Document:

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                                                                     EXHIBIT 4.5
                                                   TO THE REGISTRATION STATEMENT
                                                                       (6/21/00)

                               PURCHASE AGREEMENT

                  This PURCHASE AGREEMENT is made as of this ______ day of
____________, by and between AMERICAN HONDA FINANCE CORPORATION, a California
corporation (the "Seller"), having its principal executive office at 700 Van
Ness Avenue, Building 300, Torrance, California 90501, and AMERICAN HONDA
RECEIVABLES CORP., a California corporation (the "Purchaser"), having its
principal executive office at 700 Van Ness Avenue, Building 300, Torrance,
California 90501.

                  WHEREAS, in the regular course of its business, the Seller
purchases certain motor vehicle retail installment sale contracts secured by new
and used automobiles, mini-vans and sport utility vehicles from motor vehicle
dealers.

                  WHEREAS, the Seller and the Purchaser wish to set forth the
terms pursuant to which the Receivables (as hereinafter defined) are to be sold
by the Seller to the Purchaser, which Receivables will be transferred by the
Purchaser pursuant to the [Pooling and Servicing Agreement (as hereinafter
defined)] [Sale and Servicing Agreement (as hereinafter defined)], to the HONDA
AUTO RECEIVABLES [____] [GRANTOR] [OWNER] TRUST to be created thereunder, which
Trust will issue [notes backed by such Receivables and the other property of the
Trust (the "Notes") and] certificates representing fractional undivided
interests in such Receivables and the other property of the Trust (the
"Certificates").

                  NOW, THEREFORE, in consideration of the foregoing, other good
and valuable consideration, and the mutual terms and covenants contained herein,
the parties hereto agree as follows:

                                    ARTICLE I

                               CERTAIN DEFINITIONS

                  Terms not defined in this Agreement shall have the respective
meanings assigned such terms set forth in the [Pooling and Servicing Agreement]
[Sale and Servicing Agreement or Trust Agreement, as the case may be]. As used
in this Agreement, the following terms shall, unless the context otherwise
requires, have the following meanings (such meanings to be equally applicable to
the singular and plural forms of the terms defined):

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

                  "Assignment" means the document of assignment attached to this
Agreement as EXHIBIT A.

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                  "Certificates" shall have the meaning specified in the
introductory paragraphs of this Agreement.

                  "Closing" shall have the meaning specified in Section 2.2.

                  "Closing Date" means [____].

                  "Collections" means all amounts collected by the Servicer
(from whatever source) on or with respect to the Receivables.

                  "Damages" shall have the meaning specified in Section 5.3(a).

                  ["Notes" shall have the meaning specified in the introductory
paragraphs of this Agreement.]

                  "Payment Date" means, with respect to a Collection Period, the
fifteenth calendar day of the next succeeding calendar month or, if such day is
not a Business Day, the next succeeding Business Day, commencing
[_______________].

                  ["Pooling and Servicing Agreement" means the Pooling and
Servicing Agreement by and among the Seller, as servicer and in its individual
capacity, the Purchaser, and [______], as trustee, dated as of [____], as the
same may be amended, amended and restated, supplemented or modified.]

                  "Prospectus" has the meaning assigned to such term in the
Underwriting Agreement.

                  "Purchaser" means Honda Auto Receivables Corp., a California
corporation, and its successors and assigns.

                  "Rating Agency" means Moody's Investors Service, Inc.,
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc. or Fitch ICBA, Inc. or any successors thereto.

                  "Receivable" means any retail installment sale contract that
appears on the Schedule of Receivables.

                  "Receivables Purchase Price" means $[____].

                  "Repurchase Event" shall have the meaning specified in Section
6.2.

                  ["SALE AND SERVICING AGREEMENT" means the Sale and Servicing
Agreement by and among American Honda Receivables Corp., as seller, American
Honda Finance Corporation, as servicer, and the Trust dated as of [_____], as
the same may be amended, amended and restated, supplemented or modified.]

                  "Schedule of Receivables" means the list of Receivables
annexed to the Assignment as SCHEDULE A thereto.

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                  ["Securities" means the Notes and the Certificates.]

                  "Seller" means American Honda Finance Corporation, a
California corporation, and its successors and assigns.

                  "Trust" means the Honda Auto Receivables [______] [Grantor]
[Owner] Trust.

                  "Trust Agreement" means the Trust Agreement dated as of
_________, 2000 as amended by the Amended and Restated Trust Agreement by and
between American Honda Receivables Corp., as seller, and [_____], as trustee,
dated as of [_______], as the same may be amended, amended and restated,
supplemented or modified.

                  "Underwriting Agreement" means the Underwriting Agreement by
and among [___], dated [____].

                  With respect to all terms in this Agreement, the singular
includes the plural and the plural the singular; words importing any gender
include the other genders; references to "writing" include printing, typing,
lithography and other means of reproducing words in a visible form; references
to agreements and other contractual instruments include all subsequent
amendments, amendments and restatements and supplements thereto or changes
therein entered into in accordance with their respective terms and not
prohibited by this Agreement; references to Persons include their permitted
successors and assigns; references to laws include their amendments and
supplements, the rules and regulations thereunder and any successors thereto;
and the term "including" means "including without limitation."

                                   ARTICLE II

                        PURCHASE AND SALE OF RECEIVABLES

                  2.1 Purchase and Sale of Receivables.

                  On the Closing Date, subject to the terms and conditions of
this Agreement, the Seller agrees to sell to the Purchaser, and the Purchaser
agrees to purchase from the Seller, the Receivables and the other property
relating thereto (as defined below).

                  (a) TRANSFER OF RECEIVABLES. On the Closing Date and
simultaneously with the transactions pursuant to the [Pooling and Servicing
Agreement] [Sale and Servicing Agreement], the Seller shall sell, transfer,
assign and otherwise convey to the Purchaser, without recourse:

                           (i) all right, title and interest of the Seller in
         and to the Receivables and all monies due thereon or paid thereunder or
         in respect thereof [(including proceeds of the repurchase of the
         Receivables by the Seller pursuant to Section 6.2 hereof)] on or after
         the Cutoff Date;

                          (ii) the right of the Seller in the security
         interests in the Financed Vehicles granted by the Obligors pursuant to
         the Receivables and any related property;

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                         (iii) the right of the Seller in any proceeds from
         claims on any physical damage, credit life, credit disability or other
         insurance policies covering Financed Vehicles, the Receivables or
         Obligors;

                          (iv) the right of the Seller in any [proceeds of]
         Dealer Recourse;

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

                          (vi) [the right of the Seller in rebates of premiums
         and other amounts relating to insurance policies and other items
         financed under the Receivables in effect as of the Cutoff Date;] and

                         (vii) all proceeds of the foregoing.

         It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables from
the Seller to the Purchaser and the beneficial interest in and title to the
Receivables shall not be part of the Seller's estate in the event of the filing
of a bankruptcy petition by or against the Seller under any bankruptcy law. The
Seller agrees to execute and file all filings (including filings under the UCC)
necessary in any jurisdiction to provide third parties with notice of the sale
of the Receivables pursuant to this Agreement and to perfect such sale under the
UCC.

                  (b) RECEIVABLES PURCHASE PRICE. In consideration for the
Receivables and other properties described in Section 2.1(a), the Purchaser
shall, on the Closing Date, pay to the Seller the Receivables Purchase Price. An
amount equal to approximately [____]% of the Receivables Purchase Price shall be
paid to the Seller in cash, net of any costs of the Purchaser related to the
establishment of the Trust and the offering of the [Certificates] [Securities],
by federal wire transfer (same day) funds. The remaining approximately
[_______]% of the Receivables Purchase Price shall be deemed paid by the
Purchaser to the Seller and then immediately returned by the Seller to the
Purchaser as a contribution to capital.

                  2.2 THE CLOSING. The sale and purchase of the Receivables
shall take place at a closing (the "Closing") at the offices of [______] on the
Closing Date, simultaneously with the closings under: (a) the [Pooling and
Servicing Agreement] [Sale and Servicing Agreement] pursuant to which (i) the
Purchaser will assign all of its right, title and interests in and to the
Receivables and other property conveyed pursuant to Section 2.1(a) to the
Trustee for the benefit of the [Certificateholders] [Securityholders]; and (ii)
the Purchaser will deposit the foregoing into the Trust in exchange for [the
Certificates][the Securities]; and (b) the Underwriting Agreement, pursuant to
which the Purchaser will sell to the underwriters named therein [the Class ___
Certificates] [the Class ___ Notes and the Class ___ Certificates].

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                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

                  3.1 WARRANTIES OF THE PURCHASER. The Purchaser hereby
represents and warrants to the Seller as of the date hereof and as of the
Closing Date:

                  (a) ORGANIZATION AND GOOD STANDING. The Purchaser has been
duly organized and is validly existing as a corporation in good standing under
the laws of the State of California, with corporate power and authority to
execute and deliver this Agreement and to perform the terms and provisions
hereof.

                  (b) DUE QUALIFICATION. The Purchaser shall be duly qualified
to do business as a foreign corporation in good standing, and shall have
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 and where the failure to so qualify will have a material adverse
effect on the ability of the Purchaser to conduct its business or perform its
obligations under this Agreement.

                  (c) DUE AUTHORIZATION AND NO VIOLATION. This Agreement has
been duly authorized, executed and delivered by the Purchaser, and constitutes a
legal, valid and binding obligation of the Purchaser, enforceable in accordance
with its terms, subject to the effect of bankruptcy, insolvency, reorganization,
moratorium, liquidation or other similar laws affecting creditors' rights
generally and to general equitable principles. The execution, delivery and
performance of this Agreement and consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof do not conflict with,
result in a breach of any of the terms or provisions of, nor constitute (with or
without notice or lapse of time) a default under, or result in the creation or
imposition of any Lien to the Purchaser upon any of the property or assets of
the Purchaser pursuant to the terms of, any indenture, mortgage, deed of trust,
loan agreement, guarantee, lease financing agreement or similar agreement or
instrument under which the Purchaser is a debtor or guarantor, nor will such
action result in any violation of the provisions of the Certificate of
Incorporation or the By-laws of the Purchaser; which breach, default, conflict,
Lien or violation in any case would have a material adverse effect on the
ability of the Seller to perform its obligations under this Agreement.

                  (d) NO PROCEEDINGS. There are no proceedings or investigations
pending to which the Purchaser is a party or of which any property of the
Purchaser is the subject, and, to the best of the Purchaser's knowledge, no such
proceedings are threatened or contemplated by governmental authorities or
threatened by others; other than such proceedings that would not have a material
adverse effect upon the ability of the Purchaser to perform its obligations
under, or the validity and enforceability of, this Agreement.

                  3.2 REPRESENTATIONS AND WARRANTIES OF THE SELLER. (a) The
Seller hereby represents and warrants to the Purchaser as of the date hereof and
as of the Closing Date:

                           (i) ORGANIZATION AND GOOD STANDING. The Seller has
         been duly organized and is validly existing as a corporation in good
         standing under the laws of the

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         State of California and is duly qualified and in good standing in
         each jurisdiction in the United States of America in which the
         conduct of its business or the ownership of its property requires
         such qualification and where the failure to so qualify would have a
         material adverse effect on the ability of the Seller to perform its
         obligations under this Agreement.

                          (ii) POWER AND AUTHORITY. The Seller has the
         corporate power and authority to execute and deliver this Agreement and
         sell and assign the property sold and assigned to the Purchaser
         hereunder and has duly authorized such sale and assignment to the
         Purchaser by all necessary corporate action. This Agreement has been
         duly authorized, executed and delivered by the Seller and constitutes a
         legal, valid and binding obligation of the Seller, enforceable in
         accordance with its terms, subject to the effect of bankruptcy,
         insolvency, reorganization, moratorium, liquidation or other similar
         laws affecting creditors' rights generally and by general equitable
         principles.

                         (iii) NO VIOLATION. The execution, delivery and
         performance by the Seller of this Agreement and consummation of the
         transaction contemplated by this Agreement, and the fulfillment of the
         terms hereof, do not conflict with, or result in a breach of any of the
         terms or provisions of, nor constitute (with or without notice or lapse
         of time) a default under, or result in the creation or imposition of
         any Lien upon any of the property or assets of the Seller pursuant to
         the terms of, any indenture, mortgage, deed of trust, loan agreement,
         guarantee, lease financing agreement or similar agreement or instrument
         under which the Seller is a debtor or guarantor, nor will such action
         result in any violation of the provisions of the Articles of
         Incorporation or the Bylaws of the Seller; which breach, default,
         conflict, Lien or violation in any case would have a material adverse
         effect on the ability of the Seller to perform its obligations under
         this Agreement.

                          (iv) NO PROCEEDINGS. There are no proceedings or
         investigations pending to which the Seller is a party or of which any
         property of the Seller is the subject, and, to the best of the Seller's
         knowledge, no such proceedings are threatened or contemplated by
         governmental authorities or threatened by others, other than such
         proceedings that would not have a material adverse effect upon the
         ability of the Seller to perform its obligations under, or the validity
         and enforceability of, this Agreement.

                  (b) The Seller makes the following representations and
warranties as to the Receivables on which the Purchaser relies in accepting the
Receivables. Such representations and warranties speak as of the Cutoff Date,
but shall survive the sale, transfer, and assignment of the Receivables to the
Purchaser hereunder and the subsequent assignment and transfer pursuant to the
[Pooling and Servicing Agreement] [Sale and Servicing Agreement]:

                           (i) CHARACTERISTICS OF RECEIVABLES. Each Receivable
         (a) has been originated in the United States of America by a Dealer for
         the retail sale of a Financed Vehicle in the ordinary course of such
         Dealer's business, has been fully and properly executed by the parties
         thereto, has been purchased by the Seller from such Dealer under an
         existing dealer agreement with the Seller, and has been validly
         assigned by such Dealer to the Seller, (b) has created a valid,
         subsisting and enforceable first priority

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         security interest in favor of the Seller in such Financed Vehicle,
         (c) contains customary and enforceable provisions such that the
         rights and remedies of the holder thereof are adequate for
         realization against the collateral of the benefits of the security,
         (d) provides 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 an original term of no greater than [____]
         months and shall provide for a finance charge or shall yield
         interest at the related Annual Percentage Rate, (e) provides 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) has 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 SCHEDULE A to this Agreement was true and correct in all
         material respects as of the opening of business on the Cutoff Date; the
         Receivables were selected from the Seller's retail installment sale
         contracts meeting the criteria of the Trust set forth herein and in the
         [Pooling and Servicing Agreement] [Sale and Servicing Agreement]; and
         no selection procedures believed to be adverse to the
         [Certificateholders] [Securityholders] were utilized in selecting the
         Receivables.

                         (iii) COMPLIANCE WITH LAW. Each Receivable and the
         sale of the related Financed Vehicle complied at the time it was
         originated or made and at the execution of this Agreement complies 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 Reporting Act, the Fair Credit Billing Act, the Fair Debt
         Collection Practices Act, the Federal Trade Commission Act, the
         Magnuson-Moss Warranty Act, the Soldiers and Sailors Civil Relief Act
         of 1940, the Federal Reserve Board's Regulations B, M, and Z, state
         adaptations of the National Consumer Credit Protection Act and of the
         Uniform Consumer Credit Code, state "Lemon Laws" designed to prevent
         fraud in the sale of automobiles and other consumer credit laws and
         equal credit opportunity and disclosure laws.

                          (iv) BINDING OBLIGATION. Each Receivable represents
         the genuine, legal, valid and binding payment obligation in writing of
         the related Obligor, enforceable by the holder thereof in accordance
         with its terms, subject to the effect of bankruptcy, insolvency,
         reorganization, moratorium or other similar laws affecting creditors'
         rights generally and by general principles of equity, regardless of
         whether such enforceability shall be considered in a proceeding in
         equity or at law.

                           (v) SECURITY INTEREST IN FINANCED VEHICLE. (a)
         Immediately prior to the sale, assignment and transfer thereof to the
         Purchaser, each Receivable was 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 or all appropriate actions
         have been commenced that would result in the valid perfection of a
         first priority security interest in the related Financed Vehicle in
         favor of the Seller as secured party, and (b) as of the

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         Cutoff Date, according to the records of the Seller, no Financed
         Vehicle has been repossessed a reinstated.

                          (vi) RECEIVABLES IN FORCE. No Receivable has been
         satisfied, subordinated or rescinded, nor has any Financed Vehicle been
         released from the lien granted by the related Receivable in whole or in
         part.

                         (vii) NO WAIVER. No provision of a Receivable has
         been waived in such a manner [that is prohibited by the provisions of
         the [Pooling and Servicing Agreement] [Sale and Servicing Agreement] or
         that would cause such Receivable to fail to meet all of the other
         representations and warranties made by the Seller herein with respect
         thereto.

                        (viii) NO DEFENSES. To the Seller's knowledge, no
         Receivable is subject to any right of rescission, setoff, counterclaim
         or defense, including the defense of usury, and the operation of any of
         the terms of any Receivable, or the exercise of any right thereunder,
         will not render such Receivable unenforceable in whole or in part or
         subject such Receivable to any right of rescission, setoff,
         counterclaim or defense, including the defense of usury, and no such
         right of rescission, setoff, counterclaim or defense has been asserted
         with respect thereto.

                          (ix) NO LIENS. To the Seller's knowledge, no liens
         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 the Financed Vehicle granted
         by the related Receivable.

                           (x) NO DEFAULT. 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 has occurred; and no continuing condition
         that with notice or the lapse of time would constitute a default,
         breach, violation or event permitting acceleration under the terms of
         any Receivable has arisen (other than deferrals and waivers of late
         payment charges or fees permitted under the [Pooling and Servicing
         Agreement] [Sale and Servicing Agreement]); and the Seller has not
         waived any of the foregoing except as otherwise permitted hereunder.

                          (xi) 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.

                         (xii) 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 Seller'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 (vii)
         above. Immediately prior to the transfer and assignment herein
         contemplated, the Seller

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         had good and marketable title to each Receivable free and clear of
         all Liens and rights of others and, immediately upon the transfer
         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 shall have been
         perfected under the UCC. Each Receivable File contains the original
         certificate of title (or a photocopy or image thereof) or evidence
         that an application for a certificate of title has been filed.

                        (xiii) LAWFUL ASSIGNMENT. No Receivable has 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 transfers of the Certificates are
         unlawful, void or voidable.

                         (xiv) ALL FILINGS MADE. All filings (including,
         without limitation, UCC filings) necessary in any jurisdiction to give
         the Purchaser a first priority perfected ownership interest in the
         Receivables have been made or have been delivered in form suitable for
         filing to the Purchaser.

                          (xv) CHATTEL PAPER. Each Receivable constitutes
         "chattel paper", as such term is defined in the UCC.

                         (xvi) CALCULATION OF FINANCE CHARGE OR INTEREST. Each
         Receivable shall provide for payment of a finance charge or shall yield
         interest calculated on the basis of the Rule of 78s, the simple
         interest method or the actuarial method.

                        (xvii) ONE ORIGINAL. There is only one original
         executed copy of each Receivable.

                       (xviii) APR. The APR of each Receivable shall, if
         based on (1) the Rule of 78s, be equal to or greater than [____]% and
         equal to or less than [____]%, (2) the actuarial method, be equal to or
         greater than [____]% and equal to or less than [____]% and (3) the
         simple interest method, be equal to or greater than [____]% and equal
         to or less than [____]%.

                         (xix) No AMENDMENTS. No Receivable has been amended
         such that the amount of the Obligor's Scheduled Payments has increased.

                          (xx) MATURITY. As of the Cutoff Date, each Receivable
         had a remaining term to maturity of not less than [_____] months and
         not greater than [____] months, and each Receivable had an original
         maturity of at least [____] months and not more than [____] months.

                         (xxi) BALANCE. Each Receivable had an original
         principal balance of not less than $[____________] and not more than
         $[____________] and, as of the Cutoff Date, had a principal balance of
         not less than $[______] and not more than $[_________].

                        (xxii) DELINQUENCY. No Receivable was more than [30]
         days past due as of the Cutoff Date and no Receivable has been extended
         by more than [___] months.

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                       (xxiii) BANKRUPTCY. No Obligor was the subject of a
         bankruptcy proceeding (according to the records of the Seller) as of
         the Cutoff Date.

                        (xxiv) ORIGINATION. Each Receivable has an
         origination date on or before [_____________].

                         (xxv) [FORCED-PLACED INSURANCE PREMIUMS. No contract
         relating to any Receivable has had forced-placed insurance premiums
         added to the amount financed.]

                        (xxvi) [NO FRAUD OR MISREPRESENTATION. To the
         knowledge of the Seller, no Receivable was originated by a Dealer and
         sold by such Dealer to the Seller with any conduct constituting fraud
         or misrepresentation on the part of such Dealer.]

                       (xxvii) BILLING ADDRESS. As of the Cutoff Date, the
         Obligor under each Receivable had a current billing address in the
         United States.

                                   ARTICLE IV

                                   CONDITIONS

                  4.1 CONDITIONS TO OBLIGATION OF THE PURCHASER. The obligation
of the Purchaser to purchase the Receivables is subject to the satisfaction of
the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations
and warranties of the Seller hereunder shall be true and correct in all material
respects on the Closing Date with the same effect as if then made, and the
Seller shall have performed in all material respects all obligations to be
performed by it hereunder on or prior to the Closing Date.

                  (b) COMPUTER FILES MARKED. The Seller shall, at its own
expense, on or prior to the Closing Date, (i) annotate and indicate in its
computer files that the Receivables have been sold to the Purchaser pursuant to
this Agreement, (ii) deliver to the Purchaser the Schedule of Receivables which
shall be (A) 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 and (B) certified by
an officer of the Seller to be true, correct and complete in all material
respects and (iii) deliver the Receivable Files to or upon the order of the
Purchaser.

                  (c)      DOCUMENTS TO BE DELIVERED BY THE SELLER AT THE
                           CLOSING.

                           (i) THE ASSIGNMENT. At the Closing, the Seller shall
         execute and deliver the Assignment.

                          (ii) EVIDENCE OF UCC FILING. On or prior to the
         Closing Date, the Seller shall record and file, or deliver in a form
         suitable for filing to the Purchaser, at the Seller's own expense, a
         UCC-1 financing statement in each jurisdiction in which required by
         applicable law, executed by the Seller, as seller or debtor, and naming
         the Purchaser, as purchaser or secured party, and the [Trustee][Owner
         Trustee], as assignee of the Purchaser, naming the Receivables and the
         other property conveyed hereunder as

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         collateral, meeting the requirements of the laws of each such
         jurisdiction and in such manner as is necessary to perfect the sale,
         transfer, assignment and conveyance of such Receivables and such
         other property to the Purchaser.

                         (iii) OTHER DOCUMENTS. At the Closing, the Seller
         shall deliver such other documents as the Purchaser may reasonably
         request.

                  (d) OTHER TRANSACTIONS. The transactions contemplated by the
[Pooling and Servicing Agreement] [Sale and Servicing Agreement] shall be
consummated on the Closing Date.

                  4.2 CONDITIONS TO OBLIGATION OF THE SELLER. The obligation of
the Seller to sell the Receivables to the Purchaser is subject to the
satisfaction of the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations
and warranties of the Purchaser hereunder shall be true and correct in all
material respects on the Closing Date with the same effect as if then made, and
the Purchaser shall have performed in all material respects all obligations to
be performed by it hereunder on or prior to the Closing Date.

                  (b) RECEIVABLES PURCHASE PRICE. On the Closing Date, the
Purchaser shall deliver to the Seller the Receivables Purchase Price, as
provided in Section 2.1(b).

                                    ARTICLE V

                             COVENANTS OF THE SELLER

                  The Seller agrees with the Purchaser as follows; PROVIDED,
HOWEVER, that, to the extent that any provision of this ARTICLE V conflicts with
any provision of the [Pooling and Servicing Agreement] [Sale and Servicing
Agreement], the [Pooling and Servicing Agreement] [Sale and Servicing Agreement]
shall govern:

                  5.1 PROTECTION OF RIGHT, TITLE AND INTEREST.

                  (a) The Seller shall execute and file such financing
statements and cause to be executed and filed such continuation statements, all
in such manner and in such places as may be required by law fully to preserve,
maintain and protect the interest of the Purchaser in the Receivables and the
proceeds thereof. The Seller shall deliver (or cause to be delivered) to the
Purchaser file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing.

                  (b) The Seller shall notify the Purchaser within 30 days after
any change of its name, identity or corporate structure in any manner that
would, could or might make any financing statement or continuation statement
filed in accordance with paragraph (a) above seriously misleading within the
meaning of Section 9-402(7) of the UCC, and shall promptly execute and file
appropriate amendments to all previously filed financing statements or
continuation statements.

                                   11
<PAGE>

                  (c) The Seller shall notify the Purchaser of any relocation
of its principal executive office or any office at which the Seller keeps
records concerning the Receivables within 90 days after such relocation, if,
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 promptly
execute and file any such financing statement or amendment. The Seller shall
at all times maintain its principal executive office within the United States
of America.

                  (d) The Seller shall maintain its computer systems so that,
from and after the time of sale hereunder of the Receivables to the
Purchaser, the Seller's master computer records that refer to a Receivable
shall indicate clearly the interest of the Purchaser in such Receivable and
that such Receivable is owned by the Purchaser.

                  (e) The Seller covenants and agrees that it will not
convey, assign, exchange or otherwise transfer the Receivables to any Person
prior to the termination of this Agreement. If at any time the Seller shall
propose to sell, grant a security interest in, or otherwise transfer any
interest in automotive receivables to any prospective purchaser, lender or
other transferee, the Seller shall give to such prospective purchaser, lender
or other transferee computer tapes, records or print-outs that, if they shall
refer in any manner whatsoever to any Receivable, shall indicate clearly that
such Receivable has been sold and is owned by the Purchaser.

                  (f) The Seller shall permit the Purchaser and its agents at
any time during normal business hours upon reasonable advance notice to
inspect, audit and make copies of and abstracts from the Seller's records
regarding any Receivable.

                  (g) The Purchaser, the Seller or the 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
Certificateholders on any Receivable.

                  (h) The Seller agrees to deliver in kind upon receipt to
the Servicer under the [Pooling and Servicing Agreement]
[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.

                  (i) 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
[Pooling and Servicing Agreement] [Sale and Servicing Agreement], reschedule,
revise or defer payments due on any Receivable.

                  5.2 OTHER LIENS OR INTERESTS. Except for the conveyances
hereunder and contemplated pursuant to the [Pooling and Servicing Agreement]
[Sale and Servicing Agreement], the Seller shall not sell, pledge, assign or
transfer to any other Person, or grant, create, incur, assume or suffer to exist
any Lien on any interest therein, and the Seller shall defend the right, title
and interest of the Purchaser in, to and under such Receivables, whether now
existing or hereafter created, against all claims of third parties claiming
through or under the Seller; PROVIDED, HOWEVER, that the Seller's obligations
under this Section 5.2 shall terminate

                                      12
<PAGE>

upon the termination of the Trust pursuant to the [Pooling and Servicing
Agreement] [Sale and Servicing Agreement][; PROVIDED, HOWEVER, nothing herein
shall prevent or prohibit the Seller from (a) allowing tax liens or (b)
allowing a lien while the Seller is contesting it (so long as the Seller has
set aside adequate reserves to pay off the lien)].

                  5.3 INDEMNIFICATION.

                  (a) The Seller shall defend, indemnify and hold harmless
the Purchaser from and against any and all costs, expenses, losses, damages,
claims and liabilities (collectively, "Damages"), arising out of or resulting
from the failure of a Receivable to be originated in compliance with all
requirements of law and for any breach of any of the Seller's representations
and warranties contained herein.

                  (b) The Seller shall defend, indemnify and hold harmless
the Purchaser from and against any and all Damages arising out of or
resulting from the use, ownership or operation by the Seller or any affiliate
thereof of a Financed Vehicle.

                  (c) The Seller shall defend, indemnify and hold harmless
the Purchaser from and against any and all taxes that may at any time be
asserted against the Purchaser with respect to the transactions contemplated
herein, including, without limitation, any sales, gross receipts, general
corporation, tangible personal property, privilege, or license taxes (but not
including any taxes asserted with respect to ownership of the Receivables or
federal or other taxes arising out of the transactions contemplated by this
Agreement and any related documents) and costs and expenses in defending
against the same.

                  (d) The Seller shall defend, indemnify and hold harmless
the Purchaser from and against any and all Damages to the extent that such
Damage arose out of, or was imposed upon the Purchaser through, the
negligence, willful misfeasance or bad faith of the Seller in the performance
of its duties under the Agreement or by reason of reckless disregard of the
Seller's obligations and duties under this Agreement.

                  (e) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against all Damages arising out of or incurred in connection
with the acceptance or performance of the Seller's trusts and duties as Servicer
under the [Pooling and Servicing Agreement] [Sale and Servicing Agreement],
except to the extent that such Damages shall be due to the willful misfeasance,
bad faith or negligence (except for errors in judgment) of the Purchaser.

                  These indemnity obligations shall be in addition to any
obligation that the Seller may otherwise have.

                  (f) Promptly after receipt by a party indemnified under
this Section 5.3 (an "Indemnified Party") of notice of the commencement of
any action, such Indemnified Party will, if a claim in respect thereof is to
be made against the Seller under this Section 5.3, notify the Seller of the
commencement thereof. If any such action is brought against any Indemnified
Party under this Section 5.3 and it notifies the Seller of the commencement
thereof, the Seller will assume the defense thereof, with counsel reasonably
satisfactory to such Indemnified Party (who may, unless there is, as
evidenced by an opinion of counsel to the Indemnified Party stating that

                                      13
<PAGE>

there is an unwaivable conflict of interest, be counsel to the Indemnifying
Party), and the Seller will not be liable to such Indemnified Party under
this Section 5.3 for any legal or other expenses subsequently incurred by
such Indemnified Party in connection with the defense thereof, other than
reasonable costs of investigation. The obligations set forth in this Section
5.4 shall survive the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of litigation. If the
Seller shall have made any indemnity payments pursuant to this Section 5.3
and the Person to or on behalf of whom such payments are made thereafter
collects any of such amounts from others, such Person shall promptly repay
such amounts to the Seller, without interest (except to the extent received
by such Person).

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

                  6.1 OBLIGATIONS OF SELLER. The obligations of the Seller under
this Agreement shall not be affected by reason of any invalidity, illegality or
irregularity of any Receivable.

                  6.2 REPURCHASE EVENTS. The Seller hereby covenants and agrees
with the Purchaser for the benefit of the Purchaser, the [Owner Trustee]
[Trustee] and the holders of the [Securities] [Certificates], that the
occurrence of a breach of any of the Seller's representations and warranties
contained in Section 3.2(b), which breach materially and adversely affects the
interests of the [Securityholders] [Certificateholders] in any Receivable and
which breach shall not 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 option of the Seller, the
last day in the first Collection Period following the Collection Period in which
such discovery is made), shall constitute events obligating the Seller to
repurchase Receivables hereunder ("Repurchase Events"), at the amount of the
Warranty Purchase Payment in respect of each such Receivable from the Purchaser
[or, as described in Section 6.4 below, from the Trust] and the Seller shall be
entitled to receive the Released Warranty Amount. The repurchase obligation of
the Seller shall constitute the sole remedy of the holders of the [Securities]
[Certificates], the [Owner Trustee] [Trustee] and the Purchaser against the
Seller with respect to any Repurchase Event.

                  6.3 SELLER'S ASSIGNMENT OF PURCHASED RECEIVABLES. With respect
to all Receivables repurchased by the Seller pursuant to this Agreement, the
Purchaser (without the need of any further written assignment) shall assign
hereby, without recourse, representation or warranty (other than that it has
good and marketable title to such Receivables), to the Seller all the
Purchaser's right, title and interest in and to such Receivables, and all
security and documents relating thereto. If, however, the Seller reasonably
requests that the Purchaser execute any instruments of transfer or assignment or
take any other action to effect the conveyance, then the Purchaser shall do so.

                  6.4 TRUST. The Seller acknowledges that the Purchaser will,
pursuant to the [Pooling and Servicing Agreement] [Sale and Servicing
Agreement], sell the Receivables to the Trust and assign its rights under this
Agreement to the [Owner Trustee and the Indenture Trustee] [Trustee] for the
benefit of the holders of the [Securities] [Certificates], and that the
representations and warranties contained in this Agreement and the rights of the
Purchaser under

                                      14
<PAGE>

Section 6.2 and the obligations under 6.3 are intended to benefit the Trust
and the holders of the [Securities] [Certificates]. The Seller hereby
consents to such sales and assignments.

                  6.5 AMENDMENT. This Agreement may be amended from time to time
by a written amendment duly executed and delivered by the Seller and the
Purchaser; PROVIDED, HOWEVER, that any such amendment must be consented to by
the [Holders of Certificates evidencing a majority of the Voting Interests]
[Holders of Notes representing a majority of the Outstanding Amount of the
Controlling Class of Notes, or, in the case of any amendment that does not
adversely affect the Indenture Trustee or the Noteholders, the Holder of the
Controlling Class of Certificates].

                  6.6 WAIVERS. No failure or delay on the part of the Purchaser
[, the Trustee or the Seller] in exercising any power, right, remedy or
privilege under this Agreement or the Assignment shall operate as a waiver
hereof or thereof, nor shall any single or partial exercise of any such power,
right, remedy or privilege preclude any other or further exercise hereof or
thereof or the exercise of any other power, right, remedy 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.

                  6.7 NOTICES. All demands, communications and notices pursuant
hereto to either party shall be in writing (including via telecopy) and
addressed or delivered to it at its address (or in the case of telecopy, at its
telecopy number at such address) shown in the opening portion of this Agreement
or at such other address as may be designated by it by notice to the other party
and, if mailed or delivered, shall be deemed given when mailed or delivered, or
transmitted by telecopy.

                  6.8 [COSTS AND EXPENSES. The Seller agrees to pay all expenses
incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the
Purchaser, excluding fees and expenses of counsel, in connection with the
perfection as against third parties of the Purchaser's right, title and interest
in and to the Receivables and the enforcement of any obligation of the Seller
hereunder.]

                  6.9 SURVIVAL. The respective agreements, representations,
warranties and other statements by the Seller and the Purchaser set forth in or
made pursuant to this Agreement shall remain in full force and effect and will
survive the Closing.

                  6.10 HEADINGS AND CROSS-REFERENCES. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in
this Agreement to Section names or numbers are to such Sections of this
Agreement.

                  6.11 GOVERNING LAW. This Agreement and the Assignment shall
be governed by and construed in accordance with the internal laws of the
[State of New York] and the obligations, rights and remedies of the parties
under this Agreement shall be determined in accordance with such laws.

                  6.12 COUNTERPARTS. This Agreement may be executed in two
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.

                                      15
<PAGE>

                  6.13 SALE. Each party hereto agrees to treat the conveyance
under this Agreement for all purposes (including, without limitation, tax and
financial accounting purposes) as a sale of the Receivables on all of its
relevant books, records, tax returns, financial statements and other applicable
documents. Although the parties hereto intend that the transfer and assignment
contemplated by this Agreement be a sale, in the event such transfer and
assignment is deemed to be other than a sale, the parties intend (a) that all
filings described in this Agreement shall give the Purchaser a first priority
perfected security interest in, to and under the Receivables and other property
conveyed hereunder and all proceeds of any of the foregoing, (b) this Agreement
shall be deemed to be the grant of a security interest from the Seller to the
Purchaser, and (c) the Purchaser shall have all the rights, powers and
privileges of a secured party under the UCC.

                  6.14 SEVERABILITY. 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 provisions of this Agreement.

                  6.15 ASSIGNMENT OF AGREEMENT. This Agreement may not be
assigned by the Purchaser or the Seller except as contemplated by this Section
and the [Pooling and Servicing Agreement] [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 Trustee for the benefit of the Certificateholders as provided in
Section [2.01 of the Pooling and Servicing Agreement] [Section ___ 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 Trust
and that the 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.

                  6.16 THIRD-PARTY BENEFICIARIES. This Agreement will inure to
the benefit of and be binding upon the parties hereto, and the Trustee for the
benefit of the [Securityholders], which shall be considered to be a third-party
beneficiary hereof. Except as otherwise provided in this Agreement, no other
Person will have any right or obligation hereunder.

                  6.17 MERGER; INTEGRATION. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

                  6.18 NO MERGER OR CONSOLIDATION.

                  (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

                                      16
<PAGE>

         the laws of the United States of America, 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 Trustee, in form satisfactory
         to the Purchaser and the 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 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 6.15
and this Section.

                  IN WITNESS WHEREOF, the parties hereto hereby have caused this
Agreement to be executed by their respective officers thereunto duly authorized
as of the [_____] day of [______].

                       AMERICAN HONDA FINANCE CORPORATION,
                       as seller

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

                       AMERICAN HONDA RECEIVABLES CORP.,
                       as purchaser

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

                                      17
<PAGE>

                                                                       EXHIBIT A

                                   ASSIGNMENT

                  For value received, in accordance with the Purchase Agreement
dated as of ____________, between the undersigned (the "Seller") and Honda Auto
Receivables Corp. (the "Purchaser") (the "Purchase Agreement"), the undersigned
does hereby sell, assign, transfer and otherwise convey unto the Purchaser,
without recourse, the following:

                           (i) all right, title and interest of the Seller in
         and to the Receivables listed on Schedule A hereto (including all
         related Receivable Files) and all monies due thereon or paid thereunder
         or in respect thereof after the Cutoff Date;

                           (ii) the right of the Seller in the security
         interests in the Financed Vehicles granted by the Obligors pursuant to
         the Receivables and any related property;

                           (iii) the right of the Seller in any proceeds from
         claims on any physical damage, credit life, credit disability or other
         insurance policies covering Financed Vehicles or Obligors;

                           (iv)     the right of the Seller in any Dealer
         Recourse;

                           (v) the right of the Seller to realize upon any
         property (including the right to receive future Net Liquidation
         Proceeds) that shall have secured a Receivable;

                           (vi) the right of the Seller in rebates of premiums
         and other amounts relating to insurance policies and other items
         financed under the Receivables in effect as of the Cutoff Date; and

                           (vii) all proceeds of the foregoing.

                  The foregoing sale does not constitute and is not intended to
result in any assumption by the Purchaser of any obligation of the undersigned
to the Obligors, insurers or any other person in connection with the
Receivables, Receivable Files, any insurance policies or any agreement or
instrument relating to any of them.

                  This Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and is to be governed by the Purchase
Agreement.

                  Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to such terms in the Purchase Agreement.

                                    Exhibit A               (Purchase Agreement)

<PAGE>

                  IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed as of the ___ day of ____________.

                               AMERICAN HONDA FINANCE
                               CORPORATION

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

ACKNOWLEDGED AND ACCEPTED:

AMERICAN HONDA RECEIVABLES CORP.

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

                                    Exhibit A               (Purchase Agreement)

<PAGE>

                                   SCHEDULE A

                             Schedule of Receivables

See schedule attached to the [Pooling and Servicing Agreement][Sale and
Servicing Agreement].

                                   Schedule A               (Purchase Agreement)<PAGE>

                                                                     EXHIBIT 4.6
                                                   TO THE REGISTRATION STATEMENT
                                                                       (6/21/00)

                            ADMINISTRATION AGREEMENT

                                      among

                 HONDA AUTO RECEIVABLES [____-___] OWNER TRUST,
                                    as Issuer

                       AMERICAN HONDA FINANCE CORPORATION,
                                as Administrator

                             [____________________],
                              as Indenture Trustee

                                       and

                             [____________________],
                                as Owner Trustee

                            Dated as of [__________]

<PAGE>

                                                  TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                              PAGE
<S>                                                                                                         <C>
1.       DUTIES OF THE ADMINISTRATOR.............................................................................2
2.       RECORDS.................................................................................................8
3.       COMPENSATION............................................................................................8
4.       ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER....................................................8
5.       INDEPENDENCE OF THE ADMINISTRATOR.......................................................................8
6.       NO JOINT VENTURE........................................................................................8
7.       OTHER ACTIVITIES OF ADMINISTRATOR.......................................................................8
8.       TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.............................................8
9.       ACTION UPON TERMINATION, RESIGNATION OR REMOVAL........................................................10
10.      NOTICES................................................................................................10
11.      AMENDMENTS.............................................................................................11
12.      SUCCESSOR AND ASSIGNS..................................................................................11
13.      GOVERNING LAW..........................................................................................12
14.      HEADINGS...............................................................................................12
15.      COUNTERPARTS...........................................................................................12
16.      SEVERABILITY OF PROVISIONS.............................................................................12
17.      NOT APPLICABLE TO AHFC IN OTHER CAPACITIES.............................................................12
18.      LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE.........................................12
19.      LIMITATION ON LIABILITY OF ADMINISTRATOR...............................................................13
</TABLE>

                                     -i-

<PAGE>

         ADMINISTRATION AGREEMENT, dated as of [__________], among HONDA AUTO
RECEIVABLES [_________-___________] OWNER TRUST, a Delaware business trust (the
"Issuer"), AMERICAN HONDA FINANCE CORPORATION, a California corporation, as
administrator (the "Administrator"), [____________________], a
[______________________], not in its individual capacity but solely as Indenture
Trustee (as defined below), and [____________________], a
[__________________________], not in its individual capacity but solely as Owner
Trustee (as defined below).

                            W I T N E S S E T H:

         WHEREAS, beneficial ownership interests in the Issuer represented by
the Honda Auto Receivables [_________-_________] Owner Trust Asset Backed
Certificates, Class C and Class D (the "Certificates") have been issued in
connection with the formation of the Issuer pursuant to the Trust Agreement,
dated as of [__________] (the "Trust Agreement"), between American Honda
Receivables Corp. ("AHRC"), a California corporation, as depositor, and
[____________________], as owner trustee (the "Owner Trustee") to the owners
thereof (the "Owners");

         WHEREAS, the Issuer is issuing the Honda Auto Receivables [___-__]
Owner Trust [___]% Asset Backed Notes Class A-1, the Honda Auto Receivables
[___-__] Owner Trust [___]% Asset Backed Notes Class A-2, the Honda Auto
Receivables [___-__] Owner Trust [___]% Asset Backed Notes Class A-3, and the
Honda Auto Receivables [___-__] Owner Trust [___]% Asset Backed Notes Class B
(collectively, the "Notes") pursuant to the Indenture, dated as of [__________]
(as amended and supplemented from time to time, the "Indenture"), between the
Issuer and [_________], as indenture trustee (the "Indenture Trustee";
capitalized terms used herein and not defined herein shall have the meanings
ascribed thereto in the Indenture, the Trust Agreement or the Sale and Servicing
Agreement, dated as of [__________], among the Issuer, American Honda Finance
Corporation ("AHFC"), as servicer, and AHRC, as seller (the "Sale and Servicing
Agreement"), as the case may be);

         WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Certificates and the Notes, including the Purchase
Agreement, dated as of [__________] (the "Purchase Agreement"), between AHFC, as
seller, and AHRC, as purchaser, the Trust Agreement, the Indenture, this
Agreement, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Note Depository Agreement, the Certificate Depository Agreement,
and the Sale and Servicing Agreement (collectively, the "Basic Documents");

         WHEREAS, pursuant to the Basic Documents, the Issuer, the Owner Trustee
and the Indenture Trustee are required to perform certain duties in connection
with the Certificates, the Notes and the Collateral;

         WHEREAS, the Issuer, the Owner Trustee and the Indenture Trustee desire
to appoint AHFC as administrator to perform certain of the duties of the Issuer,
the Owner Trustee and the Indenture Trustee under the Basic Documents and to
provide such additional services consistent

<PAGE>

with the terms of this Agreement and the Basic 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, the
Owner Trustee and the Indenture Trustee on the terms set forth herein;

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

         1.       DUTIES OF THE ADMINISTRATOR.

                  (a)      DUTIES WITH RESPECT TO THE NOTE DEPOSITORY
            AGREEMENT AND THE INDENTURE.

                           (i) The Administrator agrees to perform all its
                  duties as Administrator and the duties of the Issuer under the
                  Note Depository Agreement. In addition, the Administrator
                  shall consult with the Owner Trustee regarding the duties of
                  the Issuer under the Indenture and the Note Depository
                  Agreement. The Administrator shall monitor the performance of
                  the Issuer and shall advise the Owner Trustee when action by
                  the Issuer or the Owner Trustee is necessary to comply with
                  the Issuer's duties under the Indenture and the Note
                  Depository Agreement. The Administrator shall prepare for
                  execution by the Issuer or shall cause the preparation by
                  other appropriate persons of all such documents, reports,
                  filings, instruments, certificates and opinions as it shall be
                  the duty of the Issuer to prepare, file or deliver pursuant to
                  the Indenture and the Note Depository Agreement. In
                  furtherance of the foregoing, the Administrator shall take all
                  appropriate action that is the duty of the Issuer 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):

                                    (A) preparing or obtaining the documents and
                           instruments required for the proper authentication of
                           Notes and delivering the same to the Indenture
                           Trustee (Section 2.02);

                                    (B) appointing the Note Registar and giving
                           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);

                                    (C) preparing the notification to
                           Noteholders of the final principal payment on their
                           Notes (Section 2.07(b));

                                    (D) preparing, obtaining and/or filing of
                           all instruments, opinions and certificates and other
                           documents required for the release of Collateral
                           (Section 2.12);

                                      2
<PAGE>

                                    (E) maintaining an office in the [Borough of
                           Manhattan, City of New York,] for the registration of
                           transfer or exchange of Notes (Section 3.02);

                                    (F) causing 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);

                                    (G) directing the Indenture Trustee to
                           deposit moneys with Paying Agents, if any, other than
                           the Indenture Trustee (Section 3.03);

                                    (H) obtaining and preserving or causing the
                           Owner Trustee to obtain and preserve the Issuer's
                           qualification to do business in each jurisdiction in
                           which such qualification is or shall be necessary to
                           protect the validity and enforceability of the
                           Indenture, the Notes, the Collateral and each other
                           instrument and agreement included in the Trust Estate
                           (Section 3.04);

                                    (I) preparing all supplements, amendments,
                           financing statements, continuation statements,
                           instruments of further assurance and other
                           instruments, in accordance with Section 3.05 of the
                           Indenture, necessary to protect the Trust Estate
                           (Section 3.05);

                                    (J) furnishing the required Opinions of
                           Counsel on the Closing Date and at such other times,
                           in accordance with Section 3.06 of the Indenture, and
                           delivering the annual Officer's Certificates and
                           certain other statements as to compliance with the
                           Indenture, in accordance with Section 3.09 of the
                           Indenture (Sections 3.06 and 3.09);

                                    (K) identifying to the Indenture Trustee in
                           an Officer's Certificate any Person with whom the
                           Issuer has contracted to perform its duties under the
                           Indenture (Section 3.07);

                                    (L) notifying the Indenture Trustee and the
                           Rating Agencies of any Servicer Default pursuant to
                           the Sale and Servicing Agreement and, if such
                           Servicer Default arises from the failure of the
                           Servicer to perform any of its duties under the Sale
                           and Servicing Agreement, taking all reasonable steps
                           available to remedy such failure (Section 3.07(d));

                                    (M) preparing and obtaining documents and
                           instruments required in connection with the
                           consolidation, merger or transfer of assets of the
                           Issuer (Section 3.10);

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

                                      3
<PAGE>

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

                                    (P) fixing or causing to be fixed any
                           specified record date and the notification of the
                           Indenture Trustee and Noteholders with respect to
                           special payment dates, if any (Section 5.04);

                                    (Q) removing the Indenture Trustee and
                           petitioning a court of competent jurisdiction for the
                           appointment of a successor Indenture Trustee (Section
                           6.08);

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

                                    (S) preparing and, after execution by the
                           Issuer and the Indenture Trustee, filing with the
                           Commission and any applicable state agencies of
                           documents required to be filed on a periodic basis
                           with the Commission and any applicable state agencies
                           (including any summaries thereof required by rules
                           and regulations prescribed thereby), and transmitting
                           of such summaries to the Noteholders (Section 7.03);

                                    (T) preparing any Issuer Request and
                           Officer's Certificates and obtaining any Opinions of
                           Counsel and Independent Certificates necessary for
                           the release of the Trust Estate (Section 8.04);

                                    (U) preparing Issuer Orders and obtaining
                           Opinions of Counsel with respect to the execution of
                           any supplemental indentures, and mailing notices to
                           the Noteholders and each Rating Agency with respect
                           thereto (Sections 9.01, 9.02 and 9.03);

                                    (V) executing and delivering new Notes
                           conforming to the provisions of any supplemental
                           indenture, as appropriate (Section 9.06);

                                    (W) notifying Noteholders and each Rating
                           Agency of any redemption of the Notes or causing the
                           Indenture Trustee to provide such notice (Sections
                           10.01 and 10.02);

                                    (X) preparing 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));

                                      4
<PAGE>

                                    (Y) preparing and delivering Officer's
                           Certificates and obtaining Independent Certificates,
                           if necessary, for the release of property from the
                           lien of the Indenture (Section 11.01(b));

                                    (Z) notifying the Rating Agencies, upon any
                           failure of the Indenture Trustee to give such
                           notification, of the information required pursuant to
                           Section 11.04 of the Indenture (Section 11.04);

                                    (AA) preparing and delivering to the
                           Noteholders and the Indenture Trustee any agreements
                           with respect to alternate payment and notice
                           provisions (Section 11.06); and

                                    (BB) recording the Indenture, if applicable
                           (Section 11.15).

                           (ii) The Administrator also will:

                                    (A) pay the Indenture Trustee from time to
                           time the reasonable compensation provided for in the
                           Indenture with respect to services rendered by the
                           Indenture Trustee under the Indenture (which
                           compensation shall not be limited by any provision of
                           law in regard to the compensation of a trustee of an
                           express trust);

                                    (B) 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
                           Indenture (including the reasonable compensation,
                           expenses and disbursements of its agents, counsel,
                           accountants and experts) to the extent the Indenture
                           Trustee is entitled to such reimbursement by the
                           Issuer under the Indenture;

                                    (C) reimburse the Delaware Co-Trustee upon
                           its request for all reasonable expenses,
                           disbursements and advances incurred or made by the
                           Delaware Co-Trustee in accordance with any provision
                           of the Indenture (including the reasonable
                           compensation, expenses and disbursements of its
                           agents, counsel, accountants and experts) to the
                           extent the Delaware Co-Trustee is entitled to such
                           reimbursement by the Issuer under the Indenture;

                                    (D) indemnify the Indenture Trustee for, and
                           hold it harmless against, any losses, liability or
                           expense incurred without negligence or bad faith on
                           the part of the Indenture Trustee, arising out of or
                           in connection with the acceptance or administration
                           of the trusts and duties contemplated by the
                           Indenture, including the reasonable costs and
                           expenses of defending itself against any claim or
                           liability in connection therewith to the extent the
                           Indenture Trustee is entitled to such indemnification
                           from the Issuer under the Indenture;

                                      5
<PAGE>

                                    (E) indemnify the Owner Trustee for, and
                           hold it harmless against, any loss, liability or
                           expense incurred without negligence or bad faith on
                           the part of the Owner Trustee, arising out of or in
                           connection with the acceptance or administration of
                           the transactions contemplated by the Basic Documents,
                           including the reasonable costs and expenses of
                           defending itself against any claim or liability in
                           connection with the exercise or performance of any of
                           their powers or duties under the Trust Agreement; and

                                    (F) indemnify the Delaware Co-Trustee for,
                           and hold it harmless against, any loss, liability or
                           expense incurred without negligence or bad faith on
                           the part of the Delaware Co-Trustee, arising out of
                           or in connection with the acceptance or
                           administration of the transactions contemplated by
                           the Trust Agreement, including the reasonable costs
                           and expenses of defending itself against any claim or
                           liability in connection with the exercise or
                           performance of any of its powers or duties under the
                           Trust Agreement.

                  (b)      ADDITIONAL DUTIES.

                           (i) In addition to the duties of the Administrator
                  set forth above, the Administrator shall perform such
                  calculations, and 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, filings,
                  instruments, certificates and opinions as it shall be the duty
                  of the Issuer or the Owner Trustee to prepare, file or deliver
                  pursuant to the Basic Documents, and at the request of the
                  Owner Trustee shall take all appropriate action that it is the
                  duty of the Issuer or the Owner Trustee to take pursuant to
                  the Basic Documents. Subject to Section 5 of this Agreement,
                  and in accordance with the reasonable written 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 Basic 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.

                           (ii) Notwithstanding anything in this Agreement or
                  the Basic 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 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.

                           (iii) Notwithstanding anything in this Agreement or
                  the Basic Documents to the contrary, the Administrator shall
                  be responsible for performance of the duties of the Owner
                  Trustee set forth in Section 5.05(a), (b),

                                       6
<PAGE>

                  (c) and (d) of the Trust Agreement with respect to, among
                  other things, accounting and reports to the Certificateholder;
                  PROVIDED, HOWEVER, that the Owner Trustee shall remain
                  exclusively responsible for the distribution of the Schedule
                  K-1s necessary to enable each Certificateholder to prepare its
                  federal and state income tax returns.

                           (iv)  The Administrator shall satisfy its obligations
                  with respect to clauses (ii) and (iii) above by retaining, at
                  the expense of the Issuer payable by the Administrator, a firm
                  of independent public accountants (the "Accountants")
                  acceptable to the Owner Trustee which shall perform the
                  obligations of the Administrator thereunder. In connection
                  with paragraph (ii) above, the Accountants will provide prior
                  to [_________________], a letter in form and substance
                  satisfactory to the Owner Trustee as to whether any tax
                  withholding is then required and, if required, the procedures
                  to be followed with respect thereto to comply with the
                  requirements of the Code. The Accountants shall be required to
                  update the letter in each instance that any additional tax
                  withholding is subsequently required or any previously
                  required tax withholding shall no longer be required.

                           (v)   The Administrator shall perform the duties of
                  the Administrator specified in Section 10.02 of the Trust
                  Agreement required to be performed in connection with the
                  resignation or removal of the Owner Trustee, and any other
                  duties expressly required to be performed by the Administrator
                  under the Trust Agreement.

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

                  (c)      NON-MINISTERIAL MATTERS.

                           (i)   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, without limitation:

                                 (A)  the amendment of the Indenture or
                           execution of any supplement to the Indenture;

                                      7
<PAGE>

                                 (B)  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);

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

                                 (D)  the appointment of successor Note
                           Registrars, successor Paying Agents or 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, Paying Agent or Indenture Trustee of
                           its obligations, in each case under the Indenture;
                           and

                                 (E)  the removal of the Indenture Trustee.

                           (ii)  Notwithstanding anything to the contrary in
                  this Agreement, the Administrator shall not be obligated to,
                  and shall not (x) make any payments to the Noteholders under
                  the Basic Documents, (y) sell the Trust Estate pursuant to
                  Section 5.04 of the Indenture or (z) take any other action
                  that the Issuer directs the Administrator not to take on its
                  behalf.

         2.       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, the
Owner Trustee and the Indenture Trustee at any time during normal business
hours upon reasonable advance written notice.

         3.       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 a fee of
$200.00 per month which shall be solely an obligation of the Servicer.

         4.       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.

         5.       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, the Owner Trustee or the
Indenture Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by the
Issuer hereunder or otherwise, the Administrator shall have no authority to
act for or represent the Issuer, the Owner Trustee or the Indenture Trustee,
and shall not otherwise be or be deemed an agent of the Issuer, the Owner
Trustee or the Indenture Trustee.

         6.       NO JOINT VENTURE. Nothing contained in this Agreement shall
(i) constitute the Administrator and any of the Issuer, the Owner Trustee or
the Indenture Trustee as members of any partnership, joint venture,
association, syndicate, unincorporated business or other

                                      8

<PAGE>

separate entity, (ii) be construed to impose any liability as such on any of
them or (iii) 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.

         7.       OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its or their sole discretion, from acting as an administrator for any
other person or entity, or in a similar capacity therefor, even though such
person or entity may engage in business activities similar to those of the
Issuer, the Owner Trustee or the Indenture Trustee.

         8.       TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.

                  (a)   This Agreement shall continue in force until the
         dissolution of the Issuer, upon which event this Agreement shall
         automatically terminate.

                  (b)   Subject to Sections 8(e) and 8(f), the Administrator
         may resign by providing the Issuer with at least 30 days' prior
         written notice.

                  (c)   Subject to Sections 8(e) and 8(f), the Issuer may remove
         the Administrator without cause if so instructed by the Owner Trustee
         or the Indenture Trustee in writing and the Issuer has provided (i) the
         Administrator or the Owner Trustee and Indenture Trustee with at least
         10 days' prior written notice that such removal might or would result
         in a Rating Agency Condition and (ii) each Rating Agency with at least
         10 days' written notice of such removal.

                  (d)   Subject to Sections 8(e) and 8(f), 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 fail to perform in any
                  material respect any of its duties under this Agreement and,
                  after notice of such default, shall not cure such default
                  within 10 days (or, if such default cannot be cured in such
                  time, shall not give within 10 days such assurance of timely
                  and complete cure as shall be reasonably satisfactory to the
                  Issuer);

                        (ii)  the entry of a decree or order by a court or
                  agency or supervisory authority having jurisdiction in the
                  premises for the appointment of a trustee in bankruptcy,
                  conservator, receiver or liquidator for the Administrator in
                  any bankruptcy, insolvency, readjustment of debt, marshalling
                  of assets and liabilities or similar proceedings, or for the
                  winding up or liquidation of their respective affairs, and the
                  continuance of any such decree or order unstayed and in effect
                  for a period of 90 consecutive days; or

                        (iii) the consent by the Administrator to the
                  appointment of a trustee in bankruptcy, conservator or
                  receiver or liquidator in any bankruptcy, insolvency,

                                      9

<PAGE>

                  readjustment of debt, marshalling of assets and liabilities or
                  similar proceedings of or relating to the Administrator of or
                  relating to substantially all of their property, or the
                  Administrator shall admit in writing its inability to pay its
                  debts generally as they become due, file a petition to take
                  advantage of any applicable insolvency or reorganization
                  statute, make an assignment for the benefit of its creditors,
                  or voluntarily suspend payment of its obligations.

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

                  (e)   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 on substantially the same terms as the Administrator is
         bound hereunder.

                  (f)   The resignation or removal of the Administrator or the
         appointment of any successor Administrator shall be effective only
         after each Rating Agency has provided to the Owner Trustee and the
         Indenture Trustee written notice that such resignation or removal or
         proposed appointment will not result in the reduction or withdrawal of
         any rating then assigned by such Rating Agency to any Class of Notes or
         the Class C Certificates.

                  (g)   Subject to Section 8(e) and 8(f), 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
         succeed to the rights, duties and obligations of the Administrator
         under this Agreement.

         9.       ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly
upon the effective date of termination of this Agreement pursuant to Section
8(a) or the resignation or removal of the Administrator pursuant to Section
8(b) or (c) or (d), 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 Section 8(a) deliver to or to the order of 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 8(b) or (c) or (d), 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.

         10.      NOTICES. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows:

                  (a)      if to the Issuer or the Owner Trustee, to:

                                      10

<PAGE>

                           Honda Auto Receivables [_____-___] Owner Trust
                           In care of:  ________________________

                           [____________________________________]
                           Attention:  Honda Auto Receivables [_____-___]
                                       Owner Trust

                           with a copy to

                           Honda Auto Receivables [_____-___] Owner Trust
                           In care of: American Honda Finance Corporation
                           700 Van Ness
                           Torrance, California  90501

                           Attention:  _________

                  (b)      if to the Administrator, to:

                           American Honda Finance Corporation
                           700 Van Ness
                           Torrance, California  90501
                           Attention:  _____________

                  (c)      if to the Indenture Trustee, to:

                           [_________________________________]
                           [_________________________________]
                           [_________________________________]
                           Attention:  Honda Auto Receivables [___-___]
                                       Owner Trust

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.

         11.      AMENDMENTS. This Agreement may be amended by the Issuer,
the Owner Trustee, the Indenture Trustee and the Administrator, without the
consent of any of the Noteholders or the Certificateholders, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement if (a) the Indenture
Trustee and Owner Trustee receive an Opinion of Counsel to the effect that
such action will not adversely affect in any material respect the interests
of any Noteholder or Certificateholder, or (b) the Indenture Trustee or Owner
Trustee, as the case may be, has received the consent of (i) the Holders of
at least 51% of the Outstanding Amount of the Class A Notes acting as a
single Class (without the consent of any Holder of a Class B Note) or (ii)
after the Class A Notes have been paid in full, the Holders of at least 51%
of the Outstanding Amount of the Class B Notes (in each case excluding for
the purpose of calculating the Outstanding Amount any Notes held of record or
beneficially owned by AHFC, AHRC or any of their Affiliates) or (iii) if the
Class B Notes have been paid in full, the Holders of Trust Certificates
representing at least 51% of the Certificate Balance.

                                      11

<PAGE>

         12.      SUCCESSOR AND ASSIGNS. This Agreement may not be assigned
by the Administrator unless such assignment is consented to in writing by the
Issuer, the Owner Trustee and the Indenture Trustee, and the conditions
precedent to appointment of a successor Administrator set forth in Section 8
are satisfied. 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, the Owner Trustee and the Indenture 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 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.

         13.      GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

         14.      HEADINGS. The section headings hereof have been inserted
for convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.

         15.      COUNTERPARTS. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but
one and the same agreement.

         16.      SEVERABILITY OF PROVISIONS. If any one or more of the
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid or unenforceable in any jurisdiction, then such
agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no
way affect the validity or enforceability of the other provisions of this
Agreement or the other rights of the parties hereto.

         17.      NOT APPLICABLE TO AHFC IN OTHER CAPACITIES. Nothing in this
Agreement shall affect any obligation, right or benefit AHFC may have in any
other capacity or under any Basic Document.

         18.      LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE
TRUSTEE. Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by [_________________], not in its
individual capacity but solely in its capacity as Owner Trustee of the
Issuer, and [_________________], not in its individual capacity but solely in
its capacity as Indenture Trustee under the Indenture and in no event shall
[_________________] in its individual capacity, [________________], in its
individual capacity, or any Certificateholder have any liability for the
representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder or in any of the certificates,

                                      12

<PAGE>

notices or agreements delivered pursuant hereto, as to all of which recourse
shall be had solely to the assets of the Issuer.

         19.      LIMITATION ON LIABILITY OF ADMINISTRATOR. Neither the
Administrator nor any of the directors, officers, employees or agents of the
Administrator shall be under any liability to the Seller, the Issuer, the
Noteholders or the Certificateholders, except as provided under this
Administration Agreement, for any action taken or for refraining from the
taking of any action pursuant to this Administration Agreement or for errors
in judgment; provided, however, that this provision shall not protect the
Administrator or any such person against any liability that would otherwise
be imposed by reason of willful misfeasance, bad faith or negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties under this Administration Agreement. The Administrator and any
director, officer, employee or agent of the Administrator may rely in good
faith on any document of any kind prima facie properly executed and submitted
by any person respecting any matters arising under this Administration
Agreement.

                                      13

<PAGE>

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

                                   HONDA AUTO RECEIVABLES [____-___] OWNER TRUST

                                   By: [_________________________________]
                                   not in its individual capacity but solely as
                                   Owner Trustee

                                        By:___________________________________
                                           Name:
                                           Title:

                                   [______________________________], not in its
                                   individual capacity but solely as Indenture
                                   Trustee

                                   By:________________________________________
                                   Name:
                                   Title:

                                   AMERICAN HONDA FINANCE
                                   CORPORATION,
                                   as Administrator

                                   By:________________________________________
                                   Name:
                                   Title:

                                   [__________________________________________]
                                   , not in its individual capacity but solely
                                   as Owner Trustee

                                   By:________________________________________
                                   Name:
                                   Title:

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