Document:

EX-10.10

 Exhibit 10.10 

 
  

 
 COLLATERAL CUSTODIAN AGREEMENT 

CARVANA AUTO RECEIVABLES TRUST 2022-P3, 

as Issuing Entity 
 and 

CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, 

as Grantor Trust 
 and 

CARVANA, LLC, 
 as Administrator

 and 
 BRIDGECREST CREDIT
COMPANY, LLC 
 as Servicer 

and 
 COMPUTERSHARE TRUST COMPANY,
NATIONAL ASSOCIATION 
 as Collateral Custodian and Indenture Trustee 

 
  

Dated as of September 8, 2022 
  

 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS; CONSTRUCTION
	  	 	2	 
			
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Accounting Terms and Determinations	  	 	3	 
	 Section 1.3
	 	Computation of Time Periods	  	 	3	 
	 Section 1.4
	 	Interpretation	  	 	3	 
		
	 ARTICLE II THE COLLATERAL CUSTODIAN
	  	 	4	 
			
	 Section 2.1
	 	Appointment; Duties of the Collateral Custodian	  	 	4	 
	 Section 2.2
	 	Access to Receivable Files; Release of Receivable Files	  	 	7	 
	 Section 2.3
	 	Compensation and Indemnification of Collateral Custodian	  	 	9	 
	 Section 2.4
	 	Representations, Warranties and Covenants of the Collateral Custodian	  	 	10	 
	 Section 2.5
	 	Covenants of the Collateral Custodian	  	 	11	 
	 Section 2.6
	 	Liability of the Collateral Custodian	  	 	11	 
	 Section 2.7
	 	Certain Matters Affecting the Collateral Custodian	  	 	14	 
	 Section 2.8
	 	Merger, Conversion, Consolidation of, or Succession to Business of, the Collateral Custodian	  	 	16	 
	 Section 2.9
	 	Termination	  	 	17	 
	 Section 2.10
	 	Non-Reliance on Collateral Custodian	  	 	18	 
	 Section 2.11
	 	AML Law	  	 	18	 
		
	 ARTICLE III MUTUAL COVENANTS REGARDING CONFIDENTIALITY
	  	 	19	 
			
	 Section 3.1
	 	Other Confidential Information	  	 	19	 
		
	 ARTICLE IV MISCELLANEOUS
	  	 	19	 
			
	 Section 4.1
	 	Amendments	  	 	19	 
	 Section 4.2
	 	Notices, Etc.	  	 	20	 
	 Section 4.3
	 	Cumulative Remedies	  	 	21	 
	 Section 4.4
	 	Waivers	  	 	21	 
	 Section 4.5
	 	Binding Effect	  	 	21	 
	 Section 4.6
	 	Term of this Agreement; Survival	  	 	21	 
	 Section 4.7
	 	Governing Law	  	 	21	 
	 Section 4.8
	 	Submission to Jurisdiction, Waiver of Jury Trial	  	 	22	 
	 Section 4.9
	 	Limitation on Consequential Damages	  	 	22	 

  
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Collateral Custodian Agreement 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 4.10
	 	Nonpetition Covenant	  	 	22	 
	 Section 4.11
	 	Recourse Against Certain Parties	  	 	23	 
	 Section 4.12
	 	Counterparts; Electronic Signatures	  	 	23	 
	 Section 4.13
	 	Concerning the Owner Trustee and the Grantor Trust Trustee	  	 	24	 
	 Section 4.14
	 	Information to be Provided by the Collateral Custodian	  	 	24	 
	 Section 4.15
	 	Entire Agreement	  	 	26	 
	 Section 4.16
	 	Headings	  	 	26	 
	 Section 4.17
	 	Third-Party Beneficiaries	  	 	26	 

  

			
	EXHIBIT A	  	FORM OF RELEASE OF DOCUMENTS
	EXHIBIT B	  	FORM OF DOCUMENT RECEIPT
	EXHIBIT C	  	COLLATERAL CUSTODIAN FEE SCHEDULE
	EXHIBIT D	  	SERVICING CRITERIA TO BE ADDRESSED IN COLLATERAL CUSTODIAN’S ASSESSMENT OF COMPLIANCE

  
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CRVNA 2022-P3 

Collateral Custodian Agreement 

 COLLATERAL CUSTODIAN AGREEMENT 

This Collateral Custodian Agreement, dated as of September 8, 2022 (this “Agreement”), is among CARVANA AUTO RECEIVABLES
TRUST 2022-P3, a Delaware statutory trust, as the issuing entity (the “Issuing Entity”), CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3, a Delaware
statutory trust, as the grantor trust (the “Grantor Trust”), CARVANA, LLC, an Arizona limited liability company, as administrator (the “Administrator”), BRIDGECREST CREDIT COMPANY, LLC, an Arizona limited liability
company, as servicer (the “Servicer”), COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, acting through its document custody division (including, as applicable, any agents or affiliates utilized
thereby), as collateral custodian (in such capacity, the “Collateral Custodian”), and COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as indenture trustee (in such capacity, the “Indenture Trustee”). 

W I T N E S S E T H: 
 WHEREAS,
the Seller has and will from time to time originate and acquire certain receivables, including automobile retail installment sales contracts, and transfer certain of such receivables and related property to Carvana Receivables Depositor LLC (the
“Depositor”); 
 WHEREAS, the Depositor will sell certain of those receivables and related property to the Issuing Entity
and the Issuing Entity will contribute those receivables and related property to the Grantor Trust; 
 WHEREAS, the Issuing Entity, the
Grantor Trust and the Indenture Trustee have entered into that certain Indenture, dated as of the date hereof (the “Indenture”), pursuant to which the Issuing Entity and the Grantor Trust will pledge the receivables, the Grantor
Trust Certificate and certain other property to the Indenture Trustee for the benefit of the Secured Parties; 
 WHEREAS, the Indenture
Trustee, Vervent Inc. (the “Backup Servicer”), the Issuing Entity, the Grantor Trust and the Servicer will enter into that certain Servicing Agreement, dated as of the date hereof (the “Servicing Agreement”),
pursuant to which the Servicer will service such receivables and related property; and 
 WHEREAS, the Issuing Entity, the Grantor Trust and
the Indenture Trustee desire to have the Collateral Custodian maintain possession of certain documents with respect to such receivables, and the Collateral Custodian is willing to do so in accordance with the terms of this Agreement: 

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

  
 CRVNA
2022-P3 
 Collateral Custodian Agreement 

 ARTICLE I 

Definitions; Construction 

Section 1.1 Definitions. 

Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the following meanings: 

“Advisors” means accountants, attorneys, consultants, advisors and Persons similar to the foregoing and the respective
directors, officers, employees and managers of each of the foregoing. 
 “Approved Exported Contract” means a Contract
(i) that is fully executed by the parties through the E-Vault System, (ii) which Authoritative Copy has been electronically transferred to the Vault Partition on the
E-Vault System or (iii) which has been Exported by the Collateral Custodian and is held by the Collateral Custodian pursuant to this Agreement, together with the document history report prepared by the E-Vault Provider related to such Contract. 
 “Asset Addition Date” means the date on
which Receivables are to be added to and included in the Collateral. 
 “Collateral Custodian Fee” means the fees set forth
in this Agreement to be paid to the Collateral Custodian. 
 “Confidential Information” means all information and material
of any type, scope or subject matter whatsoever relating to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer or any of their subsidiaries, whether oral or written, and howsoever evidenced or embodied, which each Party, each
Party’s representatives or agents (including any officers of any Party or any of their subsidiaries) may furnish to the other, or to which either Party is afforded access by the other Party, either directly or indirectly for purposes of such
Party’s participation in the transactions contemplated by this Agreement. However, “Confidential Information” shall not include information or material of a Party which (i) becomes generally available to the public other than as
a result of a disclosure by the receiving Party or its agents and other representatives, (ii) was available to the receiving Party on a non-confidential basis prior to its disclosure by the disclosing
Party, (iii) becomes available to the receiving Party on a non-confidential basis from a source other than the disclosing Party or the disclosing Party’s representatives or agents, provided that such
source is not, to the receiving party’s knowledge, bound by a confidentiality agreement or otherwise prohibited from transmitting the information to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer, the Collateral
Custodian or the Depositor by a contractual, legal or fiduciary obligation or (iv) consists of the documents evidencing the consummation of the transactions contemplated by the Transaction Documents so long as all references to the other Party
and all information specific to the assets sold or price paid pursuant to the transactions are removed. 
 “Insolvency
Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, rearrangement, receivership, insolvency, reorganization, suspension of payments, marshaling of assets and
liabilities or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

  
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 “Required Legend” means a legend applied by the E-Vault System to every page of a Contract which reads as follows: “Carvana Auto Receivables Grantor Trust 2022-P3, with Computershare Trust Company, National
Association, as Indenture Trustee on behalf of the Noteholders, as secured party.” 
 “Review” has the meaning set
forth in Section 2.1(c) of this Agreement. 
 “System Description” means the written description
of the E-Vault Provider’s e-contract system attached hereto as Schedule A. 

Capitalized terms used but not defined herein are used with the meanings assigned to them in Part I of Appendix A of the Receivables Purchase
Agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), among Carvana, LLC as the seller and Carvana Receivables Depositor LLC as the purchaser. 

Section 1.2 Accounting Terms and Determinations. 

Unless otherwise defined or specified herein, all accounting terms shall be construed herein, all accounting determinations hereunder shall be
made, all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP. 

Section 1.3 Computation of Time Periods. 

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 

Section 1.4 Interpretation. 

When used in this Agreement, unless a contrary intention appears: (a) a term has the meaning assigned to it; (b) an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP; (c) “or” is not exclusive; (d) “including” means including without limitation; (e) words in the singular include the plural and words in the
plural include the singular; (f) any agreement, instrument defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; (g) any statute defined or referred to herein or in any instrument or certificate delivered in
connection herewith means such statute as from time to time amended, modified or supplemented and includes any successor statute and the rules and regulations issued pursuant to such statute; (h) references to a Person are also to its
successors and permitted assigns; (i) the words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision hereof; (j) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless otherwise specified; (k) references to “writing”
include printing, typing, lithography and other means of reproducing words in a visible form; and (l) the term “proceeds” has the meaning set forth in the applicable UCC. 

  
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 ARTICLE II 

The Collateral Custodian 

Section 2.1 Appointment; Duties of the Collateral Custodian. 

(a) The Grantor Trust hereby appoints Computershare Trust Company, National Association, to act solely on behalf of the Indenture Trustee and
the Secured Parties as collateral custodian hereunder. Computershare Trust Company, National Association hereby accepts its appointment as Collateral Custodian hereunder, acknowledges that it is bound by the terms and conditions of this Agreement
and agrees that it shall hold all Receivable Files Delivered to it or otherwise in its possession pursuant to this Agreement for the benefit of the Indenture Trustee under the terms of this Agreement. The Collateral Custodian hereby agrees not to
assert (in its individual capacity or otherwise) any Liens or claims of any kind with respect to the Receivable Files held by it or the related Receivables or any other Collateral and hereby releases and waives any such Liens and claims. 

(b) The Administrator shall, on behalf of the Grantor Trust, Deliver or cause to be Delivered to the Collateral Custodian the applicable
Receivable Files (except that any such file may not include the Certificate of Title to the extent the Certificate of Title has not been received), together with the Schedule of Receivable relating to such Receivable File no later than the
Closing Date. 
 (c) The Collateral Custodian shall on or prior to the Closing Date, review all of the Receivable Files so Delivered to
verify the presence of each item listed in the definition of “Receivable File” with respect to each Receivable and deliver a Document Receipt to the Administrator, the Indenture Trustee and the Servicer. The Administrator shall ensure that
the Collateral Custodian is provided with electronic access to the records of the Title Intermediary concerning Certificates of Title that are maintained in electronic form. Wherever in this Agreement it states that the Collateral Custodian has
possession of Certificates of Title or Receivable Files, with respect to electronic Certificates of Title, it shall mean that the Collateral Custodian has received information sufficient to perform the verification set forth in this
Section 2.1. The Collateral Custodian will rely upon, but cannot be responsible for, verify or confirm, the content or accuracy of any information provided by the Title Intermediary or any other party pursuant to the
Transaction Documents (to the extent not explicitly required by the terms of the Transaction Documents). 
 The Grantor Trust, the
Administrator and the Issuing Entity hereby certify to the Collateral Custodian that, notwithstanding anything to the contrary in this Agreement, the review contemplated by this Section 2.1(c) (the
“Review”) is a review to be performed by the Collateral Custodian solely for the purpose of acknowledging receipt of Receivable Files by the Collateral Custodian from the Issuing Entity, the Grantor Trust or the Servicer. Any
Document Receipt related to such Review prepared by the Collateral Custodian and furnished to the Servicer or the Indenture Trustee is produced solely in connection with this purpose. None of the Administrator, the Issuing Entity and the Grantor
Trust engaged the Collateral Custodian to perform the Review, produce any Document Receipt or perform any of the services in this Agreement for the purpose of making findings with respect to the accuracy of the information or data regarding the
Contracts or Receivable Files provided to the Collateral Custodian by the Administrator, the Issuing Entity 

  
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Collateral Custodian Agreement 

 
or the Grantor Trust for the Review as contemplated by Rule 17g-10 under the Exchange Act. Given the purpose and scope of the Collateral Custodian’s
services (including the Review and the delivery of any Document Receipt) under this Agreement and given the Administrator’s, Issuing Entity’s, Grantor Trust’s, Servicer’s and Indenture Trustee’s treatment and use of the
Review and the Document Receipts, the Administrator, the Issuing Entity, the Grantor Trust, the Indenture Trustee and the Collateral Custodian agree that the Collateral Custodian’s Review is not understood to be “due diligence
services” for purposes of Rule 17g-10. None of the Administrator, the Issuing Entity or the Grantor Trust considers the Review or any Document Receipt to be “due diligence services” for purposes
of Rule 17g-10, and unless the Administrator, the Issuing Entity or the Grantor Trust notifies the Collateral Custodian to the contrary, none of the Administrator, the Issuing Entity or the Grantor Trust will
treat any Document Receipt as a “third party due diligence report” for purposes of Rule 15Ga-2 under the Exchange Act. The Administrator, the Issuing Entity, the Grantor Trust, each Noteholder, and
the Indenture Trustee hereby acknowledge that the Collateral Custodian is relying on this certification for purposes of determining that its Review does not constitute “due diligence services” as defined in Rule 17g-10. 
 (d) Subject to Section 2.2, the Collateral Custodian shall maintain
the tangible Receivable Files which are Delivered to it at the offices of the Collateral Custodian, located at ABS Custody Vault, 1055 10th Ave. SE, MAC N9401-011, Minneapolis, MN 55415, and the Collateral
Custodian shall notify the Servicer and the Indenture Trustee by written notice of any change in the location of the Receivable Files. 

(e) The parties agree that an Electronic Contract shall be “communicated” within the meaning of
Section 9-105(3) of the UCC to the Collateral Custodian upon the transfer of the Authoritative Copy of such Electronic Contract at the direction of the Seller, the Administrator, the Issuing Entity, or
the Grantor Trust (or its respective custodian) from such Person’s electronic vault partition to the Vault Partition and acceptance by the Collateral Custodian of such Authoritative Copy into the Vault Partition. The Collateral Custodian shall
thereafter “maintain” as within the meaning of Section 9-105(3) of the UCC such Authoritative Copy in the Vault Partition for the purpose of exercising control over the Contracts which are
Electronic Contracts pursuant to the terms of this Agreement and shall maintain the Vault Partition so that the E-Vault System will place the Required Legend on each page of any perceivable copy of any
Contract that is an Electronic Contract. The Collateral Custodian shall maintain the Vault Partition and each Receivable that is an Electronic Contract such that (i) a watermark on all perceivable renderings of the Authoritative Copy thereof
shall read “View of Authoritative Copy,” (ii) a watermark on any copy of a former Authoritative Copy thereof shall read “View of Non-Authoritative Copy,” and (iii) the Required Legend
is placed by the E-Vault System on each page of any perceivable rendering thereof. The Collateral Custodian shall cause the Vault Partition to reflect the name of the Grantor Trust as the Owner of Record. Each
of the parties hereto agrees that it will not initiate or consent to any revision to the Required Legend or any other identification of the Indenture Trustee as the assignee of any Authoritative Copy without the consent of (A) the Indenture
Trustee (acting at the written direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders).

  
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Collateral Custodian Agreement 

 (f) The Collateral Custodian shall carry out such policies and procedures in accordance with
its customary actions with respect to the handling and custody of the Receivable Files so that the integrity and physical possession of the tangible Receivable Files will be maintained. The Collateral Custodian shall segregate the Receivable Files
on its inventory system and will not commingle the physical Receivable Files with any other files of the Collateral Custodian other than those relating to the Seller and its Affiliates and subsidiaries. 

(g) All of the Collateral Custodian’s records pertaining to the Receivable Files shall contain an indication that such records and the
Receivables which are the subject of such records are owned by the Grantor Trust and pledged by the Grantor Trust to the Indenture Trustee for the benefit of the Secured Parties. The Collateral Custodian hereby waives any and all rights of offset
with respect to any and all Receivable Files in the Collateral Custodian’s possession or under its “control,” whether such right of offset arises by contract, operation of law or otherwise. The Collateral Custodian shall hold any
tangible Receivable Files (or portions thereof) in its fire rated storage vault under its exclusive custody and control in accordance with customary standards for such custody. If any of the Secured Parties suffers or incurs costs, expenses, losses
or damages as a result of the destruction or loss of any of the Receivable Files or any instrument or document comprising part of a Receivable File, the Collateral Custodian shall, (i) at the request of the Indenture Trustee, make any
appropriate claim under any bond or insurance, and (ii) to the extent of such Secured Party’s costs, expenses, losses or damages, promptly pay the proceeds thereof to such Secured Party unless the Collateral Custodian has replaced the lost
or destroyed items or has otherwise reimbursed such Secured Party for such losses or damages. 
 (h) The Collateral Custodian shall not
deliver physical possession of, or otherwise transfer, assign, pledge, mortgage, convey or dispose of any Receivable Files in its possession or under its control to any Person except (i) as provided in Section 2.2 and
(ii) upon termination of duties as Collateral Custodian in accordance with Section 2.9. Notwithstanding the foregoing, at the written request of (A) the Indenture Trustee (acting at the written direction of the
Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders), the Collateral Custodian shall initiate the
Export process and retain copies of reports produced by the E-Vault System that set forth, in reasonable detail, the history, including, the original electronic execution as well as the previous alterations,
modification or amendments and the conversion to tangible chattel paper of any such Approved Exported Contract. The Collateral Custodian shall then confirm that it has in its possession a physical Contract for each Contract which was converted into
an Approved Exported Contract and confirm the same to the Indenture Trustee in writing, and maintain possession of such Approved Exported Contracts in accordance with the terms of this Agreement or, if (A) the Indenture Trustee (acting at the
written direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the written direction of the Majority Certificateholders) shall so instruct the
Collateral Custodian in writing, deliver such Approved Exported Contracts as directed by the Indenture Trustee. The reasonable and documented fees, costs and expenses related to such Exporting of the Electronic Contracts (other than any Exporting of
Contracts following the termination of the E-Vault Access Agreement either at the election of the Collateral Custodian or due to an event of default with respect to the Collateral Custodian) shall be the
obligation of the Issuing Entity and shall be paid in accordance with Section 2.7 of the Indenture. 

  
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 (i) The Collateral Custodian shall: 

(i) deliver to the Administrator on or before March 15 of each year, beginning March 15, 2023 (or, if such date is
not a Business Day, the next succeeding Business Day), a report, dated as of December 31 of the preceding calendar year, of its assessment of compliance with the Servicing Criteria specified in Exhibit D with respect to such calendar
year (or, in the case of the first year, since no later than the Closing Date), including disclosure of any material instance of non-compliance identified by the Collateral Custodian, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act; and 

(ii) cause a firm of registered public accountants that is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Administrator on or before March 15 (or, if such date is not a Business Day, the next succeeding
Business Day) of each year, beginning March 15, 2023, an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as
applicable, of the assessment of compliance with Servicing Criteria with respect to the prior calendar year (or, in the case of the first year, since no later than the Closing Date). 

(j) The Collateral Custodian hereby acknowledges and agrees that in the event that the Collateral Custodian shall either be terminated or
resign pursuant to Section 2.9, the Collateral Custodian: 
 (i) shall deliver any Receivable Files
(or portions thereof) in possession of the Collateral Custodian to the successor Collateral Custodian appointed pursuant to the terms of this Agreement at such place as the successor Collateral Custodian may reasonably designate; 

(ii) shall maintain the Receivable Files and continue in the performance of its duties and the enjoyment of its rights under
this Agreement, until the due appointment of a successor Collateral Custodian and the orderly transfer of the Receivable Files to the successor Collateral Custodian; and 

(iii) shall maintain all information obtained by it regarding the Obligors and the Receivables, whether upon the exercise of
its rights under this Agreement or otherwise, in confidence and shall not disclose any such information to any other Person, unless such disclosure is reasonably incident to the performance of its duties and obligations under this Agreement or is
required under any Applicable Law. 
 Section 2.2 Access to Receivable Files; Release of Receivable
Files. 
 (a) The Collateral Custodian shall permit inspection at all reasonable times upon at least five (5) Business Days
prior notice during regular business hours by the Asset Representations Reviewer (if an Asset Representations Review Notice has been delivered), Indenture Trustee or the Servicer (or by such Person’s respective auditors when requested such
Person) of the Receivable Files and the records of the Collateral Custodian relating to this Agreement and any such party (or its auditors when requested by such party) shall be permitted to make copies of the Receivable Files and the records of the
Collateral Custodian relating to this Agreement. 

  
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 (b) From time to time and as appropriate for the enforcement or servicing of any of the
Receivables, the Collateral Custodian is hereby authorized, upon written receipt from the Servicer of a request for release of documents in the form annexed hereto as Exhibit A, to release to the Servicer the related Receivable File or the
documents set forth in such request to the Servicer. All documents so released to the Servicer shall be held by the Servicer in trust for the benefit of the Indenture Trustee in accordance with the terms of this Agreement. The Servicer shall return
to the Collateral Custodian the Receivable File or other such documents when the Servicer’s need therefor in connection with such foreclosure or servicing no longer exists, unless the Receivable shall be liquidated, in which case, upon receipt
of an additional request for release of documents certifying such liquidation from the Servicer to the Collateral Custodian in the form annexed hereto as Exhibit A, the related Receivable File referenced in the Servicer’s request
submitted pursuant to the first sentence of this subsection shall be released by the Collateral Custodian to the Servicer. 
 (c) Upon
receipt by the Collateral Custodian of the Servicer’s request for release of Receivable Files and other documents in the form annexed hereto as Exhibit A and in accordance with Section 2.2(b), the Collateral
Custodian shall promptly release the related Receivable File to the Servicer. 
 (d) The Issuing Entity, the Grantor Trust or the Servicer
may require that the Collateral Custodian return each Receivable File (i) delivered to the Collateral Custodian in error, (ii) as to which the Lien on the related Financed Vehicle has been so released, (iii) that has been released to
the Issuing Entity or the Grantor Trust or (iv) that is required to be redelivered to the Grantor Trust in connection with the termination of this Agreement, in each case by submitting to the Collateral Custodian and the Indenture Trustee a
written request in the form of Exhibit A (signed by the Issuing Entity, the Grantor Trust, or the Servicer, as applicable) specifying the Receivable Files to be so returned and reciting that the conditions to such release have been met (and
specifying the conditions being relied upon for such release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Issuing Entity, the Grantor Trust, or the Servicer, as applicable, promptly, but in any
event within five (5) Business Days, return the Receivable Files so requested to the Issuing Entity, the Grantor Trust, or the Servicer, as applicable. 

(e) The Collateral Custodian shall promptly deliver to the Indenture Trustee or its designee any or all Receivables File and other items of
Collateral in the Collateral Custodian’s custody upon the written request of an Authorized Officer of the Indenture Trustee. The Indenture Trustee shall provide the Issuing Entity, the Grantor Trust and the Servicer with a copy of any such
request delivered to the Collateral Custodian. Written instructions as to the method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the delivery of Receivable Files in the performance of the Collateral
Custodian’s duties hereunder shall be delivered by the Servicer to the Collateral Custodian prior to any shipment of Receivable Files. The Indenture Trustee will arrange for the provision of such services at the Issuing Entity’s sole cost
and expense in accordance with Section 2.7 of the Indenture and will maintain such insurance against loss or damage to the Receivable Files as the Issuing Entity, the Grantor Trust and the Servicer reasonably deem appropriate. 

  
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 (f) The Collateral Custodian shall promptly deliver to the Asset Representations Reviewer
(if an Asset Representations Review Notice has been delivered) or its designee any or all Receivables File (or access to any Receivable Files stored in an electronic format) and other items of Collateral in the Collateral Custodian’s custody
upon the written request of an Authorized Officer of the Asset Representations Reviewer. The Asset Representations Reviewer shall provide the Issuing Entity, the Grantor Trust and the Servicer with a copy of any such request delivered to the
Collateral Custodian. 
 Section 2.3 Compensation and Indemnification of Collateral Custodian. 

(a) The Collateral Custodian shall be compensated for its activities hereunder by receiving the Collateral Custodian Fees as specified in
Exhibit C in accordance with Section 2.7 of the Indenture. 
 (b) The Issuing Entity shall indemnify the Collateral Custodian
and its officers, directors, employees and agents for, and hold them harmless against any claim, loss, liability, fee, cost, damage or expense incurred, including reasonable attorney’s fees, petitioning costs and disbursements (including, court
costs, expenses and any losses incurred in connection with a successful defense, in whole or in part, of any claim that the Collateral Custodian breached its standard of care), other than in connection with the willful misconduct, gross negligence
or bad faith on the part of the Collateral Custodian, arising out of or in connection with the performance of its obligations under and in accordance with this Agreement, including the 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 this Agreement. All such amounts due and owing to the Collateral Custodian hereunder shall be paid in accordance with the payment priorities set forth in
Section 2.7 of the Indenture. The provisions of this Section 2.3(b) shall survive the termination or assignment of this Agreement, or the resignation or removal of the Collateral Custodian. 

THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART,
UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR NEGLIGENT OMISSION OF ANY KIND BY THE COLLATERAL CUSTODIAN. 

(c) To the extent any indemnification afforded to the Collateral Custodian (whether pursuant to this Section 2.3 or
otherwise) is limited by the gross negligence, willful misconduct or bad faith on the part of the Collateral Custodian, the Collateral Custodian shall be entitled to indemnification hereunder until such matters have been determined definitively by a
court of competent jurisdiction. Any indemnification afforded to the Collateral Custodian shall include reasonable and documented attorneys’ fees and expenses, including, any legal fees, costs, and expenses incurred in connection with any
enforcement (including any action, claim, or suit brought) by the Collateral Custodian of any indemnification or other obligation of the indemnifying party. Any indemnification amounts due and owing to the Collateral Custodian hereunder shall be
paid to the Collateral Custodian in accordance with the payment priorities set forth in Section 2.7 of the Indenture. 

  
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 Section 2.4 Representations, Warranties and Covenants of the
Collateral Custodian. 
 The Collateral Custodian makes the following representations, warranties and covenants, and further agrees
that the Indenture Trustee, on behalf of the Secured Parties, the Issuing Entity, the Grantor Trust, the Administrator and the Servicer shall be deemed to have relied upon such representations, warranties and covenants in entering into this
Agreement: 
 (a) Organization and Good Standing. The Collateral Custodian is a national banking association duly organized, validly
existing and in good standing under the laws of the United States, and has full power, authority and legal right to own its properties and conduct its business as such properties are presently owned and such business is presently conducted, and to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party. 
 (b) Due Authorization. The
execution, delivery, and performance of the Transaction Documents to which it is a party have been duly authorized by the Collateral Custodian by all necessary corporate action on the part of the Collateral Custodian. 

(c) Binding Obligation. Each of the Transaction Documents to which it is a party constitutes a legal, valid and binding obligation of
the Collateral Custodian, enforceable in accordance with its terms, except as enforceability may be limited by applicable Insolvency Laws and except as such enforceability may be limited by general principles of equity (whether considered in a
proceeding at law or in equity). 
 (d) No Conflict. The execution and delivery of the Transaction Documents to which it is a party,
and the performance of the transactions contemplated thereby and the fulfillment of the terms thereof applicable to the Collateral Custodian, will not conflict with, violate, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time or both) a default under, any Applicable Law or any Contractual Obligation of the Collateral Custodian. 

(e) Proceedings. No proceeding of any kind, including litigation, arbitration, judicial or administrative, is pending or threatened
against or contemplated by the Collateral Custodian which would under any circumstance have a Material Adverse Effect on the execution, delivery, performance or enforceability of this Agreement by the Collateral Custodian or any other Transaction
Document to which the Collateral Custodian is a party. 
 (f) Control Status. The Collateral Custodian is not an Affiliate of either
the Issuing Entity, the Grantor Trust, the Administrator or the initial Servicer, and covenants and agrees that prior to any such affiliation in the future, the Collateral Custodian shall promptly notify the Indenture Trustee for further
distribution to the Noteholders. 

  
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 Section 2.5 Covenants of the Collateral Custodian.

 (a) Affirmative Covenants. From the date hereof until the date as of which the Grantor Trust has been dissolved: 

(i) Compliance with Law. The Collateral Custodian will comply in all material respects with all Applicable Laws and will
comply with all of its obligations hereunder. 
 (ii) Preservation of Existence. The Collateral Custodian will
preserve and maintain its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights,
franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect. 
 (b) Negative
Covenants. From the date hereof until the date as of which the Grantor Trust has been dissolved: 
 (i) Receivable
Files. The Collateral Custodian will not assign, transfer, convey, deliver or dispose of any Receivable Files or other document evidencing or relating to any of the Collateral or any of the Collateral except as contemplated by this Agreement.

 (ii) No Changes in Collateral Custodian Fee. The parties hereto will not make any changes to the Collateral
Custodian Fee without the prior written approval of (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity
(acting at the direction of the Majority Certificateholders). 
 Section 2.6 Liability of the Collateral
Custodian. 
 (a) The Collateral Custodian shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Collateral Custodian in such capacity herein. No implied covenants or obligations shall be read into this Agreement against the Collateral Custodian and, in the absence of bad faith on the part of the Collateral Custodian, the
Collateral Custodian may conclusively rely upon the truth of the statements and the correctness of the opinions expressed in any reports, certificates or opinions furnished to the Collateral Custodian pursuant to and conforming to the requirements
of this Agreement. 
 (b) The Collateral Custodian shall not be liable for: 

(i) an error of judgment made in good faith; or 

(ii) any action taken, suffered or omitted to be taken in good faith in accordance with or believed by it to be authorized or
within the discretion or rights or powers conferred, by this Agreement or at the direction of the Indenture Trustee relating to the exercise of any power conferred upon the Collateral Custodian under this Agreement, 

in each case, unless it shall be proved that the Collateral Custodian shall have been negligent in ascertaining the pertinent facts. 

  
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 (c) The Collateral Custodian shall not be charged with knowledge of any Default, Event of
Default, Servicer Termination Event or other event or information, or be required to act upon any such event or information (including the sending of any notice), and shall have no duty to take any action to determine whether any such event,
Default, Event of Default or Servicer Termination Event has occurred, unless an Authorized Officer of the Collateral Custodian obtains actual knowledge of such event or receives written notice of such event from the Issuing Entity, the Grantor
Trust, the Servicer, or the Indenture Trustee, as the case may be. Delivery of any reports, information and documents to the Collateral Custodian provided for herein is for informational purposes only and the Collateral Custodian’s receipt of
such information and any publicly-available information, shall not constitute actual or constructive knowledge of any information contained therein or determinable from information contained therein, including the Issuing Entity’s, the
Servicer’s or the Grantor Trust’s compliance with any of its representations, warranties or covenants hereunder (as to which the Collateral Custodian is entitled to rely exclusively upon Officers’ Certificates). 

(d) Without limiting the generality of this Section 2.6(d), the Collateral Custodian shall have no duty (i) to
see to any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest in the Receivables or the Financed Vehicles, or to see to the
monitoring or maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance,
(iii) to see to the payment or discharge of any Tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Receivables, (iv) to recalculate,
confirm or verify the contents of any reports or certificates of the Servicer, the Issuing Entity or the Grantor Trust delivered to the Collateral Custodian pursuant to this Agreement believed by the Collateral Custodian to be genuine and to have
been signed or presented by the proper party or parties or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance or observance of any of the Issuing Entity’s, Grantor Trust’s, the
Servicer’s or any other Person’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of books, records, files and computer records relating to the Receivables under this
Agreement. The Collateral Custodian makes no representations as to (A) the validity, legality, perfection, priority, enforceability, recordability, ownership, title, sufficiency, due authorization or genuineness of any of the documents
contained in any Receivable File or of any of the Contracts or (B) the collectability, insurability, effectiveness or suitability of any such Contract. 

(e) The Collateral Custodian shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably
assured to it, and none of the provisions contained in this Agreement shall in any event require the Collateral Custodian to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer or any other Person
under this Agreement. 

  
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 (f) The Collateral Custodian may request and rely and shall be protected in acting or
refraining from acting upon any resolution, officer’s certificate, any report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Collateral Custodian shall not be responsible for the content or accuracy of any document provided to it. 

(g) The Collateral Custodian may consult with counsel of its choice and any advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted by it under this Agreement in good faith and in accordance with the advice or opinion of such counsel. 

(h) The Collateral Custodian shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement
(except to comply with its obligations under this Agreement and any other transaction document to which it is a party) or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or
direction of the Issuing Entity, the Grantor Trust, the Indenture Trustee, the Requisite Noteholders, or if the Notes (other than the Class XS Notes) are no longer outstanding, the Majority Certificateholders pursuant to the provisions of this
Agreement, unless the Issuing Entity, the Grantor Trust, the Indenture Trustee the Requisite Noteholders, or if the Notes (other than the Class XS Notes) are no longer outstanding, the Majority Certificateholders, as applicable, on behalf of
the Secured Parties, shall have offered to the Collateral Custodian security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby. 

(i) The Collateral Custodian shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Indenture Trustee; provided, that if the payment within a reasonable time
to the Collateral Custodian of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Collateral Custodian, not reasonably assured by the Issuing Entity, the Grantor Trust
or the Servicer, the Collateral Custodian may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Issuing
Entity or, if paid by the Collateral Custodian, shall be reimbursed by the Issuing Entity upon demand. 
 (j) The Collateral Custodian may
execute any of the trusts or powers hereunder or perform any duties under this Agreement either directly or by or through agents (including managers), Affiliates or attorneys or a custodian. 

(k) Knowledge of the Collateral Custodian shall not be attributed or imputed to Computershare Trust Company, National Association’s other
roles in the transaction and knowledge of the Indenture Trustee shall not be attributed or imputed to the Collateral Custodian (other than those where the roles are performed by the same group or division within Computershare Trust Company, National
Association or otherwise share the same authorized signatories), or any affiliate, line of business, or other division of Computershare Trust Company, National Association (and vice versa). 

  
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 (l) The Collateral Custodian shall not be responsible for the enforceability of the Notes or
the recitals set forth therein, or for any recitals, statements, representations or warranties of the Issuing Entity, the Grantor Trust, the Servicer, the Indenture Trustee or any other Party to the Transaction Documents contained in this Agreement
or any other Transaction Document. The Collateral Custodian shall be responsible only for the obligations, representations and warranties of the Collateral Custodian as set forth in the Transaction Documents to which it is a party. 

(m) The rights, privileges, protections, immunities and benefits given to the Collateral Custodian, including its right to be indemnified, are
extended to, and shall be enforceable by, the Collateral Custodian, in each of its capacities hereunder, and in connection with the performance of any of its duties or obligations under any of the other Transaction Documents. 

(n) For the avoidance of doubt, the Collateral Custodian shall not be responsible for determining whether any breach of representations or
warranty or document defect constitutes a breach or defect or a material breach or defect, or for the enforcement of any repurchase obligations under any Transaction Document. 

Section 2.7 Certain Matters Affecting the Collateral Custodian. 

(a) The Collateral Custodian shall have no duties or responsibilities except those that are specifically set forth herein, and no implied
covenants or obligations shall be read into this Agreement against the Collateral Custodian. The Collateral Custodian shall be under no responsibility or duty with respect to the disposition of any Receivable Files while such Receivable Files are
not in its possession or under its control. If the Collateral Custodian shall request instructions from the Indenture Trustee or the Servicer with respect to any act, action or failure to act in connection with and as set forth in this Agreement,
the Collateral Custodian shall be entitled to refrain from taking such action and continue to refrain from acting unless and until the Collateral Custodian shall have received written instructions from the Indenture Trustee or the Servicer, as
applicable without incurring any liability therefor to the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Servicer or any other person. 

(b) The Collateral Custodian may act in reliance upon any written communication of the Issuing Entity concerning the delivery, possession or
“control” (within the meaning of Section 9-105 of the UCC) of the Receivable Files and other items of Collateral pursuant to this Agreement. The Collateral Custodian does not assume and shall
have no responsibility for, and makes no representation as to, monitoring the value of the Receivable Files and other Collateral. The Collateral Custodian shall not be liable for any action or omission to act hereunder, except for its own gross
negligence, bad faith or willful misconduct. In no event shall the Collateral Custodian have any responsibility to ascertain or take action with respect to the Receivable Files or other Collateral, except as expressly provided herein. 

THE FOREGOING PARAGRAPH SHALL APPLY WHETHER OR NOT SUCH LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM
OR THEORY OF STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR NEGLIGENT OMISSION OF ANY KIND BY THE COLLATERAL CUSTODIAN. 

  
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 (c) If the Collateral Custodian shall at any time receive conflicting instructions from the
Indenture Trustee and the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Collateral Custodian shall be entitled to rely upon the
instructions of the Indenture Trustee. In the absence of bad faith, gross negligence or willful misconduct on the part of the Collateral Custodian, the Collateral Custodian may rely and shall be protected in acting or refraining from acting upon any
resolution, officer’s certificate, certificate of auditors, or any other certificate, statement, instrument, opinion, report, notice request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties. The Collateral Custodian may rely upon the validity of any documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement
(other than the Servicer) will hold the Collateral Custodian harmless from any claims that may arise or be asserted against the Collateral Custodian because of the invalidity of any such documents delivered by such party or their failure to fulfill
their intended purpose. The Collateral Custodian shall not be bound to ascertain or inquire as to the performance or observance of any of the terms of this Agreement or any other agreement on the part of any party, except as may otherwise be
specifically set forth herein. The Collateral Custodian may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, omitted or suffered by the Collateral Custodian in good faith in accordance therewith. 

(d) If the Collateral Custodian loses or misplaces any Receivable File or portion thereof, or if any such instruments, documents, or
certificates are destroyed or damaged while in the possession of the Collateral Custodian, then, in addition to any other liability the Collateral Custodian may have in respect thereof pursuant to the terms of this Agreement or otherwise, the
Collateral Custodian agrees to execute and deliver to the Indenture Trustee, upon the Indenture Trustee’s written request, an affidavit stating that such instrument, document, or certificate has been lost or destroyed, as applicable, and, if
necessary, such other affidavits or certificates as maybe reasonably necessary to obtain replacement certificates of title. 
 (e) The
Collateral Custodian is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto or by any other person, firm or corporation, except only such notices or instructions as are herein provided
for and orders or process of any court entered or issued with or without jurisdiction. If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or
delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part hereof, then and in any of such events the Collateral
Custodian is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree with which it is advised by legal counsel of its own choosing is binding upon it, and if it complies with any such order, writ,
judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside,
vacated or found to have been entered without competent jurisdiction. 

  
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 (f) Before the Collateral Custodian acts or refrains from taking any action under or in
relation to this Agreement that is not expressly contemplated by the terms and provisions hereof or thereof, it may require an officer’s certificate or an Opinion of Counsel from the party requesting that the Collateral Custodian act or refrain
from acting in form and substance acceptable to the Collateral Custodian, the costs of which (including the Collateral Custodian’s reasonable attorney’s fees and expenses) shall be paid by the party requesting that the Collateral Custodian
act or refrain from acting. The Collateral Custodian shall not be liable for any action it takes or omits to take in good faith in reliance on such officer’s certificates or opinions of counsel. 

(g) In no event shall the Collateral Custodian be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, any change in Applicable Law that precludes or restricts performance by the Collateral Custodian or any force majeure event, including provisions of any present or future law or
regulation or act of any governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, natural disaster, disease, epidemic or pandemic,
quarantine, national emergency, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services, malware or ransomware attack, communications system failure, unavailability of the Federal Reserve Bank
wire or telex system or other applicable wire or funds transfer system or unavailability of any securities clearing system, inability to access the E-Vault System or other circumstances beyond its control.
Notwithstanding anything to the contrary in this Agreement, the Collateral Custodian shall not be required to take any action that is not in accordance with Applicable Law. The right of the Collateral Custodian to perform any permissive or
discretionary act enumerated in this Agreement or any related document shall not be construed as a duty. 
 (h) The Collateral Custodian
shall not be responsible for the acts or omissions of the Servicer, the Issuing Entity, the Grantor Trust, the Indenture Trustee, the E-Vault Provider, or any other Person, and may assume compliance by such
parties with their obligations under this Agreement or any related agreements, unless an Authorized Officer of the Collateral Custodian shall have received written notice to the contrary. The parties acknowledge and agree that in making statements
herein regarding “control” of the Contracts which are Electronic Contracts, the Collateral Custodian is relying on, and shall be entitled to conclusively rely on, representations and covenants from the
E-Vault Provider regarding the E-Vault System and the various criteria constituting “control” (within the meaning of
Section 9-105 of the UCC). 
 Section 2.8 Merger, Conversion,
Consolidation of, or Succession to Business of, the Collateral Custodian. 
 The Collateral Custodian may merge with any Person;
provided that any Person into which the Collateral Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which to Collateral Custodian shall be a
party, or any Person succeeding to all or substantially all of the corporate trust business of the Collateral Custodian, shall be the successor of the Collateral Custodian under this Agreement, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Collateral Custodian and/or its parent shall at all times have a combined capital and surplus of at least fifty million dollars ($50,000,000)
and shall be a bank or trust company with corporate trust powers organized under the laws of the United States or any state thereof which is a member of the Federal Reserve System and whose long-term unsecured debt rating is in a category of at
least investment grade by any nationally recognized rating agency providing such rating for the Collateral Custodian. 

  
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 Section 2.9 Termination. 

(a) The Collateral Custodian may: 

(i) terminate its obligations as Collateral Custodian under this Agreement (subject to Section 2.9(b)
and Section 2.9(c)) upon at least sixty (60) days’ prior written notice to the Issuing Entity, the Grantor Trust, the Servicer and the Indenture Trustee; provided, however, that, without the consent
of (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority
Certificateholders), such resignation shall not be effective until a successor Collateral Custodian shall have accepted appointment as Collateral Custodian, pursuant to Section 2.9(b) and shall have agreed to be bound by
the terms of this Agreement; or 
 (ii) be removed at any time for cause in relation to any material breach by the Collateral
Custodian of any of its duties or obligations under this Agreement by written notice from (A) the Indenture Trustee (acting at the direction of the Requisite Noteholders), or for any other reason upon sixty (60) days’ prior written
notice from the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority
Certificateholders), or for any other reason upon sixty (60) days’ prior written notice from the Issuing Entity (acting at the direction of the Majority Certificateholders), with such notice in each case delivered to the Collateral
Custodian, the Issuing Entity, the Grantor Trust and the Servicer. 
 In the event of such termination or removal, (1) the Indenture
Trustee (acting at the direction of the Requisite Noteholders) or (2) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders) shall appoint a
successor Collateral Custodian. If, however, a successor Collateral Custodian is not appointed by (I) the Indenture Trustee (acting at the direction of the Requisite Noteholders) or (II) if the Notes (other than the Class XS Notes)
are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders) within ninety (90) days after the giving of notice of resignation or removal, the Collateral Custodian may petition a court of competent
jurisdiction for the appointment of a successor Collateral Custodian. 
 (b) Upon the effectiveness of any such resignation or termination,
the Collateral Custodian shall promptly transfer to the successor custodian, as directed by the Indenture Trustee, all Receivable Files and other items of Collateral being held by the Collateral Custodian under this Agreement. 

(c) Any successor Collateral Custodian appointed pursuant to Section 2.9(a) shall (i) execute, acknowledge, and
deliver to the Servicer, the Indenture Trustee and to the predecessor Collateral Custodian an instrument accepting such appointment under this Agreement and (ii) be an Eligible Institution and shall have been approved by (A) the Indenture
Trustee (acting at the direction of the Requisite Noteholders), or (B) if the Notes (other than the Class XS Notes) are no longer outstanding, the Issuing Entity (acting at the direction of the Majority Certificateholders). Thereupon, the
resignation or removal of the predecessor 

  
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Collateral Custodian shall become effective and such successor Collateral Custodian, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties,
and obligations of its predecessor as Collateral Custodian under this Agreement, with like effect as if originally named as Collateral Custodian. The predecessor Collateral Custodian shall upon payment of its fees and expenses (including
attorneys’ fees or expenses incurred in connection with a petition contemplated by Section 2.9(a) hereof) deliver to the successor Collateral Custodian all documents and statements and monies held by it under this
Agreement; and the Servicer, the Indenture Trustee and the predecessor Collateral Custodian shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the
successor Collateral Custodian all such rights, powers, duties, and obligations. 
 (d) In the event the Collateral Custodian’s
appointment hereunder is terminated without cause, the Issuing Entity shall reimburse the Collateral Custodian for the reasonable and documented expenses, fees and costs (including attorneys’ fees or expenses) of the Collateral Custodian
incurred in transferring the Receivable Files to the successor Collateral Custodian set forth in accordance with Section 2.3(a) hereof and Section 2.7 of the Indenture. 

Section 2.10 Non-Reliance on Collateral Custodian. 

Except for notices, reports and other documents expressly required to be furnished or forwarded by the Collateral Custodian hereunder, the
Collateral Custodian shall not have any duty or responsibility to provide the Indenture Trustee or any Noteholder or Certificateholder with any other information concerning the transactions contemplated hereby, the Collateral, the Issuing Entity,
the Grantor Trust, the Servicer or any other parties to this Agreement or to any other Transaction Documents which may come into the possession of the Collateral Custodian or any of its officers, directors, employees, agents, representatives or attorneys-in-fact. 
 Section 2.11 AML Law.

 The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or
political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Assets Control (collectively, “AML Law”), the Collateral Custodian is required to obtain, verify, and record information relating to
individuals and entities that establish a business relationship or open an account with the Collateral Custodian. Each party hereby agrees that it shall provide the Collateral Custodian with such identifying information and documentation as the
Collateral Custodian may request in writing from time to time in order to enable the Collateral Custodian to comply with all applicable requirements of AML Law. 

  
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 ARTICLE III 

Mutual Covenants Regarding Confidentiality 

Section 3.1 Other Confidential Information. The Collateral Custodian acknowledges and understands that
information it receives in connection with the performance of its duties hereunder may be “nonpublic personal information” as that term is defined in Section 6809(4) of the GLB Act, and the Collateral Custodian hereto agrees to
maintain such nonpublic personal information received hereunder in accordance with the GLB Act and other applicable federal and state privacy laws. The Collateral Custodian shall, and shall direct its employees, agents and Affiliates directly
involved in the transaction contemplated by this Agreement and its respective Advisors (except to a court of competent jurisdiction pursuant to a subpoena or valid court order or to its regulators and an authorized governmental agency in connection
with any audit or regulatory examination) to (a) not disclose such nonpublic personal information to any third party, that is not a party to this Agreement, including third party service providers, without the prior written consent of the
Issuing Entity; (b) agree not to use nonpublic personal information for any purpose not reasonably contemplated by its role in the transactions contemplated by this Agreement; (c) protect against any unauthorized access to or use of such
nonpublic personal information; (d) in the event of any actual or apparent theft, unauthorized use or disclosure of such nonpublic personal information, immediately commence all reasonable efforts to investigate and correct the causes and
remediate the results thereof; and (e) as soon as practicable following its having actual knowledge or receipt of written notice of any event described in clause (iv) hereof, provide notice thereof to the Issuing Entity, the Grantor
Trust, the Servicer and the Indenture Trustee, and such further information and assistance as may be reasonably requested by the Issuing Entity, the Grantor Trust, the Servicer or the Indenture Trustee in relation thereto. 

ARTICLE IV 

Miscellaneous 

Section 4.1 Amendments. 

(a) Any term or provision of this Agreement may be amended, waived, supplemented or modified by the Administrator, the Collateral Custodian
and the Servicer without the consent of any of the Indenture Trustee, the Issuing Entity, the Grantor Trust, the Owner Trustee, the Grantor Trust Trustee, the Noteholders, the Certificateholders or any other Person subject to the satisfaction of one
of the following conditions: 
 (i) the Administrator delivers an Opinion of Counsel or an Officer’s Certificate to the
Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or the Unaffiliated Certificateholders; 

(ii) the Rating Agency Condition is satisfied with respect to such amendment and the Administrator notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; or 
 (iii) to cure any
ambiguity, correct or supplement any provision in this Agreement that may be defective or inconsistent with any other provision in this Agreement or any other Transaction Document or with any description thereof in the Prospectus, the Class N
Notes Confidential Offering Memorandum or the Certificate Private Placement Memorandum, or add to the covenants, restrictions or obligations of the Collateral Custodian. 

  
 19 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 (b) This Agreement may also be amended, waived, supplemented or modified from time to time
by the parties hereto, with the consent of the Requisite Noteholders as of the close of business on the preceding Distribution Date, or if no Notes (other than the Class XS Notes) are Outstanding, the Majority Certificateholders (which consent,
whether given pursuant to this Section 4.1(b) or pursuant to any other provision of this Agreement, shall be conclusive and binding on such Person and on all future holders of such Notes or Certificates and of any Notes or
Certificates issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not notation of such consent is made upon any Notes or Certificates), for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. 

(c) It will not be necessary for the consent of Noteholders or Certificateholders pursuant to Section 4.1(b) to
approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders and Certificateholders provided
for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders and Certificateholders will be subject to such reasonable requirements as the Indenture Trustee and Owner Trustee may prescribe, including the
establishment of record dates pursuant to the Note Depository Agreement. 
 (d) Prior to the execution of any amendment or consent pursuant
to Section 4.1(b), the Administrator shall provide written notification of the substance of such amendment or consent to each Rating Agency; and promptly after the execution of any such amendment, the Administrator shall
furnish a copy of such amendment to each Rating Agency, the Grantor Trust Trustee, the Owner Trustee and the Indenture Trustee; provided, that no amendment pursuant to this Section 4.1 shall be effective which
materially and adversely affects the rights, privileges, indemnities, protections or duties of the Indenture Trustee, the Owner Trustee or the Grantor Trust Trustee without the prior written consent of such Person. 

(e) Prior to the execution of any amendment to this Agreement, the Collateral Custodian shall be entitled to receive and conclusively rely
upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate of the Administrator that all conditions precedent to the execution and delivery of such amendment
have been satisfied. The Collateral Custodian may, but shall not be obligated to, enter into any such amendment which affects the Collateral Custodian’s own rights, privileges, indemnities, duties or obligations under this Agreement or
otherwise. 
 (f) Notwithstanding anything to the contrary herein, prior to the execution of any amendment to this Agreement, an Opinion of
Counsel shall be delivered to the Grantor Trust Trustee and the Owner Trustee to the effect that such amendment would not cause the Issuing Entity or the Grantor Trust to fail to qualify as a grantor trust for United States federal income tax
purposes. 
 Section 4.2 Notices, Etc. 

All demands, notices and communications provided hereunder shall be delivered as specified in Part III of Appendix A to the
Receivables Purchase Agreement. 

  
 20 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Section 4.3 Cumulative Remedies. 

The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

Section 4.4 Waivers. 

No failure or delay on the part of the Seller, the Purchaser, the Issuing Entity, the Grantor Trust, the Noteholders, the Certificateholders
or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right. No notice to or demand on any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any party
hereto under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. 
 Section 4.5 Binding Effect. 

This Agreement shall be binding upon and inure to the benefit of the Issuing Entity, the Grantor Trust, the Collateral Custodian, the
Indenture Trustee, the Secured Parties and their respective successors and permitted assigns. 
 Section 4.6
Term of this Agreement; Survival. 
 This Agreement shall remain in full force and effect until the dissolution of the Grantor
Trust; provided, however, that the rights and remedies with respect to any breach of any representation or warranty made or deemed made and the indemnification provisions by the Collateral Custodian, the confidentiality provisions of
Article III, the provisions of Section 4.10 and any other provision of this Agreement expressly stated to survive, shall be continuing and shall survive any termination or assignment of this Agreement, or the
resignation or removal of any party. 
 Section 4.7 Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 21 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Section 4.8 Submission to Jurisdiction, Waiver of Jury
Trial. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any
Proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New
York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b)
consents that any such Proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such Proceeding was brought in an inconvenient court
and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such Proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by jury in any
Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 4.9 Limitation on Consequential Damages. 

In no event will the Collateral Custodian or any of their officers, directors, employees or agents be liable for any consequential, indirect,
punitive or special damages regardless of the form of action and regardless of whether the Collateral Custodian or any of their officers, directors, employees or agents were warned of the possibility thereof in advance. 

Section 4.10 Nonpetition Covenant. 

Notwithstanding any prior termination of this Agreement, no Party hereto shall, prior to the date which is one (1) year and one
(1) day after the final payment of the Notes, petition or otherwise invoke the process of any Governmental Authority for the purpose of commencing or sustaining a Proceeding against the Issuing Entity or the Grantor Trust under any United
States federal or State Insolvency Laws or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or the Grantor Trust or any substantial part of its property or ordering the
winding up or liquidation of the affairs of the Issuing Entity or the Grantor Trust. This Section 4.10 shall survive the termination of this Agreement. 

  
 22 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Section 4.11 Recourse Against Certain Parties. 

(a) No recourse under or with respect to any obligation, covenant or agreement (including the payment of any fees or any other obligations) of
the Indenture Trustee as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any manager or administrator of such Person or any incorporator,
affiliate, stockholder, officer, employee or director of such Person or of any such manager or administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being
expressly agreed and understood that the agreements of the Indenture Trustee contained in this Agreement and all of the other agreements, instruments and documents entered into by it pursuant hereto or in connection herewith are, in each case,
solely the corporate obligations of such Person, and that no personal liability whatsoever shall attach to or be incurred by any administrator of any such Person or any incorporator, stockholder, affiliate, officer, employee or director of such
Person or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants or agreements of such Person contained in this Agreement or in any other such instruments, documents or agreements, or that
are implied therefrom, and that any and all personal liability of every such administrator of such Person and each incorporator, stockholder, affiliate, officer, employee or director of such Person or of any such administrator, or any of them, for
breaches by such Person of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for
the execution of this Agreement. 
 (b) Notwithstanding anything in this Agreement to the contrary, all amounts owed by the Issuing Entity
or the Grantor Trust on, under or in respect of its obligations and liabilities under this Agreement shall be recoverable only from and to the extent of the Collateral and upon final realization of collections thereon and in accordance with
Section 2.7 of the Indenture, the Issuing Entity and the Grantor Trust shall have no further liability and all claims in respect of amounts owed but still unpaid shall be extinguished. 

Section 4.12 Counterparts; Electronic Signatures. 

This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one
document. Delivery of an executed counterpart of this Agreement by email or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall be valid, binding, and enforceable against a party when
executed and delivered by an authorized individual on behalf of the party by means of (a) an original manual signature, (b) a faxed, scanned, or photocopied manual signature, or (c) any other electronic signature permitted by the
federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code
(collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and
admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when
required under the UCC or other Signature Law due to the character or intended character of the writings. 

  
 23 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Section 4.13 Concerning the Owner Trustee and the Grantor
Trust Trustee. 
 It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered
by BNY Mellon Trust of Delaware (“BNY Delaware”), not individually or personally but solely as Owner Trustee of the Issuing Entity and Grantor Trust Trustee of the Grantor Trust, in the exercise of the powers and authority conferred
and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuing Entity or Grantor Trust, as applicable, is made and intended not as personal representations, undertakings and agreements by
BNY Delaware but is made and intended for the purpose of binding only the Issuing Entity or Grantor Trust, as applicable, (c) nothing herein contained shall be construed as creating any liability on BNY Delaware, individually or personally, to
perform any covenant either expressed or implied contained herein of the Issuing Entity or Grantor Trust, as applicable, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the
parties hereto, (d) BNY Delaware has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity or Grantor Trust, as applicable, in this Agreement and (e) under no
circumstances shall BNY Delaware be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or Grantor Trust, as applicable, or be liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Issuing Entity or Grantor Trust, as applicable under this Agreement. 
 Section 4.14
Information to be Provided by the Collateral Custodian. 
 (a) The Collateral Custodian agrees to reasonably cooperate in good
faith with any reasonable request by the Depositor for information regarding the Collateral Custodian which is required in order to enable the Depositor to comply with the provisions of Items 1117 and 1119 of Regulation AB and Rule 15Ga-1 under the Exchange Act as it relates to the Collateral Custodian or to the Collateral Custodian’s obligations under this Agreement. 

(b) Except to the extent disclosed by the Collateral Custodian in Section 4.14(c), the Collateral Custodian shall
(i) on or before the fifth Business Day of each month, notify the Depositor, in writing, of any Form 10-D Disclosure Item of which a Responsible Officer of the Collateral Custodian has actual knowledge
together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the Collateral Custodian shall not be required
to provide such information in the event that there has been no change to the information previously provided by the Collateral Custodian to Depositor, and (ii) as promptly as practicable following notice to or actual knowledge by a Responsible
Officer of the Collateral Custodian of any changes to such information, provide to the Depositor, in writing, such updated information. 

(c) The Collateral Custodian shall, as promptly as practicable following written notice to, or actual knowledge of, a Responsible Officer of
the Collateral Custodian of any changes to any information regarding the Collateral Custodian as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing, such updated information. 

  
 24 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 (d) The Collateral Custodian shall notify the Depositor in writing on or before
March 15 (or, if such date is not a Business Day, the next succeeding Business Day) of each year, beginning with March 15, 2023, of any Form 10-D Disclosure Item of which a Responsible Officer of the
Collateral Custodian has actual knowledge together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Depositor; provided, however, that the
Collateral Custodian shall not be required to provide such information in the event that there has been no change to the information previously provided by the Collateral Custodian to Depositor. 

(e) The Collateral Custodian shall notify the Depositor in writing on or before March 15 (or, if such date is not a Business Day, the
next succeeding Business Day) of each year, beginning with March 15, 2023, of any affiliation between the Collateral Custodian and any of the following parties to this securitization transaction, as such parties are identified to the Collateral
Custodian by the Depositor in writing in advance of this securitization transaction: 
 (i) the Depositor; 

(ii) Carvana, LLC, as sponsor; 

(iii) the Issuing Entity; 

(iv) the Grantor Trust; 

(v) the Servicer; 

(vi) the Backup Servicer; 

(vii) the Indenture Trustee; 

(viii) the Owner Trustee; 

(ix) the Grantor Trust Trustee; 

(x) the Asset Representations Reviewer; and 

(xi) any other material transaction party. 

(f) In connection with the parties listed in clauses (i) through (xi) above, the Collateral Custodian shall include a
description of whether there is, and if so, the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary course of business or is on terms other than would be
obtained in an arm’s length transaction with an unrelated third party, apart from this securitization transaction, that currently exists or that existed during the past two years and that is material to an investor’s understanding of the
asset backed securities issued in this securitization transaction. 
 (g) The Collateral Custodian shall provide the Depositor with
notification, as soon as practicable and in any event within five (5) Business Days, of all demands delivered in writing to a Responsible Officer of the Collateral Custodian for the repurchase or replacement of any Receivable pursuant to any
Transaction Document. Subject to this Section 4.14, the Collateral Custodian shall have no obligation to take any other action with respect to any demand. In no event shall the Collateral Custodian have (i) any
responsibility or liability in connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise
to assume any additional duties or responsibilities except as expressly set forth in this Section 4.14. 

  
 25 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Section 4.15 Entire Agreement. 

The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject
matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

Section 4.16 Headings. 

The article and 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. 
 Section 4.17 Third-Party Beneficiaries. This Agreement
will inure to the benefit of and be binding upon the parties hereto, the Grantor Trust and the Indenture Trustee and, to the extent expressly referenced herein, shall inure to the benefit of the Noteholders and the Certificateholders, who 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. 

[REMAINDER OF PAGE IS INTENTIONALLY LEFT BLANK] 

  
 26 

CRVNA 2022-P3 

Collateral Custodian Agreement 

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

			
	 CARVANA, LLC,
 as the
Administrator

		
	By:	 	 /s/ Paul W. Breaux

	Name:	 	Paul W. Breaux 
	Title:	 	Vice President, Secretary
	
	CARVANA AUTO RECEIVABLES TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ JoAnn C. DiOssi

	Name:	 	JoAnn C. DiOssi
	Title:	 	Vice President
	
	CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3
		
	By:	 	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Grantor Trust Trustee
		
	By:	 	 /s/ JoAnn C. DiOssi

	Name:	 	JoAnn C. DiOssi
	Title:	 	Vice President

 [Signature page to Collateral Custodian Agreement] 

 
			
	 BRIDGECREST CREDIT COMPANY, LLC,

as the Servicer

		
	By:	 	 /s/ Daniel Gaudreau

	Name:	 	Daniel Gaudreau
	Title:	 	Chief Financial Officer

 [Signature page to Collateral Custodian Agreement] 

 
			
	 COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

as the Indenture Trustee

		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President
	
	 COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

as the Collateral Custodian

		
	By:	 	 /s/ Jeanine C. Casey

	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

 [Signature page to Collateral Custodian Agreement] 

 
			
	Acknowledged, Accepted and Agreed To By:
	
	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity but solely as Owner Trustee of the Issuing Entity

		
	By:	 	 /s/ JoAnn C. DiOssi

	Name:	 	JoAnn C. DiOssi
	Title:	 	Vice President
	
	 BNY MELLON TRUST OF DELAWARE,

not in its individual capacity but solely as Grantor Trust Trustee of the Grantor Trust

		
	By:	 	 /s/ JoAnn C. DiOssi

	Name:	 	JoAnn C. DiOssi
	Title:	 	Vice President

 [Signature page to Collateral Custodian Agreement] 

 SCHEDULE A 

SYSTEM DESCRIPTION 

[Attached] 

  
 Sch. A - 1 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 EXHIBIT A 

FORM OF RELEASE OF DOCUMENTS 

__________ __. 20__ 
 Computershare Trust
Company, National Association, 
 as Collateral Custodian 
 1055
10th Ave, SE 
 Minneapolis, Minnesota 55415 
 Attention: Vault
Manager 
 abs.custody.vault@wellsfargo.com 
 Re: Carvana Auto
Receivables Trust 2022-P3 – Collateral Custodian Agreement 
 Ladies and Gentlemen: 

Reference is made to the Collateral Custodian Agreement, dated as of September 8, 2022 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Custodian Agreement”), among Carvana Auto Receivables Trust 2022-P3, as the issuing entity (the
“Issuing Entity”), Carvana Auto Receivables Grantor Trust 2022-P3, as the grantor trust (the “Grantor Trust”), Carvana, LLC, Computershare Trust Company, National Association,
as indenture trustee (in such capacity, the “Indenture Trustee”), Computershare Trust Company, National Association, as collateral custodian (in such capacity, the “Collateral Custodian”), and Bridgecrest Credit
Company, LLC, as servicer (the “Servicer”). 
 The undersigned, in its capacity as [Servicer] [Issuing Entity] [Grantor
Trust] [Administrator], hereby requests (check one): 
 1.          that the
Collateral Custodian release to the Servicer the Receivable Files or other documents set forth on Schedule A to this Release of Documents. All documents so released to the Servicer shall be held by the Servicer in trust for
the benefit of the Indenture Trustee in accordance with the terms of the Collateral Custodian Agreement and the Servicer agrees to return to the Collateral Custodian the Receivable File or such other documents when the Servicer’s need therefor
no longer exists. 
 2.          that the Collateral Custodian permanently release to
the Servicer the Receivable Files or other documents set forth on Schedule B to this Release of Documents and the Servicer certifies with respect to such Receivable Files that the related Receivables have been liquidated,
prepaid or repaid in accordance with the Transaction Documents. 
 The undersigned hereby certifies that all conditions precedent set forth
in Section 2.2 of the Collateral Custodian Agreement have been satisfied in respect of the above requested release. 

Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Collateral Custodian Agreement.

  
 Exh. A - 1 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 The undersigned has executed this Release of Documents as of the date first written above.

  

			
	 [BRIDGECREST CREDIT COMPANY, LLC,

as Servicer]

	
	 [CARVANA AUTO RECEIVABLES TRUST 2022-P3,

as Issuing Entity]

	
	 [CARVANA AUTO RECEIVABLES GRANTOR TRUST 2022-P3,

as Grantor Trust]
  

[CARVANA, LLC,
 as Administrator]

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exh. A - 2 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Schedule A 

To Release of Documents 

  
 Exh. A - 3 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Schedule B 

To Release of Documents 

  
 Exh. A - 4 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 EXHIBIT B 

FORM OF DOCUMENT RECEIPT 

__________ __. 20__ 
 Computershare Trust
Company, National Association, 
 as Indenture Trustee 
 MAC N9300-070 
 600 S. 4th Street 

Minneapolis, MN 55415 
 Attn: Corporate Trust Services –
Asset-Backed Administration 
 Bridgecrest Credit Company, LLC, 

as Servicer 
 7300 E Hampton Avenue 

Mesa, Arizona, 85209 
 Attention: Secretary 

Carvana, LLC, 
 as Administrator 

1930 W. Rio Salado Parkway 
 Tempe, Arizona 85281 

Attention: ABS-Transactions 

Email: abs-transactions@carvana.com 

Re: Carvana Auto Receivables Trust 2022-P3 – Collateral Custodian Agreement 

Ladies and Gentlemen: 
 Reference is made to the
Collateral Custodian Agreement, dated as of September 8, 2022 (as amended, restated, supplemented or otherwise modified from time to time, the “Collateral Custodian Agreement”), among
Carvana Auto Receivables Trust 2022-P3, as the issuing entity (the “Issuing Entity”), Carvana Auto Receivables Grantor Trust 2022-P3, as the grantor
trust (the “Grantor Trust”), Carvana, LLC, Computershare Trust Company, National Association, as indenture trustee (in such capacity, the “Indenture Trustee”), Computershare Trust Company, National Association, as
collateral custodian (in such capacity, the “Collateral Custodian”), and Bridgecrest Credit Company, LLC, as servicer (the “Servicer”). 

The undersigned, on behalf of Computershare Trust Company, National Association, in its capacity as Collateral Custodian under the Collateral
Custodian Agreement, hereby acknowledges (i) Delivery of each item listed in the definition of “Receivable File” with respect to the Contracts set forth on Schedule 1 hereto, evidencing the related Receivables and (ii) that
each item listed in the definition of “Receivable File” with respect to the Contracts set forth on Schedule 2 hereto has not been Delivered to the Collateral Custodian or is mutilated or damaged. Receivable File means, with respect to
each receivable, (i) the original contract and (ii) the certificate of title or evidence that such certificate of title has been applied for. 

  
 Exh. B - 1 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Computershare Trust Company, National Association, as Collateral Custodian, makes no
representations as to (i) the validity, legality, enforceability, sufficiency, due authorization or genuineness of any of the Receivable Files, or (ii) the collectibility, insurability, effectiveness or suitability of any such Receivable
Files. 
 Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed thereto in the Collateral Custodian
Agreement. 
  

			
	 COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,

as Collateral Custodian

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exh. B - 2 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Schedule 1 

To Document Receipt 

  
 Exh. B - 3 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 Schedule 2 

To Document Receipt 

  
 Exh. B - 4 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 EXHIBIT C 

COLLATERAL CUSTODIAN FEE SCHEDULE 

[Attached] 

  
 Exh. C - 1 

CRVNA 2022-P3 

Collateral Custodian Agreement 

 EXHIBIT D 

SERVICING CRITERIA TO BE ADDRESSED IN 

COLLATERAL CUSTODIAN’S ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by the Collateral Custodian shall address, at a minimum, the criteria identified as below as “Applicable
Servicing Criteria”: 
  

							
	 Reference
	  	 Criteria
	  	CTC (CC)	 
	 	  	General Servicing Considerations	  	 	 
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  			
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  			
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  			
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  			
			
	1122(d)(1)(v)	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  			
			
	 	  	Cash Collection and Administration	  	 	 
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction
agreements.	  			
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  			
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  			
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  			
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to
a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  			
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  			
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations: (A) are mathematically
accurate; (B) are prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) are reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction
agreements.	  			

  
 Exh. D - 1 

CRVNA 2022-P3 

Collateral Custodian Agreement 

					
	 Reference
	  	 Criteria
	  	CTC (CC)
			
	 	  	Investor Remittances and Reporting	  	 
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in
accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by
its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	
			
	 	  	Pool Asset Administration	  	 
			
	1122(d)(4)(i)	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	X
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements.	  	X
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such
other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	
			
	1122(d)(4)(v)	  	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with
the transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or
other requirements established by the transaction agreements.	  	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related receivables documents.	  	

  
 Exh. D - 2 

CRVNA 2022-P3 

Collateral Custodian Agreement 

					
	 Reference
	  	 Criteria
	  	CTC (CC)
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool assets documents, on at least an annual basis, or such other period specified
in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full
repayment of the related pool asset, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support
has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  
 Exh. D - 3 

CRVNA 2022-P3 

Collateral Custodian AgreementEX-4.2

 Exhibit 4.2 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 
  
  

FOURTH INDENTURE SUPPLEMENT 

DATED AS OF SEPTEMBER 12, 2022 

TO 
 THE AMENDED AND
RESTATED INDENTURE 
 DATED AS OF APRIL 1, 2020 

 
  

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

TRUSTEE 
  

 
 DEBT
SECURITIES 
  

 THIS FOURTH INDENTURE SUPPLEMENT (the “Fourth Indenture Supplement”), is
dated as of September 12, 2022, among Aon Corporation, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes called the “Company” , which term includes any successor Person
under the Indenture hereinafter referred to), Aon Global Holdings plc, a public limited company duly organized and existing under the laws of England and Wales (hereinafter sometimes called “AGH” or the “Co-Issuer”, which term includes any successor Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), Aon plc, a public limited company duly
organized and existing under the laws of Ireland (hereinafter sometimes called “Aon Ireland”), Aon Global Limited, a private limited company duly organized and existing under the laws of England and Wales and prior to its re-registration, a public limited company formed under the laws of England and Wales named Aon plc (hereinafter sometimes called the “Aon UK” and, together with Aon Ireland, the
“Guarantors” and each, a “Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America (hereinafter
sometimes called the “Trustee”, which term shall include any successor trustee appointed pursuant to Article Seven of the Base Indenture), and is a supplemental indenture amending and restating the Base Indenture (as defined below).

 WITNESSETH: 

WHEREAS, the Company, AGH, the Guarantors and the Trustee executed and delivered an Amended and Restated Indenture, dated as of April 1,
2020 (the “Base Indenture” and together with this Fourth Indenture Supplement, the “Indenture”), to provide for the issuance from time to time for its lawful purposes debt securities (hereinafter called
“Securities” or, in the singular, “Security”) evidencing its unsecured indebtedness. 
 WHEREAS,
Section 10.01 of the Base Indenture provides that a supplemental indenture may be entered into by the Company, AGH, Aon Ireland and Aon UK when authorized by or pursuant to a Board Resolution, and the Trustee without the consent of any Holders
to make provisions to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03 of the Base Indenture. 

WHEREAS, solely with respect to the application of such provisions to the Offered Securities, the Company, the
Co-Issuer and the Guarantors, desire to (i) effect that the Issuers co-issue the Notes, (ii) effect such guarantee by Aon Ireland and Aon UK,
(iii) establish the form and terms of the Notes without the consent of any Holders as permitted by Sections 2.01 and 2.03 of the Base Indenture and (iv) execute a supplemental indenture to the Base Indenture pursuant to Section 10.01
thereof by amending and restating herein the Base Indenture in relevant part. 
 WHEREAS, each of the Company, the Co-Issuer, Aon Ireland and Aon UK represents that all acts and things necessary to present a valid and binding supplemental indenture and agreement according to its terms have been done and performed, and the
execution of this Indenture as a supplemental indenture to the Base Indenture by each of the Company, the Co-Issuer, Aon Ireland and Aon UK has in all respects been duly authorized, and each of the Company,
the Co-Issuer, Aon Ireland and Aon UK, in the exercise of legal rights and power in it vested, is executing this Indenture. 

NOW, THEREFORE, for and in consideration of the foregoing premises, the Issuers, the Guarantors and the Trustee mutually covenant and agree
for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 
  

 ARTICLE I 

DEFINED TERMS 
 SECTION 1.01.
Defined Terms. Except as otherwise expressly provided in this Fourth Indenture Supplement or in the respective form of Note attached as Exhibit A hereto or otherwise clearly required by the context hereof or thereof, all capitalized
terms used and not defined in this Fourth Indenture Supplement that are defined in the Base Indenture shall have the meanings assigned to them in the Base Indenture. For all purposes of this Fourth Indenture Supplement only: 

“Base Indenture” has the meaning set forth in the recitals hereof. 

“Board of Directors”, with respect to the Issuers, shall mean the board of directors (or comparable governing body) of each
such Issuer, the executive committee of each such Issuer or any other committee duly authorized to exercise the powers and authority of the board of directors (or comparable governing body) of each such Issuer with respect to this Indenture. 

“Closing Date” means September 12, 2022. 

“Co-Issuer” means the Person named as the
“Co-Issuer” set forth in the preamble hereof, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Co-Issuer” shall mean such successor Person. 
 “Company” (i) with
respect to the provisions set out in the Fourth Indenture Supplement, has the meaning set forth in the preamble hereof, until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter
“Company” shall mean such successor Person and (ii) with respect to the Base Indenture and only in the context where the Fourth Indenture Supplement has not expressly amended and restated a provision of the Base Indenture, the term
“Company” shall mean (a) the Person named as the “Company” in the first paragraph of the Base Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor Person and (b) the Person named as the “AGH” in the first paragraph of the Base Indenture, acting in its capacity as a co-issuer in accordance with
this Fourth Indenture Supplement, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall include such successor Person. 

“Global Securities Legend” means the legend set forth on the form of Note attached as Exhibit A hereto. 

“Guarantors” has the meaning set forth in the recitals hereof. 

“Indenture” has the meaning set forth in the recitals hereof. 

“Interest Payment Date” has the meaning set forth in Section 2.02 hereof. 

“Notes” means a new series of Securities to be co-issued by the Company and the Co-Issuer to be known as $500,000,000 aggregate principal amount of 5.000% senior notes due 2032 (the “Notes,” substantially in the form attached hereto as Exhibit A), fully and
unconditionally guaranteed as to payment of principal and interest by Aon Ireland and Aon UK, such series designated in Section 2.01 hereof that are authenticated and delivered under the Indenture. For all purposes of this Fourth Indenture
Supplement, the term “Notes” shall include the Notes initially issued on the Closing Date and any other Notes of such series issued after the Closing Date. For purposes of the Indenture, the Notes shall constitute a single series of
Securities under the Indenture and shall vote together to the extent so provided in the Indenture. 

  
 -2- 

 “Original Indenture” has the meaning set forth in the recitals hereof. 

“Par Call Date” means June 12, 2032 (the date that is three months prior to the Stated Maturity for the Notes). 

“Regular Record Date” has the meaning set forth in Section 2.02 hereof. 

“Stated Maturity” has the meaning set forth in Section 2.02 hereof. 

“Treasury Rate” means, with respect to any redemption date, the yield determined by the Issuers in accordance with the
following two paragraphs: 
 The Treasury Rate shall be determined by the Issuers after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuers shall select, as applicable:
(1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15
exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the
Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity
on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall
be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

If on the third business day preceding the redemption date H.15 is no longer published, the Issuers shall calculate the Treasury Rate based on
the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is
closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one
with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuers shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United
States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuers shall select from among these two or more United States Treasury securities the
United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., 

  
 -3- 

 
New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be
based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

“Trustee” has the meaning set forth in the preamble hereof. 

The parties hereto acknowledge that certain terms are defined in both the Base Indenture and in this Fourth Indenture Supplement. The parties hereto hereby
agree that, unless otherwise expressly stated or the context otherwise requires, any term which is defined in either the Base Indenture or this Fourth Indenture Supplement, when used with respect to or in the respective certificates evidencing the
Notes, shall have the meaning set forth in this Fourth Indenture Supplement. 
 ARTICLE II 

TERMS OF THE NOTES 
 SECTION
2.01. Establishment of the Notes. 
 (a) There is hereby authorized and established a series of Securities designated the 5.000%
senior notes due 2032, limited in aggregate principal amount to $500,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03,
6.01 or 10.04 of the Indenture); provided that the Issuers may, from time to time, without notice to or consent of Holders or beneficial owners of the Outstanding Notes, create and issue additional notes of this series of Securities so as to
increase the aggregate principal amount of Notes Outstanding in compliance with the procedures set forth in the Indenture, including Sections 2.03 and 2.04 thereof, by issuing additional Securities having the same ranking, interest rate, maturity
and other terms (except for the issue date, public offering price and, in some cases, the first Interest Payment Date and the date from which interest shall begin to accrue) as the Notes then Outstanding; provided, further, that any such additional
Securities will constitute part of the same series as the Notes issued on the Closing Date; and provided, further, that if the Issuers issue such additional Securities that are not fungible for U.S. federal income tax purposes with the Notes issued
on the Closing Date, the additional Securities will have a separate CUSIP number. 
 (b) The form and terms of the Notes have been
established pursuant to authority duly granted by the Board Resolutions of the Company, adopted on August 18, 2022 (the “Company Board Resolutions”), and the Board Minutes of AGH, adopted on August 17, 2022 (together, the
“Co-Issuer Board Resolutions” and together, the “Board Resolutions”), in accordance with Section 2.03 of the Indenture, and the Corporate Secretary of the Company has
certified that the Board Resolutions have been duly adopted by the Board of Directors of the Company and are in full force and effect on the date of such certification and the Corporate Secretary of the
Co-Issuer has certified that the Board Resolutions have been duly adopted by the Board of Directors of the Co-Issuer and are in full force and effect on the date of such
certification. 
 SECTION 2.02. Terms of the Notes. The following terms relate to the Notes: 

(a) The Notes hereby established are a series of Securities having the title “5.000% senior notes due 2032 with full and unconditional
guarantees as to payment of principal and interest by Aon plc and Aon Global Limited” in and pursuant to authority duly granted by the Board Resolutions the terms and provisions of the Notes as provided for in Section 2.01 of the Indenture
with the further terms and provisions as set forth in the form of the Notes attached hereto as Exhibit A. 

  
 -4- 

 (b) The initial aggregate principal amount of the Notes that may be issued, authenticated
and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes or Notes authenticated and delivered as Additional Securities pursuant to
Section 2.01 of the Base Indenture) is $500,000,000. 
 (c) The Stated Maturity on which the principal of the Notes shall be due and
payable (unless earlier redeemed) shall be September 12, 2032. 
 (d) The principal of the Notes shall bear interest at the rate of
5.000% per annum, which interest shall accrue from the most recent Interest Payment Date with respect to the Notes to which interest has been paid or duly provided for, and if no interest has been paid or duly provided for, from and including
September 12, 2022, payable semi-annually in arrears on March 12 and September 12 (each, an “Interest Payment Date”) in each year, commencing March 12, 2023, to the Persons in whose names the Notes are registered
at the close of business on the February 25 or August 28 immediately preceding such Interest Payment Dates (each, a “Regular Record Date”) regardless of whether such Regular Record Date is a Business Day. 

(e) Interest on the Notes shall be calculated on the basis of a 360-day year of twelve 30-day months. Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Issuer will pay interest on the Notes for the period commencing on (and including) the immediately
preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. On the first Interest Payment Date, the Issuer will pay interest for the period beginning on (and including) the Issue Date to
(but excluding) the first Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the related interest payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall
accrue for the period from and after such Interest Payment Date. If the Stated Maturity or date of earlier redemption falls on a day that is not a Business Day, payment of principal and interest on such Notes will be made on the next succeeding day
that is a Business Day, and no interest will accrue for the period from and after such Stated Maturity or date of earlier redemption. “Business Day” means any day, other than Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York. 
 (f)
Prior to the Par Call Date, the Issuers may redeem the Notes at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal
to the greater of: 
 (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being
redeemed discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (as defined below), plus 30 basis points (0.300%) less, (b) interest accrued to the date of redemption, and 

(ii) 100% of the principal amount of the Notes being redeemed; 

plus, in either case, accrued and unpaid interest on the principal amount of the Notes being redeemed to the redemption date. 

  
 -5- 

 (g) On or after the Par Call Date, the Issuers may redeem the Notes, in whole or in part, at
any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to the redemption date. 

Notwithstanding the foregoing, installments of interest on Notes being redeemed that are due and payable on interest payment dates falling on
or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to such Notes and the Indenture. 

(h) All payments of interest and principal, including payments made upon any redemption or repurchase of the Notes, will be payable in
U.S. Dollars. 
 (i) The Notes are designated, pursuant to Section 2.01 of the Indenture, as being entitled to the benefits of the
Guarantees of Aon Ireland and Aon UK, and Article Fifteen of the Base Indenture shall apply, and inure to the benefit of, the Notes. 
 (j)
The Notes are subject to redemption at the option of the Issuers as provided in the form of Note attached hereto as Exhibit A and in the Indenture. 

(k) The Notes shall have such other terms and provisions as are set forth in the form of Note attached hereto as Exhibit A (all of
which are incorporated by reference in and made a part of this Fourth Indenture Supplement as if set forth in full at this place). 

SECTION 2.03. Denominations. The Notes shall be issued in registered form without interest coupons and only in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 2.04. Form. The Notes will be represented by one or more Global
Securities. The Notes shall be in substantially the form set forth in Exhibit A hereto with such changes therein as may be authorized by any officer of the Company and the Co-Issuer
executing such Notes by manual, facsimile or electronic signature, such approval to be conclusively evidenced by the execution thereof by such applicable officer. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Fourth Indenture Supplement,
and the Company, the Co-Issuer and the Trustee, by their execution and delivery of this Fourth Indenture Supplement, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Note conflicts with the express provisions of this Fourth Indenture Supplement, the provisions of this Fourth Indenture Supplement shall govern and be controlling. 

The Notes shall be issued as registered Securities without coupons. 

ARTICLE III 
 AMENDMENTS TO
INDENTURE FOR THE BENEFIT 
 OF HOLDERS OF THE NOTES 

SECTION 3.01. Amendment to Section 4.01—Payment of Principal, Premium and Interest. Section 4.01 of the
Base Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

  
 -6- 

 “Section 4.01. Payment of Principal,
Premium and Interest. The Issuers will duly and punctually pay or cause to be paid the principal of and premium, if any, and interest, if any, on the Notes, at the place, at the respective times and in the manner provided in the terms of
the Notes and in this Indenture. The interest on the Notes shall be payable only to or upon the written order of the Holders thereof and at the option of the Issuers may be paid by wire transfer, other electronic means or mailing checks for
such interest payable to or upon the order of such Holders at their last addresses as they appear on the Security Register for such Notes. 

SECTION 3.02. Amendment to Section 4.02 - Offices for Notices and Payments, etc. Section 4.02 of the Base
Indenture each reference to “the Company” is deleted and is hereby replaced with “the Issuers”. 
 SECTION 3.03.
Amendment to Section 4.03 - Provisions as to Paying Agent. In Section 4.03 of the Base Indenture each reference to “the Company” is deleted and is hereby replaced with “the Issuers”; provided
that Section 4.03(b) is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“(b) If either the Company or the Co-Issuer shall act as its own paying agent, it
will, on or before each due date of the principal of and premium, if any, and interest, if any, on the Securities of any series set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series entitled thereto a
sum sufficient to pay such principal, premium, or interest so becoming due. The applicable Issuer will promptly notify the Trustee of any failure to take such action.” 

SECTION 3.04. Amendment to Section 4.04 - Statement by Officers as to Default. Section 4.04 of the Base
Indenture shall be deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 4.04. Statement by Officers as to Default. 

(a) Either the Company or the Co-Issuer will deliver to the Trustee, on or before
a date not more than four months after the end of each fiscal year of the Company or the Co-Issuer, as applicable, ending after the date hereof, an Officers’ Certificate of the Company or the Co-Issuer, as applicable, which shall include the statements provided for in Section 16.04 and stating whether or not to the best knowledge of the signers thereof either the Company or the Co-Issuer is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture to be performed or observed by it and specifying all such defaults and the nature thereof of
which it may have knowledge. 
 (b) The Company and the Co-Issuer, as
applicable, will deliver to the Trustee, as soon as practicable upon becoming aware of any default (which word has the meaning of the word “default” as used in Section 6.07) or Event of Default with respect to a particular series of
Securities that has occurred and is continuing, a written notice setting forth the details of such default or Event of Default.” 

  
 -7- 

 SECTION 3.05. Amendment to Section 4.05—Payment of Additional
Amounts. Section 4.05 of the Base Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 4.05. Payment of Additional Amounts.  

(a) All payments made by any Guarantor (including any successor in interest to any of the foregoing) in respect of its
Guarantee shall be made free and clear of and without withholding or deduction for or on account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or
levied by or on behalf of the government of the United Kingdom or Ireland, as applicable, or, in each case, by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless such Guarantor is
required to withhold or deduct Taxes by law. 
 If a Guarantor is required to withhold or deduct any amount for or on
account of Taxes from any payment made with respect to its Guarantee, such Guarantor shall pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments
by the beneficial owner, the Trustee or any Agent, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), shall not be less than the amounts that would have been received
in respect of such payments on the Guarantees in the absence of such withholding or deduction; provided however that no such Additional Amounts will be payable with respect to Taxes: 

(1) that would not have been so imposed or levied but for the existence of any present or former connection between the relevant Holder or
beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or
corporation), and the United Kingdom or Ireland, as applicable, or, in each case, any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such Holder or beneficial
owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or
engaged in trade or business therein or having or having had a permanent establishment therein; 
 (2) that are estate, inheritance, gift,
sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges; 
 (3) payable other than by
withholding from payments in respect of a Guarantee; 
 (4) that would not have been so imposed but for the failure of the applicable
recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent: 

(i) such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to
exemption from, or reduction in, the rate of deduction or withholding of such Taxes; and 
 (ii) at least thirty
(30) days before the first payment date with respect to which such Additional Amounts shall be payable, such Guarantor has notified such recipient in writing that such recipient is required to comply with such requirement; 

  
 -8- 

 (5) that would not have been imposed but for the presentation of a Note (where presentation
is required) for payment on a date more than thirty (30) days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later; 

(6) that are imposed or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), as of the issue date of the Notes (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, and any similar law or regulation adopted pursuant to
an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to Section 1471(b)(1) of the Code; 

(7) that would not have been imposed if presentation for payment of the relevant Notes or a Guarantee (where presentation is required), had
been made to a paying agent other than the paying agent to which the presentation was made; or 
 (8) any combination of the foregoing
clauses (1) through (8); 
 nor shall Additional Amounts be paid with respect to any payment in respect of a Guarantee, to any such
Holder or beneficial owner who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or
a beneficial owner would not have been entitled to such Additional Amounts had it been the Holder of the Note. 

(b) For avoidance of doubt, no Additional Amounts shall be paid with respect to or on account of any present or future
income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the government of the United States or the United Kingdom relating to payments by the Issuers under
the Notes. 
 (c) All references in this Indenture, other than in Articles Twelve or Thirteen of the Base Indenture, to the
payment of the principal of or premium, if any, or interest, if any, on or the net proceeds received on the sale or exchange of, any Notes or any payment made under a Guarantee shall be deemed to include Additional Amounts to the extent that, in
that context, Additional Amounts are, were or would be payable in respect thereof. 
 (d) The obligations of each
Guarantor to pay Additional Amounts if and when due will survive the termination of this Indenture and the payment of all other amounts in respect of the Notes.” 

SECTION 3.06. Amendment to Section 11.01—Company and Guarantors May Consolidate, etc., on Certain Terms.
Section 11.01 of the Base Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 11.01. Company, the Co-Issuer and
Guarantors May Consolidate, etc., Only on Certain Terms. So long as any Securities shall be Outstanding, none of the Company, the Co-Issuer or, with respect to any series of Securities to which the
provisions of Article Fifteen shall apply, any Guarantor shall consolidate with or merge or convert into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless: 

  
 -9- 

 (a) (1) The Company, the
Co-Issuer or such Guarantor, as the case may be, is the surviving entity, or (2) the Person formed by such consolidation or conversion or into which the Company, the
Co-Issuer or such Guarantor, as applicable, is merged or converted or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company, the Co-Issuer or such Guarantor, as the case may be, substantially as an entirety: 

(i) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, in the case of the Company and/or the Co-Issuer, the due and punctual payment of the principal of and premium, if any, and interest, if any, on all the Securities and the performance of every
covenant of this Indenture on the part of the Company and/or the Co-Issuer, as applicable, to be performed or observed or, in the case of such Guarantor, with respect to any series of Securities to which the
provisions of Article Fifteen shall apply, the due and punctual payment of all payment obligations under the Guarantee and the performance of every other covenant of this Indenture on the part of such Guarantor to be performed or observed and which
supplemental indenture shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible or exchangeable into Shares or other securities, if any such Securities are then
outstanding; and 
 (ii) in the case of the Company, is a corporation or other entity organized and existing under the
laws of the United States, any State thereof or the District of Columbia. 
 (b) immediately after giving effect to such
transaction and treating any indebtedness which becomes an obligation of the Company, the Co-Issuer or such Guarantor, as applicable, as a result of such transaction as having been incurred by the Company, the
Co-Issuer or such Guarantor, as applicable, at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have
happened and be continuing; and 
 (c) the Company and/or the Co-Issuer, as
applicable, has delivered to the Trustee an Officers’ Certificate of the Company, the Co-Issuer or such Guarantor has delivered to the Trustee an Officers’ Certificate of such Guarantor, as the case
may be, and, in either case, an Opinion of Counsel, each stating that such consolidation, merger, conversion, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.” 

SECTION 3.07. Amendment to Section 11.02—Successor Person Substituted. Section 11.02 of the Base Indenture
is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 11.02. Successor Person Substituted. So long as any Notes shall be
outstanding, upon any consolidation, merger or conversion, or any conveyance, transfer or lease of the properties and assets of the Company, the Co-Issuer or any Guarantor substantially as an entirety, in
accordance with Section 11.01, the successor Person formed by such consolidation or into which the Company, the Co-Issuer or such Guarantor, as applicable, is merged or converted or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company, the Co-Issuer or such Guarantor, as the case may be, under this Indenture
with the same effect as if such successor Person had been named as the Company, the Co-Issuer or a Guarantor, as the case may be, herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and the Notes.” 

  
 -10- 

 ARTICLE IV 

MISCELLANEOUS 
 SECTION 4.01.
Ratification. This Fourth Indenture Supplement shall be deemed part of the Base Indenture in the manner and to the extent herein provided. Except as expressly amended hereby, the Base Indenture is in all respects ratified and confirmed and
all the terms, conditions and provisions thereof shall remain in full force and effect. 
 SECTION 4.02. Provisions Binding on
Successors. All the covenants, stipulations, promises and agreements in this Fourth Indenture Supplement contained by or on behalf of the Company, the Co-Issuer or the Guarantors shall bind their
respective successors and assigns, whether so expressed or not. 
 SECTION 4.03. Counterparts. This Fourth Indenture Supplement may
be executed in any number of counterparts, each of which so executed shall be deemed an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 4.04. Governing Law. This Fourth Indenture Supplement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of laws. 
 SECTION 4.05. Separability. In case any one or more of
the provisions contained in this Fourth Indenture Supplement or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Fourth Indenture Supplement or of such Notes, but this Fourth Indenture Supplement and such Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

SECTION 4.06. Governing Law. This Fourth Indenture Supplement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of laws. 
 SECTION 4.07. Trustee. The Trustee makes no
representation as to the validity or sufficiency of this Fourth Indenture Supplement. The recitals contained herein shall be taken as the statements of the Company, the Co-Issuer and the Trustee assumes no
responsibility for their correctness. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered using Electronic
Means; provided, however, that the Company and the Co-Issuer shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company and the Co-Issuer whenever a person is to be added or deleted
from the listing. If the Company or the Co-Issuer elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s
understanding of such Instructions shall be deemed controlling. Each of the Company and the Co-Issuer understands and agrees that the Trustee cannot determine the identity of the actual sender of such
Instructions and that the Trustee shall 

  
 -11- 

 
conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized
Officer. The Company and the Co-Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and the
Co-Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the
Company and the Co-Issuer. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. Each of the Company and the Co-Issuer agrees: (i) to assume all risks arising out of the use of
Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the
protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company or the Co-Issuer, as the case may be; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in
light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. The Trustee may execute this Fourth Indenture Supplement and any other
documents delivered pursuant hereto (including authentication of the Notes) via Electronic Means. 
 “Electronic Means” shall mean the
following communications methods: S.W.1.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the
Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. 

[Signature Pages Follow] 
  

  
 -12- 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Fourth Indenture Supplement
to be duly signed, all as of the day and year first above written. 
  

			
	AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING
UNDER THE LAWS OF THE STATE OF DELAWARE
		
	BY:	 	 /s/ JULIE CHO

		 	NAME: JULIE CHO
		 	TITLE: VICE PRESIDENT AND SECRETARY
	
	AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY
ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
		
	BY:	 	 /s/ GARDNER MUGASHU

		 	NAME: GARDNER MUGASHU
		 	TITLE: DIRECTOR
	
	AON PLC, A PUBLIC LIMITED COMPANY DULY ORGANIZED AND
EXISTING UNDER THE LAWS OF IRELAND
		
	BY:	 	 /s/ PAUL HAGY

		 	NAME: PAUL HAGY
		 	TITLE: TREASURER
	
	AON GLOBAL LIMITED, A PRIVATE LIMITED COMPANY DULY ORGANIZED
AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
		
	BY:	 	 /s/ ALISTAIR BOYD

		 	NAME: ALISTAIR BOYD
		 	TITLE: DIRECTOR

 [Company Signature Page to the Indenture Supplement] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
		
	BY:	 	 /s/ LAWRENCE M. KUSCH

		 	NAME: LAWRENCE M. KUSCH
		 	TITLE: VICE PRESIDENT

 [Trustee Signature Page to the Indenture Supplement] 

 EXHIBIT A 

FORM OF NOTE 
 Unless this
Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any Security issued upon registration of
transfer of, or in exchange for, or in lieu of, this Security is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 

$                    
    % Senior Notes due          
 with full and unconditional guarantees

 as to payment of principal and interest by 

Aon plc and Aon Global Limited 
  

			
	No. 1	  	$500,000,000
	CUSIP No.                 	  	

 AON CORPORATION 

AON GLOBAL HOLDINGS PLC 

Aon Corporation, a Delaware corporation (herein called the “Company,” which term includes any successor Person under the
Indenture hereinafter referred to) and Aon Global Holdings plc, a public limited company formed under the laws of England and Wales (hereinafter called the “Co-Issuer,” which term includes any
successor Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), for value received, hereby, jointly and severally, promise to pay to Cede & Co., as nominee for The Depository
Trust Company, or registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on                  and, subject to Section 16.05 of said
Indenture, to pay interest thereon from                  or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually in arrears on each                  and                 , commencing
                 (each, an “Interest Payment Date”), at the rate of     % per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be                  or
                 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on a subsequent
record date for the payment of such defaulted interest established by the Company and the Co-Issuer, notice whereof shall be given to Holders of Securities of this series not less than 15 days prior to such
subsequent record date, such record date to be not less than 5 days preceding the date of payment of such defaulted interest, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

  
 A-1 

 Payment of the principal of (and premium, if any) and any such interest on this Security
will be made at the office or agency of the Company maintained for that purpose in the City of Chicago or the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company or the Co-Issuer payment of interest may be made by wire transfer, other electronic means or
mailing checks to the address of the Holder entitled thereto as such address shall appear in the Security Register. 
 The Securities of
this series are subject to redemption and repurchase at the option of the Issuers prior to the stated maturity as described in the Indenture and on the reverse hereof. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to herein by manual, facsimile or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

NOTICE TO HOLDER 
 THE HOLDER OF
THIS SECURITY IS HEREBY NOTIFIED, AND BY ITS ACCEPTANCE HEREOF ACKNOWLEDGES, THAT (1) THE COMPANY, THE CO-ISSUER AND A GUARANTOR, IN RESPECT OF ITS GUARANTEE, SHALL WITHHOLD OR DEDUCT FOR OR ON ACCOUNT OF
ANY PRESENT OR FUTURE INCOME, STAMP OR OTHER TAX, DUTY, LEVY, IMPOST, ASSESSMENT OR OTHER GOVERNMENTAL CHARGE OF ANY NATURE WHATSOEVER IMPOSED OR LEVIED BY OR ON BEHALF OF THE GOVERNMENT OF THE UNITED STATES OR BY ANY AUTHORITY OR AGENCY THEREIN OR
THEREOF HAVING THE POWER TO TAX (COLLECTIVELY, “UNITED STATES TAXES”) AS REQUIRED BY LAW OF THE UNITED STATES AND (2) IF THE COMPANY, THE CO-ISSUER OR A GUARANTOR (OR WITHHOLDING AGENT FOR THE
COMPANY, THE CO-ISSUER OR GUARANTOR) IS SO REQUIRED TO WITHHOLD OR DEDUCT ANY AMOUNT FOR OR ON ACCOUNT OF UNITED STATES TAXES FROM ANY PAYMENT, NO ADDITIONAL AMOUNTS SHALL BE PAID TO A HOLDER OR BENEFICIAL
OWNER FOR OR WITH RESPECT TO THE AMOUNT SO WITHHELD OR DEDUCTED. 

  
 A-2 

 IN WITNESS WHEREOF, the Company and the Co-Issuer
have caused this instrument to be duly executed. 
 Dated: September 12, 2022 

 

			
	AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING
UNDER THE LAWS OF THE STATE OF DELAWARE
		
	By:	 	          

		 	Name: Paul Hagy
		 	Title: Senior Vice President and Treasurer
	
	AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY
ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
		
	By:	 	          

		 	Name: Gardner Mugashu
		 	Title: Director

 Attest: 
  

	
	          

	Name: Julie Cho
	Title: Vice President and Secretary

 [Company Signature Page to the Note] 

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
				
	Dated: September 12, 2022	 		 	By:	 	          

		 		 		 	Authorized Officer

 [Trustee Signature Page to the Note] 

 This Security is one of a duly authorized series of securities of the Company and the Co-Issuer entitled “    % Senior Notes due         ” (herein called the “Securities”) issued and to be issued in one or more
series under the Amended and Restated Indenture, dated April 1, 2020, as supplemented by the Fourth Indenture Supplement, dated September 12, 2022, among the Company, the Co-Issuer, the Guarantors
and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture, as defined below) (together, the “Indenture”), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Co-Issuer, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The Securities of this series will initially be issued in the aggregate principal amount of
$                    . The Issuers may, from time to time, without the written consent of or notice to Holders of the Securities of this series,
create and issue under the Indenture additional securities having the same terms and conditions as the Securities of this series (other than the issue date, the issue price and, to the extent applicable, the first date from which interest on such
additional securities shall accrue and the first interest payment date for such additional securities) and such additional securities shall be consolidated with and form a single series with the Securities of this series. 

Prior to                  (three months prior to the
Securities’ Stated Maturity) (the “Par Call Date”), the Issuers may redeem the Securities at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the
principal amount and rounded to three decimal places) equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed discounted to the redemption date
(assuming the Securities being redeemed matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at
the Treasury Rate, plus      basis points (    %) less, (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Securities being redeemed; and plus, in either case,
accrued and unpaid interest on the principal amount of the Securities being redeemed to the redemption date. 
 On or after the Par Call
Date, the Issuers may redeem the Securities, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the
redemption date. 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by the Issuers in
accordance with the following two paragraphs: 
 The Treasury Rate shall be determined by the Issuers after 4:15 p.m., New York City time
(or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day
that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or
publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuers shall select, as
applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity
on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer
than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant
maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on
H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  
 A-5 

 If on the third business day preceding the redemption date H.15 is no longer published, the
Issuers shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity
date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuers shall select the United States Treasury security with a maturity date preceding
the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuers shall select from among these
two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In
determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage
of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s
procedures) at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. In the case of a partial redemption, selection of the Securities for redemption will be made pro rata, by lot or by such
other method as the Trustee in its sole discretion deems appropriate and fair. Notice of any redemption will be sent at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. Unless the
Issuers and the Guarantors default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption. In the case of a partial redemption, selection of the
Securities for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. 

The Issuers’ actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. 
 Notwithstanding the foregoing, installments of interest on Securities being redeemed that are due and payable on Interest
Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the Regular Record Date according to the Securities and the Indenture. 

All payments made by a Guarantor with respect to its Guarantee shall be made free and clear of and without withholding or deduction for or on
account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the government of the United Kingdom or Ireland, as applicable,
or, in each case, by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless such Guarantor is required to withhold or deduct Taxes by law. 

If an Event of Default with respect to the Securities of this series shall occur and be continuing, the principal amount of and accrued and
unpaid interest, if any, on the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein. 

  
 A-6 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the Co-Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company,
the Co-Issuer and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Co-Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company
and the Co-Issuer, which is joint and several, absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company or the Co-Issuer in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Co-Issuer and the Security Registrar duly executed by,
the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000
and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Co-Issuer,
the Trustee and any agent of the Company, the Co-Issuer or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and none of the Company, the Co-Issuer, the Trustee or any such agent shall be affected by notice to the contrary. 

Interest on this Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Issuer will pay interest on the Notes for the period commencing on (and including) the immediately
preceding Interest Payment Date and ending on (and including) the day immediately preceding that Interest Payment Date. On the first Interest Payment Date, the Issuer will pay interest for the period beginning on (and including) the Issue Date to
(but excluding) the first Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the related interest payment shall be postponed to the next day that is a Business Day, and no interest on such payment shall
accrue for the period from and after such Interest Payment Date. If the Stated Maturity or date of earlier redemption falls on a day that is not a Business Day, payment of principal and interest on such Notes will be made on the next succeeding day
that is a Business Day, and no interest will accrue for 

  
 A-7 

 
the period from and after such Stated Maturity or date of earlier redemption. “Business Day” means any day, other than Saturday or Sunday, that is neither a legal holiday nor a
day on which banking institutions are authorized or required by law, regulation or executive order to close in the City of New York. 
 All
terms used but not defined in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

This Security shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the conflict of
laws provisions thereof. 

  
 A-8 

 ASSIGNMENT 

I or we assign and transfer this Security to: 

________________________________________ 

(Insert assignee’s social security or tax I.D. number) 

_________________________________________ 

(Print or type name, address and zip code of assignee) 

and irrevocably appoint: 
 as agent to transfer this Security on
the books of the Company and the Co-Issuer. The agent may substitute another to act for him. 
  

							
	Date:
                                         
                       	 	        	 	Your Signature:	 	          

	 		 	(Sign exactly as your name appears on the face of this Security)

 Signature 

Guarantee:    ________________________________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-9 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and
the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to
time due and payable by the Company and the Co-Issuer under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when
otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

			
	Aon plc, a public limited company duly organized and existing under the laws of Ireland
		
	By:	 	          

		 	Name: Paul Hagy
		 	Title: Senior Vice President and Treasurer

 [Signature Page to the Notation of Guarantee] 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and
the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to
time due and payable by the Company and the Co-Issuer under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when
otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

			
	Aon Global Limited, a private limited company duly organized and existing under the laws of England and Wales
		
	By:	 	          

		 	Name: Alistair Patrick Boyd
		 	Title: Director

 [Signature Page to the Notation of Guarantee]

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