of Securityholders pursuant to this Section to
approve the particular form of any proposed amendment or consent, but it shall be sufficient if
such consent shall approve the substance thereof.

     Prior to the execution of any amendment to this Agreement, the Owner Trustee, on behalf of the
Issuer, and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this Agreement and the
Opinion of Counsel referred to in Section 10.02(i)(A). The Owner Trustee, on behalf of the Issuer,
and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment that
affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or
immunities under this Agreement or otherwise.

     Section 10.02 Protection of Title to Trust.

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

          (b) Neither the Depositor nor the Servicer shall change its name, identity or corporate
structure in any manner that would, could or might make any financing statement or continuation
statement filed in accordance with paragraph (a) above insufficient within the meaning of Section
9-503 of the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least
five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all
previously filed financing statements or continuation statements.

          (c) The Servicer shall at all times maintain each office from which it shall service
Receivables, and its principal executive office, within the United States of America.

           

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

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

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

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

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

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

          (i) Upon request, the Servicer shall deliver to the Owner Trustee and the Indenture Trustee:

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

     (B) within 90 days after the beginning of each calendar year beginning with the
first calendar year beginning more than three months after the

      

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day
period, stating that, in the opinion of such counsel, either (i) all financing
statements and continuation statements have been filed that are necessary to fully
preserve and protect the interest of the Trust and the Indenture Trustee in the
Receivables, and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (ii) no such action shall be
necessary to preserve and protect such interest.

          (j) Restrictions on Liens. The Servicer shall not (A) create, incur or suffer to
exist, or agree to create, incur or suffer to exist, or consent to or permit in the future (upon
the occurrence of a contingency or otherwise) the creation, incurrence or existence of any Lien on
or restriction on transferability of any Receivable except for the Lien of the Indenture and the
restrictions on transferability imposed by this Agreement or (B) file any UCC financing statements
in any jurisdiction that names HMFC, the Servicer or the Depositor as a debtor, and any Person
other than the Depositor, the Indenture Trustee or the Issuer as a secured party, or sign any
security agreement authorizing any secured party thereunder to file any such financing statement
with respect to the Receivables or the related property.

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

     Section 10.03 Notices. All demands, notices, communications and instructions upon or
to the Depositor, the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee or any Rating
Agency under this Agreement shall be in writing, personally delivered, faxed and followed by first
class mail, or mailed by certified mail, return receipt requested (or with respect to any Rating
Agency, electronically delivered), and shall be deemed to have been duly given upon receipt (a) in
the case of the Depositor, to 10550 Talbert Avenue, Fountain Valley, California 92708, Attention:
Vice President and Secretary, with a copy to General Counsel; (b) in the case of the Servicer and
HMFC, to 10550 Talbert Avenue, Fountain Valley, California 92708, Attention: Vice President,
Finance; (c) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office (as
defined in the Trust Agreement); (d) in the case of Moody’s, to 99 Church Street, New York, New
York 10007, Attention: ABS Monitoring Department; (e) in the case of the Indenture Trustee, at the
Corporate Trust Office (as defined in the Indenture); (f) in the case of Standard & Poor’s, via
electronic delivery to Servicer_reports@sandp.com or at the following address: 55 Water Street
(40th Floor), New York, New York 10041, Attention: ABS Surveillance Department; and (g) in the
case of Fitch, to One State Street Plaza, New York, New York 10004; or, as to each of the
foregoing, at such other address as shall be designated by written notice to the other parties.

     Section 10.04 Assignment by the Depositor or the Servicer. Notwithstanding anything
to the contrary contained herein, except as provided in Sections 6.04 and 7.03 herein and as
provided in the provisions of this Agreement concerning the resignation of the Servicer, this
Agreement may not be assigned by the Depositor or the Servicer.

     Section 10.05 Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Depositor, the Servicer, the Issuer, the Owner Trustee, the

      

					
	 
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Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement,
whether express or implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

     Section 10.06 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 10.07 Counterparts. This Agreement may be executed by the parties hereto in
any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall together constitute but one and the same instrument. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a
manually executed counterpart of this Agreement.

     Section 10.08 Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

     Section 10.09 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 10.10 Assignment by Issuer. The Depositor hereby acknowledges and consents to
any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture
Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and
interest of the Issuer in, to and under the Receivables or the assignment of any or all of the
Issuer’s rights and obligations hereunder to the Indenture Trustee.

     Section 10.11 Nonpetition Covenants. Notwithstanding any prior termination of this
Agreement, the parties hereto shall not, prior to the date that is one year and one day after the
termination of this Agreement with respect to the Issuer or the Depositor, acquiesce, petition or
otherwise invoke or cause the Issuer or the Depositor to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Issuer or the
Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Issuer or the Depositor or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer or the Depositor.

     Section 10.12 Limitation of Liability of Owner Trustee and Indenture Trustee.

          (a) Notwithstanding anything contained herein to the contrary, this Agreement has been
executed by Wilmington Trust Company not in its individual capacity but solely in its capacity as
Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual
capacity or, except as expressly provided in the Trust Agreement, as

           

					
	 
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	 	(2005-A Sale and Servicing Agreement)

 

 

Owner Trustee of the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer in accordance with the priorities set forth herein. For all purposes of this
Agreement, in the performance of its duties or obligations hereunder or in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled
to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

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

      

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

	 	 	 	 	 	 	 
	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A	 	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,	 	 
	 	 	not in its individual capacity but solely as Owner Trustee	 	 
	 
	 

	 	By:	 	/s/ MICHELE C. HARRA 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Michele C. Harra	  	 
	 

	 	 	 	Title: Financial Services Officer	 	 

					
	 	 	 	 	 
	 
	 	S-1
	 	(2005-A Sale and Servicing Agreement)

 

 

	 	 	 	 	 	 	 
	 	 	HYUNDAI ABS FUNDING CORPORATION,	 	 
	 

	 	as Depositor 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ DAVID A. HOELLER 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: David A. Hoeller	 	 
	 

	 	 	 	Title: Vice President and Secretary	 	 

					
	 	 	 	 	 
	 
	 	S-2
	 	(2005-A Sale and Servicing Agreement)

 

 

	 	 	 	 	 	 	 
	 	 	HYUNDAI MOTOR FINANCE COMPANY,	 	 
	 

	 	as Servicer and Seller 	 	 	 	 
	 
	 

	 	By:	 	/s/ JAE MIN SONG 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jae Min Song	 	 
	 

	 	 	 	Title: Treasurer	 	 

					
	 	 	 	 	 
	 
	 	S-3
	 	(2005-A Sale and Servicing Agreement)

 

 

	 	 	 	 	 	 	 
	 	 	CITIBANK, N.A., not in its individual capacity but solely as
Indenture Trustee	 	 
	 
	 

	 	By:	 	/s/ KRISTEN DRISCOLL 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Kristen Driscoll	 	 
	 

	 	 	 	Title: Vice President	 	 

					
	 	 	 	 	 
	 
	 	S-4
	 	(2005-A Sale and Servicing Agreement)

 

 

EXHIBIT A

Representations and Warranties of Hyundai Motor Finance Company

Under Section 3.02 of the Receivables Purchase Agreement

          Terms used in this Exhibit A shall have the meanings assigned to them in the Receivables
Purchase Agreement, dated as of July 8, 2005 (the “Receivables Purchase Agreement”),
between Hyundai Motor Finance Company as Seller (the “Seller”) and Hyundai ABS Funding
Corporation as depositor (the “Depositor”). Terms not defined in the Receivables Purchase
Agreement shall have the meanings assigned to them in the Sale and Servicing Agreement.

          (a) The Seller hereby represents and warrants as follows to the Depositor and the Indenture
Trustee as of the date hereof and as of the Closing Date:

                  (i) Organization and Good Standing. The Seller has been duly
organized and is validly existing as a corporation in good standing under the laws
of the State of California, with the corporate power and authority to own its
properties and to conduct its business as such properties are currently owned and
such business is presently conducted.

                  (ii) Due Qualification. The Seller is duly qualified to do business
as a foreign corporation in good standing, and has obtained all necessary licenses
and approvals, in all jurisdictions where the failure to do so would materially
and adversely affect the Seller’s ability to acquire, own and service the
Receivables.

                  (iii) Power and Authority. The Seller has the power and authority to
execute and deliver this Agreement and the other Basic Documents to which it is a
party and to carry out their respective terms; the Seller had at all relevant
times, and has, full power, authority and legal right to sell, transfer and assign
the property sold, transferred and assigned to the Depositor hereby and has duly
authorized such sale, transfer and assignment to the Depositor by all necessary
corporate action; and the execution, delivery and performance of this Agreement
and the other Basic Documents to which the Seller is a party have been duly
authorized by the Seller by all necessary corporate action.

                  (iv) No Violation. The consummation of the transactions contemplated
by this Agreement and the other Basic Documents to which the Seller is a party and
the fulfillment of their respective terms do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the articles of incorporation or
bylaws of the Seller, or any indenture, agreement or other instrument to which the
Seller is a party or by which it is bound, or result in the creation or imposition
of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than this

					
	 	 	 	 	 
	 
	 	A-1
	 	(2005-A Sale and Servicing Agreement)

 

 

Agreement), or violate any law or, to the best of the Seller’s knowledge, any
order, rule or regulation applicable to the Seller of any court or of any federal
or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties. There
shall be no breach of the representations and warranties in this paragraph
resulting from any of the foregoing breaches, violations, Liens or other matters
which, individually or in the aggregate, would not materially and adversely affect
the Seller’s ability to perform its obligations under the Basic Documents.

                  (v) No Proceedings. There are no proceedings or investigations
pending or, to the Seller’s knowledge, threatened against the Seller before any
court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or its properties (i)
asserting the invalidity of this Agreement or any other Basic Document to which
the Seller is a party, (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement or any other Basic Document to which
the Seller is a party or (iii) seeking any determination or ruling that would
materially and adversely affect the performance by the Seller of its obligations
under, or the validity or enforceability of, this Agreement or any other Basic
Document to which the Seller is a party.

                  (vi) Valid Sale, Binding Obligation. This Agreement and the other
Basic Documents to which the Seller is a party, when duly executed and delivered
by the other parties hereto and thereto, shall constitute legal, valid and binding
obligations of the Seller, enforceable against the Seller in accordance with their
respective terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization and similar laws now or hereafter in effect
relating to or affecting creditors’ rights generally and to general principles of
equity (whether applied in a proceeding at law or in equity).

                  (vii) Chief Executive Office. The chief executive office of the
Seller is located at 10550 Talbert Avenue, Fountain Valley, California 92708.

                  (viii) No Consents. The Seller is not required to obtain the consent
of any other party or any consent, license, approval, registration, authorization,
or declaration of or with any governmental authority, bureau or agency in
connection with the execution, delivery, performance, validity, or enforceability
of this Agreement or any other Basic Document to which it is a party that has not
already been obtained, other than (i) UCC filings and (ii) consents, licenses,
approvals, registrations, authorizations or declarations which, if not obtained or
made, would not have a material adverse effect on the enforceability or
collectibility of the Receivables or would not materially and adversely affect the
ability of the Depositor to perform its obligations under the Basic Documents.

					
	 	 	 	 	 
	 
	 	A-2
	 	(2005-A Sale and Servicing Agreement)

 

 

                  (ix) Ordinary Course. The transactions contemplated by this
Agreement and the other Basic Documents to which the Seller is a party are in the
ordinary course of the Seller’s business.

                  (x) Solvency. The Seller is not insolvent, nor will the Seller be
made insolvent by the transfer of the Receivables, nor does the Seller contemplate
any pending insolvency.

                  (xi) Creditors. The Seller represents and warrants that it did not
sell the Receivables to the Depositor with any intent to hinder, delay or defraud
any of its creditors.

                  (xii) No Notice. The Seller represents and warrants that it acquired
title to the Receivables in good faith, without notice of any adverse claim.

                  (xiii) Bulk Transfer. The Seller represents and warrants that the
transfer, assignment and conveyance of the Receivables by the Seller pursuant to
this Agreement are not subject to the bulk transfer laws or any similar statutory
provisions in effect in any applicable jurisdiction.

          (b) The Seller makes the following representations and warranties with respect to the
Receivables, on which the Depositor relies in accepting the Receivables and in transferring the
Receivables to the Issuer under the Sale and Servicing Agreement, and on which the Issuer relies in
pledging the same to the Indenture Trustee. Such representations and warranties speak as of the
execution and delivery of this Agreement or as of the Cutoff Date as applicable, but shall survive
the sale, transfer and assignment of the Receivables to the Depositor, the subsequent sale,
transfer and assignment of the Receivables by the Depositor to the Issuer pursuant to the Sale and
Servicing Agreement and the pledge of the Receivables by the Issuer to the Indenture Trustee
pursuant to the Indenture.

                  (i) Characteristics of Receivables. Each Receivable (A) was
originated in the United States of America by a Dealer located in the United
States of America for the retail sale of a Financed Vehicle in the ordinary course
of such Dealer’s business and satisfied the Seller’s Credit and Collection Policy
as of the date of origination of the related Receivable, is payable in United
States dollars, has been fully and properly executed by the parties thereto, has
been purchased by the Seller from such Dealer under an existing Dealer Agreement
and has been validly assigned by such Dealer to the Seller, (B) has created or
shall create a valid, subsisting and enforceable first priority security interest
in favor of the Seller in the Financed Vehicle, which security interest is
assignable by the Seller to the Depositor, by the Depositor to the Issuer, and by
the Issuer to the Indenture Trustee, (C) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are adequate
for realization against the collateral of the benefits of the security, (D)
provides for fixed level monthly payments (provided that the payment in the last
month of the term of the Receivable may be insignificantly different

					
	 	 	 	 	 
	 
	 	A-3
	 	(2005-A Sale and Servicing Agreement)

 

 

from the level payments) that fully amortize the Amount Financed by maturity
and yield interest at the APR, (E) amortizes using the simple interest method and
(F) has an Obligor which is not an affiliate of HMFC, is not a government or
governmental subdivision or agency and is not shown on the Servicer’s records as a
debtor in a pending bankruptcy proceeding.

                  (ii) Compliance with Law. Each Receivable and the sale of the
related Financed Vehicle complied at the time it was originated or made, and at
the time of execution of this Agreement complies, in all material respects with
all requirements of applicable federal, state and local laws, rulings and
regulations thereunder, including usury laws, the Federal Truth-in-Lending Act,
the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit
Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade
Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s
Regulations “B” and “Z”, the Servicemembers Civil Relief Act, the
Gramm-Leach-Bliley Act, state adaptations of the National Consumer Act and of the
Uniform Consumer Credit Code, and other consumer credit laws and equal credit
opportunity and disclosure laws.

                  (iii) Binding Obligation. Each Receivable represents the genuine,
legal, valid and binding payment obligation of the Obligor thereon, enforceable by
the holder thereof in accordance with its terms, except (A) as enforceability
thereof may be limited by bankruptcy, insolvency, reorganization or similar laws
affecting the enforcement of creditors’ rights generally and by equitable
limitations on the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law and (B) as such
Receivable may be modified by the application after the Transfer Date of the
Servicemembers Civil Relief Act.

                  (iv) No Government Obligor. No Receivable is due from the United
States of America or any State or any agency, department, subdivision or
instrumentality thereof.

                  (v) Obligor Bankruptcy. According to the records of the Seller, as
of the Cutoff Date, no Obligor is the subject of a bankruptcy proceeding.

                  (vi) Schedule of Receivables. The information set forth in Schedule
A to this Agreement is true and correct in all material respects as of the close
of business on the Cutoff Date.

                  (vii) Marking Records. By the Closing Date, the Seller will have
caused its computer and accounting records relating to each Receivable to be
clearly and unambiguously marked to show that the Receivables have been sold to
the Depositor by the Seller and transferred and assigned by the Depositor to the
Issuer in accordance with the terms of the Sale and Servicing Agreement and
pledged by the Issuer to the Indenture Trustee in accordance with the terms of the
Indenture.

					
	 	 	 	 	 
	 
	 	A-4
	 	(2005-A Sale and Servicing Agreement)

 

 

                  (viii) Computer Tape. The computer tape regarding the Receivables
made available by the Seller to the Depositor is complete and accurate in all
respects as of the Transfer Date.

                  (ix) No Adverse Selection. No selection procedures believed by the
Seller to be adverse to the Noteholders were utilized in selecting the
Receivables.

                  (x) Chattel Paper. Each Receivable constitutes chattel paper within
the meaning of the UCC as in effect in the state of origination.

                  (xi) One Original. There is only one executed original of each
Receivable.

                  (xii) Receivables in Force. No Receivable has been satisfied,
subordinated or rescinded, nor has any Financed Vehicle been released from the
Lien of the related Receivable in whole or in part. None of the terms of any
Receivable has been waived, altered or modified in any respect since its
origination, except by instruments or documents identified in the related
Receivable File.

                  (xiii) Lawful Assignment. No Receivable has been originated in, or
is subject to the laws of, any jurisdiction the laws of which would make unlawful,
void or voidable the sale, transfer and assignment of such Receivable under this
Agreement, the Sale and Servicing Agreement or the pledge of such Receivable under
the Indenture.

                  (xiv) Title. It is the intention of the Seller that the transfers
and assignments herein contemplated constitute sales of the Receivables from the
Seller to the Depositor and that the beneficial interest in and title to the
Receivables not be part of the debtor’s estate in the event of the filing of a
bankruptcy petition by or against the Seller under any bankruptcy law. No
Receivable, other than the Receivables identified in the Reconveyance Documents,
has been sold, transferred, assigned or pledged by the Seller to any Person other
than to the Depositor or pursuant to this Agreement (or by the Depositor to any
other Person other than to the Issuer pursuant to the Sale and Servicing
Agreement). Except with respect to the Liens under the Conduit Documents (which
such Liens shall be released in accordance with provisions of the Reconveyance
Documents), immediately prior to the transfers and assignments herein
contemplated, the Seller has good and marketable title to each Receivable free and
clear of all Liens, and, immediately upon the transfer thereof, the Depositor
shall have good and marketable title to each Receivable, free and clear of all
Liens and, immediately upon the transfer thereof from the Depositor to the Issuer
pursuant to the Sale and Servicing Agreement, the Issuer shall have good and
marketable title to each Receivable, free and clear of all Liens and, immediately
upon the pledge thereof from the Issuer to the

					
	 	 	 	 	 
	 
	 	A-5
	 	(2005-A Sale and Servicing Agreement)

 

 

Indenture Trustee pursuant to the Indenture, the Indenture Trustee shall have
a first priority perfected security interest in each Receivable.

                  (xv) Security Interest in Financed Vehicle. Immediately prior to its
sale, assignment and transfer to the Depositor pursuant to this Agreement, each
Receivable shall be secured by a validly perfected first priority security
interest in the related Financed Vehicle in favor of the Seller as secured party,
or all necessary and appropriate actions have been commenced that will result in
the valid perfection of a first priority security interest in such Financed
Vehicle in favor of the Seller as secured party.

                  (xvi) All Filings Made. All filings (including UCC filings, except
for UCC releases required to be filed in accordance with the Reconveyance
Documents) required to be made in any jurisdiction to give the Issuer a first
perfected ownership interest in the Receivables and the Indenture Trustee a first
priority perfected security interest in the Receivables have been made.

                  (xvii) No Defenses. No Receivable is subject to any right of
rescission, setoff, counterclaim, dispute or defense, including the defense of
usury, whether arising out of transactions concerning the Receivable or otherwise,
and the operation of any terms of the Receivable or the exercise by the Seller or
the Obligor of any right under the Receivable will not render the Receivable
unenforceable in whole or in part, and no such right of rescission, setoff,
counterclaim, dispute or defense, including the defense of usury, has been
asserted with respect thereto.

                  (xviii) No Default. As of the Cutoff Date, the Servicer’s accounting
records did not disclose that there was any default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than payment
delinquencies of not more than 30 days), or that any condition exists or event has
occurred and is continuing that with notice, the lapse of time or both would
constitute a default, breach, violation or event permitting acceleration under the
terms of any Receivable, and there has been no waiver of any of the foregoing.

                  (xix) Insurance. The Seller, in accordance with its customary
procedures, has determined at the origination of the Receivable that the Obligor
had obtained physical damage insurance covering the related Finance Vehicle at
that time and, under the terms of each Receivable, the Obligor is required to
maintain physical damage insurance covering the related Financed Vehicle and to
name the Seller as a loss payee.

                  (xx) Final Scheduled Maturity Date. No Receivable has a final
scheduled payment date after February 15, 2012.

					
	 	 	 	 	 
	 
	 	A-6
	 	(2005-A Sale and Servicing Agreement)

 

 

                  (xxi) Certain Characteristics of the Receivables. As of the
applicable Cutoff Date, (A) each Receivable had an original maturity of not less
than 12 or more than 72 months and (B) no Receivable was more than 30 days past
due as of the Cutoff Date.

                  (xxii) No Foreign Obligor. All of the Receivables were originated in
the United States of America.

                  (xxiii) No Extensions. The number or timing of scheduled payments
has not been changed on any Receivable on or before the Cutoff Date, except as
reflected on the computer tape delivered in connection with the sale of the
Receivables.

                  (xxiv) [Reserved]

                  (xxv) [Reserved]

                  (xxvi) No Fleet Sales. No Receivable has been included in a “fleet”
sale (i.e., a sale to any single Obligor of more than five Financed Vehicles).

                  (xxvii) Receivable Files. The Servicer has in its possession all
original copies of documents or instruments that constitute or evidence the
Receivables. The Receivable Files that constitute or evidence the Receivables do
not have any marks or notations indicating that they have been pledged, assigned
or otherwise conveyed by the Seller to any Person other than the Depositor, except
for such Liens as have been released on or before the Closing Date. All financing
statements filed or to be filed against the Seller in favor of the Depositor in
connection herewith describing the Receivables contain a statement to the
following effect: “A purchase of or security interest in any collateral described
in this financing statement, except as provided in the Receivables Purchase
Agreement, will violate the rights of the Depositor.”

                  (xxviii) No Fraud or Misrepresentation. Each Receivable was
originated by a Dealer and was sold by the Dealer to the Seller, to the best of
the Seller’s knowledge, without fraud or misrepresentation on the part of such
Dealer in either case.

                  (xxix) Receivables Not Assumable. No Receivable is assumable by
another person in a manner which would release the Obligor thereof from such
Obligor’s obligations to the Seller with respect to such Receivable.

                  (xxx) No Impairment. The Seller has not done anything to convey any
right to any person that would result in such person having a right to payments
due under a Receivable or otherwise to impair the rights of the Depositor in any
Receivable or the proceeds thereof.

					
	 	 	 	 	 
	 
	 	A-7
	 	(2005-A Sale and Servicing Agreement)

 

 

                  (xxxi) [Reserved]

                  (xxxii) No Corporate Obligor. All of the Receivables are due from
Obligors who are natural persons.

                  (xxxiii) No Liens. According to the Servicer’s records as of the Cutoff
Date, no liens or claims have been filed for work, labor, or materials relating to
a Financed Vehicle that are prior to, or equal or coordinate with the security
interest in the Financed Vehicles granted by the related Receivable.

                  (xxxiv) [Reserved].

                  (xxxv) APR. No Receivable has an APR of less than 0.00% and the
weighted average coupon on the pool of Receivables is at least 7.17%.

                  (xxxvi) Remaining Term. Each Receivable has a remaining term of at
least 3 months and no more than 72 months.

                  (xxxvii) Original Term. The weighted average original term for the
Receivables is at least 63.89 months.

                  (xxxviii) Remaining Balance. Each Receivable has a remaining balance
of at least $2,000.00 and not greater than $50,236.00.

                  (xxxix) New Vehicles. At least 97% of the aggregate principal
balance of the Receivables is secured by Financed Vehicles which were new at the
date of origination.

                  (xl) [Reserved].

                  (xli) No Repossessions. No Financed Vehicle has been repossessed on
or prior to the applicable Cutoff Date.

                  (xlii) [Reserved].

 
                  (xliii) [Reserved]

                  (xliv) Dealer Agreements. Each Dealer from whom the Seller purchases
Receivables has entered into a Dealer Agreement with the Seller providing for the
sale of Receivables from time to time by such Dealer to the Seller.

                  (xlv) Receivable Obligations. To the best of the Seller’s knowledge,
no notice to or consent from any Obligor is necessary to effect the acquisition of
the Receivables by the Issuer.

                  (xlvi) [Reserved].

					
	 	 	 	 	 
	 
	 	A-8
	 	(2005-A Sale and Servicing Agreement)

 

 

                  (xlvii) Computer Tape. The computer tape from which the selection of
the Receivables being acquired on the Closing Date was made available to the
accountants that are providing a comfort letter to the Noteholders in connection
with the numerical information regarding the Receivables and the Notes.

                  (xlviii) No Future Disbursement. At the time each Receivable was
acquired from the Dealer, the Amount Financed was fully disbursed. There is no
requirement for future advances of principal thereunder, and, other than in
connection with Dealer participations, all fees and expenses in connection with
the origination of such Receivable have been paid.

                  (xlix) [Reserved].

                  (l) [Reserved].

                  (li) [Reserved].

                  (lii) [Reserved].

                  (liii) [Reserved]

                  (liv) No Consumer Leases. No Receivable constitutes a “consumer
lease” under either (a) the UCC as in effect in the jurisdiction whose law governs
the Receivable or (b) the Consumer Leasing Act, 15 USC 1667.

                  (lv) Balance as of Cutoff Date. The aggregate principal balance of
the Receivables as of the Cutoff Date is equal to $855,479,000.03.

					
	 	 	 	 	 
	 
	 	A-9
	 	(2005-A Sale and Servicing Agreement)

 

 

EXHIBIT B

Form of Record Date Statement

					
	 	 	 	 	 
	 
	 	B-1
	 	(2005-A Sale and Servicing Agreement)

 

 

EXHIBIT C

Form of Servicer’s Certificate

Collection Period: ________________

Distribution Date: ________________

Hyundai Auto Receivables Trust 2005-A

     The undersigned certifies that he is an officer of Hyundai Motor Finance Company, a California
corporation (“HMFC”) and that as such he is duly authorized to execute and deliver this certificate
on behalf of HMFC pursuant to Section 4.09 of the Sale and Servicing Agreement dated July 8, 2005
among Hyundai Auto Receivables Trust 2005-A, as Issuer, Hyundai ABS Funding Corporation, as
Depositor, HMFC, as Seller and Servicer and Citibank, N.A., as Indenture Trustee (the “Sale and
Servicing Agreement”) (all capitalized terms used herein without definition have the respective
meanings specified in the Sale and Servicing Agreement) and further certifies that:

     1. The Servicer’s report for the period from ___to ___attached to this
certificate is complete and accurate and contains all information required by Section 4.09 of the
Sale and Servicing Agreement; and

     2. As of ___, no Servicer Termination Events have occurred.

     IN WITNESS WHEREOF, I have fixed hereunto my signature this ___day of ___.

	 	 	 	 	 	 	 
	 	 	HYUNDAI MOTOR FINANCE COMPANY,

as Servicer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

					
	 	 	 	 	 
	 
	 	C-1
	 	(2005-A Sale and Servicing Agreement)

 

 

SCHEDULE A

Schedule of Receivables

[Delivered to the Trust at Closing]

					
	 	 	 	 	 
	 
	 	Sched. A-1
	 	(2005-A Sale and Servicing Agreement)

 

 

SCHEDULE B

Yield Supplement Overcollateralization Amount

     With respect to any Payment Date, the “Yield Supplement Overcollateralization Amount” is the
amount specified below:

	 	 	 	 	 
	 	 	Yield	 
	 	 	Supplement	 
	 	 	Overcollateralization	 
	Payment Date	 	Amount	 
	Closing Date
	 	$	57,507,412.22	 
	August 2005
	 	$	55,644,065.91	 
	September 2005
	 	$	53,806,866.22	 
	October 2005
	 	$	51,996,071.45	 
	November 2005
	 	$	50,211,942.15	 
	December 2005
	 	$	48,454,737.71	 
	January 2006
	 	$	46,724,723.14	 
	February 2006
	 	$	45,022,161.83	 
	March 2006
	 	$	43,347,322.25	 
	April 2006
	 	$	41,700,473.88	 
	May 2006
	 	$	40,081,890.93	 
	June 2006
	 	$	38,491,849.20	 
	July 2006
	 	$	36,930,623.80	 
	August 2006
	 	$	35,398,491.35	 
	September 2006
	 	$	33,895,729.31	 
	October 2006
	 	$	32,422,608.93	 
	November 2006
	 	$	30,979,357.81	 
	December 2006
	 	$	29,566,176.81	 
	January 2007
	 	$	28,183,277.40	 
	February 2007
	 	$	26,830,937.37	 
	March 2007
	 	$	25,509,434.51	 
	April 2007
	 	$	24,219,056.94	 
	May 2007
	 	$	22,960,062.57	 
	June 2007
	 	$	21,732,715.63	 
	July 2007
	 	$	20,537,294.22	 
	August 2007
	 	$	19,374,061.16	 
	September 2007
	 	$	18,243,302.85	 
	October 2007
	 	$	17,145,309.49	 
	November 2007
	 	$	16,080,267.57	 
	December 2007
	 	$	15,048,293.15	 
	January 2008
	 	$	14,049,540.43	 
	February 2008
	 	$	13,084,170.31	 
	March 2008
	 	$	12,152,404.68	 
	April 2008
	 	$	11,254,480.40	 
	May 2008
	 	$	10,390,602.54	 

					
	 	 	 	 	 
	 
	 	Sched. B-1
	 	(2005-A Sale and Servicing Agreement)

 

 

	 	 	 	 	 
	 	 	Yield	 
	 	 	Supplement	 
	 	 	Overcollateralization	 
	Payment Date	 	Amount	 
	June 2008
	 	$	9,560,999.52	 
	July 2008
	 	$	8,765,904.15	 
	August 2008
	 	$	8,005,500.22	 
	September 2008
	 	$	7,280,013.42	 
	October 2008
	 	$	6,589,719.39	 
	November 2008
	 	$	5,934,747.59	 
	December 2008
	 	$	5,315,150.76	 
	January 2009
	 	$	4,731,080.00	 
	February 2009
	 	$	4,182,709.21	 
	March 2009
	 	$	3,670,154.34	 
	April 2009
	 	$	3,193,424.44	 
	May 2009
	 	$	2,752,618.24	 
	June 2009
	 	$	2,347,871.23	 
	July 2009
	 	$	1,979,213.49	 
	August 2009
	 	$	1,646,648.05	 
	September 2009
	 	$	1,350,211.09	 
	October 2009
	 	$	1,090,024.22	 
	November 2009
	 	$	865,232.41	 
	December 2009
	 	$	674,283.17	 
	January 2010
	 	$	515,382.23	 
	February 2010
	 	$	387,210.52	 
	March 2010
	 	$	288,275.21	 
	April 2010
	 	$	213,355.44	 
	May 2010
	 	$	157,824.46	 
	June 2010
	 	$	118,742.32	 
	July 2010
	 	$	92,075.69	 
	August 2010
	 	$	72,603.46	 
	September 2010
	 	$	55,922.25	 
	October 2010
	 	$	41,983.99	 
	November 2010
	 	$	30,611.26	 
	December 2010
	 	$	21,537.86	 
	January 2011
	 	$	14,488.98	 
	February 2011
	 	$	9,149.18	 
	March 2011
	 	$	5,255.21	 
	April 2011
	 	$	2,628.15	 
	May 2011
	 	$	1,050.72	 
	June 2011
	 	$	262.58	 

					
	 	 	 	 	 
	 
	 	Sched. B-2
	 	(2005-A Sale and Servicing Agreement)exv4w2

 

EXECUTION COPY

EXHIBIT 4.2

INDENTURE

between

HYUNDAI AUTO RECEIVABLES TRUST 2005-A,

as Issuer

and

CITIBANK, N.A.,

as Indenture Trustee

Dated as of July 8, 2005

(2005-A Indenture)

 

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	2	 
	 
	 	 	 	 	 	 
	Section 1.01
	 	Definition.	 	 	2	 
	 
	 	 	 	 	 	 
	Section 1.02
	 	Rules of Construction	 	 	11	 
	 
	 	 	 	 	 	 
	Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE II. THE NOTES	 	 	12	 
	 
	 	 	 	 	 	 
	Section 2.01
	 	Form	 	 	12	 
	 
	 	 	 	 	 	 
	Section 2.02
	 	Execution, Authentication and Delivery	 	 	12	 
	 
	 	 	 	 	 	 
	Section 2.03
	 	Temporary Notes	 	 	13	 
	 
	 	 	 	 	 	 
	Section 2.04
	 	Registration; Registration of Transfer and Exchange	 	 	13	 
	 
	 	 	 	 	 	 
	Section 2.05
	 	[Reserved]	 	 	15	 
	 
	 	 	 	 	 	 
	Section 2.06
	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	15	 
	 
	 	 	 	 	 	 
	Section 2.07
	 	Persons Deemed Owners	 	 	15	 
	 
	 	 	 	 	 	 
	Section 2.08
	 	Payment of Principal and Interest; Defaulted Interest	 	 	16	 
	 
	 	 	 	 	 	 
	Section 2.09
	 	Cancellation	 	 	16	 
	 
	 	 	 	 	 	 
	Section 2.10
	 	Book-Entry Notes	 	 	17	 
	 
	 	 	 	 	 	 
	Section 2.11
	 	Notices to Clearing Agency	 	 	18	 
	 
	 	 	 	 	 	 
	Section 2.12
	 	Definitive Notes	 	 	18	 
	 
	 	 	 	 	 	 
	Section 2.13
	 	Tax Treatment	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE III. COVENANTS	 	 	18	 
	 
	 	 	 	 	 	 
	Section 3.01
	 	Payment of Principal and Interest	 	 	18	 
	 
	 	 	 	 	 	 
	Section 3.02
	 	Maintenance of Office or Agency	 	 	19	 
	 
	 	 	 	 	 	 
	Section 3.03
	 	Money for Payments To Be Held in Trust	 	 	19	 
	 
	 	 	 	 	 	 
	Section 3.04
	 	Existence	 	 	20	 
	 
	 	 	 	 	 	 
	Section 3.05
	 	Protection of Trust Estate	 	 	20	 
	 
	 	 	 	 	 	 
	Section 3.06
	 	Opinions as to Trust Estate	 	 	21	 
	 
	 	 	 	 	 	 
	Section 3.07
	 	Performance of Obligations; Servicing of Receivables	 	 	21	 
	 
	 	 	 	 	 	 
	Section 3.08
	 	Negative Covenants	 	 	23	 
	 
	 	 	 	 	 	 
	Section 3.09
	 	Annual Statement as to Compliance	 	 	23	 
	 
	 	 	 	 	 	 
	Section 3.10
	 	Issuer May Consolidate, etc., Only on Certain Terms	 	 	23	 
	 
	 	 	 	 	 	 
	Section 3.11
	 	Successor or Transferee	 	 	25	 

					
	 
	 	-i-
	 	(2005-A Indenture)

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 3.12
	 	No Other Business	 	 	25	 
	 
	 	 	 	 	 	 
	Section 3.13
	 	No Borrowing	 	 	25	 
	 
	 	 	 	 	 	 
	Section 3.14
	 	[Reserved]	 	 	25	 
	 
	 	 	 	 	 	 
	Section 3.15
	 	Guarantees, Loans, Advances and Other Liabilities	 	 	26	 
	 
	 	 	 	 	 	 
	Section 3.16
	 	Capital Expenditures	 	 	26	 
	 
	 	 	 	 	 	 
	Section 3.17
	 	Removal of Administrator	 	 	26	 
	 
	 	 	 	 	 	 
	Section 3.18
	 	Restricted Payments	 	 	26	 
	 
	 	 	 	 	 	 
	Section 3.19
	 	Notice of Events of Default	 	 	26	 
	 
	 	 	 	 	 	 
	Section 3.20
	 	Further Instruments and Acts	 	 	26	 
	 
	 	 	 	 	 	 
	ARTICLE IV. SATISFACTION AND DISCHARGE	 	 	26	 
	 
	 	 	 	 	 	 
	Section 4.01
	 	Satisfaction and Discharge of Indenture	 	 	26	 
	 
	 	 	 	 	 	 
	Section 4.02
	 	Application of Trust Money	 	 	28	 
	 
	 	 	 	 	 	 
	Section 4.03
	 	Repayment of Moneys Held by Paying Agent	 	 	28	 
	 
	 	 	 	 	 	 
	Section 4.04
	 	Release of Collateral	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE V. REMEDIES	 	 	28	 
	 
	 	 	 	 	 	 
	Section 5.01
	 	Events of Default	 	 	28	 
	 
	 	 	 	 	 	 
	Section 5.02
	 	Acceleration of Maturity; Rescission and Annulment	 	 	29	 
	 
	 	 	 	 	 	 
	Section 5.03
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	 	 	30	 
	 
	 	 	 	 	 	 
	Section 5.04
	 	Remedies; Priorities	 	 	32	 
	 
	 	 	 	 	 	 
	Section 5.05
	 	Optional Preservation of the Receivables	 	 	35	 
	 
	 	 	 	 	 	 
	Section 5.06
	 	Limitation of Suits	 	 	35	 
	 
	 	 	 	 	 	 
	Section 5.07
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	 	 	36	 
	 
	 	 	 	 	 	 
	Section 5.08
	 	Restoration of Rights and Remedies	 	 	36	 
	 
	 	 	 	 	 	 
	Section 5.09
	 	Rights and Remedies Cumulative	 	 	36	 
	 
	 	 	 	 	 	 
	Section 5.10
	 	Delay or Omission Not a Waiver	 	 	36	 
	 
	 	 	 	 	 	 
	Section 5.11
	 	Control by the Controlling Class of Noteholders	 	 	37	 
	 
	 	 	 	 	 	 
	Section 5.12
	 	Waiver of Past Defaults	 	 	37	 
	 
	 	 	 	 	 	 
	Section 5.13
	 	Undertaking for Costs	 	 	37	 
	 
	 	 	 	 	 	 
	Section 5.14
	 	Waiver of Stay or Extension Laws	 	 	38	 

					
	 
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(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	Section 5.15
	 	Action on Notes	 	 	38	 
	 
	 	 	 	 	 	 
	Section 5.16
	 	Performance and Enforcement of Certain Obligations	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE VI. THE INDENTURE TRUSTEE	 	 	39	 
	 
	 	 	 	 	 	 
	Section 6.01
	 	Duties of Indenture Trustee	 	 	39	 
	 
	 	 	 	 	 	 
	Section 6.02
	 	Rights of Indenture Trustee	 	 	40	 
	 
	 	 	 	 	 	 
	Section 6.03
	 	Individual Rights of Indenture Trustee	 	 	42	 
	 
	 	 	 	 	 	 
	Section 6.04
	 	Indenture Trustee’s Disclaimer	 	 	42	 
	 
	 	 	 	 	 	 
	Section 6.05
	 	Notice of Defaults	 	 	42	 
	 
	 	 	 	 	 	 
	Section 6.06
	 	Reports by Indenture Trustee to Holders	 	 	42	 
	 
	 	 	 	 	 	 
	Section 6.07
	 	Compensation and Indemnity	 	 	42	 
	 
	 	 	 	 	 	 
	Section 6.08
	 	Replacement of Indenture Trustee	 	 	43	 
	 
	 	 	 	 	 	 
	Section 6.09
	 	Successor Indenture Trustee by Merger	 	 	44	 
	 
	 	 	 	 	 	 
	Section 6.10
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	 	 	44	 
	 
	 	 	 	 	 	 
	Section 6.11
	 	Eligibility; Disqualification	 	 	45	 
	 
	 	 	 	 	 	 
	Section 6.12
	 	[Reserved]	 	 	45	 
	 
	 	 	 	 	 	 
	Section 6.13
	 	Preferential Collection of Claims Against Issuer	 	 	45	 
	 
	 	 	 	 	 	 
	Section 6.14
	 	Waiver of Setoffs	 	 	45	 
	 
	 	 	 	 	 	 
	ARTICLE VII. NOTEHOLDERS’ LISTS AND REPORTS	 	 	46	 
	 
	 	 	 	 	 	 
	Section 7.01
	 	Note Registrar To Furnish Names and Address of Noteholders	 	 	46	 
	 
	 	 	 	 	 	 
	Section 7.02
	 	Preservation of Information; Communications to Noteholders	 	 	46	 
	 
	 	 	 	 	 	 
	Section 7.03
	 	Reports by Issuer	 	 	47	 
	 
	 	 	 	 	 	 
	Section 7.04
	 	Reports by Indenture Trustee	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE VIII. ACCOUNTS, DISBURSEMENTS AND RELEASES	 	 	47	 
	 
	 	 	 	 	 	 
	Section 8.01
	 	Collection of Money	 	 	47	 
	 
	 	 	 	 	 	 
	Section 8.02
	 	Trust Accounts	 	 	47	 
	 
	 	 	 	 	 	 
	Section 8.03
	 	General Provisions Regarding Accounts	 	 	50	 
	 
	 	 	 	 	 	 
	Section 8.04
	 	Release of Trust Estate	 	 	50	 
	 
	 	 	 	 	 	 
	Section 8.05
	 	Opinion of Counsel	 	 	51	 

					
	 
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	 	 	 	 	Page	 
	ARTICLE IX. SUPPLEMENTAL INDENTURES	 	 	51	 
	 
	 	 	 	 	 	 
	Section 9.01
	 	Supplemental Indentures Without Consent of Noteholders	 	 	51	 
	 
	 	 	 	 	 	 
	Section 9.02
	 	Supplemental Indentures with Consent of Noteholders	 	 	52	 
	 
	 	 	 	 	 	 
	Section 9.03
	 	Execution of Supplemental Indentures	 	 	53	 
	 
	 	 	 	 	 	 
	Section 9.04
	 	Effect of Supplemental Indenture	 	 	54	 
	 
	 	 	 	 	 	 
	Section 9.05
	 	Reference in Notes to Supplemental Indentures	 	 	54	 
	 
	 	 	 	 	 	 
	Section 9.06
	 	Conformity with Trust Indenture Act	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE X. REDEMPTION OF NOTES	 	 	54	 
	 
	 	 	 	 	 	 
	Section 10.01
	 	Redemption	 	 	54	 
	 
	 	 	 	 	 	 
	Section 10.02
	 	Form of Redemption Notice	 	 	55	 
	 
	 	 	 	 	 	 
	Section 10.03
	 	Notes Payable on Redemption Date	 	 	55	 
	 
	 	 	 	 	 	 
	ARTICLE XI. MISCELLANEOUS	 	 	55	 
	 
	 	 	 	 	 	 
	Section 11.01
	 	Compliance Certificates and Opinions, etc.	 	 	55	 
	 
	 	 	 	 	 	 
	Section 11.02
	 	Form of Documents Delivered to Indenture Trustee	 	 	57	 
	 
	 	 	 	 	 	 
	Section 11.03
	 	Acts of Noteholders	 	 	58	 
	 
	 	 	 	 	 	 
	Section 11.04
	 	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	 	 	58	 
	 
	 	 	 	 	 	 
	Section 11.05
	 	Notices to Noteholders; Waiver	 	 	59	 
	 
	 	 	 	 	 	 
	Section 11.06
	 	Alternate Payment and Notice Provisions	 	 	59	 
	 
	 	 	 	 	 	 
	Section 11.07
	 	Effect of Headings and Table of Contents	 	 	59	 
	 
	 	 	 	 	 	 
	Section 11.08
	 	Successors and Assigns	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.09
	 	Separability	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.10
	 	Benefits of Indenture	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.11
	 	Legal Holidays	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.12
	 	GOVERNING LAW	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.13
	 	Counterparts	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.14
	 	Recording of Indenture	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.15
	 	Trust Obligation	 	 	60	 
	 
	 	 	 	 	 	 
	Section 11.16
	 	No Petition	 	 	61	 
	 
	 	 	 	 	 	 
	Section 11.17
	 	Inspection	 	 	61	 
	 
	 	 	 	 	 	 
	Section 11.18
	 	Conflict with Trust Indenture Act	 	 	61	 

					
	 
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	 	 	 	 	Page	 
	Section 11.19
	 	Limitation of Liability	 	 	61	 
	 
	 	 	 	 	 	 
	Section 11.20
	 	Representations and Warranties	 	 	62	 

	 	 	 	 	 
	EXHIBITS

	 	 
	 	 
	 
	 	 	 	 
	SCHEDULE A

	 	Schedule of Receivables	 	 
	EXHIBIT A-1

	 	Form of Class A-1 Note	 	 
	EXHIBIT A-2

	 	Form of Class A-2 Note	 	 
	EXHIBIT A-3

	 	Form of Class A-3 Note	 	 
	EXHIBIT A-4

	 	Form of Class A-4 Note	 	 
	EXHIBIT B

	 	Form of Class B Note	 	 
	EXHIBIT C

	 	Form of Class C Note	 	 
	EXHIBIT D

	 	Form of Class D Note	 	 
	EXHIBIT E

	 	Form of the Note Depository Agreement	 	 

					
	 
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     THIS INDENTURE, dated as of July 8, 2005, is between HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a
Delaware statutory trust (the “Issuer”), and CITIBANK, N.A., a national banking
association, as trustee and not in its individual capacity (the “Indenture Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Issuer’s 3.51438% Asset Backed Notes, Class A-1 (the “Class A-1
Notes”), 3.88% Asset Backed Notes, Class A-2 (the “Class A-2 Notes”), 3.98% Asset
Backed Notes, Class A-3 (the “Class A-3 Notes”), 4.18% Asset Backed Notes, Class A-4 (the
“Class A-4 Notes”), 4.20% Asset Backed Notes, Class B (the “Class B Notes”), 4.22%
Asset Backed Notes, Class C (the “Class C Notes”) and 4.45% Asset Backed Notes, Class D
(the “Class D Notes” and, together with the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes, the “Notes”):

GRANTING CLAUSE

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

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

     The Indenture Trustee, on behalf of the Holders of the Notes, acknowledges such Grant, accepts
the trusts under this Indenture in accordance with the provisions of this Indenture and

				 	
	 
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agrees to
perform its duties required in this Indenture to the best of its ability to the end that the
interests of the Holders of the Notes may be adequately and effectively protected.

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

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

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

     “Administration Agreement” means the Owner Trust Administration Agreement, dated as of
July 8, 2005 among the Administrator, the Issuer and the Indenture Trustee, as amended,
supplemented, amended and restated or otherwise modified from time to time.

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

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

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

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

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

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

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

				 	
	 
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     “Class A Principal Distributable Amount” means, with respect to any Payment Date, an
amount equal to the greater of the Outstanding Amount of the Class A-1 Notes and the following:

          (a) the aggregate Outstanding Amount of the Class A Notes immediately prior to such Payment
Date; minus

          (b) the lesser of:

     (i) an amount equal to the product of:

     (A) the Adjusted Pool Balance as of the last day of the related
Collection Period; and

     (B) the sum of 65.00% and the percentage equivalent of a fraction equal
to:

     (x) the amount on deposit in the Reserve Account after giving
effect to any withdrawals but prior to giving effect to any deposits
on that Payment Date; divided by

     (y) the Adjusted Pool Balance as of the last day of the related
Collection Period; and

     (ii) an amount equal to the Adjusted Pool Balance as of the last day of the
related Collection Period minus the Target Overcollateralization Amount for the
Payment Date;

provided, however, that on the Stated Maturity Date of any class of Class A Notes,
the Class A Principal Distributable Amount will be at least an amount sufficient to pay that class
in full; and provided further, that the Class A Principal Distributable Amount on
any Payment Date will not exceed the Outstanding Amount of the Class A Notes on that Payment Date.

     “Class A-1 Notes” means the 3.51438% Asset Backed Notes, Class A-1, substantially in
the form of Exhibit A-1.

     “Class A-1 Rate” means 3.51438% per annum, computed on the basis of the actual number
of days elapsed in the related Interest Accrual Period.

     “Class A-2 Notes” means the 3.88% Asset Backed Notes, Class A-2, substantially in the
form of Exhibit A-2.

     “Class A-2 Rate” means 3.88% per annum computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class A-3 Notes” means the 3.98% Asset Backed Notes, Class A-3, substantially in the
form of Exhibit A-3.

     “Class A-3 Rate” means 3.98% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

				 	
	 
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     “Class A-4 Notes” means the 4.18% Asset Backed Notes, Class A-4, substantially in the
form of Exhibit A-4.

     “Class A-4 Rate” means 4.18% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class B Notes” means the 4.20% Asset Backed Notes, Class B, substantially in the form
of Exhibit B.

     “Class B Principal Distributable Amount” means, with respect to any Payment Date, an
amount equal to:

          (a) the sum of the aggregate Outstanding Amount of the Class A Notes (after taking into
account the payment of the Class A Principal Distributable Amount on such Payment Date) and the
aggregate Outstanding Amount of the Class B Notes immediately prior to such Payment Date; minus

          (b) the lesser of:

     (i) an amount equal to the product of:

     (A) the Adjusted Pool Balance as of the last day of the related
Collection Period; and

     (B) the sum of 75.00% and the percentage equivalent of a fraction equal
to:

     (x) the amount on deposit in the Reserve Account after giving
effect to any withdrawals but prior to giving effect to any deposits
on that Payment Date; divided by

     (y) the Adjusted Pool Balance as of the last day of the related
Collection Period; and

     (ii) an amount equal to the Adjusted Pool Balance as of the last day of the
related Collection Period minus the Target Overcollateralization Amount for the
Payment Date;

provided, however, that on the Stated Maturity Date of any class of Class B Notes,
the Class B Principal Distributable Amount will be at least an amount sufficient to pay that class
in full; and provided further, that the Class B Principal Distributable Amount on
any Payment Date will not exceed the Outstanding Amount of the Class B Notes on that Payment Date.

     “Class B Rate” means 4.20% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class C Notes” means the 4.22% Asset Backed Notes, Class C, substantially in the form
of Exhibit C.

				 	
	 
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	 	(2005-A Indenture)

 

     “Class C Principal Distributable Amount” means, with respect to any Payment Date, an
amount equal to:

          (a) the sum of the aggregate Outstanding Amount of the Class A Notes and the Class B Notes
(after taking into account the payment of the Class A Principal Distributable Amount and the Class
B Principal Distributable Amount on such Payment Date) and the aggregate Outstanding Amount of the
Class C Notes immediately prior to such Payment Date; minus

          (b) the lesser of:

     (i) an amount equal to the product of:

     (A) the Adjusted Pool Balance as of the last day of the related
Collection Period; and

     (B) the sum of 79.00% and the percentage equivalent of a fraction equal
to:

     (x) the amount on deposit in the Reserve Account after giving
effect to any withdrawals but prior to giving effect to any deposits
on that Payment Date; divided by

     (y) the Adjusted Pool Balance as of the last day of the related
Collection Period; and

     (ii) an amount equal to the Adjusted Pool Balance as of the last day of the
related Collection Period minus the Target Overcollateralization Amount for the
Payment Date;

provided, however, that on the Stated Maturity Date of any class of Class C Notes,
the Class C Principal Distributable Amount will be at least an amount sufficient to pay that class
in full; and provided further, that the Class C Principal Distributable Amount on
any Payment Date will not exceed the Outstanding Amount of the Class C Notes on that Payment Date.

     “Class C Rate” means 4.22% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

     “Class D Notes” means the 4.45% Asset Backed Notes, Class D, substantially in the form
of Exhibit D.

     “Class D Principal Distributable Amount” means, with respect to any Payment Date, an
amount equal to:

          (a) the sum of the aggregate Outstanding Amount of the Class A Notes, the Class B Notes and
the Class C Notes (after taking into account the payment of the Class A Principal Distributable
Amount, the Class B Principal Distributable Amount and the Class C Principal Distributable Amount
on such Payment Date) and the Outstanding Amount of the Class D Notes immediately prior to such
Payment Date; minus

				 	
	 
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          (b) an amount equal to the Adjusted Pool Balance as of the last day of the related Collection
Period minus the Target Overcollateralization Amount for the Payment Date;

provided, however, that on the Stated Maturity Date of the Class D Notes, the Class
D Principal Distributable Amount will be at least an amount sufficient to pay the Class D Notes in
full; and provided further, that the Class D Principal Distributable Amount on any
Payment Date will not exceed the Outstanding Amount of the Class D Notes on that Payment Date.

     “Class D Rate” means 4.45% per annum, computed on the basis of a 360-day year
consisting of twelve 30-day months.

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

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

     “Closing Date” means July 8, 2005.

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

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

     “Controlling Class” means with respect to any Notes that are Outstanding, the Class A
Notes (voting together as a single class) so long as any Class A Notes are Outstanding, then the
Class B Notes so long as any Class B Notes are Outstanding, then the Class C Notes so long as any
Class C Notes are Outstanding and thereafter the Class D Notes so long as any Class D Notes are
Outstanding.

     “Corporate Trust Office” means the principal office of the Indenture Trustee at which
at any particular time its corporate trust business is administered, which office at the date of
execution of this Agreement is located at (i) solely for the purposes of the transfer, surrender or
exchange of Notes, 111 Wall Street, 15th Floor Window, New York, New York 10005,
Attention: Structured Finance Agency and Trust-Hyundai Auto Receivables Trust 2005-A and (ii) for
all
other purposes 388 Greenwich Street, 14th Floor, New York, New York 10013,
facsimile number (212) 816-5527; or at such other address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuer, or the principal corporate trust
office of any successor Indenture Trustee at the address designated by such successor Indenture
Trustee by notice to the Noteholders and the Issuer.

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

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

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

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

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

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

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

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

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

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

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

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

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

     “Issuer” means Hyundai Auto Receivables Trust 2005-A until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein and
required by the TIA, each other obligor on the Notes.

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

     “Note” means a Class A Note, a Class B Note, a Class C Note or a Class D Note as the
context may require.

     “Note Depository Agreement” means the agreement dated July 8, 2005 among the Issuer,
the Administrator, the Indenture Trustee and The Depository Trust Company, as the initial Clearing
Agency, relating to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes,
substantially in the form of Exhibit E.

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

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

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

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

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

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

     (ii) Notes or portions thereof the payment for which money in the necessary
amount has been theretofore deposited with the Indenture Trustee or any Paying Agent
in trust for the Holders of such Notes (provided, however, that

				 	
	 
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if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision for such notice has been made, satisfactory
to the Indenture Trustee); and

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

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

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

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

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

     “Payment Date” means the 15th day of each month, or if any such date is not
a Business Day, the next succeeding Business Day, commencing August 15, 2005.

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

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

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

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

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

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

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

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

     “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of
July 8, 2005, among the Issuer, the Depositor, HMFC, as Seller and Servicer, and the Indenture
Trustee, as amended, supplemented, amended and restated or otherwise modified from time to time.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          (c) “or” is not exclusive;

          (d) “including” means including without limitation;

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

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

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

     “Commission” means the Securities and Exchange Commission.

     “indenture securities” means the Notes.

     “indenture security holder” means a Noteholder.

				 	
	 
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     “indenture to be qualified” means this Indenture.

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

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

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

ARTICLE II.

THE NOTES

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

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

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

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

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

     The Indenture Trustee shall upon Issuer Order authenticate and deliver Class A-1 Notes for
original issue in an aggregate principal amount of $169,000,000, Class A-2 Notes for original issue
in an aggregate principal amount of $230,000,000, Class A-3 Notes for original issue in an
aggregate principal amount of $171,000,000, Class A-4 Notes for original issue in an aggregate
principal amount of $110,300,000, Class B Notes for original issue in an aggregate principal amount
of $31,900,000, Class C Notes for original issue in an aggregate principal amount of

				 	
	 
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$27,900,000,
and Class D Notes for original issue in an aggregate principal amount $33,900,000. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B
Notes, Class C Notes and Class D Notes outstanding at any time may not exceed such respective
amounts except as provided in Section 2.06.

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

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

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

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

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

     Upon surrender for registration of transfer of any Note at the office or agency of the Issuer
to be maintained as provided in Section 3.02, if the requirements of Section
8-401(a) of

				 	
	 
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the UCC are met, the Issuer shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

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

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

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

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

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

				 	
	 
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warranted and covenanted
that it satisfies the foregoing requirements and the Indenture Trustee may rely conclusively on the
same for purposes hereof.

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

     Section 2.05 [Reserved].

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

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

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

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

     Section 2.07 Persons Deemed Owners. Prior to due presentment for registration of
transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of
determination) as the owner of such Note for the purpose of receiving payments of principal of

				 	
	 
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and
interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

     Section 2.08 Payment of Principal and Interest; Defaulted Interest.

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

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

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

     Section 2.09 Cancellation. All Notes surrendered for payment, registration of
transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture
Trustee, be

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

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

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

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

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

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

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

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

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

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

ARTICLE III.

COVENANTS

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

				 	
	 
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     Section 3.02 Maintenance of Office or Agency. The Issuer will maintain in the Borough
of Manhattan, The City of New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon the Issuer in
respect of the Notes and this Indenture may be served. Such office will initially be located at
(i) solely for the purposes of the transfer, surrender or exchange of Notes, Citibank, N.A., 111
Wall Street, 15th Floor Window, New York, New York 10005, Attention: Structured Finance
Agency and Trust-Hyundai Auto Receivables Trust 2005-A and (ii) for all other purposes Citibank
N.A., 388 Greenwich Street, 14th Floor, New York, New York 10013,
Attention: Structured Finance Agency and Trust-Hyundai Auto Receivables Trust 2005-A. The
Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change
in the location, of any such office or agency. If at any time the Issuer shall fail to maintain
any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof,
such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the
Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices
and demands.

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

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

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

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

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

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

     (iv) immediately resign as a Paying Agent and forthwith pay to the Indenture
Trustee all sums held by it in trust for the payment of Notes if at any

				 	
	 
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time it
ceases to meet the standards required to be met by a Paying Agent at the time of its
appointment; and

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

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

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

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

     Section 3.05 Protection of Trust Estate. The Issuer will from time to time execute
and deliver all such supplements and amendments hereto and all such financing statements,

				 	
	 
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continuation statements, instruments of further assurance and other instruments, and will take such
other action necessary or advisable to:

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

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

     (iii) enforce any of the Collateral; or

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

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

     Section 3.06 Opinions as to Trust Estate.

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

          (b) On or before April 30 in each calendar year, beginning in 2006, the Issuer shall furnish
or cause to be furnished to the Indenture Trustee an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and re-filing of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any financing statements and
continuation statements as is necessary to maintain the lien and security interest created by this
Indenture and reciting the details of such action, or stating that in the opinion of such counsel
no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel
shall also describe the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and the execution and filing of
any financing statements and continuation statements that will, in the opinion of such counsel, be
required to maintain the lien and security interest of this Indenture until April 30 in the
following calendar year.

     Section 3.07 Performance of Obligations; Servicing of Receivables.

          (a) The Issuer will not take any action and will use its reasonable best efforts not to permit
any action to be taken by others that would release any Person from any of such Person’s material
covenants or obligations under any instrument or agreement included in the

				 	
	 
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Trust Estate or that would result in the amendment, hypothecation, subordination, termination
or discharge of, or impair the validity or effectiveness of, any such instrument or agreement,
except as expressly provided in this Indenture, the Sale and Servicing Agreement or such other
instrument or agreement.

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

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

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

          (e) [Reserved]

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

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

				 	
	 
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execute and deliver, at the Issuer’s own expense, such agreements, instruments, consents and
other documents as the Issuer may deem necessary or appropriate in the circumstances.

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

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

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

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

     Section 3.09 Annual Statement as to Compliance. The Issuer will deliver to the
Indenture Trustee and the Rating Agencies, within 120 days after the end of each fiscal year of the
Issuer (commencing with the calendar year of 2005), an Officer’s Certificate stating, as to the
Authorized Officer signing such Officer’s Certificate, that:

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

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

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

				 	
	 
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	 	(2005-A Indenture)

 

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

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

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

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

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

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

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

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

     (i) the Person that acquires by conveyance or transfer the properties and
assets of the Issuer the conveyance or transfer of which is hereby restricted (A)
shall be a United States citizen or a Person organized and existing under the laws
of the United States of America or any State, (B) expressly assumes, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement
and covenant of this Indenture on the part of the Issuer to be performed or
observed, all as provided herein, (C) expressly agrees by means of such supplemental
indenture that all right, title and interest so conveyed or transferred shall be
subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise
provided in such supplemental indenture, expressly agrees to indemnify, defend and
hold harmless the Issuer and the Indenture Trustee against

				 	
	 
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	 	(2005-A Indenture)

 

and from any loss, liability or expense arising under or related to this
Indenture and the Notes and (E) expressly agrees by means of such supplemental
indenture that such Person (or, if a group of Persons, one specified Person) shall
make all filings with the Commission (and any other appropriate Person) required by
the Exchange Act in connection with the Notes;

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

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

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

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

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

     Section 3.11 Successor or Transferee.

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

          (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), Hyundai Auto Receivables Trust 2005-A will be released from every covenant
and agreement of this Indenture to be observed by or performed on the part of the Issuer with
respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee
stating that Hyundai Auto Receivables Trust 2005-A is to be so released.

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

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

     Section 3.14 [Reserved]

				 	
	 
	 	25
	 	(2005-A Indenture)

 

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

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

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

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

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

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

ARTICLE IV.

SATISFACTION AND DISCHARGE

     Section 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to
be of further effect with respect to the Notes except as to (i) rights of registration of transfer
and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections
3.03, 3.04, 3.05, 3.08, 3.10, 3.11, 3.12,
3.13, 3.15, 3.16 and 3.18, (v) the rights, obligations and
immunities of the

				 	
	 
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	 	(2005-A Indenture)

 

Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section
6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the
rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture with respect to the Notes, when

          (a) either:

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

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

     (A) have become due and payable,

     (B) will become due and payable at the Class D Maturity Date within one
year or

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

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

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

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

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

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

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

ARTICLE V.

REMEDIES

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

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

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

          (c) default in the observance or performance of any representation, warranty, covenant or
agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in
the observance or performance of which is elsewhere in this Section specifically dealt with) or in
any certificate or other writing delivered pursuant hereto or in connection herewith proving to
have been incorrect in any material respect as of the time when the same shall have been made, and
such default shall continue or not be cured, or the circumstance or condition in respect of which
such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured,
for a period of sixty (60) days (extendable to ninety (90) days if breach is of the type that can
be cured within 90 days) after there shall have been given,

				 	
	 
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by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and
the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Controlling
Class of Notes, a written notice specifying such default or incorrect representation or warranty
and requiring it to be remedied and stating that such notice is a notice of Default hereunder;

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

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

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

     Section 5.02 Acceleration of Maturity; Rescission and Annulment.

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

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

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

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

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

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

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

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

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

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

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

          (c) If an Event of Default occurs, the Indenture Trustee may, as more particularly provided in
Section 5.04, in its discretion, or shall, at the directions of the Holders of

				 	
	 
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at least a majority of the Outstanding Amount of the Controlling Class of Notes, proceed to
protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings
as the Indenture Trustee or the Indenture Trustee at the direction of the Holders of at least a
majority of the Outstanding Amount of the Controlling Class of Notes shall reasonably deem most
effective to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or
to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by
this Indenture or by law.

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

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

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

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

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

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding
is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in
the event that the Indenture Trustee shall consent to the making of payments directly to such
Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover

				 	
	 
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reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents, attorneys and counsel, and all other expenses, reimbursements, indemnities and
liabilities incurred by the Indenture Trustee and each predecessor Indenture Trustee except as a
result of negligence or bad faith.

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

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

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

     Section 5.04 Remedies; Priorities.

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

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

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

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

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

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

     (A) the Event of Default is of the type described in Section
5.01(i) or (ii); or

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

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

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

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

     1. the Noteholders of Notes evidencing 100% of the principal
amount of the Controlling Class consent thereto; or

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

     3. the Indenture Trustee

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

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

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

          (b) (i) Notwithstanding the provisions of Section 8.02, following the occurrence and
during the continuation of an Event of Default specified in Section 5.01(i),
5.01(ii), 5.01(iv) or 5.01(v) which has resulted in an acceleration of the
Notes (or following the occurrence of any such event after an Event of Default specified in
Section 5.01(iii) has occurred

				 	
	 
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and the Trust Estate has been liquidated), if the Indenture Trustee collects any money or
property, it shall pay out such money or property (and other amounts including amounts held on
deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders, net of
liquidation costs associated with the sale of the Trust Estate, in the following order:

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

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

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

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

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

     SIXTH: to Holders of the Class B Notes for amounts due and unpaid on the Class B Notes in
respect of interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class B Notes in respect of interest;

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

     EIGHTH: to Holders of the Class C Notes for amounts due and unpaid on the Class C Notes in
respect of interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class C Notes in respect of interest;

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

     TENTH: to Holders of the Class D Notes for amounts due and unpaid on the Class D Notes in
respect of interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Class D Notes in respect of interest;

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

     TWELFTH: to the Certificate Distribution Account, for distribution to the Certificateholders.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

				 	
	 
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as often as may be deemed expedient, by the Indenture Trustee or the Noteholders, as the case
may be.

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

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

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

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

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

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

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

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

     Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each
Holder of a Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or

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

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

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

     Section 5.16 Performance and Enforcement of Certain Obligations.

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

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

ARTICLE VI.

THE INDENTURE TRUSTEE

     Section 6.01 Duties of Indenture Trustee.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     Section 6.02 Rights of Indenture Trustee.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     Section 6.12 [Reserved].

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

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

				 	
	 
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ARTICLE VII.

NOTEHOLDERS’ LISTS AND REPORTS

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

     Section 7.02 Preservation of Information; Communications to Noteholders.

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

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

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

				 	
	 
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     Section 7.03 Reports by Issuer.

          (a) The Issuer shall:

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

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

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

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

     Section 7.04 Reports by Indenture Trustee. If required by TIA Section 313(a), within
60 days after each March 31, beginning with March 31, 2006, the Indenture Trustee shall mail to
each Noteholder as required by TIA Section 313(c) a brief report dated as of such date that
complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).
A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture
Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The
Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

ARTICLE VIII.

ACCOUNTS, DISBURSEMENTS AND RELEASES

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

				 	
	 
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action shall be without prejudice to any right to claim a Default or Event of Default under
this Indenture and any right to proceed thereafter as provided in Article V.

     Section 8.02 Trust Accounts.

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

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

          (c) On each Payment Date, except as provided in Section 5.04(b), the Indenture Trustee
(based on the information contained in the Servicer’s report delivered on or before the related
Determination Date pursuant to Section 4.09 of the Sale and Servicing Agreement) shall make
the withdrawals from the Collection Account and make deposits, distributions and payments, to the
extent of funds on deposit in the Collection Account with respect to the Collection Period
preceding such Payment Date (including funds, if any, deposited therein from the Reserve Account),
in accordance with the provisions of Section 5.05(b) of the Sale and Servicing Agreement
(as to which Issuer shall cause Servicer to timely provide the related instructions). On each
Payment Date, the Indenture Trustee (based on the information contained in the Servicer’s report
delivered on or before the related Determination Date pursuant to Section 4.09 of the Sale
and Servicing Agreement) shall withdraw the funds on deposit in the Interest Distribution Account
with respect to the Collection Period preceding such Payment Date and make distributions and
payments in the following order of priority:

     (i) first, to the Noteholders of Class A Notes, the accrued and unpaid interest
on the Class A Notes; provided that if there are not sufficient funds available to
pay the entire amount of the accrued and unpaid interest on the Class A Notes, the
amounts available shall be applied to the payment of such interest on the Class A
Notes on a pro rata basis based upon the amount of interest due on each Class of
Class A Notes;

     (ii) second, to the Noteholders of Class B Notes, the accrued and unpaid
interest on the Class B Notes; provided that if there are not sufficient funds
available to pay the entire amount of the accrued and unpaid interest on the Class B
Notes, the amounts available shall be applied to the payment of such interest on the
Class B Notes on a pro rata basis;

				 	
	 
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     (iii) third, to the Noteholders of Class C Notes, the accrued and unpaid
interest on the Class C Notes; provided that if there are not sufficient funds
available to pay the entire amount of the accrued and unpaid interest on the Class C
Notes, the amounts available shall be applied to the payment of such interest on the
Class C Notes on a pro rata basis; and

     (iv) fourth, to the Noteholders of Class D Notes, the accrued and unpaid
interest on the Class D Notes; provided that if there are not sufficient funds
available to pay the entire amount of the accrued and unpaid interest on the Class D
Notes, the amounts available shall be applied to the payment of such interest on the
Class D Notes on a pro rata basis.

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

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

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

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

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

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

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

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

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

     (v) fifth, to the Certificateholders, any amounts remaining in the Principal
Distribution Account.

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

     Section 8.04 Release of Trust Estate.

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

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

				 	
	 
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Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the
applicable requirements of Section 11.01.

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

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

ARTICLE IX.

SUPPLEMENTAL INDENTURES

     Section 9.01 Supplemental Indentures Without Consent of Noteholders.

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

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

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

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

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

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

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

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

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

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

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

     (i) change the date of payment of any installment of principal of or interest
on any Note, or reduce the principal amount thereof, the interest rate thereon or
the Redemption Price with respect thereto, change the provisions of this Indenture
relating to the application of collections on, or the proceeds of the sale of, the
Trust Estate to payment of principal of or interest on the Notes, or change any
place of payment where, or the coin or currency in which, any Note or the interest
thereon is payable, or impair the right to institute suit for the enforcement of the
provisions of this Indenture requiring the application of funds

 

				 	
	 
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available therefor, as provided in Article V, to the payment of any such amount
due on the Notes on or after the respective due dates thereof (or, in the case of
redemption, on or after the Redemption Date);

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

     (iii) modify or alter (x) the provisions of the proviso as to the definition of
the term “Outstanding” or (y) the definition of Controlling Class;

     (iv) reduce the percentage of the Outstanding Amount of the Notes or the
Controlling Class of Notes, as applicable, required to direct the Indenture Trustee
to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section
5.04;

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

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

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

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

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

     Section 9.03 Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article IX or the

 

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

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

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

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

ARTICLE X.

REDEMPTION OF NOTES

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

 

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

     All notices of redemption shall state:

	 	(a)	 	the Redemption Date;
	 
	 	(b)	 	the Redemption Price;
	 
	 	(c)	 	the place where such Notes are to be surrendered for payment of the Redemption Price
(which shall be the office or agency of the Issuer to be maintained as provided in Section
3.02); and
	 
	 	(d)	 	that interest on the Notes shall cease to accrue on the Redemption Date.

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

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

ARTICLE XI.

MISCELLANEOUS

     Section 11.01 Compliance Certificates and Opinions, etc.

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

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

 

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

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

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

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

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

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

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

     (iv) Other than with respect to the release of any Purchased Receivable, the
Issuer is required to furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of any signer thereof as to the matters described
in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an

 

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

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

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

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

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

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

 

					
	 
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however, be construed to affect the Indenture Trustee’s right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided in Article VI.

     Section 11.03 Acts of Noteholders.

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

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

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

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

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

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

          (b) the Issuer by the Indenture Trustee or by any Noteholder, shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to:
Hyundai Auto Receivables Trust 2005-A, in care of Wilmington Trust Company, as Owner Trustee,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, or at any other address previously furnished in writing to the
Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly transmit any notice
received by it from the Noteholders to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or
the Owner Trustee shall be in writing, personally delivered, electronically delivered or mailed

					
	 
	 	58
	 	(2005-A Indenture)

 

by certified mail, return receipt requested, to (i) in the case of Moody’s, at the following
address: Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York,
New York 10007; (ii) in the case of Standard & Poor’s, via electronic delivery to
Servicer_reports@sandp.com or at the following address: Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, Attention
of Asset Backed Surveillance Department; and (iii) in the case of Fitch, at the following address:
Fitch, Inc., One State Street Plaza, New York, New York 10004; or as to each of the foregoing, at
such other address as shall be designated by written notice to the other parties.

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

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

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

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

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

 

					
	 
	 	59
	 	(2005-A Indenture)

 

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

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

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

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

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

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

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

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

     Section 11.15 Trust Obligation. No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under this Indenture or any certificate or other writing delivered in connection herewith
or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer, including the Seller, or (iii) any partner,
owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the
Owner

 

					
	 
	 	60
	 	(2005-A Indenture)

 

Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or
the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in
their individual capacity). For all purposes of this Indenture, in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

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

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

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

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

     Section 11.19 Limitation of Liability. It is expressly understood and agreed by the
parties hereto that (a) this Indenture is executed and delivered by Wilmington Trust Company, not
individually or personally but solely as Owner Trustee of Hyundai Auto Receivables Trust 2005-A, in
the exercise of the powers and authority conferred and vested in it, (b) each of the
representations, undertakings and agreements herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by Wilmington Trust Company
but is made and intended for the purpose for binding only the Issuer, (c) nothing herein contained
shall be construed as creating any liability on Wilmington Trust Company individually or
personally, to perform any covenant either expressed or implied contained herein, all such

 

					
	 
	 	61
	 	(2005-A Indenture)

 

liability, if any, being expressly waived by the parties hereto and by any Person claiming by,
through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company
be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for
the breach or failure of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this Indenture or any other related documents.

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

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

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

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

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

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

          (f) The Contracts that constitute or evidence the Receivables do not have any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person
other than the Indenture Trustee, except for such marks or notations indicating that they have been
pledged, assigned or otherwise conveyed (i) to the Depositor or the Issuer in accordance with the
Basic Documents, (ii) pursuant to the Second Amended and Restated Receivables Purchase Agreement,
dated as of July 23, 2002, as amended, among the Seller, Hyundai BC Funding Corporation, Amsterdam
Funding Corporation, Asset One Securitization, LLC, Sheffield Receivables Corporation, Société
Générale, ABN AMRO Bank N.V. and Barclays Bank PLC and the Purchase and Sale Agreement dated as of
January 17, 2000, as amended between the Seller and Hyundai BC Funding Corporation or (iii) to
HMFC in accordance with Dealer Agreements. All financing statements filed or to be filed against
the Issuer in favor of the Indenture Trustee in connection with this Indenture describing the

 

					
	 
	 	62
	 	(2005-A Indenture)

 

Receivables contain a statement to the following effect: “A purchase of or security interest
in any collateral described in this financing statement, except as provided in the Indenture, will
violate the rights of the Indenture Trustee.”

 

					
	 
	 	63
	 	(2005-A Indenture)

 

 

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

	 	 	 	 	 	 	 
	 	 	HYUNDAI AUTO RECEIVABLES TRUST

2005-A
	 
	 	 	 	 	 	 
	 	 	By:	 	WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee under the

Trust Agreement
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ MICHELE C. HARRA 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Michele C. Harra
	 

	 	 	 	 	 	Title: Financial Services Officer

 

					
	 
	 	S-1
	 	(2005-A Indenture)

 

	 	 	 	 	 
	 	 	CITIBANK, N.A., not in its individual capacity but
solely as Indenture Trustee,
	 

	 	 	 	 
	 

	 	By:	 	/s/ KRISTEN DRISCOLL 
	 

	 	 	 	 
	 

	 	 	 	Name: Kristen Driscoll
	 

	 	 	 	Title: Vice President

 

					
	 
	 	S-2
	 	(2005-A Indenture)

 

	 	 	 	 	 
	STATE OF

	 	 	)	 
	 

	 	 	) ss.:	 
	COUNTY OF

	 	 	)	 

     BEFORE ME, the undersigned authority, a Notary Public in and for said county and state, on
this day personally appeared ______, a ______of Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee of Hyundai Auto Receivables Trust 2005-A, a
Delaware statutory trust (the “Trust”) known to me to be the person and officer whose name is
subscribed to the foregoing instrument and acknowledged to me that the same was the act of the said
Trust, and that s/he executed the same as the act of said statutory trust for the purpose and
consideration therein expressed, and in the capacities therein stated.

	 	 	 
	GIVEN UNDER MY HAND AND

SEAL OF OFFICE, this ___day of July 2005.

	 

	 
	 
	 

	Notary Public

	 	 	 	 
	My commission expires:
	 	 	 
	 

	 	 	 

 

					
	 
	 	S-3
	 	(2005-A Indenture)

 

	 	 	 	 	 
	STATE OF

	 	 	)	 
	 

	 	 	) ss.:	 
	COUNTY OF

	 	 	)	 

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

	 	 	 
	GIVEN UNDER MY HAND AND

	SEAL OF OFFICE, this ___day of July 2005.

	 

	 
	 
	 

	Notary Public

	 	 	 	 
	My commission expires:
	 	 	 
	 

	 	 	 

 

					
	 
	 	S-4
	 	(2005-A Indenture)

 

SCHEDULE A

Schedule of Receivables

[To be Delivered to the Trust at Closing]

					
	 
	 	Schedule A-1
	 	(2005-A Indenture)

 

 

EXHIBIT A-1

[FORM OF CLASS A-1 NOTE]

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

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

	 	 	 
	REGISTERED

	 	$169,000,000(1)
	No. R-                     

	 	CUSIP NO. 449182 BG 8

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

3.51438% ASSET BACKED NOTE, CLASS A-1

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of ONE HUNDRED SIXTY-NINE MILLION
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to
Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”), between the Issuer and
Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be due and
payable on the earlier of July 17, 2006 (the “Class A-1 Maturity Date”) and the Redemption Date, if
any, Pursuant to Article X of the Indenture. Capitalized terms used but not defined herein are
defined in the Indenture, which also contains rules as to construction that shall be applicable
herein.

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

 

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

 

					
	 
	 	A-1-1
	 	(2005-A Indenture)

 

previous Payment Date (or, in the case of the first Payment Date, from the Closing Date) to
but excluding the next Payment Date. Such principal of and interest on this Note shall be paid in
the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.51438%
Asset Backed Notes, Class A-1 (herein called the “Class A-1 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the
Indenture.

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

     Principal of the Class A-1 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the 15th day of each month, or, if any such
date is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

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

     Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be

					
	 	 	 	 	 
	 
	 	A-1-2
	 	(2005-A Indenture)

 

binding upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee in its individual capacity,
any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or
the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency,

 

					
	 
	 	A-1-3
	 	(2005-A Indenture)

 

loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the

 

					
	 
	 	A-1-4
	 	(2005-A Indenture)

 

Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

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

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

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

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

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

 

					
	 
	 	A-1-5
	 	(2005-A Indenture)

 

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

	 	 	 	 	 
	Date:

	 	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 
	 	 	 	 
	 

	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual

capacity but solely as Owner Trustee under the Trust

Agreement,
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	Date:

	 	 	 	CITIBANK, N.
A., not in its individual
	 

	 	 	 	capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

 

					
	 
	 	A-1-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer
I.D. or other identifying number of assignee: ______ FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(name and address of assignee)

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

Dated:                                          */

Signature Guaranteed:

 

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

	 	 	 	 	 
	 
	 	A-1-7
	 	(2005-A Indenture)

 

 

EXHIBIT A-2

[FORM OF CLASS A-2 NOTE]

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

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

	 	 	 
	REGISTERED

	 	$230,000,000(2)
	No. R-                     

	 	CUSIP NO. 449182 BH 6

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

3.88% ASSET BACKED NOTE, CLASS A-2

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the
laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TWO HUNDRED
THIRTY MILLION DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the Class A-2 Notes
pursuant to Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”),
between the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the
“Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of June 16, 2008 (the “Class A-2
Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture.
Capitalized terms used but not defined herein are defined in the Indenture, which also contains
rules as to construction that shall be applicable herein.

     The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the 15th day of the month preceding the month of such

 

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

 

					
	 
	 	A-2-1
	 	(2005-A Indenture)

 

     Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the 15th day of the month of such Payment Date. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.88%
Asset Backed Notes, Class A-2 (herein called the “Class A-2 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the
Indenture.

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

     Principal of the Class A-2 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the 15th day of each month, or, if any such
date is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

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

     Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be

 

					
	 
	 	A-2-2
	 	(2005-A Indenture)

 

submitted for notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding
upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record
Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New York.

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as

 

					
	 
	 	A-2-3
	 	(2005-A Indenture)

 

expressly provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified

 

					
	 
	 	A-2-4
	 	(2005-A Indenture)

 

percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to
amend or waive certain terms and conditions set forth in the Indenture without the consent of
Holders of the Notes issued thereunder.

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

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

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

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

 

					
	 
	 	A-2-5
	 	(2005-A Indenture)

 

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

	 	 	 	 	 
	Date:

	 	 
	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 
	 

	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the Trust
Agreement,
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	Date:	 	___________________	 	CITIBANK, N.A., not in its individual
capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

 

					
	 
	 	A-2-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer
I.D. or other identifying number of assignee: ______ FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(name and address of assignee)

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

Dated: ________________________ */

     Signature Guaranteed:

 

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

 

					
	 
	 	A-2-7
	 	(2005-A Indenture)

 

EXHIBIT A-3

[FORM OF CLASS A-3 NOTE]

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

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

	 	 	 
	REGISTERED

	 	$171,000,000(3)
	No. R-___

	 	CUSIP NO. 449182 BJ 2

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

3.98% ASSET BACKED NOTE, CLASS A-3

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises
to pay to Cede & Co. or registered assigns, the principal sum of ONE HUNDRED SEVENTY-ONE MILLION
DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to
Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”), between the Issuer and
Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of November 16, 2009 (the “Class A-3 Maturity Date”) and the
Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

     The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each

Payment Date from and including the 15th day of the month preceding the month of such

 

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

 

					
	 
	 	A-3-1
	 	(2005-A Indenture)

 

Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the 15th day of the month of such Payment Date. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 3.98 %
Asset Backed Notes, Class A-3 (herein called the “Class A-3 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all terms of the
Indenture.

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

     Principal of the Class A-3 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the 15th day of each month, or, if any such
date is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

     As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Class A-3 Maturity Date and the Redemption Date, if any, pursuant to Article
X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of
the Controlling Class of Notes may declare the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-3 Notes
shall be made pro rata to the Class A-3 Noteholders entitled thereto. Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date, except that with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to
the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto
at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more

 

					
	 
	 	A-3-2
	 	(2005-A Indenture)

 

Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all
future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date
preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New York.

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency,

 

					
	 
	 	A-3-3
	 	(2005-A Indenture)

 

loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the

 

					
	 
	 	A-3-4
	 	(2005-A Indenture)

 

 

Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

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

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

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

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

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

					
	 	 	 	 	 
	 
	 	A-3-5
	 	(2005-A Indenture)

 

 

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

	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	CITIBANK, N.A., not in its individual
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Signatory

					
	 	 	 	 	 
	 
	 	A-3-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:                                                              FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	*/
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signature Guaranteed:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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

					
	 	 	 	 	 
	 
	 	A-3-7
	 	(2005-A Indenture)

 

 

EXHIBIT A-4

[FORM OF CLASS A-4 NOTE]

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

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

			
	 	 	 
	REGISTERED
	 	$110,300,000(4)
	No. R-                    
	 	CUSIP NO. 449182 BK 9

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

4.18% ASSET BACKED NOTE, CLASS A-4

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of ONE HUNDRED TEN MILLION
THREE HUNDRED THOUSAND DOLLARS, payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-4
Notes pursuant to Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”),
between the Issuer and Citibank, N.A., a national banking association, as Indenture Trustee (the
“Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of February 15, 2012 (the “Class
A-4 Maturity Date”) and the Redemption Date, if any, pursuant to Article X of the Indenture.
Capitalized terms used but not defined herein are defined in the Indenture, which also contains
rules as to construction that shall be applicable herein.

     The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the 15th day of the month preceding the month of such

 

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

					
	 	 	 	 	 
	 
	 	A-4-1
	 	(2005-A Indenture)

 

 

Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the 15th day of the month of such Payment Date. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 4.18%
Asset Backed Notes, Class A-4 (herein called the “Class A-4 Notes”), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the
Indenture.

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

     Principal of the Class A-4 Notes will be payable on each Payment Date in an amount described
on the face hereof. “Payment Date” means the 15th day of each month, or, if any such
date is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

     As described above, the entire unpaid principal amount of this Note shall be due and payable
on the earlier of the Class A-4 Maturity Date and the Redemption Date, if any, pursuant to Article
X of the Indenture. Notwithstanding the foregoing, if an Event of Default occurs, the Indenture
Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of
the Controlling Class of Notes may declare the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-4 Notes
shall be made pro rata to the Class A-4 Noteholders entitled thereto.

     Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be

					
	 	 	 	 	 
	 
	 	A-4-2
	 	(2005-A Indenture)

 

 

submitted for notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) effected by any payments made on any Payment Date shall be
binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected
to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on
behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record
Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such Payment
Date, and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New York.

     The Issuer shall pay interest on overdue installments of interest at the Class A-4 Rate to the
extent lawful.

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as

					
	 	 	 	 	 
	 
	 	A-4-3
	 	(2005-A Indenture)

 

 

expressly provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss
or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified

					
	 	 	 	 	 
	 
	 	A-4-4
	 	(2005-A Indenture)

 

 

percentages of the Outstanding Amount of the Controlling Class of Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of
such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to
amend or waive certain terms and conditions set forth in the Indenture without the consent of
Holders of the Notes issued thereunder.

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

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

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

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

					
	 	 	 	 	 
	 
	 	A-4-5
	 	(2005-A Indenture)

 

 

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

	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	CITIBANK, N.A., not in its individual
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Signatory

					
	 	 	 	 	 
	 
	 	A-4-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:                                                              FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

(name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	*/
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signature Guaranteed:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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

					
	 	 	 	 	 
	 
	 	A-4-7
	 	(2005-A Indenture)

 

 

EXHIBIT B

[FORM OF CLASS B NOTE]

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

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

			
	 	 	 
	REGISTERED
	 	$31,900,000(5)
	No. R-                    
	 	CUSIP NO. 449182 BL 7

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

4.20% ASSET BACKED NOTE, CLASS B

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of THIRTY-ONE MILLION NINE HUNDRED
THOUSAND DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class B Notes pursuant to
Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”), between the Issuer and
Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of February 15, 2012 (the “Class B Maturity Date”) and the
Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

     The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the 15th day of the month preceding the month of such

 

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

					
	 	 	 	 	 
	 
	 	B-1
	 	(2005-A Indenture)

 

 

Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the 15th day of the month of such Payment Date. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 4.20%
Asset Backed Notes, Class B (herein called the “Class B Notes”), all issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class B Notes are subject to all terms of the Indenture.

     The Class B Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class B Notes are subordinated in right of payment to the Class A
Notes and are senior in right of payment to the Class C Notes and the Class D Notes, to the extent
provided in the Indenture.

     Principal of the Class B Notes will be payable on each Payment Date in an amount described on
the face hereof. “Payment Date” means the 15th day of each month, or, if any such date
is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

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

     Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be

					
	 	 	 	 	 
	 
	 	B-2
	 	(2005-A Indenture)

 

 

binding upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the
Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency,

					
	 	 	 	 	 
	 
	 	B-3
	 	(2005-A Indenture)

 

 

loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the

					
	 	 	 	 	 
	 
	 	B-4
	 	(2005-A Indenture)

 

 

Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

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

     The Notes are issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations therein set forth. This Note and the Indenture shall be construed
in accordance with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

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

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

					
	 	 	 	 	 
	 
	 	B-5
	 	(2005-A Indenture)

 

 

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

	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	CITIBANK, N.A., not in its individual
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Signatory

					
	 	 	 	 	 
	 
	 	B-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:                                                              FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

                  (name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	*/
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signature Guaranteed:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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

					
	 	 	 	 	 
	 
	 	B-7
	 	(2005-A Indenture)

 

 

EXHIBIT C

[FORM OF CLASS C NOTE]

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

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

			
	 	 	 
	REGISTERED
	 	$27,900,000(6)
	No. R-                    
	 	CUSIP NO. 449182 BM 5

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

4.22% ASSET BACKED NOTE, CLASS C

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of TWENTY-SEVEN MILLION NINE HUNDRED
THOUSAND DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class C Notes pursuant to
Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”), between the Issuer and
Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of February 15, 2012 (the “Class C Maturity Date”) and the
Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

     The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the 15th day of the month preceding the month of such

 

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

					
	 	 	 	 	 
	 
	 	C-1
	 	(2005-A Indenture)

 

 

Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the 15th day of the month of such Payment Date. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 4.22%
Asset Backed Notes, Class C (herein called the “Class C Notes”), all issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class C Notes are subject to all terms of the Indenture.

     The Class C Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class C Notes are subordinated in right of payment to the Class A
Notes and the Class B Notes and are senior in right of payment to the Class D Notes, to the extent
provided in the Indenture.

     Principal of the Class C Notes will be payable on each Payment Date in an amount described on
the face hereof. “Payment Date” means the 15th day of each month, or, if any such date
is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

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

     Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be

					
	 	 	 	 	 
	 
	 	C-2
	 	(2005-A Indenture)

 

 

binding upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining
unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the
Record Date preceding such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office
of the Indenture Trustee’s agent appointed for such purposes located in The City of New York.

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

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

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Seller, the Servicer, the Indenture Trustee or the Owner
Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer,
including the Seller or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Seller, the Servicer, Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. Each Noteholder or Note Owner, by its acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture,
the Noteholder shall have no claim against any of the foregoing for any deficiency,

					
	 	 	 	 	 
	 
	 	C-3
	 	(2005-A Indenture)

 

 

loss or claim therefrom; provided, however, that nothing contained herein
shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the

					
	 	 	 	 	 
	 
	 	C-4
	 	(2005-A Indenture)

 

 

Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture. The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

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

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

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

					
	 	 	 	 	 
	 
	 	C-5
	 	(2005-A Indenture)

 

 

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

	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	CITIBANK, N.A., not in its individual
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Signatory

					
	 	 	 	 	 
	 
	 	C-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:                                                              FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

                    (name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	*/
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signature Guaranteed:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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

					
	 	 	 	 	 
	 
	 	C-7
	 	(2005-A Indenture)

 

 

EXHIBIT D

[FORM OF CLASS D NOTE]

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

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

			
	 	 	 
	REGISTERED
	 	$33,900,000(7)
	No. R-                    
	 	CUSIP NO. 449182 BN 3

HYUNDAI AUTO RECEIVABLES TRUST 2005-A

4.45% ASSET BACKED NOTE, CLASS D

     HYUNDAI AUTO RECEIVABLES TRUST 2005-A, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises
to pay to Cede & Co., or registered assigns, the principal sum of THIRTY-THREE MILLION NINE HUNDRED
THOUSAND DOLLARS, payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class D Notes pursuant to
Section 3.01 of the Indenture dated as of July 8, 2005 (the “Indenture”), between the Issuer and
Citibank, N.A., a national banking association, as Indenture Trustee (the “Indenture Trustee”);
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of February 15, 2012 (the “Class D Maturity Date”) and the
Redemption Date, if any, pursuant to Article X of the Indenture. Capitalized terms used but not
defined herein are defined in the Indenture, which also contains rules as to construction that
shall be applicable herein.

     The Issuer will pay interest on this Note at the rate per annum set forth above, on each
Payment Date until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained
in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the 15th day of the month preceding the month of such

 

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

					
	 	 	 	 	 
	 
	 	D-1
	 	(2005-A Indenture)

 

 

Payment Date (or, in the case of the first Payment Date, from the Closing Date) to but
excluding the 15th day of the month of such Payment Date. Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on
this Note shall be paid in the manner specified herein.

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

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

     This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 4.45%
Asset Backed Notes, Class D (herein called the “Class D Notes”), all issued under the Indenture, to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Holders of the Notes. The Class D Notes are subject to all terms of the Indenture.

     The Class D Notes are and will be secured by the collateral pledged as security therefor as
provided in the Indenture. The Class D Notes are subordinated in right of payment to the Class A
Notes, the Class B Notes and the Class C Notes, to the extent provided in the Indenture.

     Principal of the Class D Notes will be payable on each Payment Date in an amount described on
the face hereof. “Payment Date” means the 15th day of each month, or, if any such date
is not a Business Day, the next succeeding Business Day, commencing August 15, 2005.

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

     Payments of interest on this Note due and payable on each Payment Date, together with the
installment of principal, if any, to the extent not in full payment of this Note, shall be made by
check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed
to the Person entitled thereto at the address of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes)
effected by any payments made on any Payment Date shall be binding upon all future Holders of this
Note and of any Note issued upon the registration of

					
	 	 	 	 	 
	 
	 	D-2
	 	(2005-A Indenture)

 

 

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds
are expected to be available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust
Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in The
City of New York.

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

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

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

					
	 	 	 	 	 
	 
	 	D-3
	 	(2005-A Indenture)

 

 

prevent recourse to, and enforcement against, the assets of the Issuer for any and all
liabilities, obligations and undertakings contained in the Indenture or in this Note.

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Issuer and the rights of the Holders of the
Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes or the
Controlling Class of Notes, as applicable, representing a majority of the Outstanding Amount of all
Notes or Controlling Class of Notes at the time Outstanding. The Indenture also contains provisions
permitting Holders of Notes representing specified percentages of the Outstanding Amount of the
Controlling Class of Notes, on behalf of the Holders of all the Notes, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent

					
	 	 	 	 	 
	 
	 	D-4
	 	(2005-A Indenture)

 

 

or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without
the consent of Holders of the Notes issued thereunder.

     The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture. The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

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

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

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

					
	 	 	 	 	 
	 
	 	D-5
	 	(2005-A Indenture)

 

 

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

	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	HYUNDAI AUTO RECEIVABLES TRUST 2005-A
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement,
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Authorized Signatory

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 	 	 
	Date:	 	 	 	 	 	CITIBANK, N.A., not in its individual
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	capacity but solely as Indenture Trustee,
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Authorized Signatory

					
	 	 	 	 	 
	 
	 	D-6
	 	(2005-A Indenture)

 

 

ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:                                                              FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

                   (name and address of assignee)

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	*/
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Signature Guaranteed:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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

					
	 	 	 	 	 
	 
	 	D-7
	 	(2005-A Indenture)

 

 

EXHIBIT E

FORM OF NOTE DEPOSITORY AGREEMENT

(Letter of Representations)

					
	 	 	 	 	 
	 
	 	E-1
	 	(2005-A Indenture)

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