Document:

EX-10.5

 Exhibit 10.5 
  

 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-3, 

as Issuer 
 and 

SANTANDER CONSUMER USA INC., 
 as
Sponsor and Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

as Asset Representations Reviewer 
  

 
 Dated as of
May 18, 2022 
  
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
		
	 ARTICLE II. ENGAGEMENT; ACCEPTANCE
	  	 	3	 
			
	 Section 2.01
	 	Engagement; Acceptance.	  	 	3	 
	 Section 2.02
	 	Eligibility of Asset Representations Reviewer	  	 	3	 
	 Section 2.03
	 	Independence of the Asset Representations Reviewer	  	 	3	 
		
	ARTICLE III. DUTIES OF THE ASSET REPRESENTATIONS REVIEWER	  	 	3	 
			
	 Section 3.01
	 	Review Scope	  	 	3	 
	 Section 3.02
	 	Review Notices	  	 	4	 
	 Section 3.03
	 	Review Materials	  	 	4	 
	 Section 3.04
	 	Missing or Incomplete Review Materials	  	 	4	 
	 Section 3.05
	 	The Asset Review	  	 	5	 
	 Section 3.06
	 	Review Period	  	 	5	 
	 Section 3.07
	 	Review Report	  	 	5	 
	 Section 3.08
	 	Completion of Review for Certain Subject Receivables	  	 	6	 
	 Section 3.09
	 	Termination of Review	  	 	6	 
	 Section 3.10
	 	Review and Procedure Limitations	  	 	6	 
	 Section 3.11
	 	Review Systems	  	 	6	 
	 Section 3.12
	 	Representatives	  	 	7	 
	 Section 3.13
	 	Dispute Resolution	  	 	7	 
	 Section 3.14
	 	Records Retention	  	 	7	 
	 Section 3.15
	 	No Delegation	  	 	8	 
		
	 ARTICLE IV. PAYMENTS TO ASSET REPRESENTATIONS REVIEW
	  	 	8	 
			
	 Section 4.01
	 	Annual Fee	  	 	8	 
	 Section 4.02
	 	Review Fee	  	 	8	 
	 Section 4.03
	 	Dispute Resolution Expenses	  	 	8	 
	 Section 4.04
	 	Payment	  	 	9	 
	 Section 4.05
	 	Payments by the Issuer	  	 	9	 

  

					
		  	-i-	  	 Asset Representations Review Agreement

(SDART 2022-3)

 TABLE OF CONTENTS 

(continued) 
  

							
		 		  	 	Page	 
	 ARTICLE V. OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER
	  	 	9	 
			
	 Section 5.01
	 	Representations and Warranties of the Asset Representations Reviewer	  	 	9	 
	 Section 5.02
	 	Limitation of Liability of Asset Representations Reviewer	  	 	10	 
	 Section 5.03
	 	Indemnification of Asset Representations Reviewer	  	 	10	 
	 Section 5.04
	 	Indemnification by Asset Representations Reviewer	  	 	11	 
		
	 ARTICLE VI. REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER
	  	 	12	 
			
	 Section 6.01
	 	Eligibility Requirements for Asset Representations Reviewer	  	 	12	 
	 Section 6.02
	 	Resignation and Removal of Asset Representations Reviewer	  	 	12	 
	 Section 6.03
	 	Successor Asset Representations Reviewer	  	 	12	 
	 Section 6.04
	 	Merger, Consolidation or Succession	  	 	13	 
		
	ARTICLE VII. TREATMENT OF CONFIDENTIAL INFORMATION	  	 	13	 
			
	 Section 7.01
	 	Confidential Information	  	 	13	 
	 Section 7.02
	 	Safeguarding Personally Identifiable Information	  	 	15	 
		
	 ARTICLE VIII. OTHER MATTERS PERTAINING TO THE ISSUER
	  	 	16	 
			
	 Section 8.01
	 	Termination of this Agreement	  	 	16	 
	 Section 8.02
	 	Limitation of Liability	  	 	16	 
		
	 ARTICLE IX. MISCELLANEOUS PROVISIONS
	  	 	17	 
			
	 Section 9.01
	 	Amendment	  	 	17	 
	 Section 9.02
	 	Notices, Etc	  	 	18	 
	 Section 9.03
	 	Severability Clause	  	 	18	 
	 Section 9.04
	 	Governing Law	  	 	18	 
	 Section 9.05
	 	Headings	  	 	19	 
	 Section 9.06
	 	Counterparts and Electronic Signature	  	 	19	 
	 Section 9.07
	 	Waivers	  	 	19	 
	 Section 9.08
	 	Entire Agreement	  	 	19	 
	 Section 9.09
	 	Severability of Provisions	  	 	19	 
	 Section 9.10
	 	Binding Effect	  	 	20	 
	 Section 9.11
	 	Cumulative Remedies	  	 	20	 
	 Section 9.12
	 	Nonpetition Covenant	  	 	20	 
	 Section 9.13
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	20	 
	 Section 9.14
	 	Third-Party Beneficiaries	  	 	21	 

  

					
		  	-ii-	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Exhibit A – Agreed Upon Procedures 

 

  

					
		  	-iii-	  	 Asset Representations Review Agreement

(SDART 2022-3)

 ASSET REPRESENTATIONS REVIEW AGREEMENT 

This ASSET REPRESENTATIONS REVIEW AGREEMENT is made and entered into as of May 18, 2022 (this “Agreement”), by and
between Santander Drive Auto Receivables Trust 2022-3, a Delaware statutory trust (the “Issuer”), Santander Consumer USA Inc., an Illinois corporation (“SC”, and in its capacity as sponsor, the
“Sponsor”, and in its capacity as servicer, the “Servicer”), and Clayton Fixed Income Services LLC, a Delaware limited liability company (“Clayton”, and in its capacity as asset representations
reviewer, the “Asset Representations Reviewer”). 
 WHEREAS, the Issuer will engage the Asset Representations Reviewer to
perform reviews of Receivables for compliance with the representations and warranties made by the Sponsor regarding such Receivables. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.01 Definitions. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but
not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the “Sale and
Servicing Agreement”) between the Issuer, the Servicer, Santander Drive Auto Receivables LLC and Citibank, N.A., as indenture trustee, which also contains rules as to usage that are applicable herein. 

Whenever used in this Agreement, the following words and phrases shall have the following meanings: 

“Annual ARR Fee” has the meaning set forth in Section 4.01. 

“Asset Review” means the completion by the Asset Representations Reviewer of the “Tests” set forth in Exhibit A for
each Subject Receivable as further described in Section 3.05. 
 “Client Records” has the meaning
set forth in Section 3.14. 
 “Confidential Information” has the meaning set forth in
Section 7.01. 
 “Disclosing Party” has the meaning set forth in
Section 7.01. 
 “Eligible Asset Representations Reviewer” means a Person who (i) is not,
and is not Affiliated with, the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (ii) was not engaged or Affiliated with a Person that was engaged by the Sponsor or any Underwriter to
perform any due diligence on the Receivables prior to the Closing Date. 

  

					
		  	1	  	 Asset Representations Review Agreement

(SDART 2022-3)

 “Eligibility Representations” shall mean those representations identified
in Exhibit A. 
 “Indemnified Person” has the meaning set forth in Section 5.03. 

“Personally Identifiable Information” or “PII” has the meaning set forth in
Section 7.02. 
 “Privacy Laws” has the meaning set forth in
Section 7.02. 
 “Receiving Party” has the meaning set forth in
Section 7.01. 
 “Representatives” has the meaning set forth in
Section 7.01. 
 “Review Fee” has the meaning set forth in
Section 4.02. 
 “Review Invoice” means, with respect to any Asset Review, a detailed invoice
prepared by the Asset Representations Reviewer setting forth the calculation of the applicable Review Fee for such Asset Review. 

“Review Materials” means the documents, data, and other information required for each “Test” in Exhibit A. 

“Review Period” has the meaning set forth in Section 3.06. 

“Review Report” has the meaning set forth in Section 3.07. 

“Subject Receivables” means, for any Asset Review, all Receivables which are 60-Day
Delinquent Receivables as of the related Review Satisfaction Date; provided, that any Receivable repurchased by the Sponsor or the Servicer in accordance with the Transaction Documents or paid in full by the related obligor after the Review
Satisfaction Date will no longer be a Subject Receivable. 
 “Tests” mean the procedures listed in Exhibit A as applied to
the process described in Section 3.05. 
 “Test Complete” has the meeting set forth in
Section 3.08. 
 “Test Fail” has the meaning set forth in Section 3.05.

 “Test Incomplete” has the meaning set forth in Section 3.05. 

“Test Pass” has the meaning set forth in Section 3.05. 

  

					
		  	2	  	 Asset Representations Review Agreement

(SDART 2022-3)

 ARTICLE II. 

ENGAGEMENT; ACCEPTANCE 

Section 2.01 Engagement; Acceptance. 

The Issuer hereby engages Clayton to act as the Asset Representations Reviewer for the Issuer. Clayton hereby accepts the engagement and
agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 
 Section 2.02
Eligibility of Asset Representations Reviewer. 
 Clayton represents and warrants to the Issuer and the Sponsor that it is an
Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset
Representations Reviewer. 
 Section 2.03 Independence of the Asset Representations Reviewer. 

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Indenture
Trustee or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Indenture Trustee or the Owner Trustee, the Asset Representations Reviewer
will have no authority to act for or represent the Issuer, the Indenture Trustee or the Owner Trustee, respectively, and will not be considered an agent of the Issuer, the Indenture Trustee or the Owner Trustee. Nothing in this Agreement will make
the Asset Representations Reviewer and any of the Issuer, the Indenture Trustee or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them. 

ARTICLE III. 
 DUTIES OF
THE ASSET REPRESENTATIONS REVIEWER 
 Section 3.01 Review Scope. 

The parties confirm that the Asset Representations Review is not responsible for (a) reviewing the Receivables for compliance with the
representations and warranties under the Transaction Documents, except as described in this Agreement or (b) determining whether noncompliance with the representations and warranties constitutes a breach of the Eligibility Representations. For
the avoidance of doubt, the parties confirm that the review is not designed to determine why an Obligor is delinquent or the creditworthiness of the Obligor, either at the time of any Asset Review or at the time of origination of the related
Receivable. Further, the Asset Review is not designed to establish cause, materiality or recourse for any Test Fail (as defined in Section 3.05). 

  

					
		  	3	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 3.02 Review Notices. 

Upon receipt of (i) a Review Notice from the Indenture Trustee in accordance with Section 7.6(b) of the
Indenture and (ii) the Review Materials in accordance with Section 3.03 of this Agreement, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will not be obligated to
begin, and may not begin, an Asset Review until the Asset Representations Reviewer receives a Review Notice. Within ten Business Days of receipt of a Review Notice, the Servicer shall provide the list of Subject Receivables to the Asset
Representations Reviewer in the format selected by the Servicer to the address specified in Section 9.02. 
 None
of the Issuer, the Servicer, the Sponsor or the Asset Representations Reviewer is obligated to verify whether the Indenture Trustee properly determined that a Review Notice was required. None or the Issuer, the Sponsor or the Asset Representations
Reviewer is obligated to verify the accuracy or completeness of the list of Subject Receivables provided by the Servicer. 

Section 3.03 Review Materials. 

The Servicer will provide reasonable assistance to the Asset Representations Reviewer to facilitate the Asset Review. Within 60 days of
receipt by the Servicer of the Review Notice, the Servicer will provide the Asset Representations Reviewer with the Review Materials for all Subject Receivables in one or more of the following ways, as elected by the Servicer: (i) by providing
access to the Servicer’s receivables system, either remotely or at one or more of the properties of the Servicer; (ii) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer
has access; (iii) by providing originals or photocopies at one or more of the properties of the Servicer where the Receivable Files are located; (iv) by sending originals or photocopies of Review Materials to the Asset Representations
Reviewer at the address specified in Section 9.02; or (v) in another manner agreed to by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from
the Review Materials so long as such redaction or removal does not result in a change in the meaning or usefulness of the Review Materials. The Asset Representations Reviewer shall not be liable for any failure of the Review Materials to be accurate
and complete, including any failure that results in the Review Materials being misleading in any material respect. 
 Section 3.04
Missing or Incomplete Review Materials. 
 The Asset Representations Reviewer will complete the Tests for each Eligible
Representation only using documentation that is made available to it. Upon receipt of the Review Materials, the Asset Representations Reviewer will complete an initial document inventory to verify there are no systemic documentation errors,
including but not limited to consistently missing or incomplete information in the Review Materials with respect to each Subject Receivable. Once the Asset Representations Reviewer has confirmed the majority of the Review Materials have been
provided in accordance with Section 3.03, the Asset Representations Reviewer will commence the Asset Review. In instances where Review Material is not accessible, clearly unidentifiable, and/or illegible, the Asset
Representations Reviewer will request that the Servicer (with a copy to the Sponsor) provide an updated copy of 

  

					
		  	4	  	 Asset Representations Review Agreement

(SDART 2022-3)

 
such Review Material. If the Servicer and the Sponsor have not provided the missing Review Material for a Subject Receivable to the Asset Representations Reviewer within 60 days of notification
by the Asset Representations Reviewer, the parties agree that such Subject Receivable will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete. 

Section 3.05 The Asset Review. 

For an Asset Review, the Asset Representations Reviewer will perform the applicable procedures listed under “Tests” in Exhibit A for
each Eligibility Representation. In the course of its review, the Asset Representations Reviewer will use the Review Materials listed in Exhibit A. For each Test, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”), if the Test has not been satisfied (a “Test Fail”) or if the Test could not be concluded as a result of missing or incomplete Review Materials (a “Test Incomplete”). 

If a Subject Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not conduct additional Tests on any such
duplicate Subject Receivable unless such Subject Receivable was deemed a Test Incomplete as a result of the failure of the Servicer and the Sponsor to provide missing Review Materials for such Subject Receivable and the Sponsor elects to have such
Subject Receivable included in the current Asset Review. The Asset Representations Reviewer will include the previously reported Test results for any such duplicate Subject Receivable within the Review Report for the current Asset Review. 

Section 3.06 Review Period. 

The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials in accordance with
Section 3.03 (such time period, the “Review Period”); provided, that if additional Review Materials are provided to the Asset Representations Reviewer as described in
Section 3.04, the Review Period will be extended for an additional 30 days. 
 Section 3.07 Review
Report. 
 Within five Business Days following the end of the applicable Review Period described in
Section 3.06, the Asset Representations Reviewer will provide the Issuer, the Sponsor, the Servicer and the Indenture Trustee with (i) a report (a “Review Report”) specifying for each Subject
Receivable whether there was a Test Pass, a Test Fail, a Test Incomplete (as contemplated by Section 3.05) or a Test Complete (as contemplated by Section 3.08) for each Test and Subject Receivable
and (ii) the related Review Invoice. The Review Report will include a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Form
10-D for the Issuer for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Personally Identifiable
Information. For the avoidance of doubt, the Indenture Trustee shall have no obligation to forward the Review Report to any Noteholder or any other person. 

  

					
		  	5	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 3.08 Completion of Review for Certain Subject Receivables. 

Following the delivery of the list of the Subject Receivables and before the delivery of the Review Report by the Asset Representations
Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Receivable is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor or the Servicer in accordance with the Transaction Documents. On
receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Review Report
will indicate a Test Complete for the Receivables and the related reason. 
 Section 3.09 Termination of Review. 

If an Asset Review is in process and the Notes will be paid in full on the next Payment Date (including any payment in full as a result of any
early redemption of the Notes), the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset
Review immediately and will not be obligated to deliver a Review Report. 
 Section 3.10 Review and Procedure Limitations. 

The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred, (ii) to
determine whether the required percentage of Noteholders has voted to direct an Asset Review and may rely on the information in any Review Notice delivered by the Indenture Trustee, (iii) to determine which Receivables are Subject Receivables
and may rely on the list of Subject Receivables provided by the Servicer, (iv) to confirm the validity of the Review Materials, (v) other than as specified in Section 3.03, to obtain missing or insufficient Review
Materials, or (vi) to take any action or to cause any other party to take any action under any of the Transaction Documents to enforce any remedies for any breach of a representation, warranty or covenant, including any Eligibility
Representation. 
 The Asset Representations Reviewer shall only be required to perform the testing procedures listed under
“Tests” in Exhibit A, and shall have no obligation to perform additional testing procedures on any Subject Receivables or to consider any additional information provided by any party. The Asset Representations Reviewer shall have no
obligation to provide reporting or other information other than the Review Report described in Section 3.07. However, the Asset Representations Reviewer may provide additional information about any Subject Receivable that
it determines in good faith to be material to its performance of an Asset Review. 
 Section 3.11 Review Systems. 

The Asset Representations Reviewer shall maintain and utilize an electronic case management system to manage the Tests and to provide
systematic control over each step in the Asset Review process and ensure consistency and repeatability for the Tests. The Asset Representations Reviewer will ensure that these systems allow for each Subject Receivable and the related Review
Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Asset Reviews as required by this Agreement. 

  

					
		  	6	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 3.12 Representatives. 

(a) Servicer Representative. The Servicer will provide reasonable access to one or more designated representatives to respond to
reasonable requests and inquiries made by the Asset Representations Reviewer in its completion of an Asset Review. 
 (b) Asset
Representations Review Representative. The Asset Representations Reviewer will provide reasonable access to one or more designated representatives to respond to reasonable requests and inquiries made by the Servicer, the Sponsor, the Issuer or
the Indenture Trustee during the Asset Representations Reviewer’s completion of an Asset Review. The Asset Representations Reviewer shall have no obligation to respond to requests or inquires, and other than as specified in
Section 3.13 shall not respond to requests or inquiries, made by any Person not party to this Agreement other than the Indenture Trustee; provided, that if the Asset Representations Reviewer receives any request or
inquiry from a Person not a party to this Agreement, then the Asset Representations Reviewer may inform such Person that they may contact the Servicer and/or the Indenture Trustee with respect to such request or inquiry. 

Section 3.13 Dispute Resolution. 

If a Subject Receivable that was reviewed by the Asset Representations Reviewer during an Asset Review is the subject of a dispute resolution
proceeding under Section 9.24 of the Sale and Servicing Agreement, the Asset Representations Reviewer shall participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses and reasonable compensation of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses
of the Requesting Party for the dispute resolution and (subject to Section 4.03) will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to
Section 9.24 of the Sale and Servicing Agreement. 
 Section 3.14 Records Retention. 

The Asset Representations Reviewer will maintain copies of Review Materials, Review Reports and internal work papers and correspondence
(collectively the “Client Records”) for a period of two years after the termination of this Agreement. At the expiration of the retention period, the Asset Representations Reviewer shall return all Client Records to the Servicer, in
electronic format or, to the extent held in tangible form, in that form. Upon the return of the Client Records, the Asset Representations Reviewer shall have no obligation to retain such Client Records or to respond to inquiries concerning any Asset
Review. 

  

					
		  	7	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 3.15 No Delegation. 

The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of
the Issuer, the Sponsor and the Servicer. 
 ARTICLE IV. 

PAYMENTS TO ASSET REPRESENTATIONS REVIEW 

Section 4.01 Annual Fee. 

As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee in an amount equal
to $5,000 (the “Annual ARR Fee”) during the term of this Agreement, which shall be paid by or on behalf of the Sponsor within 30 days of the date hereof, with respect to the initial Annual ARR Fee, and within 30 days of the annual
anniversary of this Agreement with respect to each subsequent Annual ARR Fee; provided, however, that if the Asset Representations Reviewer resigns or is removed in accordance with Section 6.02, then the Asset
Representations Reviewer shall refund to the Sponsor the portion of the Annual ARR Fee attributable to the portion of the annual period during which Clayton will no longer act as the Asset Representations Reviewer, assuming for purposes of such
calculation that the Annual ARR Fee for each day during the annual period is an amount equal to the Annual ARR Fee divided by 365. 

Section 4.02 Review Fee. 

Following the completion of an Asset Review and delivery to the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review
Report and the related Review Invoice, the Sponsor shall pay to the Asset Representations Reviewer a fee of $200.00 for each Subject Receivable for which the Asset Review was completed plus reasonable out-of-pocket expenses incurred in connection with travel to the location at which Review Materials are made available in accordance with Section 3.03 (the “Review
Fee”). However, no Review Fee will be charged for any Subject Receivable which was included in a prior Asset Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the
Asset Review according to Section 3.09. To the extent not paid by the Sponsor and outstanding for at least 90 days after receipt by the Indenture Trustee, the Sponsor, the Servicer and the Issuer of the Review Invoice, the
Review Fee shall be paid by the Issuer pursuant to the priority of payments sets forth in Section 4.4 of the Sale and Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. For the
avoidance of doubt, there shall be no aggregate limit on the Review Fee paid by the Sponsor to the Asset Representations Reviewer pursuant to this Section 4.02. 

Section 4.03 Dispute Resolution Expenses.  

If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.13 and its
reasonable out-of-pocket expenses and reasonable compensation for the time it incurs in participating in the proceeding are not paid by a party to the dispute resolution
within ninety (90) days of the end of the proceeding, the Sponsor will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice. 

  

					
		  	8	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 4.04 Payment.  

All payments made to the Asset Representations Reviewer shall be made to the account specified by the Asset Representations Reviewer from time
to time in writing to the Indenture Trustee, the Sponsor, the Servicer and the Issuer. 
 Section 4.05 Payments by the Issuer.

 The Asset Representations Reviewer acknowledges and agrees that any payments payable by the Issuer under this Agreement, including
pursuant to this Article IV or Section 5.03, shall be limited to amounts available to make such payments pursuant to Section 4.4 of the Sale and Servicing Agreement and
Section 5.4(b) of the Indenture, as applicable. 
 ARTICLE V. 

OTHER MATTERS PERTAINING TO THE ASSET REPRESENTATIONS REVIEWER 

Section 5.01 Representations and Warranties of the Asset Representations Reviewer. 

Clayton hereby makes the following representations and warranties as of the date hereof: 

(a) Existence and Power. Clayton is a limited liability company validly existing and in good standing under the laws of its state of
formation and has, in all material respects, full power and authority to own its assets and operate its business as presently owned or operated, and to execute, to deliver and to perform its obligations under this Agreement. Clayton has obtained all
necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of Clayton to perform its obligations under this Agreement. 

(b) Authorization and No Contravention. The execution, delivery and performance by Clayton of the Transaction Documents to which it is
a party have been duly authorized by all necessary limited liability company action on the part of Clayton and do not contravene or constitute a default under (i) any applicable law, rule or regulation, (ii) its organizational documents or
(iii) any material indenture or material agreement or instrument to which Clayton is a party or by which its properties are bound (other than violations of such laws, rules, regulations, organizational documents, indentures, agreements or
instruments which do not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or Clayton’s ability to
perform its obligations under, this Agreement). 
 (c) No Consent Required. No approval or authorization by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and performance by Clayton of this Agreement other than (i) approvals and authorizations that have previously been obtained and filings that have previously been made
and (ii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of Clayton to perform its obligations under this Agreement. 

  

					
		  	9	  	 Asset Representations Review Agreement

(SDART 2022-3)

 (d) Binding Effect. This Agreement constitutes the legal, valid and binding
obligation of Clayton enforceable against Clayton in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws
affecting the enforcement of creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity. 

(e) No Proceedings. There are no actions, orders, suits or proceedings pending or, to the knowledge of Clayton, threatened against
Clayton before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Agreement or (ii) seek any determination or ruling that would materially and adversely affect the performance by Clayton of its
obligations under this Agreement. 
 (f) Eligibility. The Asset Representations Reviewer is an Eligible Asset Representations
Reviewer. 
 Section 5.02 Limitation of Liability of Asset Representations Reviewer. 

To the fullest extent permitted by applicable law, the Asset Representations Reviewer shall not be under any liability to the Issuer, the
Servicer, the Depositor, the Indenture Trustee, the Owner Trustee, any Noteholder or any other Person for any action taken or for refraining from the taking of an action in its capacity as Asset Representations Reviewer pursuant to this Agreement,
or for errors in judgment, whether arising from express or implied duties under this Agreement; provided, however, that this provision shall not protect the Asset Representations Reviewer against any liability which would otherwise be
imposed by reason of willful misconduct, bad faith, breach of this Agreement or negligence in the performance of its duties. In no event will the Asset Representations Reviewer be liable for special, indirect or consequential loss or damage
(including loss of profit) even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action. 

The Asset Representations Reviewer and any director, officer, employee, or agent may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising hereunder. The Asset Representations Reviewer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its
duties as Asset Representations Reviewer hereunder. 
 Section 5.03 Indemnification of Asset Representations Reviewer. 

(a) The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an
“Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer’s obligations under this Agreement (including the costs and expenses of
defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting 

  

					
		  	10	  	 Asset Representations Review Agreement

(SDART 2022-3)

 
from (i) the Asset Representations Reviewer’s willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations,
warranties or covenants in this Agreement. To the extent not paid by the Sponsor, any such indemnification amounts shall be paid by the Issuer pursuant to the priority of payments set forth in Section 4.4 of the Sale and
Servicing Agreement or Section 5.4(b) of the Indenture, as applicable. 
 (b) The indemnification set forth in
this Section 5.03 will survive the termination of this Agreement and the resignation or removal of the Asset Representations Reviewer. 

(c) If the Sponsor or the Issuer makes any payment under this Section 5.03 and the Indemnified Person later collects
any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amount to the Sponsor or the Issuer, as applicable. 

Section 5.04 Indemnification by Asset Representations Reviewer. 

(a) To the fullest extent permitted by law, the Asset Representations Reviewer shall indemnify and hold harmless each of the Issuer, the Owner
Trustee, the Servicer, the Sponsor and the Indenture Trustee, and its officers, directors, successors, assigns, legal representatives, agents, and servants (each an “Indemnified Person”), from and against any and all liabilities,
obligations, losses, damages, penalties, taxes, claims, actions, investigations, proceedings, costs, expenses or disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed on, incurred by, or
asserted at any time against an Indemnified Person (whether or not also indemnified against by any other person) which arose out of the negligence, willful misconduct or bad faith of the Asset Representations Reviewer in the performance of its
obligations and duties under this Agreement; provided, however, that the Asset Representations Reviewer shall not be liable for or required to indemnify an Indemnified Person from and against expenses arising or resulting from
(i) the Indemnified Person’s own willful misconduct, bad faith or negligence, or (ii) the breach of any representation, warranty or covenant made by the Indemnified Person. 

(b) In case any such action, investigation or proceeding will be brought involving an Indemnified Person as contemplated by
Section 5.04(a), the Asset Representations Reviewer will assume the defense thereof, including the employment of counsel and the payment of all expenses. The Issuer, the Servicer, the Sponsor and the Indenture Trustee each
will have the right to employ separate counsel in any such action, investigation or proceeding and to participate in the defense thereof and the reasonable fees and expenses of such counsel will be paid by the Asset Representations Reviewer. In the
event of any claim, action, or proceeding for which indemnity will be sought pursuant to this Section 5.04, the Issuer’s, the Servicer’s, the Sponsor’s and the Indenture Trustee’s choice of legal counsel
shall be subject to the good faith objection by the Asset Representations Reviewer to a conflict of interest under the applicable rules of professional conduct. 

(c) The indemnification set forth in this Section 5.04 will survive the termination or assignment of this Agreement
and the resignation or removal of the Asset Representations Reviewer or any Indemnified Person. 

  

					
		  	11	  	 Asset Representations Review Agreement

(SDART 2022-3)

 ARTICLE VI. 

REMOVAL, RESIGNATION; SUCCESSOR ASSET REPRESENTATION REVIEWER 

Section 6.01 Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be an Eligible Asset
Representations Reviewer. 
 Section 6.02 Resignation and Removal of Asset Representations Reviewer. 

(a) No Resignation of Asset Representations Reviewer. The Asset Representations Reviewer may not resign as Asset Representations
Reviewer except (i) if the Asset Representations Reviewer is no longer an Eligible Asset Representations Reviewer, (ii) upon a determination that the performance of its duties under this Agreement is no longer permissible under applicable
law or (iii) if it does not receive payment in full of any amounts required to be paid to the Asset Representations Reviewer in accordance with Article IV and pursuant to an undisputed invoice, which failure continues unremedied for a period of
ninety (90) days after written notice of such failure shall have been given to the Issuer, the Sponsor and the Indenture Trustee. Without limiting the foregoing, the Asset Representations Review shall promptly resign if it is no longer an
Eligible Asset Representations Reviewer. If the Asset Representations Reviewer resigns pursuant to clause (ii) above, the Asset Representations Reviewer shall deliver a notice of resignation to the Issuer and the Servicer, with a copy to the
Indenture Trustee, no less than thirty (30) days prior to the date of its resignation. 
 (b) Removal of Asset Representations
Reviewer. If any of the following events occur, the Indenture Trustee may, or, at the direction of Noteholders evidencing a majority of the aggregate Outstanding Amount of the Notes shall, by notice to the Asset Representations Reviewer, remove
the Asset Representations Reviewer and terminate its rights and obligations under this Agreement: 
 (i) the Asset
Representations Reviewer is no longer an Eligible Asset Representations Reviewer; 
 (ii) the Asset Representations Reviewer
breaches any of its representations, warranties, covenants or obligations in this Agreement; or 
 (iii) a Bankruptcy Event
of the Asset Representations Reviewer occurs. 
 (c) Notice of Resignation or Removal. The Servicer will notify the Issuer, the Owner
Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer. 
 Section 6.03 Successor
Asset Representations Reviewer. 
 (a) Engagement of Successor Asset Representations Reviewer. Following the resignation or
removal of the Asset Representations Reviewer, (i) if the Delinquency Percentage has exceeded the Delinquency Trigger as of the most recent Payment Date, the Indenture Trustee (at the direction of the Noteholders, provided, that if the
Indenture Trustee has received conflicting or inconsistent requests from two or more groups of Noteholders, each representing 

  

					
		  	12	  	 Asset Representations Review Agreement

(SDART 2022-3)

 
less than the majority of the Note Balance, the Indenture Trustee shall follow the direction of the Noteholders representing the greater percentage of the Note Balance) and (ii) if the
Delinquency Percentage has not exceeded the Delinquency Trigger as of the most recent Payment Date, the Sponsor, will appoint a successor Asset Representations Reviewer which is an Eligible Asset Representations Reviewer. 

(b) Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until
the successor Asset Representations Reviewer has executed and delivered to the Issuer, the Sponsor and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this
Agreement or entered into a new agreement with the Issuer, the Sponsor and the Servicer on substantially the same terms as this Agreement. 

(c) Transition and Expenses. If the Asset Representations Review resigns or is removed, the Asset Representations Reviewer will
cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations
Reviewer. The Asset Representations Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset
Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer. 

Section 6.04 Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or
consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person is an Eligible Asset
Representations Reviewer, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the Sponsor and the Servicer an agreement to assume the Asset Representations
Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). 
 ARTICLE VII. 

TREATMENT OF CONFIDENTIAL INFORMATION 

Section 7.01 Confidential Information. 

(a) Confidential Information Defined. For the purposes of this Agreement, “Confidential Information” means nonpublic
proprietary information of a party (the “Disclosing Party”) that is disclosed to the other party (the “Receiving Party”), including but not limited to: (i) business or technical processes, formulae, source
codes, object code, product designs, sales, cost and other unpublished financial information, customer information, product and business plans, projections, marketing data or strategies, trade secrets, intellectual property rights, know-how, expertise, methods and procedures for operation, information about employees, customer names, business or technical proposals, and any other information which is or should reasonably be understood to be
confidential or proprietary to the Disclosing Party; (ii) PII (as defined in 

  

					
		  	13	  	 Asset Representations Review Agreement

(SDART 2022-3)

 
Section 7.02 of this Agreement). The foregoing definition of Confidential Information applies to: (i) all such information, whether tangible or intangible and
regardless of the medium in which it is stored or presented; and (ii) all copies of such information, as well as all memoranda, notes, summaries, analyses, computer records, and other materials prepared by the Receiving Party or any of its
employees, agents, advisors, directors, officers, and subcontractors (collectively “Representatives”) that contain or reflect the Confidential Information. 

(b) Use of Confidential Information. Each party acknowledges that during the term of this Agreement it may be exposed to or acquire
Confidential Information of the other party or its Affiliates. The Receiving Party shall hold the Confidential Information of the Disclosing Party in strict confidence and will not disclose such information except to its Representatives who have a
need to know such information for the purpose of effecting the terms and conditions of this Agreement and who have entered into an agreement with the Receiving Party with confidentiality restrictions materially equivalent to those contained herein.
The Receiving Party shall be responsible for the breach of this Agreement by any of its Representatives. The Receiving Party will protect the Disclosing Party’s Confidential Information using the same degree of care that it uses to protect its
own information of like import, but in no event with less than a commercially reasonable standard of care. 
 (c) Exceptions.
Confidential Information shall not include, and this Agreement imposes no obligations with respect to, information that: 
  

	 	(i)	 is or becomes part of the public domain other than by disclosure by a party in violation of this Agreement;

  

	 	(ii)	 was disclosed to a party prior to the effective date of this Agreement without a duty of confidentiality;

  

	 	(iii)	 is independently developed by a party outside of this Agreement and without reference to or reliance on any
Confidential Information of the other party; or 

  

	 	(iv)	 was obtained from a third party not known after reasonable inquiry to be under a duty of confidentiality.

 The foregoing exceptions shall not apply to any PII, which shall remain confidential in all circumstances, except as
required or permitted to be disclosed by applicable law, statute, or regulation. 
 (d) Disclosure by Operation of Law. If either
party is requested to disclose all or any part of any Confidential Information under a subpoena, or inquiry issued by a court of competent jurisdiction or by a judicial or administrative agency or legislative body or committee, such party shall
(i) to the extent permitted by law, promptly notify the other party of the existence, terms and circumstances surrounding such request; (ii) consult with the other party on the advisability of taking legally available steps to resist or
narrow such request and cooperate with such Party on any steps it considers advisable; and (iii) if disclosure of the Confidential Information is required or deemed advisable, exercise commercially reasonable efforts to obtain an order,
stipulation or other reliable assurance that confidential treatment shall be accorded to such portion of the Confidential Information to be disclosed. Each party shall reimburse the other party for reasonable legal fees and expenses incurred in
connection with such party’s effort to comply with this section. 

  

					
		  	14	  	 Asset Representations Review Agreement

(SDART 2022-3)

 (e) Return of Confidential Information. Upon the request of the Disclosing Party, the
Receiving Party shall return all Confidential Information to the Disclosing Party provided to it pursuant to this Agreement; provided, however, (i) the Receiving Party shall be permitted to retain copies of the Disclosing Party’s
Confidential Information solely for archival, audit, disaster recovery, legal and/or regulatory purposes, and (ii) neither party will be required to search archived electronic back-up files of its
computer systems for the other party’s Confidential Information in order to purge the other party’s Confidential Information from its archived files; provided further, that any Confidential Information so retained will (x) remain
subject to the obligations and restrictions contained in this Agreement, (y) will be maintained in accordance with the retaining party’s document retention policies and procedures, and (z) the retaining party will not use the retained
Confidential Information for any other purpose. 
 (f) Remedies. The parties agree that an actual or threatened breach of this
Section by it or its Representatives may cause irreparable damage to the Disclosing Party and that damages may not be an adequate remedy for any such breach. Accordingly, each party shall be entitled to seek injunctive relief to restrain any such
breach, threatened or actual, without the necessity of posting bond, in addition to any other remedies available to such party at law or in equity. 

Section 7.02 Safeguarding Personally Identifiable Information. 

(a) Definition. “Personally Identifiable Information”, or “PII”, means information in any format
about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to
an individual and any information that when used separately or in combination with other information could identify an individual, as further described in § 501(b) of the Gramm-Leach-Bliley Act and the Interagency Guidelines Establishing
Standards for Safeguarding Customer Information (12 C.F.R. Section 208, Appendix D-2) (collectively, the “Privacy Laws”), that is provided or made available to the Asset Representations
Reviewer pursuant to this Agreement. 
 (b) Non-Disclosure. To the extent the Asset
Representations Reviewer receives Personally Identifiable Information in the performance its obligations hereunder, the Asset Representations Reviewer agrees that it will not disclose or use any Personally Identifiable Information except (i) to
the extent necessary to carry out its obligations under the Agreement and for no other purpose; or (ii) as may be required by valid operation of law. 

(c) Safeguards. To the extent the Asset Representations Reviewer receives Personally Identifiable Information in the performance of
services under this Agreement, the Asset Representations Reviewer represents and warrants that it has, and will continue to have adequate administrative, technical, and physical safeguards: (i) to ensure the security and confidentiality of
Personally Identifiable Information; (ii) to protect against any anticipated threats or hazards to the security or integrity of Personally Identifiable Information; and (iii) to protect against unauthorized acquisition of, access to or use
of Personally Identifiable Information which could result in a “breach” as that term is defined under applicable Privacy Laws. 

  

					
		  	15	  	 Asset Representations Review Agreement

(SDART 2022-3)

 (d) Information. The Asset Representations Reviewer agrees to provide the Issuer and
the Sponsor with information regarding its privacy and information security systems, policies and procedures as the Issuer may reasonably request relating to compliance with this Agreement and applicable Privacy Laws. The Asset Representations
Reviewer agrees to provide training in the Privacy Laws and the Asset Representations Reviewer’s information security policies to all personnel whose duties pursuant to this Agreement could bring them in contact with Personally Identifiable
Information. 
 (e) Breach. In the event of any actual or apparent theft, unauthorized use or disclosure of any Personally
Identifiable Information, the Asset Representations Reviewer will commence all reasonable efforts to investigate and correct the causes and remediate the results thereof, and as soon as practicable following discovery of any such event, provide the
Issuer and the Sponsor notice thereof, and such further information and assistance as may be reasonably requested. 
 ARTICLE VIII.

 OTHER MATTERS PERTAINING TO THE ISSUER 

Section 8.01 Termination of this Agreement. This Agreement will terminate, except for obligations under
Section 5.03, Section 5.04, Section 9.13 and Article VII, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge
of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement. 
 Section 8.02 Limitation of
Liability. It is expressly understood and agreed by the parties that (a) this document is executed and delivered by Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee of the Issuer, in the
exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, warranties, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not
as personal representations, warranties, covenants undertakings and agreements by Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as
creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein, 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) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer or any other Person in this
Agreement and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness, indemnities or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Agreement or under the Notes or any of the other Transaction Documents or in any of the certificates, notices or agreements delivered pursuant thereto, as to all of
which recourse shall be had solely to the assets of the Issuer. 

  

					
		  	16	  	 Asset Representations Review Agreement

(SDART 2022-3)

 ARTICLE IX. 

MISCELLANEOUS PROVISIONS 

Section 9.01 Amendment. 

(a) Any term or provision of this Agreement may be amended by the Sponsor, the Servicer and the Asset Representations Reviewer without the
consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Sponsor or the Servicer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will
not materially and adversely affect the interests of the Noteholders; or 
 (ii) the Rating Agency Condition is satisfied
with respect to such amendment and the Sponsor or the Servicer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 

provided, that no amendment pursuant to this Section 9.01(a) shall be effective which affects the rights, protections or
duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. 
 (b) This Agreement may also be
amended from time to time by the Sponsor, the Servicer and the Asset Representations Reviewer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Controlling Class, 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, provided, that no amendment pursuant to this
Section 9.01(b) shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person. It will not be necessary for the consent of
Noteholders 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 provided for in
this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the
Depository Agreement. 
 (c) Any term or provision of this Agreement may also be amended from time to time by the Sponsor, the Servicer and
the Asset Representations Reviewer for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with
respect to the 144A Notes or the Certificates without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person, provided, however, that the Sponsor, the Servicer and the Asset
Representations Reviewer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of such amendment, the Sponsor and the Servicer shall furnish
a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee. 

  

					
		  	17	  	 Asset Representations Review Agreement

(SDART 2022-3)

 (d) Prior to the execution of any amendment or consent pursuant to this
Section 9.01, the Sponsor shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or consent, the Sponsor shall furnish a copy of
such amendment or consent to each Rating Agency and the Indenture Trustee. 
 (e) Prior to the execution of any amendment to this Agreement,
the Owner Trustee and the Indenture Trustee 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 that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture
Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 
 Section 9.02 Notices, Etc. All
demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile or by electronic
transmission, and addressed in each case as specified on Schedule I to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto.
Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

Section 9.03 Severability Clause. 

This Agreement constitutes the entire agreement between the Asset Representations Reviewer, the Issuer, Servicer, and the Sponsor. All prior
representations, statements, negotiations and undertakings with regard to the subject matter hereof are superseded hereby. 
 If any term or
provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remaining terms and provisions of this Agreement, or the application of such terms or provisions to persons
or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 

Section 9.04 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF
THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  

					
		  	18	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 9.05 Headings. The article and section headings hereof have been
inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

Section 9.06 Counterparts and Electronic Signature. This Agreement shall be valid, binding, and enforceable against a party only
when executed by an authorized individual on behalf of the party by means of (i) an electronic signature that complies with 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, in each case to the extent applicable; (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or
faxed, scanned, or photocopied manual 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 electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Notwithstanding the foregoing, with respect to any notice provided for in this
Agreement or any instrument required or permitted to be delivered hereunder, any party hereto receiving or relying upon such notice or instrument shall be entitled to request execution thereof by original manual signature as a condition to the
effectiveness thereof. 
 Section 9.07 Waivers. No failure or delay on the part of the Sponsor, the Servicer, the Asset
Representations Reviewer, the Issuer 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 the any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No
waiver or approval by either party 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 9.08 Entire Agreement. This Agreement contains 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 9.09 Severability of Provisions. If
any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

  

					
		  	19	  	 Asset Representations Review Agreement

(SDART 2022-3)

 Section 9.10 Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and
effect until such time as the parties hereto shall agree. 
 Section 9.11 Cumulative Remedies. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
 Section 9.12 Nonpetition Covenant. Each party hereto agrees
that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any
Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party hereto shall not commence, join with any other Person in commencing
or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the
termination of this Agreement. 
 Section 9.13 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 9.02 of this Agreement; 

  

					
		  	20	  	 Asset Representations Review Agreement

(SDART 2022-3)

 (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, each party hereto irrevocably 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 9.14 Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns and each of the Owner Trustee and the Indenture Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto.
Except as otherwise provided in this Section, no other Person will have any right hereunder. 
 [SIGNATURES ON NEXT PAGE] 

  

					
		  	21	  	 Asset Representations Review Agreement

(SDART 2022-3)

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

			
	SANTANDER CONSUMER USA INC.
		
	By:	 	 
		 	Name: Corey Henry
		 	Title: Vice President
	
	SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-3
		
	By:	 	Wilmington Trust, National Association,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	 
		 	Name: 
		 	Title: 
	
	 CLAYTON FIXED INCOME SERVICES LLC,

as Asset Representations Reviewer

		
	By:	 	 
		 	Name: 
		 	Title: 

  

					
		  	S-1	  	 Asset Representations Review Agreement

(SDART 2022-3)

 EXHIBIT A 
  

 
  
  

Santander Consumer USA Agreed Upon Procedures 

Representation 
  

	 	a)	 Characteristics of Receivables 

As of the Cut-Off Date (or such other date as may be specifically set forth below), each Receivable: 

(i) has been fully and properly executed or electronically authenticated by the Obligor thereto; 

(ii) either (A) has been originated by a Dealer to finance the retail sale by that Dealer of the related Financed Vehicle and has been
purchased by Santander Consumer in accordance with the terms of a dealer agreement between Santander Consumer and that Dealer, (B) has been originated by Santander Consumer or (C) has been acquired by Santander Consumer in accordance with
the terms of a purchase agreement between the applicable originator and Santander Consumer; 
 (iii) as of the Closing Date, is secured by a
first priority validly perfected security interest in the Financed Vehicle in favor of the Originator, as secured party, or all necessary actions have been commenced that would result in a first priority security interest in the Financed Vehicle in
favor of the Originator, as secured party; 
 (iv) contains customary and enforceable provisions such that the rights and remedies of the
holder thereof are adequate for realization against the collateral of the benefits of the security; 
 (v) provided, at origination, for
level monthly payments which fully amortize the initial Principal Balance over the original term; provided, that the amount of the first or last scheduled payment may be different from the level payment but in no event more than three times the
level monthly payment; 
 (vi) provides for interest at the Contract Rate specified in the Schedule of Receivables; 

(vii) was originated in the United States and denominated in Dollars; 

(viii) is secured by a new or used automobile, light-duty truck, SUV or van; 

(ix) has a Contract Rate of at least 0.00%; 

  

					
		  	Exh. A - 1	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 (x) had an original term to maturity of not more than 75 months and each Receivable has a
remaining term to maturity, as of the Cut-Off Date, of not more than 75 months and not less than 4 months; 

(xi) has an outstanding Principal Balance of at least $500.00 and no more than $150,000.00; 

(xii) has a final scheduled payment due not later than July 26, 2028; 

(xiii) was not more than 30 days past due as of the Cut-Off Date; 

(xiv) was not identified in the records of the Servicer as being the subject of any pending bankruptcy or insolvency proceeding; 

(xv) is not subject to a force-placed Insurance Policy on the related Financed Vehicle; 

(xvi) is a Simple Interest Receivable; and 

(xvii) provides that a prepayment by the related Obligor will fully pay the Principal Balance and accrued interest through the date of
prepayment based on the Receivable’s Contract Rate. 
 Documents 

Retail Sale Contract 
 Title Documents 

Receivable File 
 Schedule of Receivables 

Servicing System/Data Tape 
 Procedures to be Performed

  

	i)	 Confirm the contract was signed or electronically authenticated by the obligor 

 

	ii)	 Origination of the Receivable 

a) Review the Retail Sale Contract and confirm that Santander Consumer USA or another Approved Party is listed as the Assignee within the
Assignment Section.1 
  

	iii)	 Security Interest Enforcement 

 

	1 	 “Approved Party” means a party specified as an “Approved Party” on the list of Approved
Parties provided by Santander Consumer to Clayton. 

  

					
		  	Exh. A - 2	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	a)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	 	b)	 Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction
related to the deal 

  

	iv)	 Customary and Enforceable Provisions 

 

	 	a)	 Confirm the Contract form number is listed on the Approved Contract Form List2 

  

	v)	 Fully Amortizing Payment Schedule 

 

	 	a)	 Confirm all payments are equivalent with the possible exception that the first and last payments may be
different from the level monthly payment 

  

	 	I)	 If the first and last payments are different from the level monthly payment, confirm that these payments are no
more than three times the level monthly payment amount 

  

	 	b)	 Review the Truth in Lending section of the Retail Sale Contract and calculate the product of the Amount of
Payments with the Number of Payments and confirm that this amount is equal to the Total of Payments 

  

	vi)	 Provides for Interest at the Contract Rate 

 

	 	a)	 Review the Schedule of Receivables and confirm that the stated rate is equal to the APR as shown in the Federal
Truth in Lending section of the Retail Sale Contract 

  

	vii)	 Origination of the Receivable 

 

	 	a)	 Review the Retail Sale Contract and confirm the Dealer address is in the United States 

 

	 	b)	 Review the Retail Sale Contract and confirm that the amounts stated within the Truth in Lending section are
denominated in US dollars 

  

	viii)	 Condition, Make and Model of Financed Vehicle 

 

	 	a)	 Review the New/Used section of the Retail Sale Contract and confirm that the Financed Vehicle is stated to be
new or used 

  

	 	b)	 Review the “Year and Make” and “Model” sections of the Retail Sale Contract and confirm
that the Financed Vehicle constitutes a light-duty truck or van 

  

	ix)	 Contract Annual Percentage Rate 

 

	 	a)	 Review the Federal Truth in Lending Section of the Retail Sale Contract and Confirm that the Annual Percentage
Rate is greater than the minimum allowed percentage rate 

  

	x)	 Remaining Maturity Date 

 

	 	a)	 Confirm that the Number of Payments section within the Truth in Lending section of the Retail Sale Contract
indicates a number of payments that does not exceed the maximum allowable number of payments 

  

	 	b)	 Review the Data Tape and confirm that the remaining term to maturity is within the stated allowable limits

  

	xi)	 Outstanding Principal Balance 

 
  

	2 	 “Approved Contract Form List” means a list of Approved Contract Forms provided by Santander Consumer
to Clayton. 

  

					
		  	Exh. A - 3	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	a)	 Review the Data and confirm that the Unpaid Principal Balance as of the Cutoff Date is within the stated
allowable limits 

  

	xii)	 Final Scheduled Payment Date 

 

	 	a)	 Review the Data Tape and confirm that the Final Scheduled Payment Due Date will occur on or before the latest
allowable final payment date 

  

	xiii)	 Days Past Due 

  

	 	a)	 Review the data file and confirm the Receivable was not more than 30 days past due as of the Cutoff Date

  

	xiv)	 Bankruptcy 

  

	 	a)	 Review the Receivable File and any applicable servicing notes and confirm there is no indication of pending
bankruptcy or insolvency proceedings 

  

	xv)	 Force Place Insurance 

 

	 	a)	 Review the servicing system and confirm the Receivable did not have Force Place Insurance as of the Cutoff Date

  

	xvi)	 Simple Interest Receivable 

 

	 	a)	 Confirm the Contract is a Simple Interest Contract 

 

	 	b)	 Review the payment history and confirm the first payment was appropriately applied to principal and interest

  

	xvii)	 Prepayment 

  

	 	a)	 Confirm the contract contains the appropriate Prepayment Disclosures 

 

	xviii)	 If sections i through xvii are confirmed, then Test Pass 

  

					
		  	Exh. A - 4	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	b)	 Compliance with Law 

The Receivable complied at the time it was originated or made in all material respects with all requirements of applicable federal, state and local laws, and
regulations thereunder, except where the failure to comply (i) was remediated or cured in all material respects prior to the Cut-Off Date or (ii) would not render such Receivable unenforceable or
create liability for the Purchaser or the Issuer, as assignee of such Receivable. 
 Document 

Retail Sale Contract 
 Servicing System/Data Tape 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	 Confirm the Contract Form number and revision date are on the Approved Contract Form List

  

	ii)	 Confirm the Contract is complete 

 

	 	a)	 Confirm that all lines in the contract are filled out appropriately 

 

	 	b)	 Confirm the Name and address of Creditor, APR, Finance Charge, Amount of Payments, Total of Payments and Total
Sale Price are properly filled out 

  

	 	c)	 Confirm all lines on the contract are completed or properly left blank 

 

	iii)	 Confirm the Amount Financed is correctly calculated 

 

	 	a)	 Calculate the Amount Financed using the Cash Price, Total Down Payment and Total Amount Paid on Buyer’s
Behalf 

  

	 	b)	 Confirm the Calculated Amount Financed matches the Amount Financed as stated within the Truth in Lending
section of the Contract 

  

	iv)	 Confirm the Total Sale Price is correctly calculated 

 

	 	a)	 Calculate the Total Sale Price by taking the difference of the Total of Payments as stated within the Truth in
Lending section and the Total Down Payment as stated within the Itemization of Amount Financed 

  

	 	b)	 Confirm the Calculated Total Sale Price matches the Total Sale Price as stated within the Truth in Lending
section of the Contract 

  

	v)	 Confirm the Total of Payments is correctly calculated 

 

	 	a)	 Calculate the Total of Payments by taking the product of the Number of Payments and Amount of Payments as
stated within the Truth in Lending section of the Contract 

  

					
		  	Exh. A - 5	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

	 	b)	 Confirm the Calculated Total of Payments from step (a) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	 	c)	 Calculate the Total of Payment by taking the sum of the Finance Charge and Amount Financed as stated within the
Truth in Lending section of the Contract 

  

	 	d)	 Confirm the Calculated Total of Payments from step (c) is equal to the Total of Payments as stated within
the Truth in Lending section of the Contract 

  

	vi)	 Confirm the APR is correctly calculated 

 

	 	a)	 Calculate the APR using information within the Truth in Lending section of the Contract 

 

	 	b)	 Confirm the Calculated APR is within an acceptable range of the APR as stated within the Truth in Lending
Section of the Contract 

  

	vii)	 Confirm the first payment due date as stated within the When Payments are Due section of the Truth in Lending
section of the Contract is within an acceptable timeframe of the Contract Date 

  

	viii)	 If Steps i through vii are confirmed, then Test Pass 

  

					
		  	Exh. A - 6	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	c)	 Binding Obligation 

The Receivable constitutes the legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance
with its terms, except (i) as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, liquidation or other similar laws and equitable principles relating to or affecting the enforcement of creditors’ rights
generally and (ii) as such Receivable may be modified by the application after the Cut-Off Date of the Servicemembers Civil Relief Act, as amended, to the extent applicable to the related Obligor. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	 Confirm the Contract Form number is on the Approved Contract Form List. 

 

	ii)	 Confirm the borrower and co-borrower (if applicable) signed the
contract 

  

	iii)	 If Steps i and ii are confirmed, then Test Pass 

  

					
		  	Exh. A - 7	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	d)	 Receivable in Force 

The Receivable has not been satisfied, subordinated or rescinded nor do the records of the Servicer indicate that the related Financed Vehicle has been
released from the lien of such Receivable in whole or in part. 
 Documents 

Servicing System/Data Tape 
 Title Documents 

Procedures to be Performed 
  

	i)	 Confirm the Receivable exists on the Servicing System as an active Receivable 

 

	ii)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	iii)	 If Steps i and ii are confirmed, then Test Pass 

  

					
		  	Exh. A - 8	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	e)	 No Default; No Waiver 

Except for payment delinquencies continuing for a period of not more than 30 days as of the Cut-Off Date, the records
of the Servicer did not disclose that any default, breach, violation or event permitting acceleration under the terms of the Receivable existed as of the Cut-Off Date or that any continuing condition that with
notice or lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable had arisen as of the Cut-Off Date and the Seller has not
waived any of the foregoing. 
 Documents 

Receivable File 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm there is no indication of a default, breach, violation or event that would permit acceleration
under the terms of the Receivable except for payment default within 30 days of the Cut-Off Date 

  

	ii)	 Confirm that no continuing condition would constitute a default, breach, violation or event permitting
acceleration under the terms of the Receivable 

  

	iii)	 If Steps (i) and (ii) are confirmed, then Test Pass 

  

					
		  	Exh. A - 9	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	f)	 Insurance 

The Receivable requires that the Obligor thereunder obtain physical damage insurance covering the related Financed Vehicle. 

Documents 
 Retail Sale Contract 

Procedures to be Performed 
  

	i)	 Confirm the Retail Sale Contract contains language that required the Obligor to obtain and maintain insurance
against physical damage to the Financed Vehicle 

  

	ii)	 If confirmed, then Test Pass 

  

					
		  	Exh. A - 10	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	g)	 No Government Obligor 

The Obligor on the Receivable is not the United States or any state thereof or any local government, or any agency, department, political subdivision or
instrumentality of the United States or any state thereof or any local government. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	i)	 Review the buyer section on the Contract and confirm a person’s or business name is reported

  

	ii)	 If the buyer section on the Contract does not report a person’s or business name, confirm internet
search results do not indicate the buyer to be a government agency, department, political subdivision or instrumentality. 

  

	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  

					
		  	Exh. A - 11	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	h)	 Assignment 

No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment, contribution, conveyance or
pledge of such Receivable would be unlawful, void, or voidable. 
 Documents 

Retail Sale Contract 
 Receivable File 

Servicing System 
 Procedures to be Performed 

 

	i)	 Confirm the Retail Sale Contract was completed on a contract form included in the Approved Contract Form List

  

	ii)	 If Step (i) is confirmed, then Test Pass 

  

					
		  	Exh. A - 12	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	i)	 Good Title 

As of the Closing Date and immediately prior to the sale and transfer contemplated in the Purchase Agreement and the Sale and Servicing Agreement, Santander
Consumer had good and marketable title to and was the sole owner of each Receivable free and clear of all Liens created by Santander Consumer (except any Lien which will be released prior to assignment of such Receivable thereunder), and,
immediately upon the sale and transfer thereof, the Issuer will have good and marketable title to each Receivable, free and clear of all Liens created by Santander Consumer (other than Permitted Liens). 

Documents 
 Title Documents 

Procedures to be Performed 
  

	i)	 Confirm the title documents show Santander Consumer USA or another Approved Party as the first lienholder

  

	ii)	 Review the servicing system and confirm the Pool ID in the system matches the Pool ID for the transaction
related to the deal 

  

	iii)	 If (i) and (ii) are confirmed, then Test Pass 

  

					
		  	Exh. A - 13	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	j)	 Characterizations of Receivables 

Each Receivable constitutes either “tangible chattel paper”, “electronic chattel paper”, an “account”, an
“instrument”, or a “general intangible”, each as defined in the UCC. 
 Documents 

Contract 
 Title Documents 

Approved Contract Form List 
 Procedures to be Performed

  

	i)	 Confirm the Contract form number is on the Approved Contract Form List 

 

	ii)	 Confirm the Amount Financed as reported on the Contract is greater than zero 

 

	iii)	 Confirm there is documentation of a lien against the financed vehicle 

 

	iv)	 If tests (i) through (iii) are confirmed, then Test Pass 

  

					
		  	Exh. A - 14	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	k)	 One Original 

There is only one executed original, electronically authenticated original or authoritative copy of the Contract (in each case within the meaning of the UCC)
related to each Receivable. 
 Documents 

Contract 
 Procedures to be Performed 

 

	i)	 Confirm there is a final version of the Contract available for review 

 

	ii)	 Confirm the Contract was signed by the buyer(s) and the Dealer 

 

	iii)	 If (i) and (ii) are confirmed, then Test Pass 

 

  

					
		  	Exh. A - 15	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	l)	 No Defenses 

The records of the Servicer do not reflect any material facts which have not been remediated or cured which would constitute the basis for any right of
rescission, offset, claim, counterclaim or defense with respect to such Receivable or the same being asserted or threatened with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	i)	 Review the Receivable File and servicing system and confirm there is no evidence of litigation or other
attorney involvement as of the Cut-Off Date. 

  

	ii)	 If confirmed, then Test Pass. 

  

					
		  	Exh. A - 16	  	 Asset Representations Review Agreement

(SDART 2022-3)

 

 
  
  

Santander Consumer USA Agreed Upon Procedures 
  

 Representation 
  

	 	m)	 Early Payments 

The Obligor on the Receivable has made, or will make, the first two monthly payments under such Receivable. 

Documents 
 Servicing System/Data Tape 

Procedures to be Performed 
  

	i)	 Confirm that there is no indication that the Obligor did not make the first two monthly payments on the
Receivable by verifying that the payments made field in the Data Tape is at least two as of the Review Date. 

  

	ii)	 If Step i is confirmed, then Test Pass. 

  

					
		  	Exh. A - 17	  	 Asset Representations Review Agreement

(SDART 2022-3)Exhibit 4.5

 

TUANCHE LIMITED 

 

INDENTURE

 

Dated as of           , 2022

 

[       ]

 

Trustee

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	2
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Other Definitions	5
	Section 1.3	Incorporation by Reference of Trust Indenture Act	5
	Section 1.4	Rules of Construction	5
	 	 
	ARTICLE II THE SECURITIES	6
	 	 	 
	Section 2.1	Issuable in Series	6
	Section 2.2	Establishment of Terms of Series of Securities	6
	Section 2.3	Execution and Authentication	8
	Section 2.4	Registrar and Paying Agent	8
	Section 2.5	Paying Agent to Hold Money in Trust	9
	Section 2.6	Securityholder Lists	9
	Section 2.7	Transfer and Exchange	9
	Section 2.8	Mutilated, Destroyed, Lost and Stolen Securities	10
	Section 2.9	Outstanding Securities	10
	Section 2.10	Treasury Securities	11
	Section 2.11	Temporary Securities	11
	Section 2.12	Cancellation	11
	Section 2.13	Defaulted Interest	11
	Section 2.14	Global Securities	11

 

     

     

    

 

	Section 2.15	CUSIP Numbers	12
	 	 
	ARTICLE III REDEMPTION	12
	 	 	 
	Section 3.1	Notice to Trustee	12
	Section 3.2	Selection of Securities to be Redeemed	13
	Section 3.3	Notice of Redemption	13
	Section 3.4	Effect of Notice of Redemption	13
	Section 3.5	Deposit of Redemption Price	13
	Section 3.6	Securities Redeemed in Part	13
	 	 
	ARTICLE IV COVENANTS	14
	 	 	 
	Section 4.1	Payment of Principal and Interest	14
	Section 4.2	SEC Reports	14
	Section 4.3	Compliance Certificate	14
	Section 4.4	Stay, Extension and Usury Laws	14
	Section 4.5	Corporate Existence	14
	 	 
	ARTICLE V SUCCESSORS	15
	 	 	 
	Section 5.1	When Company May Merge, etc.	15
	Section 5.2	Successor Corporation Substituted	15
	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES	15
	 	 	 
	Section 6.1	Events of Default	15
	Section 6.2	Acceleration of Maturity; Rescission and Annulment	16
	Section 6.3	Collection of Indebtedness and Suits for Enforcement by Trustee	16
	Section 6.4	Trustee May File Proofs of Claim	17
	Section 6.5	Trustee May Enforce Claims Without Possession of Securities	18
	Section 6.6	Application of Money Collected	18
	Section 6.7	Limitation on Suits	18
	Section 6.8	Unconditional Right of Holders to Receive Principal and Interest	18
	Section 6.9	Restoration of Rights and Remedies	19

 

     

     

    

 

	Section 6.10	Rights and Remedies Cumulative	19
	Section 6.11	Delay or Omission Not Waiver	19
	Section 6.12	Control by Holders	19
	Section 6.13	Waiver of Past Defaults	19
	Section 6.14	Undertaking for Costs	20
	 	 
	ARTICLE VII TRUSTEE	20
	 	 	 
	Section 7.1	Duties of Trustee	20
	Section 7.2	Rights of Trustee	21
	Section 7.3	Force Majeure	22
	Section 7.4	Individual Rights of Trustee	22
	Section 7.5	Trustee’s Disclaimer	22
	Section 7.6	Notice of Defaults	22
	Section 7.7	Reports by Trustee to Holders	22
	Section 7.8	Compensation and Indemnity	23
	Section 7.9	Replacement of Trustee	23
	Section 7.10	Successor Trustee by Merger, etc.	24
	Section 7.11	Eligibility; Disqualification	24
	Section 7.12	Preferential Collection of Claims Against Company	24
	 	 
	ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE	24
	 	 	 
	Section 8.1	Satisfaction and Discharge of Indenture	24
	Section 8.2	Application of Trust Funds; Indemnification	25
	Section 8.3	Legal Defeasance of Securities of any Series	25
	Section 8.4	Covenant Defeasance	26
	Section 8.5	Repayment to Company	27
	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS	27
	 	 	 
	Section 9.1	Without Consent of Holders	27
	Section 9.2	With Consent of Holders	28

 

     

     

    

 

	Section 9.3	Limitations	28
	Section 9.4	Compliance with Trust Indenture Act	29
	Section 9.5	Revocation and Effect of Consents	29
	Section 9.6	Notation on or Exchange of Securities	29
	Section 9.7	Trustee Protected	29
	 	 	 
	ARTICLE X MISCELLANEOUS	29
	 	 	 
	Section 10.1	Trust Indenture Act Controls	29
	Section 10.2	Notices	29
	Section 10.3	Communication by Holders with Other Holders	30
	Section 10.4	Certificate and Opinion as to Conditions Precedent	30
	Section 10.5	Statements Required in Certificate or Opinion	30
	Section 10.6	Legal Holidays	31
	Section 10.7	No Recourse Against Others	31
	Section 10.8	Counterparts	31
	Section 10.9	Governing Laws	31
	Section 10.10	No Adverse Interpretation of Other Agreements.	31
	Section 10.11	Successors	31
	Section 10.12	Severability	31
	Section 10.13	Table of Contents, Headings, etc.	31
	Section 10.14	Securities in a Foreign Currency or ECU	31
	Section 10.15	Judgment Currency	32
	 	 
	ARTICLE XI SINKING FUNDS	32
	 	 	 
	Section 11.1	Applicability of Article	32
	Section 11.2	Satisfaction of Sinking Fund Payments with Securities	33
	Section 11.3	Redemption of Securities for Sinking Fund	33

 

     

     

    

 

TUANCHE LIMITED 

 

TuanChe Limited, reconciliation and tie between Trust Indenture Act
of 1939 and Indenture, dated as of          , 2022. This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

	 	 	 	 	 
	§ 310(a)(1)	 	 	 	7.10
	(a)(2)	 	 	 	7.10
	(a)(3)	 	 	 	Not Applicable
	(a)(4)	 	 	 	Not Applicable
	(a)(5)	 	 	 	7.10
	(b)	 	 	 	7.10
	§ 311(a)	 	 	 	7.11
	(b)	 	 	 	7.11
	(c)	 	 	 	Not Applicable
	§ 312(a)	 	 	 	2.6
	(b)	 	 	 	10.3
	(c)	 	 	 	10.3
	§ 313(a)	 	 	 	7.6
	(b)(1)	 	 	 	7.6
	(b)(2)	 	 	 	7.6
	(c)(1)	 	 	 	7.6
	(d)	 	 	 	7.6
	§ 314(a)	 	 	 	4.2, 10.5
	(b)	 	 	 	Not Applicable
	(c)(1)	 	 	 	10.4
	(c)(2)	 	 	 	10.4
	(c)(3)	 	 	 	Not Applicable
	(d)	 	 	 	Not Applicable
	(e)	 	 	 	10.5
	(f)	 	 	 	Not Applicable
	§ 315(a)	 	 	 	7.1
	(b)	 	 	 	7.5
	(c)	 	 	 	7.1
	(d)	 	 	 	7.1
	(e)	 	 	 	6.14
	§ 316(a)	 	 	 	2.10
	(a)(1)(A)	 	 	 	6.12
	(a)(1)(B)	 	 	 	6.13
	(b)	 	 	 	6.8
	§ 317(a)(1)	 	 	 	6.3
	(a)(2)	 	 	 	6.4
	(b)	 	 	 	2.5
	§ 318(a)	 	 	 	10.1

 

    1

     

    

 

Indenture dated as of , 20 between TuanChe Limited, an exempted company
incorporated with limited liability under the laws of the Cayman Islands (the “Company”), and [          ], as trustee (the
 “Trustee”).

  

Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Securities issued under this Indenture.

 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

 

Section 1.1 Definitions

 

“Additional Amounts” means any additional amounts
which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Company in respect of
certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.

 

“Affiliate” of any specified person means any other
person directly or indirectly controlling or controlled by or under common control with such specified person. For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common
control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or
otherwise.

 

“Agent” means any Registrar, Paying Agent or Notice
Agent.

 

“Board of Directors” means the board of directors
of the Company or any duly authorized committee thereof.

 

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization
by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.

 

“Business Day” means, unless otherwise provided
by Board Resolution, Officers’ Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday,
Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive
order to close or a day the Corporate Trust Office is closed.

 

“Capital Stock” means any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock.

 

“Company” means the party named as such above until
a successor replaces it and thereafter means the successor.

 

“Company Order” means written order signed in the
name of the Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer
or principal accounting officer.

 

“Company Request” means a written request signed
in the name of the Company by its Chairman/Chairwoman, its chief executive officer, or its president and by its chief financial officer
and delivered to the Trustee.

 

“Corporate Trust Office” means the office of the
Trustee at which at any particular time its corporate trust business shall be principally administered.

 

“Default” means any event which is, or after notice
or passage of time or both would be, an Event of Default.

 

    2

     

    

 

“Depositary” means, with respect to the Securities
of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary
for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there
is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary
with respect to the Securities of such Series.

 

“Discount Security” means any Security that provides
for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof
pursuant to Section 6.2.

 

“Dollars” and “$” means the currency
of The United States of America.

 

“ECU” means the European Currency Unit as determined
by the Commission of the European Union.

 

“Exchange Act” means the Securities Exchange Act
of 1934, as amended.

 

“Foreign Currency” means any currency or currency
unit issued by a government other than the government of The United States of America.

 

“Foreign Government Obligations” means, with respect
to Securities of any Series that are denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused
to be issued such currency for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a person controlled
or supervised by or acting as an agency or instrumentality of such government the timely payment of which is unconditionally guaranteed
as a full faith and credit obligation by such government, which, in either case under clauses (i) or (ii), are not callable or redeemable
at the option of the issuer thereof.

 

“GAAP” means accounting principles generally accepted
in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute
of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of
determination.

 

“Global Security” or “Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series
of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee.

 

“Holder” or “Securityholder”
means a person in whose name a Security is registered.

 

“Indenture” means this Indenture as amended or supplemented
from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.

 

“interest” with respect to any Discount Security
which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Maturity,” when used with respect to any Security,
means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity
or by declaration of acceleration, call for redemption or otherwise.

 

“Officer” means the chief executive officer, president,
the chief financial officer, the treasurer or any assistant treasurer, general manager, and any vice president of the Company.

 

“Officer’s Certificate” means a certificate
signed by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal
accounting officer.

 

    3

     

    

 

“Opinion of Counsel” means a written opinion of
legal counsel, which opinion, is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company.

 

“person” means any individual, corporation, partnership,
joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency
or political subdivision thereof.

 

“principal” of a Security means the principal of
the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.

 

“Responsible Officer” means any officer of the Trustee
in its Corporate Trust Office and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with a particular subject and who shall in each case have
direct responsibility for the administration of this Indenture.

 

“SEC” means the Securities and Exchange Commission.

 

“Securities” means the debentures, notes or other
debt instruments of the Company of any Series authenticated and delivered under this Indenture.

 

“Series” or “Series of Securities”
means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

 

“Stated Maturity” when used with respect to any
Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable.

 

“Subsidiary” of any specified person means any corporation,
association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.

 

“TIA” means the Trust Indenture Act of 1939 (15
U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended.

 

“Trustee” means the person named as the “Trustee”
in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time
there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee
with respect to Securities of that Series.

 

“U.S. Government Obligations” means securities which
are (i) direct obligations of The United States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by and acting as an agency or instrumentality of The United States of America the payment of which
is unconditionally guaranteed as a full faith and credit obligation by The United States of America, and which in the case of (i) and
(ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank
or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of
any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such depository receipt.

 

    4

     

    

 

Section 1.2 Other Definitions

 

	TERM	 	DEFINED

 IN SECTION	 
	“Bankruptcy Law”	 	 	6.1	 
	“Custodian”	 	 	6.1	 
	“Event of Default”	 	 	6.1	 
	“Journal”	 	 	10.15	 
	“Judgment Currency”	 	 	10.16	 
	“Legal Holiday”	 	 	10.7	 
	“mandatory sinking fund payment”	 	 	11.1	 
	 	 	 	 	 
	“Market Exchange Rate”	 	 	10.15	 
	“New York Banking Day”	 	 	10.16	 
	“Notice Agent”	 	 	2.4	 
	“optional sinking fund payment”	 	 	11.1	 
	“Paying Agent”	 	 	2.4	 
	“Registrar”	 	 	2.4	 
	“Required Currency”	 	 	10.16	 
	“successor person”	 	 	5.1	 

 

Section 1.3 Incorporation by Reference of Trust Indenture Act

 

Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

“Commission” means the SEC.

 

“indenture securities” means the Securities.

 

“indenture security holder” means a Security Holder.

 

“indenture to be qualified” means this Indenture.

 

“indenture trustee” or “institutional trustee”
means the Trustee.

 

“obligor” on the indenture securities means the
Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so
defined.

 

Section 1.4 Rules of Construction

 

Unless the context otherwise requires:

 

(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) words in the singular include the plural, and in the plural include
the singular; and

 

(e) provisions apply to successive events and transactions.

 

    5

     

    

 

ARTICLE II 

THE SECURITIES 

 

Section 2.1 Issuable in Series

 

The aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is [          ]. The Securities may be issued in one or more Series. All Securities of a Series shall be identical
except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s
Certificate detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities
of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the
adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms
(such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ
between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits
of the Indenture.

 

Section 2.2 Establishment of Terms of Series of Securities

 

At or prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the
Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.21) by or pursuant to a Board Resolution, and set forth
or determined in the manner provided in a Board Resolution or Officers’ Certificate, and associated supplemental indenture:

 

2.2.1. the title of the Series (which shall distinguish the Securities
of that particular Series from the Securities of any other Series);

 

2.2.2. the price or prices (expressed as a percentage of the principal
amount thereof) at which the Securities of the Series will be issued;

 

2.2.3. any limit upon the aggregate principal amount of the Securities
of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);

 

2.2.4. the date or dates on which the principal of the Securities of
the Series is payable;

 

2.2.5. the rate or rates (which may be fixed or variable) per annum
or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock
exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such
interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record
date for the interest payable on any interest payment date;

 

2.2.6. the place or places where the principal of and interest, if
any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer
or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be
served, and the method of such payment, if by wire transfer, mail or other means;

 

2.2.7. if applicable, the period or periods within which, the price
or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option
of the Company;

 

2.2.8. the obligation, if any, of the Company to redeem or
purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

    6

     

    

 

2.2.9. the dates, if any, on which and the price or prices at which
the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions
of such repurchase obligations;

 

2.2.10. if other than denominations of $1,000 and any integral multiple
thereof, the denominations in which the Securities of the Series shall be issuable;

 

2.2.11. the forms of the Securities of the Series and whether the Securities
will be issuable as Global Securities;

 

2.2.12. if other than the principal amount thereof, the portion of
the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant
to Section 6.2;

 

2.2.13. the currency of denomination of the Securities of the Series,
which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization,
if any, responsible for overseeing such composite currency;

 

2.2.14. the designation of the currency, currencies or currency units
in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

 

2.2.15. if payments of principal of or interest, if any, on the Securities
of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated,
the manner in which the exchange rate with respect to such payments will be determined;

 

2.2.16. the manner in which the amounts of payment of principal of
or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an index based
on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index;

 

2.2.17. the provisions, if any, relating to any security provided for
the Securities of the Series;

 

2.2.18. any addition to, or change in the Events of Default which applies
to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the
principal amount thereof due and payable pursuant to Section 6.2;

 

2.2.19. any addition to, or change in the covenants set forth in Articles
IV or V which applies to Securities of the Series;

 

2.2.20. any material income tax considerations applicable;

 

2.2.21. if the Securities of the Series are to be convertible into
or exchangeable for any securities of any Person (including the Company), the terms and conditions upon which such Securities will be
so convertible or exchangeable;

 

2.2.22. whether the Securities of the Series are subject to subordination
and the terms of such subordination;

 

2.2.23. any other terms of the Securities of the Series (which may
supplement, modify or delete any provision of this Indenture insofar as it applies to such Series); and

 

    7

     

    

 

2.2.24. any depositaries, interest rate calculation agents, exchange
rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein

 

All Securities of any one Series need not be issued at the same time
and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution,
supplemental indenture hereto or Officers’ Certificate referred to above.

 

Section 2.3 Execution and Authentication

 

Two Officers shall sign the Securities for the Company by manual or
facsimile signature.

 

If an Officer whose signature is on a Security no longer holds that
office at the time the Security is authenticated, the Security shall nevertheless be valid.

 

A Security shall not be valid until authenticated by the manual or
facsimile signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

 

The Trustee shall at any time, and from time to time, authenticate
Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’
Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication unless otherwise
provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

 

The aggregate principal amount of Securities of any Series outstanding
at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 

Prior to the issuance of Securities of any Series, the Trustee shall
have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto
or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms
of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4,
and (c) an Opinion of Counsel complying with Section 10.4.

 

The Trustee shall have the right to decline to authenticate and deliver
any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or
(b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents
shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.

 

The Trustee may appoint an authenticating agent acceptable to the Company
to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent
to deal with the Company or an Affiliate of the Company.

 

Section 2.4 Registrar and Paying Agent

 

Company shall maintain, with respect to each Series of
Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where
Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series
may be surrendered for registration of transfer or exchange, where Securities of such Series that are convertible or exchangeable
may be surrendered for conversion or exchange, as applicable, where Securities of such Series may be surrendered for conversion or
exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series
and this Indenture may be delivered (“Notice Agent”). The Trustee or Notice Agent, as applicable, shall deliver such
notices and demands to the Company in accordance with Section 10.2 hereof. The Registrar shall keep a register with respect to each
Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and
address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall
fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and
address thereof, such presentations, surrenders, notices and demands may be made or delivered at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

 

    8

     

    

 

The Company hereby appoints the Trustee the initial Registrar, Paying
Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior
to the time Securities of that Series are first issued.

 

The Company hereby appoints The Depository Trust Company to act as
Depositary with respect to the Securities.

 

Section 2.5 Paying Agent to Hold Money in Trust

 

The Company shall require each Paying Agent other than the Trustee
to agree in writing that the Paying Agent will hold in trust, for the benefit of Security Holders of any Series of Securities, or the
Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the
Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability
for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund
for the benefit of Security Holders of any Series of Securities all money held by it as Paying Agent.

 

Section 2.6 Securityholder Lists The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Security Holders
of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may request in writing
a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Security Holders of each
Series of Securities.

 

Section 2.7 Transfer and Exchange

 

Where Securities of a Series are presented to the Registrar or a co-registrar
with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar
shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers
and exchanges, the Trustee shall authenticate Securities upon receipt of a Company Order. No service charge shall be made for any registration
of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover
any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

 

Neither the Company nor the Registrar shall be required (a) to issue,
register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately
preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business
on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for
redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.

 

    9

     

    

 

Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities
If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee, upon receipt of a Company Order, shall
authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them
to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such
Security has been acquired by a bona fide purchaser, the Company shall execute and the Trustee, upon receipt of a Company Order, shall
authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost or stolen Security has
become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

 

Upon the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any Series issued pursuant to this Section in
lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.

 

The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.

 

Section 2.9 Outstanding Securities

 

The Securities outstanding at any time are all the Securities authenticated
by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security
effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.

 

If a Security is replaced pursuant to Section 2.8, it ceases to be
outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.

 

If the Paying Agent (other than the Company, a Subsidiary of the Company
or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that
date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue.

 

A Security does not cease to be outstanding because the Company or
an Affiliate of the Company holds the Security.

 

In determining whether the Holders of the requisite principal amount
of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal
amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that
would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section
6.2.

 

    10

     

    

 

Section 2.10 Treasury Securities

 

In determining whether the Holders of the required principal amount
of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a
Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities
of a Series that the Trustee knows are so owned shall be so disregarded.

 

Section 2.11 Temporary Securities Until definitive Securities
are ready for delivery, the Company may prepare and the Trustee, upon receipt of a Company Order, shall authenticate temporary Securities
upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the
Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee, upon receipt
of a Company Order, shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities.
Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

 

Section 2.12 Cancellation

 

The Company at any time may deliver Securities to the Trustee for cancellation.
The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange
or payment. Upon receipt of written instruction from the Company, the Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall destroy such canceled Securities and deliver a certificate of such destruction to the Company,
unless the Company otherwise directs. The Company may not issue new Securities to replace Securities that it has paid or delivered to
the Trustee for cancellation.

 

Section 2.13 Defaulted Interest

 

If the Company defaults in a payment of interest on a Series of Securities,
it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons
who are Security Holders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At
least 10 days before the record date, the Company shall mail to the Trustee and to each Security Holder of the Series a notice that states
the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner.

 

Section 2.14 Global Securities

 

2.14.1. Terms of Securities. A Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole or in part
in the form of one or more Global Securities and the Depositary for such Global Security or Securities.

 

2.14.2. Transfer and Exchange. Notwithstanding any provisions
to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant
to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee
only if (i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or
if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails
to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company
executes and delivers to the Trustee an Officers’ Certificate to the effect that such

 

Global Security shall be so exchangeable. Any Global Security that
is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall
direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.

 

Except as provided in this Section 2.14.2, a Global Security may not
be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee
of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary
or a nominee of such a successor Depositary.

 

    11

     

    

 

The Trustee shall have no obligation or duty to monitor, determine
or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any
transfer of any interest in any Security other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

 

2.14.3. Legend. Any Global Security issued hereunder shall bear
a legend in substantially the following form:

 

“THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE
FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH A SUCCESSOR DEPOSITARY.”

 

2.14.4. Acts of Holders. The Depositary, as a Holder, may appoint
agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or
other action which a Holder is entitled to give or take under the Indenture..

 

2.14.5. Payments. Notwithstanding the other provisions of this
Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global
Security shall be made to the Holder thereof.

 

2.14.6. Consents, Declaration and Directions. Except as provided
in Section 2.14.5, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities
of such Series represented by a Global Security as shall be specified in a written statement of the Depositary with respect to such Global
Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to
this Indenture.

 

Section 2.15 CUSIP Numbers

 

The Company in issuing the Securities may use “CUSIP” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to
Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of
identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.

 

ARTICLE III 

REDEMPTION 

 

Section 3.1 Notice to Trustee

 

The Company may, with respect to any Series of Securities,
reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part
thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the
Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal
amount of Series of Securities to be redeemed. The Company shall give the Trustee notice at least 45 days before the redemption date
(or such shorter notice as may be acceptable to the Trustee).

 

    12

     

    

 

Section 3.2 Selection of Securities to be Redeemed Unless otherwise
indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, if less than
all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner
that the Trustee deems fair and appropriate and in accordance with its customary practices or the selection shall be in accordance with
DTC procedures, as applicable. The Trustee shall make the selection from Securities of the Series outstanding not previously called for
redemption. The Trustee may select for redemption portions of the principal of Securities of the Series that have denominations larger
than $1,000. Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000 or, with
respect to Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for
each Series and integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for redemption also
apply to portions of Securities of that Series called for redemption.

 

Section 3.3 Notice of Redemption

 

Unless otherwise indicated for a particular Series by Board Resolution,
a supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date,
the Company shall mail a notice of redemption by first-class mail to each Holder whose Securities are to be redeemed.

 

The notice shall identify the Securities of the Series to be redeemed
and shall state:

 

(a) the redemption date;

 

(b) the redemption price;

 

(c) the name and address of the Paying Agent;

 

(d) that Securities of the Series called for redemption must be surrendered
to the Paying Agent to collect the redemption price;

 

(e) that interest on Securities of the Series called for redemption
ceases to accrue on and after the redemption date;

 

(f) the CUSIP number, if any; and

 

(g) any other information as may be required by the terms of the particular
Series or the Securities of a Series being redeemed.

 

At the Company’s request, the Trustee shall give the notice of
redemption prepared by the Company, in the Company’s name and at its expense.

 

Section 3.4 Effect of Notice of Redemption Once notice of redemption
is mailed or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption
date and at the redemption price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall
be paid at the redemption price plus accrued interest to the redemption date.

 

Section 3.5 Deposit of Redemption Price On or before the redemption
date, the Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on
all Securities to be redeemed on that date.

 

Section 3.6 Securities Redeemed in Part .

 

Upon surrender of a Security that is redeemed in part, the Trustee,
upon receipt of a Company Order, shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal
amount to the unredeemed portion of the Security surrendered.

 

    13

     

    

 

ARTICLE IV 

COVENANTS 

 

Section 4.1 Payment of Principal and Interest

 

The Company covenants and agrees for the benefit of the Holders of
each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series
in accordance with the terms of such Securities and this Indenture.

 

Section 4.2 SEC Reports

 

The Company shall deliver to the Trustee within 15 days after it files
them with the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any
of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section
13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a).

 

Section 4.3 Compliance Certificate

 

The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year (which on the date hereof ends on December 31) of the Company, an Officers’ Certificate stating that a review
of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture,
and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of
any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults
or Events of Default of which he may have knowledge).

 

The Company will, so long as any of the Securities are outstanding,
deliver to the Trustee, forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such
Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

 

Section 4.4 Stay, Extension and Usury Laws

 

The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension
or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture
or the Securities; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such
law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 4.5 Corporate Existence

 

Subject to Article V, the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory), licenses and franchises
of the Company; provided, however, that the Company shall not be required to preserve any such right, license or franchise if the Board
of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its
Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders.

 

    14

     

    

 

ARTICLE V 

SUCCESSORS 

 

Section 5.1 When Company May Merge, etc.

 

The Company shall not consolidate with or merge with or into, or convey,
transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”) unless:

 

(a) the Company is the surviving corporation or the successor person
(if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly
assumes, the Company’s obligations on the Securities and under this Indenture; and

 

(b) immediately after giving effect to the transaction, no Default
or Event of Default, shall have occurred and be continuing.

 

The Company shall deliver to the Trustee prior to the consummation
of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed
transaction and any supplemental indenture comply with this Indenture.

 

Notwithstanding the above, any Subsidiary of the Company may consolidate
with, merge into or transfer all or part of its properties to the Company. Neither an Officers’ Certificate nor an Opinion of Counsel
shall be required to be delivered in connection therewith.

 

Section 5.2 Successor Corporation Substituted

 

Upon any consolidation or merger, or any sale, lease, conveyance or
other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed
by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect
as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the
case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture
and the Securities.

 

ARTICLE VI 

DEFAULTS AND REMEDIES 

 

Section 6.1 Events of Default

 

“Event of Default,” wherever used herein with respect
to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture
or Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:

 

(a) default in the payment of any interest on any Security of that
Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment
is deposited by the Company with the Trustee or with a Paying Agent prior to the expiration of such period of 30 days); or

 

(b) default in the payment of principal of any Security of that Series
at its Maturity; or

 

(c) default in the performance or breach of any covenant or warranty
of the Company in this Indenture (other than a covenant or warranty that has been included in this Indenture solely for the benefit of
Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder; or

 

(d) the Company pursuant to or within the meaning of any Bankruptcy
Law:

 

(i) commences a voluntary case,

 

    15

     

    

 

(ii) consents to the entry of an order for relief against it in an
involuntary case,

 

(iii) consents to the appointment of a Custodian of it or for all or
substantially all of its property,

 

(iv) makes a general assignment for the benefit of its creditors, or

 

(v) generally is unable to pay its debts as the same become due; or

 

(e) a court of competent jurisdiction enters an order or decree under
any Bankruptcy Law that:

 

(i) is for relief against the Company in an involuntary case,

 

(ii) appoints a Custodian of the Company or for all or substantially
all of its property, or

 

(iii) orders the liquidation of the Company,

 

and the order or decree remains unstayed and in effect for 60 days;
or

 

(f) any other Event of Default provided with respect to Securities
of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance
with Section 2.2.18.

 

The term “Bankruptcy Law” means title 11, U.S. Code
or any similar U.S. Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law.

 

Section 6.2 Acceleration of Maturity; Rescission and Annulment

 

If an Event of Default with respect to Securities of any Series at
the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(d) or (e)) then in every such
case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the
principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified
in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default
specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any,
on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder.

 

At any time after such a declaration of acceleration with respect to
any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter
in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice
to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities
of that Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely
by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 

No such rescission shall affect any subsequent Default or impair any
right consequent thereon.

 

Section 6.3 Collection of Indebtedness and Suits for Enforcement
by Trustee

 

The Company covenants that if

 

(a) default is made in the payment of any interest on any
Security when such interest becomes due and payable and such default continues for a period of 30 days, or

 

    16

     

    

 

(b) default is made in
the payment of principal of any Security at the Maturity thereof, or

 

(c) default is made in the deposit of any sinking fund payment, when
and as due by the terms of a Security,

 

then, the Company will, upon demand of the Trustee, pay to it,
for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest
at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

 

If the Company fails to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so
due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor
upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon such Securities, wherever situated.

 

Notwithstanding any other provision of this Indenture, if an Event
of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such Series by pursuing any available remedy by proceeding at law
or in equity as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 6.4 Trustee May File Proofs of Claim

 

In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor
upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise,

 

(a) to file and prove a claim for the whole amount of principal and
interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and

 

(b) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due
it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.7.

 

Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

 

    17

     

    

 

Section 6.5 Trustee May Enforce Claims Without Possession of Securities.

 

All rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has
been recovered.

 

Section 6.6 Application of Money Collected

 

Any money or property collected by the Trustee pursuant to this Article
shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money or property
on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

 

First: To the payment of all amounts due the Trustee under Section
7.7; and

 

Second: To the payment of the amounts then due and unpaid for principal
of and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

 

Third: To the Company or to such party as a court of competent jurisdiction
shall direct.

 

Section 6.7 Limitation on Suits

 

No Holder of any Security of any Series shall have any right to institute
any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless

 

(a) such Holder has previously given written notice to the Trustee
of a continuing Event of Default with respect to the Securities of that Series;

 

(b) the Holders of not less than 25% in principal amount of the outstanding
Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
in its own name as Trustee hereunder;

 

(c) such Holder or Holders have offered to the Trustee indemnity satisfactory
to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;

 

(d) the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity has failed to institute any such proceeding; and

 

(e) no direction inconsistent with such written request has been given
to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series;

 

it being understood, and intended that no one or more of such Holders
shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice
the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to
enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders.

 

Section 6.8 Unconditional Right of Holders to Receive Principal
and Interest

 

Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on
such Security on the Stated Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption
date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

 

    18

     

    

 

Section 6.9 Restoration of Rights and Remedies

 

If the Trustee or any Holder has instituted any proceeding to enforce
any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

 

Section 6.10 Rights and Remedies Cumulative

 

Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent
the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.11 Delay or Omission Not Waiver

 

No delay or omission of the Trustee or of any Holder of any Securities
to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12 Control by Holders

 

The Holders of not less than a majority in principal amount of the
outstanding Securities of any Series shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided
that

 

(a) such direction shall not be in conflict with any rule of law or
with this Indenture,

 

(b) the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction, and

 

(c) subject to the provisions of Section 7.1, the Trustee shall have
the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine
that the proceeding so directed would involve the Trustee in personal liability.

 

Section 6.13 Waiver of Past Defaults

 

The Holders of not less than a majority in principal amount of the
outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series, waive any past Default hereunder
with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such
Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind
an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

    19

     

    

 

Section 6.14 Undertaking for Costs

 

All parties to this Indenture agree, and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding
in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated Maturities
expressed in such Security (or, in the case of redemption, on the redemption date).

 

ARTICLE VII 

TRUSTEE 

 

Section 7.1 Duties of Trustee

 

(a) If an Event of Default has occurred and is continuing, the Trustee
shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent
person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b) Except during the continuance of an Event of Default:

 

(i) The Trustee need perform only those duties that are specifically
set forth in this Indenture and no others.

 

(ii) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officers’ Certificates or Opinions
of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officers’
Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee
shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 

(c) The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except that:

 

(i) This paragraph does not limit the effect of paragraph (b) of this
Section.

 

(ii) The Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

 

(iii) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders
of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture
with respect to the Securities of such Series.

 

(iv) Every provision of this Indenture that in any way relates to the
Trustee is subject to paragraph (a), (b) and (c) of this Section.

 

(d) The Trustee may refuse to perform any duty or exercise any right
or power unless it receives security or indemnity satisfactory to it against any loss, liability or expense.

 

    20

     

    

 

(e) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

 

(f) No provision of this Indenture shall require the Trustee to risk
its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights
or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not
reasonably assured to it.

 

(g) The Paying Agent, the Registrar, the Notice Agent, any agent and
any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a), (b)
and (c) of this Section with respect to the Trustee.

 

Section 7.2 Rights of Trustee

 

(a) The Trustee may rely on and shall be protected in acting or refraining
from acting upon any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need
not investigate any fact or matter stated in the document.

 

(b) Before the Trustee acts or refrains from acting, it may require
an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. No such Officers’ Certificate or Opinion of
Counsel shall be at the expense of the Trustee. Any request or direction of the Company mentioned herein shall be sufficiently evidenced
by an Officers’ Certificate.

 

(c) The Trustee may act through agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee
shall not be responsible for any act or omission by any Depositary.

 

(d) The Trustee shall not be liable for any action it takes or omits
to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does
not constitute negligence or bad faith. The Trustee shall not be liable for any special, punitive or consequential damages, even if they
were reasonably foreseeable.

 

(e) The Trustee may consult with counsel of its selection and the advice
of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder and the Trustee may conclusively rely on any such advice or Opinion of Counsel.

 

(f) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall
have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction.

 

(g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit.

 

(h) The Trustee shall not be deemed to have notice of any Default (other
than a payment default under Section 6.1 or 6.2) or Event of Default unless a Responsible Officer of the Trustee has received written
notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice references the Securities
generally or the Securities of a particular Series and this Indenture.

 

(i) The rights, privileges, protections, immunities and benefits given
to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

 

(j) The Trustee may request that the Issuer deliver an
Officers’ Certificate setting forth the names of individuals and titles of officers authorized at such time to take specified
actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not
superseded.

 

    21

     

    

 

(k) The Trustee shall have no duty to inquire as to or monitor the
performance of the Issuer with respect to the covenants contained in Article IV.

 

(l) The Trustee shall not be required to give any note, bond or surety
in respect of the execution of the trusts and powers under this Indenture.

 

(m) Nothing herein shall be deemed to require the Trustee to submit
to the jurisdiction or venue of a non-U.S. court.

 

Section 7.3 Force Majeure

 

(a) The Trustee shall have no liability for delays or inability to
perform its duties hereunder due to forces majeures, events beyond its control, such as (but not exclusively) civil unrest, earthquakes,
hurricanes or other natural disasters, floods, utility failures, transmission interruptions, power failures, wars, governmental declarations
or Acts of God; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances.

 

(b) Delivery of reports or information by the Company shall not be
deemed to confer actual or constructive knowledge or notice on the Trustee with respect to a Default or Event of Default, or otherwise.

 

Section 7.4 Individual Rights of Trustee

 

The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have
if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.11 and 7.12.

 

Section 7.5 Trustee’s Disclaimer

 

The Trustee makes no representation as to the validity or adequacy
of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and
it shall not be responsible for any statement in the Securities other than its authentication.

 

Section 7.6 Notice of Defaults

 

If a Default or Event of Default occurs and is continuing with respect
to the Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail (or deliver notice
subject to the applicable procedures of the Depositary or relevant clearing system) to each Security Holder of the Securities of that
Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee
has written notice of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of
or interest on any Security of any Series, or in the payment of any sinking fund installment, the Trustee may withhold the notice if and
so long as its corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice
is in the interests of Security Holders of that Series.

 

Section 7.7 Reports by Trustee to Holders

 

Within 60 days after each , commencing , 20 , the Trustee shall transmit
by mail to all Security Holders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of
such anniversary date, in accordance with, and to the extent required under, TIA § 313.

 

A copy of each report at the time of its mailing to Security Holders
of any Series shall be filed with the SEC and each stock exchange on which the Securities of that Series are listed. The Company shall
promptly notify the Trustee when Securities of any Series are listed on any stock exchange.

 

    22

     

    

 

Section 7.8 Compensation and Indemnity

 

The Company shall pay to the Trustee from time to time compensation
for its services as the Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall
not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out of pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s
agents and counsel.

 

The Company shall indemnify each of the Trustee and any predecessor
Trustee against any loss, liability or expense (including the cost of defending itself) incurred by it except as set forth in the next
paragraph in the performance of the Trustee duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly
of any claim for which it may seek indemnity; provided, however, that failure to so notify the Company shall not relieve it of its obligations
hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense; provided, however, the Trustee may conduct
its own defense if there is a conflict of interest between the interests of the Company and those of the Trustee. The Trustee may have
one separate counsel (in addition to local counsel, if applicable) and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and Agents or agents of the Trustee.

 

The Company need not reimburse any expense or indemnify against any
loss or liability incurred by the Trustee or by any officer, director, employee, shareholder, Agent or agent of the Trustee to the extent
it is attributed to its own negligence or willful conduct as determined by a court of competent jurisdiction in a final, non-appealable
order.

 

To secure the Company’s payment obligations in this Section,
the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except
that held in trust to pay principal of and interest on particular Securities of that Series.

 

When the Trustee incurs expenses or renders services after an Event
of Default specified in Section 6.1(d) or (e) occurs, the expenses and the compensation for the services (including the fees and expenses
of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

The provisions of this Section shall survive the termination of this
Indenture and the resignation and removal of the Trustee.

 

Section 7.9 Replacement of Trustee

 

A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

 

The Trustee may resign with respect to the Securities of one or more
Series by so notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal
amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company.
The Company may remove the Trustee with respect to Securities of one or more Series if:

 

(a) the Trustee fails to comply with Section 7.11;

 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(c) a Custodian or public officer takes charge of the Trustee or its
property; or

 

(d) the Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor
Trustee to replace the successor Trustee appointed by the Company.

 

    23

     

    

 

If a successor Trustee with respect to the Securities of any one or
more Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

 

A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee upon payment of its fees and expenses then unpaid
shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.8, the resignation
or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail
a notice of its succession to each Security Holder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section
7.9, the Company’s obligations under Section 7.8 hereof shall continue for the benefit of the retiring Trustee with respect to expenses
and liabilities incurred by it prior to such replacement.

 

Section 7.10 Successor Trustee by Merger, etc. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor Trustee.

 

Section 7.11 Eligibility; Disqualification

 

This Indenture shall always have a Trustee who satisfies the requirements
of TIA § 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least $150,000 as set forth in
its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

 

Section 7.12 Preferential Collection of Claims Against Company

 

The Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated.

 

ARTICLE VIII 

SATISFACTION AND DISCHARGE; DEFEASANCE 

 

Section 8.1 Satisfaction and Discharge of Indenture

 

This Indenture shall upon Company Order cease to be of further effect
(except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

 

(a) either

 

(i) all Securities theretofore authenticated and delivered (other than
Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation;
or

 

(ii) all such Securities not theretofore delivered to the Trustee for
cancellation

 

(1) have become due and payable, or

 

(2) will become due and payable at their Stated Maturity within one
year, or

 

    24

     

    

 

(3) have been called for redemption or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company, or

 

(4) are deemed paid and discharged pursuant to Section 8.3, as applicable;

 

and the Company, in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and discharging
the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest to the
date of such deposit (in the case of Securities which have become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

 

(b) the Company has paid or caused to be paid all other sums payable
hereunder by the Company; and

 

(c) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.8, and, if money shall have been deposited with the Trustee pursuant to clause
(a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.

 

Section 8.2 Application of Trust Funds; Indemnification 

 

(a) Subject to the provisions of Section 8.5, all money deposited with
the Trustee pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee
pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations
deposited with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such
money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated
by Sections 8.3 or 8.4.

 

(b) The Company shall pay and shall indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant
to Sections 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of
Holders.

 

(c) The Trustee shall deliver or pay to the Company from time to time
upon Company Request any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3
or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the
purpose for which such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision
shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.

 

Section 8.3 Legal Defeasance of Securities of any Series

 

Unless this Section 8.3 is otherwise specified, pursuant to Section
2.2.20, to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness
on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof,
and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall, at a Company Request, execute proper instruments acknowledging the same), except as to:

 

    25

     

    

 

(a) the rights of Holders of Securities of such Series to receive,
from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest
on the outstanding Securities of such Series on the Stated Maturity of such principal or installment of principal or interest and (ii)
the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due
and payable in accordance with the terms of this Indenture and the Securities of such Series;

 

(b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3, and 8.5; and

 

(c) the rights, powers, trust and immunities of the Trustee;

 

provided that, the following conditions shall have been satisfied:

 

(d) the Company shall have deposited or caused to be irrevocably deposited
(except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments, specifically
pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series
denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated
in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest
and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability
will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in
the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee, to pay and discharge each installment of principal of and interest, if any, on and any mandatory sinking fund payments in
respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are
due;

 

(e) such deposit will not result in a breach or violation of, or constitute
a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

 

(f) no Default or Event of Default with respect to the Securities of
such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date;

 

(g) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income
tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities
of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge
and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case
if such deposit, defeasance and discharge had not occurred;

 

(h) the Company shall have delivered to the Trustee an Officers’
Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series
over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the
Company; and

 

(i) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated
by this Section have been complied with.

 

Section 8.4 Covenant Defeasance 

 

Unless this Section 8.4 is otherwise specified pursuant to
Section 2.2.20 to be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any
Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.5, and 5.1 as well as any additional
covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’
Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any such covenants shall not constitute a Default
or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to Section 2.2.18
and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities
of such Series, provided that the following conditions shall have been satisfied:

 

    26

     

    

 

(a) With reference to this Section 8.4, the Company has deposited or
caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of
making the following payments specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities
(i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the
case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest,
if any, on and any mandatory sinking fund payments in respect of the Securities of such Series on the dates such installments of interest
or principal and such sinking fund payments are due;

 

(b) Such deposit will not result in a breach or violation of, or constitute
a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound;

 

(c) No Default or Event of Default with respect to the Securities of
such Series shall have occurred and be continuing on the date of such deposit;

 

(d) The Company shall have delivered to the Trustee an Opinion of Counsel
to the effect that Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as
a result of such deposit and covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such deposit and covenant defeasance had not occurred;

 

(e) The Company shall have delivered to the Trustee an Officers’
Certificate stating the deposit was not made by the Company with the intent of preferring the Holders of the Securities of such Series
over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the
Company; and

 

(f) The Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance
contemplated by this Section have been complied with.

 

Section 8.5 Repayment to Company

 

The Trustee and the Paying Agent shall pay to the Company upon written
request any money held by them for the payment of principal and interest that remains unclaimed for two years. After that, Security Holders
entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates
another person.

 

 

ARTICLE IX

SUPPLEMENTAL INDENTURES, AMENDMENTS AND WAIVERS

 

Section 9.1 Without Consent of Holders

 

The Company and the Trustee may amend or supplement this Indenture
or the Securities of one or more Series without the consent of any Security Holder:

 

(a) to cure any ambiguity, defect or inconsistency;

 

(b) to comply with Article V;

 

(c) to provide for uncertificated Securities in addition to or in place
of certificated Securities;

 

(d) to make any change that does not adversely affect the rights of
any Security Holder;

 

    27

     

    

 

(e) to provide for the issuance of and establish the form and terms
and conditions of Securities of any Series as permitted by this Indenture;

 

(f) to evidence and provide for the acceptance of appointment hereunder
by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or

 

(g) to comply with requirements of the SEC in order to effect or maintain
the qualification of this Indenture under the TIA.

 

Section 9.2 With Consent of Holders

 

The Company and the Trustee may enter into a supplemental indenture
with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected
by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of
such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the Security Holders of each such Series. Except as provided
in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee
(including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance
by the Company with any provision of this Indenture or the Securities with respect to such Series.

 

It shall not be necessary for the consent of the Holders of Securities
under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if
such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company
shall mail to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure
by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture or waiver.

 

Section 9.3 Limitations

 

Without the consent of each Security Holder affected, an amendment
or waiver may not:

 

(a) reduce the principal amount of Securities whose Holders must consent
to an amendment, supplement or waiver;

 

(b) reduce the rate of or extend the time for payment of interest (including
default interest) on any Security;

 

(c) reduce the principal or change the Stated Maturity of any Security
or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

 

(d) reduce the principal amount of Discount Securities payable upon
acceleration of the maturity thereof;

 

(e) waive a Default or Event of Default in the payment of the principal
of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least
a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such
acceleration);

 

(f) make the principal of or interest, if any, on any Security payable
in any currency other than that stated in the Security;

 

(g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h) waive a redemption payment with respect to any Security, provided
that such redemption is made at the Company’s option.

 

    28

     

    

 

Section 9.4 Compliance with Trust Indenture Act

 

Every amendment or waiver to this Indenture or the issuance of and
establishment of the form and terms and conditions of Securities of one or more Series shall be set forth in a supplemental indenture
hereto that complies with the TIA as then in effect.

 

Section 9.5 Revocation and Effect of Consents

 

Until an amendment is set forth in a supplemental indenture or a waiver
becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not
made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security
if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective.

 

Any amendment or waiver once effective shall bind every Security Holder
of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3.
In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security
or portion of a Security that evidences the same debt as the consenting Holder’s Security.

 

Section 9.6 Notation on or Exchange of Securities

 

The Trustee may place an appropriate notation about an amendment or
waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the
Trustee shall authenticate upon receipt of a Company Order new Securities of that Series that reflect the amendment or waiver.

 

Section 9.7 Trustee Protected 

 

In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures, except that
the Trustee need not sign any supplemental indenture that adversely affects its rights.

 

ARTICLE X 

MISCELLANEOUS 

 

Section 10.1 Trust Indenture Act Controls

 

If any provision of this Indenture limits, qualifies, or conflicts
with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall
control.

 

Section 10.2 Notices

 

Any notice or communication by the Company or the Trustee to the other,
or by a Holder to the Company or the Trustee, is duly given if in writing, in the English language, referencing this Indenture and the
applicable securities or series of securities, and delivered in person or mailed by first-class mail, or by facsimile transmission:

 

if to the Company:

 

9F, Ruihai Building, No. 21 Yangfangdian Road

Haidian District

Beijing, 100038 

The People’s Republic of China

 Attention: [●]

 

    29

     

    

 

if to the Trustee:

 

[          ]

[          ] 

Attention: [          ]

 

The Company or the Trustee by notice to the other may designate additional
or different addresses for subsequent notices or communications.

 

Any notice or communication to a Security Holder shall be mailed by
first-class mail to his address shown on the register kept by the Registrar or delivered subject to the applicable procedures of Depositary
or relevant clearing system. Failure to mail a notice or communication to a Security Holder of any Series or any defect in it shall not
affect its sufficiency with respect to other Security Holders of that or any other Series.

 

If a notice or communication is mailed or published in the manner provided
above, within the time prescribed, it is duly given, whether or not the Security Holder receives it.

 

If the Company mails a notice or communication to Security Holders,
it shall mail a copy to the Trustee and each Agent at the same time.

 

Section 10.3 Communication by Holders with Other Holders

 

Security Holders of any Series may communicate pursuant to TIA §
312(b) with other Security Holders of that Series or any other Series with respect to their rights under this Indenture or the Securities
of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

 

Section 10.4 Certificate and Opinion as to Conditions Precedent

 

Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

 

(a) an Officers’ Certificate stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with;
and

 

(b) an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

Section 10.5 Statements Required in Certificate or Opinion

 

Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the
provisions of TIA § 314(e) and shall include:

 

(a) a statement that the person making such certificate or opinion
has read such covenant or condition;

 

(b) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such certificate or opinion are based;

 

(c) a statement that, in the opinion of such person, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

 

(d) a statement as to whether or not, in the opinion of such person,
such condition or covenant has been complied with.

 

The Trustee may make reasonable rules for action by or a meeting of
Security Holders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

 

    30

     

    

 

Section 10.6 Legal Holidays

 

Unless otherwise provided by Board Resolution, Officers’ Certificate
or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment
date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period.

 

Section 10.7 No Recourse Against Others 

 

A director, officer, employee or stockholder, as such, of the Company
shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect
of or by reason of such obligations or their creation. Each Security Holder by accepting a Security waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the Securities.

 

Section 10.8 Counterparts

 

This Indenture may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement.

 

Section 10.9 Governing Laws

 

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS
THEREOF.

 

Section 10.10 No Adverse Interpretation of Other Agreements. 

 

This Indenture may not be used to interpret another indenture, loan
or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

Section 10.11 Successors

 

All agreements of the Company in this Indenture and the Securities
shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.

 

Section 10.12 Severability 

 

In case any provision in this Indenture or in the Securities shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

Section 10.13 Table of Contents, Headings, etc.

 

The Table of Contents, Cross Reference Table, and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall
in no way modify or restrict any of the terms or provisions hereof.

 

Section 10.14 Securities in a Foreign Currency or ECU

 

Unless otherwise specified in a Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular
Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in
aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at
such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars (including
ECUs), then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such
action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes
of this Section 10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable
transfers of that currency as published by the Federal Reserve Bank of New York; provided, however, in the case of ECUs, Market
Exchange Rate shall mean the rate of exchange determined by the Commission of the European Union (or any successor thereto) as
published in the Official Journal of the European Union (such publication or any successor publication, the “Journal”).
If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or, in the case of ECUs, the
rate of exchange as published in the Journal, as of the most recent available date, or quotations or, in the case of ECUs, rates of
exchange from one or more major banks in The City of New York or in the country of issue of the currency in question or, in the case
of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of exchange as the Trustee, upon consultation with
the Company, shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in
respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of
Securities pursuant to the terms of this Indenture.

 

    31

     

    

 

All decisions and determinations of the Trustee regarding the Market
Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the
absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Company and
all Holders.

 

Section 10.15 Judgment Currency

 

The Company agrees, to the fullest extent that it may effectively do
so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect
of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency
in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which
in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment
Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and
(b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender,
any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the
Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause
of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of
the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being obtained for any
other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday,
Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive
order to close.

 

ARTICLE XI 

SINKING FUNDS 

 

Section 11.1 Applicability of Article

 

The provisions of this Article shall be applicable to any sinking fund
for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued
pursuant to this Indenture.

 

    32

     

    

 

The minimum amount of any sinking fund payment provided for by the
terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount
provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.”
If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided
in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series.

 

Section 11.2 Satisfaction of Sinking Fund Payments with Securities

 

The Company may, in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding
Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory
sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which
have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities
(except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional
redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not later than 15 days prior to the
date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee
at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment
shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section
11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action
be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over
and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee
of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released
to the Company.

 

Section 11.3 Redemption of Securities for Sinking Fund 

 

Not less than 45 days (unless otherwise indicated in the Board Resolution,
supplemental indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to each sinking fund
payment date for any Series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities
of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund
payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless otherwise indicated
in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular Series of Securities) before
each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company
in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 3.4, 3.5 and 3.6.

 

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

 

	 	TuanChe Limited
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

    33

     

    

 

	 	[          ],
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Its:

 

    34

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]