Document:

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                                                               Execution Copy

                       AMERICAN HONDA FINANCE CORPORATION,
                                   as Seller,

                                       and

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Purchaser

                         RECEIVABLES PURCHASE AGREEMENT
                             Dated as of May 1, 2002

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                                TABLE OF CONTENTS

                                                             ARTICLE ONE

                                                             DEFINITIONS
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   Section 1.01       Definitions.................................................................................1
   Section 1.02       Other Definitional Provisions...............................................................2

                                                             ARTICLE TWO

                                                     CONVEYANCE OF RECEIVABLES

   Section 2.01       Conveyance of Receivables...................................................................2
   Section 2.02       Representations and Warranties of the Seller and the Purchaser..............................3
   Section 2.03       Representations and Warranties as to the Receivables........................................6
   Section 2.04       Covenants of the Seller....................................................................10

                                                             ARTICLE THREE

                                                PAYMENT OF RECEIVABLES PURCHASE PRICE

   Section 3.01       Payment of Receivables Purchase Price......................................................10

                                                             ARTICLE FOUR

                                                             TERMINATION

   Section 4.01       Termination................................................................................11

                                                             ARTICLE FIVE

                                                         MISCELLANEOUS PROVISIONS

   Section 5.01       Amendment..................................................................................11
   Section 5.02       Protection of Right, Title and Interest to Receivables.....................................11
   Section 5.03       Governing Law..............................................................................12
   Section 5.04       Notices....................................................................................12
   Section 5.05       Severability of Provisions.................................................................12
   Section 5.06       Assignment.................................................................................12
   Section 5.07       Further Assurances.........................................................................13
   Section 5.08       No Waiver; Cumulative Remedies.............................................................13
   Section 5.09       Counterparts...............................................................................13
   Section 5.10       Third-Party Beneficiaries..................................................................13
   Section 5.11       Headings...................................................................................13
   Section 5.12       Seller Indemnification.....................................................................13
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                                                                                                                Page
<S>                   <C>                                                                                        <C>
   Section 5.13       Merger, Consolidation or Assumption of the Obligations of the Seller.......................14

                                    SCHEDULES

   Schedule A - Schedule of Receivables........................................................................  A-1
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         This Receivables Purchase Agreement, dated as of May 1, 2002, is
between American Honda Finance Corporation, a California corporation, as seller,
and American Honda Receivables Corp., a California corporation, as purchaser.

         In consideration of the premises and mutual agreements herein
contained, each party agrees as follows for the benefit of the other party and
for the benefit of the Owner Trustee:

                                  ARTICLE ONE

                                   DEFINITIONS

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

         "Agreement" means this Receivables Purchase Agreement and all
amendments hereof and supplements hereto.

         "Closing Date" means May 22, 2002.

         "Cutoff Date" means May 1, 2002.

         "Indenture" means the Indenture, dated as of May 1, 2002, between the
Issuer and the Indenture Trustee.

         "Indenture Trustee" means Citibank, N.A., as indenture trustee under
the Indenture.

         "Issuer" means Honda Auto Receivables 2002-2 Owner Trust, a Delaware
business trust.

         "Owner Trustee" means Deutsche Bank Trust Company Delaware, as owner
trustee under the Trust Agreement.

         "Purchaser" means American Honda Receivables Corp., in its capacity as
purchaser of the Receivables under this Agreement, and its successors and
assigns.

         "Receivables Purchase Price" means $1,850,000,000.03 less agreed upon
securitization-related fees, costs and expenses.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of May 1, 2002, among American Honda Receivables Corp., as seller,
American Honda Finance Corporation, as servicer, and the Issuer.

         "Schedule of Receivables" means the schedule of receivables attached as
Schedule A hereto.

         "Seller" means American Honda Finance Corporation, in its capacity as
seller of the Receivables under this Agreement, and its successors and assigns.

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         "Servicer" means American Honda Finance Corporation in its capacity as
servicer under the Sale and Servicing Agreement and its successors and assigns.

         "Trust Agreement" means the trust agreement dated April 25, 2002, as
amended and restated on May 22, 2002 between American Honda Receivables Corp.,
as depositor and the Owner Trustee.

         "Trustees" means the Indenture Trustee and the Owner Trustee.

         "Warranty Receivable" means a Receivable purchased by the Seller
pursuant to Section 2.03(c).

         Section 1.02 Other Definitional Provisions.

         (a) All capitalized terms not otherwise defined in this Agreement shall
have the defined meanings used in the Sale and Servicing Agreement.

         (b) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Section, subsection and
Schedule references contained in this Agreement are references to Sections,
subsections and Schedules in or to this Agreement unless otherwise specified;
the term "proceeds" shall have the meaning set forth in the applicable UCC; and
the word "including" means including without limitation.

                                  ARTICLE TWO

                            CONVEYANCE OF RECEIVABLES

         Section 2.01 Conveyance of Receivables.

         (a) The Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Purchaser, and the Purchaser hereby purchases from the
Seller, without recourse (subject to the Seller's obligations hereunder), all of
the right, title and interest of the Seller in, to and under the following:

              (i) the Receivables listed in the Schedule of Receivables and all
         monies due thereon or paid thereunder or in respect thereof (including
         proceeds of the repurchase of Receivables by the Seller pursuant to
         Section 2.03(c)) on or after the Cutoff Date;

              (ii) the security interests in the Financed Vehicles;

              (iii) any proceeds of any physical damage insurance policies
         covering the Financed Vehicles and in any proceeds of any credit life
         or credit disability insurance policies relating to the Receivables or
         the Obligors;

              (iv) any proceeds of Dealer Recourse;

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              (v) the right to realize upon any property (including the right to
         receive future Liquidation Proceeds) that shall have secured a
         Receivable and have been repossessed by or on behalf of the Issuer; and

              (vi) the proceeds of any and all of the foregoing.

         (b) In connection with the foregoing conveyance, the Seller agrees to
record and file, at its own expense, one or more financing statements with
respect to the Receivables now existing and hereafter created for the sale of
chattel paper (as defined in Section 9-102 of the UCC as in effect in the State
of California) meeting the requirements of applicable state law in such manner
as is necessary to perfect the sale of the Receivables to the Purchaser, and the
proceeds thereof (and any continuation statements as are required by applicable
state law), and to deliver a file-stamped copy to the Indenture Trustee of each
such financing statement (or continuation statement) or other evidence of such
filings (which may, for purposes of this Section, consist of telephone
confirmation of such filings with the file stamped copy of each such filings to
be provided to the Purchaser in due course), as soon as is practicable after
receipt by the Seller thereof.

         In connection with the foregoing conveyance, the Seller further agrees,
at its own expense, on or prior to the Closing Date (i) to annotate and indicate
in its computer files that the Receivables have been transferred to the
Purchaser pursuant to this Agreement, (ii) to deliver to the Purchaser a
computer file or printed or microfiche list containing a true and complete list
of all such Receivables, identified by account number and by the Principal
Balance of each Receivable as of the Cutoff Date, which file or list shall be
marked as Schedule A to this Agreement and is hereby incorporated into and made
a part of this Agreement and (iii) to deliver the Receivable Files to or upon
the order of the Purchaser.

         The parties hereto intend that the conveyance hereunder be a sale. In
the event that the conveyance hereunder is not for any reason considered a sale,
the Seller hereby grants to the Purchaser a first priority perfected security
interest in all of its right, title and interest in, to and under the
Receivables, and all other property conveyed hereunder and listed in this
Section and all proceeds of any of the foregoing. The parties intend that this
Agreement constitute a security agreement under applicable law. Such grant is
made to secure the payment of all amounts payable hereunder, including, without
limitation, the Receivables Purchase Price.

         Section 2.02 Representations and Warranties of the Seller and the
Purchaser.

         (a) The Seller hereby represents and warrants to the Purchaser as of
the date of this Agreement and the Closing Date that:

              (i) Organization and Good Standing. The Seller is a corporation
         duly organized, validly existing and in good standing under the laws of
         the State of California, and has 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 shall have, power, authority and legal right to acquire, own
         and sell the Receivables.

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              (ii) Due Qualification. The Seller is duly qualified to do
         business as a foreign corporation in good standing, and has obtained
         all necessary licenses and approvals in all jurisdictions in which the
         ownership or lease of property or the conduct of its business
         (including the servicing of the Receivables as required by the Sale and
         Servicing Agreement) shall require such qualifications.

              (iii) Power and Authority. The Seller shall have the power and
         authority to execute and deliver this Agreement and to carry out its
         terms; and the execution, delivery and performance of this Agreement
         shall have been duly authorized by the Seller by all necessary
         corporate action.

              (iv) Binding Obligation. This Agreement constitutes a legal, valid
         and binding obligation of the Seller, enforceable against it in
         accordance with its terms, except as enforceability may be subject to
         or limited by bankruptcy, insolvency, reorganization, moratorium,
         liquidation 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 at law.

              (v) No Violation. The execution, delivery and performance by the
         Seller of this Agreement and the consummation of the transactions
         contemplated by this Agreement and the fulfillment of the terms hereof
         shall 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 Seller,
         or conflict with or breach 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 Seller
         is a party or by which it may be bound or any of its properties are
         subject; 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 this Agreement); nor violate
         any law or, to the knowledge of the Seller, any order, rule or
         regulation applicable to it or its properties of any court or of any
         federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Seller or any
         of its properties.

              (vi) No Proceedings. There are no proceedings or investigations
         pending or, to the knowledge of the Seller, threatened against the
         Seller, before any court, regulatory body, administrative agency or
         other tribunal or governmental instrumentality (i) asserting the
         invalidity of this Agreement, (ii) seeking to prevent the consummation
         of any of the transactions contemplated by this Agreement or (iii)
         seeking any determination or ruling that, in the reasonable judgment of
         the Seller, would materially and adversely affect the performance by
         the Seller of its obligations under this Agreement.

         (b) The Purchaser hereby represents and warrants to the Seller as of
the date of this Agreement and the Closing Date that:

              (i) Organization and Good Standing. The Purchaser is a corporation
         duly organized, validly existing and in good standing under the laws of
         the State of California,

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         and has 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 shall have,
         power, authority and legal right to acquire, own and sell the
         Receivables.

              (ii) Due Qualification. The Purchaser 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 property or the conduct of its business shall
         require such qualifications.

              (iii) Power and Authority. The Purchaser shall have the power and
         authority to execute and deliver this Agreement and to carry out its
         terms; and the execution, delivery and performance of this Agreement
         shall have been duly authorized by the Purchaser by all necessary
         corporate action.

              (iv) Binding Obligation. This Agreement constitutes a legal, valid
         and binding obligation of the Purchaser, enforceable against it in
         accordance with its terms, except as enforceability may be subject to
         or limited by bankruptcy, insolvency, reorganization, moratorium,
         liquidation 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 at law.

              (v) No Violation. The execution, delivery and performance of this
         Agreement and the consummation of the transactions contemplated by this
         Agreement and the fulfillment of the terms hereof shall 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 Purchaser, or conflict
         with or breach 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 Purchaser is
         a party or by which it may be bound or any of its properties are
         subject; 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 this Agreement); nor violate
         any law or, to the knowledge of the Purchaser, any order, rule or
         regulation applicable to it or its properties of any court or of any
         federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Purchaser or
         any of its properties.

              (vi) No Proceedings. There are no proceedings or investigations
         pending or, to the knowledge of the Purchaser, threatened against the
         Purchaser, before any court, regulatory body, administrative agency or
         other tribunal or governmental instrumentality (i) asserting the
         invalidity of this Agreement, (ii) seeking to prevent the consummation
         of any of the transactions contemplated by this Agreement or (iii)
         seeking any determination or ruling that, in the reasonable judgment of
         the Purchaser, would materially and adversely affect the performance by
         the Purchaser of its obligations under this Agreement.

                                       5
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         (c) The representations and warranties set forth in this Section shall
survive the sale of the Receivables by the Seller to the Purchaser and the sale
of the Receivables by the Purchaser to the Issuer. Upon discovery by the Seller
or the Purchaser of a breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
to the others.

         Section 2.03 Representations and Warranties as to the Receivables.

         (a) Eligibility of Receivables. The Seller hereby represents and
warrants to the Purchaser as of the Cutoff Date that:

              (i) Characteristics of Receivables. Each Receivable (A) shall have
         been originated in the United States by a Dealer for the retail sale of
         the related Financed Vehicle in the ordinary course of such Dealer's
         business, shall have been fully and properly executed by the parties
         thereto, shall have been purchased by the Seller from such Dealer under
         an existing agreement with the Seller and shall have been validly
         assigned by such Dealer to the Seller in accordance with its terms, (B)
         shall have created or shall create a valid, subsisting and enforceable
         first priority security interest in favor of the Seller in the related
         Financed Vehicle, (C) shall contain customary and enforceable
         provisions such that the rights and remedies of the holder thereof
         shall be adequate for realization against the collateral of the
         benefits of the security, (D) shall provide for level Monthly Payments
         (provided that the payment in the first or last month in the life of
         the Receivable may be minimally different from the level payment) that
         fully amortize the Amount Financed over its original term and shall
         provide for a finance charge or shall yield interest at its APR, (E)
         shall provide for, in the event that such Receivable is prepaid, a
         prepayment that fully pays the Principal Balance and includes accrued
         but unpaid interest at least through the date of prepayment in an
         amount calculated by using an interest rate at least equal to its APR,
         (F) shall have an Obligor that is not a federal, state or local
         governmental entity and (G) is a retail installment contract.

              (ii) Schedule of Receivables. The information set forth in the
         Schedule of Receivables shall be true and correct in all material
         respects as of the opening of business on the Cutoff Date, and no
         selection procedures believed to be adverse to the Securityholders were
         utilized in selecting the Receivables from those motor vehicle
         receivables of the Seller which met the selection criteria set forth in
         this Agreement.

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

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              (iv) Binding Obligation. Each Receivable shall constitute the
         genuine, legal, valid and binding payment obligation in writing of the
         related Obligor, enforceable by the holder thereof in accordance with
         its terms, except as enforceability may be subject to or limited by
         bankruptcy, insolvency, reorganization, moratorium, liquidation 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 at law.

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

              (vi) Security Interest in Financed Vehicles. According to the
         records of the Seller, as of the Cutoff Date, no Financed Vehicle has
         been repossessed and not reinstated and immediately prior to the sale,
         assignment and transfer thereof, all necessary steps shall be taken so
         that each Receivable shall be secured by a validly perfected first
         priority security interest in the related Financed Vehicle in favor of
         the Seller as secured party or all necessary and appropriate action
         with respect to such Receivable shall have been taken to perfect a
         first priority security interest in such Financed Vehicle in favor of
         the Seller as secured party.

              (vii) Receivables in Force. No Receivable shall have been
         satisfied, subordinated or rescinded, nor shall any Financed Vehicle
         have been released in whole or in part from the lien granted by the
         related Receivable.

              (viii) No Waivers. No provision of a Receivable shall have been
         waived in such a manner that such Receivable fails to meet all of the
         other representations and warranties made by the Seller herein with
         respect thereto.

              (ix) No Amendments. No Receivable shall have been amended in such
         a manner that the number of Scheduled Payments has been increased or
         that the related Amount Financed has been increased or such Receivable
         fails to meet all of the other representations and warranties made by
         the Seller herein with respect thereto.

              (x) No Defenses. No facts shall be known to the Seller which would
         give rise to any right of rescission, setoff, counterclaim or defense,
         nor shall the same have been asserted or threatened, with respect to
         any Receivable.

              (xi) No Liens. To the knowledge of the Seller, no liens or claims
         shall have been filed, including liens for work, labor or materials
         relating to a Financed Vehicle, that shall be liens prior to, or equal
         or coordinate with, the security interest in such Financed Vehicle
         granted by the related Receivable.

              (xii) No Defaults. Except for payment defaults continuing for a
         period of not more than 30 days as of the Cutoff Date, no default,
         breach, violation or event permitting acceleration under the terms of
         any Receivable shall have occurred and no continuing condition that
         with notice or the lapse of time would constitute a default, breach,

                                       7
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         violation or event permitting acceleration under the terms of any
         Receivable shall have arisen; and the Seller shall not have waived any
         of the foregoing except as otherwise permitted hereunder.

              (xiii) Insurance. Pursuant to the Receivables, each Obligor has
         been required to obtain physical damage insurance covering the related
         Financed Vehicle and the Obligor is required under the terms of the
         related Receivable to maintain such insurance.

              (xiv) Good Title. It is the intention of the Seller that the
         transfer and assignment herein contemplated, taken as a whole,
         constitute a sale of the Receivables from the Seller to the Purchaser
         and that the beneficial interest in and title to the Receivables not be
         part of the debtor's estate in the event of the filing of a bankruptcy
         petition by or against the Seller under any bankruptcy law. No
         Receivable has been sold, transferred, assigned or pledged by the
         Seller to any Person other than the Purchaser, and no provision of a
         Receivable shall have been waived, except as provided in clause (viii)
         above; immediately prior to the transfer and assignment herein
         contemplated, the Seller had good and marketable title to each
         Receivable, free and clear of all Liens and rights of others;
         immediately upon the transfer and assignment thereof, the Purchaser
         shall have good and marketable title to each Receivable, free and clear
         of all Liens and rights of others; and the transfer and assignment
         herein contemplated has been perfected under the applicable UCC.

              (xv) Lawful Assignment. No Receivable shall have been originated
         in, or shall be subject to the laws of, any jurisdiction under which
         the sale, transfer and assignment of such Receivable under this
         Agreement or pursuant to the transfer of the Securities shall be
         unlawful, void or voidable.

              (xvi) All Filings Made. Both the Seller and the Purchaser,
         respectively, have caused or will have caused, within ten days of the
         Closing Date, the filing of all appropriate financing statements
         (including UCC filings) necessary in the appropriate jurisdictions
         under the applicable law the Indenture Trustee a first priority
         perfected ownership interest in the Receivables shall have been made.

              (xvii) One Original. There shall be only one original executed
         copy of each Receivable.

              (xviii) Chattel Paper. Each Receivable constitutes "tangible
         chattel paper" as defined within the meaning of the applicable UCC.

              (xix) Additional Representations and Warranties. (A) Each
         Receivable shall have an original maturity of at least 12 months and
         not more than 60 months and, as of the Cutoff Date, a remaining
         maturity of not less than 7 months nor greater than 59 months; (B) each
         Receivable shall provide for payment of a finance charge or shall yield
         interest calculated on the basis of an APR ranging from 3.90% to
         15.15%; (C) each Receivable shall have had an original principal
         balance of not less than $1,900.00 nor more than $63,433.40 and, as of
         the Cutoff Date, an average unpaid principal balance of

                                       8
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         $13,902.67; (D) each Receivable was originated on or after October 14,
         1997 and on or prior to February 1, 2002; (E) each Financed Vehicle
         shall be a new or used Honda or Acura motor vehicle; (F) the Obligor
         under each Receivable had a current billing address in the United
         States as of the Cutoff Date; and (G) no Receivable shall have a
         Scheduled Payment that is more than 30 days past due as of the Cutoff
         Date.

              (xx) Possession of Documents. The Servicer has in its possession
         all original copies of the agreements that constitute or evidence the
         Receivables. The agreements that constitute or evidence the Receivables
         do not have any marks or notations indicating that they have been
         pledged, assigned or otherwise conveyed to any Person other than the
         Indenture Trustee (pursuant to and as provided in the Sale and
         Servicing Agreement and the Indenture). All financing statements filed
         or to be filed against the Seller in favor of Purchaser and assigned to
         the Indenture Trustee in connection herewith describing the Receivables
         contain a statement to the following effect: "A purchase of or security
         interest in any collateral described in this financing statement will
         violate the rights of the Indenture Trustee."

         (b) Notice of Breach. The representations and warranties set forth in
this Section shall speak as of the execution and delivery of this Agreement, but
shall survive the sale, transfer and assignment of the Receivables to the
Purchaser and any subsequent assignment or transfer pursuant to the Sale and
Servicing Agreement. The Purchaser, the Seller, the Issuer, the Owner Trustee or
the Indenture Trustee, as the case may be, shall inform the other parties
promptly, in writing, upon discovery of any breach of the Seller's
representations and warranties pursuant to this Section which materially and
adversely affects the interests of the Noteholders in any Receivable.

         (c) Repurchase of Receivables. In the event of a breach of any
representation or warranty set forth in Section 2.03(a) which materially and
adversely affects the interests of the Noteholders in any Receivable and unless
the breach shall have been cured by the last day of the second Collection Period
following the Collection Period in which the discovery of the breach is made or
notice is received, as the case may be (or, at the option of the Seller, the
last day in the first Collection Period following the Collection Period in which
such discovery is made), the Seller shall repurchase such Receivable. In
consideration of the purchase of any such Receivable, the Seller shall remit an
amount equal to the Warranty Purchase Payment in respect of such Receivable to
the Purchaser and shall be entitled to receive the Released Warranty Amount. In
the event that, as of the date of execution and delivery of this Agreement, any
Liens or claims shall have been filed, including Liens for work, labor or
materials relating to a Financed Vehicle, that shall be prior to, or equal or
coordinate with, the lien granted by the related Receivable (whether or not the
Seller has knowledge thereof), and such breach materially and adversely affects
the interests of the Noteholders in such Receivable, the Seller shall repurchase
such Receivable on the terms and in the manner specified above. Upon any such
repurchase, the Purchaser shall, without further action, be deemed to transfer,
assign, set-over and otherwise convey to the Seller, without recourse,
representation or warranty, all the right, title and interest of the Purchaser
in, to and under such repurchased Receivable, all monies due or to become due
with respect thereto and all proceeds thereof. The Purchaser, the Issuer, the
Owner Trustee or the Indenture Trustee, as applicable, shall execute such
documents and

                                       9
<PAGE>

instruments of transfer or assignment and take such other actions as shall
reasonably be requested by the Seller to effect the conveyance of such
Receivable pursuant to this Section. The sole remedy of the Purchaser, the
Issuer, the Trustees or the Securityholders with respect to a breach of the
Seller's representations and warranties pursuant to Section 2.03(a) or with
respect to the existence of any such Liens or claims shall be to require the
Seller to repurchase the related Receivables pursuant to this Section.

         Section 2.04 Covenants of the Seller. The Seller hereby covenants that:

          (a) Security Interests. Except for the conveyances hereunder, the
     Seller will not sell, pledge, assign or transfer to any other Person, or
     grant, create, incur, assume or suffer to exist any Lien on any Receivable,
     whether now existing or hereafter created, or any interest therein; the
     Seller will immediately notify the Purchaser of the existence of any Lien
     on any Receivable and, in the event that the interests of the Noteholders
     in such Receivable are materially and adversely affected, such Receivable
     shall be repurchased from the Purchaser by the Seller in the manner and
     with the effect specified in Section 2.03(c), and the Seller shall defend
     the right, title and interest of the Purchaser in, to and under the
     Receivables, whether now existing or hereafter created, against all claims
     of third parties claiming through or under the Seller; provided, however,
     that nothing in this subsection shall prevent or be deemed to prohibit the
     Seller from suffering to exist upon a Receivable any Lien for municipal or
     other local taxes if such taxes shall not at the time be due and payable or
     if the Seller shall currently be contesting the validity of such taxes in
     good faith by appropriate proceedings and shall have set aside on its books
     adequate reserves with respect thereto.

          (b) Delivery of Payments. The Seller agrees to deliver in kind upon
     receipt to the Servicer under the Sale and Servicing Agreement (if other
     than the Seller) all payments received by the Seller in respect of the
     Receivables as soon as practicable after receipt thereof by the Seller.

          (c) No Impairment. The Seller shall take no action, nor omit to take
     any action, which would impair the rights of the Purchaser in any
     Receivable, nor shall it, except as otherwise provided in this Agreement or
     the Sale and Servicing Agreement, reschedule, revise or defer payments due
     on any Receivable.

                                 ARTICLE THREE

                      PAYMENT OF RECEIVABLES PURCHASE PRICE

         Section 3.01 Payment of Receivables Purchase Price. In consideration of
the sale of the Receivables from the Seller to the Purchaser as provided in
Section 2.01, on the Closing Date the Purchaser agrees to pay the Seller an
amount equal to the Receivables Purchase Price. The Receivables Purchase Price
shall be paid in the form of (i) $1,786,733,863.09, the net cash proceeds from
the public offering by the Purchaser of the Notes and (ii) $13,566,188.63, being
deemed paid and returned to the Purchaser as a capital contribution.

                                       10
<PAGE>

ARTICLE Four

                                   TERMINATION

         Section 4.01 Termination. The respective obligations and
responsibilities of the Seller and the Purchaser created hereby shall terminate,
except for the indemnity obligations of the Seller as provided herein, upon the
termination of the Issuer as provided in the Trust Agreement.

ARTICLE Five

                            MISCELLANEOUS PROVISIONS

         Section 5.01 Amendment.

         (a) This Agreement may be amended from time to time by the Purchaser
and the Seller, without the consent of the Securityholders, to cure any
ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein or to add any other provision with
respect to matters or questions arising under this Agreement which shall not be
inconsistent with the provisions of this Agreement or the Sale and Servicing
Agreement; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel to the Purchaser delivered to the Indenture Trustee,
adversely affect in any material respect the interests of the Securityholders.

         (b) This Agreement may also be amended from time to time by the
Purchaser and the Seller with the consent of the Indenture Trustee, the consent
of the Holders of Notes evidencing at least a majority of the Outstanding Amount
of the Notes and the consent of the Holders (as such term is defined in the
Trust Agreement) of Certificates evidencing at least a majority of all the
percentage interests evidenced by the Certificates, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement.

         Section 5.02 Protection of Right, Title and Interest to Receivables.

         (a) The Seller, at its expense, shall cause this Agreement and/or all
financing statements and continuation statements and any other necessary
documents covering the Purchaser's right, title and interest to the Receivables
and other property conveyed by the Seller to the Purchaser hereunder to be
promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required
by law fully to preserve and protect the right, title and interest of the
Purchaser hereunder to all of the Receivables and such other property. The
Seller shall deliver to the Purchaser file-stamped copies of, or filing receipts
for, any document recorded, registered or filed as provided above, as soon as
available following such recording, registration or filing. The Purchaser shall
cooperate fully with the Seller in connection with the obligations set forth
above and will execute any and all documents reasonably required to fulfill the
intent of this subsection.

         (b) Within 30 days after the Seller makes any change in its name,
identity or corporate structure which would make any financing statement or
continuation statement filed in

                                       11
<PAGE>

accordance with Section 5.02(a) seriously misleading within the meaning of
Section 9-507(c) of the UCC as in effect in the applicable state, the Seller
shall give the Purchaser notice of any such change and shall execute and file
such financing statements or amendments as may be necessary to continue the
perfection of the Purchaser's security interest in the Receivables and the
proceeds thereof.

         (c) The Seller will give the Purchaser prompt written notice of any
relocation of any office from which the Seller keeps records concerning the
Receivables or of its principal executive office and whether, as a result of
such relocation, the applicable provisions of the UCC would require the filing
of any amendment of any previously filed financing or continuation statement or
of any new financing statement and shall execute and file such financing
statements or amendments as may be necessary to continue the perfection of the
interest of the Purchaser in the Receivables and the proceeds thereof.

         Section 5.03 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

         Section 5.04 Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by registered mail, return receipt requested, in the case
of (i) the Purchaser, to American Honda Receivables Corp., 700 Van Ness Avenue,
Building 300, Torrance, California 90501, Attention: President; (ii) the Seller,
to American Honda Finance Corporation, 700 Van Ness Avenue, Building 300,
Torrance, California 90501, Attention: President; and (iii) the Indenture
Trustee, to Citibank, N.A., 111 Wall Street, 14th Floor, New York, New York
10005, Attention: Structured Finance Group - Honda 2002-2; or, as to any of such
Persons, at such other address as shall be designated by such Person in a
written notice to the other Persons.

         Section 5.05 Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions and 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 any amendment or supplement hereto.

         Section 5.06 Assignment. This Agreement may not be assigned by the
Purchaser or the Seller except as contemplated by this Section and the Sale and
Servicing Agreement; provided, however, that simultaneously with the execution
and delivery of this Agreement, the Purchaser shall assign all of its right,
title and interest herein to the Issuer, which in turn, will pledge its rights
to the Indenture Trustee for the benefit of the Noteholders as provided in
Section 2.01 of the Sale and Servicing Agreement, to which the Seller hereby
expressly consents. The Seller agrees to perform its obligations hereunder for
the benefit of the Issuer and that the Indenture Trustee may enforce the
provisions of this Agreement, exercise the rights of the Purchaser and enforce
the obligations of the Seller hereunder without the consent of the Purchaser.

                                       12
<PAGE>

         Section 5.07 Further Assurances. The Seller and the Purchaser agree to
do and perform, from time to time, any and all acts and to execute any and all
further instruments required or reasonably requested by the other party hereto
or by the Issuer or the Indenture Trustee more fully to effect the purposes of
this Agreement, including, without limitation, the execution of any financing
statements, amendments, continuation statements or releases relating to the
Receivables for filing under the provisions of the UCC or other law of any
applicable jurisdiction.

         Section 5.08 No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Purchaser, the Issuer or the Seller,
any right, remedy, power or privilege hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

         Section 5.09 Counterparts. This Agreement may be executed in two or
more counterparts, (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

         Section 5.10 Third-Party Beneficiaries. This Agreement will inure to
the benefit of and be binding upon the parties hereto, the Issuer and the
Indenture Trustee for the benefit of the Noteholders, both of which shall be
considered to be third-party beneficiaries hereof. Except as otherwise provided
in this Agreement, no other Person will have any right or obligation hereunder.

         Section 5.11 Headings. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

         Section 5.12 Seller Indemnification.

         (a) Purchaser, Issuer and Securityholders. The Seller shall indemnify
and hold harmless the Purchaser, the Issuer and the Securityholders from and
against any loss, liability, expense or damage suffered or sustained by reason
of any acts, omissions or alleged acts or omissions arising out of activities of
the Seller pursuant to this Agreement or as a result of the transactions
contemplated hereby, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim; provided, however, that the Seller shall not indemnify the Purchaser, the
Issuer or the Securityholders if such acts, omissions or alleged acts or
omissions constitute negligence or willful misconduct by the Purchaser, the
Issuer or the Securityholders.

         (b) Trustees. The Seller shall indemnify, defend and hold harmless the
Trustees from and against any and all costs, expenses, losses, claims, damages
and liabilities to the extent that such cost, expense, loss, claim, damage or
liability arose out of, and was imposed upon the Trustees through the
negligence, willful misfeasance or bad faith of the Seller in the performance

                                       13
<PAGE>

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

         Section 5.13 Merger, Consolidation or Assumption of the Obligations of
the Seller.

         (a) The Seller shall not consolidate with or merge into any other
corporation or convey or transfer its properties and assets substantially as an
entirety to any Person, unless:

              (i) the corporation formed by such consolidation or into which the
         Seller is merged or the Person which acquires by conveyance or transfer
         the properties and assets of the Seller substantially as an entirety
         shall be organized and existing under the laws of the United States,
         any state thereof or the District of Columbia, and, if the Seller is
         not the surviving entity, shall expressly assume, by an agreement
         supplemental hereto, executed and delivered to the Purchaser and the
         Indenture Trustee, in form satisfactory to the Purchaser and the
         Indenture Trustee, the performance of every covenant and obligation of
         the Seller hereunder and shall benefit from all the rights granted to
         the Seller hereunder; and

              (ii) the Seller shall have delivered to the Purchaser and the
         Indenture Trustee an Officer's Certificate of the Seller and an Opinion
         of Counsel each stating that such consolidation, merger, conveyance or
         transfer and such supplemental agreement comply with this Section and
         that all conditions precedent herein provided for relating to such
         transaction have been complied with.

         (b) The obligations of the Seller hereunder shall not be assignable nor
shall any Person succeed to the obligations of the Seller hereunder except in
each case in accordance with the provisions of Section 5.06 and this Section.

                                       14
<PAGE>

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

                                          AMERICAN HONDA FINANCE CORPORATION,
                                          as Seller
                                          By:     /s/  Y. Kohama
                                              -----------------------
                                          Name:        Y. Kohama
                                          Title:       President

                                          AMERICAN HONDA RECEIVABLES CORP.,
                                          as Purchaser
                                          By:     /s/  Y. Kohama
                                              -----------------------
                                          Name:        Y. Kohama
                                          Title:       President

<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                   Omitted -- originals on file at the offices
             of the Seller, the Purchaser and the Indenture Trustee

                                      A-1<PAGE>

                                                                 Execution Copy

                   HONDA AUTO RECEIVABLES 2002-2 OWNER TRUST,
                                   as Issuer,

                       AMERICAN HONDA FINANCE CORPORATION,
                                as Administrator,

                        AMERICAN HONDA RECEIVABLES CORP.,
                                  as Depositor,

                                       and

                                 CITIBANK, N.A.
                              as Indenture Trustee

                            ADMINISTRATION AGREEMENT

                             Dated as of May 1, 2002

<PAGE>

                                                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                               Page
<S>                  <C>                                                                                        <C>
Section 1.01         Capitalized Terms; Interpretive Provisions...................................................1
Section 1.02         Duties of the Administrator..................................................................2
Section 1.03         Records......................................................................................7
Section 1.04         Compensation.................................................................................7
Section 1.05         Additional Information to be Furnished to the Issuer.........................................7
Section 1.06         Independence of the Administrator............................................................8
Section 1.07         No Joint Venture.............................................................................8
Section 1.08         Other Activities of Administrator............................................................8
Section 1.09         Term of Agreement; Resignation and Removal of Administrator..................................8
Section 1.10         Action Upon Termination, Resignation or Removal..............................................9
Section 1.11         Notices......................................................................................9
Section 1.12         Amendments..................................................................................10
Section 1.13         Successors and Assigns......................................................................10
Section 1.14         Governing Law...............................................................................10
Section 1.15         Headings....................................................................................11
Section 1.16         Counterparts................................................................................11
Section 1.17         Severability................................................................................11
Section 1.18         Limitation of Liability of Owner Trustee and Indenture Trustee..............................11
Section 1.19         Third-Party Beneficiary.....................................................................11
Section 1.20         Rights of the Indenture Trustee.............................................................11

                                                                    EXHIBITS

Exhibit A - Form of Power of Attorney ..........................................................................A-1
</TABLE>

<PAGE>

         This Administration Agreement, dated as of May 1, 2002 (the
"Agreement"), is among Honda Auto Receivables 2002-2 Owner Trust, as issuer (the
"Issuer"), American Honda Finance Corporation ("AHFC"), as administrator (in
such capacity, the "Administrator"), American Honda Receivables Corp. ("AHRC"),
as depositor (in such capacity, the "Depositor"), and Citibank, N.A., as
indenture trustee (the "Indenture Trustee").

         WHEREAS, the Issuer was created pursuant to the Amended and Restated
Trust Agreement, dated as of May 22, 2002 (the "Trust Agreement"), between the
Depositor and Deutsche Bank Trust Company Delaware, as owner trustee (the "Owner
Trustee");

         WHEREAS, the Issuer is issuing 1.95% Asset Backed Notes, Class A-1,
2.91% Asset Backed Notes, Class A-2, 3.83% Asset Backed Notes, Class A-3 and
4.49% Asset Backed Notes, Class A-4 (collectively, the "Notes") pursuant to an
Indenture, dated as of the date hereof (the "Indenture"), between the Issuer and
the Indenture Trustee;

         WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Notes and of certain beneficial ownership interests of
the Issuer, including (i) the Indenture, (ii) a Sale and Servicing Agreement,
dated as of the date hereof (the "Sale and Servicing Agreement"), among the
Issuer, AHRC, as transferor (in such capacity, the "Seller"), and AHFC, as
servicer (in such capacity, the "Servicer"), and (iii) a Letter of
Representations, dated May 22, 2002 (the "Note Depository Agreement" and,
together with this Agreement, the Indenture, the Sale and Servicing Agreement,
the Control Agreement and the Trust Agreement, the "Related Documents"), among
the Issuer, the Indenture Trustee and The Depository Trust Company;

         WHEREAS, pursuant to the Related Documents, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (i) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (ii) the beneficial ownership interests in the Issuer (the registered
holders of such interests being referred to herein as the "Owners");

         WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause and to provide such additional services
consistent with the terms of this Agreement and the other Related Documents as
the Issuer and the Owner Trustee may from time to time request; and

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

         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:

         Section 1.01 Capitalized Terms; Interpretive Provisions.

         (a) Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto or incorporated by reference in the Sale and
Servicing Agreement, the

<PAGE>

 Trust Agreement or the Indenture, as the case may be.
Whenever used herein, unless the context otherwise requires, the following words
and phrases shall have the following meanings:

         "Agreement" means this Administration Agreement, as amended,
supplemented or modified from time to time.

         "Related Documents" has the meaning set forth in the Preamble.

         (b) For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) terms used in this
Agreement include, as appropriate, all genders and the plural as well as the
singular, (ii) references to this Agreement include all Exhibits hereto, (iii)
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, (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 ascribed to such term in the UCC.

         Section 1.02 Duties of the Administrator.

         (a) The Administrator agrees to perform all its duties as Administrator
and, except as specifically excluded herein, agrees to perform all the duties of
the Issuer and the Owner Trustee under the Related Documents. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Related Documents. The Administrator shall
monitor the performance of the Issuer and shall advise the Owner Trustee when
action is necessary to comply with the respective duties of the Issuer and the
Owner Trustee under the Related Documents. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, or shall cause the preparation by
other appropriate persons of, all such documents, reports, notices, filings,
instruments, certificates and opinions that it shall be the duty of the Issuer
or the Owner Trustee to prepare, file or deliver pursuant to the Related
Documents. In furtherance of the foregoing, the Administrator shall take (or, in
the case of the immediately preceding sentence, cause to be taken) all
appropriate action that the Issuer or the Owner Trustee is required to take
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to Sections of the Indenture):

              (i) the preparation of or obtaining of the documents and
         instruments required for execution and authentication of the Notes and
         delivery of the same to the Indenture Trustee (Section 2.02);

              (ii) the duty to cause the Note Register to be kept and to give
         the Indenture Trustee notice of any appointment of a new Note Registrar
         and the location, or change in location, of the Note Register (Section
         2.04);

              (iii) the notification of Noteholders and the Rating Agencies of
         the final principal payment on the Notes (Section 2.07(b));

                                       2
<PAGE>

              (iv) the fixing or causing to be fixed of any special record date
         and the notification of the Indenture Trustee and Noteholders with
         respect to special payment dates, if any (Section 2.07(c));

              (v) the preparation of Definitive Notes in accordance with the
         instructions of the Clearing Agency (Section 2.11);

              (vi) the preparation, obtaining or filing of the instruments,
         opinions and certificates and other documents required for the release
         of collateral (Section 2.12);

              (vii) the duty to cause newly appointed Paying Agents, if any, to
         deliver to the Indenture Trustee the instrument specified in the
         Indenture regarding funds held in trust (Section 3.03);

              (viii) the direction to the Indenture Trustee to deposit monies
         with Paying Agents, if any, other than the Indenture Trustee (Section
         3.03);

              (ix) the obtaining and preservation of the Issuer's qualifications
         to do business, including under the Pennsylvania Motor Vehicle Sale
         Finance Act (Section 3.04);

              (x) the preparation of all supplements and amendments to the
         Indenture and all financing statements, continuation statements,
         instruments of further assurance and other instruments and the taking
         of such other action as are necessary or advisable to protect the Owner
         Trust Estate (Section 3.05);

              (xi) the delivery of the Opinion of Counsel on the Closing Date
         and the annual delivery of Opinions of Counsel as to the Owner Trust
         Estate, and the annual delivery of the Officer's Certificate and
         certain other statements as to compliance with the Indenture (Sections
         3.06 and 3.09);

              (xii) the identification to the Indenture Trustee in an Officer's
         Certificate of a Person with whom the Issuer has contracted to perform
         its duties under the Indenture (Section 3.07(b));

              (xiii) the notification of the Indenture Trustee and the Rating
         Agencies of each Servicer Default and, if such Servicer Default arises
         from the failure of the Servicer to perform any of its duties or
         obligations under the Servicing Agreement with respect to the
         Receivables, the taking of all reasonable steps available to remedy
         such failure (Section 3.07(d));

              (xiv) the preparation and obtaining of documents and instruments
         required for the release of the Issuer from its obligations upon the
         merger or consolidation of the Issuer under the Indenture and the
         obtaining of the Opinion of Counsel and the Officer's Certificate
         relating thereto (Section 3.10);

              (xv) the duty to cause the Servicer to comply with Sections 3.10,
         3.11, 3.12, 4.10 and Article Eight of the Sale and Servicing Agreement
         (Section 3.14);

                                       3
<PAGE>

              (xvi) the delivery of written notice to the Indenture Trustee and
         each Rating Agency of each Event of Default and each default by the
         Servicer or the Seller under the Sale and Servicing Agreement (Section
         3.19);

              (xvii) the monitoring of the Issuer's obligations as to the
         satisfaction and discharge of the Indenture and the preparation of an
         Officer's Certificate and the obtaining of the Opinion of Counsel and
         the Independent Certificate relating thereto (Section 4.01);

              (xviii) the compliance with Section 5.04 of the Indenture with
         respect to the sale of the Owner Trust Estate in a commercially
         reasonable manner if an Event of Default shall have occurred and be
         continuing (Section 5.04);

              (xix) the preparation and delivery of notice to Noteholders of the
         removal of the Indenture Trustee and the appointment of a successor
         Indenture Trustee (Section 6.08);

              (xx) the preparation and delivery to each Noteholder such
         information as may be required to enable such holder to prepare its
         federal and state income tax returns (Section 6.06);

              (xxi) the preparation of any written instruments required to
         confirm more fully the authority of any co-trustee or separate trustee
         and any written instruments necessary in connection with the
         resignation or removal of the Indenture Trustee or any co-trustee or
         separate trustee (Sections 6.08 and 6. 10);

              (xxii) the furnishing of the Indenture Trustee with the names and
         addresses of Noteholders during any period when the Indenture Trustee
         is not the Note Registrar (Section 7.01);

              (xxiii) the preparation and, after execution by the Issuer, the
         filing with the Commission, any applicable state agencies and the
         Indenture Trustee of documents required to be filed on a periodic basis
         with, and summaries thereof as may be required by rules and regulations
         prescribed by, the Commission and any applicable state agencies and the
         transmission of such summaries, as necessary, to the Noteholders
         (Section 7.03);

              (xxiv) the opening of one or more accounts in the Issuer's name
         and the taking of all other actions necessary with respect to
         investment and reinvestment of funds in the Accounts (Sections 8.02 and
         8.03);

              (xxv) the preparation of an Issuer Request and Officer's
         Certificate and the obtaining of an Opinion of Counsel and Independent
         Certificates, if necessary, for the release of the Owner Trust Estate
         (Sections 8.04 and 8.05);

              (xxvi) the preparation of Issuer Requests, the obtaining of
         Opinions of Counsel and the certification to the Indenture Trustee with
         respect to the execution of supplemental indentures and the mailing to
         the Noteholders of notices with respect to such supplemental indentures
         (Sections 9.01 and 9.02);

                                       4
<PAGE>

              (xxvii) the execution and delivery of new Notes conforming to any
         supplemental indenture (Section 9.06);

              (xxviii) the duty to notify Noteholders and the Rating Agencies of
         redemption of the Notes or to cause the Indenture Trustee to provide
         such notification (Sections 10.01 and 10.02);

              (xxix) the preparation and delivery of all Officer's Certificates,
         Opinions of Counsel and Independent Certificates with respect to any
         requests by the Issuer to the Indenture Trustee to take any action
         under the Indenture (Section 11.01(a));

              (xxx) the preparation and delivery of Officer's Certificates and
         the obtaining of Independent Certificates, if necessary, for the
         release of property from the Lien of the Indenture (Section 11.01(b));

              (xxxi) the notification of each Rating Agency, upon the failure of
         the Issuer, the Owner Trustee or the Indenture Trustee to give such
         notification, of the information required pursuant to Section 11.04 of
         the Indenture (Section 11.04); and

              (xxxii) the recording of the Indenture, if applicable (Section
         11.15).

         (b) The Administrator shall:

              (i) pay from time to time reasonable compensation to (A) the
         Indenture Trustee for all services rendered by the Indenture Trustee
         under the Basic Documents and (B) the Owner Trustee for all services
         rendered under the Trust Agreement (in each case which compensation
         shall not be limited by any provision of law in regard to the
         compensation of a trustee of an express trust);

              (ii) except as otherwise expressly provided in the Indenture,
         reimburse the Indenture Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the Indenture
         Trustee in accordance with any provision of the Basic Documents
         (including the reasonable compensation, expenses and disbursements of
         its agents and counsel), except any such expense, disbursement or
         advance as may be attributable to its willful misconduct, negligence or
         bad faith;

              (iii) except as otherwise expressly provided in the third sentence
         of Section 7.01 of the Trust Agreement, reimburse the Owner Trustee
         upon its request for all reasonable expenses, disbursements and
         advances incurred or made by the Owner Trustee in accordance with any
         provision of the Trust Agreement (including reasonable compensation,
         expenses and disbursements of its agents and counsel), except any such
         expense, disbursement or advance as may be attributable to its willful
         misconduct, gross negligence or bad faith; and

              (iv) indemnify the Indenture Trustee, the Owner Trustee and their
         respective agents for, and hold them harmless against, any loss,
         liability or expense incurred without negligence (or, in the case of
         the Owner Trustee only, gross negligence), willful misconduct or bad
         faith on their part, arising out of or in connection with the
         acceptance

                                       5
<PAGE>

         or administration of the transactions contemplated by the Basic
         Documents, as the case may be, including the reasonable costs and
         expenses of defending themselves against any claim or liability in
         connection with the exercise or performance of any of their powers or
         duties thereunder.

         The obligations of the Administrator under this Section 1.02(b) shall
survive the termination of this agreement.

         (c) In addition to the duties set forth in Sections 1.02(a) and (b),
the Administrator shall perform such calculations and shall prepare or shall
cause the preparation by other appropriate Persons of, and shall execute on
behalf of the Issuer or the Owner Trustee, all such documents, notices, reports,
filings, instruments, certificates and opinions that the Issuer or the Owner
Trustee are required to prepare, file or deliver pursuant to the Related
Documents, and at the request of the Owner Trustee shall take all appropriate
action that the Issuer or the Owner Trustee are required to take pursuant to the
Related Documents. In furtherance thereof, the Owner Trustee shall, on behalf of
itself and of the Issuer, execute and deliver to the Administrator and to each
successor Administrator appointed pursuant to the terms hereof, one or more
powers of attorney substantially in the form of Exhibit A hereto, appointing the
Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the
purpose of executing on behalf of the Owner Trustee and the Issuer all such
documents, reports, filings, instruments, certificates and opinions. Subject to
Section 1.06, and in accordance with the directions of the Owner Trustee, the
Administrator shall administer, perform or supervise the performance of such
other activities in connection with the Collateral (including the Related
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the
capability of the Administrator.

         (d) Notwithstanding anything in this Agreement or the Related Documents
to the contrary, the Administrator shall be responsible for promptly notifying
the Owner Trustee in the event that any withholding tax is imposed on the
Issuer's payments (or allocations of income) to a Trust Certificateholder as
contemplated in Section 5.02(c) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld by the Owner
Trustee pursuant to such provision.

         (e) Notwithstanding anything in this Agreement or the Related Documents
to the contrary, the Administrator shall be responsible for performance of the
duties of the Owner Trustee set forth in Section 5.05 of the Trust Agreement
with respect to, among other things, accounting and reports to Owners; provided,
however, that the Owner Trustee shall retain responsibility for the distribution
of the Schedule K-1's, necessary to enable each Owner to prepare its federal and
state income tax returns.

         (f) The Administrator shall perform any duties expressly required to be
performed by the Administrator under the Trust Agreement.

         (g) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into transactions
or otherwise deal with any of its Affiliates; provided, however, that the terms
of any such transactions or dealings shall be in

                                       6
<PAGE>

accordance with any directions received from the Issuer and shall be, in the
Administrator's opinion, no less favorable to the Issuer than would be available
from unaffiliated parties.

         (h) With respect to matters that in the reasonable judgment of the
Administrator are non-ministerial, the Administrator shall not take any action
unless within a reasonable time before the taking of such action, the
Administrator shall have notified the Owner Trustee of the proposed action and
the Owner Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, "non-ministerial matters"
shall include:

              (i) the amendment of or any supplement to the Indenture;

              (ii) the initiation of any claim or lawsuit by the Issuer and the
         compromise of any action, claim or lawsuit brought by or against the
         Issuer (other than in connection with the collection of the
         Receivables);

              (iii) the amendment, change or modification of the Basic
         Documents;

              (iv) the appointment of successor Note Registrars, successor
         Paying Agents and successor Indenture Trustees pursuant to the
         Indenture or the appointment of successor Administrators or successor
         Servicers, or the consent to the assignment by the Note Registrar, any
         Paying Agent or Indenture Trustee of its obligations under the
         Indenture; and

              (v) the removal of the Indenture Trustee.

         (i) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (i) make any payments to
the Noteholders under the Related Documents, (ii) sell the Owner Trust Estate
pursuant to Section 5.04 of the Indenture, (iii) take any other action that the
Issuer directs the Administrator not to take on its behalf or (iv) take any
other action which may be construed as having the effect of varying the
investment of the Trust Certificateholders.

         Section 1.03 Records. The Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer
and the Depositor at any time during normal business hours.

         Section 1.04 Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to an annual
payment of compensation which shall be solely an obligation of the Depositor.

         Section 1.05 Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

                                       7
<PAGE>

         Section 1.06 Independence of the Administrator. For all purposes of
this Agreement, the Administrator shall be an independent contractor and shall
not be subject to the supervision of the Issuer or the Owner Trustee with
respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the
Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

         Section 1.07 No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Administrator and either the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

         Section 1.08 Other Activities of Administrator. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other Person or entity, even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

         Section 1.09 Term of Agreement; Resignation and Removal of
Administrator. This Agreement shall continue in force until the dissolution of
the Issuer, upon which event this Agreement shall automatically terminate.

         (a) Subject to Sections 1.09(d) and 1.09(e), the Administrator may
resign its duties hereunder by providing the Issuer with at least 60 days' prior
written notice.

         (b) Subject to Sections 1.09(d) and 1.09(e), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

         (c) Subject to Sections 1.09(d) and 1.09(e), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur:

              (i) the Administrator shall default in the performance of any of
         its duties under this Agreement and, after notice of such default,
         shall not cure such default within ten days (or, if such default cannot
         be cured in such time, shall not give within ten days such assurance of
         cure as shall be reasonably satisfactory to the Issuer);

              (ii) the existence of any proceeding or action, or the entry of a
         decree or order for relief by a court or regulatory authority having
         jurisdiction over the Administrator in an involuntary case under the
         federal bankruptcy laws, as now or hereafter in effect, or appointing a
         receiver, liquidator, assignee, trustee, custodian, sequestrator or
         other similar official of the Administrator or of any substantial part
         of its property, or ordering the winding up or liquidation of the
         affairs of the Administrator and the continuance of any such action,
         proceeding, decree or order unstayed and, in the case of any such order
         or decree, in effect for a period of 90 consecutive days; or

                                       8
<PAGE>

              (iii) the commencement by the Administrator of a voluntary case
         under the federal bankruptcy laws, as now or hereafter in effect, or
         the consent by the Administrator to the appointment of or taking of
         possession by a receiver, liquidator, assignee, trustee, custodian,
         sequestrator or other similar official of the Administrator or of any
         substantial part of its property or the making by the Administrator of
         an assignment for the benefit of creditors or the failure by the
         Administrator generally to pay its debts as such debts become due or
         the taking of corporate action by the Administrator in furtherance of
         any of the foregoing.

         The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) above shall occur, it shall give written notice thereof to the
Issuer and the Indenture Trustee within seven days after the occurrence of such
event.

         (d) No resignation or removal of the Administrator pursuant to this
Section shall be effective until (i) a successor Administrator shall have been
appointed by the Issuer and (ii) such successor Administrator shall have agreed
in writing to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder.

         (e) The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

         (f) Subject to Sections 1.09(d) and 1.09(e), the Administrator
acknowledges that upon the appointment of a successor Servicer pursuant to the
Sale and Servicing Agreement, the Administrator shall immediately resign and
such successor Servicer shall automatically become the Administrator under this
Agreement.

         Section 1.10 Action Upon Termination, Resignation or Removal. Promptly
upon the effective date of termination of this Agreement pursuant to the first
sentence of Section 1.09 or the resignation or removal of the Administrator
pursuant to Section 1.09(a), (b) or (c), respectively, the Administrator shall
be entitled to be paid all fees and reimbursable expenses accruing to it to the
date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to the first sentence of Section 1.09
deliver to the Issuer all property and documents of or relating to the
Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or
(c), respectively, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

         Section 1.11 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier (followed by hard copy by overnight delivery), and
addressed in each case as follows: (a) if to the Issuer or the Owner Trustee,
to: Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200,
Wilmington, Delaware 19805, Mail Stop WIL02-0200, Attention: Corporate Trust
Administration; (b) if to the Administrator, to: American Honda Finance
Corporation, 700 Van Ness Avenue, Building 300, Torrance, California 90501,
Attention: President; (c) if to the Depositor, to: American Honda Receivables
Corp., 700 Van Ness Avenue, Building 300,

                                       9
<PAGE>

Torrance, California 90501, Attention: President; and (d) if to the Indenture
Trustee, to: Citibank, N.A., 111 Wall Street, 14th Floor, New York, New York
10005, Attention: Structured Finance Group - Honda 2002-2; or to such other
address as any party shall have provided to the other parties in writing. Any
notice required to be in writing hereunder shall be deemed given if such notice
is mailed by certified mail, postage prepaid, or hand-delivered to the address
of such party as provided above.

         Section 1.12 Amendments. This Agreement may be amended from time to
time by a written amendment duly executed and delivered by the parties hereto,
with the written consent of the Owner Trustee but without the consent of the
Noteholders or the Certificateholders, 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, that such amendment will not, in the Opinion of
Counsel satisfactory to the Indenture Trustee, materially and adversely affect
the interest of any of the Noteholders or the Certificateholders. This Agreement
may also be amended by the parties hereto with the written consent of the Owner
Trustee and the Holders of Notes evidencing at least a majority of the
Outstanding Amount and the Holders of Trust Certificates evidencing at least a
majority of the Percentage Interests evidenced by the Trust Certificates 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 may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on the Receivables or
distributions that are required to be made for the benefit of the Noteholders or
the Certificateholders or (ii) reduce the aforesaid percentage of the Holders of
Notes and Trust Certificates which are required to consent to any such
amendment, without the consent of the Holders of all outstanding Notes and Trust
Certificates. Notwithstanding the foregoing, the Administrator may not amend
this Agreement without the permission of the Depositor, which permission shall
not be unreasonably withheld.

         Section 1.13 Successors and Assigns. This Agreement may not be assigned
by the Administrator unless such assignment is previously consented to in
writing by the Issuer and the Owner Trustee and subject to the satisfaction of
the Rating Agency Condition in respect thereof. An assignment with such consent
and satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided, that such successor organization
executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee
an agreement, in form and substance reasonably satisfactory to the Owner Trustee
and the Indenture Trustee, in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder. Subject to the foregoing, this
Agreement shall bind any successors or assigns of the parties hereto.

         Section 1.14 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,

                                       10
<PAGE>

RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS, EXCEPT THAT THE DUTIES OF THE INDENTURE TRUSTEE SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         Section 1.15 Headings. The headings of the various Sections herein are
for convenience of reference only and shall not define or limit any of the terms
or provisions hereof.

         Section 1.16 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 1.17 Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         Section 1.18 Limitation of Liability of Owner Trustee and Indenture
Trustee.

         (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by Deutsche Bank Trust Company Delaware, in
its capacity as Owner Trustee of the Issuer and in no event shall Deutsche Bank
Trust Company Delaware, in its individual capacity or any beneficial owner of
the Issuer have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes of
this Agreement, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles Six, Seven and Eight of the Trust
Agreement.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed by Citibank, N.A. in its capacity as Indenture
Trustee under the Indenture and in no event shall Citibank, N.A. in its
individual capacity have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

         Section 1.19 Third-Party Beneficiary. The Owner Trustee is a
third-party beneficiary to this Agreement and is entitled to the rights and
benefits hereunder and may enforce the provisions hereof as if they were a party
hereto.

         Section 1.20 Rights of the Indenture Trustee. The Indenture Trustee
shall be afforded the same rights, protections, immunities and indemnities set
forth in the Indenture as if specifically set forth herein.

                                       11
<PAGE>

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

<TABLE>
<CAPTION>
<S>                                         <C>
                                            HONDA AUTO RECEIVABLES 2002-2 OWNER
                                              TRUST,
                                                     as Issuer

                                            By:  DEUTSCHE BANK TRUST COMPANY
                                                 DELAWARE, not in its individual capacity
                                                 but solely as Owner Trustee

                                            By:  /s/  Eileen M. Hughes
                                               ---------------------------------
                                               Name:  Eileen M. Hughes
                                               Title: Vice President

                                            AMERICAN HONDA RECEIVABLES CORP.
                                              as Depositor

                                            By:  /s/  Y. Kohama
                                               ---------------------------------
                                               Name:  Y. Kohama
                                               Title: President

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

                                            By:   /s/ Kristin Driscoll
                                               --------------------------------
                                               Name:  Kristin Driscoll
                                               Title: Assistant Vice President

                                            AMERICAN HONDA FINANCE CORPORATION,
                                                as Administrator

                                            By:   /s/  Y. Kohama
                                               --------------------------------
                                               Name:   Y. Kohama
                                               Title:  President

</TABLE>

<PAGE>

                                                                       EXHIBIT A

                          POWER OF ATTORNEY PURSUANT TO
                   SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

         KNOW ALL MEN BY THESE PRESENTS, that Deutsche Bank Trust Company
Delaware (the "Grantor"), located at 1011 Centre Road, Suite 200, Wilmington,
Delaware 19805, Mail Stop WIL02-0200, as owner trustee of Honda Auto Receivables
2002-2 Owner Trust, a Delaware business trust (the "Issuer"), does hereby
appoint American Honda Finance Corporation, a California corporation (the
"Grantee"), located at 700 Van Ness Avenue, Building 300, Torrance, California
90501, as its attorney-in-fact with full power of substitution and hereby
authorizes and empowers the Grantee, in the name of and on behalf of the Grantor
or the Issuer, to take the following actions from time to time with respect to
the duties of the Administrator under the Administration Agreement, dated as of
May 1, 2002 (the "Administration Agreement"), among the Issuer, the
Administrator, American Honda Receivables Corp., as depositor and Citibank,
N.A., as indenture trustee, for the purpose of executing on behalf of the
Grantor or the Issuer all such documents, reports, filings, instruments,
certificates and opinions required pursuant to the Related Documents:

         The Grantee is hereby empowered to do any and all lawful acts necessary
or desirable to effect the performance of the duties under the Administration
Agreement and the Grantor hereby ratifies and confirms any and all lawful acts
the Grantee shall undertake pursuant to and in conformity with this Power of
Attorney.

         This Power of Attorney is revocable in whole or in part as to the
powers herein granted upon notice by the Grantor. If not earlier revoked, this
Power of Attorney shall expire completely or, if so indicated, in part, upon the
earlier of (i) the termination of the amended and restated trust agreement,
dated May 22, 2002 (the "Trust Agreement"), between American Honda Receivables
Corp., as depositor and the Grantor, as owner trustee, or (ii) the termination
of the Administration Agreement, as each may be amended, restated or
supplemented from time to time. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Trust
Agreement or the Administration Agreement, as the case may be.

         THIS POWER OF ATTORNEY SHALL BE CREATED UNDER AND GOVERNED AND
CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK.

         The Grantor executes this Power of Attorney with the intent to be
legally bound hereby, and with the intent that such execution shall have the
full dignity afforded by the accompanying witnessing and notarization and all
lesser dignity resulting from the absence of such witnessing and notarization or
any combination thereof.

                                       A-
<PAGE>

<TABLE>
<CAPTION>
<S>                                                   <C>
         Dated this 22nd day of May, 2002.

[Seal]                                               DEUTSCHE BANK TRUST COMPANY DELAWARE,
                                                     not in its individual capacity but solely as Owner Trustee
                                                     of the Honda Auto Receivables 2002-2 Owner Trust

                                                     By:
                                                        -------------------------------------------------------
                                                          Name:
                                                          Title:

Signed and delivered in the presence of.

----------------------------------------

Address:
        --------------------------------
[Unofficial Witness]
</TABLE>

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