Document:

EXHIBIT
4.8

    

    EAGLEFORD
ENERGY INC.

    

    2010 AMENDED STOCK OPTION
PLAN

    

    THIS AMENDED PLAN was approved and
adopted on January 9, 2010 by the Board of Directors of the Corporation and
ratified on February 9, 2010 by the shareholders of the
Corporation.

    

    ARTICLE
I

    DEFINITIONS
AND INTERPRETATION

    

    1.1                      Definitions.  Where
used in this Plan, unless there is something in the subject matter or context
inconsistent therewith, the following terms will have the meanings set forth
below:

    

    
      	
               
      

            	
              (a)

            	
              "Administrator" means,
      initially, the President or Secretary of the Corporation and thereafter
      will mean such director or other senior officer or employee of the
      Corporation or a duly appointed committee thereof as may be designated as
      Administrator by the Board from time to
time.

            

    

    

    
      	
               
      

            	
              (b)

            	
              "associate" has the
      meaning ascribed to it in Section 1(1) of the Securities
    Act.

            

    

    

    
      	
               
      

            	
              (c)

            	
              "Board" means the board
      of directors of the Corporation, or any duly appointed committee thereof
      to which the board of directors of the Corporation has delegated the power
      to administer and grant Options under this Plan, as constituted from time
      to time.

            

    

    

    
      	
               
      

            	
              (d)

            	
              "cause" means, with
      respect to a particular Employee:

            

    

    

    
      	
               
      

            	
              (i)

            	
              "cause"
      as such term is defined in the written employment agreement between the
      Corporation and the Employee; or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              in
      the event there is no written employment agreement between the Corporation
      and the Employee or "cause" is not defined in the written employment
      agreement between the Corporation and the Employee, the usual meaning of
      cause under the laws of the Province of
Ontario.

            

    

    

    
      	
               
      

            	
              (e)

            	
              "Company" unless
      specifically indicated otherwise, means a corporation, incorporated
      association or organization, body corporate, partnership, trust,
      association, or other entity other than an
  individual.

            

    

    

    
      	
               
      

            	
              (f)

            	
              "Consultant" means a
      person, other than an Employee or Director of the Corporation, or a
      Company, who:

            

    

    

    
      	
               
      

            	
              (i)

            	
              provides
      on a bona fide
      basis consulting, technical, management or other services to the
      Corporation or a Subsidiary of the Corporation under a written
      contract;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              possesses
      technical, business, management or other expertise of value to the
      Corporation or a Subsidiary of the
Corporation;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              in
      the reasonable opinion of the Corporation, spends or will spend a
      significant amount of time and attention on the business and affairs of
      the Corporation or a Subsidiary of the Corporation;
  and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              has
      a relationship with the Corporation or a Subsidiary of the Corporation
      that enables the individual to be knowledgeable about the business and
      affairs of the Corporation.

            

    

    

    
      	
               
      

            	
              (g)

            	
              "Corporation" means
      Eagleford Energy Inc., and includes any successor corporation
      thereto.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (h)

            	
              "Director" means a
      director or senior officer of the Corporation or a Subsidiary of the
      Corporation to whom stock options may be granted in reliance on a
      prospectus exemption under applicable Securities
  Laws.

            

    

    

    
      	
               
      

            	
              (i)

            	
              "disinterested Shareholder
      approval" means approval by a majority of the votes cast by all
      shareholders of the Corporation at a duly called and held meeting of
      shareholders of the Corporation, excluding votes attaching to Shares
      beneficially owned by:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Insiders
      to whom Options may be granted under this Plan;
  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              associates
      of Insiders referred to in Section 1.1(i)(i)
  above.

            

    

    

    
      	
               
      

            	
              (j)

            	
              "Effective Date" means
      the effective date of this Plan being February 9,
  2010.

            

    

    

    
      	
               
      

            	
              (k)

            	
              "Employee" means an
      individual who:

            

    

    

    
      	
               
      

            	
              (i)

            	
              is
      considered an employee of the Corporation or a Subsidiary of the
      Corporation under the Income Tax Act (Canada)
      (i.e., for whom income tax, employment insurance and CPP deductions must
      be made at source); or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              works
      full-time for the Corporation or a Subsidiary of the Corporation providing
      services normally provided by an employee and who is subject to the same
      control and direction by the Corporation or a Subsidiary of the
      Corporation over the details and methods of work as an employee of the
      Corporation, but for whom income tax deductions are not made at source;
      or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              works
      for the Corporation or a Subsidiary of the Corporation on a continuing and
      regular basis for a minimum amount of time per week providing services
      normally provided by an employee and who is subject to the same control
      and direction by the Corporation or a Subsidiary of the Corporation over
      the details and methods of work as an employee of the Corporation, but for
      whom income tax deductions are not made at
  source.

            

    

    

    
      	
               
      

            	
              (l)

            	
              "Exchange" means where
      the context permits, any exchange on which the Shares are or may be listed
      from time to time.

            

    

    

    
      	
               
      

            	
              (m)

            	
              "Exercise Notice" means
      the notice respecting the exercise of an Option, in the form set out in
      Exhibit "I" of the Option Agreement, duly executed by the Option
      Holder.

            

    

    

    
      	
               
      

            	
              (n)

            	
              "Exercise Period" means
      the period during which a particular Option may be exercised and, subject
      to earlier termination in accordance with the terms hereof, is the period
      from and including the Grant Date through to and including the Expiry
      Date.

            

    

    

    
      	
               
      

            	
              (o)

            	
              "Exercise Price" means
      the price per Share at which Shares may be purchased under an Option duly
      granted under this Plan, as determined in accordance with Section 3.5 of
      this Plan and, if applicable, adjusted in accordance with Section 3.8 of
      this Plan.

            

    

    

    
      	
               
      

            	
              (p)

            	
              "Expiry Date" means the
      date determined in accordance with Section 3.3 of this Plan and after
      which a particular Option cannot be exercised and is deemed to be null and
      void and of no further force or
effect.

            

    

    

    
      	
               
      

            	
              (q)

            	
              "Grant Date" means the
      date on which the Board grants a particular
  Option.

            

    

    

    
      	
               
      

            	
              (r)

            	
              "Insider"
      means:

            

    

    

    
      	
               
      

            	
              (i)

            	
              an
      Insider as defined in Section 1(1) of the Securities Act, other than a
      person who falls within that definition solely by virtue of being a
      director or senior officer of a Subsidiary;
or

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      associate of an Insider, a director or senior officer of a Company that is
      an Insider or Subsidiary of the
Corporation.

            

    

    

    
      	
               
      

            	
              (s)

            	
              "Limit" shall have the
      meaning ascribed thereto in Section 3.2 of this
  Plan.

            

    

    

    
      	
               
      

            	
              (t)

            	
              "Market Price" at any
      date in respect of the Shares shall be the closing price of such Shares on
      any Exchange (and if listed on more than one Exchange, then the highest of
      such closing prices) on the last Business Day prior to the Grant Date (or,
      if such Shares are not then listed and posted for trading on the Exchange,
      on such stock exchange on which the Shares are listed and posted for
      trading as may be selected for such purpose by the Board). In the event
      that such Shares did not trade on such Business Day, the Market Price
      shall be the average of the bid and asked prices in respect of such Shares
      at the close of trading on such date. In the event that such Shares are
      not listed and posted for trading on any stock exchange, the Market Price
      shall be the fair market value of such Shares as determined by the Board
      in its sole discretion;

            

    

    

    
      	
               
      

            	
              (u)

            	
              "OBCA" means the Ontario Business Corporations
      Act, as amended, or such other successor legislation which may be
      enacted, from time to time.

            

    

    

    
      	
               
      

            	
              (v)

            	
              "Option" means an option
      to acquire Shares granted to a Director, Employee or Consultant pursuant
      to this Plan.

            

    

    

    
      	
               
      

            	
              (w)

            	
              "Option Agreement" means
      an agreement, in the form substantially similar as that set out in
      Schedule "A" hereto, evidencing an Option granted under this
      Plan.

            

    

    

    
      	
               
      

            	
              (x)

            	
              "Option Holder" means a
      Director, Employee or Consultant or former Director, Employee or
      Consultant, to whom an Option has been granted and who continues to hold
      an unexercised and unexpired Option or, where applicable, the Personal
      Representative of such person.

            

    

    

    
      	
               
      

            	
              (y)

            	
              "Plan" means this stock
      option plan as may be amended from time to
time.

            

    

    

    
      	
               
      

            	
              (z)

            	
              "person" means a Company
      or an individual.

            

    

    

    
      	
               
      

            	
              (aa)

            	
              "Personal Representative"
      means:

            

    

    

    
      	
               
      

            	
              (i)

            	
              in
      the case of a deceased Option Holder, the executor or administrator of the
      deceased duly appointed by a court or public authority having jurisdiction
      to do so; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              in
      the case of an Option Holder who, for any reason, is unable to manage his
      or her affairs, the individual entitled by law to act on behalf of such
      Option Holder.

            

    

    

    
      	
               
      

            	
              (bb)

            	
              "Regulatory Authorities"
      means the Exchange and any other organized trading facilities on which the
      Corporation's Shares are listed and all securities commissions or similar
      securities regulatory bodies having jurisdiction over the
      Corporation.

            

    

    

    
      	
               
      

            	
              (cc)

            	
              "Re-Organization Event"
      has the meaning given in Section 3.8 of this
  Plan.

            

    

    

    
      	
               
      

            	
              (dd)

            	
              "Securities Act" means
      the Securities
      Act (Ontario), as amended, or such other successor legislation as
      may be enacted, from time to time.

            

    

    

    
      	
               
      

            	
              (ee)

            	
              "Securities Laws" means
      securities legislation, securities regulation and securities rules, as
      amended, and the policies, notices, instruments and blanket orders in
      force from time to time that govern or are applicable to the Corporation
      or to which it is subject, including, without limitation, the Securities
      Act.

            

    

    

    
      	
               
      

            	
              (ff)

            	
              "Share" or "Shares" means, as the
      case may be, one (1) or more common shares without par value in the
      capital stock of the Corporation as constituted on the Effective Date or,
      in the event of an adjustment contemplated by Section 3.8 of this Plan,
      such other shares or securities to which an Option Holder may be entitled
      upon the due exercise of an Option as a result of such
      adjustment.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (gg)

            	
              "Share Compensation
      Arrangement" means a stock option, stock option plan, employee
      stock purchase plan or any other compensation or incentive mechanism of
      the Corporation involving the issuance or potential issuance of Shares to
      one or more Directors, Employees or Consultants, including a share
      purchase from treasury which is financially assisted by the Corporation by
      way of a loan, guarantee or
otherwise.

            

    

    

    
      	
               
      

            	
              (hh)

            	
              "Subsidiary" means a
      subsidiary as interpreted in the
OBCA.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              "Termination Date"
      means:

            

    

    

    
      	
               
      

            	
              (i)

            	
              in
      the case of the resignation of the Option Holder as an Employee of the
      Corporation, the date that the Option Holder provides notice of his or her
      resignation as an Employee of the Corporation to the Corporation;
      or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              in
      the case of the termination of the Option Holder as an Employee of the
      Corporation by the Corporation for any reason other than death, the
      effective date of termination set out in the Corporation's notice of
      termination of the Option Holder as an Employee of the Corporation to the
      Option Holder; or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              in
      the case of the termination of the written contract of the Option Holder
      to provide consulting services to the Corporation, the effective date of
      termination set out in any notice provided by one of the parties to the
      written contract to the other party;
or

            

    

    

    
      	
               
      

            	
              (iv)

            	
              the
      effective date of termination of a Director, Employee or Consultant
      pursuant to an order made by any Regulatory Authority having jurisdiction
      to so order.

            

    

    

    1.2                      Choice of Law.  This
Plan is established under and the provisions of this Plan will be subject to and
interpreted and construed in accordance with the laws of the Province of
Ontario.

    

    1.3                      Headings.  The
headings used herein are for convenience only and are not to affect the
interpretation of this Plan.

    

    ARTICLE
II

    PURPOSE
AND PARTICIPATION

    

    2.1                      Purpose.  The
purpose of this Plan is to provide the Corporation with a share-related
mechanism to attract, retain and motivate qualified Directors, Employees and
Consultants, to reward such of those Directors, Employees and Consultants as may
be granted Options under this Plan by the Board from time to time for their
contributions toward the long term goals and success of the Corporation and to
enable and encourage such Directors, Employees and Consultants to acquire Shares
as long term investments and proprietary interests in the
Corporation.

    

    2.2                      Participation.  The
Board will, from time to time and in its sole discretion, determine those
Directors, Employees, Consultants (and, when applicable, to a Company wholly
owned by any such Director, Employee or Consultant), if any, to whom Options are
to be granted.  The Board may only grant options to an Employee or
Consultant if such Employee or Consultant is a bona fide Employee or
Consultant of the Corporation or a Subsidiary of the Corporation, as the case
may be.  The Board may, in its sole discretion, grant the majority of
the Options to Insiders of the Corporation.  However, in no case will
the grant of Options under this Plan, together with any proposed or previously
existing Share Compensation Arrangement, result in (in each case, as determined
on the Grant Date):

    

    
      	
               
      

            	
              (a)

            	
              the
      number of Shares reserved for issuance pursuant to stock options granted
      to Insiders exceeding ten
      percent (5%) of the
      Corporation's issued and outstanding Shares (on a non-diluted
      basis);

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      grant to Insiders, within any twelve (12) month period, of Options
      reserving for issuance a number of Shares exceeding in the aggregate ten percent (5%) of the
      Corporation's issued and outstanding Shares (on a non-diluted
      basis);

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (c)

            	
              the
      grant to any one (1) Insider, and such Insider's associates, within any
      twelve (12) month period, Options reserving for issuance a number of
      Shares exceeding in the aggregate five percent (5%) of the
      Corporation's issued and outstanding Shares (on a non-diluted basis);
      or

            

    

    

    
      	
               
      

            	
              (d)

            	
              the number of Shares reserved
      for issuance pursuant to stock options granted to any one (1) person
      exceeding in the aggregate five percent (5%) of the Corporation's issued
      and outstanding Shares (on a non-diluted
  basis).

            

    

    

    Any
entitlement to acquire Shares granted pursuant to this Plan or any other Share
Compensation Agreement prior to the Optionee becoming an Insider shall be
excluded for the purposes of calculating the limits set out in Subsections
2.2(a), (b) and (c), above.

    

    2.3                      Notification of
Grant.  Following the approval by the Board of the granting of
an Option, the Administrator will notify the Option Holder in writing of the
award and will enclose with such notice the Option Agreement representing the
Option so granted.

    

    2.4                      Copy of Plan.  Each
Option Holder, concurrently with the notice of the award of the Option, will,
upon written request, be provided with a copy of this Plan, and a copy of any
amendment to this Plan will be promptly provided by the Administrator to each
Option Holder.

    

    2.5                      Limitation.  This
Plan does not give any Option Holder that is a Director the right to serve or
continue to serve as a Director of the Corporation, does not give any Option
Holder that is an Employee the right to be or to continue to be employed by the
Corporation and does not give any Option Holder that is a Consultant the right
to be or continue to be retained or engaged by the Corporation as a consultant
for the Corporation.

    

    ARTICLE
III

    TERMS
AND CONDITIONS OF OPTIONS

    

    3.1                      Board to Issue
Shares.  The Shares to be issued to Option Holders upon the
exercise of Options will be previously authorized but unissued Shares in the
capital stock of the Corporation.

    

    3.2                      Number of Shares
Reserved.  Subject to adjustment as provided for in Section 3.8
of this Plan and any subsequent amendment to this Plan, the number of Shares
reserved for issuance and which will be available for purchase pursuant to
Options granted under this Plan shall not exceed 4,846,520 Shares (the "Limit"), being 20% of the
total issued and outstanding on the date of approval of the Plan.  If
any Option expires or otherwise terminates for any reason without having been
exercised in full, the number of Shares in respect of which Option expired or
terminated, as the case may be, shall not be counted towards the Limit, and will
again be available for the purposes of this Plan.

    

    3.3                      Term of
Option.  Subject to Section 3.4, the Expiry Date of an Option
will be the date so fixed by the Board at the time the particular Option is
granted, provided that such date will be no later than the fifth (5th)
anniversary of the Grant Date of such Option.

    

    3.4                      Termination of
Option.  Subject to such other terms or conditions that may be
attached to Options granted hereunder, an Option Holder may exercise an Option
in whole or in part at any time or from time to time during the Exercise
Period.  Any Option or part thereof not exercised within the Exercise
Period will terminate and become null, void and of no effect as of 5:00 p.m.
(Toronto time) on the Expiry Date.  The Expiry Date of an Option will
be the earlier
of the date so fixed by the Board at the time the Option is granted and the date
established, if applicable, in subsections (a) to (c) below:

    

    
      	
               
      

            	
              (a)

            	
              Death of Option
      Holder

            

    

    

    In the
event that the Option Holder should die while he or she is still a Director (if
he or she holds his or her Option as a Director), an Employee (if he or she
holds his or her Option as an Employee) or a Consultant (if he or she holds his
or her Option as a Consultant), the Expiry Date will be the first anniversary of
the Option Holder's date of death.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              Ceasing to Hold
      Office

            

    

    

    In the
event that the Option Holder holds his or her Option as a Director of the
Corporation and such Option Holder ceases to be a Director of the Corporation
other than by reason of death, the Expiry Date of the Option will not exceed the
ninetieth (90th) day
following the date the Option Holder ceases to be a Director of the Corporation
unless the Option Holder ceases to be a Director of the Corporation as a result
of:

    

    
      	
               
      

            	
              (i)

            	
              ceasing
      to meet the qualifications of a director set forth in the OBCA;
      or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              an
      ordinary resolution having been passed by the shareholders of the
      Corporation pursuant to subsection 122 of the OBCA;
  or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              an
      order made by any Regulatory Authority having jurisdiction to so
      order,

            

    

    

    in which
case the Expiry Date will be the date the Option Holder ceases to be a Director
of the Corporation.

    

    
      	
               
      

            	
              (c)

            	
              Ceasing to be an
      Employee or Consultant

            

    

    

    In the
event that the Option Holder holds his or her Option as an Employee or
Consultant of the Corporation and such Option Holder ceases to be an Employee or
Consultant of the Corporation other than by reason of death, the Expiry Date of
the Option will not exceed the ninetieth (90th) day
following the Termination Date unless the Option Holder ceases to
be:

    

    
      	
               
      

            	
              (i)

            	
              an
      Employee of the Corporation as a result of termination for Cause;
      or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              an
      Employee or Consultant of the Corporation as a result of an order made by
      any Regulatory Authority having jurisdiction to so
  order,

            

    

    

    in which
case the Expiry Date will be the Termination Date.

    

    
      	
               
      

            	
              (d)

            	
              Bankruptcy

            

    

    

    In the
event that an Option Holder commits an act of bankruptcy or any proceeding is
commenced against an Option Holder under the Bankruptcy and Insolvency Act
(Canada) or other applicable bankruptcy or insolvency legislation in force at
the time of such bankruptcy or insolvency and such proceeding remains
undismissed for a period of thirty (30) days, no Option held by such Option
Holder may be exercised following the date on which such Option Holder commits
such act of bankruptcy or such proceeding remains undismissed, as the case may
be.

    

    Notwithstanding
anything contained in this Plan, in no case will an Option be exercisable after
the tenth (10th)
anniversary of the Grant Date of the Option.

    

    3.5                      Exercise Price.  The
price at which an Option Holder may purchase a Share upon the exercise of an
Option (the "Exercise
Price") will be determined by the Board and set forth in the Option
Agreement issued in respect of such Option and, in any event, will not be less
than the Market Price of the Corporation's Shares calculated as of the Grant
Date.  Notwithstanding anything else contained in this Plan, in no
case will the Market Price be less than the minimum prescribed by each of the
organized trading facilities as would apply to the Grant Date in
question.

    

    3.6                      Additional
Terms.  Subject to all applicable Securities Laws of all
applicable Regulatory Authorities, the Board may attach other terms and
conditions to the grant of a particular Option, such terms and conditions to be
referred to in the Option Agreement at the time of grant.  These terms
and conditions may include, but are not necessarily limited to, the
following:

    

    
      	
               
      

            	
              (a)

            	
              providing
      that an Option expires on a date other than as provided for
      herein;

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              providing
      that a portion or portions of an Option vest after certain periods of time
      or upon the occurrence of certain events, or expire after certain periods
      of time or upon the occurrence of certain
  events;

            

    

    

    
      	
               
      

            	
              (c)

            	
              providing
      that an Option be exercisable immediately, in full, notwithstanding that
      it has vesting provisions, upon the occurrence of certain events, such as
      a friendly or hostile take-over bid for the Corporation;
    and

            

    

    

    
      	
               
      

            	
              (d)

            	
              providing
      that an Option issued to, held by or exercised by an Option Holder who is
      a citizen or resident of the United States of America, and otherwise
      meeting the statutory requirements, be treated as an "Incentive Stock
      Option" as that term is defined for purposes of the United States of
      America Internal Revenue Code of 1986, as
  amended.

            

    

    

    3.7                      Non-Transferability of
Options.  The Options granted hereunder are not assignable,
transferable or negotiable (whether by operation of law or otherwise) and may
not be assigned or transferred, provided however that the Personal
Representative of an Option Holder may, to the extent permitted by Section 4.1
of this Plan, exercise the Option within the Exercise Period.  Upon
any attempt to assign, transfer, negotiate, pledge, hypothecate or otherwise
dispose of or transfer an Option contrary to this Section 3.7 of this Plan, or
upon the levy of any attachment or similar process upon an Option, the Option
and all rights, benefits and privileges arising thereunder or therefrom, at the
sole discretion and election of the Corporation, shall cease and terminate and
be of no further force or affect whatsoever.

    

    3.8                      Adjustments.  If,
prior to the complete exercise of an Option, the Shares are consolidated,
subdivided, converted, exchanged or reclassified or in any way substituted for
(collectively, a "Re-Organization Event"), an
Option, to the extent that it has not been exercised, will be adjusted by the
Board in accordance with such Re-Organization Event in the manner the Board
deems appropriate.  No fractional Shares will be issued upon the
exercise of the Options and accordingly, if as a result of the Re-Organization
Event, an Option Holder would become entitled to a fractional Share, such Option
Holder will have the right to purchase only the next lowest whole number of
Shares and no payment or other adjustment will be made with respect to the
fractional interest so disregarded.

    

    3.9                      No Rights as
Shareholders.  An Option Holder shall not have any rights as a
shareholder of the Corporation with respect to any of the Shares covered by such
Option until the date of issuance of a certificate for Shares upon the due
exercise of such Option, in full or in part, and then only with respect to the
Shares represented by such certificate or certificates.  Without in
any way limiting the generality of the foregoing, no adjustment shall be made
for dividends or other rights for which the record date is prior to the date
such share certificate is issued.

    

    ARTICLE
IV

    EXERCISE
OF OPTION

    

    4.1                      Exercise of
Option.  An Option may be exercised only by the Option Holder
or the Personal Representative of the Option Holder.  Subject to the
provisions of this Plan, an Option Holder or the Personal Representative of an
Option Holder may exercise an Option in whole or in part at any time or from
time to time during the Exercise Period up to 5:00 p.m. (Toronto time) on the
Expiry Date by delivering to the Administrator an Exercise Notice, the
applicable Option Agreement and a certified cheque or bank draft payable to
"Eagleford Energy
Inc. " in an amount equal to the aggregate Exercise Price of the
Shares to be purchased pursuant to the exercise of the Option.

    

    4.2                      Issue of Share
Certificates.  As soon as practicable following the receipt of
the Exercise Notice and the certified cheque or bank draft referred to in
Section 4.1, the Administrator will cause to be delivered to the Option Holder a
certificate for the Shares so purchased.  If the number of Shares so
purchased is less than the number of Shares subject to the Option Agreement, the
Option Holder will surrender the Option Agreement to the Corporation and the
Administrator will forward a new Option Agreement to the Option Holder
concurrently with delivery of the Share certificate for the balance of Shares
available under the Option.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    4.3                      Condition of
Issue.  The Options and the issue of Shares by the Corporation
pursuant to the exercise of Options are subject to the terms and conditions of
this Plan and compliance with the rules and policies of all applicable
Regulatory Authorities to the granting of such Options and to the issuance and
distribution of such Shares, and to all applicable Securities
Laws.  The Option Holder agrees to comply with all such laws,
regulations, rules and policies and agrees to furnish to the Corporation any
information, reports or undertakings required to comply with and to fully
cooperate with the Corporation in complying with such laws, regulations, rules
and policies.  Notwithstanding any of the provisions contained in this
Plan or in any Option, the Corporation's obligation to issue Shares to an Option
Holder pursuant to the exercise of any Option granted under the Plan shall be
subject to:

    

    
      	
               
      

            	
              (a)

            	
              completion
      of such registration or other qualification of such Shares or obtaining
      approval of such Regulatory Authority as the Corporation shall determine
      to be necessary or advisable in connection with the authorization,
      issuance or sale thereof;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      admission of such Shares to listing on any stock exchange on which the
      Shares may then be listed;

            

    

    

    
      	
               
      

            	
              (c)

            	
              the
      receipt from the Option Holder of such representations, warranties,
      agreements and undertakings, as the Corporation determines to be necessary
      or advisable in order to safeguard against the violation of the Securities
      Laws of any jurisdiction; and

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      satisfaction of any conditions on exercise prescribed pursuant to Section
      3.6 and Article 5 of this Plan.

            

    

    

    ARTICLE
V

    ADMINISTRATION

    

    5.1                      Administration.  This
Plan will be administered by the Administrator on the instructions of the
Board.  The Board may make, amend and repeal at any time and from time
to time such regulations not inconsistent with this Plan as it may deem
necessary or advisable for the proper administration and operation of this Plan
and such regulations will form part of this Plan.  The Board may
delegate to the Administrator or any director or other senior officer or
employee of the Corporation such administrative duties and powers as it may see
fit.

    

    5.2                      Board Powers.  The
Board shall have the power, where consistent with the general purpose and intent
of this Plan and subject to the specific provisions of this Plan:

    

    
      	
               
      

            	
              (a)

            	
              to
      establish policies and to adopt rules and regulations for carrying out the
      purposes, provisions and administration of this
  Plan;

            

    

    

    
      	
               
      

            	
              (b)

            	
              to
      interpret and construe this Plan and to determine all questions arising
      out of this Plan or any Option, and any such interpretation, construction
      or determination made by the Board shall be final, binding and conclusive
      for all purposes;

            

    

    

    
      	
               
      

            	
              (c)

            	
              to
      determine the number of Shares reserved for issuance by each
      Option;

            

    

    

    
      	
               
      

            	
              (d)

            	
              to
      determine the Exercise Price of each
Option;

            

    

    

    
      	
               
      

            	
              (e)

            	
              to
      determine the time or times when Options will be granted and
      exercisable;

            

    

    

    
      	
               
      

            	
              (f)

            	
              to
      determine if the Shares which are issuable on the due exercise of an
      Option will be subject to any restrictions upon the due exercise of such
      Option; and

            

    

    

    
      	
               
      

            	
              (g)

            	
              to
      prescribe the form of the instruments and certificates relating to the
      grant, exercise and other terms of
Options.

            

    

    

    5.3                      Board
Discretion.  The Board may, in its discretion, require as
conditions to the grant or exercise of any Option that the Option Holder shall
have:

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    
      	
               
      

            	
              (a)

            	
              represented,
      warranted and agreed in form and substance satisfactory to the Corporation
      that the Option Holder is acquiring and will acquire such Option and the
      Shares to be issued upon the exercise thereof or, as the case may be, is
      acquiring such Shares, for his, her or its own account, for investment and
      not with a view to or in connection with any distribution, that the Option
      Holder has had access to such information as is necessary to enable him,
      her or it to evaluate the merits and risks of such investment and that the
      Option Holder is able to bear the economic risk of holding such Shares for
      an indefinite period;

            

    

    

    
      	
               
      

            	
              (b)

            	
              agreed
      to restrictions on transfer in form and substance satisfactory to the
      Corporation and to an endorsement on any option agreement or certificate
      representing the Shares making appropriate reference to such restrictions;
      and

            

    

    

    
      	
               
      

            	
              (c)

            	
              agreed
      to indemnify the Corporation in connection with the
    foregoing.

            

    

    

    5.4                      Board
Requirements.  Any Option granted under this Plan shall be
subject to the requirement that, if at any time counsel to the Corporation shall
determine that the listing, registration or qualification of the Shares issuable
upon due exercise of such Option upon any securities exchange or under any
Securities Laws of any jurisdiction, or the consent or approval of Regulatory
Authority, is necessary as a condition of, or in connection with, the grant or
exercise of such Option or the issuance or purchase of Shares thereunder, such
Option may not be accepted or exercised in whole or in part unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained on conditions acceptable to the Board.  Nothing herein shall
be deemed to require the Corporation to apply for or to obtain such listing,
registration, qualification, consent or approval.

    

    5.5                      Interpretation.  The
interpretation by the Board of any of the provisions of this Plan and any
determination by it pursuant thereto will be final and conclusive and will not
be subject to any dispute by any Option Holder.  No member of the
Board or any individual acting pursuant to authority delegated by it hereunder
will be liable for any action or determination in connection with this Plan made
or taken in good faith and each member of the Board and each such individual
will be entitled to indemnification with respect to any such action or
determination in the manner provided for by the Corporation.

    

    ARTICLE
VI

    AMENDMENT
AND TERMINATION

    

    6.1                      Prospective Amendment and
Termination.  The Board may amend or terminate the Plan at any
time upon receipt of requisite regulatory approval including, without
limitation, the approval of the Exchange, provided, however, that no such
amendment may increase the maximum number of Shares that may be optioned under
the Plan, change the manner of determining the minimum Option Price or, without
the consent of the Optionee, alter or impair any of the terms of any Option
previously granted to an Optionee under the Plan. Any amendments to the terms of
an Option shall also require regulatory approval, including without limitation,
the approval of the Exchange.

    

    6.2                      Retrospective
Amendment.  The Board may from time to time retrospectively
amend this Plan and, with the consent of the affected Option Holders,
retrospectively amend the terms and conditions of any Options that have been
previously granted.

    

    6.3                      Sale of Corporation, Extension of
Expiration Date, Non-Applicability of Termination of Employment
Provisions.  Notwithstanding anything contained to the contrary
in this Plan or in any resolution of the Board in implementation
thereof:

    

    
      	
               
      

            	
              (a)

            	
              in
      the event the Corporation proposes to amalgamate, merge or consolidate
      with any other corporation (other than a wholly-owned Subsidiary) or to
      liquidate, dissolve or wind-up, or in the event an offer to purchase or
      repurchase the Shares of the Corporation or any part thereof shall be made
      to all or substantially all holders of Shares of the Corporation, the
      Corporation shall have the right, upon written notice thereof to each
      Option Holder holding Options under the Plan, to permit the exercise of
      all such Options within the twenty (20) day period next following the date
      of such notice and to determine that upon the expiration of such twenty
      (20) day period, all rights of the Option Holders to such Options or to
      exercise same (to the extent not theretofore exercised) shall ipso facto terminate
      and cease to have further force or effect
  whatsoever;

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the event of the sale by the Corporation of all or substantially all of
      the assets of the Corporation as an entirety or substantially as an
      entirety so that the Corporation shall cease to operate as an active
      business, any outstanding Option may be exercised as to all or any part of
      the Optioned Shares in respect of which the Option Holder would have been
      entitled to exercise the Option in accordance with the provisions of the
      Plan at the date of completion of any such sale at any time up to and
      including, but not after the earlier of: (i) the close of business on that
      date which is thirty (30) days following the date of completion of such
      sale; and (ii) the close of business on the Expiry Date of the Option; but
      the Option Holder shall not be entitled to exercise the Option with
      respect to any other Shares;

            

    

    

    
      	
               
      

            	
              (c)

            	
              subject
      to the rules of any relevant Regulatory Authority, the Board may, by
      resolution, extend the Expiration Date of any Option.  The Board
      shall not, in the event of any such advancement or extension, be under any
      obligation to advance or extend the date on or by which Options may be
      exercised by any other Option Holder;
and

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      Board may, by resolution, but subject to requirements of applicable
      Regulatory Authorities and Securities Laws, decide that any of the
      provisions hereof concerning the effect of termination of the Option
      Holder's employment shall not apply to any Option Holder for any reason
      acceptable to the Board.

            

    

    

    Notwithstanding
the provisions of this Section 6.3, should changes be required to the Plan by
any Regulatory Authority of any jurisdiction to which this Plan or the
Corporation now is or hereafter becomes subject, such changes shall be made to
the Plan as are necessary to conform with such requirements and, if such changes
are approved by the Board, the Plan, as amended, shall be filed with the records
of the Corporation and shall remain in full force and effect in its amended form
as of and from the date of its adoption by the Board.

    

    6.4                      Regulatory Authority
Approval.  This Plan and any amendments hereto are subject to
all necessary approvals of the applicable Regulatory Authorities.

    

    6.5                      Disinterested Shareholder
Approval.  Disinterested Shareholder approval must be obtained
if the number of Shares reserved for issuance under the Plan to be granted to
Insiders exceeds ten percent
(10%) of the issued and outstanding Shares, if the grant of Options to
Insiders, within any twelve (12) month period, exceeds ten percent (10%) of the
Corporation's issued and outstanding Shares, or if the number of Shares reserved
for issuance to any one (1) person exceeds five percent (5%) of the issued and
outstanding Shares.

    

    6.6                      Agreement.  The
Corporation and every Option granted hereunder will be bound by and subject to
the terms and conditions of this Plan.  By accepting an Option granted
hereunder, the Option Holder has expressly agreed with the Corporation to be
bound by the terms and conditions of this Plan.

    

    6.7                      Effective Date of
Plan.  Upon approval by the shareholders of the Corporation in
accordance with the OBCA, and by acceptance by the Exchange (if the Shares are
listed or posted on an Exchange and such acceptance is required), this Plan
shall be deemed to be effective as of the Effective Date.  Any Options
granted prior to such approval and acceptance(s) shall be conditional upon such
approval and acceptance(s) being given and no such Options may be exercised
unless such approval and acceptance is given.

    

    6.8                      Governing
Law.  This Plan
and all matters to which reference is made herein shall be governed by and
interpreted in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable therein.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    EXHIBIT
"I"

    

    Unless
otherwise defined, all capitalized terms used herein will have the meanings
specified in the stock option plan adopted by Eagleford Energy Inc. effective as
of February 9, 2010 (the "Plan").

    

    OPTION
AGREEMENT

    

    THIS AGREEMENT made as of
[·, 20[· (the "Effective Date").

     

    BETWEEN:

     

    EAGLEFORD ENERGY INC., a
corporation incorporated pursuant to the laws of Ontario,

     

    (the
"Corporation")

     

    OF THE
FIRST PART

     

    - and
-

     

    [·o,

     

    (the
"Optionee")

     

    OF THE
SECOND PART.

    

    For good
and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged by each of the parties hereto), the Corporation and the Optionee
hereby agree as follows:

    

    1.
                   
   Grant of
Option

    

    1.1                      The
Corporation hereby grants to the Optionee pursuant to the terms of the Plan the
right and option (the "Option") to purchase all or
any part of an aggregate of up to [·o
Shares at a purchase price of $[·o
per Share expiring on [·o
and on the terms and conditions set forth herein and therein.

    

    2. 
                  
   Vesting

    

    2.1                      Notwithstanding
Section 1 above or any other provision of this Agreement, legal and beneficial
title to the Option granted to the Optionee hereunder, in respect of the Shares
and all rights, privileges and benefits arising and flowing therefrom or to
arise or flow therefrom hereafter, shall vest in the Optionee and the Optionee
shall be entitled to exercise said Option to purchase the Shares only in the
proportion and on the dates (the "Vesting Dates") set out below,
provided that the Optionee is a [Consultant or Employee or
Director] of the Corporation on such Vesting Date (and has been a [Consultant or Employee or
Director] of the Corporation continuously from the date
hereof):

    

    
      
        
          
            
              
                
                  	
                          Vesting Date

                        	 	
                          Number of Shares subject to the

                          Option

                        	 	
                          Exercise Price

                        
	
                          ●

                        	 	
                          ●

                        	 	
                          ●

                        
	
                          ●

                        	 	
                          ●

                        	 	
                          ●

                        
	
                          ●

                        	 	
                          ●

                        	 	
                          ●

                        
	
                          ●

                        	 	
                          ●

                        	 	
                          ●

                        
	
                          Total:

                        	 	
                          ●

                        	 	
                          ●

                        

                

              

            

          

        

      

    

     

    
      3.                  
     Exercise
of Option

    

     

    3.1                      Subject
to the provisions of this Agreement, including, without limitation, Section 2
above, the Option may be exercised from time to time prior to the Expiry Time
(as hereinafter defined) by delivery to the Corporation at its registered office
of an executed Exercise Notice (attached hereto as Exhibit "I") addressed to the
President of the Corporation specifying the number of Shares with respect to
which the Option is being exercised and accompanied by payment in full, by cash
or certified cheque, of the purchase price of the Shares then being
purchased.  Subject to any provisions of this Agreement to the
contrary, certificates for such Shares shall be issued and delivered to the
Optionee within a reasonable time following the receipt of such notice and
payment.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    3.2                      Notwithstanding
any provisions contained in this Agreement, the Corporation's obligation to
issue Shares to the Optionee pursuant to the exercise of the Option shall be
subject to:  (i)  receipt of any required shareholder
approval; (ii)  completion of such registration or other qualification
of such Shares or obtaining approval of such governmental or regulatory
authority as the Corporation shall determine to be necessary or advisable in
connection with the authorization, issuance or sale
thereof;  (iii)  the admission of such Shares to listing on
any stock exchange or market on which the Shares may then be listed; (iv) the
receipt from the Optionee of such representations, warranties, agreements and
undertakings as the Corporation determines to be necessary or advisable in order
to safeguard against the violation of the securities laws of any jurisdictions;
and (v) compliance with the terms and conditions of the Plan.  Nothing
contained in this Agreement shall be deemed to require the Corporation to apply
for or obtain any such registration, qualification, approval or listing referred
to above.  The Optionee hereby acknowledges and agrees that he has had
access to such information as is necessary to enable him to evaluate the merits
and risks of acquiring Shares pursuant to the exercise of the Option and that he
is able to bear the economic risk of holding such Shares for an indefinite
period.

     

    
      4.                 
      No
Assignment

    

     

    4.1                      The
Option is personal to the Optionee and non-assignable (whether by operation of
law or otherwise).  Upon any attempt to transfer, assign, pledge,
hypothecate or otherwise dispose of the Option contrary to the provisions of
this Agreement, or upon the levy of any attachment or similar process upon the
Option, the Option shall, at the election of the Corporation, cease and
terminate and be of no further force or effect whatsoever.

     

    
      5.                  
     Expiration

    

     

    5.1                      Subject
to the terms and conditions set out in this Agreement, including the vesting
conditions set out in Section 2 above and the termination provisions set out in
Section 6 below, the Optionee shall have the right
to exercise the Option with respect to all or any part of the Shares to the
extent vested at any time or from time to time after the date hereof and prior
to the close of business on [· (the "Expiry Time"). On the Expiry
Time, the Option shall forthwith expire and terminate and be of no further force
or effect whatsoever with respect to the unexercised balance of the Shares
available under the Option, whether vested or not.

     

    
      6.                    
   Termination
of Employment; Death; Bankruptcy

    

     

    6.1                      Subject
to the provisions of this Agreement and this Section 6 and to any express
resolution passed with respect to the Option by the Board of Directors of the
Corporation (the "Board") or by any committee of
the Board established by the Board to administer the Plan (the "Committee"), the Option and
all rights to purchase Shares pursuant thereto shall immediately expire, except
to the extent vested in which case they shall expire and terminate on the [●] day following the date the
Optionee ceases to be a ["Consultant" or "Employee" or "Director"] within the meaning
of Section 1.1 of the Plan.

     

    6.2                      Subject
to the provisions of this Agreement and this Section 6, if the Optionee shall
die prior to the full exercise of the Option, his Personal Representatives,
heirs or legatees may, at any time within twelve (12) months after the
date of such death, exercise the Option with respect to the unexercised balance
of the Shares to the extent vested, subject to the terms of the Option but only
to the same extent to which the Optionee could have exercised the Option
immediately before the date of such death.  In no event, however,
shall the Option be exercisable after the Expiry Time.

     

    6.3                      In
the event that the Optionee commits an act of bankruptcy or any proceeding is
commenced against the Optionee under the Bankruptcy and Insolvency Act
(Canada) or other applicable bankruptcy or insolvency legislation in force at
the time of such bankruptcy and such proceeding remains undismissed for a period
of thirty (30) days, the Option may not be exercised following the date on which
the Optionee commits such act of bankruptcy or such proceeding remains
undismissed, as the case may be.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
       

      7.                
       Rights as
a Shareholder

    

     

    7.1                      An
Optionee shall not have any rights as a shareholder of the Corporation with
respect to any of the Shares subject to the Option until the date of issuance of
a certificate for such Shares upon the exercise of the Option, in full or in
part, and then only with respect to the Shares represented by such certificate
or certificates.  Without in any way limiting the generality of the
foregoing, no adjustment shall be made for dividends or other rights for which
the record date is prior to the date such share certificate is
issued.

     

    
      8.                  
     Inconsistency
with Plan

    

     

    8.1                      The
parties hereto agree that in the event this Agreement is inconsistent with the
Plan the Plan shall prevail.

     

    
      9.                    
   Certain
Adjustments

    

     

    9.1                      In
the event that the Shares are at any time changed or affected as a result of the
declaration of a stock dividend thereon or their subdivision or consolidation,
the number of Shares reserved for the Option shall be adjusted accordingly by
the Board or the Committee to such extent as they deem proper in their
discretion.  In such event, the number of, and the price payable for,
the Shares that are then subject to the Option may also be adjusted by the Board
or the Committee to such extent, if any, as they deem proper in their
discretion.

     

    9.2                      If
at any time after the date of this Agreement and prior to the expiration of the
term of the Option, the Shares shall be reclassified, reorganized or otherwise
changed, otherwise than as specified in Section 8.1 of this Agreement or,
subject to the provisions of subsection 10.1(a) of this Agreement, the
Corporation shall consolidate, merge or amalgamate with or into another
corporation (the corporation resulting or continuing from such consolidation,
merger or amalgamation being herein called the "Successor Corporation"), the
Optionee shall be entitled to receive upon the subsequent exercise of the Option
in accordance with the terms of this Agreement and shall accept in lieu of the
number of Shares to which he was theretofore entitled upon such exercise but for
the same aggregate consideration payable therefor, the aggregate number of
shares of the appropriate class and/or other securities of the Corporation or
the Successor Corporation (as the case may be) and/or other consideration from
the Corporation or the Successor Corporation (as the case may be) that the
Optionee would have been entitled to receive as a result of such
reclassification, reorganization or other change or, subject to the provisions
of subsection 9.1 of this Agreement, as a result of such consolidation, merger
or amalgamation, if on the record date of such reclassification,
reorganization  or other change or the effective date of such
consolidation, merger or amalgamation, as the case may be, he had been the
registered holder of the number of Shares to which he was theretofore entitled
upon such exercise.

     

    
      10.                    Amendments
to the Option

    

     

    
      10.1                  Notwithstanding
anything to the contrary contained in
this  Agreement:

    

     

    
      	
               
      

            	
              (a)

            	
              in
      the event the Corporation proposes to amalgamate, merge or consolidate
      with any other corporation (other than a wholly-owned Subsidiary) or to
      liquidate, dissolve or wind-up, or in the event an offer to purchase or
      repurchase the Shares or any part thereof shall be made to all or
      substantially all holders of the Shares, the Corporation shall have the
      right, upon written notice thereof to the Optionee, to permit the exercise
      of the Option within the twenty (20) day period
      next following the date of such notice and to determine that upon the
      expiration of such twenty
      (20) day period, all rights of the Optionee to the Option or to
      exercise same (to the extent not theretofore exercised) shall ipso facto
      terminate and cease to have further force or effect
      whatsoever;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the event of the sale by the Corporation of all or substantially all of
      the assets of the Corporation as an entirety or substantially as an
      entirety so that the Corporation shall cease to operate as an active
      business, the Option may be exercised as to all or any part of the Shares
      subject to the Option in respect of which the Optionee would have been
      entitled to exercise the Option in accordance with the provisions of this
      Agreement at the date of completion of any such sale at any time up to and
      including, but not after the earlier of: (i) the close of business on that
      date which is thirty (30) days following the date of completion of such
      sale; and (ii) the close of business on the expiration date of the Option;
      but the Optionee shall not be entitled to exercise the Option with respect
      to any other Shares; and

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (c)

            	
              subject
      to the rules of any relevant stock exchange or other regulatory authority,
      the Board may, by resolution, advance the date on which any Option may be
      exercised or extend the expiration date of the
  Option.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Optionee hereby acknowledges and agrees that the Board may at any time by
      resolution terminate the Plan.  In such event, the Option if
      vested and outstanding may be exercised by the Optionee after the date on
      which the Corporation shall have notified the Optionee of the termination
      of the Plan, but only to the same extent as the Optionee could have
      exercised the Option immediately prior to the date of such
      notification.

            

    

     

    
      11.                   
Notice

    

     

    11.1                  All
communications and payments provided for under this Agreement shall be in
writing and shall be deemed to be given when delivered in person or deposited in
the mail, first class, certified or registered, return receipt requested, with
proper postage prepaid and,

     

    
      	
               
      

            	
              (a)

            	
              if
      to the Optionee, addressed to:

            

    

     

    ●

    Phone
No.:                      [·o

    Fax
No.:  [·o

     

    
      	
               
      

            	
              (b)

            	
              if
      to the Corporation, addressed to:

            

    

     

    Eagleford
Energy Inc.

    1
King Street West

    Suite
1505

    Toronto,
Ontario

    M5H
1A1
 

    
      	
               
      

            	
              Attention:

            	
              President

            

    

    
      	
               
      

            	
              Phone
      No.:

            	
              416-364-4039

            

    

    
      	
               

            	
              Fax
      No.: 

            	
              416-364-8244
      

            

    

    

    in either
case with a copy to:

     

    WeirFoulds
LLP

    The
Exchange Tower,

     Suite
1600

    130 King
Street West

    Toronto,
ON  M5X 1J5

    
      	
               
      

            	
              Attention:

            	
              Wayne
      Egan

            

    

    
      	
               
      

            	
              Phone
      No.

            	
              416-947-5086

            

    

    
      	
               

            	
              Fax
      No.

            	
              416-365-1876

            

    

    

    
      12.                    Time of
Essence

    

     

    12.1                  Time
shall be of the essence of this Agreement and each and every part
hereof.

     

    
      13.                    Binding
Effect

    

     

    13.1                  This
Agreement shall enure to the benefit of and be binding upon the parties hereto,
the successors of the Corporation and the executor, administrator, heirs and
personal representatives of the Optionee.  This Agreement shall not be
assignable by the Optionee.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
       

      14.                    Headings

    

     

    14.1                  The
section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this
Agreement.

     

    
      15.                    Amendment

    

     

    15.1                  This
Agreement may be amended only by a written instrument signed by each of the
parties hereto.

     

    
      16.                    Governing
Law

    

     

    16.1                  This
Agreement shall be governed by and construed in accordance with the laws of the
Province of Ontario and the laws of Canada applicable therein.

     

    
      17.                    Duplicate
Originals

    

     

    17.1                  It
is hereby acknowledged by the parties hereto that this Agreement has been signed
in duplicate only, one (1) original executed copy delivered to the Optionee and
one (1) delivered to the Corporation.

     

    18.                    Paramountcy

     

    18.1                  To
the extent there is any inconsistency or ambiguity between this Agreement and
any other employment or consulting agreement, the terms of this Agreement shall
govern to the extent of such inconsistency or ambiguity.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF the parties
hereto have executed this Agreement on the date first above
written.

     

    
      	
              SIGNED, SEALED & DELIVERED

            	 
      	
              )

            	
              EAGLEFORD ENERGY INC.

            	 
      
	
              in the presence of

            	 
      	
              )

            	 
      	 
      
	 
      	 
      	
              )

            	 
      	 
      
	 
      	 
      	
              )

            	
              Per: ________________________________

            	 
      
	 
      	 
      	
              )

            	
              Name:

            	 
      
	 
      	 
      	
              )

            	
              Title:

            	 
      
	 
      	 
      	
              )

            	 
      	 
      
	 
      	 
      	
              )

            	 
      	 
      
	 
      	 
      	
              )

            	 
      	 
      
	
              ___________________________________

            	 
      	
              )

            	
              __________________________________

            	 
      
	
              Witness:

            	 
      	 
      	
              ●

            	 
      

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    EXERCISE
NOTICE

    

    
      	
              TO:

            	
              EAGLEFORD ENERGY
      INC.

            

    

    

    
      	
              AND TO:

            	
              THE BOARD OF DIRECTORS
      THEREOF

            

    

    

    Unless
otherwise defined herein, all capitalized terms will have the meanings specified
in the stock option plan adopted by Eagleford Energy Inc. effective as February
9, 2010.

    

    The
undersigned holder of the Options evidenced by the Option Agreement hereby
subscribes for ____________________ Shares of the Corporation pursuant to such
Options exercisable at an aggregate exercise price of Cdn$____________________
until the Expiry Time (or such other price as is determined pursuant to the
Option Agreement) on the terms specified in such Option Agreement and enclosed
herewith a certified cheque, bank draft or money order payable to the order of
the Corporation in payment therefor.

    

    The
undersigned hereby irrevocably directs that the said Shares be issued in the
name of the undersigned and delivered as follows:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        Name(s) in Full

                                      	 	
                                        Address(es)

                                      	 	
                                        SIN Number

                                        (if applicable)

                                      	 	
                                        Number(s) of

                                        Common Shares

                                      	 	
                                        Taxpayer

                                        Identification

                                        Number (if

                                        applicable)

                                      
	
                                         

                                      	 	
                                         

                                      	 	
                                         

                                      	 	
                                         

                                      	 	
                                         

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    (Please
print full name in which Share certificates are to be issued.  If any
Shares are to be issued to a person or persons other than the holder, the holder
must pay to the Corporation all eligible transfer taxes or other government
charges.)

     

    DATED
this __________ day of ____________________, 20_____.

     

    ______________________________

    ______________________________

    Signature
Guaranteed

    Signature
of Subscriber

    ______________________________

    Name of
Subscriber

    ______________________________

    Address
of Subscriber

    ______________________________

     

    
      	
               ̈

            	
              Please
      check if the Share certificates are to be delivered at the office where
      this Exercise Notice is surrendered, failing which the certificates will
      be mailed.

            

    

     

    
      	
               ̈

            	
              Certificates
      will be delivered or mailed only after the transfer books of the
      Corporation have been opened for five (5) business days after the due
      surrender of the Exercise Notice as
aforesaid.

            

    

    
      
         

      

      
        17Unassociated Document

    Exhibit
4.1

    

    EXECUTION
COPY

    

    HONDA
AUTO RECEIVABLES 2010-1 OWNER TRUST,

    as
Issuer,

    

    and

    

    UNION
BANK, N.A.,

    as
Indenture Trustee

    

    
      
        

      

    

    

    INDENTURE

    

    Dated as
of February 1, 2010

    

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CROSS
REFERENCE TABLE*

    

    
      
        
          
            
              	
                      TIA Section

                    	 	
                      Indenture Section

                    
	 
      	 
      	 	 
      
	
                      310

                    	
                      (a)(1)

                    	 	
                      6.11

                    
	 
      	
                      (a)(2)

                    	 	
                      6.11

                    
	 
      	
                      (a)(3)

                    	 	
                      6.10;
      6.11

                    
	 
      	
                      (a)(4)

                    	 	
                      N.A.**

                    
	 
      	
                      (a)(5)

                    	 	
                      6.11

                    
	 
      	
                      (b)

                    	 	
                      6.08;
      6.11

                    
	 
      	
                      (c)

                    	 	
                      N.A.

                    
	
                      311

                    	
                      (a)

                    	 	
                      6.12

                    
	 
      	
                      (b)

                    	 	
                      6.12

                    
	 
      	
                      (c)

                    	 	
                      N.A.

                    
	
                      312

                    	
                      (a)

                    	 	
                      7.01

                    
	 
      	
                      (b)

                    	 	
                      7.02

                    
	 
      	
                      (c)

                    	 	
                      7.02

                    
	
                      313

                    	
                      (a)

                    	 	
                      7.04

                    
	 
      	
                      (b)(1)

                    	 	
                      7.04

                    
	 
      	
                      (b)(2)

                    	 	
                      7.04

                    
	 
      	
                      (c)

                    	 	
                      7.04;
      11.05

                    
	 
      	
                      (d)

                    	 	
                      7.04

                    
	
                      314

                    	
                      (a)

                    	 	
                      7.03

                    
	 
      	
                      (b)

                    	 	
                      11.15

                    
	 
      	
                      (c)(1)

                    	 	
                      11.01

                    
	 
      	
                      (c)(2)

                    	 	
                      11.01

                    
	 
      	
                      (c)(3)

                    	 	
                      11.01

                    
	 
      	
                      (d)

                    	 	
                      11.01

                    
	 
      	
                      (e)

                    	 	
                      11.01

                    
	 
      	
                      (f)

                    	 	
                      11.01

                    
	
                      315

                    	
                      (a)

                    	 	
                      6.01

                    
	 
      	
                      (b)

                    	 	
                      6.05;
      11.01

                    
	 
      	
                      (c)

                    	 	
                      6.01

                    
	 
      	
                      (d)

                    	 	
                      6.01

                    
	 
      	
                      (e)

                    	 	
                      5.13

                    
	
                      316

                    	
                      (a)

                    	 	
                      1.01

                    
	 
      	
                      (a)(1)(A)

                    	 	
                      5.11

                    
	 
      	
                      (a)(1)(B)

                    	 	
                      5.12

                    
	 
      	
                      (a)(2)

                    	 	
                      N.A.

                    
	 
      	
                      (b)

                    	 	
                      5.07

                    
	 
      	
                      (c)

                    	 	
                      N.A.

                    
	
                      317

                    	
                      (a)(1)

                    	 	
                      5.03

                    

            

          

        

      

    

    
       

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

    

    **             
N.A. means Not Applicable.

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

    

    

    
      
        
          	
                  TIA Section

                	 	
                  Indenture Section

                
	 
      	
                  (a)(2)

                	 	
                  5.03

                
	 
      	
                  (b)

                	 	
                  3.03

                
	
                  318

                	
                  (a)

                	 	
                  11.07

                

        

      

    

     

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    TABLE OF
CONTENTS

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          	 
      	 
      	
                                                                                                                                  Page

                                                                                                                                
	 	 	 
	
                                                                                                                                  ARTICLE
      I

                                                                                                                                	
                                                                                                                                  DEFINITIONS
      AND INCORPORATION BY REFERENCE

                                                                                                                                	
                                                                                                                                  2

                                                                                                                                
	 	 	 
	
                                                                                                                                  Section
      1.01.

                                                                                                                                	
                                                                                                                                  Definitions

                                                                                                                                	
                                                                                                                                  2

                                                                                                                                
	
                                                                                                                                  Section
      1.02.

                                                                                                                                	
                                                                                                                                  Incorporation
      by Reference of Trust Indenture Act

                                                                                                                                	
                                                                                                                                  9

                                                                                                                                
	
                                                                                                                                  Section
      1.03.

                                                                                                                                	
                                                                                                                                  Rules
      of Construction

                                                                                                                                	
                                                                                                                                  9

                                                                                                                                
	 	 	 
	
                                                                                                                                  ARTICLE
      II

                                                                                                                                	
                                                                                                                                  THE
      NOTES

                                                                                                                                	
                                                                                                                                  10

                                                                                                                                
	 	 	 
	
                                                                                                                                  Section
      2.01.

                                                                                                                                	
                                                                                                                                  Form

                                                                                                                                	
                                                                                                                                  10

                                                                                                                                
	
                                                                                                                                  Section
      2.02.

                                                                                                                                	
                                                                                                                                  Execution,
      Authentication and Delivery

                                                                                                                                	
                                                                                                                                  10

                                                                                                                                
	
                                                                                                                                  Section
      2.03.

                                                                                                                                	
                                                                                                                                  Temporary
      Notes

                                                                                                                                	
                                                                                                                                  11

                                                                                                                                
	
                                                                                                                                  Section
      2.04.

                                                                                                                                	
                                                                                                                                  Note
      Register, Registration of Transfer and Exchange

                                                                                                                                	
                                                                                                                                  11

                                                                                                                                
	
                                                                                                                                  Section
      2.05.

                                                                                                                                	
                                                                                                                                  Mutilated,
      Destroyed, Lost or Stolen Notes

                                                                                                                                	
                                                                                                                                  12

                                                                                                                                
	
                                                                                                                                  Section
      2.06.

                                                                                                                                	
                                                                                                                                  Persons
      Deemed Owner

                                                                                                                                	
                                                                                                                                  13

                                                                                                                                
	
                                                                                                                                  Section
      2.07.

                                                                                                                                	
                                                                                                                                  Payment
      of Principal and Interest, Defaulted Interest

                                                                                                                                	
                                                                                                                                  13

                                                                                                                                
	
                                                                                                                                  Section
      2.08.

                                                                                                                                	
                                                                                                                                  Cancellation

                                                                                                                                	
                                                                                                                                  14

                                                                                                                                
	
                                                                                                                                  Section
      2.09.

                                                                                                                                	
                                                                                                                                  Book-Entry
      Notes

                                                                                                                                	
                                                                                                                                  14

                                                                                                                                
	
                                                                                                                                  Section
      2.10.

                                                                                                                                	
                                                                                                                                  Notices
      to Clearing Agency

                                                                                                                                	
                                                                                                                                  15

                                                                                                                                
	
                                                                                                                                  Section
      2.11.

                                                                                                                                	
                                                                                                                                  Definitive
      Notes

                                                                                                                                	
                                                                                                                                  15

                                                                                                                                
	
                                                                                                                                  Section
      2.12.

                                                                                                                                	
                                                                                                                                  Release
      of Collateral

                                                                                                                                	
                                                                                                                                  16

                                                                                                                                
	
                                                                                                                                  Section
      2.13.

                                                                                                                                	
                                                                                                                                  Tax
      Treatment

                                                                                                                                	
                                                                                                                                  16

                                                                                                                                
	
                                                                                                                                  Section
      2.14.

                                                                                                                                	
                                                                                                                                  Employee
      Benefit Plans

                                                                                                                                	
                                                                                                                                  16

                                                                                                                                
	 	 	 
	
                                                                                                                                  ARTICLE
      III

                                                                                                                                	
                                                                                                                                  COVENANTS

                                                                                                                                	
                                                                                                                                  17

                                                                                                                                
	 	 	 
	
                                                                                                                                  Section
      3.01.

                                                                                                                                	
                                                                                                                                  Payment
      of Principal and Interest

                                                                                                                                	
                                                                                                                                  17

                                                                                                                                
	
                                                                                                                                  Section
      3.02.

                                                                                                                                	
                                                                                                                                  Maintenance
      of Office or Agency

                                                                                                                                	
                                                                                                                                  17

                                                                                                                                
	
                                                                                                                                  Section
      3.03.

                                                                                                                                	
                                                                                                                                  Money
      for Payments to be Held in Trust

                                                                                                                                	
                                                                                                                                  17

                                                                                                                                
	
                                                                                                                                  Section
      3.04.

                                                                                                                                	
                                                                                                                                  Existence

                                                                                                                                	
                                                                                                                                  18

                                                                                                                                
	
                                                                                                                                  Section
      3.05.

                                                                                                                                	
                                                                                                                                  Protection
      of Owner Trust Estate

                                                                                                                                	
                                                                                                                                  19

                                                                                                                                
	
                                                                                                                                  Section
      3.06.

                                                                                                                                	
                                                                                                                                  Opinions
      as to Owner Trust Estate

                                                                                                                                	
                                                                                                                                  19

                                                                                                                                
	
                                                                                                                                  Section
      3.07.

                                                                                                                                	
                                                                                                                                  Performance
      of Obligations; Servicing of Receivables

                                                                                                                                	
                                                                                                                                  20

                                                                                                                                
	
                                                                                                                                  Section
      3.08.

                                                                                                                                	
                                                                                                                                  Negative
      Covenants

                                                                                                                                	
                                                                                                                                  21

                                                                                                                                
	
                                                                                                                                  Section
      3.09.

                                                                                                                                	
                                                                                                                                  Annual
      Statement as to Compliance

                                                                                                                                	
                                                                                                                                  22

                                                                                                                                
	
                                                                                                                                  Section
      3.10.

                                                                                                                                	
                                                                                                                                  Issuer
      May Consolidate, etc., Only on Certain Terms

                                                                                                                                	
                                                                                                                                  22

                                                                                                                                
	
                                                                                                                                  Section
      3.11.

                                                                                                                                	
                                                                                                                                  Successor
      or Transferee

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.12.

                                                                                                                                	
                                                                                                                                  No
      Other Business

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.13.

                                                                                                                                	
                                                                                                                                  No
      Borrowing

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.14.

                                                                                                                                	
                                                                                                                                  Servicer’s
      Obligations

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.15.

                                                                                                                                	
                                                                                                                                  Guarantees,
      Loans, Advances and Other Liabilities

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.16.

                                                                                                                                	
                                                                                                                                  Capital
      Expenditures

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.17.

                                                                                                                                	
                                                                                                                                  Removal
      of Administrator

                                                                                                                                	
                                                                                                                                  24

                                                                                                                                
	
                                                                                                                                  Section
      3.18.

                                                                                                                                	
                                                                                                                                  Restricted
      Payments

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                
	
                                                                                                                                  Section
      3.19.

                                                                                                                                	
                                                                                                                                  Notice
      of Events of Default

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          	
                                                                                                                                  Section
      3.20.

                                                                                                                                	
                                                                                                                                  Further
      Instruments and Acts

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                
	
                                                                                                                                  Section
      3.21.

                                                                                                                                	
                                                                                                                                  Compliance
      with Laws

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                
	
                                                                                                                                  Section
      3.22.

                                                                                                                                	
                                                                                                                                  Amendments
      of Sale and Servicing Agreement and Trust Agreement

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                
	 	 	 
	
                                                                                                                                  ARTICLE
      IV

                                                                                                                                	
                                                                                                                                  SATISFACTION
      AND DISCHARGE

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                
	 	 	 
	
                                                                                                                                  Section
      4.01.

                                                                                                                                	
                                                                                                                                  Satisfaction
      and Discharge of Indenture

                                                                                                                                	
                                                                                                                                  25

                                                                                                                                
	
                                                                                                                                  Section
      4.02.

                                                                                                                                	
                                                                                                                                  Application
      of Trust Money

                                                                                                                                	
                                                                                                                                  27

                                                                                                                                
	
                                                                                                                                  Section
      4.03.

                                                                                                                                	
                                                                                                                                  Repayment
      of Monies Held by Paying Agent

                                                                                                                                	
                                                                                                                                  27

                                                                                                                                
	 	 	 
	
                                                                                                                                  ARTICLE
      V

                                                                                                                                	
                                                                                                                                  REMEDIES

                                                                                                                                	
                                                                                                                                  27

                                                                                                                                
	 	 	 
	
                                                                                                                                  Section
      5.01.

                                                                                                                                	
                                                                                                                                  Events
      of Default

                                                                                                                                	
                                                                                                                                  27

                                                                                                                                
	
                                                                                                                                  Section
      5.02.

                                                                                                                                	
                                                                                                                                  Acceleration
      of Maturity, Rescission and Annulment

                                                                                                                                	
                                                                                                                                  28

                                                                                                                                
	
                                                                                                                                  Section
      5.03.

                                                                                                                                	
                                                                                                                                  Collection
      of Indebtedness and Suits for Enforcement by Indenture
    Trustee

                                                                                                                                	
                                                                                                                                  29

                                                                                                                                
	
                                                                                                                                  Section
      5.04.

                                                                                                                                	
                                                                                                                                  Remedies,
      Priorities

                                                                                                                                	
                                                                                                                                  31

                                                                                                                                
	
                                                                                                                                  Section
      5.05.

                                                                                                                                	
                                                                                                                                  Optional
      Preservation of the Receivables

                                                                                                                                	
                                                                                                                                  32

                                                                                                                                
	
                                                                                                                                  Section
      5.06.

                                                                                                                                	
                                                                                                                                  Limitation
      of Suits

                                                                                                                                	
                                                                                                                                  33

                                                                                                                                
	
                                                                                                                                  Section
      5.07.

                                                                                                                                	
                                                                                                                                  Unconditional
      Rights of Noteholders to Receive Principal and Interest

                                                                                                                                	
                                                                                                                                  33

                                                                                                                                
	
                                                                                                                                  Section
      5.08.

                                                                                                                                	
                                                                                                                                  Restoration
      of Rights and Remedies

                                                                                                                                	
                                                                                                                                  33

                                                                                                                                
	
                                                                                                                                  Section
      5.09.

                                                                                                                                	
                                                                                                                                  Rights
      and Remedies Cumulative

                                                                                                                                	
                                                                                                                                  34

                                                                                                                                
	
                                                                                                                                  Section
      5.10.

                                                                                                                                	
                                                                                                                                  Delay
      or Omission Not a Waiver

                                                                                                                                	
                                                                                                                                  34

                                                                                                                                
	
                                                                                                                                  Section
      5.11.

                                                                                                                                	
                                                                                                                                  Control
      by Noteholders

                                                                                                                                	
                                                                                                                                  34

                                                                                                                                
	
                                                                                                                                  Section
      5.12.

                                                                                                                                	
                                                                                                                                  Waiver
      of Past Defaults

                                                                                                                                	
                                                                                                                                  34

                                                                                                                                
	
                                                                                                                                  Section
      5.13.

                                                                                                                                	
                                                                                                                                  Undertaking
      for Costs

                                                                                                                                	
                                                                                                                                  35

                                                                                                                                
	
                                                                                                                                  Section
      5.14.

                                                                                                                                	
                                                                                                                                  Waiver
      of Stay or Extension Laws

                                                                                                                                	
                                                                                                                                  35

                                                                                                                                
	
                                                                                                                                  Section
      5.15.

                                                                                                                                	
                                                                                                                                  Action
      on Notes

                                                                                                                                	
                                                                                                                                  35

                                                                                                                                
	
                                                                                                                                  Section
      5.16.

                                                                                                                                	
                                                                                                                                  Performance
      and Enforcement of Certain Obligations

                                                                                                                                	
                                                                                                                                  36

                                                                                                                                
	 	 	 
	
                                                                                                                                  ARTICLE
      VI

                                                                                                                                	
                                                                                                                                  THE
      INDENTURE TRUSTEE

                                                                                                                                	
                                                                                                                                  36

                                                                                                                                
	 	 	 
	
                                                                                                                                  Section
      6.01.

                                                                                                                                	
                                                                                                                                  Duties
      of Indenture Trustee

                                                                                                                                	
                                                                                                                                  36

                                                                                                                                
	
                                                                                                                                  Section
      6.02.

                                                                                                                                	
                                                                                                                                  Rights
      of Indenture Trustee

                                                                                                                                	
                                                                                                                                  38

                                                                                                                                
	
                                                                                                                                  Section
      6.03.

                                                                                                                                	
                                                                                                                                  Individual
      Rights of Indenture Trustee

                                                                                                                                	
                                                                                                                                  39

                                                                                                                                
	
                                                                                                                                  Section
      6.04.

                                                                                                                                	
                                                                                                                                  Indenture
      Trustee’s Disclaimer

                                                                                                                                	
                                                                                                                                  39

                                                                                                                                
	
                                                                                                                                  Section
      6.05.

                                                                                                                                	
                                                                                                                                  Notice
      of Defaults

                                                                                                                                	
                                                                                                                                  39

                                                                                                                                
	
                                                                                                                                  Section
      6.06.

                                                                                                                                	
                                                                                                                                  Reports
      by Indenture Trustee to Holders

                                                                                                                                	
                                                                                                                                  40

                                                                                                                                
	
                                                                                                                                  Section
      6.07.

                                                                                                                                	
                                                                                                                                  Compensation
      and Indemnity

                                                                                                                                	
                                                                                                                                  40

                                                                                                                                
	
                                                                                                                                  Section
      6.08.

                                                                                                                                	
                                                                                                                                  Replacement
      of Indenture Trustee

                                                                                                                                	
                                                                                                                                  41

                                                                                                                                
	
                                                                                                                                  Section
      6.09.

                                                                                                                                	
                                                                                                                                  Successor
      Indenture Trustee by Merger

                                                                                                                                	
                                                                                                                                  42

                                                                                                                                
	
                                                                                                                                  Section
      6.10.

                                                                                                                                	
                                                                                                                                  Appointment
      of Co-Trustee or Separate Trustee

                                                                                                                                	
                                                                                                                                  42

                                                                                                                                
	
                                                                                                                                  Section
      6.11.

                                                                                                                                	
                                                                                                                                  Eligibility,
      Disqualification

                                                                                                                                	
                                                                                                                                  43

                                                                                                                                
	
                                                                                                                                  Section
      6.12.

                                                                                                                                	
                                                                                                                                  Preferential
      Collection of Claims Against Issuer

                                                                                                                                	
                                                                                                                                  44

                                                                                                                                
	
                                                                                                                                  Section
      6.13.

                                                                                                                                	
                                                                                                                                  Representations
      and Warranties of Indenture Trustee

                                                                                                                                	
                                                                                                                                  44

                                                                                                                                

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        iv

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              	
                                                                                                                                                      ARTICLE
      VII

                                                                                                                                                    	
                                                                                                                                                      NOTEHOLDERS’
      LISTS AND REPORTS

                                                                                                                                                    	
                                                                                                                                                      45

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      Section
      7.01.

                                                                                                                                                    	
                                                                                                                                                      Issuer
      to Furnish Indenture Trustee Names and Addresses of
      Noteholders

                                                                                                                                                    	
                                                                                                                                                      45

                                                                                                                                                    
	
                                                                                                                                                      Section
      7.02.

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

                                                                                                                                                    	
                                                                                                                                                      45

                                                                                                                                                    
	
                                                                                                                                                      Section
      7.03.

                                                                                                                                                    	
                                                                                                                                                      Reports
      by Issuer

                                                                                                                                                    	
                                                                                                                                                      45

                                                                                                                                                    
	
                                                                                                                                                      Section
      7.04.

                                                                                                                                                    	
                                                                                                                                                      Reports
      by Indenture Trustee

                                                                                                                                                    	
                                                                                                                                                      46

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      ARTICLE
      VIII

                                                                                                                                                    	
                                                                                                                                                      ACCOUNTS,
      DISBURSEMENTS AND RELEASES

                                                                                                                                                    	
                                                                                                                                                      46

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      Section
      8.01.

                                                                                                                                                    	
                                                                                                                                                      Collection
      of Money

                                                                                                                                                    	
                                                                                                                                                      46

                                                                                                                                                    
	
                                                                                                                                                      Section
      8.02.

                                                                                                                                                    	
                                                                                                                                                      Accounts

                                                                                                                                                    	
                                                                                                                                                      46

                                                                                                                                                    
	
                                                                                                                                                      Section
      8.03.

                                                                                                                                                    	
                                                                                                                                                      General
      Provisions Regarding Accounts

                                                                                                                                                    	
                                                                                                                                                      48

                                                                                                                                                    
	
                                                                                                                                                      Section
      8.04.

                                                                                                                                                    	
                                                                                                                                                      Release
      of Owner Trust Estate

                                                                                                                                                    	
                                                                                                                                                      49

                                                                                                                                                    
	
                                                                                                                                                      Section
      8.05.

                                                                                                                                                    	
                                                                                                                                                      Opinion
      of Counsel

                                                                                                                                                    	
                                                                                                                                                      49

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      ARTICLE
      IX

                                                                                                                                                    	
                                                                                                                                                      SUPPLEMENTAL
      INDENTURES

                                                                                                                                                    	
                                                                                                                                                      49

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      Section
      9.01.

                                                                                                                                                    	
                                                                                                                                                      Supplemental
      Indentures Without Consent of Noteholders

                                                                                                                                                    	
                                                                                                                                                      49

                                                                                                                                                    
	
                                                                                                                                                      Section
      9.02.

                                                                                                                                                    	
                                                                                                                                                      Supplemental
      Indentures With Consent of Noteholders

                                                                                                                                                    	
                                                                                                                                                      50

                                                                                                                                                    
	
                                                                                                                                                      Section
      9.03.

                                                                                                                                                    	
                                                                                                                                                      Execution
      of Supplemental Indentures

                                                                                                                                                    	
                                                                                                                                                      52

                                                                                                                                                    
	
                                                                                                                                                      Section
      9.04.

                                                                                                                                                    	
                                                                                                                                                      Effect
      of Supplemental Indenture

                                                                                                                                                    	
                                                                                                                                                      52

                                                                                                                                                    
	
                                                                                                                                                      Section
      9.05.

                                                                                                                                                    	
                                                                                                                                                      Conformity
      with Trust Indenture Act

                                                                                                                                                    	
                                                                                                                                                      52

                                                                                                                                                    
	
                                                                                                                                                      Section
      9.06.

                                                                                                                                                    	
                                                                                                                                                      Reference
      in Notes to Supplemental Indentures

                                                                                                                                                    	
                                                                                                                                                      52

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      ARTICLE
      X

                                                                                                                                                    	
                                                                                                                                                      REDEMPTION
      OF NOTES

                                                                                                                                                    	
                                                                                                                                                      53

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      Section
      10.01.

                                                                                                                                                    	
                                                                                                                                                      Redemption

                                                                                                                                                    	
                                                                                                                                                      53

                                                                                                                                                    
	
                                                                                                                                                      Section
      10.02.

                                                                                                                                                    	
                                                                                                                                                      Form
      of Redemption Notice

                                                                                                                                                    	
                                                                                                                                                      53

                                                                                                                                                    
	
                                                                                                                                                      Section
      10.03.

                                                                                                                                                    	
                                                                                                                                                      Notes
      Payable on Redemption Date

                                                                                                                                                    	
                                                                                                                                                      53

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      ARTICLE
      XI

                                                                                                                                                    	
                                                                                                                                                      MISCELLANEOUS

                                                                                                                                                    	
                                                                                                                                                      54

                                                                                                                                                    
	 	 	 
	
                                                                                                                                                      Section
      11.01.

                                                                                                                                                    	
                                                                                                                                                      Compliance
      Certificates and Opinions, etc

                                                                                                                                                    	
                                                                                                                                                      54

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.02.

                                                                                                                                                    	
                                                                                                                                                      Form
      of Documents Delivered to Indenture Trustee

                                                                                                                                                    	
                                                                                                                                                      55

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.03.

                                                                                                                                                    	
                                                                                                                                                      Acts
      of Noteholders

                                                                                                                                                    	
                                                                                                                                                      56

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.04.

                                                                                                                                                    	
                                                                                                                                                      Notices,
      etc., to Indenture Trustee, Issuer and Rating Agencies

                                                                                                                                                    	
                                                                                                                                                      57

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.05.

                                                                                                                                                    	
                                                                                                                                                      Notices
      to Noteholders; Waiver

                                                                                                                                                    	
                                                                                                                                                      57

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.06.

                                                                                                                                                    	
                                                                                                                                                      Alternate
      Payment and Notice Provisions

                                                                                                                                                    	
                                                                                                                                                      58

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.07.

                                                                                                                                                    	
                                                                                                                                                      Conflict
      with Trust Indenture Act

                                                                                                                                                    	
                                                                                                                                                      58

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.08.

                                                                                                                                                    	
                                                                                                                                                      Effect
      of Headings and Table of Contents

                                                                                                                                                    	
                                                                                                                                                      58

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.09.

                                                                                                                                                    	
                                                                                                                                                      Successors
      and Assigns

                                                                                                                                                    	
                                                                                                                                                      58

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.10.

                                                                                                                                                    	
                                                                                                                                                      Separability

                                                                                                                                                    	
                                                                                                                                                      58

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.11.

                                                                                                                                                    	
                                                                                                                                                      Benefits
      of Indenture

                                                                                                                                                    	
                                                                                                                                                      58

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.12.

                                                                                                                                                    	
                                                                                                                                                      Legal
      Holidays

                                                                                                                                                    	
                                                                                                                                                      59

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.13.

                                                                                                                                                    	
                                                                                                                                                      Governing
      Law; Submission to Jurisdiction

                                                                                                                                                    	
                                                                                                                                                      59

                                                                                                                                                    
	
                                                                                                                                                      Section
      11.14.

                                                                                                                                                    	
                                                                                                                                                      Counterparts

                                                                                                                                                    	
                                                                                                                                                      59

                                                                                                                                                    

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        v

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Section
      11.15.

                                                	
                                                  Recording
      of Indenture

                                                	
                                                  59

                                                
	
                                                  Section
      11.16.

                                                	
                                                  Trust
      Obligation

                                                	
                                                  59

                                                
	
                                                  Section
      11.17.

                                                	
                                                  No
      Petition

                                                	
                                                  60

                                                
	
                                                  Section
      11.18.

                                                	
                                                  Inspection

                                                	
                                                  60

                                                
	
                                                  Section
      11.19.

                                                	
                                                  [Reserved]

                                                	
                                                  60

                                                
	
                                                  Section
      11.20.

                                                	
                                                  Tax
      Treatment

                                                	
                                                  60

                                                
	
                                                  Section
      11.21.

                                                	
                                                  Intent
      of the Parties; Reasonableness

                                                	
                                                  61

                                                
	
                                                  Section
      11.22.

                                                	
                                                  Owner
      Trustee

                                                	
                                                  61

                                                
	
                                                  Section
      11.23.

                                                	
                                                  U.S.A.
      Patriot Act

                                                	
                                                  61

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
        vi

        
          

        

      

      
         

      

    

    SCHEDULES

    

    
      
        
          
            
              
                	
                        Schedule
      A – Schedule of Receivables

                      	
                        S-A-1

                      

              

            

          

        

      

    

    

    EXHIBITS

    

    
      
        
          
            
              	
                      Exhibit
      A- Form of Class [A-1],[ A-2],[ A-3] and

                      [A-4]
      Note

                    	
                      A-1

                    
	
                      Exhibit
      B - Form of Note Depository Agreement

                    	
                      B-1

                    
	
                      Exhibit
      C - Servicing Criteria to be Addressed in Assessment of 

                      Compliance

                    	
                      C-1

                    

            

          

        

      

    

     

    
      
         

      

      
        vii

        
          

        

      

      
         

      

    

    This
Indenture, dated as of February 1, 2010, is between Honda Auto Receivables
2010-1 Owner Trust, a Delaware statutory trust (the “Issuer”), and Union Bank,
N.A., as indenture trustee (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 Class A-1 0.26913% Asset Backed
Notes (the “Class A-1 Notes”), Class A-2 0.620% Asset Backed Notes (the
“Class A-2 Notes”), Class A-3 1.250% Asset Backed Notes (the “Class A-3 Notes”)
and Class A-4 1.980% Asset Backed Notes (the “Class A-4 Notes” and, together
with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the
“Notes”):

     

    GRANTING
CLAUSE

     

    The
Issuer hereby Grants to the Indenture Trustee at the Closing Date, on behalf of
and for the benefit of the Holders of the Notes, without recourse, all of the
Issuer’s right, title and interest in, to and under (i) the Receivables and all
monies due thereon and received thereon on and after February 1, 2010; (ii) the
security interests in the Financed Vehicles; (iii) any proceeds of any physical
damage insurance policies covering the Financed Vehicles and in any proceeds of
any credit life or credit disability insurance policies relating to the
Receivables or the Obligors; (iv) any proceeds of Dealer Recourse; (v) the right
to realize upon any property (including the right to receive future Liquidation
Proceeds) that shall have secured a Receivable and have been repossessed by or
on behalf of the Issuer; (vi) all funds, and all investment property, from time
to time carried in or credited to the Accounts, including the Reserve Fund
Initial Deposit and the Yield Supplement Account Deposit and in all investment
income and proceeds thereof; (vii) the rights of the Seller under the
Receivables Purchase Agreement including, but not limited to, the
representations and warranties set forth in Sections 2.02 and 2.03 therein and
the rights of the Issuer under the Sale and Servicing Agreement, including, but
not limited to, the representations and warranties set forth in Sections 2.03
and 5.01 therein; (viii) any Servicer Letter of Credit; (ix) any Cap Agreement
entered into with one or more Cap Counterparties pursuant to Section
1.02(xxxiii) of the Administration Agreement and any related collateral and
collateral accounts (including, but not limited to, the Cap Collateral and the
Cap Agreement Collateral Account described in Section 8.02(c) hereof) and (x)
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 which at any time constitute all or part of or
are included in the proceeds of any of the foregoing as each such term is
defined in Section 1.01 (collectively, the “Collateral”).

     

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

     

    ARTICLE
I

     

    DEFINITIONS
AND INCORPORATION BY REFERENCE

     

    Section
1.01.           Definitions.

     

    (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” shall have the
meaning specified in Section 11.03(a).

     

    “Administration
Agreement” means the Administration Agreement, dated as of February 1,
2010, among the Administrator, the Issuer, the Depositor and the Indenture
Trustee.

     

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

     

    “AHFC” means American
Honda Finance Corporation, and its successors.

     

    “Authorized Officer”
means, with respect to the Issuer, any officer of the Owner Trustee or person
appointed pursuant to a power of attorney 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
Assistant Vice President or more 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).

     

    “Benefit Plan” means
(a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is
subject to Title I of ERISA, (b) a plan (as defined in Section 4975(e)(1) of the
Code) that is subject to Section 4975 of the Code, and (c) an entity whose
underlying assets include assets of a plan described in (a) or (b) by reason of
such plan’s investment in the entity.

     

    “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
2.09.

     

    “Business Day” means
any day other than a Saturday, a Sunday or a day on which banking institutions
or trust companies in Los Angeles, California, Wilmington, Delaware or New York,
New York are authorized or obligated by law, regulation, executive order or
governmental decree to remain closed.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    “Cap Agreement” means
any interest rate derivative agreement entered into under Section 1.02(xxxiii)
of the Administration Agreement with one or more Cap Counterparties to hedge
some or all of the interest rate risk of the Notes.

     

    “Cap Agreement Collateral
Account” means the account designated as such, established and maintained
pursuant to Section 8.02(c) hereof.

     

    “Cap Agreement Credit Support
Agreement” has the meaning specified in Section 8.02(c)
hereof.

     

    “Cap Collateral” has
the meaning specified in Section 8.02(c) hereof.

     

    “Cap Counterparty”
means the interest rate derivative agreement counterparty to a Cap
Agreement.

    

    “Class” means all
Notes whose form is identical except for variation in denomination, principal
amount or owner.

     

    “Class A-1 Interest
Rate” means 0.26913% per annum (computed on the basis of the actual
number of days in the related Interest Accrual Period divided by
360).

     

    “Class A-1 Notes”
means the Class A-1 0.26913% Asset Backed Notes, substantially in the form of
Exhibit A.

     

    “Class A-2 Interest
Rate” means 0.620% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

    “Class A-2 Notes”
means the Class A-2 0.620% Asset Backed Notes, substantially in the form of
Exhibit A.

     

    “Class A-3 Interest
Rate” means 1.250% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

     “Class A-3 Notes”
means the Class A-3 1.250% Asset Backed Notes, substantially in the form of
Exhibit A.

     

    “Class A-4 Interest
Rate” means 1.980% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months).

     

    “Class A-4 Notes”
means the Class A-4 1.980%  Asset Backed Notes, substantially in the
form of Exhibit A.

     

    “Clearing Agency”
means an organization registered as a “clearing agency” pursuant to Section 17A
of the Exchange Act, which initially shall be The Depository Trust
Company.

     

    “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.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    “Closing Date” means
February 24, 2010.

     

    “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.

     

    “Corporate Trust
Office” means an office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office
at the date of execution of this Indenture is located at 551 Madison Avenue,
11th Floor, New York, New York 10022, Attention: Corporate Trust Department 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”
shall have the meaning specified in Section 2.11.

     

    “Delaware Trustee”
means BNY Mellon Trust of Delaware, as Delaware Trustee under the Trust
Agreement.

     

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

     

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

     

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

     

    “Final Payment Date”
has the meaning set forth in the Sale and Servicing Agreement.

     

    “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 monies 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.

     

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

    
      
         

      

      
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    “Indenture” means this
Indenture, as amended or supplemented from time to time.

     

    “Indenture Trustee”
means Union Bank, N.A., a national banking association organized under the laws
of the United States of America, 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 the Person (i) is in fact
independent of the Issuer, any other obligor on the Notes, the Seller and any of
their respective Affiliates, (ii) does not have any direct financial interest or
any material indirect financial interest in the Issuer, any such other obligor,
the Seller or any of their respective Affiliates and (iii) is not connected with
the Issuer, any such other obligor, the Seller or any of their respective
Affiliates 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, 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.

     

    “Interest Accrual
Period” means, subject to Section 11.12 hereof, with respect to any
Payment Date and (i) the Class A-1 Notes, the period from and including the
immediately preceding Payment Date (or, in the case of the first Payment Date,
the Closing Date) to but excluding such Payment Date and (ii) the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, the period from and
including the 21st day of
the prior month (or, in the case of the first Payment Date, the Closing Date) to
but excluding the 21st day of
the month of such Payment Date.

     

    “Interest Rate” means
the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest
Rate or the Class A-4 Interest Rate, as applicable.

     

    “Issuer” means Honda
Auto Receivables 2010-1 Owner Trust 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 Authorized Officer and delivered to the Indenture
Trustee.

     

     “Note Depository
Agreement” means the agreement dated February 24, 2010, among the Issuer,
the Indenture Trustee and The Depository Trust Company, as the initial Clearing
Agency, relating to the Notes, substantially in the form of Exhibit B
hereto.

     

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

    
      
         

      

      
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    “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” shall have the respective meanings specified in Section
2.04.

     

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

     

    “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 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
and who shall be satisfactory to the Indenture Trustee, and which opinion or
opinions shall be addressed to the Indenture Trustee as 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 the 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 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
cancelled or paid pursuant to Section 2.05 in exchange 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 Protected Purchaser;

     

    provided,
that in determining whether the Holders of the requisite Outstanding Amount have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder or under any other Basic Document, Notes owned by the Issuer, any
other obligor upon the Notes, the Seller or any of their respective Affiliates
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 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 upon the Notes, the Seller
or any Affiliate of any of their respective Affiliates.

    
      
         

      

      
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    “Outstanding Amount”
means, except as otherwise indicated by the context, the aggregate principal
amount of all Notes of all Classes Outstanding at the date of
determination.

     

    “Owner Trust Estate”
means the Grant of the Collateral to the Indenture Trustee under this Indenture,
including all proceeds thereof.

     

    “Owner Trustee” means
The Bank of New York Mellon, 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 and the
Note Distribution Account, including payments of principal of or interest on the
Notes on behalf of the Issuer.

     

    “Payment Date” means
the 21st
calendar day of each month, commencing March 22, 2010, or if such day is not a
Business Day, then the next succeeding Business Day.

     

    “Person” means any
individual, corporation, partnership, joint venture, association, joint-stock
company, trust, 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 2.05 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.

     

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

     

    “Protected Purchaser”
shall have the meaning set forth in Article 8 of the UCC.

     

    “Rating Agency
Condition” means, with respect to any action, that each Rating Agency
shall have been given ten days (or such shorter period as is acceptable to each
Rating Agency) prior notice thereof and that each Rating Agency shall have
notified the Seller, the Servicer, the Indenture Trustee and the Owner Trustee
in writing that such action will not result in a qualification, reduction or
withdrawal of the then current rating of the Notes.

     

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

    
      
         

      

      
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    “Redemption Date”
means, 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 weighted average of the Interest Rates for
each Class of Notes 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.

     

    “Regulation AB” means
Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject to
such clarification and interpretation as have been provided by the Commission in
the adopting release (Asset-Backed Securities, Securities Act Release No.
33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
Commission, or as may be provided by the Commission or its staff from time to
time.

     

    “Sale and Servicing
Agreement” means the Sale and Servicing Agreement, dated as of February
1, 2010, between the Issuer, the Seller and the Servicer.

     

    “Schedule of
Receivables” means the list of the Receivables set forth in Schedule A
hereto.

     

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

     

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

     

    “Servicing Criteria”
means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as
such may be amended from time to time.

     

    “Sponsor” means
American Honda Finance Corporation, in its capacity as sponsor under the Sale
and Servicing Agreement, and any Successor Sponsor thereunder.

     

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

     

    “Seller” means
American Honda Receivables Corp., in its capacity as seller under the Sale and
Servicing Agreement, and its successors.

     

    “Subcontractor” means
any vendor, subcontractor or other Person that is not responsible for the
overall servicing (as “servicing” is commonly understood by participants in the
asset-backed securities market) of the Receivables but performs one or more
material discrete functions identified in Item 1122(d) of Regulation AB with
respect to the Receivables under the direction or authority of the Servicer or a
Subservicer.

    
      
         

      

      
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    “Subservicer” means
any Person that services Receivables on behalf of the Servicer or any
Subservicer and is responsible for the performance (whether directly or through
Subservicers or Subcontractors) of a substantial portion of the material
servicing functions required to be performed by the Servicer under this
Agreement that are identified in Item 1122(d) of Regulation AB.

     

    “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.

     

    “United States” means
the United States of America.

     

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

     

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

     

    “Commission”
means the Securities and Exchange Commission.

     

    “indenture
securities” means the Notes.

     

    “indenture
security holder” means a Noteholder.

     

    “indenture
to be qualified” means this Indenture.

     

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

     

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

     

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

     

    Section
1.03.           Rules of
Construction.  Unless the context otherwise requires: (i) a
term has the meaning assigned to it; (ii) 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; (iii) “or” is not
exclusive; (iv) “including” means including without limitation; (v) words in the
singular include the plural and words in the plural include the singular; (vi)
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; (vii) references to a
Person are also to its permitted successors and assigns; (viii) the words
“hereof’, “herein” and “hereunder” and words of similar import when used in this
Indenture shall refer to this Indenture as a whole and not to any particular
provision of this Indenture; (ix) the term “proceeds” shall have the meaning set
forth in the applicable UCC; and (x) Section, subsection and Schedule references
contained in this Indenture are references to Sections, subsections and
Schedules in or to this Indenture unless otherwise specified.

    
      
         

      

      
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    ARTICLE
II

     

    THE
NOTES

     

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

     

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

     

    Each Note
shall be dated the date of its authentication.  The terms of the Notes
are the terms of this Indenture.

     

    Section
2.02.           Execution, Authentication
and Delivery.  The Notes shall be executed on behalf of the
Issuer by any of its Authorized Officers.  The signature of any such
Authorized Officer on the Notes may be manual 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 for
original issue the following aggregate principal amount of Notes: (i)
$399,990,000 of Class A-1 Notes, (ii) $298,600,000 of Class A-2 Notes, (iii)
$507,110,000 of Class A-3 Notes and (iv) $154,810,000 of Class A-4
Notes.  The aggregate principal amount of Class A-1 Notes, Class A-2
Notes, Class A-3 Notes and Class A-4 Notes outstanding at any time may not
exceed such respective amounts except as provided in Section 2.05.

     

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

    
      
         

      

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

     

    Section
2.03.           Temporary
Notes.  Pending the preparation of Definitive Notes pursuant to
Section 2.11, the Issuer may execute, and upon receipt of an Issuer Order the
Indenture Trustee shall authenticate and deliver, temporary Notes that are
printed, lithographed, typewritten, mimeographed or otherwise produced, of the
tenor of the Definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing such Notes may determine, as evidenced by their execution of such
Notes.

     

    If
temporary Notes are issued, the Issuer shall cause Definitive Notes to be
prepared without unreasonable delay.  After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes
upon surrender of the temporary Notes at the office or agency of the Issuer to
be maintained as provided in Section 3.02, without charge to the related
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 tenor and principal amount of
Definitive Notes of authorized denominations.  Until so exchanged, the
temporary Notes shall in all respects be entitled to the same benefits under
this Indenture as Definitive Notes.

     

    Section
2.04.           Note Register, Registration
of Transfer and Exchange.  The Issuer shall cause to be kept a
register (the “Note Register”) in which, subject to such reasonable regulations
as it may prescribe, the Issuer shall provide for the registration of Notes and
the registration of 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 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, provided that the
requirements of Section 8-401 of
the UCC are met, the Issuer shall execute, and the Indenture Trustee shall
authenticate and the Noteholder shall obtain from the Indenture Trustee, in the
name of the designated transferee or transferees, one or more new Notes of the
same Class in any authorized denominations, of a like aggregate principal
amount.

    
      
         

      

      
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    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, provided
that the requirements of Section 8-401 of the UCC are met (as determined by the
Issuer), the Issuer shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, the Notes which the
Noteholder making the exchange is entitled to receive.

     

    All Notes
issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Issuer, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Notes surrendered upon such registration
of transfer or exchange.

     

    Every
Note presented or surrendered for registration of transfer or exchange shall be
duly endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the 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 9.06 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.

     

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

    
      
         

      

      
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    Upon the
issuance of any replacement Note under this Section, the Issuer or the Indenture
Trustee 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 and expenses of
the Indenture Trustee or the Note Registrar) connected therewith.

     

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

     

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

     

    Section
2.06.           Persons Deemed
Owner.  Prior to due presentment for registration of transfer
of any Note, the Issuer, the Indenture Trustee and any of their respective
agents may treat the Person in whose name any Note is registered (as of the day
of determination) as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and none of the
Issuer, the Indenture Trustee or any of their respective agents shall be
affected by notice to the contrary.

     

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

     

    (a)           Each
Class of Notes shall accrue interest at the related Interest Rate, and such
interest shall be due and payable on each Payment Date as specified therein,
subject to Sections 3.01 and 11.12 hereof.  Any installment of
interest or principal, if any, payable on any Note that is punctually paid or
duly provided for by the Issuer on the applicable Payment Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date by 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 2.11,
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
will be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Payment Date, a Redemption Date or on the
related Final Scheduled Payment Date, as the case may be (and except for the
Redemption Price for any Note called for redemption pursuant to Section 10.01),
which shall be payable as provided below.  The funds represented by
any such checks returned undelivered shall be held in accordance with Section
3.03.

    
      
         

      

      
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    (b)           The
principal of each Note shall be payable as provided in Section 8.02(d)
hereof.  Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
related Final Payment Date or the date on which an Event of Default shall have
occurred and be continuing, if the Indenture Trustee or Holders of the Notes
representing not less than a majority of the Outstanding Amount have declared
the Notes to be immediately due and payable in the manner provided in Section
5.02.  All principal payments on each Class of Notes shall be made pro
rata to the Noteholders of such Class entitled thereto.  The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close
of business 5 Business Days preceding the Payment Date on which the Issuer
expects that the final installment of principal of and interest on such Note
will be paid.  Such notice shall be mailed or transmitted by facsimile
prior to such final Payment Date and shall specify that such final installment
will be payable only upon presentation and surrender of such Note and shall
specify the place where such Note may be presented and surrendered for payment
of such installment.  Notices in connection with redemptions of Notes
shall be mailed to Noteholders as provided in Section 10.02.  In
addition, the Administrator shall notify each Rating Agency upon the final
payment of interest and principal of each Class of Notes, and upon the
termination of the Trust, in each case pursuant to Section 1.02(a)(iii) of the
Administration Agreement.

     

    (c)           If
the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay
defaulted interest (plus interest on such defaulted interest to the extent
lawful) at the applicable Interest Rate in any lawful manner.  The
Issuer may pay such defaulted interest to the Persons who are Noteholders on a
subsequent special record date, which date shall be at least 5 Business Days
prior to the next payment date.  The Issuer shall fix or cause to be
fixed any such special record date and related payment date, and, at least 15
days before any such special record date, the Issuer shall mail to each
Noteholder a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid.

     

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

     

    Section
2.09.           Book-Entry
Notes.  The Notes, upon original issuance, will be issued in
the form of a typewritten Note or Notes representing the Book-Entry Notes, to be
delivered to the Indenture Trustee, as agent for The Depository Trust Company,
the initial Clearing Agency, by, or on behalf of, the Issuer.  The
Book-Entry Notes shall be registered initially on the Note Register in the name
of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner
will receive a definitive Note representing such Note Owner’s interest in such
Note, except as provided in Section 2.11.  Unless and until
definitive, fully registered Notes (the “Definitive Notes”) have been issued to
such Note Owners pursuant to Section 2.11:

    
      
         

      

      
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    (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 and/or the Clearing Agency
Participants.  Pursuant to the Note Depository Agreement, unless and
until Definitive Notes are issued pursuant to Section 2.11, the Clearing Agency
will make book-entry transfers among the Clearing Agency Participants and
receive and transmit payments of principal of and interest on the Notes to such
Clearing Agency Participants; and

     

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

     

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

     

    Section
2.11.           Definitive
Notes.  If (i)(A) the Administrator advises the Indenture
Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities with respect to the Book-Entry Notes and
(B) neither the Indenture Trustee nor the Administrator is able to locate a
qualified successor, (ii) the Administrator at its option advises the Indenture
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency or (iii) after the occurrence of an Event of Default or a
Servicer Default, Owners of Book-Entry Notes representing beneficial interests
aggregating at least a majority of the Outstanding Amount of such Notes advise
the Indenture Trustee and the Clearing Agency Participants through the Clearing
Agency, in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of such Note Owners, then, in
each case, the Indenture Trustee shall notify all Note Owners of the related
Class of Notes through the Clearing Agency of the occurrence of any such event
and of the availability of Definitive Notes of the related Class of Notes to
Note Owners requesting the same.  Upon surrender to the Indenture
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuer shall execute and
the Indenture Trustee shall authenticate the Definitive Notes in accordance with
the instructions of the Clearing Agency.  None of the Issuer, the Note
Registrar or the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions.  Upon the issuance of Definitive Notes
of a Class, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders hereunder.

    
      
         

      

      
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    Section
2.12.           Release of
Collateral.  Subject to Section 11.01 and the terms of the
other Basic Documents, the Indenture Trustee shall release property from the
lien of this Indenture only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and (except in the case of a full
redemption under Section 10.01) Independent Certificates in accordance with TIA
§§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent
Certificates to the effect that the TIA does not require any such Independent
Certificates.

     

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

     

    Section
2.14.           Employee Benefit
Plans.  The transfer of a Definitive Note shall not be
registered unless the prospective transferee has represented in writing to the
Indenture Trustee that either (i) it is not a Benefit Plan or any other plan
subject to a law that is substantially similar to Title I of ERISA or Section
4975 of the Code ("Similar Law") and is not acting on behalf of or investing the
assets of a Benefit Plan or any other plan subject to Similar Law  or
(ii) its acquisition, holding and disposition of the Definitive Note will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code because it will be covered by a United States
Department of Labor prohibited transaction class exemption or by some other
applicable statutory or administrative exemption and will not cause a nonexempt
violation of any Similar Law.  Any Person that acquires a beneficial
interest in a Book-Entry Note with the assets of a Benefit Plan shall be deemed
to represent that its acquisition and holding of such beneficial interest will
not give rise to a nonexempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code because it is covered by a United States Department
of Labor prohibited transaction class exemption or some other applicable
statutory or administration exemption.

    
      
         

      

      
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    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(d), the Issuer will cause to be distributed all amounts on
deposit in the Note Distribution Account on a Payment Date deposited therein in
accordance with Section 8.02(e).  Amounts properly withheld under the
Code by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the Issuer to such Noteholder for all
purposes of this Indenture.

     

    Section
3.02.           Maintenance of Office or
Agency.  The Issuer will maintain 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.  The Issuer hereby initially appoints the Indenture Trustee to
serve as its agent for the foregoing purposes.  The Issuer will give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency.  If at any time
the Issuer shall fail to maintain any such office or agency or shall fail to
furnish the Indenture Trustee with the address thereof, such surrenders, notices
and demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands, provided that the Indenture Trustee shall not
serve as an agent or office for the purpose of service of process on behalf of
the Issuer.

     

    Section
3.03.           Money for Payments to be
Held in Trust.  As provided in Sections 5.04 and 8.02, all
payments of amounts due and payable with respect to any Notes that are to be
made from amounts withdrawn from the Collection Account and the Note
Distribution Account pursuant to Section 8.02(d) shall be made on behalf of the
Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so
withdrawn from the Collection Account and the Note Distribution Account for
payments of Notes shall be paid over to the Issuer except as provided in this
Section.

     

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

     

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

     

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

     

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

    
      
         

      

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

     

    (iv)         immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums
held by it in trust for the payment of Notes if at any time it ceases to meet
the standards required to be met by a Paying Agent at the time of its
appointment; 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 and with respect to any applicable reporting requirements in connection
therewith.

     

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

     

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

     

    Section
3.04.           Existence.  The
Issuer will keep in full effect its existence, rights and franchises as a
statutory trust under the laws of the State of Delaware (unless it becomes, or
any successor Issuer hereunder is or becomes, organized under the laws of any
other State or of the United States, in which case the Issuer will keep in full
effect its existence, rights and franchises under the laws of such other
jurisdiction) and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Owner Trust
Estate, including all licenses required under the Pennsylvania Motor Vehicle
Sales Finance Act and Maryland Code Financial Institutions, Title 11, Subtitle
4, as applicable, in connection with this Agreement and the other Basic
Documents and the transactions contemplated hereby and thereby until such time
as the Issuer shall terminate in accordance with the terms
hereof.

    
      
         

      

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

     

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

     

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

     

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

     

    (iv)         enforce
any of the Collateral;

     

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

     

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

     

    Section
3.06.           Opinions as to Owner Trust
Estate.  

     

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

     

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

    
      
         

      

      
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    Section
3.07.           Performance of Obligations;
Servicing of Receivables.

     

    (a)          The
Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such
Person’s material covenants or obligations under any instrument or agreement
included in the Owner Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the other Basic Documents or such other
instrument or agreement.

     

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

     

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

     

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

    
      
         

      

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

     

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

     

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

     

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

     

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

    
      
         

      

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

     

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

     

    Section
3.09.           Annual
Statement as to Compliance.  

     

    (a)          The
Issuer will deliver to the Indenture Trustee, within 120 days after the end of
each fiscal year of the Issuer (commencing with the fiscal year ended March 31,
2010), 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.

     

    (b)          On
or before June 1st of each
calendar year in which a Form 10-K is required to be filed on behalf of the
Issuer, commencing in 2010, the Indenture Trustee shall deliver to the Issuer
and the Administrator a report regarding the Indenture Trustee’s assessment of
compliance with each of the Servicing Criteria specified on Exhibit C hereto
during the immediately preceding reporting year accompanied by an attestation
report by a registered public accounting firm, in each case as required under
Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation
AB.  Such report shall be signed by an authorized officer of the
Indenture Trustee, and shall address each of the Servicing Criteria specified on
Exhibit C hereto.

     

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

     

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

     

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

     

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

    
      
         

      

      
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    (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 tax consequence to the Issuer, any Noteholder
or any Certificateholder;

     

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

     

    (vi)         the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel (which shall describe the actions taken as required by
clause (v) above or that no actions will be taken) each stating that such
consolidation or merger comply with this Article and that all conditions
precedent herein provided for relating to such transaction have been complied
with (including any filing required by the Exchange Act).

     

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

     

    (i)           the
Person that acquires by conveyance or transfer the properties or assets of the
Issuer shall (A) be a United States citizen or a Person organized and existing
under the laws of the United States or any State, (B) expressly assume, by an
indenture supplemental hereto, executed and delivered to the Indenture Trustee,
in form satisfactory to the Indenture Trustee, the due and punctual payment of
the principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture and each other Basic Document on
the part of the Issuer to be performed or observed, all as provided herein, (C)
expressly agree by means of such supplemental indenture that all right, title
and interest so conveyed or transferred shall be subject and subordinate to the
rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agree to indemnify, defend and hold harmless
the Issuer against and from any loss, liability or expense arising under or
related to this Indenture and the Notes and (E) expressly agree by means of such
supplemental indenture that such Person (or if a group of Persons, then one
specified Person) shall make all filings with the Commission (and any other
appropriate Person) required by the Exchange Act in connection with the
Notes;

     

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

     

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

     

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

     

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

    
      
         

      

      
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    (vi)         the
Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate
and an Opinion of Counsel (which shall describe the actions taken as required by
clause (v) above or that no actions will be taken) each stating that such
conveyance or transfer and such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the
Exchange Act).

     

    Section
3.11.           Successor or
Transferee.

     

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

     

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

     

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

     

    Section
3.13.           No
Borrowing.  The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for (i) the Notes and (ii) any other indebtedness permitted
by or arising under the other Basic Documents.

     

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

     

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

     

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

     

    Section
3.17.           Removal of
Administrator.  So long as any Notes are Outstanding, the
Issuer shall not remove the Administrator without cause unless the Rating Agency
Condition shall have been satisfied in connection with such
removal.

    
      
         

      

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

     

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

     

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

     

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

     

    Section
3.22.           Amendments of Sale and
Servicing Agreement and Trust Agreement.  The Issuer shall not
agree to any amendment to Section 9.01 of the Sale and Servicing Agreement or
Section 11.01 of the Trust Agreement to eliminate the requirements thereunder
that the Indenture Trustee or the Holders of the Notes consent to amendments
thereto as provided therein.

     

    ARTICLE
IV

     

    SATISFACTION
AND DISCHARGE

     

    Section
4.01.           Satisfaction and Discharge
of Indenture.  This Indenture shall cease to be of further
effect with respect to the Notes except as to (i) rights of registration of
transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen
Notes, (iii) rights of Noteholders to receive payments of principal thereof and
interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.20
and 3.22, (v) the rights, obligations and immunities of the Indenture Trustee
hereunder (including the rights of the Indenture Trustee under Section 6.07 and
the obligations of the Indenture Trustee under Section 4.02) and (vi) the rights
of Noteholders as beneficiaries hereof with respect to the property so deposited
with the Indenture Trustee payable to all or any of them, and the Indenture
Trustee, on written demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when

    
      
         

      

      
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    (i)          either

     

    (A)          all
Notes theretofore authenticated and delivered (other than (i) Notes that have
been destroyed, lost or stolen and that have been replaced or paid as provided
in Section 2.05 and (ii) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust, as provided in Section 3.03)
have been delivered to the Indenture Trustee for cancellation or

     

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

     

    (1)           have
become due and payable,

     

    (2)           will
become due and payable at the Class A-4 Final Payment Date within one year,
or

     

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

     

    and the
Issuer, in the case of clauses (1), (2) or (3) above, has irrevocably deposited
or caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States (which will mature
prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due to the
related Final Payment Date or Redemption Date (if Notes shall have been called
for redemption pursuant to Section 10.01), as the case may be;

     

    (ii)         the
Issuer has paid or performed or caused to be paid or performed all amounts and
obligations which the Issuer may owe to or on behalf of the Indenture Trustee
for the benefit of the Noteholders, under this Indenture or the Notes;
and

     

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

    
      
         

      

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

     

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

     

    ARTICLE
V

     

    REMEDIES

     

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

     

    (i)           default
by the Issuer in the payment of any interest on any Note when the same becomes
due and payable, and such default shall continue for a period of five
days;

     

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

     

    (iii)         default
in the observance or performance of any 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 any representation or warranty of the Issuer made in this
Indenture or in any certificate or other writing delivered pursuant hereto or in
connection herewith proving to have been incorrect in any material respect as of
the time when the same shall have been made, 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 30 days after there shall have been given, by
registered or certified mail, to the Issuer by the Indenture Trustee or to the
Issuer and the Indenture Trustee by the Holders of at least 25% of the
Outstanding Amount, 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;

     

    
      
         

      

      
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    (iv)         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 Owner Trust
Estate 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 of the Issuer or for any substantial part of the Owner Trust Estate, or
ordering the winding-up or liquidation of the Issuer’s affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive
days; or

     

    (v)          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 or
taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of
the Owner 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 deliver to a Responsible Officer of the Indenture Trustee, within
five days after the occurrence thereof, written notice in the form of an
Officer’s Certificate of any event which with the giving of notice and the lapse
of time would become an Event of Default under clause (iii) above, its status
and what action the Issuer is taking or proposes to take with respect
thereto.

     

    Section
5.02.           Acceleration of Maturity,
Rescission and Annulment.

     

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

     

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

     

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

     

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

     

    (B)           all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel; and

    
      
         

      

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

     

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

     

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

     

    (a)          The
Issuer covenants that if the Notes are accelerated following the occurrence of
an Event of Default, the Issuer will, upon demand of the Indenture Trustee, pay
to it, for the benefit of the Holders of the Notes, the whole amount then due
and payable on such Notes for principal and interest, with interest on the
overdue principal and, to the extent payment at such rate of interest shall be
legally enforceable, on overdue installments of interest at the related Interest
Rate and, in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel.

     

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

     

    (c)          If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more
particularly provided in Section 5.04, in its discretion, proceed to protect and
enforce its rights and the rights of the Noteholders, by such appropriate
Proceedings as the Indenture Trustee shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Indenture Trustee by this Indenture or by law.

     

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

    
      
         

      

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

     

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

     

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

     

    (iv)         to
file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Indenture Trustee or the Holders of
Notes allowed in any Proceedings relative to the Issuer, its creditors and 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 reasonable compensation to
the Indenture Trustee, each predecessor Indenture Trustee and their respective
agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith.

     

    (e)          Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize
or consent to or vote for or accept or adopt on behalf of any Noteholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any 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 trial or other Proceedings
relative thereto, and any such action or Proceedings instituted by the Indenture
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents and attorneys, shall be for the ratable benefit of the
Holders of the Notes.

     

    
      
         

      

      
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    (g)          In
any Proceedings brought by the Indenture Trustee (including any Proceedings
involving the interpretation of any provision of this Indenture to which the
Indenture Trustee shall be a party), the Indenture Trustee shall be held to
represent all the 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 Sections 5.02 and
5.05):

     

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

     

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

     

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

     

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

     

    provided,
however, that the Indenture Trustee may not sell or otherwise liquidate the
Owner Trust Estate following an Event of Default, other than an Event of Default
described in Section 5.01(i) or (ii), unless (A) the Holders of 100% of the
Outstanding Amount consent thereto, (B) the proceeds of such sale or liquidation
distributable to the Noteholders and Certificateholders are sufficient to
discharge in full all amounts then due and unpaid upon such Notes and
Certificates for principal and interest or (C) the Indenture Trustee determines
that the Owner Trust Estate will not continue to provide sufficient funds for
the payment of principal of and interest on the Notes and Certificates as would
have become due if the Notes and Certificates had not been declared due and
payable, and the Indenture Trustee obtains the consent of Holders of 100% of the
Outstanding Amount.  In determining such sufficiency or insufficiency
with respect to clause (B) and (C) above, the Indenture Trustee may, but need
not, obtain, at the expense of the Issuer, and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Owner
Trust Estate for such purpose.

     

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

     

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

    
      
         

      

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

     

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

     

    (iv)      
  [Reserved]

     

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

     

    (vi)         to
the Holders of Class A-1 Notes, the outstanding principal amount of the Class
A-1 Notes, until the Class A-1 Notes are paid in full;

     

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

     

    (viii)      
to the Holders of the Trust Certificates, the Certificate Interest Distributable
Amount;

     

    (ix)         to
the Holders of the Trust Certificates, the outstanding principal amount of the
Trust Certificates;

     

    (x)          to
the related Cap Counterparty under any Cap Agreement, the amounts of any
payments due under such Cap Agreement; and

     

    (xi)         to
the Seller, any remaining amount.

     

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

     

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

    
      
         

      

      
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    Section
5.06.           Limitation of
Suits.  No 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:

     

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

     

    (ii)          the
Holders of not less than 25% of the Outstanding Amount have made written request
to the Indenture Trustee to institute such Proceeding in respect of such Event
of Default in its own name as Indenture Trustee hereunder;

     

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

     

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

     

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

     

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

     

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

    
      
         

      

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

     

    Section
5.10.           Delay or Omission Not a
Waiver.  No delay or omission of the Indenture Trustee or any
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 or by law to
the Indenture Trustee or to the Noteholders may be exercised from time to time,
and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be.

     

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

     

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

     

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

     

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

     

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

     

    Notwithstanding
the rights of Noteholders set forth in this Section, subject to Section 6.01,
the Indenture Trustee need not take any action for which it will not be
adequately indemnified or might materially adversely affect the rights of any
Noteholders not consenting to such action.

     

    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 may waive any past Default or
Event of Default and its consequences except a Default (i) in payment of
principal of or interest on any of the Notes or (ii) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
Holder of each Note.  In the case of any such waiver, the Issuer, the
Indenture Trustee and the Holders of the Notes shall respectively be restored to
their former positions and rights hereunder; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right
consequent thereto.  Upon any such waiver, such Default shall cease to
exist and be deemed to have been cured and not to have occurred, and any Event
of Default arising therefrom shall be deemed to have been cured and not to have
occurred, for every purpose of this Indenture.

    
      
         

      

      
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    Section
5.13.       Undertaking for
Costs.  All parties to this Indenture agree, and each Holder of
any 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 omitted by it as Indenture Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and reasonable expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this
Section shall not apply to (i) any suit instituted by the Indenture Trustee,
(ii) any suit instituted by any Noteholder, or group of Noteholders, in each
case holding in the aggregate more than 10% of the Outstanding Amount or (iii)
any suit instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates
expressed in such Note and in this Indenture (or, in the case of redemption, on
or after the Redemption Date).

     

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

     

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

    
      
         

      

      
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    Section
5.16.       Performance and Enforcement
of Certain Obligations.

     

    (a)           Promptly
following a request from the Indenture Trustee to do so and at the
Administrator’s expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Seller or the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Indenture Trustee, including the transmission of notices of default on
the part of the Seller or the Servicer thereunder and the institution of legal
or administrative actions or proceedings to compel or secure performance by the
Seller or the Servicer of each of their obligations under the Sale and Servicing
Agreement.

     

    (b)           If
an Event of Default has occurred and is continuing, the Indenture Trustee may,
and at the direction (which direction shall be in writing) of the Holders of 66
2/3% of the Outstanding Amount shall, exercise all rights, remedies, powers,
privileges and claims of the Issuer against the Seller or the Servicer under or
in connection with the Sale and Servicing Agreement, including the right or
power to take any action to compel or secure performance or observance by the
Seller or the Servicer, as applicable, of each of their obligations to the
Issuer thereunder and to give any consent, request, notice, direction, approval,
extension or waiver under the Sale and Servicing Agreement, as applicable, and
any right of the Issuer to take such action shall be suspended.

     

    ARTICLE
VI

     

    THE
INDENTURE TRUSTEE

     

    Section
6.01.       Duties of Indenture
Trustee.

     

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

     

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

     

    (i)     
      the Indenture Trustee shall undertake to
perform such duties and only such duties as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this
Indenture against the Indenture Trustee; and

    
      
         

      

      
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    (ii)           in
the absence of bad faith on its part, the Indenture Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture; however, the
Indenture Trustee shall examine the certificates and opinions specifically
required to be furnished pursuant to any provision of this Agreement to
determine whether or not they conform to the requirements of this
Indenture.

     

    (c)           The
Indenture Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except
that:

     

    (i)           this
paragraph does not limit the effect of Section 6.01(b);

     

    (ii)           the
Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer unless it is proved that the Indenture Trustee
was negligent in ascertaining the pertinent facts; and

     

    (iii)          the
Indenture Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it
pursuant to Section 5.11.

     

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

     

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

     

    (f)           Money
held in trust by the Indenture Trustee need not be segregated from other funds
except to the extent required by law or the terms of this Indenture or the Sale
and Servicing Agreement.

     

    (g)           No
provision of this Indenture shall require the Indenture Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of
any of its duties hereunder or in the exercise of any of its rights or powers,
if it shall have reasonable grounds to believe that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

     

    (h)           Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Indenture Trustee shall be subject to the
provisions of this Section and to the provisions of the TIA.

     

    (i)      
     The Indenture Trustee shall not be charged with
knowledge of any Event of Default unless either (i) a Responsible Officer shall
have actual knowledge of such Event of Default or (ii) written notice of such
Event of Default shall have been received by a Responsible Officer of the
Indenture Trustee in accordance with the provisions of this
Indenture.

     

    (j)        
   The Indenture Trustee shall have no duty (A) to see to any
recording, filing, or depositing of this Indenture or any agreement referred to
herein or any financing statement or continuation statement evidencing a
security interest, or to see to the maintenance of any such recording or filing
or depositing or to any rerecording, refiling or redepositing of any thereof,
(B) to see to any insurance, (C) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind
owing with respect to, assessed or levied against, any part of the Owner Trust
Estate, or (D) to confirm or verify the contents of any reports or certificates
of the Servicer delivered to the Indenture Trustee pursuant to this Indenture
believed by the Indenture Trustee to be genuine and to have been signed or
presented by the proper party or parties.

    
      
         

      

      
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    Section
6.02.       Rights of Indenture
Trustee.

     

    (a)           Except
as otherwise provided in the second succeeding sentence, the Indenture Trustee
may conclusively rely on, and shall be protected in acting or refraining from
acting upon, any resolution, Officer’s Certificate, Opinion of Counsel,
certificate of auditors, Independent Certificate or any other document believed
by it to be genuine and to have been signed or presented by the proper
person.  The Indenture Trustee need not investigate any fact,
calculation or matter stated in the document.  Notwithstanding the
foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Indenture Trustee that shall be specifically required to be furnished
pursuant to any provision of this Indenture, shall examine them to determine
whether they comply as to form to the requirements of this
Indenture.

     

    (b)    
      Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of
Counsel.  The Indenture Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on an Officer’s Certificate or
Opinion of Counsel.

     

    (c)           The
Indenture Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a
custodian or nominee, and the Indenture Trustee shall not be responsible for any
misconduct or negligence on the part of, or for the supervision of, any such
agent, attorney, custodian or nominee appointed with due care by it
hereunder.

     

    (d)           The
Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith which it believes to be authorized or within its rights or powers;
provided, that the Indenture Trustee’s conduct does not constitute willful
misconduct, negligence or bad faith.

     

    (e)           The
Indenture Trustee may consult with counsel, and the advice or opinion of counsel
with respect to legal matters relating to this Indenture and the Notes shall be
full and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

     

    (f)           The
Indenture Trustee shall be under no obligation to exercise any of the trusts or
powers vested in it by this Indenture or to institute, conduct or defend any
litigation hereunder or in relation hereto at the request, order or direction of
any of the Noteholders, pursuant to the provisions of this Indenture, unless
such Noteholders shall have offered to the Indenture Trustee security or
indemnity reasonably satisfactory to the Indenture Trustee against the costs,
expenses and liabilities which may be incurred therein or thereby; provided,
however, nothing contained herein shall, however, relieve the Indenture Trustee
of the obligation, upon the occurrence of an Event of Default of which a
Responsible Officer of the Indenture Trustee shall have actual knowledge (which
has not been cured), to exercise such of the rights and powers vested in it by
this Indenture, and to use the same degree of care and skill in their exercise,
as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs.

    
      
         

      

      
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    (g)           The
right of the Indenture Trustee to perform any discretionary act enumerated in
this Indenture shall not be construed as a duty, and the Indenture Trustee shall
not be answerable in the performance of such act for other than its negligence
or willful misconduct.

     

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

     

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

     

    Section
6.03.       Individual Rights of
Indenture Trustee.  The Indenture Trustee in its individual or
any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuer or its Affiliates with the same rights it would have if it
were not Indenture Trustee.  Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like
rights.  However, the Indenture Trustee must comply with Sections 6.11
and 6.12.

     

    Section
6.04.       Indenture Trustee’s
Disclaimer.  The Indenture Trustee shall not be responsible for
and makes no representation as to the validity or adequacy of this Indenture,
the Owner Trust Estate or the Notes, it shall not be accountable for the
Issuer’s use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee’s certificate of authentication.  The Indenture Trustee shall
have no responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder or to record this
Indenture.

     

    Section
6.05.       Notice of
Defaults.  If a Default occurs and is continuing and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of the Default within 90 days after it
occurs.  Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Noteholders.

    
      
         

      

      
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    Section
6.06.       Reports by Indenture Trustee
to Holders.  The Indenture Trustee shall make available to each
Noteholder such information as may be required to enable each Noteholder to
prepare its respective federal and state income tax returns.  The
Indenture Trustee will make documents or information which it is required to
provide available to the Noteholders, including, without limitation, the
Servicer’s Certificate (as such term is defined in the Sale and Servicing
Agreement), and the Indenture Trustee will post at
https://www.unionbank.com information regarding principal and interest due and
paid on the Notes.  The Indenture Trustee shall have the right to
change the way such statements are distributed in order to make such
distribution more convenient and/or more accessible to the above parties and the
Indenture Trustee shall provide timely and adequate notification to all above
parties regarding any such changes; provided, however, that the Indenture
Trustee will also mail copies of any such statements to any Noteholders who so
request in writing. 

     

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

     

    The
Issuer’s payment obligations to the Indenture Trustee pursuant to this Section
shall survive the discharge of this Indenture and the resignation or discharge
of the Indenture Trustee and shall extend to any co-trustee or separate trustee
appointed pursuant to Section 6.10 hereunder.  When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.01 (iv) or (v) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar
law.

     

    Anything
in this Indenture to the contrary notwithstanding, in no event shall the
Indenture Trustee be liable for special, indirect or consequential loss or
damage of any kind whatsoever (including but not limited to lost profits, other
than interest due but not paid on the Notes), even if the Indenture Trustee has
been advised of the likelihood of such loss or damage and regardless of the form
of action.

    
      
         

      

      
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    Section
6.08.       Replacement of Indenture
Trustee.  No resignation or removal of the Indenture Trustee
and no appointment of a successor Indenture Trustee shall become effective until
the acceptance of appointment by the successor Indenture Trustee pursuant to
this Section.  The Indenture Trustee may resign at any time by so
notifying the Issuer.  Noteholders representing a majority of the
Outstanding Amount may remove the Indenture Trustee at any time and appoint a
successor Indenture Trustee by so notifying the Indenture Trustee in
writing.  The Issuer shall remove the Indenture Trustee
if:

     

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

     

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

     

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

     

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

     

    If the
Indenture Trustee resigns or is removed or if a vacancy exists in the office of
the Indenture Trustee for any reason (the Indenture Trustee in such event being
referred to herein as the retiring Indenture Trustee), the Issuer shall promptly
appoint a successor Indenture Trustee.

     

    A
successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the
Issuer.  Thereupon the resignation or removal of the retiring
Indenture Trustee shall become effective, and the successor Indenture Trustee
shall have all the rights, powers and duties of the Indenture Trustee under this
Indenture.  The successor Indenture Trustee shall mail a notice of its
succession to the Noteholders.  The retiring Indenture Trustee shall
promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee.

     

    If a
successor Indenture Trustee does not take office within 60 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 may
petition any court of competent jurisdiction for the appointment of a successor
Indenture Trustee.

    
      
         

      

      
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    If the
Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition
any court of competent jurisdiction for the removal of the Indenture Trustee and
the appointment of a successor Indenture Trustee.

     

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

     

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

     

    In case
at the time such successor or successors by merger, conversion or consolidation
to the Indenture Trustee shall succeed to the trusts created by this Indenture
any of the Notes shall have been authenticated but not delivered, any such
successor to the Indenture Trustee may adopt the certificate of authentication
of any predecessor trustee and deliver such Notes so authenticated; and in case
at that time any of the Notes shall not have been authenticated, any successor
to the Indenture Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Indenture Trustee;
and in all such cases such certificates shall have the full force as is provided
anywhere in the Notes or in this Indenture that the certificate of the Indenture
Trustee shall have.

     

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

     

    (a)           Notwithstanding
any other provision of this Indenture, at any time, for the purpose of meeting
any legal requirement of any jurisdiction in which any part of the Owner Trust
Estate may at the time be located, the Indenture Trustee and the Administrator,
acting jointly, shall have the power and may execute and deliver all instruments
to appoint one or more Persons to act as a co-trustee or co-trustees, or
separate trustee or separate trustees, of all or any part of the Trust, and to
vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Owner Trust Estate or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable.  If the Administrator shall not have joined in such
appointment within 15 days after its receipt of a request to do so, the
Indenture Trustee alone shall have the power to make such
appointment.  No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.08.

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

    Section
6.11.       Eligibility,
Disqualification.  The Indenture Trustee shall at all times
satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition, and the time deposits of the
Indenture Trustee shall be rated at least Baa3 by Moody’s and BBB- by Standard
& Poor’s.  The Indenture Trustee shall comply with TIA § 310(b);
provided, however, that there shall be excluded from the operation of TIA §
310(b)(1) any indenture or indentures under which other securities of the Issuer
are outstanding if the requirements for such exclusion set forth in TIA §
310(b)(1) are met.

    
      
         

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

    
      
         

      

      
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    ARTICLE
VII

     

    NOTEHOLDERS’
LISTS AND REPORTS

     

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

     

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

     

    (a)           The
Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the 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.

     

    (b)     
     Noteholders may communicate pursuant to TIA §
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 § 312(c).

     

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

     

    Section
7.03.       Reports by
Issuer.

     

    (a)           The
Issuer shall:

     

    (i)     
      file with the Indenture Trustee, within 15
days after the Issuer is required to file the same with the Commission, copies
of the annual reports and the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) that the Issuer may be required to
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 § 313(c)) such summaries of any information,
documents and reports required to be filed by the Issuer pursuant to clauses (i)
and (ii) of this Section 7.03(a) and by rules and regulations prescribed from
time to time by the Commission.

    
      
         

      

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

     

    Section
7.04.       Reports by Indenture
Trustee.  If required by TIA § 313(a), within 60 days after
each December 24th
beginning with December 24, 2010, the Indenture Trustee shall mail to each
Noteholder as required by TIA § 313(c) a brief report dated as of such date that
complies with TIA § 313(a).  The Indenture Trustee also shall comply
with TIA § 313(b).

     

    A copy of
each report at the time of its mailing to Noteholders shall be filed by the
Indenture Trustee with the Commission and each stock exchange, if any, on which
the Notes are listed.  The Issuer shall promptly notify the Indenture
Trustee in writing if and when the Notes are listed on any stock exchange and of
any delisting thereof.

     

    ARTICLE
VIII

     

    ACCOUNTS,
DISBURSEMENTS AND RELEASES

     

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

     

    Section
8.02.       Accounts.

     

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

     

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

    
      
         

      

      
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    (c)           In
the event that pursuant to the terms of a Cap Agreement, the Cap Counterparty is
required to deposit cash or securities as collateral to secure its obligations
(“Cap Collateral”), the Indenture Trustee at the written direction of the
potential Cap Counterparty shall establish and maintain an Eligible Account in
the name of the Indenture Trustee for the benefit of the Issuer and the Cap
Counterparty (a “Cap Agreement Collateral Account”).  All sums on
deposit and securities held in any Cap Agreement Collateral Account shall be
used only for the purposes set forth in the related credit support agreement to
be entered into between the Trust and the Cap Counterparty (the “Cap Agreement
Credit Support Agreement”); provided, however, that the Indenture Trustee is not
a party to the Cap Agreement Credit Support Agreement and shall have no
obligations or responsibilities under the Cap Agreement Credit Support
Agreement, nor any obligation to monitor the Issuer’s or the Cap Counterparty’s
compliance with the terms of the Cap Agreement Credit Support
Agreement.  Amounts on deposit in any Cap Agreement Collateral Account
may be invested in Eligible Investments at the written direction of the Cap
Counterparty and on each Payment Date, all earnings on investment of funds in
the Cap Agreement Collateral Account actually received by the Indenture Trustee
on amounts in deposit in the Cap Agreement Collateral Account or on securities
held by the Indenture Trustee as Collateral shall be paid directly to the Cap
Counterparty, as directed by the Issuer in writing, and not become part of
Available Funds in accordance with the terms of the Cap Agreement Credit Support
Agreement.  The Indenture Trustee shall not be liable for the
selection of, or any losses arising from, such investments made in accordance
with the Cap Counterparty’s direction.  All amounts deposited in the
Cap Agreement Collateral Account shall be paid to the Issuer (and become part of
Available Funds on the related Payment Date) or returned to the related Cap
Counterparty (in either case, upon receipt by the Indenture Trustee of written
instructions from the Administrator to release the amounts on deposit) in
accordance with the provisions set forth in the related Cap Agreement Credit
Support Agreement.

     

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

     

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

     

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

     

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

    
      
         

      

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

     

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

     

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

     

    Section
8.03.       General Provisions Regarding
Accounts.

     

    (a)           So
long as no Default or Event of Default shall have occurred and be continuing,
all or a portion of the funds in the Accounts shall be invested in Eligible
Investments and reinvested by the Indenture Trustee upon the written direction
of the Servicer, subject to the provisions of Section 4.01(b) of the Sale and
Servicing Agreement.  Except as otherwise provided in Section 4.01(b)
of the Sale and Servicing Agreement, all income or other gain from investments
of monies deposited in the Accounts shall be paid to the Servicer, and any loss
resulting from such investments shall be charged to the related
Account.

     

    (b)           Subject
to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by
reason of any insufficiency in any of the Accounts resulting from any loss on
any Eligible Investment included therein except for losses attributable to the
Indenture Trustee’s failure 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.

     

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

    
      
         

      

      
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    Section
8.04.       Release of Owner Trust
Estate.

     

    (a)           Subject
to the payment of its fees and expenses pursuant to Section 6.07, the Indenture
Trustee may, and when required by the provisions of this Indenture shall,
execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee’s interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this
Indenture.  No party relying upon an instrument executed by the
Indenture Trustee as provided in this Article shall be bound to ascertain the
Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any monies.

     

    (b)           The
Indenture Trustee shall, at such time as there are no Notes Outstanding, all
sums due the Indenture Trustee pursuant to Section 6.07 have been paid, release
any remaining portion of the Owner Trust Estate that secured the Notes from the
lien of this Indenture and release to the Issuer or any other Person entitled
thereto any funds then on deposit in the Accounts.  The Indenture
Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.04(b) only upon receipt of an Issuer Request accompanied by an
Officer’s Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting
the applicable requirements of Section 11.01.  Such release shall be
deemed to have been made upon completion of the requirements set forth in the
foregoing sentence.

     

    Section
8.05.       Opinion of
Counsel.  The Indenture Trustee shall receive at least seven
days written notice when requested by the Issuer to take any action pursuant to
Section 8.04(a), accompanied by copies of any instruments involved, and the
Indenture Trustee shall also require, as a condition to such action, an Opinion
of Counsel, in form and substance satisfactory to the Indenture Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Owner Trust Estate.  Counsel rendering any such opinion
may rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection
with any such action.

     

    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 notice to each Rating
Agency, the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the TIA as in
force at the date of the execution thereof), in form satisfactory to the
Indenture Trustee, for any of the following purposes:

    
      
         

      

      
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    (i)      
     to correct or amplify the description of any
property at any time subject to the lien of this Indenture, or better to assure,
convey and confirm unto the Indenture Trustee any property subject or required
to be subjected to the lien of this Indenture, or to subject additional property
to the lien of this Indenture;

     

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

     

    (iii)          to
add to the covenants of the Issuer, for the benefit of the Holder of any Notes,
or to surrender any right or power herein conferred upon the
Issuer;

     

    (iv)          to
convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee;

     

    (v)           to
cure any ambiguity, to correct or supplement any provision herein or in any
supplemental indenture that may be inconsistent with any other provision herein
or in any supplemental indenture or the other Basic Documents or to make any
other provisions with respect to matters or questions arising under this
Indenture or in any supplemental indenture; provided, that such action shall not
adversely affect the interests of the 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 Six; 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
each Rating Agency, enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes under this Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any
Noteholder.

     

    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 each Rating
Agency and with the written consent of the Holders of not less than a majority
of the Outstanding Amount, by Act of such Holders delivered to the Issuer, the
Indenture Trustee (which consent shall not be unreasonably withheld), enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Holders of
the Notes under this Indenture; provided, however, that no such supplemental
indenture shall, without the written consent of the Holder of each Outstanding
Note affected thereby:

    
      
         

      

      
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    (i)           change
the date of payment of any installment of principal of or interest on any Note,
or reduce the principal amount thereof, the Interest Rate thereon or the
Redemption Price with respect thereto, change the provisions of this Indenture
relating to the application of collections on, or the proceeds of the sale of,
the Owner Trust Estate to payment of principal of or interest on the Notes, or
change any place of payment where, or the coin or currency in which, any Note or
the interest thereon is payable, or impair the right to institute suit for the
enforcement of the provisions of this Indenture requiring the application of
funds available therefor, as provided in Article Five, to the payment of any
such amount due on the Notes on or after the respective due dates thereof (or,
in the case of redemption, on or after the Redemption Date);

     

    (ii)           reduce
the percentage of the Outstanding Amount, the consent of the 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 the provisions of the proviso to the definition of the term
“Outstanding”;

     

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

     

    (v)           modify
any provision of this Section except to increase any percentage specified herein
or provide that certain additional provisions of this Indenture or the Basic
Documents cannot be modified or waived without the consent of the 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 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 Owner Trust Estate or, except as
otherwise permitted or contemplated herein, terminate the lien of this Indenture
on any property at any time subject hereto or deprive the Holder of any Note of
the security provided by the lien of this Indenture.

    
      
         

      

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

     

    It shall
not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.

     

    Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the
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 or the
modification thereby of the trusts created by this Indenture, the Indenture
Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02,
shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture.  The 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.

     

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

     

    Section
9.06.       Reference in Notes to
Supplemental Indentures.  Notes authenticated and delivered
after the execution of any supplemental indenture pursuant to this Article may,
and if required by the Indenture Trustee shall, bear a notation in form approved
by the Indenture Trustee as to any matter provided for in such supplemental
indenture.  If the Issuer or the Indenture Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Indenture Trustee and
the Issuer, to any such supplemental indenture may be prepared and executed by
the Issuer and authenticated and delivered by the Indenture Trustee in exchange
for Outstanding Notes.

    
      
         

      

      
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    ARTICLE
X

     

    REDEMPTION
OF NOTES

     

    Section
10.01.     Redemption.  The
Outstanding Notes are subject to redemption in whole, but not in part, pursuant
to Section 8.01 of the Sale and Servicing Agreement, on any Payment Date on
which the Servicer exercises its option to purchase the Owner Trust Estate
pursuant to said Section, for a purchase price equal to the Redemption Price;
provided that the Issuer has available funds sufficient to pay the Redemption
Price.  The Servicer or the Issuer shall furnish each Rating Agency
notice of such redemption.  If the outstanding Notes are to be
redeemed pursuant to this Section, the Servicer or the Issuer shall furnish
written notice of such election to the Indenture Trustee not later than 30 days
prior to the Redemption Date and the Issuer shall deposit by 8:00 A.M., Los
Angeles time, on the Redemption Date with the Indenture Trustee in the Note
Distribution Account the Redemption Price of the Notes to be redeemed, whereupon
all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.02 to each Holder of the
Notes.

     

    Section
10.02.     Form of Redemption
Notice.  Notice of redemption under Section 10.01 shall be
given by the Indenture Trustee by first-class mail, postage prepaid, by
electronic mail in accordance with Section 11.04, or by facsimile mailed or
transmitted not later than ten 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 include the following information:

     

    (i) 
          the Redemption
Date;

     

    (ii)           the
Redemption Price;

     

    (iii)          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

     

    (iv)
         that on the
Redemption Date, the Redemption Price will become due and payable upon each Note
and that interest thereon shall cease to accrue from and after the Redemption
Date.

     

    Notice of
redemption of the Notes shall be given by the Indenture Trustee in the name and
at the expense of the Issuer.  Failure to give notice of redemption,
or any defect therein, to any 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, 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.

    
      
         

      

      
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    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, (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA and except in the case of a full
redemption under Section 10.01) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this
Section, 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:

     

    (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, 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.

    
      
         

      

      
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    (iii)          Other
than with respect to any release described in clause (A) or (B) of Section
11.01(b)(v), whenever any property or securities are to be released from the
lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee
an Officer’s Certificate certifying or stating the opinion of each person
signing such certificate as to the fair value (within 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)          Whenever
the Issuer is required to furnish to the Indenture Trustee an Officer’s
Certificate certifying or stating the opinion of any signer thereof as to the
matters described in clause (iii) above, the Issuer shall also furnish to the
Indenture Trustee an Independent Certificate as to the same matters if the fair
value of the property or securities and of all other property (other than
property described in clauses (A) or (B) of Section 11.01 (b)(v)) released from
the lien of this Indenture since the commencement of the then-current calendar
year, as set forth in the certificates required by clause (iii) above and this
clause (iv), equals 10% or more of the Outstanding Amount, but such certificate
need not be furnished in the case of any release of property or securities if
the fair value thereof as set forth in the related Officer’s Certificate is less
than $25,000 or less than one percent of the then Outstanding
Amount.

     

    (v)           Notwithstanding
Section 2.12 or any other provision of this Section, the Issuer may, without
compliance with the requirements of the other provisions of this Section, (A)
collect, liquidate, sell or otherwise dispose of Receivables and Financed
Vehicles as and to the extent permitted or required by the Basic Documents and
(B) make cash payments out of the Accounts as and to the extent permitted or
required by the Basic Documents, so long as the Issuer shall deliver to the
Indenture Trustee every six months, commencing no later than December 15, 2010
an Officer’s Certificate of the Issuer stating that all the dispositions of
Collateral described in clauses (A) and (B) above that occurred during the
preceding six calendar months or shorter period in the case of the first such
Officer’s Certificate were in the ordinary course of the Issuer’s business and
that the proceeds thereof were applied in accordance with 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.

    
      
         

      

      
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    Any
certificate or opinion of an Authorized Officer of the Issuer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer’s certificate or opinion is
based are erroneous.  Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Servicer, the Seller, the Issuer or the Administrator, stating that the
information with respect to such factual matters is in the possession of the
Servicer, the Seller, the Issuer or the Administrator, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are
erroneous.

     

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

     

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

     

    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.

    
      
         

      

      
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    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:

     

    (i)       
    the Indenture Trustee by any Noteholder or by the Issuer
shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing and mailed first-class, postage prepaid, overnight delivery
service or facsimile to or with the Indenture Trustee at its Corporate Trust
Office or (as to notices sent by the Issuer to the Indenture Trustee only) if
sent by electronic mail, to an address provided by the Indenture Trustee in
writing, or

     

    (ii)         
 the Issuer by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and mailed first-class,
postage prepaid, overnight delivery service or facsimile to the Issuer addressed
to: Honda Auto Receivables 2010-1 Owner Trust, in care of The Bank of New York
Mellon, 101 Barclay Street, Floor 4 West, New York, New York 10286, Attention:
Corporate Trust Department 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 each Rating Agency by the Issuer, the Indenture Trustee
or the Owner Trustee shall be in writing, personally delivered, couriered or
mailed by certified mail, return receipt requested, electronic mail (if an
address therefore has been provided by the respective party in writing) or
overnight delivery service to (i) in the case of Moody’s Investors Service, at
the following address: 99 Church Street, New York, New York 10007, or via email
to ServicerReports@moodys.com and (ii) in the case of
Standard & Poor’s, via electronic delivery to servicer_reports@sandp.com,
and in the case of any information not available electronically, to Standard
& Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55
Water Street, 41st Floor,
New York, New York 10041-0003, Attention: ABS Surveillance Group, and; or at
such other address (including electronic mail addresses) as shall be designated
by written notice to the party or parties providing notice under this
paragraph.

     

    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.

    
      
         

      

      
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    In case,
by reason of the suspension of regular mail service as a result of a strike,
work stoppage or similar activity, it shall be impractical to mail notice of any
event to Noteholders when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be
satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving
of such notice.

     

    Where
this Indenture provides for notice to each Rating Agency, failure to give such
notice shall not affect any other rights or obligations created hereunder, and
shall not under any circumstance constitute a Default or Event of
Default.

     

    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.  The Issuer will furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee will cause payments to be made and
notices to be given in accordance with such agreements.

     

    Section
11.07.     Conflict with Trust
Indenture Act.  If any provision hereof limits, qualifies or
conflicts with another provision hereof that is required to be included in this
Indenture by any of the provisions of the Trust Indenture Act, such required
provision shall control.

     

    The
provisions of TIA Sections 310 through 317 that impose duties on any person
(including the provisions automatically deemed included herein unless expressly
excluded by this Indenture) are a part of and govern this Indenture, whether or
not physically contained herein.

     

    Section
11.08.     Effect of Headings and Table
of Contents.  The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction
hereof.

     

    Section
11.09.     Successors and
Assigns.  All covenants and agreements in this Indenture and
the Notes by the Issuer shall bind its successors and assigns, whether so
expressed or not.  All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents.

     

    Section
11.10.     Separability.  In
case any provision in this Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining
provisions of this Indenture and the Notes shall not in any way be affected or
impaired thereby.

     

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

    
      
         

      

      
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    Section
11.12.     Legal
Holidays.  In any case where the date on which any payment is
due shall not be a Business Day, then (notwithstanding any other provision of
the Note’s or this Indenture) payment need not be made on such date, but may be
made on the next succeeding Business Day with the same force and effect as if
made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date.

     

    Section
11.13.     Governing Law; Submission to
Jurisdiction.  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.

     

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

     

    Section
11.14.     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
11.15.     Recording of
Indenture.  If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the
Issuer and at its expense accompanied by an Opinion of Counsel (which may be
counsel to the Indenture Trustee or any other counsel reasonably acceptable to
the Indenture Trustee) to the effect that such recording is necessary either for
the protection of the Noteholders or any other Person secured hereunder or for
the enforcement of any right or remedy granted to the Indenture Trustee under
this Indenture.

     

    Section
11.16.     Trust
Obligation.  No recourse may be taken, directly or indirectly,
with respect to the obligations of the Issuer, the Owner Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.  For all
purposes of this Indenture, in the performance of any duties or obligations of
the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the
benefits of, the terms and provisions of Articles Six, Seven and Eight of the
Trust Agreement as if specifically set forth herein.

    
      
         

      

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

     

    Section
11.18.     Inspection.  The
Issuer agrees that, on reasonable prior notice, it will permit any
representative of the Indenture Trustee, during the Issuer’s normal business
hours, to examine all the 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.  Notwithstanding anything herein
to the contrary, the foregoing shall not be construed to prohibit (i) the
disclosure of any and all information that is or becomes publicly known, or
information obtained by the Indenture Trustee from sources other than the
Servicer or the Issuer, (ii) the disclosure of any and all information (A) if
required to do so by any applicable law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any aspects of the Indenture Trustee’s business or that of its
affiliates, (C) pursuant to any subpoena, civil investigative demand or similar
demand or request of any court, regulatory authority, arbitrator or arbitration
to which the Indenture Trustee or any affiliate or an officer, director,
employer or shareholder thereof is a party, (D) in any preliminary or final
offering circular, registration statement or contract or other document
pertaining to the transactions contemplated by the Agreement approved in advance
by the Servicer or the Issuer or (E) to any affiliate, independent or internal
auditor, agent, employee or attorney of the Indenture Trustee having a need to
know the same, provided that the Indenture Trustee advises such recipient of the
confidential nature of the information being disclosed, or (iii) any other
disclosure authorized by the Servicer or the Issuer.

     

    Section
11.19.     [Reserved]

     

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

    
      
         

      

      
        60

        
          

        

      

      
         

      

    

    Section
11.21.     Intent of the Parties;
Reasonableness.

     

    The
Indenture Trustee and Issuer acknowledge and agree that the purpose of Section
3.09 of this Agreement is to facilitate compliance by the Issuer and the
Depositor with the provisions of Regulation AB and related rules and regulations
of the Commission.

     

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

     

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

     

    Section
11.22.     Owner
Trustee.  The parties hereto agree that this Agreement is
executed and delivered by the Owner Trustee, not individually or personally but
solely as owner trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it under the Amended and Restated Trust
Agreement dated February 24, 2010 between the Issuer, the Owner Trustee and
Delaware Trustee; each of the representations, undertakings and agreements
herein made on the part of the Issuer are made and intended not as personal
representations, undertakings and agreements by The Bank of New York Mellon, but
are made and intended for the purpose of binding only the Issuer; and under no
circumstances shall The Bank of New York Mellon be personally liable for the
inaccuracy or breach of any statements made by the Issuer in this
Agreement.

     

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

    
      
         

      

      
        61

        
          

        

      

      
         

      

    

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

    

    
      
        
          	
                  HONDA
      AUTO RECEIVABLES 2010-1 OWNER

                
	
                  TRUST,

                
	 
      
	
                  By:

                	
                  THE
      BANK OF NEW YORK MELLON, not in its

                  individual
      capacity but solely as Owner Trustee on

                  behalf
      of the Trust,

                
	 
      	 
      
	
                  By:

                	
                  /s/ Antonio Vayas

                
	 
      	
                  Name:  Antonio
      Vayas

                
	 
      	
                  Title:  Vice
      President

                
	 
      	 
      
	
                  UNION
      BANK, N.A.,

                
	
                  not
      in its individual capacity but solely as

                
	
                  Indenture
      Trustee,

                
	 
      
	
                  By:

                	
                  /s/ Patricia
  Phillips-Coward

                
	 
      	
                  Name:  Patricia
      Phillips-Coward

                
	 
      	
                  Title:  Vice
      President

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              	
                      STATE
      OF NEW
      YORK

                    	
                      )

                    
	 
      	
                      )
      ss

                    
	
                      COUNTY
      OF NEW
      YORK

                    	
                      )

                    

            

          

        

      

    

     

    On
February 22, 2010 before me, Tamara L. Wolbers,
Notary Public, personally appeared Antonio Vayas, Vice
President.

    

    
      	
              x

            	
              personally
      known to me, or

            
	 
      	 
      
	
               ̈

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

            

    

    

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

    WITNESS
my hand and official seal.

     

    
      
        	
                Signature

              	 
      	
                /s/ Tamara L. Wolbers

              	 
      	
                [Seal]

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    STATE
      OF NEW
      YORK

                  	
                    )

                  
	 
      	
                    )
      ss

                  
	
                    COUNTY
      OF NEW
      YORK

                  	
                    )

                  

          

        

      

    

     

    On
February 18, 2010 before me, Ivy Wegener, Notary
Public, personally appeared Patricia
Phillips-Coward, Vice
President.

    

    
      	
              x

            	
              personally
      known to me, or

            
	 
      	 
      
	
               ̈

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

            

    

    

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

    WITNESS
my hand and official seal.

     

    
      
        	
                Signature

              	 
      	
                /s/ Ivy L. Wegener

              	 
      	
                [Seal]

              

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    SCHEDULE
OF RECEIVABLES

     

    [Delivered
to Alston & Bird LLP at Closing]

    
      
         

      

      
        SA-1

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

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

     

    UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

     

    THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

    

    
      	
              REGISTERED

            	
              $__________

            
	 
      	 
      
	
              No.
      R-__

            	
              CUSIP
      NO. _______

            

    

     

    HONDA
AUTO RECEIVABLES 2010-1 OWNER TRUST

     

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

     

    Honda
Auto Receivables 2010-1 Owner Trust, a statutory trust organized and existing
under the laws of the State of Delaware (the “Issuer”), for value received,
hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of
_____________________ Dollars ($__________), payable to the extent described in
the Indenture referred to on the reverse hereof on each Payment Date; provided,
however, that the entire unpaid principal amount of this Note shall be payable
on the earlier of ________________ ___, 20__ (the “Class [A-1] [A-2] [A-3] [A-4]
Final Payment Date”) and the Redemption Date, if any, selected pursuant to the
Indenture.

     

    The
Issuer will pay interest on this Note at the rate per annum shown above on each
Payment Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), or on the Closing Date in the case of the first Payment
Date or if no interest has yet been paid, subject to certain limitations
contained in the Indenture.  [Interest on this Class A-1 Note will
accrue for each Payment Date from and including the immediately preceding
Payment Date (or, in the case of the first Payment Date, the Closing Date), to
but excluding such Payment Date]. [Interest on this [Class A-2,] [Class A-3,]
[Class A-4] Note will accrue for each Payment Date from and including the 21st
day of the prior month (or, in the case of the first Payment Date, the Closing
Date) to but excluding the 21st day of the month of such Payment Date] and will
be computed on the basis of [the actual number of days in the Interest Accrual
Period with respect to the Class A-1 Notes divided by 360] [a 360-day year
consisting of twelve 30-day months in the case of the Class A-2, Class A-3 and
Class A-4 Notes].  Such principal of and interest on this Note shall
be paid in the manner specified on the reverse hereof.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

     

    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.

     

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

     

    Unless
the certificate of authentication hereon has been executed by the Indenture
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose.

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    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:

                  	
                    HONDA
      AUTO RECEIVABLES 2010-1 OWNER

                    TRUST,

                  
	 
      	 
      	 
      
	 
      	
                    By:

                  	
                    THE
      BANK OF NEW YORK MELLON, not in

                    its
      individual capacity but solely as Owner

                    Trustee
      on behalf of the Trust,

                  
	 	 	 
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Authorized
      Signatory

                  

          

        

      

    

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is
one of the Notes designated above and referred to in the within-mentioned
Indenture.

    

    
      
        
          
            	
                    Date:

                  	
                    UNION
      BANK, N.A., not in its individual capacity but

                    solely
      as Indenture Trustee,

                  
	 	 
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Authorized
      Signatory

                  

          

        

      

    

    
      
         

      

      
        A-4

        
          

        

      

      
         

      

    

    This Note
is one of a duly authorized issue of Notes of the Issuer, designated as its ___%
Asset Backed Notes, Class [A- 1] [A-2] [A-3] [A-4] (the “Class [A-1] [A-2] [A-3]
[A-4] Notes”), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes.  The Notes are subject to all
terms of the Indenture.  Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the
Indenture.

     

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

     

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

     

    Payments
of principal and interest on this Note due and payable on each Payment Date or
Redemption Date shall be made by 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 the related Record Date, except
that with respect to Notes registered on the Record Date in the name of the
nominee of the Depository (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee.  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) affected by any
payments made on any Payment Date or Redemption 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 or the Sale and Servicing Agreement, for payment in full of the
remaining unpaid principal amount of this Note on a Payment Date or Redemption
Date, then the Indenture Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the registered Holder hereof as of the Record
Date preceding such Payment Date or Redemption Date by notice mailed within five
days of such Payment Date or Redemption Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee’s agent appointed for such purposes located in The City of New
York.

    
      
         

      

      
        A-5

        
          

        

      

      
         

      

    

    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.

     

    Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the
Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director or employee of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed and
except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity.

     

    Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note
Owner, a beneficial interest in a Note, covenants and agrees by accepting the
benefits of the Indenture that such Noteholder or Note Owner will not at any
time institute against the Seller or the Issuer, or join in any institution
against the Seller or the Issuer 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.

     

    Any
Person that acquires a beneficial interest in this Note with the assets of a
Benefit Plan or any other plan subject to a law that is substantially similar to
Title I of ERISA or Section 4975 of the Code ("Similar Law") shall be deemed to
represent that its acquisition and holding of such beneficial interest will not
give rise to a nonexempt prohibited transaction under Section 406 of ERISA or
Section 4975 of the Code because it is covered by a United States Department of
Labor prohibited transaction class exemption or by some other applicable
statutory or administrative exemption and will not cause a nonexempt violation
of any Similar Law.

     

    The
Issuer has entered into the Indenture and this Note is issued with the intention
that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Owner 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
federal, state and local income, single business and franchise tax purposes as
indebtedness of the Issuer.

    
      
         

      

      
        A-6

        
          

        

      

      
         

      

    

     

    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 representing a majority of the
Outstanding Amount of all Notes at the time Outstanding.  The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the 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 Notes
are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth.

     

    This Note
shall be construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws.

    
      
         

      

      
        A-7

        
          

        

      

      
         

      

    

    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 whatever.  Such signature must
be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar, which requirements include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the
Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

    

    
      
         

      

      
        A-8

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    FORM OF
NOTE DEPOSITORY AGREEMENT

    [See Tab
66]

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    Servicing Criteria To Be Addressed In Assessment Of
Compliance

    

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

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  Reference

                                                	 	
                                                  Criteria

                                                	 	 
      
	 	 	 	 	 
	 
      	 	
                                                  Cash Collection and
      Administration

                                                	 	 
      
	 	 	 	 	 
	
                                                  1122(d)(2)(ii)

                                                	 	
                                                  Disbursements made via wire transfer on behalf of
      an obligor or to an investor are made only by authorized
      personnel.

                                                	 	 
      
	 	 	 	 	 
	 
      	 	
                                                  Investor Remittances and
      Reporting

                                                	 	 
      
	 	 	 	 	 
	
                                                  1122(d)(3)(ii)

                                                	 	
                                                  Amounts due to investors are allocated and
      remitted in accordance with timeframes, distribution priority and other
      terms set forth in the transaction agreements.*

                                                	 	 
      
	
                                                  1122(d)(3)(iii)

                                                	 	
                                                  Disbursements made to an investor are posted
      within two business days to the Servicer’s investor records, or such other
      number of days specified in the transaction
    agreements.

                                                	 	 
      
	
                                                  1122(d)(3)(iv)

                                                	 	
                                                  Amounts remitted to investors per the investor
      reports agree with cancelled checks, or other form of payment, or
      custodial bank statements.

                                                	 	 
      

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    *  With respect to
remittances.

    
      
         

      

      
        C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]