Document:

Exhibit 4.2

 

AMERICAN HONDA
RECEIVABLES LLC,

as Depositor,

 

MUFG
Union Bank, N.A.,

as Owner Trustee

 

and

 

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Delaware Trustee

 

 

 

AMENDED AND RESTATED

TRUST AGREEMENT

 

Dated May 20, 2015

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE One
	DEFINITIONS
	 	 	 
	Section 1.01.	General Definitions	1
	 	 	 
	Section 1.02.	Other Definitional Provisions	5
	 	 	 
	Section 1.03.	Interpretive Provisions	5
	 	 	 
	ARTICLE Two
	ORGANIZATION
	 	 	 
	Section 2.01.	Name	5
	 	 	 
	Section 2.02.	Office	5
	 	 	 
	Section 2.03.	Purposes and Powers	6
	 	 	 
	Section 2.04.	Appointment of Owner Trustee and the Delaware Trustee	6
	 	 	 
	Section 2.05.	Initial Capital Contribution of Owner Trust Estate	7
	 	 	 
	Section 2.06.	Declaration of Trust	7
	 	 	 
	Section 2.07.	Liability of Owners	7
	 	 	 
	Section 2.08.	Title to Trust Property	7
	 	 	 
	Section 2.09.	Situs of Issuer	8
	 	 	 
	Section 2.10.	Representations and Warranties of the Depositor	8
	 	 	 
	ARTICLE Three
	TRUST CERTIFICATES AND TRANSFER OF INTERESTS
	 	 	 
	Section 3.01.	Initial Ownership	9
	 	 	 
	Section 3.02.	The Trust Certificates	9
	 	 	 
	Section 3.03.	Authentication and Delivery of Trust Certificates	9
	 	 	 
	Section 3.04.	Registration of Transfer and Exchange of Trust Certificates	10
	 	 	 
	Section 3.05.	Mutilated, Destroyed, Lost or Stolen Trust Certificates	12
	 	 	 
	Section 3.06.	Persons Deemed Owners	12
	 	 	 
	Section 3.07.	Access to List of Certificateholders’ Names and Addresses	12
	 	 	 
	Section 3.08.	Maintenance of Office or Agency	12
	 	 	 
	Section 3.09.	Appointment of Paying Agent	13
	 	 	 
	Section 3.10.	Definitive Trust Certificates	13
	 	 	 
	Section 3.11.	Repayment of Trust Certificates	13

 

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	ARTICLE Four
	ACTIONS BY OWNER TRUSTEE
	 	 	 
	Section 4.01.	Prior Notice to Owners with Respect to Certain Matters	13
	 	 	 
	Section 4.02.	Action by Owners with Respect to Certain Matters	14
	 	 	 
	Section 4.03.	Action by Owners with Respect to Bankruptcy	14
	 	 	 
	Section 4.04.	Restrictions on Owners’ Power	14
	 	 	 
	Section 4.05.	Majority Control	15
	 	 	 
	ARTICLE Five
	APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	 	 	 
	Section 5.01.	Establishment of Trust Account	15
	 	 	 
	Section 5.02.	Application of Trust Funds	15
	 	 	 
	Section 5.03.	Method of Payment	16
	 	 	 
	Section 5.04.	No Segregation of Monies; No Interest	16
	 	 	 
	Section 5.05.	Accounting and Reports to Owners, Internal Revenue Service and Others	16
	 	 	 
	ARTICLE Six
	AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	 
	Section 6.01.	General Authority	17
	 	 	 
	Section 6.02.	General Duties	17
	 	 	 
	Section 6.03.	Action Upon Instruction	17
	 	 	 
	Section 6.04.	No Duties Except as Specified in this Agreement or in Instructions	18
	 	 	 
	Section 6.05.	No Action Except Under Specified Documents or Instructions	19
	 	 	 
	Section 6.06.	Restrictions	19
	 	 	 
	Section 6.07.	Covenants for Reporting of Repurchase Demands due to Breaches of Representations and Warranties	19
	 	 	 
	ARTICLE Seven
	CONCERNING THE OWNER TRUSTEE and the delaware trustee
	 	 	 
	Section 7.01.	Acceptance of Trusts and Duties	20
	 	 	 
	Section 7.02.	Furnishing of Documents	21
	 	 	 
	Section 7.03.	Representations and Warranties of the Owner Trustee and the Delaware Trustee	21
	 	 	 
	Section 7.04.	Reliance, Advice of Counsel	23
	 	 	 
	Section 7.05.	Not Acting in Individual Capacity	24
	 	 	 
	Section 7.06.	Owner Trustee and Delaware Trustee Not Liable for Trust Certificates or Receivables	24
	 	 	 
	Section 7.07.	Owner Trustee or Delaware Trustee May Own Trust Certificates and Notes	24

 

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	Section 7.08.	 Duties of the Delaware Trustee	24
	 	 	 
	ARTICLE Eight
	compensation of owner trustee and the delaware trustee
	 	 	 
	Section 8.01.	Owner Trustee’s and Delaware Trustee’s Fees and Expenses	25
	 	 	 
	Section 8.02.	Indemnification	25
	 	 	 
	Section 8.03.	Payments to the Owner Trustee and to the Delaware Trustee	25
	 	 	 
	ARTICLE Nine
	TERMINATION OF TRUST AGREEMENT
	 	 	 
	Section 9.01.	Termination of Trust Agreement	26
	 	 	 
	ARTICLE Ten
	SUCCESSOR AND ADDITIONAL OWNER TRUSTEES
	 	 	 
	Section 10.01.	Eligibility Requirements for Owner Trustee and Delaware Trustee	27
	 	 	 
	Section 10.02.	Resignation or Removal of Owner Trustee or Delaware Trustee	27
	 	 	 
	Section 10.03.	Successor Owner Trustee or Delaware Trustee.	28
	 	 	 
	Section 10.04.	Merger or Consolidation of Owner Trustee or Delaware Trustee	29
	 	 	 
	Section 10.05.	Appointment of Co-Trustee or Separate Trustee	29
	 	 	 
	ARTICLE Eleven
	MISCELLANEOUS
	 	 	 
	Section 11.01.	Supplements and Amendments	30
	 	 	 
	Section 11.02.	No Legal Title to Owner Trust Estate in Owner	32
	 	 	 
	Section 11.03.	Limitations on Rights of Others	32
	 	 	 
	Section 11.04.	Notices	32
	 	 	 
	Section 11.05.	Severability	33
	 	 	 
	Section 11.06.	Separate Counterparts	33
	 	 	 
	Section 11.07.	Successors and Assigns	33
	 	 	 
	Section 11.08.	No Petition	33
	 	 	 
	Section 11.09.	No Recourse	33
	 	 	 
	Section 11.10.	Headings	33
	 	 	 
	Section 11.11.	Governing Law; Submission to Jurisdiction	33
	 	 	 
	Section 11.12.	Trust Certificates Nonassessable and Fully Paid	34
	 	 	 
	Section 11.13.	Depositor Payment Obligation	34
	 	 	 
	Section 11.14.	Tax Treatment	34
	 	 	 
	Section 11.15.	Waiver of Jury Trial	34
	 	 	 
	Section 11.16.	Communications with Rating Agencies	34

 

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EXHIBITS

 

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

 

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This Amended and Restated Trust Agreement,
dated May 20, 2015 is among American Honda Receivables LLC, a Delaware limited liability company, as depositor (the “Depositor”),
MUFG Union Bank, N.A., as owner trustee (the “Owner Trustee”), and U.S. Bank Trust National Association, as
Delaware trustee (the “Delaware Trustee”);

 

WHEREAS, Honda Auto Receivables 2015-2 Owner
Trust has been created pursuant to a Trust Agreement, dated as of April 8, 2015 among the Depositor, the Owner Trustee and the
Delaware Trustee (the “Initial Trust Agreement”); and

 

WHEREAS, the parties hereto are entering
into this amended and restated trust agreement pursuant to which, among other things, the Initial Trust Agreement will be amended
and restated and $34,770,584.24, aggregate principal amount of Asset Backed Certificates will be issued;

 

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

 

ARTICLE
One

DEFINITIONS

 

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

 

“Administration Agreement”
means the administration agreement, dated May 20, 2015, among the Issuer, the Indenture Trustee, the Depositor and AHFC, as amended
or supplemented from time to time.

 

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

 

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

 

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

 

“AHR” means American
Honda Receivables LLC, and its successors.

 

“Applicants” shall have
the meaning specified in Section 3.07.

 

“Authenticating Agent”
means the Owner Trustee or any authenticating agent appointed pursuant to Section 3.03.

 

“Benefit Plan Investor”
means (i) an employee benefit plan (as such term is defined in Section 3(3) of ERISA) whether or not subject to the provisions
of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include
assets of a plan described in (i) or (ii) by reason of such plan’s investment in the entity.

 

    	 

    	 

    

  

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

 

“Certificate Balance”
means, with respect to any Trust Certificate, the original certificate balance of such Trust Certificate minus all payments on
such Trust Certificate with respect to principal.

 

“Certificate Distribution Account”
means the account established and maintained as such pursuant to Section 5.01.

 

“Certificate of Trust”
means the Certificate of Trust filed for the Issuer pursuant to Section 3810(a) of the Statutory Trust Statute, substantially in
the form of Exhibit A to the Initial Trust Agreement.

 

“Certificate Rate” means
0.00% per annum calculated on the basis of a 360 day year of twelve 30 day months.

 

“Certificate Register”
and “Certificate Registrar” means the register maintained and the registrar (or any successor thereto) appointed
pursuant to Section 3.04.

 

“Certificateholder” or
“Holder” means a Person in whose name a Trust Certificate is registered.

 

“Closing Date” means
May 20, 2015.

 

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

 

“Commission” means the
Securities and Exchange Commission, and its successors.

 

“Corporate Trust Office”
means, with respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at MUFG Union Bank, N.A., 1251
Avenue of the Americas, 19th Floor, New York, New York 10020, Attention: Corporate Trust Department, or at such other address as
the Owner Trustee may designate by notice to the Owners and, the Depositor, or the principal corporate trust office of any successor
Owner Trustee at the address designated by such successor Owner Trustee by notice to the Owners and the Depositor.

 

“Delaware Trustee” means
U.S. Bank Trust National Association, with its principal place of business in the State of Delaware, not in its individual capacity,
but solely as Delaware Trustee under this Agreement, and any successor Delaware Trustee hereunder.

 

“Depositor” means AHR
in its capacity as depositor hereunder.

 

“DTC” means The Depository
Trust Company, and its successors.

 

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

 

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

 

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

 

“Indemnified Parties”
means the Owner Trustee and its successors, assigns and agents, the Delaware Trustee and its successors, assigns and agents, the
Paying Agent, the Certificate Registrar, any Authenticating Agent and any co-trustee.

 

“Indenture” means the
indenture dated May 20, 2015 between the Issuer and Deutsche Bank Trust Company Americas, as indenture trustee.

 

“Investment Letter” means
a letter delivered in connection with the transfer of a Trust Certificate pursuant to Section 3.04(a), substantially in the form
of Exhibit C.

 

“Issuer” means the Honda
Auto Receivables 2015-2 Owner Trust, and its successors.

 

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

 

“Original Certificate Balance”
means $34,770,584.24.

 

“Original Contribution Amount”
means $1,000.

 

“Owner” means each Holder
of a Trust Certificate.

 

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

 

“Owner Trustee” means
MUFG Union Bank, N.A., not in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner
Trustee hereunder.

 

“Paying Agent” means
any paying agent or co-paying agent appointed pursuant to Section 3.09.

 

“Payment Date” means
the 21st calendar day of each month, or if such day is not a Business Day, then the next succeeding Business Day, commencing June
22, 2015.

 

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“Percentage Interest”
means, as to any Trust Certificate, (i) the original certificate balance for such Trust Certificate, as specified on the face thereof,
divided by (ii) the Original Certificate Balance; provided, that in determining whether the Holders of the requisite portion or
percentage of the Trust Certificates have given any request, demand, authorization, direction, notice, consent or waiver hereunder
or under any other Basic Document, Trust Certificates owned by the Issuer, any other obligor upon the Certificates, the Seller,
the Servicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed to be excluded from the Certificate
Balance (unless such Persons own 100% of the Trust Certificates), except that, in determining whether the Indenture Trustee and
Owner Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver, only
Trust Certificates that a Responsible Officer of the Indenture Trustee and the Owner Trustee have actual knowledge of being so
owned shall be so disregarded. Trust Certificates so owned that have been pledged in good faith may be regarded as included in
the Certificate Balance if the pledgee establishes to the satisfaction of the Indenture Trustee or the Owner Trustee, as applicable,
the pledgee’s right so to act with respect to such Trust Certificates and that the pledgee is not the Issuer, any other obligor
upon the Trust Certificates, the Seller or any Affiliate of any of their respective Affiliates. Neither the Indenture Trustee nor
the Owner Trustee shall incur any liability to any person in determining whether a pledgee has the right to act with respect to
such Trust Certificates.

 

“Rating Agency” has the
meaning set forth in the Sale and Servicing Agreement.

 

“Record Date” means the
day immediately preceding the Payment Date so long as the securities are in book-entry form, and the last day of the month preceding
the Payment Date if the securities are issued in definitive form.

 

“Required Rating” means,
with respect to any entity, that such entity (or the parent of such entity) meets at all times the ratings criteria acceptable
to each Rating Agency rating the Notes, so as to preclude a downgrade of the Notes and/or credit watch of the Notes with negative
implications.

 

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

 

“Sale and Servicing Agreement”
means the sale and servicing agreement, dated May 20, 2015, among the Issuer, the Depositor and AHFC, as servicer, as amended or
supplemented from time to time.

 

“Secretary of State”
means the Secretary of State of the State of Delaware.

 

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

 

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

 

“Statutory Trust Statute”
means Chapter 38 of Title 12 of the Delaware Code, 12 Del.C. § 3801 et seq., as the same may be amended from
time to time.

 

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

 

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“Trust Certificate” means
a certificate evidencing the beneficial interest of an Owner in the Trust, substantially in the form of Exhibit A.

 

Section 1.02.         Other
Definitional Provisions.

 

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

 

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

 

Section 1.03.         Interpretive
Provisions.

 

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

 

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

 

ARTICLE
Two

ORGANIZATION

 

Section 2.01.         Name.
The trust created hereby shall be known as the “Honda Auto Receivables 2015-2 Owner Trust”, in which name the Owner
Trustee may conduct the business of the Issuer, make and execute contracts and other instruments and sue and be sued, to the extent
herein provided.

 

Section 2.02.         Office.
The Delaware office of the Issuer shall be in care of the Delaware Trustee at 300 Delaware Avenue, 9th Floor, Wilmington, Delaware
19801, or at such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Owners
and the Depositor. The New York, New York office of the Issuer shall be in care of the Owner Trustee at the Corporate Trust Office
or at such other address in New York as the Owner Trustee may designate by written notice to the Owners and the Depositor.

 

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Section 2.03.         Purposes
and Powers.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 2.04.         Appointment
of Owner Trustee and the Delaware Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Issuer effective
as of the date hereof, to have all the rights, powers and duties set forth herein, and the Owner Trustee hereby accepts such appointment.
The Depositor hereby appoints the Delaware Trustee as a trustee of the Issuer effective as of the date hereof, for the sole purpose
of satisfying Section 3807(a) of the Delaware Statutory Trust Statute, and the Delaware Trustee hereby accepts such appointment.
The Owner Trustee may engage, in the name of the Issuer or in its own name on behalf of the Issuer, in the activities of the Issuer,
make and execute contracts on behalf of the Issuer and sue on behalf of the Issuer.

 

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Section 2.05.         Initial
Capital Contribution of Owner Trust Estate. The Depositor hereby reaffirms its sale, assignment, transfer and conveyance to
the Owner Trustee, on or about the date of the Initial Trust Agreement, the sum of $1,000.00 (the “Original Contribution
Amount”). The Owner Trustee hereby reaffirms its receipt in trust from the Depositor, as of the date of the Initial Trust
Agreement, of the Original Contribution Amount, which constituted the initial Owner Trust Estate and shall be on or before the
date hereof deposited in the Certificate Distribution Account. On the date hereof the Owner Trustee is hereby directed to withdraw
the Original Contribution Amount from the Certificate Distribution Account and transfer such sums to the Depositor via wire transfer
to the Depositor’s account from which the Original Contribution Amount was received. The Depositor shall pay organizational
expenses of the Issuer as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee
for any such expenses paid by the Owner Trustee.

 

Section 2.06.         Declaration
of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Owner Trust Estate and collecting and disbursing the periodic income therefrom
for the use and benefit of the Owners, subject to the obligations of the Issuer under the Basic Documents. It is the intention
of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute
the governing instrument of such statutory trust. It is the intention of the parties hereto that, solely for income and franchise
tax purposes, (i) so long as there is a sole Owner, the Issuer shall be disregarded as an entity separate from the owner, with
the assets of the Issuer being the Receivables and other assets held by the Issuer, the owner of the Receivables being the sole
Owner and the Notes being non-recourse debt of the sole Owner and (ii) if there is more than one Owner, the Issuer shall be treated
as a partnership for income and franchise tax purposes, with the assets of the partnership being the Receivables and other assets
held by the Issuer and with the partners of the partnership being the Owners and the Notes being debt of the partnership. The parties
agree that, unless otherwise required by appropriate tax authorities, the Issuer will file or cause to be filed annual or other
necessary returns, reports and other forms consistent with the characterization of the Issuer as provided in the preceding sentence
for such tax purposes. Effective as of the date hereof, the Owner Trustee and the Delaware Trustee, as applicable, shall have all
rights, powers and duties set forth herein and in the Statutory Trust Statute for the sole purpose and to the extent necessary
to accomplish the purpose of the Issuer as set forth in Section 2.03(a).

 

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

 

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

 

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Section 2.09.         Situs
of Issuer. The Issuer will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf
of the Issuer shall be located in the states of Delaware or New York. The Issuer shall not have any employees in any state other
than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within
or without the State of Delaware. Payments will be received by the Issuer only in, and payments will be made by the Issuer only
from, the states of Delaware or New York. The Issuer’s principal offices will be at the Corporate Trust Office and at the
office of the Delaware Trustee, located at 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801.

 

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

 

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

 

(b)          The
Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary
licenses and approvals, in each jurisdiction in which such qualification, license or approval is necessary for the performance
of its obligations under and consummation of the transactions contemplated by, the Basic Documents.

 

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

 

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

 

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

 

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

 

ARTICLE
Three

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(b)          Upon
surrender for registration of transfer of any Trust Certificate at the office of the Certificate Registrar and subject to the satisfaction
of the preceding paragraph, the Owner Trustee shall execute, authenticate and deliver (or shall cause its Authenticating Agent
to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Trust Certificates in authorized
denominations of a like aggregate original certificate balance dated the date of authentication by the Owner Trustee or any Authenticating
Agent; provided that prior to such execution, authentication and delivery, the Owner Trustee shall have received an Opinion of
Counsel to the effect that the proposed transfer will not cause the Issuer to be characterized, as an association (or a publicly
traded partnership) taxable as a corporation or alter the tax characterization of the Notes for federal income tax purposes. At
the option of a Holder, Trust Certificates may be exchanged for other Trust Certificates of authorized denominations of a like
aggregate original certificate balance upon surrender of the Trust Certificates to be exchanged at the office or agency maintained
pursuant to Section 3.08.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.08.         Maintenance
of Office or Agency. The Trust shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered
for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee or its agent in respect of
the Trust Certificates and the Basic Documents may be served. The Owner Trustee initially designates 1251 Avenue of the Americas,
19th Floor, New York, New York 10020, Attention: Corporate Trust Department, as its office for such purposes. The Owner Trustee
shall give prompt written notice to the Depositor and to the Certificateholders of any change in the location of the Certificate
Register or any such office or agency.

 

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Section 3.09.         Appointment
of Paying Agent. The Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account
pursuant to Sections 5.02 and 5.03 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall
have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions
referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The
Owner Trustee shall act as the initial Paying Agent. Each Paying Agent shall be permitted to resign as Paying Agent upon 30 days’
written notice to the Owner Trustee. In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor
Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such
successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders
in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The
Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also
return all funds in its possession to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04, 8.01 and 8.02 shall apply
to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

 

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

 

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

 

ARTICLE
Four

ACTIONS BY OWNER TRUSTEE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 4.02.         Action
by Owners with Respect to Certain Matters. Subject to the provisions and limitations of Section 4.04, the Owner Trustee shall
not have the power, except upon the direction of the Owners, to (i) remove the Administrator pursuant to Section 1.09 of the Administration
Agreement, (ii) appoint a successor Administrator pursuant to Section 1.09 of the Administration Agreement, (iii) remove the Servicer
pursuant to Section 7.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture, or (v) authorize the merger or consolidation of the Issuer with or into any
other statutory trust or entity (other than in accordance with Section 3.10 of the Indenture). The Owner Trustee shall take the
actions referred to in the preceding sentence only upon written instructions signed by the Owners.

 

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

 

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

 

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Section 4.05.         Majority
Control. Except as expressly provided herein, any action that may be taken by the Owners under this Agreement may be taken
by the Holders of Trust Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates.
Except as expressly provided herein, any written notice of the Owners delivered pursuant to this Agreement shall be effective if
signed by Holders of Trust Certificates evidencing not less than a majority of the Percentage Interests evidenced by the Trust
Certificates at the time of the delivery of such notice.

 

ARTICLE
Five

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01.         Establishment
of Trust Account. The Owner Trustee, for the benefit of the Certificateholders, shall establish and maintain (or shall cause
to be established and maintained) in the name of the Issuer an Eligible Account (the “Certificate Distribution Account”),
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholders.

 

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

 

Section 5.02.         Application
of Trust Funds.

 

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

 

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

 

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

 

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

 

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

 

Section 5.05.         Accounting
and Reports to Owners, Internal Revenue Service and Others. The Owner Trustee shall maintain (or cause to be maintained) the
books of the Issuer on a fiscal year basis ending March 31 of each year and the accrual method of accounting. In addition, the
Issuer shall deliver to each Owner such information, reports or statements prepared by the Administrator as may be required by
the Code and applicable Treasury Regulations and as may be required to enable each Owner to prepare its federal and state income
tax returns. Consistent with the Issuer’s characterization for tax purposes, as disregarded as an entity separate from the
Owner, no federal income tax return shall be filed on behalf of the Issuer unless either (i) the Owner Trustee shall receive an
Opinion of Counsel that, based on a change in applicable law occurring after the date hereof, the Code requires such a filing or
(ii) the Internal Revenue Service shall determine that the Issuer is required to file such a return. Neither the Owner Trustee
nor any Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise, to classify
the Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose. In the event that
the Issuer is required to file tax returns, the Owner Trustee shall, to the extent not undertaken by the Administrator pursuant
to the Administration Agreement, prepare or shall cause to be prepared any tax returns required to be filed by the Issuer and shall
remit such returns to the Depositor (or if the Depositor no longer owns any Certificates, the Owner designated for such purpose
by the Depositor to the Owner Trustee in writing) at least five days before such returns are due to be filed. The Depositor (or
such designee Owner, as applicable) shall promptly sign such returns and deliver such returns after signature to the Owner Trustee
and such returns shall be filed by the Owner Trustee with the appropriate tax authorities. In no event shall the Owner Trustee
or the Depositor (or such designee Owner, as applicable) be liable for any liabilities, costs or expenses of the Issuer or the
Noteholders arising out of the application of any tax law, including federal, state, foreign or local income or excise taxes or
any other tax imposed on or measured by income (or any interest, penalty or addition with respect thereto or arising from a failure
to comply therewith) except for any such liability, cost or expense attributable to any act or omission by the Owner Trustee or
the Depositor (or such designee Owner, as applicable), as the case may be, in breach of its obligations under this Agreement.

 

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

 

ARTICLE
Six

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

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

 

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

 

Section 6.03.         Action
Upon Instruction.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE
Seven

CONCERNING THE OWNER TRUSTEE and the delaware trustee

 

Section 7.01.         Acceptance
of Trusts and Duties. Each of the Owner Trustee and the Delaware Trustee accepts the trusts hereby created and each agrees
to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement. Each of the Owner Trustee
and the Delaware Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate
upon the terms of this Agreement and the other Basic Documents. Neither the Owner Trustee nor the Delaware Trustee shall be answerable
or accountable hereunder or under any other Basic Document under any circumstances, except (i) for its own willful misconduct,
bad faith or gross negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Owner Trustee or the Delaware Trustee. In particular, but not by way of limitation (and subject to the exceptions
set forth in the preceding sentence):

 

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

 

(b)          neither
the Owner Trustee nor the Delaware Trustee shall be liable with respect to any action taken or omitted to be taken by it in accordance
with the instructions of the Administrator or any Owner or Owners;

 

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

 

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

 

(e)          neither
the Owner Trustee nor the Delaware Trustee shall be responsible for or in respect of the validity or sufficiency of this Agreement
or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any
of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate
of authentication on the Trust Certificates, and neither the Owner Trustee nor the Delaware Trustee shall in any event assume or
incur any liability, duty or obligation to any Noteholder or to any Owner, other than as expressly provided for in the Basic Documents;

 

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

 

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

 

(h)          in
no event shall the Owner Trustee or the Delaware Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation
strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God,
and interruptions, loss or malfunctions of utilities; it being understood that the Owner Trustee or the Delaware Trustee, as applicable,
shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

Section 7.02.         Furnishing
of Documents.

 

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

 

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

 

(a)          it
is a national banking association duly organized and validly existing under the laws of the United States of America; it has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;

 

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

 

(c)          neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware governmental rule or regulation
governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under
its charter documents or bylaws; and

 

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

 

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

 

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

 

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

 

(a)          it
is a national banking association duly organized and validly existing under the laws of the United States of America; it has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;

 

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

 

(c)          neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor
compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation
governing the banking or trust powers of the Delaware Trustee or any judgment or order binding on it, or constitute any default
under its charter documents or bylaws; and

 

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

 

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

 

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

 

Section 7.04.         Reliance,
Advice of Counsel.

 

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

 

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

 

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Section 7.05.         Not
Acting in Individual Capacity. Except as otherwise provided in this Article, in accepting the trusts hereby created, each of
MUFG Union Bank, N.A. and U.S. Bank Trust National Association is acting solely as Owner Trustee and Delaware Trustee, respectively,
hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee or the Delaware Trustee
by reason of the transactions contemplated by this Agreement or any other Basic Document shall look only to the Owner Trust Estate
for payment or satisfaction thereof.

 

Section 7.06.         Owner
Trustee and Delaware Trustee Not Liable for Trust Certificates or Receivables. The recitals contained herein and in the Trust
Certificates (other than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificates) shall
be taken as the statements of the Depositor, and the Owner Trustee and the Delaware Trustee assume no responsibility for the correctness
thereof. The Owner Trustee and the Delaware Trustee make no representations as to the validity or sufficiency of this Agreement,
any other Basic Document or the Trust Certificates (other than the signature of the Owner Trustee and the certificate of authentication
on the Trust Certificates and the representations and warranties in Section 7.03) or the Notes, or of any Receivable or related
documents. The Owner Trustee and the Delaware Trustee shall at no time have any responsibility or liability for or with respect
to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created
by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the
sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholders under this
Agreement or the Noteholders under the Indenture, including, without limitation, the existence, condition and ownership of any
Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any Receivable to the Issuer or of any intervening assignment;
the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer
with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty
or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name
of the Owner Trustee.

 

Section 7.07.         Owner
Trustee or Delaware Trustee May Own Trust Certificates and Notes. Each of the Owner Trustee and the Delaware Trustee in its
individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor,
the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were
not Owner Trustee or the Delaware Trustee, respectively.

 

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

 

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ARTICLE
Eight

compensation of owner trustee and the delaware trustee

 

Section 8.01.         Owner
Trustee’s and Delaware Trustee’s Fees and Expenses. Each of the Owner Trustee and the Delaware Trustee shall receive
as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof among the Depositor,
the Owner Trustee and the Delaware Trustee, respectively, and upon the formation of the Issuer, each of the Owner Trustee and the
Delaware Trustee shall be entitled to be reimbursed by the Issuer for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives, experts and counsel as each of the Owner Trustee and
the Delaware Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

 

Section 8.02.         Indemnification.
The Issuer shall, or shall cause the Administrator to, indemnify each Indemnified Party and its respective officers, directors,
employees and agents against any and all loss, liability or expense (including reasonable attorney’s fees and expenses) incurred
by it in connection with the administration of the Issuer and the performance of its duties hereunder not resulting from its own
willful misconduct, gross negligence or bad faith. The Indemnified Party shall notify the Issuer and the Administrator promptly
of any claim for which it may seek indemnity. The indemnities contained in this Section shall survive the resignation or termination
of the Owner Trustee, the Delaware Trustee or the termination of this Agreement. In the event of any claim, action or proceeding
for which indemnity will be sought pursuant to this Section, the Owner Trustee’s or the Delaware Trustee’s choice of
legal counsel shall be subject to the approval of the Depositor (or if the Depositor is no longer an owner, the designee of the
Depositor), which approval shall not be unreasonably withheld. Neither the Issuer nor the Administrator need reimburse any expense
or indemnify against any loss, liability or expense incurred by any Indemnified Party (1) through such party’s own willful
misconduct, gross negligence or bad faith or (2) in the case of the inaccuracy of any representation or warranty contained in Sections
7.03 expressly made by the Owner Trustee or the Delaware Trustee.

 

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

 

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ARTICLE
Nine

 

TERMINATION
OF TRUST AGREEMENT

 

Section 9.01.    Termination of Trust Agreement.

 

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

 

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

 

(c)         The outstanding Trust Certificates are
subject to redemption in whole, but not in part, pursuant to Section 8.01 of the Sale and Servicing Agreement; provided that the
Issuer has available funds sufficient to pay the aggregate Certificate Balance of all the Trust Certificates, together with accrued
interest at the Certificate Rate to but excluding the Payment Date. Notice of any termination of the Issuer, specifying the Payment
Date upon which Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution
and cancellation, shall be given by the Owner Trustee by letter to Certificateholders mailed within five Business Days of receipt
of notice of such termination from the Servicer given pursuant to Section 8.01(b) of the Sale and Servicing Agreement, stating
(i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and
surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment
and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation
and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such
notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at
the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent
shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02. The Owner
Trustee shall promptly notify the Administrator (who shall make such notice available to each Rating Agency pursuant to Section
1.02(c) of the Administration Agreement) upon the final payment of the Trust Certificates.

 

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

 

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

 

ARTICLE
Ten

 

SUCCESSOR
AND ADDITIONAL OWNER TRUSTEES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	29

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
Eleven

MISCELLANEOUS

 

Section 11.01.   Supplements and Amendments.

 

(a)         This Agreement may be amended by the
parties hereto with prior written notice to the Administrator (who shall make such notice available to each Rating Agency pursuant
to Section 1.02(c) of the Administration Agreement), without the consent of any Securityholders, to cure any ambiguity, to correct
or supplement any provisions in this Agreement or for the purpose of, (i) adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders;
provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of any Noteholder or Certificateholder, or (ii) to correct any manifest error in the terms of this Agreement as compared
to the terms set forth in the Prospectus.

 

    	30

    	 

    

 

(b)         This Agreement may also be amended from
time to time by the parties hereto, with prior written notice to the Administrator (who shall make such notice available to each
Rating Agency pursuant to Section 1.02(c) of the Administration Agreement), with the consent of the Holders of Trust Certificates
evidencing not less than a majority of the Percentage Interests evidenced by the Trust Certificates and, if such amendment materially
and adversely affects the interests of the Noteholders, with the consent of Holders (as such term is defined in the Indenture)
of Notes evidencing not less than a majority of the Outstanding Amount of the Notes, for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that no such amendment shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or the Certificateholders, (ii) increase or reduce any Interest Rate or Certificate
Rate or (iii) reduce the aforesaid percentage of the Outstanding Amount of the Notes or of the Percentage Interests evidenced by
the Trust Certificates required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes
and Trust Certificates affected thereby.

 

(c)         Prior to the execution of any such amendment
or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Indenture
Trustee and the Administrator (who shall make such notice available to each Rating Agency pursuant to Section 1.02(c) of the Administration
Agreement).

 

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

 

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

 

    	31

    	 

    

 

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

 

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

 

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

 

Section 11.04.   Notices.

 

(a)         Unless otherwise expressly specified
or permitted by the terms hereof, all demands, notices and communications under this Agreement shall be in writing, personally
delivered, mailed by electronic mail (if an address therefore has been provided by the respective party in writing), mailed by
certified mail, return receipt requested, delivered by overnight delivery service, or sent via facsimile transmission and shall
be deemed to have been duly given upon receipt (i) in the case of the Owner Trustee, to MUFG Union Bank, N.A., 1251 Avenue of the
Americas, 19th Floor, New York, New York 10020, Attention: Corporate Trust Department, (ii) in the case of the Delaware Trustee,
to U.S. Bank Trust National Association, 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Corporate Trust
Services - Honda Auto Receivables 2015-2, (iii) in the case of the Depositor, to American Honda Receivables LLC, 20800 Madrona
Avenue, Torrance, California 90503, Attention: Treasury Manager or (iv) as to any party, at such other address as shall be designated
by such party in a written notice to the other party.

 

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

 

    	32

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	33

    	 

    

 

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

 

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

 

Section 11.13.   Depositor Payment Obligation.
The Depositor shall be responsible for payment of the Administrator’s compensation under the Administration Agreement and
shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred thereunder. In addition, the Depositor
shall be responsible for the payment of all fees and expenses of the Issuer and the Trustees paid by any of them in connection
with any of their obligations under the Basic Documents to obtain or maintain any required license under the Pennsylvania Motor
Vehicle Sales Finance Act and the Maryland Act (MD Fin. Inst. Code Ann., Title 11, Subtitle 4).

 

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

 

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

 

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

 

    	34

    	 

    

 

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

 

    	35

    	 

    

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

 

	 	AMERICAN HONDA RECEIVABLES LLC,
	 	as Depositor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	MUFG Union Bank, N.A.,
	 	as Owner Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	U.S. BANK TRUST NATIONAL ASSOCIATION,
	 	 as Delaware Trustee
	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:    

 

    	36

    	 

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

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

 

NUMBER: R-1        Initial
Certificate Balance: $34,770,584.24

 

HONDA AUTO RECEIVABLES 2015-2 OWNER TRUST

 

0.00% ASSET BACKED CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT American Honda Receivables
LLC is the registered owner of a 100 percent nonassessable, fully-paid, undivided interest in the Honda Auto Receivables
2015-2 Owner Trust (the “Issuer”), formed by American Honda Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

The Issuer was created pursuant to a Trust Agreement
dated as of April 8, 2015, as amended and restated by an Amended and Restated Trust Agreement dated May 20, 2015 (as amended or
supplemented from time to time, the “Trust Agreement”), among the Depositor, MUFG Union Bank, N.A., as owner
trustee (the “Owner Trustee”), and U.S. Bank Trust National Association, as Delaware trustee (the “Delaware
Trustee”) a summary of certain of the pertinent provisions of which is set forth below. Capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement.

 

    	A-1

    	 

    

 

This Trust Certificate is one of the duly authorized
certificates designated as “Asset Backed Certificates” (the “Trust Certificates”). Issued under
an Indenture dated May 20, 2015 (the “Indenture”), between the Issuer and MUFG Union Bank, N.A., as indenture
trustee, are four classes of Notes designated as “Class A-1 0.31000% Asset Backed Notes,” “Class A-2 0.69% Asset
Backed Notes”, “Class A-3 1.04% Asset Backed Notes” and “Class A-4 1.47% Asset Backed Notes” (collectively,
the “Notes”). This Trust Certificate is issued under and is subject to terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the Holder of this Trust Certificate, by virtue of its acceptance thereof, assents and
by which such Holder is bound. The property of the Issuer includes, among other things, a pool of retail installment sale or conditional
sale contracts for new and used Honda and Acura motor vehicles (including automobiles and light-duty trucks) (collectively, the
“Receivables”), all monies received on or in respect of the Receivables on or after May 1, 2015, security interests
in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies
and certain other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds of the foregoing.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	A-2

    	 

    

 

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

 

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

 

	 	HONDA AUTO RECEIVABLES 2015-2 OWNER TRUST
	 	 
	 	By:	MUFG Union Bank, N.A.,

not in its individual capacity but solely as Owner Trustee on behalf of the Trust
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

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

 

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

 

	MUFG Union Bank, N.A.,

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

	 	MUFG Union Bank, N.A., 

not in its individual capacity but solely as Owner Trustee on behalf of the Trust
	 	 	 	 	 
	By:	 	OR	By:	 
	 	Authorized Signatory	 	 	Authorized Signatory
	 	 	 	 	 

    	A-3

    	 

    

 

[REVERSE OF TRUST
CERTIFICATE]

 

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

 

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

 

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

 

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

 

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

 

    	A-4

    	 

    

 

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

 

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

 

    	A-5

    	 

    

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

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

 

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

 

	 	 	 	 •
	 	 	Signature Guaranteed:	 
	 	 	 	 
	 	 	 	 

 

 

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

 

    	A-6

    	 

    

 

EXHIBIT B

 

FORM OF SELLER CERTIFICATE

 

_______________, ____

 

	[Seller]	 
	 	 
	 	 
	 	 
	 	 

 

HONDA AUTO RECEIVABLES 2015-2

OWNER TRUST

 

MUFG UNION BANK, N.A.

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

Attention: Corporate Trust Department

 

		Re:	Honda Auto Receivables 2015-2 Owner Trust

Asset Backed Certificates                   

 

Dear Sirs:

 

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

 

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

    	B-1

    	 

    

 

EXHIBIT C

 

FORM OF INVESTMENT LETTER

 

_______________, ___

 

Seller

	 	 
	 	 
	 	 
	 	 

 

HONDA AUTO RECEIVABLES 2015-2

OWNER TRUST

 

MUFG UNION BANK, N.A.

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

Attention: Corporate Trust Department

 

		Re:	Honda Auto Receivables 2015-2 Owner Trust

Asset Backed Certificates                  

 

Dear Sirs:

 

In connection with our acquisition of the above-referenced
Asset Backed Certificates (the “Certificates”) we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws and
are being transferred to us in a transaction that is exempt from the registration requirements of the Act and any such laws, (b)
we are an “accredited investor,” as defined in Regulation D under the Act, and have such knowledge and experience in
financial and business matters that we are capable of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the Seller concerning the purchase of the Certificates and
all matters relating thereto or any additional information deemed necessary to our decision to purchase the Certificates, (d) we
are acquiring the Certificates for investment for our own account and not with a view to any distribution of such Certificates
(but without prejudice to our right at all times to sell or otherwise dispose of the Certificates in accordance with clause (f)
below), (e) we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise
approached or negotiated with any person with respect thereto, or taken any other action that would result in a violation of Section
5 of the Act or any state securities laws, (f) we are not a Benefit Plan Investor and (g) we will not sell, or otherwise dispose
of any Certificates unless (i) such sale, transfer or other disposition is made pursuant to an effective registration statement
under the Act and in compliance with any state securities laws or is exempt from such registration requirements and, if requested,
we will at our expense provide an Opinion of Counsel satisfactory to the addresses of this certificate that such sale, transfer
or other disposition may be made pursuant to an exemption from the Act, (ii) the purchaser or transferee of such Certificate has
executed and delivered to you a certificate to substantially the same effect as this certificate and (iii) the purchaser or transferee
has otherwise complied with any conditions for transfer set forth in the Amended and Restated Trust Agreement dated May 20, 2015,
among American Honda Receivables LLC, as depositor, MUFG Union Bank, N.A., as owner trustee, and U.S. Bank Trust National Association,
as Delaware trustee.

 

    	C-1

    	 

    

  

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

  

    	C-2

    	 

    

 

EXHIBIT D

 

FORM OF RULE 144A LETTER

 

_______________, 20__

 

Seller

	 	 
	 	 
	 	 
	 	 

 

HONDA AUTO RECEIVABLES 2015-2

OWNER TRUST

 

MUFG UNION BANK, N.A.

1251 Avenue of the Americas, 19th Floor

New York, New York 10020

Attention: Corporate Trust Department

 

		Re:	Honda Auto Receivables 2015-2 Owner Trust

Asset Backed Certificates                 

 

Dear Sirs:

 

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

 

    	D-1

    	 

    

  

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

    	D-2

    	 

    

 

EXHIBIT E

 

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

Reporting Period: ____________

Name of Issuing Entity: HAROT 2015-2

Trustee: MUFG Union Bank, N.A.

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

 

	Name
    of

    Issuing 
 Entity	 	Check
    if 

    Registered	 	Name
    of 

    Originator	 	Total
    Assets in 
 ABS by Originator1	 	 	Assets
    That Were 
 Subject of
 Demand	 	 	Assets
    That Were 
 Repurchased or 
 Replaced	 	 	Assets
    Pending 
 Repurchase or
 Replacement 
 (within cure period)	 	 	Demand
    in Dispute	 	 	Demand
    Withdrawn	 	 	Demand
    Rejected	 
	(a)	 	(b)	 	(c)	 	(#)
 (d)	 	 	($)
 (e)	 	 	(% of 

    principal 
 balance)
 (f)	 	 	(#)
 (g)	 	 	($)
 (h)	 	 	(% of 

    principal 
 balance)
 (i)	 	 	(#)
 (j)	 	 	($)
 (k)	 	 	(% of 

    principal 
 balance)
 (l)	 	 	(#)
 (m)	 	 	($)
 (n)	 	 	(% of 

    principal 
 balance)
 (o)	 	 	(#)
 (p)	 	 	($)
 (q)	 	 	(% of 

    principal 
 balance)
 (r)	 	 	(#)
 (s)	 	 	($)
 (t)	 	 	(% of 

    principal 
 balance)
 (u)	 	 	(#)
 (v)	 	 	($)
 (w)	 	 	(% of 

    principal 
 balance)
 (x)	 
	Asset Class X	 		 		 	 		 	 	 	 	 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 
	Issuing Entity A CIK #	 	X	 	Originator 1	 	 		 	 	 	 	 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 
	 	 	 	 	Originator 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 
	Asset Class Y	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuing Entity B	 	 	 	Originator 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $	 	 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 	 	 	#	 	 	 $		 	 	 	 	 

 

 

1
Owner Trustee to provide if such information is available.

 

    	E-1AMENDED AND RESTATED
EMPLOYMENT AGREEMENT 

THIS AGREEMENT (the
“Agreement”), as amended and restated hereby effective as of November 20, 2014,
replaces in its entirety that prior employment agreement, dated May 28, 2010
(the “Prior Agreement”), by and between THE CLOROX COMPANY, a Delaware
corporation (the “Company”), and Donald R. Knauss (the “Executive”). 

RECITAL 

The Company and the Executive
want to enter into a written agreement concerning the terms of the Executive’s
employment with the Company and the terms of a termination of that employment.

TERMS OF AGREEMENT

1. Term of Agreement.

(a) The
terms and conditions of this Agreement shall commence immediately upon execution
of this Agreement by the Executive and the Company (the “Effective Date”) and
shall end upon the earliest of (such ending date, the “Date of Termination”) (i)
the date three (3) months after a notice by either party; (ii) the date upon
which the Executive’s employment is terminated in accordance with Section 4;
(iii) the date mutually agreed to by the parties hereto, or (iv) June 30, 2015,
unless this Agreement is extended by agreement of the parties prior to its
expiration, in which case any new date selected by the parties shall replace
June 30, 2015 in the preceding Section 1(a)(iv). Following expiration of this
Agreement by notice by either party under Section 1(a)(i), any continuation of
the Executive’s employment shall be at-will, but shall be subject to the
survival of the provisions of Sections 4(c), 5 and 16. Expiration of this
Agreement shall not affect Executive’s service as a member of the Board (as
defined below), but shall only constitute the end of Executive’s service as
Chairman of the Board. Upon any termination of the Executive after expiration of
this Agreement, Section 6 shall not apply. 

(b) Either
party may give notice at any time to the other party of termination of the
Executive’s employment under Section 4(a) or 4(b). 

2. Position; Duties; Responsibilities. 

(a) Position. The Company
agrees to employ the Executive, and the Executive agrees to be employed by the
Company, subject to the terms and conditions of this Agreement. The Executive
shall serve as Executive Chairman of the Board of Directors of the Company (the
“Board”), subject to the Board’s discretion, and a member of the Board. During
the term of this Agreement, the Board shall nominate the Executive for
reelection as a member of the Board at the expiration of each then-current Board
term. The Executive shall devote his best efforts to the performance of the
services customarily incident to the Executive’s office and to such other
services as may be reasonably requested by the Board, consistent with his
offices, titles and positions, including those duties and responsibilities set
forth at Exhibit A. The Company shall retain full direction and control of the
means and methods by which the Executive performs the above services and,
subject only to paragraph 4(b)(ii)(C) below, of the place(s) at which such
services are to be rendered. 

(b) Other Activities.
Excluding any periods of vacation and sick leave to which the Executive is
entitled, the Executive agrees to devote reasonable attention and time during
normal hours to the business and affairs of the Company and, to the extent
necessary to discharge the responsibilities assigned to the Executive hereunder,
to use the Executive’s reasonable best efforts to perform faithfully and
efficiently such responsibilities. It shall not be a violation of this Agreement
for the Executive to (i) serve on corporate, civic or charitable boards or
committees, provided that with respect
to any corporate board, such service has been pre-approved by the Presiding
Director of the Company, (ii) deliver lectures or fulfill speaking engagements
or teach at educational institutions on a part-time basis not to exceed five
hours per week in the aggregate and (iii) manage personal investments, so long
as such activities do not significantly interfere with the performance of the
Executive’s responsibilities as an employee of the Company in accordance with
this Agreement. It is expressly understood and agreed that to the extent that
any such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive’s
responsibilities to the Company.

3. Salary; Incentive Compensation; Benefits; Expenses. 

(a) Salary. In consideration
of the services to be rendered hereunder, including, without limitation,
services to any affiliate of the Company (an “Affiliated Company”), the
Executive shall be paid an annual base salary, as increased or decreased from
time to time (“Annual Base Salary”), payable at the times and pursuant to the
procedures regularly established, as they may be amended by the Company during
the course of this Agreement. The Annual Base Salary shall be reviewed
periodically for increase (or decrease to the extent permitted hereunder) in
accordance with the Company’s regular administrative practices. The Company may
reduce the Executive’s Annual Base Salary only if the annual base salaries of
all the Executive Officers of the Company are at the same time being similarly
reduced and if the percentage of reduction of the Executive’s Annual Base Salary
does not exceed the largest percentage reduction of any Executive Officer.

(b) Incentive Compensation Plans. The Executive shall be entitled to participate in such incentive
compensation plans, whether cash-based, stock-based or otherwise, that the
Company may maintain from time to time, as shall be determined by the Board or
committee of the Board in its discretion. 

(c) Benefits. As he becomes
eligible therefor, the Company shall provide the Executive, his spouse and his
eligible dependents with the right to participate in and to receive benefits
from all present and future welfare benefit plans, practices, policies and
programs (including, without limitation, medical, prescription drugs, dental,
disability, salary continuance, severance pay, employee life, group life,
accidental death and travel accident insurance plans and programs), all
incentive savings and retirement plans, practices and programs and all similar
benefits, made available generally to Executive Officers of the Company. The
amount and extent of benefits to which the Executive is entitled shall be
governed by each specific benefit plan, as it may be amended from time to time.
The Company may suspend or terminate any benefit plan described in this Section
3(c). The Executive shall also be entitled to the benefits described in Sections
3(d), 3(e) and 3(f) below. 

(d) Supplemental Executive Retirement
Plan. The Executive will be
eligible to participate in the Company’s Supplemental Executive Retirement Plan
(the “Company SERP”) in accordance with the terms and conditions of the Company
SERP as in effect from time to time; provided, however, that the Executive shall be fully vested and eligible for an Early
Retirement Benefit at Separation of Employment (each such term as defined under
the Company SERP).1

(d) Vacation. The Executive
will be entitled to five (5) paid weeks of vacation per year during each year of
the term of this Agreement in accordance with the Company’s vacation policy
generally applicable to Executive Officers. 

(e) Retiree Benefits. Upon the
end of his employment with the Company, the Executive will be deemed retiree
eligible under all welfare benefit, equity and other incentive plans and
programs (other than tax-qualified pension and 401(k) plans) applicable to
Executive Officers of the Company under the terms and conditions of such plans
and programs as in effect from time to time; provided, however, that such treatment shall not apply to the
extent the Executive is entitled to retiree benefits from The Coca-Cola Company,
on a benefit-by-benefit and coverage-by-coverage basis, that duplicate retiree
benefits available to the Executive by the Company. 

(f) Change in Control. The
Company and the Executive have entered into an Amended and Restated Change in
Control Agreement (as defined in Section 9) governing the terms and conditions
related to a Change in Control of the Company, as defined
therein.
____________________

2 

4. Termination of Employment.

(a) By
Company For Cause. The Company
may terminate the Executive’s employment for Cause (as defined below in this
Section 4(a)) at any time. The Company shall pay the Executive the salary to
which he is entitled pursuant to Section 3(a) through the Date of Termination
and his accrued vacation and, except as otherwise specifically provided under
this Agreement or the terms of a plan, policy or program maintained by the
Company and then in effect, thereafter the Company’s obligations hereunder shall
terminate. In the event of a termination for Cause, the Executive shall not be
entitled to any unpaid award pursuant to Section 3(b) for the prior fiscal year
or the fiscal year in which termination occurs. All other awards shall be
governed by the applicable terms under which they were granted. Termination
shall be for “Cause” if: 

(i) the
Executive willfully neglects significant duties he is required to perform or
willfully violates a material Company policy, and, after being warned in
writing, continues to willfully neglect such duties or continues to willfully
violate such specified Company policy; 

(ii) the
Executive commits a material act of dishonesty, fraud, misrepresentation or
other act of moral turpitude; 

(iii) the
Executive acts (or omits to act) with gross negligence with regard to material
matters in the performance of the Executive’s duties hereunder; or 

(iv) the
Executive willfully disregards a lawful direction of the Board. 

For purposes of this
provision, no act or failure to act, on the part of the Executive, shall be
considered “willful” unless it is done, or omitted to be done, by the Executive
in bad faith or without reasonable belief that the Executive’s action or
omission was in the best interests of the Company. Any act, or failure to act,
based upon authority given pursuant to a resolution duly adopted by the Board or
based upon the advice of counsel for the Company shall be conclusively presumed
to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Company. The cessation of employment of the Executive
shall not be deemed to be for Cause unless and until there shall have been
delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than a majority of the Board (excluding the
Executive) at a meeting of the Board called and held for such purpose (after
reasonable notice is provided to the Executive and the Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that,
in the good faith opinion of the Board, the Executive is guilty of the conduct
described in subparagraph (i), (ii), (iii) or (iv) above, and specifying the
particulars thereof in detail. 

(b) By
the Executive or the Company At Will. 

(i) Termination by the Company. The Company may, at any time, terminate the Executive’s employment
without Cause. If the Company terminates the Executive’s employment without
Cause prior to March 31, 2015, the severance payment provisions of Section 6
shall apply and the Company shall have no additional liability. If the Company
terminates the Executive’s employment without Cause upon or subsequent to March
31, 2015, then Section 4(b)(iii) shall apply instead of this Section 4(b)(i), no
termination of Executive’s employment shall be treated as a termination without
Cause upon or subsequent to March 31, 2015 and nothing in this Section 4(b)(i)
or elsewhere in this Agreement may be interpreted to the contrary. The Executive
hereby agrees that the Company may terminate his employment under this Section
4(b)(i) without regard to (A) any general or specific policies (whether written
or oral) of the Company relating to the employment or termination of its
employees, or (B) any statements made to the Executive, whether made orally or
contained in any document, pertaining to the Executive’s relationship with the
Company. Nothing in this Section 4(b)(i) shall prevent the Company from
exercising its right under Section 4(a) to terminate the Executive’s employment
for Cause, and such a termination shall not give rise to damages under Section
6. 

For the avoidance of doubt,
termination of employment by the Company on account of the Executive’s
Disability shall not be treated as a termination by the Company without Cause
under this Section 4(b)(i). “Disability” for purposes of this Agreement shall
mean the Executive (A) is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or (B) is receiving income replacement
benefits for a period of not less than three months under the Company’s accident
and health plans by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a continuous period of not less than 12 months. In the event that the
Executive’s employment is terminated on account of Disability, the Executive
shall be entitled to those payments and benefits that are (x) required by
applicable law, (y) provided for under the terms of a plan, policy or program
maintained by the Company and then in effect, or (z) provided under Section
4(b)(iii), if applicable, and the Company shall have no additional
liability.2
____________________

3 

 

(ii) Termination by the Executive For Good Reason. The Executive may terminate his employment for
Good Reason provided he delivers a
written notice to the Company of the existence of one or more of the conditions
set forth below within a period not to exceed 90 days of the initial existence
of the condition. Thereafter, the Company shall have 30 days during which it may
remedy the condition and thereby cure the event or circumstance constituting
“Good Reason.” If the Executive terminates his employment for Good Reason, the
severance payment provisions of Section 6 shall apply and the Company shall have
no additional liability. Termination by the Executive
shall be for Good Reason if any of the following occurs prior to March 31, 2015:

(A) the
Executive is assigned duties inconsistent in any material respect with the
Executive’s position as Executive Chairman (including offices, titles and
reporting requirements), authority, duties or responsibilities as contemplated
by Section 2(a) of this Agreement, or the Company takes any other action which
results in a material diminution in such position, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive; 

(B) the
Company fails to comply with any of the material provisions of Section 3 of this
Agreement, other than an isolated, insubstantial and inadvertent failure not
occurring in bad faith and which is remedied by the Company promptly after
receipt of notice thereof given by the Executive; 

(C) the
Company requires the Executive to be based at any office or location which
increases his commute by more than 50 miles; 

(D) the
Company purports to terminate the Executive’s employment other than as expressly
permitted by this Agreement; or 

(E) the
Company fails to obtain from any successor (whether directly or indirectly, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company the express assumption and agreement to
perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place.

Notwithstanding the above, a
failure by the Company’s stockholders to elect the Executive to the Board shall
not constitute Good Reason, but a failure by the Board to nominate the Executive
to the Board at any time shall constitute Good Reason. 

For the avoidance of doubt,
this Section 4(b)(ii) shall not apply upon or subsequent to March 31, 2015 or to
any changes to the terms and conditions of the Executive’s employment set forth
in this Agreement as compared to the Prior Agreement. 

(iii) Termination Due to Executive’s Retirement. The Executive may terminate his employment at
any time upon giving at least three (3) months’ written notice to the Company.
Such a termination, and any termination under Sections 4(b)(i) or (ii) on or
after [DATE 2], or due to Executive’s Disability, shall constitute “Retirement”
for purposes of this Agreement. Upon the Executive’s Retirement, the Company
shall pay the Executive the salary and accrued vacation to which he is entitled
pursuant to Section 3(a) and Section 3(f) through the last day of his
employment. The Executive also shall receive any prior completed fiscal year’s
earned and unpaid annual incentive bonus. In addition, the Executive shall be
entitled to receive a pro-rata portion calculated upon the portion of the fiscal
year during which the Executive was employed of the Executive’s AIP and/or EIC
Plan award for the fiscal year of his Retirement. The award will be paid after
the close of the fiscal year at the same time that AIP and EIC Plan award
payments are made to employed executives; provided, however, that if the Executive is a Specified Employee (as defined in Section
1.409A-1(i) of the Treasury Department Regulations) on the Date of Termination,
such payments shall be made in accordance with Section 4(d) below. The award
will be a percentage of the Executive’s AIP and/or EIC Plan Bonus Target award
for that fiscal year based upon the application of the overall corporate results
factor and the division and/or functional results factor, if applicable (or
other financial results factor(s) then applicable), of the AIP and/or EIC Plan
award calculation matrix. The award will not be based on any personal objectives
factor; thus, the individual modifier to be applied to the corporate and
business and/or functional results, if any, will be calculated at
100%.

4 

(c) Termination Obligations.

(i) The
Executive hereby acknowledges and agrees that all personal property and
equipment furnished to or prepared by the Executive in the course of or incident
to his employment belong to the Company and shall, if physically returnable, be
promptly returned to the Company upon termination of his employment. “Personal
property” includes, without limitation, all books, manuals, records, reports,
notes, contracts, lists, blueprints, and other documents, computer media or
materials, or copies thereof, and Proprietary Information (as defined in Section
5(a) below), but does not include the Executive’s rolodex or address book.
Following termination, the Executive will not retain any written or other
tangible material containing any Proprietary Information. 

(ii) Upon
termination of his employment, the Executive shall be deemed to have resigned
from all offices and directorships then held with the Company or any Affiliated
Company, other than as a member of the Board, and will execute a letter of
resignation if requested. 

(iii) The
Executive’s obligations under Sections 4(b), 4(c), 5, 7 and 14, and the
Company’s obligations under Sections 3(c) (in accordance with the terms of the
applicable plan), 3(d), 3(f), 4, 6, 14, 16 and this Section 4(c)(iii), and the
Executive’s entitlement to payment or reimbursement of his business expenses
incurred in accordance with the Company’s policy through the Date of
Termination, shall survive termination of the Executive’s employment and, other
than Section 4(b), the expiration of this Agreement. 

(d) Specified Employee.
Notwithstanding the foregoing, if the Executive is a Specified Employee (as
defined in Section 1.409A-1(i) of the Treasury Department Regulations) on the
Date of Termination: 

(i) all
payments specified in Section 4(a), Section 4(b)(i), Section 4(b)(ii) or Section
6 that are subject to Code Section 409A (as defined in Section 18), but do not
constitute “short-term deferrals” under Treasury Department Regulation Section
1.409A-1(b)(4) (“short-term deferrals”), may be made to the extent that the
amount does not exceed two times the lesser of (A) the sum of the Executive’s
annualized compensation based upon the annual rate of pay for services provided
to the Company for the taxable year preceding the termination, or (B) the
maximum amount ($260,000 in 2014) that may be taken into account pursuant to
Section 401(a)(17) of the Internal Revenue Code (the “Code”) for the year in
which the Executive has terminated. Any amounts exceeding such limit may not be
made before the earlier of the date that is six (6) months after the Date of
Termination or the date of death of the Executive; or 

(ii) all
payments specified in Section 4(b)(iii) that are subject to Code Section 409A
(as defined in Section 18), but do not constitute short-term deferrals, may not
be made before the earlier of the date that is six (6) months after the Date of
Termination or the date of death of the Executive. 

Furthermore, any payments
pursuant to this Section 4 or Section 6 shall be postponed until six (6) months
following the end of any consulting period so long as the Executive continues to
work on a consulting basis for the Company following termination and such
consulting requires the Executive to work more than 20% of his average hours
worked during the 36 months preceding his termination. Any payments that were
scheduled to be paid during the six (6) month period following the Executive’s
Date of Termination, but which were delayed pursuant to this Section 4(d), shall
be paid without interest on, or as soon as administratively practicable after,
the first day following the six (6) month anniversary of the Executive’s Date of
Termination (or, if earlier, the date of Executive’s death). Any payments that
were originally scheduled to be paid following the six (6) months after the
Executive’s Date of Termination, shall continue to be paid in accordance to
their predetermined schedule.

5 

5. Post Termination Obligations.

(a) Proprietary Information Defined. “Proprietary Information” is all information and any idea in whatever
form, tangible or intangible, pertaining in any manner to the business of the
Company or any Affiliated Company, or to its clients, consultants or business
associates, unless: (i) the information is or becomes publicly known through
lawful means; (ii) the information was rightfully in the Executive’s possession
or part of his general knowledge prior to his employment by the Company; or
(iii) the information is disclosed to the Executive without confidential or
proprietary restriction by a third party who rightfully possesses the
information (without confidential or proprietary restriction) and did not learn
of it, directly or indirectly, from the Company. 

(b) General Restrictions on Use of Proprietary Information. The Executive agrees to hold all Proprietary
Information in strict confidence and trust for the sole benefit of the Company
and not to, directly or indirectly, disclose, use, copy, publish, summarize or
remove from Company’s premises any Proprietary Information (or remove from the
premises any other property of the Company), except (i) during his employment to
the extent necessary to carry out the Executive’s responsibilities under this
Agreement, (ii) after termination of his employment as specifically authorized
in writing by the Board, and (iii) pursuant to a subpoena; provided, however, that prior to responding to any subpoena, the
Executive shall give notice to the Company and an opportunity for the Company to
object to such subpoena. 

(c) Non-Solicitation and Non-Raiding. To forestall the disclosure or use of Proprietary Information in breach
of Section 5(b), and in consideration of this Agreement, the Executive agrees
that for a period of two (2) years after termination of his employment, he shall
not, for himself or any third party, directly or indirectly solicit for
employment any person employed by the Company, or by any Affiliated Company,
during the period of such person’s employment and for a period of one year after
the termination of such person’s employment with the Company. 

(d) Contacts with the Press.
Following termination, the Executive will continue to abide by the Company’s
policy that prohibits discussing any aspect of Company business with
representatives of the press without first obtaining the permission of the
Company’s Corporate Communications Department. 

(e) Remedies. Nothing in this
Section 5 is intended to limit any remedy of the Company under the California
Uniform Trade Secrets Act (California Civil Code Section 3426) or otherwise
available under law. 

6. Severance Payments; Release. 

(a) Severance Payments. The
Company and the Executive acknowledge that it would be impractical or extremely
difficult to fix the Executive’s actual damages in the case of termination at
will by the Company pursuant to Section 4(b)(i) or in the case of a termination
by the Executive for Good Reason pursuant to Section 4(b)(ii), in each case
prior to March 31, 2015. Therefore, in the event of such a termination and
notwithstanding any other provision of this Agreement, in exchange for and in
consideration of the Executive’s execution and non-revocation of a General
Release (“Release”) in a form substantially equivalent to the attached Exhibit,
which may be amended by the Company, from time to time, to conform to applicable
law, and subject to the mitigation provisions of Section 6(b), the Executive
shall be entitled to severance payments made up of the following components:

(i) Salary Component. Payment,
promptly after termination and in any event within 30 days after the Date of
Termination, of a lump sum amount equal to the product of (A) two (2) and (B)
the Executive’s Annual Base Salary on the Date of Termination. 

6 

(ii) AIP
and EIC Plan Components.

(A) Payment, promptly after termination and in any event within 30 days after
the Date of Termination, of a lump sum amount equal to the product of (A) two
(2) and (B) 75% of his Average Annual Bonus (as defined below). 

(B) A
pro-rata portion calculated upon the portion of the fiscal year during which the
Executive was employed of the Executive’s AIP and/or EIC Plan award for the
fiscal year in which the Executive’s employment terminated. The pro-rated award
will be paid after the close of the fiscal year at the same time that AIP and
EIC Plan award payments are made to then employed executives; provided, however, that if the Executive is a Specified Employee
(as defined in Section 1.409A-1(i) of the Treasury Department Regulations) on
the Date of Termination, such payments shall be made in accordance with Section
4(d) above. The award will be a percentage of the Executive’s AIP and/or EIC
Plan target award for such fiscal year based upon the application of the overall
corporate results factor and the division and/or functional results factor, if
applicable, of the AIP and/or EIC Plan award calculation matrix. The award will
not be based on any personal objectives factor; thus, the individual modifier to
be applied to the corporate and business and/or functional results, if any, will
be calculated at 100%. If the Executive’s AIP and/or EIC target award changed
during the course of such fiscal year on account of a change in the Executive’s
duties and responsibilities (including the change from Chairman and CEO to
Executive Chairman), the Executive’s AIP and/or EIC target award for purposes of
this Agreement shall be calculated based on a weighted average of the
Executive’s specific target awards based on the period of time during which each
was in effect. 

The “Average Annual Bonus”
shall mean the average annual incentive bonus that the Executive received for
the three (3) completed fiscal years immediately preceding the Date of
Termination, or the average annual incentive bonus that the Executive received
for the actual number of completed fiscal years immediately preceding the Date
of Termination if less than three (3), under the Company’s Annual Incentive Plan
(“AIP Plan”) and/or the Company’s Executive Incentive Compensation Plan (“EIC
Plan”). 

(iii) Medical/Dental Plans Component. 

(A) The
Company shall provide the Executive with the benefits described in either
paragraph (1) or (2) below, as follows: 

(1) if the
Executive participated in a company self-insured medical plan (which does not
satisfy the requirements of Section 105(h)(2)) immediately prior to the Date of
Termination, then (a) the Executive shall have the right to continue in such
plan for a period of up to two (2) years (as determined below) following the
date on which his coverage would otherwise terminate under such plan on account
of termination of employment by paying the Executive’s portion of the applicable
premiums (or the entire amount of such applicable premiums if the Company’s
payments under (b) below are paid directly to the Executive), without for this
purpose taking into account any health care continuation rights under COBRA (as
defined below) and (b) the Company shall pay or cause to have paid on the
Executive’s behalf an amount equal to the Company’s portion of the premiums
payable for a period of up to two (2) years (as determined below) starting from
the Date of Termination, under the Company’s group health plans for providing
Medical Insurance Coverage to the Executive and to those family members covered
through the Executive under the Medical Insurance Coverage in effect at the time
of the commencement of the Separation Period. Such coverage described in (a)
above shall be provided under the group health plans in which Executive and his
covered family members are participating at the time of the commencement of the
Separation Period or subsequently elect in accordance with the Company’s
applicable established procedures. Subject to Section 4(d), the Company shall
pay or cause to be paid all amounts due under this Section 6(a)(iii)(A) in up to
two annual installments, with the first installment due or credited within
thirty (30) days after the Date of Termination and a subsequent installment
being made or credited on the anniversary thereof; provided, however, that either installment shall be pro-rated or
eliminated to the extent that Executive becomes eligible for other health
coverage through a subsequent employer or reaches the age of 65 years during the
year covered by the installment; or

7 

(2) if
paragraph (1) above is not applicable (because the Executive participated in a
health benefit program to which Section 105(h) is not applicable, such as the
Company’s HMO immediately prior to the Date of Termination), the Company shall
continue to provide benefits under such health plan on the same basis as for an
employee of the Company for a period of up to two (2) years (as determined
below) starting from the Date of Termination. 

Each continued health benefit
described herein shall cease upon the earliest of: (i) two years from the Date
of Termination; (ii) the Executive’s 65th birthday; or (iii) the
Executive’s eligibility for the same type of health benefit (i.e., medical,
dental or vision coverage) under a subsequent employer’s group health plans. Any
period of participation hereunder shall not be subtracted from the period of
months for which the Executive is eligible for benefits under the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”). As such, upon the cessation
of coverage under this Section 6(a)(iii)(A), the Executive shall be entitled to
elect continued coverage under COBRA (at the Executive’s sole expense) for the
full period the Executive would have otherwise been entitled to had the
Executive’s qualifying event (within the meaning of COBRA) occurred on the date
of such cessation of coverage. 

The Executive shall not
participate in any other Company sponsored welfare benefit plans after the
termination of employment. 

(B) In
addition, the Executive shall continue to have the right to participate in group
health plans as and if offered to former employees whose employment terminated
at or after age 55 with ten (10) or more years of service on the same terms and
conditions as for such former employees including premium contributions from the
Executive as in effect from time to time. Such right to participate shall apply
from the time such coverage would otherwise terminate pursuant to Section
6(a)(iii)(A) and shall continue until the Executive attains age 65; thereafter
the Executive may participate in the Company’s Retiree Health Plan as and if it
may exist from time to time in the future (provided, not more than seven (7) years of service shall be required for
eligibility thereunder), if he would be eligible to participate pursuant to the
terms of that Plan; provided, however, that such coverage shall not be provided to the extent the Executive is
entitled to retiree benefits from The Coca-Cola Company, on a benefit-by-benefit
and coverage-by-coverage basis, that duplicates the retiree benefits available
to the Executive by the Company. 

The parties acknowledge that
the amounts and benefits provided in this Section 6(a) constitute a reasonable
estimate of and compensation for any damages the Executive may suffer as the
result of his termination of employment under this Agreement. 

If the Executive does not
execute, or having executed, effectively revokes the Release, the Company will
not be obligated to provide any benefits or payments of any kind to the
Executive. 

(iv) LTC
Program Component. For purposes
of the Stock-Based Long-Term Incentive Compensation Program (“LTC Program”) the
Executive’s termination of employment will be deemed to be a Termination of
Employment Due to Retirement. 

(b) Coordination of Benefits.
The Executive’s medical and dental benefit coverage under Section 6(a)(iii)(A)
and/or (B) shall be secondary to medical and/or dental coverage that the
Executive becomes eligible to receive from a subsequent employer or are
duplicated by such benefits by a prior employer. If medical and dental benefit
coverage ceases to be provided by the subsequent or prior employer, as the case
may be, the Executive may have his medical and dental benefit coverage from the
Company become his primary coverage again. The Executive’s right to medical and
dental continuation coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985 shall commence after the conclusion of coverage under
Section 6(a)(iii)(A) and/or (B), as the case may be. 

8 

(c) Lack of Participation in Qualified Plans, Other Employee Benefit
Plans. Upon termination of
employment the Executive shall cease to participate actively in any qualified
benefit plan maintained by the Company, such as the Pension Plan and the 401(k)
Plan, and the Executive shall also cease to participate actively in any welfare
benefit plan maintained by the Company, except as otherwise provided in Section
6(a)(iii) above or under the terms of such plan. No employee or employer
contributions will be made to any qualified benefit plan based on any bonus paid
after the termination of the Executive’s employment. 

7. Successors. 

(a) This
Agreement is personal to the Executive and without the prior written consent of
the Company shall not be assignable by the Executive otherwise than by will or
the laws of descent and distribution. This Agreement shall inure to the benefit
of and be enforceable by the Executive’s legal representatives. 

(b) This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. 

(c) The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean the Company as herein before defined and any
successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise. 

8. Notices.
All notices or other
communications required or permitted hereunder shall be made in writing. Notice
shall be effective on the date of delivery if delivered by hand upon receipt, on
the first business day following the date of dispatch if delivered utilizing
next day service by a recognized next day courier to the applicable address set
forth below, or if mailed, three (3) business days after having been mailed,
postage prepaid, by certified or registered mail, return receipt requested, and
addressed to the applicable address set forth below. Notice given by facsimile
shall be effective upon written confirmation of receipt of the facsimile.

If to the
Executive: 

To the residence address for
the Executive last shown on the Company’s payroll records. 

If to the
Company: 

The Clorox Company
1221
Broadway
Oakland, California 94612
Attention: General Counsel
Fax:
(510) 271-1696 

or to such other address as
either party shall have furnished to the other in writing in accordance
herewith. 

9. Entire Agreement.
Together with the Amended and
Restated Change in Control Agreement, dated November 20, 2014, between the
Executive and the Company (the “Amended and Restated Change in Control
Agreement”), the terms of this Agreement are intended by the parties to be the
final expression of their agreement with respect to the employment of the
Executive by the Company and may not be contradicted by evidence of any prior or
contemporaneous agreement. The parties further intend that this Agreement and
said Amended and Restated Change in Control Agreement shall constitute the
complete and exclusive statement of their terms and that no extrinsic evidence
whatsoever may be introduced in any judicial, administrative, or other legal
proceeding involving either Agreement. The Amended and Restated Change in
Control Agreement and this Agreement supersede any prior agreements, written or
oral, between the Company and the Executive concerning the terms of Executive’s
employment. 

9 

10. Amendments; Waivers. This Agreement may not
be modified, amended, or terminated except by an instrument in writing, signed
by the Executive and by a duly authorized representative of the Company other
than the Executive. By an instrument in writing similarly executed, either party
may waive compliance by the other party with any provision of this Agreement
that such other party was or is obligated to comply with or perform,
provided, however, that such waiver
shall not operate as a waiver of, or estoppel with respect to, any other or
subsequent failure. No failure to exercise and no delay in exercising any right,
remedy, or power hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, or power hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, or
power provided herein or by law or in equity. 

11. Severability.
If any one or more of the
provisions contained in this Agreement, or any application thereof, shall be
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein and all other
applications thereof shall not in any way be affected or impaired thereby. This
Agreement shall be construed and enforced as if such invalid, illegal or
unenforceable provision has never comprised a part hereof, and the remaining
provisions hereof shall remain in full force and effect and shall not be
affected by the invalid, illegal or unenforceable provision or by its severance
herefrom. In lieu of such invalid, illegal or unenforceable provisions there
shall be added automatically as a part hereof a provision as similar in terms
and economic effect to such invalid, illegal or unenforceable provision as may
be possible and be valid, legal and enforceable. 

12. Governing Law.
This Agreement shall be governed
by and construed in accordance with the laws of the State of California, without
reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or
effect. 

13. Executive Acknowledgment; Expenses. The Executive acknowledges (a) that he has consulted with or has had the
opportunity to consult with independent counsel of his own choice concerning
this Agreement and has been advised to do so by the Company, and (b) that he has
read and understands the Agreement, is fully aware of its legal effect, and has
entered into it freely based on his own judgment. The Company shall pay the
Executive’s professional expenses incurred to negotiate and prepare this
Agreement and all related agreements. 

14. Arbitration.
Any controversy between the
Executive, his heirs or estate and the Company or any employee of the Company,
including, but not limited to, those involving the construction or application
of any of the terms, provisions or conditions of this Agreement or otherwise
arising out of or related to this Agreement, shall be settled by arbitration
before a single arbitrator in accordance with the then current commercial
arbitration rules of the American Arbitration Association, and judgment on the
award rendered by the arbitrator may be entered by any court having jurisdiction
thereof. The location of the arbitration shall be San Francisco, California if
the Executive’s current or most recent location of employment with the Company
is or was located in Alameda or Contra Costa County, California. If it is or was
elsewhere, the arbitration shall be held at the city nearest to the Executive’s
last location of employment with the Company that has an office of the American
Arbitration Association. The arbitrator shall, to the extent that the Executive
prevails in the arbitration, award attorney’s fees to the
Executive. 

15. Representation.
The Executive represents and
warrants to the Company that he has the legal right to enter into this Agreement
and to perform all of the obligations on his part to be performed hereunder in
accordance with its terms and that he is not a party to any agreement or
understanding, written or oral, which could prevent him from entering into this
Agreement or performing all of his obligations hereunder. 

16. Indemnification.
The Company agrees to indemnify
the Executive and hold him harmless to the fullest extent permitted by the
Company’s certificate of incorporation, bylaws and applicable law against and in
respect to any and all actions, suits, proceedings, claims, demands, judgments,
costs, expenses, losses, and damages resulting from the Executive’s good faith
performance of his duties and obligations with the Company. The Company shall
insure the Executive under any contract of directors and officers liability
insurance, insuring members of the Board, during his employment and tenure as a
Board member and thereafter for so long as he may be subject to liability for
such acts or omissions in the performance of his duties and obligations to the
Company. 

10 

17. Withholdings.
The Company may withhold from any
amounts payable pursuant to this Agreement such Federal, state, local or foreign
taxes as shall be required to be withheld pursuant to any applicable law or
regulation. 

18. Code Section 409A.
To the extent applicable, it is
intended that this Agreement and any payment made hereunder shall comply with
the requirements of Section 409A of the Internal Revenue Code, and any related
regulations or other effective guidance promulgated with respect to such Section
by the U.S. Department of the Treasury or the Internal Revenue Service (“Code
Section 409A”). In the event that (i) the Executive incurs any additional tax or
interest charge under Code Section 409A or any penalties or other costs in
connection with the imposition thereof, and (ii) the imposition of such
additional tax and interest charge was caused by an act or omission by the
Company, except with the Executive’s knowledge and written consent (which
exception shall only apply to compensation to which the Executive does not have
a legally binding right within the meaning of Code Section 409A on the Effective
Date), the Company shall indemnify the Executive for, and hold the Executive
fully harmless from, such additional tax or interest charge and any penalties
and other out-of-pocket costs incurred by the Executive in connection with the
imposition thereof, which amount or amounts shall be paid to the Executive not
later than the last day of the Executive’s taxable year immediately following
the taxable year in which he remits such additional tax or interest to the
applicable tax authorities. Any provision that would cause
the Agreement or any payment hereof to fail to satisfy Code Section 409A shall
have no force or effect until amended to the minimum extent required to comply
with Code Section 409A, which amendment may be retroactive to the extent
permitted by Code Section 409A.

19. No Mitigation.
In no event shall the Executive
be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions
of this Agreement and, except as specifically provided in Section 6(b), such
amounts shall not be reduced if the Executive obtains other
employment. 

20. Inconsistency.
In the event of any inconsistency
between (a) this Agreement and (b) any other plan, program, practice or
agreement in which the Executive participates or is a party, this Agreement
shall control unless such other agreement provides explicitly to the
contrary. 

21. Counterparts.
This Agreement may be executed in
several counterparts, each of which shall be deemed to be an original but all of
which together will constitute one and the same instruments. One or more
counterparts of this Agreement may be delivered by facsimile, with the intention
that delivery by such means shall have the same effect as delivery of an
original counterpart thereof.

The parties have duly executed
this Agreement as of the date that first appears at the beginning of this
Agreement. 

	The
      Company:
	THE
      CLOROX COMPANY
	  
	By:
	/s/ Robert W. Matschullat
	 
	Robert W. Matschullat
	Lead
      Director, The Clorox Board of Directors
	 
	The
      Executive:
	/s/ Donald R. Knauss
	Donald R. Knauss

11 

EXHIBIT 

GENERAL
RELEASE 

This document is an
important one. You should review it carefully and, if you agree to it, sign at
the end on the line indicated. 

You have 21 days to sign
this Release, during which time you are advised to consult with an attorney
regarding its terms. 

After signing this Release,
you have seven days to revoke it. Revocation should be made in writing and
delivered so that it is received by the Corporate Secretary of The Clorox
Company, 1221 Broadway, Oakland, CA 94612 no later than 4:30 p.m. on the seventh
day after signing this Release. If you do revoke this Release within that time
frame, you will have no rights under it. This Release shall not become effective
or enforceable until the seven day revocation period has expired.

The agreement for payment
of consideration in paragraph 2 will not become effective until the seven day
revocation period has passed. 

This GENERAL RELEASE is
entered into between The Clorox Company (hereinafter referred to as “Employer”)
and _____________________ (hereinafter referred to as “Executive”). Defined
terms used in this General Release not defined herein shall have the meaning set
forth in the Employment Agreement (as defined below). Employer and Executive
agree as set forth herein, including as follows: 

1. Executive’s regular employment with Employer will terminate as of
_________________, 20_. Executive is
ineligible for reemployment or reinstatement with Employer. 

2. Upon
Executive’s acceptance of the terms set forth herein, the Employer agrees to
provide the Executive with compensation
and benefits set forth in Section 6 of the employment agreement entered into
between Executive and Employer as of __________, 2014 (the “Employment
Agreement”), which compensation and benefits shall be provided subject to the
terms and conditions of the Employment Agreement, a copy of which is attached to
this General Release. 

3. (a) In
consideration of the Employer providing Executive this compensation, Executive
and Executive’s heirs, assignees and
agents agree to release the Employer, all affiliated companies, agents and
employees and each of their successors and assigns (hereinafter referred to as
“Releasees”) fully and finally from any claims, liabilities, demands or causes
of action which Executive may have or claim to have against the Releasees at
present or in the future, except for the following: (i) claims for vested
benefits under the terms of an employee compensation or benefit plan, program or
arrangement sponsored by Employer, (ii) claims for workers’ compensation
benefits under any of Employer’s workers’ compensation insurance policies or
funds, (iii) claims related to Executive’s COBRA rights, and (iv) claims for
indemnification to which Executive is or may become entitled, including but not
limited to claims (x) pursuant to Section 16 or Section 18 (or both) of the
Employment Agreement and (y) submitted to an insurance company providing
Employer with directors and officers liability insurance. The claims released
may include, but are not limited to, any tax obligations as a result of the
payment of consideration referred to in paragraph 2, and claims arising under
federal, state or local laws prohibiting discrimination in employment, including
the Age Discrimination in Employment Act (ADEA) or claims growing out of any
legal restrictions on the Employer’s right to terminate its employees. Claims of
discrimination, wrongful termination, age discrimination, and any claims other
than for vested benefits are hereby released. 

(b) By
signing this document, Executive agrees not to file a lawsuit to assert such
claims released hereunder. Executive also agrees that if Executive breaches this
provision, Executive will be liable for all costs and attorneys’ fees incurred
by any Releasee resulting from such action and shall pay all expenses incurred
by a Releasee in defending any proceeding pursuant to this Section 3(b) as they
are incurred by the Releasee in advance of the final disposition of such
proceedings, together with any tax liability incurred by the Releasee in
connection with the receipt of such amounts; provided, however, that the payment of such expenses incurred in
advance of the final disposition of such proceeding shall be made only upon
delivery to the Executive of an undertaking, by or on behalf of the Releasee, to
repay all amounts so advanced to the extent the arbitrator in such proceeding
affirmatively determines that the Executive is the prevailing party, taking into
account all claims made by any party to such proceeding.

12 

EXHIBIT 

4. By
signing this document, Executive is also expressly waiving the provisions of
California Civil Code section 1542, which
provides as follows: 

“A general release does not
extend to claims which the creditor does not know or suspect to exist in his
favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor.” 

By signing this document,
Executive agrees and understands that Executive is releasing unknown as well as
known claims related to Executive’s employment in exchange for the compensation
set forth above. 

5. Executive agrees to maintain in complete confidence the terms of this
Release, except as it may be necessary to comply with a legally compelled
request for information. It is agreed since confidentiality of this Release is
of the essence, damages for violation being impossible to assess with precision,
that $10,000 is a fair estimate of the damage caused by each disclosure and is
agreed to as the measure of damages for each violation. 

6. Executive affirms the covenants and other provisions of Section 4(c) and
Section 5 of the Employment Agreement.

7. Executive’s execution of this General Release and the absence of an
effective revocation of such General Release by Executive
shall constitute Executive’s resignation from all offices, directorships and
other positions then held with the Employer or any of its affiliates, and any
other position held for the benefit of or at the request of the Employer or any
of its affiliates, and Executive hereby agrees that this General Release
constitutes such resignation. Executive also agree to execute a confirmatory
letter of resignation if requested. 

8. Executive agrees that, for one (1) year after termination, Executive
shall not, in any communications with the press or other media or any customer,
client or supplier of the Company or any of its affiliates, criticize, ridicule
or make any statement that disparages or is derogatory of the Company or its
affiliates or any of their respective directors or senior officers. Likewise,
the Company agrees that, for one (1) year after termination, the Company shall
not, in any communications with the press or other media or any customer, client
or supplier of the Company or any of its affiliates, criticize, ridicule or make
any statement that disparages or is derogatory of Executive. 

9. Nothing in this General Release is intended to limit any remedy of the
Employer under the California Uniform Trade
Secrets Act (California Civil Code Section 3426), or otherwise available under
law. 

10. The
provisions of this General Release are severable and in the event that a court
of competent jurisdiction determines that any provision of this General Release
is in violation of any law or public policy, in whole or in part, only the
portions of this General Release that violate such law or public policy shall be
stricken. All portions of this General Release that do not violate any statute
or public policy shall not be affected thereby and shall continue in full force
and effect. Further, any court order striking any portion of this General
Release shall modify the stricken terms as narrowly as possible to give as much
effect as possible to the intent of the Employer and Executive under this
General Release. 

11. Executive agrees to indemnify and hold Employer harmless from and against
any tax obligations for which Executive may become liable as a result of this
Release and/or payments made pursuant to the Employment Agreement, other than
tax obligations of the Employer resulting from the nondeductibility of any
payments made pursuant to this Release or the Employment Agreement. 

12. Agreeing to this Release shall not be deemed or construed by either party
as an admission of liability or wrongdoing by either party. 

13 

EXHIBIT 

13. This
Release, the Employment Agreement and the plan documents of the plans of The
Clorox Company referred to in the Employment Agreement set forth the entire
agreement between Executive and the Employer. This Release is not subject to
modification except in writing executed by both of the parties. The Clorox
Company plan documents referred to in the Employment Agreement may be amended in
accordance with the provisions of those plans. 

Executive acknowledges by
signing below that Executive has not relied upon any representations, written or
oral, not set forth in this Release. 

	Executive	      	The
      Clorox Company
	 
	 		By:	 
		 			 
	Dated:  	 	 	Title:	 
					 
			Dated:  	 

14

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