Document:

Unassociated Document

    

    Exhibit
4.2

    

    EXECUTION
COPY

    

    AMERICAN
HONDA RECEIVABLES CORP.,

    as
Depositor,

    

    THE BANK
OF NEW YORK MELLON,

    as Owner
Trustee

    

    and

    

    BNY
MELLON TRUST OF DELAWARE,

    as
Delaware Trustee

     

    
      
        

      

       

    

    AMENDED
AND RESTATED

    TRUST
AGREEMENT

     

    Dated
February 24, 2010

    
       

      
        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      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

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	 	 
      	 
      
	
                                    Section
      3.11.

                                  	 	
                                    Repayment
      of Trust Certificates

                                  	
                                    13

                                  
	 
      	 	 
      	 
      
	
                                    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

                                  
	 
      	 	 
      	 
      
	
                                    ARTICLE
      SEVEN

                                  
	 
      	 
      
	
                                    CONCERNING
      THE OWNER TRUSTEE AND THE DELAWARE TRUSTEE

                                  
	 
      	 
      
	
                                    Section
      7.01.

                                  	 	
                                    Acceptance
      of Trusts and Duties

                                  	
                                    19

                                  
	 
      	 	 
      	 
      
	
                                    Section
      7.02.

                                  	 	
                                    Furnishing
      of Documents

                                  	
                                    20

                                  
	 
      	 	 
      	 
      
	
                                    Section
      7.03.

                                  	 	
                                    Representations
      and Warranties of the Owner Trustee and the Delaware
    Trustee

                                  	
                                    21

                                  
	 
      	 	 
      	 
      
	
                                    Section
      7.04.

                                  	 	
                                    Reliance,
      Advice of Counsel

                                  	
                                    22

                                  
	 
      	 	 
      	 
      
	
                                    Section
      7.05.

                                  	 	
                                    Not
      Acting in Individual Capacity

                                  	
                                    23

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    Section
      7.06.

                                  	 	
                                    Owner
      Trustee and Delaware Trustee Not Liable for Trust Certificates or
      Receivables

                                  	
                                    23

                                  
	 
      	 	 
      	 
      
	
                                    Section
      7.07.

                                  	 	
                                    Owner
      Trustee or Delaware Trustee May Own Trust Certificates and
      Notes

                                  	
                                    24

                                  
	 
      	 	 
      	 
      
	
                                    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

                                  	
                                    24

                                  
	 
      	 	 
      	 
      
	
                                    Section
      8.02.

                                  	 	
                                    Indemnification

                                  	
                                    24

                                  
	 
      	 	 
      	 
      
	
                                    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

                                  	
                                    25

                                  
	 
      	 	 
      	 
      
	
                                    ARTICLE
      TEN

                                  
	 
      	 
      
	
                                    SUCCESSOR
      AND ADDITIONAL OWNER TRUSTEES

                                  
	 
      	 
      
	
                                    Section
      10.01.

                                  	 	
                                    Eligibility
      Requirements for Owner Trustee and Delaware Trustee

                                  	
                                    26

                                  
	 
      	 	 
      	 
      
	
                                    Section
      10.02.

                                  	 	
                                    Resignation
      or Removal of Owner Trustee or Delaware Trustee

                                  	
                                    27

                                  
	 
      	 	 
      	 
      
	
                                    Section
      10.03.

                                  	 	
                                    Successor
      Owner Trustee or Delaware Trustee

                                  	
                                    27

                                  
	 
      	 	 
      	 
      
	
                                    Section
      10.04.

                                  	 	
                                    Merger
      or Consolidation of Owner Trustee or Delaware Trustee

                                  	
                                    28

                                  
	 
      	 	 
      	 
      
	
                                    Section
      10.05.

                                  	 	
                                    Appointment
      of Co-Trustee or Separate Trustee

                                  	
                                    28

                                  
	 
      	 	 
      	 
      
	
                                    ARTICLE
      ELEVEN

                                  
	 
      	 
      
	
                                    MISCELLANEOUS

                                  
	 
      	 
      
	
                                    Section
      11.01.

                                  	 	
                                    Supplements
      and Amendments

                                  	
                                    30

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.02.

                                  	 	
                                    No
      Legal Title to Owner Trust Estate in Owner

                                  	
                                    31

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.03.

                                  	 	
                                    Limitations
      on Rights of Others

                                  	
                                    31

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.04.

                                  	 	
                                    Notices

                                  	
                                    31

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.05.

                                  	 	
                                    Severability

                                  	
                                    32

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.06.

                                  	 	
                                    Separate
      Counterparts

                                  	
                                    32

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.07.

                                  	 	
                                    Successors
      and Assigns

                                  	
                                    32

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.08.

                                  	 	
                                    No
      Petition

                                  	
                                    32

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.09.

                                  	 	
                                    No
      Recourse

                                  	
                                    32

                                  
	 
      	 	 
      	 
      
	
                                    Section
      11.10.

                                  	 	
                                    Headings

                                  	
                                    32

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

         

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

         

        
          	
                  Section
      11.11.

                	 	
                  Governing
      Law; Submission to Jurisdiction

                	
                  32

                
	 
      	 	 
      	 
      
	
                  Section
      11.12.

                	 	
                  Trust
      Certificates Nonassessable and Fully Paid

                	
                  33

                
	 
      	 	 
      	 
      
	
                  Section
      11.13.

                	 	
                  Depositor
      Payment Obligation

                	
                  33

                
	 
      	 	 
      	 
      
	
                  Section
      11.14.

                	 	
                  Tax
      Treatment

                	
                  33

                
	 
      	 	 
      	 
      
	
                  Section
      11.15.

                	 	
                  Waiver
      of Jury Trial

                	
                  33

                

        

         

      

      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

                  

          

        

      

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

     

    This
Amended and Restated Trust Agreement, dated February 24, 2010 is between
American Honda Receivables Corp., a California corporation, as depositor (the
“Depositor”),
The Bank of New York Mellon, as owner trustee (the “Owner Trustee”) and
BNY Mellon Trust of Delaware, as Delaware trustee (the “Delaware
Trustee”).

     

    WHEREAS,
Honda Auto Receivables 2010-1 Owner Trust has been created pursuant to a trust
agreement, dated as of January 15, 2010 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 $53,009,731.40, aggregate principal amount of Asset
Backed Certificates will be issued;

     

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

     

    ARTICLE
ONE

     

    DEFINITIONS

     

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

     

    “Administration
Agreement” means the administration agreement, dated as of February 1,
2010, among the Issuer, the Indenture Trustee, the Depositor and AHFC, as
amended or supplemented from time to time.

     

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

     

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

     

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

     

    “AHRC” means American
Honda Receivables Corp., and its successors.

     

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

     

    “Benefit Plan
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 Los Angeles, California, Wilmington, Delaware or New York,
New York are authorized or obligated by law, regulation, executive order or
governmental decree to remain closed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “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
February 24, 2010.

     

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

     

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

     

    “Corporate Trust
Office” means, with respect to the Owner Trustee, the principal corporate
trust office of the Owner Trustee located at The Bank of New York Mellon, 101
Barclay Street, Floor 4 West, New York, New York 10286, 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 BNY Mellon Trust of Delaware, 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 AHRC
in its capacity as depositor hereunder.

     

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

     

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “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, agents and the Delaware
Trustee and its successors, assigns, agents, the Paying Agent, the Certificate
Registrar, any authenticating agent and any co-trustee.

     

    “Indenture” means the
indenture dated as of February 1, 2010 between the Issuer and Union Bank, N.A.,
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 2010-1 Owner Trust, and its successors.

     

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

     

    “Original Certificate
Balance” means $53,009,731.40.

     

    “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
The Bank of New York Mellon, 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, commencing March 22, 2010, or if such day is not a
Business Day, then the next succeeding Business Day.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “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) has a rating of at least BBB- by Standard & Poor’s Ratings Services,
a division of the McGraw-Hill Companies and at least Baa3 by Moody’s Investors
Service, Inc.

     

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

     

    “Sale and Servicing
Agreement” means the sale and servicing agreement, dated as of February
1, 2010, 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.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    “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 2010-1 Owner
Trust”, in which name the Owner Trustee may conduct the business of the Issuer,
make and execute contracts and other instruments and sue and be sued, to the
extent herein provided.

     

    Section
2.02.  Office.  The
Delaware office of the Issuer shall be in care of the Delaware Trustee at 100
White Clay Center, Suite 102, Newark, Delaware 19711, 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;

     

    (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; and

     

    (vii)       if
so directed by the Administrator, and subject to the Rating Agency Condition, to
enter into one or more Cap Agreements with one or more Cap Counterparties to
hedge some or all of the interest rate risk of the Notes.

     

    (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 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, as of 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 only offices of the Issuer will be at the Corporate Trust
Office and at the office of the Delaware Trustee, located at 100 White Clay
Center, Suite 102, Newark, Delaware 19711.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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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.  The Bank of New York Mellon shall act as initial
authenticating agent.

     

    
      
        
        

      

      
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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 Bank of New York Mellon
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 101
Barclay Street, Floor 4 West, New York, New York 10286, 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 Bank of
New York Mellon 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 Bank of New York Mellon
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 and/or any investments to such
new Certificate Distribution Account.  Monies on deposit in the
Certificate Distribution Account may be invested in Eligible Investments upon
the terms set forth in Section 4.01 of the Sale and Servicing Agreement, as if
the Certificate Distribution Account were an “Account”.  Earnings on
investments of funds in the Certificate Distribution Account shall be paid to
the Servicer as part of the Supplemental Servicing Fee and any losses and
investment expenses shall be charged against the funds in such
account.

     

    Section
5.02.  Application of Trust
Funds.

     

    (a)           On
each Payment Date, the 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.

     

    
      
        
        

      

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

     

    (c)           Whenever
the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or under any other Basic
Document, the Owner Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to the 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.

     

    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;

     

    
      
        
        

      

      
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    (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; and

     

    (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.

     

    (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.

     

    
      
        
        

      

      
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    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 banking corporation duly organized and validly existing under the laws of
the State of New York; it has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement;

     

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

     

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

     

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

     

    (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:

    

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    (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 and 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.

     

    
      
        
        

      

      
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    (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 or 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.

     

    Section
7.05.  Not
Acting in Individual Capacity.  Except as otherwise provided in
this Article, in accepting the trusts hereby created, each of The Bank of New
York Mellon and BNY Mellon Trust of Delaware, 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.

     

    
      
        
        

      

      
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    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.  

    

    ARTICLE
EIGHT

     

    COMPENSATION
OF OWNER TRUSTEE AND THE DELAWARE TRUSTEE

     

    Section
8.01.  Owner
Trustee’s and Delaware Trustee’s Fees and Expenses.  Each of
the Owner Trustee and the Delaware Trustee shall receive as compensation for its
services hereunder such fees as have been separately agreed upon before the date
hereof between the Depositor and the Owner Trustee and the 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.

     

    
      
        
        

      

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

     

    ARTICLE
NINE

     

    TERMINATION
OF TRUST AGREEMENT

     

    Section
9.01.  Termination of Trust
Agreement.

     

    (a)           The
Issuer shall dissolve immediately prior to the earlier to occur of (i) the
purchase on any Payment Date by the Servicer, or any successor Servicer, at its
option, pursuant to Section 8.01(a) of the Sale and Servicing Agreement, of the
Owner Trust Estate other than the Accounts and the Certificate Distribution
Account, (ii) the final distribution by the Owner Trustee of all monies or other
property or proceeds of the Owner Trust Estate in accordance with the terms of
the Indenture, the Sale and Servicing Agreement, and Article Five, or (iii) the
Payment Date next succeeding the month which is one year after the maturity or
other liquidation of the last Receivable and the disposition of any amount
received upon liquidation of any property remaining in the Owner Trust
Estate.  The bankruptcy, liquidation, dissolution, death or incapacity
of any 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 each Rating
Agency 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.

     

    
      
        
        

      

      
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    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.

     

    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.

     

    
      
        
        

      

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

     

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

     

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

     

    Section
10.05.  Appointment of Co-Trustee or
Separate Trustee.  Notwithstanding any other provisions of this
Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle
may at the time be located, the Administrator and the Owner Trustee acting
jointly shall have the power and shall execute and deliver all instruments to
appoint one or more Persons approved by the Administrator and Owner Trustee to
act as co-trustee, jointly with the Owner Trustee, or as separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in
such Person, in such capacity, such title to the Trust or any part thereof and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may
consider necessary or desirable.  If the Administrator shall not have
joined in such appointment within 15 days after the receipt by it of a request
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.

     

    
      
        
        

      

      
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    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.

     

    
      
        
        

      

      
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    ARTICLE
ELEVEN

     

    MISCELLANEOUS

     

    Section
11.01.  Supplements and
Amendments.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    (f)           In
connection with the execution of any amendment to this Agreement or any other
basic Document to which the Issuer is a party and for which amendment the Owner
Trustee’s 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 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, The Bank of New York Mellon, 101 Barclay Street,
Floor 4 West, New York, New York 10286, Attention: Corporate Trust Department,
(ii) in the case of the Delaware Trustee, to BNY Mellon Trust of Delaware, 100
White Clay Center, Suite 102, Newark, Delaware 19711, Attention: Corporate Trust
Administration, (iii) in the case of the Depositor, to American Honda
Receivables Corp., 20800 Madrona Avenue, Torrance, California 90503, Attention:
President 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.

     

    
      
        
        

      

      
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    (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.

     

    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.

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    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.

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 	
                                AMERICAN
      HONDA RECEIVABLES CORP.,

                              
	 	
                                as
      Depositor

                              
	 	 	 
	 	
                                By:

                              	
                                  /s/
      Paul C. Honda

                              
	 	 
      	
                                 
      Name:  Paul C. Honda

                              
	 	 
      	
                                 
      Title:  Treasurer

                              
	 	 
	 	
                                THE
      BANK OF NEW YORK MELLON,

                              
	 	
                                as
      Owner Trustee

                              
	 	 
	 	
                                By:

                              	
                                 
      /s/ Antonio Vayas

                              
	 	 
      	
                                 
      Name:  Antonio Vayas

                              
	 	 
      	
                                 
      Title:  Vice President

                              
	 	 
	 	
                                BNY
      MELLON TRUST OF DELAWARE,

                              
	 	
                                 as
      Delaware Trustee

                              
	 	 
	 	
                                By:

                              	
                                 
      /s/ Kristine K. Gullo

                              
	 	 
      	
                                 
      Name: Kristine K. Gullo

                              
	 	 
      	
                                 
      Title:  Vice
President

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    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:
  $53,009,731.40

                
	 
	
                  HONDA
      AUTO RECEIVABLES 2010-1 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.

     

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

     

    THIS
CERTIFIES THAT American Honda Receivables Corp.  is the registered
owner of a 100 percent
nonassessable, fully-paid, undivided interest in the Honda Auto
Receivables 2010-1 Owner Trust (the “Issuer”), formed by American Honda
Receivables Corp., a California corporation (the “Depositor”).

     

    The
Issuer was created pursuant to a Trust Agreement dated as of January 15, 2010,
as amended and restated by an Amended and Restated Trust Agreement dated
February 24, 2010 (as amended or supplemented from time to time, the “Trust
Agreement”), between the Depositor and The Bank of New York Mellon, as owner
trustee (the “Owner Trustee”) and BNY Mellon Trust of Delaware, as Delaware
trustee (the “Delaware Trustee”); a summary of certain of the pertinent
provisions of which is set forth below.  Capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the
Trust Agreement.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    This Trust Certificate is one of the
duly authorized certificates designated as “Asset Backed Certificates” (the
“Trust Certificates”).  Issued under an Indenture dated as of February
1, 2010 (the “Indenture”), between the Issuer and Union Bank, N.A., as indenture
trustee, are four classes of Notes designated as “Class A-1 0.26913% Asset
Backed Notes,” “Class A-2 0.620% Asset Backed Notes”, “Class A-3 1.250% Asset
Backed Notes” and “Class A-4 1.980% 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
(collectively, the “Receivables”), all monies received on or in respect of the
Receivables on or after February 1, 2010, 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 2010-1 OWNER

                    TRUST

                  
	 	 	 
	 	
                    By:

                  	
                    THE
      BANK OF NEW YORK MELLON,

                    not
      in its individual capacity but solely as

                    Owner
      Trustee on behalf of the Trust

                  
	 	 	 
	 	
                    By:

                  	 
      
	 	 
      	
                    Authorized
      Signatory

                  

          

        

      

    

    

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

     

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

     

    
      
        
          
            
              
                
                  	
                          THE
      BANK OF NEW YORK MELLON,

                          not
      in its individual capacity but solely as 

                          Authenticating
      Agent on behalf of the Trust

                        	 
      	
                          THE
      BANK OF NEW YORK MELLON, 

                          not
      in its individual capacity but solely as 

                          Owner
      Trustee on behalf of the Trust

                        
	 	 	 	 	 
	
                          OR

                        
	 
      	 
      	 
      	 
      	 
      
	
                          By:

                        	 
      	 
      	 
      	 
      	 
      
	 
      	
                            Authenticating
      Agent

                        	 
      	 
      	 
      	 
      

                

              

            

          

        

      

    

     

    
      	
              By:

            	 
      	 
      	 
      	 
      
	 
      	
                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.  By accepting and holding this Trust Certificate, the Holder
hereof shall be deemed to have represented and warranted that it is not a
Benefit Plan 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
TRANSFEROR CERTIFICATE

     

    _______________,
____                                 

    
      
        
          	
                  [Seller]

                
	 
      
	 
      
	 
      

        

      

    

    

    The Bank
of New York Mellon

    101
Barclay Street, Floor 4 West

    New York,
New York 10286

     

    
      	
               
      

            	
              Re:

            	
              Honda
      Auto Receivables 2010-1 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 TRANSFEROR]

                    
	 	 
	 	
                      By

                    	 
      
	 	 
      	
                      Authorized
      Officer

                    

            

          

        

      

    

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
C

     

    FORM OF
INVESTMENT LETTER

     

    _______________,
___                                 

     

    
      
        
          	
                  Seller

                
	 
      
	 
      
	 
      

        

      

    

    

    The Bank
of New York Mellon

    101
Barclay Street, Floor 4 West

    New York,
New York 10286

     

    
      	
               
      

            	
              Re:

            	
              Honda
      Auto Receivables 2010-1 Owner Trust

            

    

    
      	
               
      

            	
              Asset Backed
      Certificates                       

            

    

     

    Dear
Sirs:

     

    In
connection with our acquisition of the above-referenced Asset Backed
Certificates (the “Certificates”) we certify that (a) we understand that the
Certificates are not being registered under the Securities Act of 1933, as
amended (the “Act”), or any state securities laws and are being transferred to
us in a transaction that is exempt from the registration requirements of the Act
and any such laws, (b) we are an “accredited investor,” as defined in Regulation
D under the Act, and have such knowledge and experience in financial and
business matters that we are capable of evaluating the merits and risks of
investments in the Certificates, (c) we have had the opportunity to ask
questions of and receive answers from the Seller concerning the purchase of the
Certificates and all matters relating thereto or any additional information
deemed necessary to our decision to purchase the Certificates, (d) we are
acquiring the Certificates for investment for our own account and not with a
view to any distribution of such Certificates (but without prejudice to our
right at all times to sell or otherwise dispose of the Certificates in
accordance with clause (f) below), (e) we have not offered or sold any
Certificates to, or solicited offers to buy any Certificates from, any person,
or otherwise approached or negotiated with any person with respect thereto, or
taken any other action that would result in a violation of Section 5 of the Act
or any state securities laws, (f) we are not a Benefit Plan 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 as of February 24, 2010, between American Honda
Receivables Corp., as depositor, The Bank of New York Mellon, as Owner Trustee
and BNY Mellon Trust of Delaware, as Delaware Trustee.

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    

    
      
        
          
            
              	 	Very
      truly yours,
	 	 
	 	
                      [NAME
      OF TRANSFEROR]

                    
	 	 
	 	
                      By

                    	 
      
	 	 
      	
                      Authorized
      Officer

                    

            

          

        

      

    

     

    
      
        
        

      

      
        C-2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
D

     

    FORM OF
RULE 144A LETTER

    _______________,
20__                                 

     

    
      
        
          	
                  Seller

                
	 
      
	 
      
	 
      

        

      

    

    

    The Bank
of New York Mellon

    101
Barclay Street, Floor 4 West

    New York,
New York 10286

    

    
      	
               
      

            	
              Re:

            	
              Honda
      Auto Receivables 2010-1 Owner Trust

            

    

    
      	
               
      

            	
              Asset Backed
      Certificates                       

            

    

     

    Dear
Sirs:

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        
          
            
              	 	Very
      truly yours,
	 	 
	 	
                      [NAME
      OF TRANSFEREE]

                    
	 	 	 
	 	
                      By

                    	 
      
	 	 
      	
                      Authorized
      OfficerExhibit
10.2a

    

    SELECTIVE
INSURANCE COMPANY OF AMERICA

    DEFERRED
COMPENSATION PLAN (2005)

    

    AMENDMENT
NO. 1

    

    THIS
AMENDMENT No. 1 is made by Selective Insurance Company of America (the “Company”) to the Selective
Insurance Company of America Deferred Compensation Plan (2005) (the “Plan”).

     

    WITNESSETH:

     

    WHEREAS,
the Company established the Plan, effective as of January 1, 2005, to provide
supplemental deferred compensation benefits to a select group of management or
highly compensated employees of the Company and its affiliates that adopt the
Plan; and

     

    WHEREAS,
the Company wishes to amend the Plan to provide for full vesting of the matching
contribution accounts of participants whose employment with the Company and its
affiliates is involuntarily terminated on or about February 2, 2008 in
connection with the 2008 Transition Program; and

     

    WHEREAS,
the Company wishes to further amend the Plan to provide for accelerated vesting
of a participant’s matching contribution account upon his or her death,
disability or attainment of age 65 while still employed by the Company or its
affiliates;  and

     

    WHEREAS,
the Company wishes to further amend the Plan to provide that, unless a
participant makes a separate election with respect to the payment of his or her
account upon his or her death in-service, distribution of the participant’s
account will be made in a single lump sum following his or her death;
and

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    WHEREAS,
the Company wishes to further amend the Plan to provide that, prior to January
1, 2009, to the extent permitted by the administrator and consistent with
transition relief promulgated under Section 409A of the Internal Revenue Code of
1986, as amended, participants may make changes to the commencement date or form
of distribution of their accounts without regard to the limitations set forth in
Section 8 of the Plan; and

     

    WHEREAS,
the Company may amend the Plan at any time in writing pursuant to Section 20(a)
thereof;

     

    NOW,
THEREFORE, the Company hereby amends the Plan as set forth below, and directs
that a copy of this Amendment No. 1 be delivered to the administrator of the
Plan.

     

    1.           
Effective as of January 1, 2005, Section 7(a) is hereby amended by adding the
following at the end thereof:

     

    If the
Participant does not make a separate election designating the time and form of
payment of his Account upon a Separation of Service resulting from death, then,
upon the Participant’s Separation from Service resulting from death, his Account
shall be distributed to his Beneficiary in a single lump sum.

     

    2.           Effective
as of January 1, 2007, Section 8 is hereby amended by designating the current
text as paragraph (a), entitled “General,” and by
adding a new paragraph (b) as follows:

     

    (b)           Changes During Section 409A
Transition Period.  Notwithstanding anything in the Plan to the
contrary, pursuant to transition relief promulgated under Section 409A of the
Code, including Internal Revenue Service Notices 2005-1, 2006-79 and 2007-86, at
any time prior to January 1, 2009, if and to the extent permitted by the
Administrator, a Participant may change the commencement date or form of a
scheduled In-Service Distribution or Separation Distribution by filing with the
Administrator an election change in such form as may be prescribed by the
Administrator; provided, however, that such election may only apply to amounts
that would not otherwise be payable in the calendar year in which the election
change is made, and may not cause an amount to be paid in the calendar year in
which the election change is made that would not otherwise be payable in such
calendar year.

     

    3.           Effective
as of January 1, 2008, Section 9(b) is hereby amended by replacing the last
sentence thereof with the following:

     

    Notwithstanding
the foregoing, any unvested portion of a Participant’s Matching Contribution
Account will become fully vested in the event of the occurrence of any of the
following events before the Participant’s Separation from Service: (i) a Change
of Control; (ii) the attainment by the Participant of age sixty-five (65); (iii)
the Participant’s incurring a Disability; or (iv) the death of the
Participant.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    4.           Effective
as of January 1, 2005, Section 12(b) is hereby deleted in its entirety and
replaced with the following:

     

    (b)           Separation
Distributions.  A Participant’s vested Account balance shall be
distributed in accordance with his Separation Distribution elections upon the
Participant’s Separation from Service; provided however that Separation
Distributions shall be made in a single lump sum and not in the form of
installment payments elected by the Participant if (1) the Participant’s total
vested Account balance under the Plan as of the date of his Separation from
Service (excluding any amounts which the Participant has elected to be paid as
In-Service Distributions), when aggregated with his total vested account balance
under the Old Plan, is less than $50,000; or (2) the Participant dies prior to
his Separation from Service without having made a separate election designating
the time and form of payment for distribution of his Account upon his
death.

     

    5.           Effective
February 4, 2008, the Plan is hereby amended by adding a new Appendix A as
follows:

     

    APPENDIX
A

    

    VESTING
OF ACCOUNTS FOR PARTICIPANTS

    AFFECTED
BY 2008 TRANSITION PROGRAM

    

    Notwithstanding
anything in Section 9 of the Plan to the contrary, if a Participant incurs a
Separation from Service as the result of an involuntary termination of the
Participant’s employment with the Selective Group in connection with the 2008
Transition Program, any unvested portion of the Participant’s Matching
Contribution Account shall become fully vested effective as of the date of the
Participant’s Separation from Service, provided the Member enters into and does
not subsequently revoke his acceptance of a separation agreement and release
acceptable to the Company.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, this Amendment
No. 1 is hereby executed on this 29th day of January, 2008.

     

    
      
        
          	 
      	
                  SELECTIVE
      INSURANCE COMPANY

                
	 
      	
                  OF
      AMERICA

                
	 
      	 
      	 
      
	 
      	
                  By:  

                	
                  /s/ Michael H. Lanza

                
	 
      	 
      	
                  Name:

                	
                  Michael
      H. Lanza

                
	 
      	 
      	
                  Title:

                	
                  Executive
      Vice President and

                
	 
      	 
      	 
      	
                  General
      Counsel

                

        

      

    

    
      
         

      

      
        4

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