Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

OMNIBUS DISTRIBUTION AND TERMINATION AGREEMENT

 

This
OMNIBUS DISTRIBUTION AND TERMINATION AGREEMENT, dated as of September 9, 2022, (this “Agreement”), is entered
into by and among Hyundai Capital America (“HCA”), Hyundai ABS Funding, LLC (the “Depositor”),
Hyundai Auto Receivables Trust 2018-B (the “Issuing Entity”) Citibank, N.A., not in its individual capacity but solely
as indenture trustee (the “Indenture Trustee”) and U.S. Bank Trust National Association, not in its individual capacity
but solely as owner trustee (the “Owner Trustee”).

 

RECITALS:

 

Reference is made to the following
documents (collectively, the “Transaction Documents”):

 

(a)            the
Indenture, dated as of December 12, 2018 (the “Indenture”), between the Issuing Entity and the Indenture Trustee;

 

(b)            the
Receivables Purchase Agreement, dated as of December 12, 2018 (the “Receivables Purchase Agreement”), between
the Depositor and HCA;

 

(c)            the
Sale and Servicing Agreement, dated as of December 12, 2018 (the “Sale and Servicing Agreement”), among the Issuing
Entity, the Depositor, HCA and the Indenture Trustee;

 

(d)            the
Administration Agreement, dated as of December 12, 2018 (the “Administration Agreement”), among the Issuing Entity,
HCA and the Indenture Trustee; and

 

(e)            the
Amended and Restated Trust Agreement, dated as of December 12, 2018 (the “Trust Agreement”), among the Depositor,
the Owner Trustee and HCA.

 

WHEREAS,
the parties to this Agreement, including all holders of Outstanding Notes and Certificates have agreed to terminate the Transaction Documents
and discharge all remaining obligations thereunder upon the final payment on the Notes and all other outstanding obligations on September 15,
2022;

 

NOW,
THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt, adequacy and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be bound, agree as follows:

 

ARTICLE II     AGREEMENT.

 

SECTION 2.01     HCA
hereby represents and warrants that it is, and as of September 15, 2022, will be, the sole beneficial owner of all Notes issued and
Outstanding under the Indenture. The Depositor hereby represents and warrants that it is, and as of September 15, 2022, will be,
the sole beneficial owner of all Certificates issued and Outstanding under the Trust Agreement.

 

    

    

    

 

SECTION 2.02     Each
of HCA, as the sole noteholder and the Depositor, as the sole certificateholder under the Transaction Documents, hereby consents to the
termination of the Transaction Documents after the final payment of $33,775,260.02 (the “Payoff Amount”). Upon receipt
by HCA of the Payoff Amount, HCA hereby directs the Indenture Trustee to release the Collateral from the lien of the Indenture and further
directs the Receivables to be distributed to the Depositor and by the Depositor to HCA. HCA, as Administrator on behalf of the Issuing
Entity, hereby instructs the Indenture Trustee to execute a satisfaction and release in a form acceptable to the Administrator and the
Indenture Trustee on September 15, 2022.

 

SECTION 2.03     The
parties hereto consent and agree to waive (a) the requirement under Section 5.07 of the Sale and Servicing Agreement with regard
to the delivery of a statement to Noteholders for the September 2022 Payment Date and (b) the requirement under Section 4.09
of the Sale and Servicing Agreement with regard to the delivery of a Servicer’s Certificate for the September 2022 Payment
Date.

 

SECTION 2.04     The
parties hereto consent and agree to the termination and discharge of the Transaction Documents effective as of September 15, 2022.

 

ARTICLE III     MISCELLANEOUS
PROVISIONS.

 

SECTION 3.01     Conditions
to Effectiveness. This Agreement shall become effective upon the execution and delivery of this Agreement by each of the parties hereto.

 

SECTION 3.02     Definitions;
Terms.     Capitalized terms used and not otherwise defined herein
are used as defined in Appendix A to the Sale and Servicing Agreement.

 

SECTION 3.03     Counterparts.
This Agreement may be executed in any number of counterparts (including in .pdf format), each of which when so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. Executed counterparts may be delivered
electronically.

 

SECTION 3.04     Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

SECTION 3.05     Effect
of Headings. The section headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation
of any provision hereof.

 

* * * * *

 

    

    

    

 

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

 

	 	HYUNDAI AUTO RECEIVABLES TRUST 2018-B
	 	 	 
	 	By:	U.S. BANK TRUST
    NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/
    Mark Esposito
	 	Name:	Mark Esposito
	 	Title:	Vice President

 

[HART
2018-B Termination and Distribution Agreement]

 

    

    

    

 

	 	HYUNDAI ABS FUNDING, LLC,
	 	 	 
	 	By:	/s/ Charley Yoon
	 	Name:	Charley Yoon
	 	Title:	President and Secretary

 

[HART
2018-B Termination and Distribution Agreement]

 

    

    

    

 

	 	HYUNDAI
CAPITAL AMERICA,
	 	 	 
	 	By:	/s/ Charley Yoon
	 	Name:	Charley Yoon
	 	Title:	President and Secretary

 

[HART
2018-B Termination and Distribution Agreement]

 

    

    

    

 

	 	CITIBANK,
N.A.,
	 	not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	/s/
Kerry Hehir
	 	Name:	Kerry Hehir
	 	Title:	Senior Trust Officer

 

[HART
2018-B Termination and Distribution Agreement]

 

    

    

    

 

	 	U.S.
BANK TRUST NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/
Mark Esposito                   
	 	Name:	Mark Esposito
	 	Title:	Vice President

 

[HART
2018-B Termination and Distribution Agreement]Exhibit
10.1 

 

THIS
CONVERTIBLE PROMISSORY NOTE (“NOTE”) AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE MAKER MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER TO THE EFFECT
THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

CONVERTIBLE
PROMISSORY NOTE

 

	Principal Amount:
$500,000	Dated as of September 15, 2022

 

FOR
VALUE RECEIVED and subject to the terms and conditions set forth herein, HH&L Acquisition Co., a Cayman Islands exempted company (the
 “Maker”), promises to pay to the order of HH&L Investment Co., a Cayman Islands exempted company, or its registered
assigns or successors in interest (the “Payee”), or order, the principal sum of Five Hundred Thousand Dollars ($500,000)
or such lesser amount as shall have been advanced by the Payee to the Maker and shall remain unpaid under this Note on the Maturity Date
(as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this
Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as
the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

 

1.  
Principal. The entire unpaid principal balance of this Note shall be payable on the effective date of an initial merger,
share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Maker and one or more
businesses (the “Business Combination”, and such date, the “Maturity Date”), unless accelerated
upon the occurrence of an Event of Default (as defined below). The principal balance may be prepaid at any time; provided, however,
that the Payee shall have a right to first convert such principal balance pursuant to Section 5 upon notice of such prepayment. Under
no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated
personally for any obligations or liabilities of the Maker hereunder.

 

2.   
Interest. No interest shall accrue on the unpaid principal balance of this Note.

 

3.  
Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection
of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late
charges and finally to the reduction of the unpaid principal balance of this Note.

 

4.  
Purpose. The Maker shall apply all the amounts advanced by the Payee under this Note towards general corporate purposes.

 

     

     

    

 

5.  
Conversion. 

 

(a)           
Optional Conversion. At the option of the Payee, at any time prior to the Maturity Date, any amounts outstanding under
this Note (or any portion thereof), may be converted into warrants to purchase Class A ordinary shares of the Maker (the “Ordinary
Shares”), at a conversion price (the “Conversion Price”) equal to $1.00 per warrant (such converted warrants,
the “Working Capital Warrants”). If the Payee elects such conversion, the terms of such Working Capital Warrants issued
in connection with such conversion shall be identical to the warrants issued to the Payee in the private placement that closed on February
5, 2021 (the “Private Placement Warrants”) in connection with the initial public offering of the Maker’s securities
(the “IPO”). Each Working Capital Warrant entitles the holder thereof to purchase one Ordinary Share at a price of
$11.50 per share, subject to the same adjustments applicable to the Private Placement Warrants. Before this Note may be converted pursuant
to this Section 5(a), the Payee shall surrender this Note, duly endorsed, at the office of the Maker and shall state therein the amount
of the unpaid principal of this Note to be converted and the name or names in which the certificates for Working Capital Warrants are
to be issued (or the book-entries to be made to reflect ownership of such Working Capital Warrants with the Maker’s transfer agent).
The conversion shall be deemed to have been made immediately prior to the close of business on the date of the surrender of this Note
and the person or persons entitled to receive the Working Capital Warrants upon such conversion shall be treated for all purposes as
the record holder or holders of such Working Capital Warrants as of such date. Each such newly issued Working Capital Warrant shall include
a restricted legend that contemplates the same restrictions as the Private Placement Warrants. The Working Capital Warrants and Ordinary
Shares issuable upon exercise of the Working Capital Warrants shall constitute “Registrable Securities” pursuant to that
certain Registration Rights Agreement dated February 5, 2021, among the Maker, the Payee and certain other security holders named therein.

 

(b)           
Remaining Principal. All accrued and unpaid principal of this Note that is not then converted into Working Capital Warrants
shall continue to remain outstanding and to be subject to the conditions of this Note.

 

(c)           
Fractional Warrants; Effect of Conversion. No fractional Working Capital Warrants shall be issued upon conversion of this
Note. In lieu of any fractional Working Capital Warrants to the Payee upon conversion of this Note, the Maker shall pay to the Payee an
amount equal to the product obtained by multiplying the Conversion Price by the fraction of a Working Capital Warrant not issued pursuant
to the previous sentence. Upon conversion of this Note in full and the payment of any amounts specified in this Section 5(c), this Note
shall be cancelled and void without further action of the Maker or the Payee, and the Maker shall be forever released from all its obligations
and liabilities under this Note.

 

6.  
Events of Default. Each of the following shall constitute an event of default (“Event of Default”):

 

(a)           
Failure to Make Required Payments. Failure by the Maker to pay all or a portion of the principal amount due pursuant to
this Note (to the extent such principal amount is payable in cash) within five (5) business days of the Maturity Date and/or, if applicable,
failure by the Maker to perform its obligations with respect to the conversion of the principal amount of this Note, in whole or in part,
into Working Capital Warrants pursuant to Section 5 hereof or under the terms of such Working Capital Warrants.

 

(b)           
Voluntary Bankruptcy, Etc. The commencement by the Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of the Maker or for any substantial part of its property, or the
making by it of any assignment for the benefit of creditors, or the failure of the Maker generally to pay its debts as such debts become
due, or the taking of corporate action by the Maker in furtherance of any of the foregoing.

 

(c)            
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of the Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a
period of sixty (60) consecutive days.

 

7.  
Remedies.

 

(a)           
Upon the occurrence of an Event of Default specified in Section 6(a) hereof, the Payee may, by written notice to the Maker, declare
this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

 

     

     

    

 

(b)           
Upon the occurrence of an Event of Default specified in Sections 6(b) or 6(c), the unpaid principal balance of this Note, and all
other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of the Payee.

 

8.  
Waivers. The Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand,
notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted
by the Payee under the terms of this Note, and all benefits that might accrue to the Maker by virtue of any present or future laws exempting
any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale
under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and the Maker
agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued
hereon, may be sold upon any such writ in whole or in part in any order desired by the Payee.

 

9.  
Unconditional Liability. The Maker hereby waives all notices in connection with the delivery, acceptance, performance, default,
or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any
other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by the Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by
the Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties
may become parties hereto without notice to the Maker or affecting the Maker’s liability hereunder.

 

10.  
Notices. All notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing
and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax
number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided
to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so
transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt
of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier
service or five (5) days after mailing if sent by mail.

 

11.  
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAW PROVISIONS THEREOF.

 

12.  
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

 

13. 
Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account established by the Maker in which
the proceeds of the IPO (including the deferred underwriters discounts and commissions) and the overallotment securities acquired by the
underwriters acting as such in the IPO and the proceeds of the sale of the Private Placement Warrants prior to the consummation of the
IPO were deposited, as described in greater detail in the registration statement and prospectus filed by the Maker with the SEC in connection
with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for
any reason whatsoever.

 

14.  
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

15.  
Successors and Assigns. Subject to the restrictions on transfer in Section 16 and Section 17, the rights and obligations
of the Maker and the Payee hereunder shall be binding upon and benefit the successors, assigns, heirs, administrators and transferees
of any party hereto (by operation of law or otherwise) with the prior written consent of the other party hereto and any attempted assignment
without the required consent shall be void.

 

     

     

    

  

16.  
Transfer of this Note or Securities Issuable on Conversion. With respect to any sale or other disposition of this Note or
securities into which this Note may be converted, the Payee shall give written notice to the Maker prior thereto, describing briefly the
manner thereof, together with (i) except for a Permitted Transfer, in which case the requirements in (i) shall not apply, (A) a written
opinion (unless waived by the Maker) reasonably satisfactory to the Maker in form and substance from counsel reasonably satisfactory to
the Maker to the effect that such sale or other distribution may be effected without registration or qualification under any U.S. federal
or state law then in effect and (B) a written opinion from counsel reasonably satisfactory to the Maker or a certificate signed by at
least one director of the Payee (in either case, unless waived by the Maker), reasonably satisfactory to the Maker in form and substance
that such sale or other distribution does not violate, contravene, or result in a default by the Payee of, any agreement or instrument
entered into by the Payee in connection with the IPO or the Business Combination, including but not limited to the Letter Agreement, and
(ii) a written undertaking executed by the desired transferee reasonably satisfactory to the Maker in form and substance agreeing to be
bound by the restrictions on transfer contained herein. Upon receiving such written notice, reasonably satisfactory opinion and/or certificate
(unless waived by the Maker), or other evidence, and such written acknowledgement, the Maker, as promptly as practicable, shall notify
the Payee that the Payee may sell or otherwise dispose of this Note or such securities, all in accordance with the terms of the note delivered
to the Maker. If a determination has been made pursuant to this Section 16 that the opinion of counsel for the Payee, the certificate
of the Payee, or other evidence, or the written acknowledgment from the desired transferee, is not reasonably satisfactory to the Maker,
the Maker shall so notify the Payee promptly after such determination has been made. Each Note thus transferred shall bear a legend as
to the applicable restrictions on transferability in order to ensure compliance with the Securities Act, unless in the opinion of counsel
for the Maker such legend is not required in order to ensure compliance with the Securities Act. The Maker may issue stop transfer instructions
to its transfer agent in connection with such restrictions. Subject to the foregoing, transfers of this Note shall be registered upon
registration on the books maintained for such purpose by or on behalf of the Maker. Prior to presentation of this Note for registration
of transfer, the Maker shall treat the registered holder hereof as the owner and holder of this Note for the purpose of receiving all
payments of principal hereon and for all other purposes whatsoever, whether or not this Note shall be overdue and the Maker shall not
be affected by notice to the contrary. For purposes hereof, “Permitted Transfer” shall have the same meaning as any
transfer that would be permitted for the Private Placement Warrants under the Letter Agreement, dated February 5, 2021, among the Maker,
the Payee and the other parties thereto (the “Letter Agreement”).

 

17.  
Acknowledgment. The Payee is acquiring this Note for investment for its own account, not as a nominee or agent, and not
with a view to, or for resale in connection with, any distribution thereof in violation of applicable securities laws. The Payee understands
that the acquisition of this Note involves substantial risk. The Payee has experience as an investor in securities of companies and acknowledges
that it is able to fend for itself, can bear the economic risk of its investment in this Note, and has such knowledge and experience in
financial and business matters that it is capable of evaluating the merits and risks of this investment in this Note and protecting its
own interests in connection with this investment.

  

[Signature
page follows]

 

    	 

    	 

    

IN WITNESS WHEREOF,
the Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

  

	 	HH&L Acquisition Co.
	 	a Cayman
Islands exempted company
	 	 
	 	 
	 	By: 	/s/ Qi Li
	 		Name: Qi Li
	 		Title: Chief Executive Officer

  

[Signature
Page to Convertible Promissory Note]

 

    	 

    	 

    

 

Acknowledged and agreed
as of the date first above written.

  

	HH&L Acquisition Co.	
	a Cayman Islands exempted company	
	By: 	/s/ Qi Li	
	Name:	Qi Li	
	Title:	Chief Executive Officer 	

  

[Signature
Page to Convertible Promissory Note]

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