Document:

EX-10.6

 Exhibit 10.6 
  

ASSET REPRESENTATIONS REVIEW AGREEMENT 

among 
 AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2018-1, 
 Issuer 

AMERICREDIT FINANCIAL SERVICES, INC., 

Servicer 
 and 

CLAYTON FIXED INCOME SERVICES LLC, 

Asset Representations Reviewer 

Dated as of April 11, 2018 

 TABLE OF CONTENTS 
  

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 Section 1.1.
	 	 Definitions
	  	 	1	 
	 Section 1.2.
	 	 Additional Definitions
	  	 	1	 
	 ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER
	  	 	2	 
	 Section 2.1.
	 	 Engagement; Acceptance
	  	 	2	 
	 Section 2.2.
	 	 Confirmation of Status
	  	 	3	 
	 ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS
	  	 	3	 
	 Section 3.1.
	 	 Asset Review Notices
	  	 	3	 
	 Section 3.2.
	 	 Identification of Asset Review Receivables
	  	 	3	 
	 Section 3.3.
	 	 Asset Review Materials
	  	 	3	 
	 Section 3.4.
	 	 Performance of Asset Reviews
	  	 	3	 
	 Section 3.5.
	 	 Asset Review Reports
	  	 	4	 
	 Section 3.6.
	 	 Asset Review Representatives
	  	 	4	 
	 Section 3.7.
	 	 Dispute Resolution
	  	 	5	 
	 Section 3.8.
	 	 Limitations on Asset Review Obligations
	  	 	5	 
	 ARTICLE IV ASSET REPRESENTATIONS REVIEWER
	  	 	6	 
	 Section 4.1.
	 	 Representations and Warranties
	  	 	6	 
	 Section 4.2.
	 	 Covenants
	  	 	7	 
	 Section 4.3.
	 	 Fees and Expenses
	  	 	8	 
	 Section 4.4.
	 	 Limitation on Liability
	  	 	9	 
	 Section 4.5.
	 	 Indemnification
	  	 	9	 
	 Section 4.6.
	 	 Right to Audit
	  	 	10	 
	 Section 4.7.
	 	 Delegation of Obligations
	  	 	10	 
	 Section 4.8.
	 	 Confidential Information
	  	 	10	 
	 Section 4.9.
	 	 Security and Safeguarding Information
	  	 	13	 
	 ARTICLE V . RESIGNATION AND REMOVAL
	  	 	14	 
	 Section 5.1.
	 	 Resignation and Removal of Asset Representations Reviewer
	  	 	14	 
	 Section 5.2.
	 	 Engagement of Successor
	  	 	15	 
	 Section 5.3.
	 	 Merger, Consolidation or Succession
	  	 	15	 
	 ARTICLE VI OTHER AGREEMENTS
	  	 	15	 
	 Section 6.1.
	 	 Independence of Asset Representations Reviewer
	  	 	15	 
	 Section 6.2.
	 	 No Petition
	  	 	16	 
	 Section 6.3.
	 	 Limitation of Liability of Owner Trustee
	  	 	16	 
	 Section 6.4.
	 	 Termination of Agreement
	  	 	16	 
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	16	 
	 Section 7.1.
	 	 Amendments
	  	 	16	 
	 Section 7.2.
	 	 Assignment; Benefit of Agreement; Third Party Beneficiaries
	  	 	17	 
	 Section 7.3.
	 	 Notices
	  	 	17	 
	 Section 7.4.
	 	 GOVERNING LAW
	  	 	18	 
	 Section 7.5.
	 	 Submission to Jurisdiction
	  	 	18	 
	 Section 7.6.
	 	 No Waiver; Remedies
	  	 	18	 
	 Section 7.7.
	 	 Severability
	  	 	18	 
	 Section 7.8.
	 	 Headings
	  	 	18	 
	 Section 7.9.
	 	 Counterparts
	  	 	19	 

 SCHEDULES 

Schedule A     Representations and Warranties and Procedures to be Performed 

  
 i 

 ASSET REPRESENTATIONS REVIEW AGREEMENT dated as of April 11, 2018 (this
“Agreement”), among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2018-1, a Delaware statutory trust (the “Issuer”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation
(“AmeriCredit”), in its capacity as Servicer (in such capacity, the “Servicer”) and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company, as Asset Representations Reviewer (the “Asset
Representations Reviewer”). 
 WHEREAS, in the regular course of its business, AmeriCredit purchases retail
installment sale contracts secured by new and used automobiles, light-duty trucks, vans and minivans and utility vehicles from motor vehicle dealers. 

WHEREAS, in connection with a securitization transaction sponsored by AmeriCredit, AmeriCredit sold a pool of Receivables to
AFS SenSub Corp. (the “Seller”) which, in turn, sold those Receivables to the Issuer. 
 WHEREAS, the
Issuer has granted a security interest in the Receivables to the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, pursuant to the Indenture. 

WHEREAS, the Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
compliance with the representations and warranties made by AmeriCredit and the Seller about the Receivables in the pool. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties agree as follows. 

ARTICLE I 
 DEFINITIONS 

Section 1.1.    Definitions. Capitalized terms that are used but are not otherwise defined in
this Agreement have the meanings assigned to them in the Sale and Servicing Agreement, dated as of April 11, 2018, by and among the Issuer, the Seller, the Servicer and The Bank of New York Mellon, a New York banking corporation, as Trust
Collateral Agent. 
 Section 1.2.    Additional Definitions. The following terms have the
meanings given below: 
 “Asset Review” means the performance by the Asset Representations Reviewer of the
testing procedures for each Test and each Asset Review Receivable in accordance with Section 3.4. 
 “Asset
Review Demand Date” means, for an Asset Review, the date when the Trust Collateral Agent determines that each of (a) the Delinquency Trigger has occurred and (b) the required percentage of Noteholders has voted to direct an Asset
Review under Section 7.2(f) of the Indenture. 
 “Asset Review Fee” has the meaning assigned to such
term in Section 4.3(b). 

 “Asset Review Materials” means, with respect to an Asset Review
and an Asset Review Receivable, the documents and other materials for each Test listed under “Documents” in Schedule A. 

“Asset Review Notice” means the notice from the Trustee to the Asset Representations Reviewer and the
Servicer directing the Asset Representations Reviewer to perform an Asset Review. 
 “Asset Review
Receivable” means, with respect to any Asset Review, each Receivable that is not a Liquidated Receivable and which the related Obligor failed to make at least 90% of the related Scheduled Receivables Payment by the date on which it was due
and, as of the last day of the Collection Period prior to the date the related Asset Review Notice was delivered, remained unpaid for 60 days or more from the original payment due date.. 

“Asset Review Report” means, with respect to any Asset Review, the report of the Asset Representations
Reviewer prepared in accordance with Section 3.5. 
 “Basic Documents” has the meaning assigned to
such term in Section 1.1 of the Sale & Servicing Agreement. 
 “Clayton” means, Clayton Fixed
Income Services LLC. 
 “Confidential Information” has the meaning assigned to such term in
Section 4.8(a). 
 “Eligible Asset Representations Reviewer” means a Person that (a) is not an
Affiliate of AmeriCredit, the Seller, the Servicer, the Trustee, the Trust Collateral Agent, the Owner Trustee or any of their Affiliates and (b) was not, and is not an Affiliate of a Person that was, engaged by AmeriCredit or any Underwriter
to perform any due diligence on the Receivables prior to the Closing Date. 
 “Test” has the meaning
assigned to such term in Section 3.4(a). 
 “Test Complete” has the meaning assigned to such term in
Section 3.4(c). 
 “Test Fail” has the meaning assigned to such term in Section 3.4(a). 

“Test Pass” has the meaning assigned to such term in Section 3.4(a). 

“Trustee” has the meaning assigned to such term in Section 1.1 of the Sale & Servicing
Agreement. 
 ARTICLE II 

ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER 

Section 2.1.    Engagement; Acceptance. The Issuer hereby engages Clayton to act as the Asset
Representations Reviewer for the Issuer. Clayton accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement. 

  
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 Section 2.2.    Confirmation of Status. The
parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Asset Review Receivables for compliance with the representations and warranties under the Basic Documents, except as described in this Agreement,
or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents. 
 ARTICLE
III 
 ASSET REPRESENTATIONS REVIEW PROCESS 

Section 3.1.    Asset Review Notices. Upon receipt of an Asset Review Notice from the Trustee
in the manner set forth in Section 7.2(f) of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representation Reviewer will have no obligation to start an Asset Review unless and until an Asset Review
Notice is received. 
 Section 3.2.    Identification of Asset Review Receivables. Within
ten (10) Business Days of receipt of an Asset Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Trustee a list of the related Asset Review Receivables. 

Section 3.3.    Asset Review Materials. 

(a)      Access to Asset Review Materials. The Servicer will give the Asset
Representations Reviewer access to the Asset Review Materials for all of the Asset Review Receivables within sixty (60) days of receipt of the Asset Review Notice in one or more of the following ways: (i) by providing access to the
Servicer’s receivables systems, either remotely or at one of the properties of the Servicer; (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access; (iii) by providing
originals or photocopies at one of the properties of the Servicer where the Asset Receivable Files are located; or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Non-Public Personal Information (as defined in Section 4.8) from the Asset Review Materials so long as such redaction or removal does not change the meaning or usefulness of the Asset Review Materials for
purposes of the Asset Review. 
 (b)      Missing or Insufficient Asset Review
Materials. If any of the Asset Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than twenty
(20) days before completing the Asset Review, and the Servicer will have fifteen (15) days to give the Asset Representations Reviewer access to such missing Asset Review Materials or other documents or information to correct the
insufficiency. If the missing or insufficient Asset Review Materials have not been provided by the Servicer within fifteen (15) days, the parties agree that the Asset Review Receivable will have a Test Fail for the related Test(s) and the
Test(s) will be considered completed and the Asset Review Report will indicate the reason for the Test Fail. 

Section 3.4.    Performance of Asset Reviews. 

(a)      Test Procedures. For an Asset Review, the Asset Representations Reviewer will
perform for each Asset Review Receivable the procedures listed under “Procedures to be Performed” in Schedule A for each representation and warranty (each, a “Test”), using the Asset

  
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Review Materials listed for each such Test in Schedule A. For each Test and Asset Review Receivable, the Asset Representations Reviewer will determine if the Test has been satisfied (a
“Test Pass”) or if the Test has not been satisfied (a “Test Fail”). 

(b)      Asset Review Period. The Asset Representations Reviewer will complete the Asset
Review of all of the Asset Review Receivables within sixty (60) days of receiving access to the Asset Review Materials under Section 3.3(a). However, if additional Asset Review Materials are provided to the Asset Representations Reviewer
in accordance with Section 3.3(b), the Asset Review period will be extended for an additional thirty (30) days. 

(c)      Completion of Asset Review for Certain Asset Review Receivables. Following the
delivery of the list of the Asset Review Receivables and before the delivery of the Asset Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if an Asset Review Receivable is paid in full
by the related Obligor or purchased from the Issuer by AmeriCredit, the Seller or the Servicer according to the Basic Documents. On receipt of any such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related
Asset Review Receivables and the Asset Review of such Receivables will be considered complete (a “Test Complete”). In this case, the Asset Review Report will indicate a Test Complete for the related Asset Review Receivables and the
related reason. 
 (d)      Previously Reviewed Receivable. If any Asset Review
Receivable was included in a prior Asset Review, the Asset Representations Reviewer will not perform any Tests on it, but will include the results of the previous Tests in the Asset Review Report for the current Asset Review. 

(e)      Termination of Asset Review. If an Asset Review is in process and the Notes will
be paid in full on the next Distribution Date, the Servicer will notify the Asset Representations Reviewer and the Trustee no less than ten (10) days before that Distribution Date. On receipt of the notice, the Asset Representations Reviewer
will terminate the Asset Review immediately and will have no obligation to deliver an Asset Review Report. 

Section 3.5.    Asset Review Reports. Within five (5) days of the end of the Asset Review
period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the Trustee an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each
Test, or whether the Asset Review Receivable was a Test Complete and the related reason. The Asset Review Report will contain a summary of the Asset Review results to be included in the Issuer’s Form 10-D
report for the Collection Period in which the Asset Review Report is received. The Asset Representations Reviewer will ensure that the Asset Review Report does not contain any Non-Public Personal Information.

 Section 3.6.      Asset Review Representatives. 

(a)      Servicer Representative. The Servicer will designate one or more representatives
who will be available to assist the Asset Representations Reviewer in performing the Asset Review, including responding to requests and answering questions from the Asset 

  
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Representations Reviewer about access to Asset Review Materials on the Servicer’s receivables systems, obtaining missing or insufficient Asset Review Materials and/or providing clarification
of any Asset Review Materials or Tests. 
 (b)      Asset Representations Reviewer
Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Review. 

(c)      Questions About Asset Review. The Asset Representations Reviewer will make
appropriate personnel available to respond in writing to written questions or requests for clarification of any Asset Review Report from the Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one
year after the delivery of the Asset Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit written
questions or requests to the Trustee. 
 Section 3.7.    Dispute Resolution. If an Asset
Review Receivable that was reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.13 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the
dispute resolution proceeding on request of a party to the proceeding. The reasonable out-of-pocket expenses 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 will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution
according to Section 3.13 of the Sale and Servicing Agreement; provided, however, if such amounts are paid by the Trustee or the Trust Collateral Agent and are not reimbursed by directing Noteholders, the Trustee or Trust Collateral
Agent, as applicable, shall be reimbursed by the Issuer pursuant to Section 5.7(a)(ii) of the Sale and Servicing Agreement without counting toward the calculation of any cap on fees, expenses or indemnities thereunder. If not paid by a party to
the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d). 

Section 3.8.    Limitations on Asset Review Obligations. 

(a)      Asset Review Process Limitations. The Asset Representations Reviewer will have
no obligation: 
 (i)      to determine whether a Delinquency Trigger has
occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, and is entitled to rely on the information in any Asset Review Notice delivered by the Trustee; 

(ii)      to determine which Receivables are subject to an Asset Review, and is
entitled to rely on the lists of Asset Review Receivables provided by the Servicer; 

(iii)      to obtain or confirm the validity of the Asset Review Materials and
no liability for any errors contained in the Asset Review Materials and will be entitled to rely on the accuracy and completeness of the Asset Review Materials; 

  
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 (iv)      to obtain missing or
insufficient Asset Review Materials from any party or any other source; 

(v)      to take any action or cause any other party to take any action under
any of the Basic Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Asset Review Receivables; 

(vi)      to determine the reason for the delinquency of any Asset Review
Receivable, the creditworthiness of any Obligor, the overall quality of any Asset Review Receivable or the compliance by the Servicer with its covenants with respect to the servicing of such Asset Review Receivable; or 

(vii)      to establish cause, materiality or recourse for any failed Test as
described in Section 3.4. 
 (b)      Testing Procedure Limitations. The Asset
Representations Reviewer will only be required to perform the testing procedures listed under “Procedures to be Performed” in Schedule A, and will have no obligation to perform additional procedures on any Asset Review Receivable or to
provide any information other than an Asset Review Report indicating for each Asset Review Receivable whether there was a Test Pass or a Test Fail for each Test, or whether the Asset Review Receivable was a Test Complete and the related reason.
However, the Asset Representations Reviewer may provide additional information about any Asset Review Receivable that it determines in good faith to be material to the Asset Review. 

ARTICLE IV 
 ASSET REPRESENTATIONS
REVIEWER 
 Section 4.1.      Representations and Warranties. 

(a)      Representations and Warranties. The Asset Representations Reviewer represents
and warrants to the Issuer as of the date of this Agreement: 

(i)      Organization and Qualification. The Asset Representations
Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of Delaware. The Asset Representations Reviewer is qualified as a limited liability company in good standing and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or
approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(ii)      Power, Authority and Enforceability. The Asset Representations
Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal,
valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations 

  
 6 

 
Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles. 

(iii)      No Conflicts and No Violation. The completion of the
transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under this Agreement will not (A) conflict with, or be a breach or default under, any indenture, agreement, guarantee or
similar agreement or instrument under which the Asset Representations Reviewer is a party, (B) result in the creation or imposition of any Lien on any of the assets of the Asset Representations Reviewer under the terms of any indenture,
agreement, guarantee or similar agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or, to the Asset Representations Reviewer’s knowledge, any order, rule or
regulation that applies to the Asset Representations Reviewer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer, in each
case, which conflict, breach, default, Lien or violation would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement. 

(iv)      No Proceedings. To the Asset Representations Reviewer’s
knowledge, there are no proceedings or investigations pending or threatened in writing before any court, regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its
properties: (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of any of the transactions contemplated by this Agreement or (C) seeking any determination or ruling that would reasonably be expected
to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement. 

(v)      Eligibility. The Asset Representations Reviewer is an Eligible
Asset Representations Reviewer. 
 (b)      Notice of Breach. On discovery by the Asset
Representations Reviewer, the Issuer, the Owner Trustee, the Trustee or the Servicer of a material breach of any of the representations and warranties in Section 4.1(a), the party discovering such breach will give prompt notice to the other
parties. 
 Section 4.2.    Covenants. The Asset Representations Reviewer covenants and
agrees that: 
 (a)      Eligibility. It will notify the Issuer 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. 

(b)      Review Systems. It will maintain business process management and/or other
systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these 

  
 7 

 
systems allow for each Asset Review Receivable and the related Asset Review Materials to be individually tracked and stored as contemplated by this Agreement. 

(c)      Personnel. It will maintain adequate staff that is properly trained to conduct
Asset Reviews as required by this Agreement. The Asset Representations Reviewer, at its discretion, may utilize the services of third parties, affiliates, and agents (“Agents”) to provide any Asset Review under this Agreement;
provided, however, that the Asset Representations Reviewer has entered into confidentiality agreements with such Agents (or such Agents are otherwise bound by confidentiality obligations) the provisions of which are no less protective than
those set forth in this Agreement. Any such Agent must be approved by Servicer prior to engaging in any Asset Review under this Agreement. The Asset Representations Reviewer shall be responsible to Servicer for the Asset Reviews provided by its
Agents to the same extent as if provided by the Asset Representations Reviewer under this Agreement. Servicer agrees to look solely to the Asset Representations Reviewer and not to any Agent for satisfaction of any claims the Servicer may have
arising out of this Agreement or due to the performance or non-performance of Services. 

(d)      Changes to Personnel. It will promptly notify Servicer in the event that it
undergoes significant management or staffing changes which would negatively impact its ability to fulfill its obligations under this Agreement. 

(e)    Maintenance of Asset Review Materials. It will maintain copies of any Asset Review
Materials, Asset Review Reports and other documents relating to an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement. 

Section 4.3.    Fees and Expenses. 

(a)      Annual Fee. The Issuer will, or will cause the Servicer to, pay the Asset
Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, an annual fee in the amount of $5,000. The annual fee will be paid on the Closing Date and on each anniversary of the Closing
Date until this Agreement is terminated, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement. 

(b)      Asset Review Fee. Following the completion of an Asset Review and the delivery
to the Trustee of the Asset Review Report, or the termination of an Asset Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of up to $250 for
each Asset Review Receivable for which the Asset Review was started (the “Asset Review Fee”). However, no Asset Review Fee will be charged for any Asset Review 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 3.4(e). If the detailed invoice is submitted on or before the first day of a month, the Asset Review Fee
will be paid by the Issuer pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement starting on or before the Distribution Date in that month. However, if an Asset Review is terminated according to
Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Asset Review 

  
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Fee for the terminated Asset Review no later than five (5) Business Days before the final Distribution Date in order to be reimbursed no later than the final Distribution Date. To the extent
that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid Asset Review Fees.

 (c)      Reimbursement of Travel Expenses. If the Servicer provides access to the
Asset Review Materials at one of its properties, the Issuer will, or will cause the Servicer to, reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed
invoice, payable pursuant to the priority of payments in Section 5.7 of the Sale and Servicing Agreement. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset
Representations Reviewer shall be entitled to payment by the Servicer of incurred but otherwise unpaid travel expenses. 

(d)      Dispute Resolution Expenses. If the Asset Representations Reviewer participates
in a dispute resolution proceeding under Section 3.7 and its reasonable out-of-pocket expenses 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 Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice, payable pursuant to the priority of payments in
Section 5.7 of the Sale and Servicing Agreement. To the extent that such amounts were not previously paid by the Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by
the Servicer of incurred but otherwise unpaid expenses. 
 Section 4.4.    Limitation on
Liability. The Asset Representations Reviewer will not be liable to any person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its
willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event shall either party be liable to the other party for any incidental, special, indirect, punitive, exemplary or consequential damages. 

Section 4.5.    Indemnification  

(a)      Indemnification by Asset Representations Reviewer. The Asset Representations
Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity and in its capacity as Trustee on behalf of the Noteholders) and their respective
directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities resulting from (i) the willful misconduct, fraud, bad faith or negligence of the Asset Representations Reviewer in performing its obligations
under this Agreement (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties or other obligations under this Agreement (iii) its breach of confidentiality obligations or (iv) any third party
intellectual property claim. The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations
Reviewer. 

  
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 (b)      Indemnification of Asset
Representations Reviewer. The Issuer will, or will cause the Servicer to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents, for all costs, expenses, losses, damages and liabilities resulting from the
performance of its 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 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 or warranties in this Agreement. The Issuer acknowledges and agrees that its
obligation to indemnify the Asset Representations Reviewer in accordance with this Agreement shall survive termination of this Agreement. To the extent that such indemnities owed to the Asset Representations Reviewer were not previously paid by the
Servicer or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Servicer of such incurred but otherwise unpaid indemnities. 

Section 4.6.    Right to Audit. During the term of this Agreement and not more than once per
year (unless circumstances warrant additional audits as described below), Servicer may audit the Asset Representations Reviewer’s policies, procedures and records that relate to the performance of the Asset Representation Reviewer under this
Agreement to ensure compliance with this Agreement upon at least 10 business days’ notice. Notwithstanding the foregoing, the parties agree that Servicer may conduct an audit at any time, in the event of (i) audits required by
Servicer’s governmental or regulatory authorities, (ii) investigations of claims of misappropriation, fraud, or business irregularities of a potentially criminal nature, or (iii) Servicer reasonably believes that an audit is necessary
to address a material operational problem or issue that poses a threat to Servicer’s business. 

Section 4.7.    Delegation of Obligations. Subject to the terms of Section 4.2(c) of this
Agreement, the Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer. 

Section 4.8.    Confidential Information. 

(a)      Definitions. 

(i)      In performing its obligations pursuant to this Agreement, the parties
may have access to and receive disclosure of certain Confidential Information about or belonging to the other, including but not limited to marketing philosophy, strategies (including tax mitigation strategies), techniques, and objectives;
advertising and promotional copy; competitive advantages and disadvantages; financial results; technological developments; loan evaluation programs; customer lists; account information, profiles, demographics and
Non-Public Personal Information (defined below); credit scoring criteria, formulas and programs; research and development efforts; any investor, financial, commercial, technical or scientific information
(including, but not limited to, patents, copyrights, trademarks, service marks, trade names and dress, and applications relating to same, trade secrets, software, code, inventions, know-how and similar
information) and any and all other business information (hereinafter “Confidential Information”). 

  
 10 

(ii)      “Non-Public Personal
Information” shall include all Personally Identifiable Financial Information in any list, description or other grouping of consumers/customers, and publicly available information pertaining to them, that is derived using any Personally
Identifiable Financial Information that is not publicly available, and shall further include all Non-Public Personal Information as defined by Federal regulations implementing the Gramm-Leach-Bliley Act, as
amended from time to time, and any state statues or regulations governing this agreement. 

(iii)      “Personally Identifiable Financial Information” means any
information a consumer provides to a party in order to obtain a financial product or service, any information a party otherwise obtains about a consumer in connection with providing a financial product or service to that consumer, and any
information about a consumer resulting from any transaction involving a financial product or service between a party and a consumer. Personally Identifiable Financial Information may include, without limitation, a consumer’s first and last
name, physical address, zip code, e-mail address, phone number, Social Security number, birth date, account number and any information that identifies, or when tied to the above information may identify, a
consumer. 
 (b)      Use of Confidential Information. The parties agree that during
the term of this Agreement and thereafter, Confidential Information is to be used solely in connection with satisfying their obligations pursuant to this Agreement, and that a party shall neither disclose Confidential Information to any third party,
nor use Confidential Information for its own benefit, except as may be necessary to perform its obligations pursuant to this Agreement or as expressly authorized in writing by the other party, as the case may be. 

Neither party shall disclose any Confidential Information to any other persons or entities, except on a “need to
know” basis and then only: (i) to their own employees and Agents (as defined below); (ii) to their own accountants and legal representatives, provided that any such representatives shall be subject to subsection (iv) below; (iii) to
their own affiliates, provided that such affiliates shall be restricted in use and redisclosure of the Confidential Information to the same extent as the parties hereto. “Agents”, for purposes of this Section, mean each of the
parties’ advisors, directors, officers, employees, contractors, consultants affiliated entities (i.e., an entity controlling, controlled by, or under common control with a party), or other agents. If and to the extent any Agent of the recipient
receive Confidential Information, such recipient party shall be responsible for such Agent’s full compliance with the terms and conditions of this Agreement and shall be liable for any such Agent’s
non-compliance. 
 (c)      Compelled
Disclosure. If a subpoena or other legal process seeking Confidential Information is served upon either party, such party will, to the extent not prohibited by law, rule or order, notify the other immediately and, to the maximum extent
practicable prior to disclosure of any Confidential Information, will, at the other’s request and reasonable expense, cooperate in any lawful effort to contest the legal validity of such subpoena or other legal process. The restrictions
set forth herein shall apply during the term and after the termination of this Agreement. All Confidential Information furnished to the Asset Representations Reviewer or Servicer, as the case may be, or to which the Asset Representations
Reviewer or Servicer gains access in connection with this Agreement, is the respective exclusive property of the disclosing party. 

  
 11 

 (d)      Use by Agents, Employees,
Subcontractors. The parties shall take reasonable measures to prevent its Agents, employees and subcontractors from using or disclosing any Confidential Information, except as may be necessary for each party to perform its obligations pursuant
to this Agreement. Such measures shall include, but not be limited to, (i) education of such Agents, employees and subcontractors as to the confidential nature of the Confidential Information; and (ii) securing a written
acknowledgment and agreement from such Agents, employees and subcontractors that the Confidential Information shall be handled only in accordance with provisions no less restrictive than those contained in this Agreement. This provision shall
survive termination of this Agreement. 
 (e)      Remedies. The parties agree and
acknowledge that in order to prevent the unauthorized use or disclosure of Confidential Information, it may be necessary for a party to seek injunctive or other equitable relief, and that money damages may not constitute adequate relief, standing
alone, in the event of actual or threatened disclosure of Confidential Information. In addition, the harmed party shall be entitled to all other remedies available at law or equity including injunctive relief. 

(f)      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 or its Agents in violation of this Agreement; 

(ii)      was disclosed to a Party prior to the Effective Date 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
Non-Public Personal Information or Personally Identifiable Financial Information, which shall remain confidential in all circumstances, except as required or permitted to be disclosed by applicable law,
statute, or regulation. 
 (g)      Return of Confidential Information. Subject to
Section 4.2(e) of this Agreement, upon the request of a party, the other party shall return all Confidential Information to the other; provided, however, (i) each party shall be permitted to retain copies of the other 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. 

  
 12 

 Section 4.9.    Security and Safeguarding
Information  
 (a)      Confidential Information that contains Non-Public Personal Information about customers is subject to the protections created by the Gramm-Leach-Bliley Act of 1999 (the “Act”) and under the standards for safeguarding Confidential
Information, 16 CFR Part 314 (2002) adopted by Federal Trade Commission (“FTC”) (the “Safeguards Rule”). Additionally, state specific laws may regulate how certain confidential or personal information is
safeguarded. The parties agree with respect to the Non-Public Personal Information to take all appropriate measures in accordance with the Act, and any state specific laws, as are necessary to protect the
security of the Non-Public Personal Information and to specifically assure there is no disclosure of the Non-Public Personal Information other than as authorized under
the Act, and any state specific laws, and this Agreement. 
 With respect to Confidential Information, including Non-Public Personal Information and Personally Identifiable Financial Information as applicable, each of the parties agrees that: 

(i)      It will use commercially reasonable efforts to safeguard and protect
the confidentiality of any Confidential Information and agrees, warrants, and represents that it has or will implement and maintain appropriate safeguards designed to safeguard and protect the confidentiality of any Confidential Information. 

(ii)      It will not disclose or use Confidential Information provided except
for the purposes as set in the Agreement, including as permitted under the Act and its implementing regulations, or other applicable law. 

(iii)      It acknowledges that the providing party is required by the
Safeguards Rule to take reasonable steps to assure itself that its service providers maintain sufficient procedures to detect and respond to security breaches, and maintain reasonable procedures to discover and respond to widely-known security
failures by its service providers. It agrees to furnish to the providing party that appropriate documentation to provide such assurance. 

(iv)      It understands that the FTC may, from time to time, issue amendments
to and interpretations of its regulations implementing the provisions of the Act, and that pursuant to its regulations, either or both of the parties hereto may be required to modify their policies and procedures regarding the collection, use,
protection, and/or dissemination of Non-Public Personal Information. Additionally, states may issue amendments to and interpretations of existing regulations, or may issue new regulations, which both of
the parties hereto may be required to modify their policies and procedures. To the extent such regulations are so amended or interpreted, each party hereto agrees to use reasonable efforts to adjust the Agreement in order to comply with any such new
requirements. 
 (v)      By the signing of this Agreement, each party
certifies that it has a written, comprehensive information security program that is in compliance with federal and state laws that are applicable to its respective organization and the types of Confidential Information it receives. 

(b)      The Asset Representations Reviewer represents and warrants that it has, and will
continue to have, adequate administrative, technical, and physical safeguards designed to (i) 

  
 13 

 
protect the security, confidentiality and integrity of Non-Public Personal Information, (ii) ensure against anticipated threats or hazards to the
security or integrity of Non-Public Personal Information, (iii) protect against unauthorized access to or use of Non-Public Personal Information and
(iv) otherwise comply with its obligations under this Agreement. These safeguards include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection,
data storage protection and data transmission protection) and physical security measures. 

(c)      Asset Representations Reviewer will promptly notify Servicer in the event it becomes
aware of any unauthorized or suspected acquisition of data or Confidential Information that compromises the security, confidentiality or integrity of Servicer’s Confidential Information, whether internal or external. The disclosure will
include the date and time of the breach along with specific information compromised along with the monitoring logs, to the extent then known. The Asset Representations Reviewer will use commercially reasonable efforts to take remedial action to
resolve such breach. 
 (d)      The Asset Representations Reviewer will cooperate with and
provide information to the Issuer and the Servicer regarding the Asset Representations Reviewer’s compliance with this Section 4.9. 

ARTICLE V. 
 RESIGNATION AND
REMOVAL 
 Section 5.1.     Resignation and Removal of Asset Representations Reviewer. 

(a)      Resignation of Asset Representations Reviewer. The Asset Representations
Reviewer may not resign as Asset Representations Reviewer, except: 

(i)      upon determination that (A) the performance of its obligations
under this Agreement is no longer permitted under applicable law and (B) there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law; or 

(ii)      with the consent of the Issuer. 

The Asset Representations Reviewer will give the Issuer and the Servicer sixty (60) days’ prior notice of its
resignation. Any determination permitting the resignation of the Asset Representations Reviewer under subsection (i) above must be evidenced by an Opinion of Counsel delivered to the Issuer, the Servicer, the Owner Trustee, the Trust Collateral
Agent and the Trustee. No resignation of the Asset Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. 

(b)      Removal of Asset Representations Reviewer. The Issuer may remove the Asset
Representations Reviewer and terminate all of its rights and obligations (other than as provided in Section 4.6) under this Agreement (i) if the Asset Representations Reviewer ceases to be an Eligible Asset Representations Reviewer,
(ii) on a breach of any of the representations, warranties, covenants or obligations of the Asset Representations Reviewer contained in this Agreement and (iii) on the occurrence of an Insolvency Event with respect to the Asset

  
 14 

 
Representations Reviewer, by notifying the Asset Representations Reviewer, the Trustee and the Servicer of the removal. 

(c)      Effectiveness of Resignation or Removal. No resignation or removal of the Asset
Representations Reviewer will become effective until a successor Asset Representations Reviewer is in place. The predecessor Asset Representations Reviewer will continue to perform its obligations under this agreement until a successor asset
Representations Reviewer is in place. 
 Section 5.2.    Engagement of Successor. 

(a)      Successor Asset Representations Reviewer. Following the resignation or removal
of the Asset Representations Reviewer under Section 5.1, the Issuer will engage as the successor Asset Representations Reviewer a Person that is an Eligible Asset Representations Reviewer. The successor Asset Representations Reviewer will
accept its engagement or appointment by executing and delivering to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement or entering into a new Asset Representations Review
Agreement with the Issuer that is on substantially the same terms as this Agreement. 

(b)      Transition and Expenses. The predecessor Asset Representations Reviewer will
cooperate with the successor Asset Representations Reviewer engaged by the Issuer in effecting the transition of the Asset Representations Reviewer’s obligations and rights under this Agreement. The predecessor Asset Representations Reviewer
will pay the reasonable expenses of the successor Asset Representations Reviewer in transitioning the Asset Representations Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the
obligations on receipt of an invoice with reasonable detail of the expenses from the successor Asset Representations Reviewer. 

Section 5.3.    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, (c) which acquires substantially all of the assets of the Asset Representations
Reviewer, or (d) succeeding to the business of the Asset Representations Reviewer, which 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 and the Servicer an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law). No such transaction will be deemed to release
the Asset Representations Reviewer from its obligations under this Agreement. 
 ARTICLE VI 

OTHER AGREEMENTS 

Section 6.1.    Independence of Asset Representations Reviewer. The Asset
Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Trust Collateral Agent, the 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, and, with respect to the Owner Trustee, the Owner 

  
 15 

 
Trustee, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee and will not be considered an
agent of the Issuer, the Trust Collateral Agent, the Trustee or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Trust Collateral Agent, the 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. 

Section 6.2.    No Petition. Each of the Servicer and the Asset Representations Reviewer, by
entering into this Agreement, and the Owner Trustee and the Trustee, by accepting the benefits of this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of
(a) all securities issued by the Seller or by a trust for which the Seller was a Seller or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, the Seller or the Issuer any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement. 

Section 6.3.    Limitation of Liability of Owner Trustee. It is expressly understood
and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested
in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended
for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, 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, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of
any representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness 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 any other related documents. 

Section 6.4.    Termination of Agreement. This Agreement will terminate, except for the
obligations under Section 4.6, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the termination of the Issuer. 

ARTICLE VII 
 MISCELLANEOUS
PROVISIONS 
 Section 7.1.    Amendments. 

(a)      The parties may amend this Agreement: 

(i)      without the consent of the Noteholders, to clarify an ambiguity or to
correct or supplement any term of this Agreement that may be defective or inconsistent with the 

  
 16 

 
other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer; 

(ii)      without the consent of the Noteholders, if the Servicer delivers an
Officer’s Certificate to the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee stating that the amendment will not have a material adverse effect on the Notes; or 

(iii)      with the consent of the Noteholders of a majority of the Note Balance
of each Class of Notes materially and adversely affected by the amendment (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class). 

(b)      Notice of Amendments. The Servicer will give prior notice of any amendment to
the Rating Agencies. Promptly after the execution of an amendment, the Servicer will deliver a copy of the amendment to the Rating Agencies. 

Section 7.2.    Assignment; Benefit of Agreement; Third Party Beneficiaries. 

(a)      Assignment. Except as stated in Section 5.3, this Agreement may not be
assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer. 

(b)      Benefit of the Agreement; Third-Party Beneficiaries. This Agreement is for the
benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee, the Trust Collateral Agent and the Trustee (both in its individual capacity and in its capacity as Trustee for the benefit
of the Noteholders), will be third-party beneficiaries of this Agreement entitled to enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement. 

Section 7.3.    Notices. 

(a)      Delivery of Notices. All notices, requests, demands, consents, waivers or other
communications to or from the parties to this Agreement must be in writing and will be considered given: 

(i)      on delivery or, for a letter mailed by registered first class mail,
postage prepaid, three (3) days after deposit in the mail; 

(ii)      for a fax, when receipt is confirmed by telephone, reply email or
reply fax from the recipient; 
 (iii)      for an email, when receipt is
confirmed by telephone or reply email from the recipient; and 
 (iv)      for
an electronic posting to a password-protected website to which the recipient has access, on delivery (without the requirement of confirmation of receipt) of an email to that recipient stating that the electronic posting has occurred. 

  
 17 

 (b)      Notice Addresses. Any notice,
request, demand, consent, waiver or other communication will be delivered or addressed as stated in Section 12.3(a) of the Sale and Servicing Agreement or at another address as a party may designate by notice to the other parties. 

Section 7.4.    GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND
THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

Section 7.5.    Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and
unconditionally: 
 (a)      submits for itself and, as applicable, its property, in any legal
action relating to this Agreement, the Basic Documents or any other 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 action may be brought in such courts and waives any objection
that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and 

(c)      waives, to the fullest extent permitted by law, any and all right to trial by jury in
any legal proceeding arising out of or relating to this Agreement, the Basic Documents or the transactions contemplated hereby. 

Section 7.6.      No Waiver; Remedies. No party’s failure or delay in
exercising any power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of any power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other
power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law. 

Section 7.7.    Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 7.8.    Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

  
 18 

 Section 7.9.    Counterparts. This Agreement may
be executed in multiple counterparts. Each counterpart shall be an original regardless of whether delivered in physical or electronic form, and all counterparts will together be one document. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

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

					
	    	 	 AMERICREDIT AUTOMOBILE RECEIVABLES

TRUST 2018-1

		
		 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
		 	By:                                   
                                         
                  
		 	Name:
		 	Title:
		
		 	AMERICREDIT FINANCIAL SERVICES, INC.,
		 	as Servicer
		
		 	By:                                   
                                         
                  
		 	Name:
		 	Title:
		
		 	CLAYTON FIXED INCOME SERVICES LLC,
		 	as Asset Representations Reviewer
		
		 	By:                                   
                                         
                  
		 	Name:
		 	Title:

  
 [Signature Page to Asset
Representations Review Agreement] 

 Schedule A 

Representations and Warranties and Procedures to be Performed 

Representation 

1.        Characteristics of Receivables. Each Receivable (A) was
originated (i) by AmeriCredit or (ii) by a Dealer and purchased by AmeriCredit from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with AmeriCredit and was validly assigned by such Dealer to AmeriCredit
pursuant to a Dealer Assignment, (B) was originated by AmeriCredit or such Dealer for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s or the Dealer’s business, in each case (i) was originated in
accordance with AmeriCredit’s credit policies and (ii) was fully and properly executed by the parties thereto, and (iii) AmeriCredit and, to the best of the Seller’s and the Servicer’s knowledge, each Dealer had all
necessary licenses and permits to originate Receivables in the state where AmeriCredit or each such Dealer was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate
for realization against the collateral security, and (D) has not been amended or collections with respect to which waived, other than as evidenced in the Receivable File or the Servicer’s electronic records relating thereto. 

Documents 
 Receivable File 

AmeriCredit’s Policies 
 Data Tape 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	Origination Entity of Each Receivable 

	 	  i.	Confirm that the Contract is a retail installment sale contract or promissory note relating to the sale of a motor vehicle. 

	 	 ii.	Review the Contract and verify it was originated by AmeriCredit or 

	 	iii.	Verify that the Receivable was originated by a Dealer and purchased by AmeriCredit 

	 	iv.	If the Contract was originated by a Dealer, verify the Receivable File contains a valid Dealer Agreement between the Dealer and AmeriCredit 

	 	B.	Receivable originated for Retail Sale of a Financed Vehicle 

	 	 i.	Review the Contract and verify AmeriCredit’s credit policies were followed. 

	 	ii.	Observe the Contract and confirm it was executed by the Buyer, Co-Buyer (if applicable) and the Dealer 

  
 Schedule A -1 

	 	iii.	If the Contract was originated by AmeriCredit, review the Receivable File and confirm AmeriCredit had all necessary licenses and permits as required by the state in which it was originated 

	 	iv.	If the Contract was originated by a Dealer, confirm the Dealer Agreement contains language confirming the dealer was required to have all necessary licenses and permits and there was no evidence of the contrary

	 	C.	Contract contains customary and enforceable provisions 

	 	i.	Review the Contract and verify it contains clauses to render the rights and remedies of the holder adequate for realization against the collateral. 

	 	D.	Original Receivable Contract intact 

	 	i.	Review the Receivable File and Servicer’s system for any indication of amendments to the Receivable. 

	 	ii.	If an amendment is reported, confirm the terms in the contract match the data tape 

	 	E.	If steps (A) through (D) are confirmed, then Test Pass 

  
 Schedule A -2 

 Representation 

2.        Compliance with Law. All requirements of applicable federal, state
and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair
Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal
Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief Act, each applicable state
Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws) in
respect of the Receivables and the Financed Vehicles, have been complied with in all material respects. 
 Documents 

Receivable File 
 Sale Contract 

Procedures to be Performed 
  

	 	A.	Confirm the following sections are present on the contract and filled out: 

	 	  i.	 Name and address of Creditor 

	 	 ii.	 APR 

	 	iii.	 Finance Charge 

	 	iv.	 Amount Financed 

	 	 v.	 Total of Payments 

	 	vi.	 Total Sale Price 

	 	B.	Confirm a Payment Schedule is present and complete 

	 	C.	Confirm there is an itemization of the Amount Financed 

	 	D.	Confirm the following disclosure are included in the contract 

	 	  i.	 Prepayment disclosure 

	 	 ii.	 Late Payment Policy including the late charge amount or calculation 

	 	iii.	 Security Interest disclosure 

	 	iv.	 Contract Reference 

	 	 v.	 Insurance Requirements 

	 	E.	If steps (A) through (D) are confirmed, then Test Pass 

  
 Schedule A -3 

 Representation 

3.        Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Cutoff Date of the Servicemembers Civil Relief Act, as amended; and, to the best of the Seller’s and the Servicer’s knowledge, all parties to each Receivable had full legal capacity to execute and
deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 
 Documents

 Retail Sale Contract 
 Procedures to be
Performed 
 A.   Observe the Contract and confirm it was signed by the Obligor 

B.   If confirmed, then Test Pass 

  
 Schedule A -4 

 Representation 

4.        Schedule of Receivables. The information set forth in the Schedule of
Receivables has been produced from the Electronic Ledger and was true and correct in all material respects as of the close of business on the Cutoff Date. 

Documents 
 Data Tape 

Procedures to be Performed 

A.   Confirm the Account Number in the Data Tape matches the Account Number listed in the 

            Schedule of Receivables 

B.   If confirmed, then Test Pass. 

  
 Schedule A -5 

 Representation 

5.        Marking Records. Each of AmeriCredit and the Seller agree that the
Receivables have been sold to the Trust pursuant to the Sale and Servicing Agreement and Granted to the Trust Collateral Agent pursuant to the Indenture. Further, AmeriCredit has indicated in its computer files that the Receivables are owned by the
Trust. 
 Documents 
 Transaction Documents 

System Reports 
 Procedures to be Performed 

 

	 	A.	Verified through the transaction documents and Schedule of Receivable 

	 	B.	Verify AmeriCredit indicates within its computer files that the Receivable is owned by the Trust. 

	 	C.	If questions (A) and (B) are confirmed, then Test Pass. 

  
 Schedule A -6 

 Representation 

6.        Chattel Paper. The Receivables constitute “tangible chattel
paper” or “electronic chattel paper” within the meaning of the UCC. 
 Documents 

Receivable File 
 Imaging System Access 

Procedures to be Performed 

A.   Receivables constitute “tangible chattel paper” or “electronic chattel paper” 

	 	  i.	 Confirm there is a signature under the appropriate buyer, co-buyer and
seller signature lines on the contract 

	 	 ii.	 Confirm the contract reports an amount financed greater than zero 

	 	iii.	 Confirm there is documentation of a lien against the title of a vehicle 

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

  
 Schedule A -7 

 Representation 

7.        One Original. There is only one original executed copy (or with
respect to “electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than
with the participation of the Trust Collateral Agent in the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a
legend to the following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian. 

Documents 
 Receivable File 

E-Vault 

Procedures to be Performed 
  

	 	A.	There is one original executed copy of the Contract or 

	 	 i.	 Ensure that all parties have signed the contract. 

	 	ii.	 If confirm, it will be a Test Pass. 

	 	B.	There is only one authoritative copy of the Receivable with respect to “electronic chattel paper” 

	 	  i.	 Review the authoritative copy of the contract for the Receivable. Verify it is unique, identifiable, and
unalterable. 

	 	 ii.	 Ensure the authoritative copy has been executed by all parties. 

	 	iii.	 Ensure in the contract has been marked as an Authoritative Copy. 

	 	C.	Ensure the copy has been executed by all parties to AmeriCredit. If all criteria are met, Test Pass. 

  
 Schedule A -8 

 Representation 

8.        Not an Authoritative Copy. With respect to Contracts that are
“electronic chattel paper”, the Servicer has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative copy.”  

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A.	 Confirm if there is a single authoritative copy 

	 	 i.	 Identify any and all contracts other than the single authoritative copy. 

	 	ii.	 Confirm all non-authoritative electronic chattel paper copies are
appropriately marked 

	 	B.	 If confirmed, then Test Pass. 

  
 Schedule A -9 

 Representation 

9.        Revisions. With respect to Contracts that are “electronic
chattel paper”, the related Receivables have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation
of the Trust Collateral Agent and (b) all revisions of the authoritative copy of each such Contract are readily identifiable as an authorized or unauthorized revision. 

Documents 

E-Vault 

Procedures to be Performed 
  

	 	A.	Review electronic chattel paper, confirm that related Receivables have been established in the following manner: 

	 	 i.	All copies of revisions that add or change an identified assignee of the authoritative copy of the Contract contain the signature and/or approval of the Trust Collateral Agent 

	 	ii.	All revisions of the authoritative copy are identifiable as authorized or unauthorized 

	 	B.	If both of the above tests are confirmed, then Test Pass. 

	 	

  
 Schedule A -10 

 Representation 

10.        Pledge or Assignment. With respect to Contracts that are
“electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral
Agent. 
 Documents 
 E-Vault 
 Procedures to be Performed 

 

	 	A.	Review the authoritative copy of the Contract. 

	 	 i.	Confirm there is no indication that the Receivable has been pledged, assigned or conveyed to any other Party other than the Trust Collateral Agent 

	 	B.	If (i) is confirmed, then Test Pass. 

  
 Schedule A -11 

 Representation 

11.        Receivable Files Complete. There exists a Receivable File pertaining
to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with customary policies and procedures. With
respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian. 

Documents 
 Receivable File 

Modification Agreements (if applicable) 
 Procedures to be
Performed 
  

	 	A.	Confirm the Receivable File is Completed 

	 	  i.	Review Receivable and confirm that there is a corresponding Receivable File. 

	 	 ii.	Verify all related documents concerning the Receivable are maintained electronically by the Servicer. 

	 	iii.	If any Receivables are “tangible chattel paper,” confirm the Custodian has the complete Receivable File for each Receivable 

	 	B.	If tests (i), (ii) and (iii) are confirmed, then test passes. 

  
 Schedule A -12 

 Representation 

12.        Receivables in Force. No Receivable has been satisfied, or, to the
best of the Seller’s and the Servicer’s knowledge, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any
Receivable have been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic records. 

Documents 
 Receivable File 

Assignment 
 Data Tape 

Procedures to be Performed 
  

	 	A.	Confirm the Receivable has not been satisfied, subordinated or rescinded 

	 	 i.	Review Receivable file and confirm there is no indication the Receivable was subordinated or Rescinded 

	 	ii.	Confirm there is no indication the Receivable was satisfied prior to the Cutoff date 

	 	B.	Confirm there is no evidence the Financed Vehicle has been released from the lien in whole or in part 

	 	C.	Confirm there is no indication the terms of the Receivable have been waived, altered or modified since origination, except by instruments or documents identified in the Receivable File or the Servicer’s electronic
records. 

	 	D.	If questions (A), (B) and (C) are confirmed, then it will be a Test Pass. 

  
 Schedule A -13 

 Representation 

13.        Good Title. Immediately prior to the conveyance of the Receivables
to the Trust pursuant to this Agreement, the Seller was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Seller, the Trust shall have good and indefeasible
title to and will be the sole owner of such Receivables, free of any Lien. The Seller has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance
Policies or the related Dealer Agreements or Dealer Assignments or to payments due under such Receivables. No Dealer has a participation in, or other right to receive, proceeds of any Receivable. 

Documents 
 Receivable File 

Dealer Agreement 
 Procedures to be Performed 

 

	 	A.	Review the Receivable 

	 	 i.	Confirm the receivable had no lien or claim filed for additional work, labor, or materials. Also, confirm there is no tax lien for this Receivable. 

	 	ii.	Confirm that the title documents list AFSI or DBA GM Financial as the sole lien holder and that no other lien holder is listed and has not been sold, assigned, or transferred to any other entity. 

	 	B.	If both (i) and (ii) are confirmed, then Test Pass. 

  
 Schedule A -14 

 Representation 

14.        Security Interest in Financed Vehicle. Each Receivable created or
shall create a valid, binding and enforceable first priority security interest in favor of AmeriCredit in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or AmeriCredit has commenced procedures that will result in such
Lien Certificate which will show, AmeriCredit named (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the original secured party under each Receivable as the holder of a first priority
security interest in such Financed Vehicle. Immediately after the sale, transfer and assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in
favor of the Trust Collateral Agent as secured party, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien
for taxes, labor or materials affecting a Financed Vehicle). To the best of the Seller’s and the Servicer’s knowledge, as of the Cutoff Date, there were no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle
which are or may be Liens prior or equal to the Liens of the related Receivable. 
 Documents 

Receivable File 
 Procedures to be Performed 

 

	 	A.	Confirm first priority for AmeriCredit 

	 	 i.	Verify that the Receivable has an existing first priority security interest in favor of AmeriCredit or properly registered DBA 

	 	ii.	Verify the lien certificate shows or that AmeriCredit has commenced procedures (which may include an application of title, a dealer guaranty or other standard documentation or practice in effect at the time of
origination) that will result in such Lien Certificate which will show AmeriCredit or a registered DBA as the original secured party under the Receivable 

	 	B.	Confirm first priority security interest directly after sale, transfer or assignment. 

	 	  i.	Verify the Receivable has been secured by a security interest in the Financed Vehicle in favor of the Trust Collateral Agent as the secured party. 

	 	 ii.	Verify the security interest exists prior to all other Liens and security interests in the Financed Vehicle which already exist or could exist later. 

	 	iii.	As of the cutoff date, verify that no other Liens or Claims exist affecting the Financed Vehicle that are or may be prior or equal to the Liens of the Receivable. 

	 	C.	If (A) and (B) are confirmed, then the test passes. 

  
 Schedule A -15 

 Representation 

15.        Receivable Not Assumable. No Receivable is assumable by another
Person in a manner which would release the Obligor thereof from such Obligor’s obligations to the owner thereof with respect to such Receivable. 

Documents 
 Receivable File 

Procedures to be Performed 
  

	 	A.	Confirm the Receivable is NOT assumable by any Person in a manner that would release the Obligor from their financial obligation to GM Financial. 

	 	 i.	Review the Contract for language indicating the Receivable is not assumable. 

	 	B.	If this is confirmed, then Test Pass. 

  
 Schedule A -16 

 Representation 

16.        No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder, will not render such Receivable unenforceable in whole or in part and no such right
has been asserted or threatened with respect to any Receivable. 
 Documents 

Receivable File 
 Dealer Agreement 

Procedures to be Performed 
  

	 	A.	Confirm the Receivable files and documents do NOT have any indication that it is subject to rescission, setoff, counterclaim, or defense that could cause the Receivable to become invalid. 

	 	 i.	Confirm there is no indication of litigation or attorney involvement in the Receivable file or servicing system 

	 	B.	If confirmed, Test Pass. 

  
 Schedule A -17 

 Representation 

17.        No Default. There has been no default, breach, or, to the knowledge
of the Seller and Servicer, violation or event permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and, to the best of the Seller’s and the Servicer’s knowledge, no
condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of
any of the foregoing. 
 Documents 
 Receivable
File 
 Data Tape 
 Procedures to be Performed

  

	 	A.	Confirm that no default status existed or was pending on the receivable as of the cut-off date. 

	 	  i.	Verify the loan did not have a default, breach, violation or event permitting acceleration under the terms of the receivable. 

	 	 ii.	Verify that no conditions existed that would permit acceleration of notice that was provided. 

	 	iii.	If a condition did exist as specified in part ii, verify that the receivable had a waiver preventing acceleration from one of the aforementioned reasons. 

	 	B.	If there parts (i), (ii), and (iii) are confirmed, then Test Pass 

  
 Schedule A -18 

 Representation 

18.        Insurance. At the time of an origination of a Receivable by
AmeriCredit or a Dealer, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if
the Obligor fails to do so. 
 Documents 

Receivable File 
 Agreement to Provide Insurance 

Procedures to be Performed 
  

	 	A.	Verify the Contract or the Agreement to Provide Insurance requires the Receivable to be covered by a comprehensive and collision insurance policy at the time of origination or that language exists allowing the seller to
obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. 

	 	B.	If (A) is confirmed, then Test Pass. 

  
 Schedule A -19 

 Representation 

19.        Certain Characteristics of the Receivables. 

(A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more than 75 months.

 (B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than 3 months and not
more than 75 months. 
 (C) Each Receivable had a remaining Principal Balance, as of the Cutoff Date, of at
least $250 and not more than $85,000. 
 (D) Each Receivable had an Annual Percentage Rate, as of the Cutoff
Date, of at least 1% and not more than 33%. 
 (E) No Receivable was more than 30 days past due as of the
Cutoff Date. 
 (F) Each Receivable arose under a Contract that is governed by the laws of the United States
or any State thereof. 
 (G) Each Obligor had a billing address in the United States as of the date of
origination of the related Receivable. 
 (H) Each Receivable is denominated in, and each Contract provides
for payment in, United States dollars. 
 (I) Each Receivable arose under a Contract that is assignable
without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without
limitation, its right to review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 

(J) Each Receivable arose under a Contract with respect to which AmeriCredit has performed all obligations
required to be performed by it thereunder. 
 (K) No automobile related to a Receivable was held in
repossession inventory as of the Cutoff Date. 
 (L) The Servicer’s records do not indicate that any
Obligor was in bankruptcy as of the Cutoff Date. 
 (M) No Obligor is the United States of America or any
State or any agency, department, subdivision or instrumentality thereof. 

  
 Schedule A -20 

 Documents 

Data Tape 
 Receivable File 

Procedures to be Performed 
  

	 	A.	Review the Data Tape and confirm that the remaining maturity date is more than or equal to three months but less than or equal to 75 months from the Cutoff Date. 

	 	B.	Review the Data Tape and confirm that the original maturity date is more than or equal to three months but less than or equal to 75 months from the Cutoff Date. 

	 	C.	Review the Data Tape and confirm that the remaining principal balance is more than or equal to $250 but less than or equal to $85,000. 

	 	D.	Review the Data Tape and confirm that the annual percentage rate is more than or equal to one percent but less than or equal to 33 percent. 

	 	E.	Review the Data tape and confirm that the next payment due date was not more than 30 days from the Cutoff Date. 

	 	F.	Confirm the following: 

	 	i)	The Contract was completed on a US State or Territory automobile contract form 

	 	ii)	An “Applicable Law” disclosure is present confirming the contract is governed by Federal and State law 

	 	iii)	The test for Compliance with Law representation was passed 

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

	 	G.	Review the Contract and confirm that the Obligor’s billing address is located within the United States. 

	 	H.	Review the Contract and confirm that the payment schedule details are reported in US dollars. 

	 	I.	Review the Contract and confirm that the contract is assignable without the consent or notice of the Obligor. 

	 	J.	Confirm a Truth in Lending statement appears on the Contract. 

	 	K.	Review the Data tape and to confirm that no automobile was held in repossession inventory as of the Cutoff Date 

	 	L.	Review the Data tape and to confirm that no Obligor was involved in active bankruptcy as of the Cutoff Date 

	 	M.	Review the Contract and confirm that the Obligor is not reported as the United States of America or any State, agency, department or subdivision of the government. 

	 	N.	If the test for sections A through M above are all confirmed, then Test Pass 

  
 Schedule A -21 

 Representation 

20.        Prepayment. Each Receivable allows for prepayment and partial
prepayments without penalty. 
 Documents 

Retail Sale Contract 
 Procedures to be Performed

  

	 	A.	Confirm there is language in the Contract that the borrower is able to pay off the Receivable before the maturity date without being penalized. 

	 	B.	If this language is present, Test Pass. 

  
 Schedule A -22Exhibits
4.2 and 4.3

 

 

S&P
GLOBAL INC.

 

 

 

STANDARD
& POOR’S FINANCIAL SERVICES LLC,

as Guarantor

 

 

 

4.500%
Senior Notes due 2048

 

 

 

 

 

FOURTH
SUPPLEMENTAL INDENTURE

 

Dated
as of May 17, 2018

 

to
the Indenture Dated as of May 26, 2015

 

 

 

U.S.
BANK NATIONAL ASSOCIATION, as Trustee

 

     

     

    

TABLE
OF CONTENTS

 

PAGE

 

	Article 1

                                                                                DEFINITIONS

	Section
    1.01.   Certain Terms Defined in the Indenture; Additional Terms	2
	

                                                                                Article 2

                                                                                FORM AND TERMS OF THE NOTES

	Section
    2.01.   Form and Dating	5
	Section
    2.02.   Paying Agent; Depository	5
	Section
    2.03.   Registration	5
	Section
    2.04.   Transfer and Exchange	6
	Section
    2.05.   Terms of the Notes	6
	Section
    2.06.   Optional Redemption	7
	Section
    2.07.   Offer to Repurchase Upon a Change of Control Triggering Event	8
	

                                                                                Article 3

                                                                                SUPPLEMENTAL INDENTURE

	Section
    3.01.   Supplemental Indentures Without Consent of Holders	10
	Article 4

                                                                                GUARANTEE

	Section
    4.01.   Release of Guarantor from Guarantee	10
	Article 5

                                                                                MISCELLANEOUS

	Section
    5.01.   Trust Indenture Act Controls	11
	Section
    5.02.   Governing Law	11
	Section
    5.03.   Payment of Notes	11
	Section
    5.04.   Multiple Counterparts	11
	Section
    5.05.   Severability	11
	Section
    5.06.   Relation to Indenture	11
	Section
    5.07.   Ratification	11
	Section
    5.08.   Effectiveness	12
	Section
    5.09.   Trustee Not Responsible for Recitals or Issuance of Securities	12

    i

     

    

EXHIBITS

 

EXHIBIT
AForm of Note

EXHIBIT BDTC Legend

 

    ii

     

    

FOURTH
SUPPLEMENTAL INDENTURE

 

FOURTH
SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of May 17, 2018, among S&P
GLOBAL INC., a New York corporation (the “Company”), having its principal executive offices at 55 Water Street,
New York, New York 10041, STANDARD & POOR’S FINANCIAL SERVICES LLC, a Delaware limited liability company, as Guarantor
hereunder, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS,
the Company, the Guarantor and the Trustee executed and delivered an Indenture, dated as of May 26, 2015 (the “Indenture”),
to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the
Indenture;

 

WHEREAS,
the issuance and sale of $500,000,000 aggregate principal amount of a new series of the Securities of the Company designated as
its 4.500% Senior Notes due 2048 and, if and when issued, any Additional Notes as provided herein (the “Notes”),
to be fully and unconditionally guaranteed by the Guarantor, have been authorized by resolutions adopted by the Board of Directors
of the Company and the board of directors of the Guarantor;

 

WHEREAS,
the Company desires to issue and sell $500,000,000 aggregate principal amount of the Notes on the date hereof, to be fully and
unconditionally guaranteed by the Guarantor in accordance with Article 12 of the Indenture;

 

WHEREAS,
Sections 2.01 and 10.01 of the Indenture provide that the Company, when authorized by a Board Resolution, and the Trustee may
amend or supplement the Indenture to provide for the issuance of and to establish the form or terms and conditions of Securities
of any series as permitted by the Indenture;

 

WHEREAS,
the Company desires to establish the form, terms and conditions of the Notes; and

 

WHEREAS,
all things necessary to make this Fourth Supplemental Indenture a legal, valid and binding supplement to the Indenture according
to its terms and the terms of the Indenture have been done;

 

NOW,
THEREFORE, for and in consideration of the premises and the purchase of the Notes by the Holders thereof, the Company, the Guarantor
and the Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Notes, as follows:

 

    1 

     

    

Article
1

DEFINITIONS

 

Section
1.01.Certain Terms Defined in the Indenture;
Additional Terms.

 

(a)       For
purposes of this Fourth Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed
to such terms in the Indenture, as amended hereby.

 

(b)       The
following capitalized terms used herein shall be defined accordingly:

 

“Agent
Member” means a member of, or a participant in, the Depository.

 

“Additional
Notes” shall have the meaning set forth in Section 2.05(b).

 

“Below
Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies
on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long
as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided
that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed
to have occurred in respect to a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event
for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies making the reduction in
rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee or the Company
in writing at the Trustee’s or the Company’s request that the reduction was the result, in whole or in part, of any
event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). The Trustee has
no obligation to monitor or determine if any such event has occurred.

 

“Certificated
Note” means a Note in registered individual certificated form without interest coupons.

 

“Change
of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the properties or assets of the Company and its Subsidiaries taken as a whole to any person (as defined in the Indenture,
and in addition as that term is used in Section 13(d)(3) and Section 14(d)(2) of the Exchange Act) or group of related persons
for purposes of Section 13(d) of the Exchange Act other than the Company or one of its Subsidiaries; (2) the approval by the holders
of the Company’s common stock of any plan or proposal for the liquidation or dissolution of the Company (whether or not
otherwise in compliance with the provisions hereof); or (3) the consummation of any transaction or series of related transactions
(including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner,
directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock.

 

    2 

     

    

“Change
of Control Offer” has the meaning set forth in Section 2.07(a) hereof.

 

“Change
of Control Payment” has the meaning set forth in Section 2.07(a) hereof.

 

“Change
of Control Payment Date” has the meaning set forth in Section 2.07(b)(iii) hereof.

 

“Change
of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Comparable
Treasury Issue” means the U.S. treasury security selected by an Independent Investment Banker as having a maturity comparable
to the remaining term (the “Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of such Notes assuming in each case that the Notes matured on November 15, 2047.

 

“Comparable
Treasury Price” means, with respect to any Optional Redemption Date, (1) the average of five Reference Treasury Dealer
Quotations for such Optional Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations.

 

“Credit
Facility” means one or more (i) credit facilities with banks, investors, purchasers or other debtholders or other lenders
providing for revolving credit loans or term loans or the issuance of letters of credit or bankers’ acceptances or the like,
(ii) note purchase agreements and indentures providing for the sale of Debt securities or (iii) agreements that refinance any
Debt incurred under any arrangement or agreement described in clause (i) or (ii) or this clause (iii), including in each case
any successor or replacement arrangement, arrangements, agreement or agreements.

 

“DTC”
means The Depository Trust Company.

 

“DTC
Legend” means the legend set forth in Exhibit B.

 

“Fitch”
means Fitch Ratings Ltd, and its successors.

 

“Global
Note” means a Note in registered global form without interest coupons.

 

“Independent
Investment Banker” means any of Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner
& Smith Incorporated and Mizuho Securities USA LLC as specified by the Company, or if these firms are unwilling or unable
to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company,
in the Company’s sole discretion.

 

“Initial
Notes” means the Notes issued on the Issue Date and any Notes issued in replacement thereof.

 

    3 

     

    

“interest,”
in respect of the Notes, unless the context otherwise requires, refers to interest.

 

“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and equal to or higher
than BBB- (or the equivalent) by Fitch (or, in each case, the equivalent investment grade credit rating from any Rating Agency).

 

“Issue
Date” means the date on which the Notes are originally issued under this Indenture.

 

“Moody’s”
means Moody’s Investors Service, Inc., and its successors.

 

“Optional
Redemption Date” means any such date fixed for redemption pursuant to Section 2.06(a) or Section 2.06(b).

 

“Rating
Agencies” means (1) Moody’s and Fitch; (2) if Moody’s or Fitch ceases to rate the Notes or fails to make
a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by
a resolution of the Company’s board of directors) as a replacement agency for Moody’s or Fitch; and (3) at the Company’s
option, any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of
the Exchange Act, selected by the Company (as certified by a resolution of the Company’s board of directors) to rate the
Notes.

 

“Redemption
Price,” when used with respect to any Security to be redeemed, means the price specified in the Security at which it
is to be redeemed pursuant to this Indenture.

 

“Reference
Treasury Dealer” means (1) any of Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Mizuho Securities USA LLC and their respective successors; provided, however, that
if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (2) any three other Primary Treasury
Dealers selected by the Company after consultation with the Independent Investment Banker.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Optional Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third business day preceding such Optional Redemption Date.

 

“Treasury
Rate” means, with respect to any Optional Redemption Date, (a) the yield, under the heading which represents the average
for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded U.S. treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the

 

    4 

     

    

Comparable
Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Price for such Optional Redemption Date.

 

Article
2

FORM AND TERMS OF THE NOTES

 

Section
2.01.Form and Dating. The Notes and
the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall
be executed on behalf of the Company by any Officer and attested by its Secretary or one of its Assistant Secretaries. The signature
of any of these Officers on the Notes may be manual or facsimile. The Notes may have notations, legends or endorsements required
by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations
of $2,000 and integral multiples of $1,000, in excess thereof.

 

The
terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented
by this Fourth Supplemental Indenture and the Company, the Guarantor and the Trustee, by their execution and delivery of this
Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

Section
2.02.Paying Agent; Depository. (a)
The Company appoints the Trustee as the initial agent of the Company for the payment of the principal of (and premium, if any)
and interest on the Notes, and the office of the Trustee located in the Borough of Manhattan, the City of New York, be and hereby
is, designated as the office or agency where the Notes may be presented for payment and where notices to or demands upon the Company
in respect of the Notes and the Indenture pursuant to which the Notes are to be issued may be served. The Company may at any time
designate additional paying agents or rescind the designation of any paying agent or approve a change in the office through which
the paying agent acts.

 

(b)       The
Depository shall initially be DTC and any and all successors thereto appointed as Depository by the Company.

 

Section
2.03.Registration. (a) Each Global
Note will be registered in the name of the Depository or its nominee and, so long as DTC is serving as the Depository thereof,
will bear the DTC Legend.

 

(i)       Each
Global Note will be delivered to the Trustee as custodian for the Depository. Transfers of a Global Note (but not a beneficial
interest therein) will be limited to transfers thereof in whole, but not in part, to the Depository, its successors or their respective
nominees, except (y) as set forth in (iii) of this Section 2.03(a) and (z) transfers of portions thereof in the form of Certificated
Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given

 

    5 

     

    

to
the Trustee by or on behalf of the Depository in accordance with customary procedures of the Depository and in compliance with
this Section 2.03 and Section 2.04.

 

(ii)       Agent
Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, and the
Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder
of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depository or its nominee may grant proxies
and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global Note
through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing
herein will impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise
of the rights of a holder of any security.

 

(iii)       If
(x) the Depository notifies the Company that it is unwilling or unable to continue as Depository for a Global Note and a successor
depositary is not appointed by the Company within 90 days of such notice or (y) an Event of Default has occurred and is continuing
and the Trustee has received a written request from the Depository, the Trustee will promptly exchange each beneficial interest
in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered
in the name of the owner of such beneficial interest, as identified to the Trustee by the Depository, and thereupon the Global
Note will be deemed canceled.

 

(b)       Each
Certificated Note will be registered in the name of the Holder thereof or its nominee.

 

Section
2.04.Transfer and Exchange. (a) The
transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section 2.04 and,
in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depository. The Security
Registrar shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence.

 

(b)       The
Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer or exchange
of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable
time upon written notice to the Trustee.

 

Section
2.05.Terms of the Notes. The following
terms relating to the Notes are hereby established:

 

(a)       Title.
The Notes shall constitute a series of Securities having the title “4.500% Senior Notes due 2048.”

 

(b)       Principal
Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture
shall be $500,000,000. The Company may from time to time, without the consent of the Holders of Notes, issue additional Notes
(in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity and other
terms as the Notes, except for the issue date, the public offering price and, in some

 

    6 

     

    

cases,
the first Interest Payment Date and interest accrual date; provided that no Event of Default with respect to the Notes
shall have occurred and be continuing; provided further that if any such Additional Notes are not fungible with the Notes
initially issued hereunder for U.S. federal income tax purposes, such Additional Notes shall have a separate CUSIP number. Any
Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant
Notes shall include the Additional Notes unless the context otherwise requires.

 

(c)       Maturity
Date. The entire outstanding principal of the Notes shall be payable on May 15, 2048.

 

(d)       Interest
Rate. The rate at which the Notes shall bear interest shall be 4.500% per annum; the date from which interest shall accrue
on the Notes shall be May 17, 2018, or the most recent Interest Payment Date to which interest has been paid or provided for;
the Interest Payment Dates for the Notes shall be May 15 and November 15 of each year, beginning November 15, 2018; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds,
to the Persons in whose names the Notes (or one or more predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the May 1 or November 1, as the case may be, next preceding such Interest
Payment Date (whether or not a Business Day); provided that interest payable at the Stated Maturity or upon redemption
will be paid to the person to whom principal is payable. Payment of principal and interest on the Notes will be made at the Corporate
Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that each installment of interest and principal on the Notes may at the Company’s option be paid in immediately
available funds by transfer to an account maintained by the payee located in the United States of America.

 

(e)       Currency.
The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest and premium, if any,
on the Notes will be made in United States Dollars.

 

Section
2.06.Optional Redemption. (a) On or
after November 15, 2047, the Company may redeem the Notes, at its option, at any time in whole, or from time to time in part,
at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to the
Optional Redemption Date.

 

(b)       Prior
to November 15, 2047, the Company may redeem the Notes, at its option, at any time in whole, or from time to time in part, at
a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the
present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, exclusive of interest
accrued to the Optional Redemption Date, assuming that the Notes matured on November 15, 2047, discounted to the Optional Redemption
Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus
25 basis points, plus, in each case, accrued and unpaid interest to the Optional Redemption Date.

 

    7 

     

    

(c)       The
Treasury Rate shall be calculated on the third Business Day preceding the Optional Redemption Date. The Company shall calculate
the Redemption Price with respect to the Notes in accordance with the terms and provisions of this Indenture.

 

(d)       On
and after the Optional Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof called
for redemption, unless the Company defaults in the payment of the redemption price. On or before the Optional Redemption Date
for the Notes, the Company will deposit with a Paying Agent, or the Trustee, funds sufficient to pay the redemption price of and
accrued and unpaid interest on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Trustee
shall select in accordance with the procedures of DTC, not more than 60 days prior to the Optional Redemption Date the Notes or
portions of the Notes to be redeemed. The Trustee may select for redemption Notes and portions of Notes in amounts of $1,000 and
integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of any Note to be redeemed in part
will not be less than $2,000, and shall thereafter promptly notify the Company in writing of the numbers of Notes to be redeemed,
in whole or in part.

 

(e)       Notice
of redemption shall be delivered not less than 15 nor more than 60 days prior to the Optional Redemption Date, to each Holder
of Notes to be redeemed, at his address appearing in the Security Register.

 

Section
2.07.Offer to Repurchase Upon a Change
of Control Triggering Event. (a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has
exercised its right to redeem all of the Notes pursuant to Section 2.06 hereof, each Holder shall have the right to require the
Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
Notes pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth in the Notes
at a purchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest,
if any, to the date of purchase (the “Change of Control Payment”), pursuant to and in accordance with the offer
described in this Section 2.07.

 

(b)       Within
30 days following any Change of Control Triggering Event, the Company shall deliver a notice to each Holder of Notes, with a written
copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state:

 

(i)       a
description of the transaction or transactions that constitute the Change of Control Triggering Event;

 

(ii)       that
the Change of Control Offer is being made pursuant to this Section 2.07 and that all Notes validly tendered will be accepted for
payment;

 

(iii)       that
the Change of Control Payment and the “Change of Control Payment Date,” which shall be a Business Day that is no earlier
than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law;

 

(iv)       that
any Note not tendered will continue to accrue interest;

 

    8 

     

    

(v)       that
any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control
Payment Date unless the Company shall default in the payment of the Change of Control Payment of the Notes and the only remaining
right of the Holder is to receive payment of the Change of Control Payment upon surrender of the Notes to the Paying Agent;

 

(vi)       that
Holders electing to have a portion of a Note purchased pursuant to a Change of Control Offer may only elect to have such Note
purchased in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof;

 

(vii)       that
if a Holder elects to have a Note purchased pursuant to the Change of Control Offer it will be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-
entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business
Day prior to the Change of Control Payment Date;

 

(viii)       that
a Holder will be entitled to withdraw its election if the Company receives, not later than the close of business on the third
Business Day prior to the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the
name of such Holder, the principal amount of Notes such Holder delivered for purchase, and a statement that such Holder is withdrawing
its election to have such Note purchased; and

 

(ix)       that
if Notes are purchased only in part a new Note of the same type will be issued in a principal amount equal to the unpurchased
portion of the Notes surrendered.

 

(c)       On
the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)       accept
for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 

(ii)       deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof properly tendered;
and

 

(iii)       deliver
or cause to be delivered for cancellation to the Trustee the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions thereof being purchased by the Company.

 

(d)       The
Paying Agent shall promptly mail to each Holder of Notes properly tendered the Change of Control Payment for the Notes, and the
Trustee, upon receipt of a Company Request, shall promptly authenticate and mail (or cause to be transferred by book-entry) to
each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered by such Holder, if any; provided
that each new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

 

(e)       The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws

 

    9 

     

    

and
regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event.
To the extent that the provisions of any securities laws or regulations conflict with this Section 2.07, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section
2.07 by virtue of such conflicts.

 

(f)       Notwithstanding
the foregoing, the Company will not be required to make an offer to repurchase the Notes upon a Change of Control Triggering Event
if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer
made by the Company herein and such third party purchases all the Notes properly tendered and not withdrawn under its offer.

 

Article
3

SUPPLEMENTAL INDENTURE

 

Section
3.01.Supplemental Indentures Without Consent
of Holders. Without the consent of any Holders, the Company, when authorized by a Board Resolution, the Guarantor and the
Trustee (at the direction of the Company) at any time and from time to time, may enter into one or more indentures supplemental
hereto for any of the purposes set forth in Section 10.01 of the Indenture and, in addition for the following purpose: to conform
any provision of the Indenture, the Fourth Supplemental Indenture or the Notes to the “Description of Notes” appearing
in the Company’s prospectus dated May 3, 2018 pursuant to which the Notes were originally sold, as filed with the Commission.

 

Article
4

GUARANTEE

 

Section
4.01.Release of Guarantor from Guarantee.
Section 12.07(a) of the Indenture shall be amended by replacing that section of the Indenture with the following, but only with
respect to the Notes:

 

(a)       The
Guarantee by the Guarantor shall terminate and be of no further force or effect and the Guarantor shall be deemed to be released
from all obligations upon:

 

(i)       the
sale or other disposition (including by way of consolidation or merger) of the Guarantor, other than to the Company or a Subsidiary
of the Company and as permitted by this Indenture;

 

(ii)       the
sale or disposition of all or substantially all the assets of the Guarantor, other than to the Company or a Subsidiary of the
Company and as permitted by this Indenture;

 

(iii)       the
Company’s exercise of its option under Section 11.03 or Section 11.04 or if the Company’s obligations under this Indenture
are discharged in accordance with the terms of this Indenture; or

 

(iv)       at
such time as the Guarantor ceases to guarantee Debt, other than a discharge through payment thereon, under any Credit Facility
of the Company, other than

 

    10 

     

    

any
such Credit Facility of the Company the guarantee of which by the Guarantor will be released concurrently with the release of
the Guarantor’s guarantee of the Notes.

 

Article
5

MISCELLANEOUS

 

Section
5.01.Trust Indenture Act Controls.
If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision which is required
to be included in this Fourth Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any
provision of this Fourth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so
modified or excluded, the latter provision shall be deemed to apply to this Fourth Supplemental Indenture as so modified or to
be excluded, as the case may be.

 

Section
5.02.Governing Law. This Fourth Supplemental
Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction.

 

Section
5.03.Payment of Notes. Payments in
respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately available funds to the accounts
specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will make all payments through the
Paying Agent by mailing a check to each Holder’s registered address; provided, however, that payments may also be
made, in the case of a Holder of at least $1.0 million aggregate principal amount of Notes, by wire transfer to the account specified
by the Holder thereof.

 

Section
5.04.Multiple Counterparts. The parties
may sign multiple counterparts of this Fourth Supplemental Indenture. Each signed counterpart shall be deemed an original, but
all of them together represent one and the same Fourth Supplemental Indenture.

 

Section
5.05.Severability. Each provision of
this Fourth Supplemental Indenture shall be considered separable and if for any reason any provision which is not essential to
the effectuation of the basic purpose of this Fourth Supplemental Indenture or the Notes 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 and
a Holder shall have no claim therefor against any party hereto.

 

Section
5.06.Relation to Indenture. This Fourth
Supplemental Indenture constitutes a part of the Indenture, the provisions of which (as modified by this Fourth Supplemental Indenture)
shall apply to the series of Securities established by this Fourth Supplemental Indenture but shall not modify, amend or otherwise
affect the Indenture insofar as it relates to any other series of Securities or modify, amend or otherwise affect in any manner
the terms and conditions of the Securities of any other series.

 

Section
5.07.Ratification. The Indenture, as
supplemented and amended by this Fourth Supplemental Indenture, is in all respects ratified and confirmed. The Indenture and this
Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All

 

    11 

     

    

provisions
included in this Fourth Supplemental Indenture supersede any conflicting provisions included in the Indenture unless not permitted
by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Fourth Supplemental Indenture, and agrees
to perform the same upon the terms and conditions of the Indenture, as supplemented by this Fourth Supplemental Indenture.

 

Section
5.08.Effectiveness. The provisions
of this Fourth Supplemental Indenture shall become effective as of the date hereof.

 

Section
5.09.Trustee Not Responsible for Recitals
or Issuance of Securities. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication,
shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture or of
the Notes. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Notes
or the proceeds thereof.

 

[remainder
of page intentionally left blank; signature pages follow]

 

    12 

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the date first above
written.

 

	 	 	 	S&P GLOBAL INC.	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Edward J. Haran 	 
	 	 	 	 	Name:	Edward
    J. Haran	 
	 	 	 	 	Title:	SVP
    & Treasurer	 
	 	 	 	 	 	 	 

 

	 	 	 	STANDARD & POOR’S FINANCIAL
    SERVICES LLC, as Guarantor	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    John Berisford 	 
	 	 	 	 	Name:	John
    Berisford	 
	 	 	 	 	Title:	President	 
	 	 	 	 	 	 	 

 

 

 

	 	 	 	U.S. BANK NATIONAL ASSOCIATION,	 
	 	 	 	 	as Trustee 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Steven V. Vaccarello 	 
	 	 	 	 	Name:	Steven
    V. Vaccarello	 
	 	 	 	 	Title:	Vice
    President	 
	 	 	 	 	 	 	 

 

    13 

     

    

EXHIBIT
A

 

[FORM
OF 4.500% SENIOR NOTES DUE 2048]

 

S&P
GLOBAL INC. 

 

4.500%
SENIOR NOTE DUE 2048 

 

Fully
and Unconditionally Guaranteed by 

Standard
& Poor’s Financial Services LLC 

 

Principal
Amount: $500,000,000

 

No.
A-1

 

	 	 	 
	CUSIP:	 	78409V AN4
	 	 	 
	ISIN:	 	US78409VAN47
	 	 	 

S&P
GLOBAL INC., a New York corporation (herein called the “Company,” which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of $500,000,000 on May 15, 2048 (the “Maturity Date”) (except to the extent redeemed or repaid
prior to the Maturity Date) and to pay interest thereon from May 17, 2018 (the “Original Issue Date”) or from
the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually at the rate of 4.500%
per annum, on May 15 and November 15 (each such date, an “Interest Payment Date”), commencing November 15,
2018, until the principal hereof is paid or made available for payment.

 

Payment
of Interest. The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date, will,
as provided in the Indenture, be paid, in immediately available funds, to the Person in whose name this Note (or one or more predecessor
securities) is registered at the close of business on May 1 or November 1 (whether or not a Business Day, as defined in the Indenture),
as the case may be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest
not punctually paid or duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Holder
on such Regular Record Date, and such Defaulted Interest, may be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a special record date (the “Special Record Date”) for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less
than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture.

 

Place
of Payment. Payment of principal, premium, if any, and interest on this Note will be made at the Corporate Trust Office of
the Trustee or such other office or agency of the Company as may be designated for such purpose, in such currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that each installment of interest, premium, if any, and principal on this Note may at the Company’s option be paid in immediately
available funds by transfer to an account maintained by the payee located in the United States of America.

 

Time
of Payment. In any case where any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of
the Notes shall not be a Business Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal
or interest, if any, need not be made on such date, but may be made on

 

    A-1

     

    

the
next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, the Maturity Date or the
date so fixed for redemption or repayment, and no interest shall accrue in respect of the delay.

 

General.
This Note is one of a duly authorized issue of Securities of the Company, issued and to be issued in one or more series under
an indenture (the “Base Indenture”), dated as of May 26, 2015, among the Company, Standard & Poor’s
Financial Services LLC, as Guarantor, and U.S. Bank National Association (herein called the “Trustee,” which
term includes any successor Trustee under the Indenture with respect to a series of which this Note is a part), as supplemented
by a Fourth Supplemental Indenture thereto, dated as of May 17, 2018 (the “Fourth Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), among the Company, the Guarantor party thereto and the
Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated
as “4.500% Senior Notes due 2048” (collectively, the “Notes”), initially limited in aggregate
principal amount to $500,000,000.

 

Further
Issuance. The Company may from time to time, without the consent of the Holders of the Notes, issue additional Securities
(the “Additional Securities”) of this series having the same ranking and the same interest rate, maturity and
other terms as the Notes. Any Additional Securities of this series and the Notes will constitute a single series under the Indenture
and all references to the Notes shall include the Additional Securities unless the context otherwise requires; provided
that if any such Additional Securities are not fungible with the Notes for U.S. federal income tax purposes, such Additional Securities
shall have a separate CUSIP number.

 

Events
of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Sinking
Fund. The Notes are not subject to any sinking fund.

 

Redemption
and Repurchase. The Notes are subject to optional redemption, and may be the subject of an offer to purchase upon the occurrence
of a Change of Control Triggering Event, as further described in the Indenture. There is no sinking fund or mandatory redemption
applicable to the Notes.

 

Restrictive
Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Company and its Subsidiaries
to create liens or the ability of the Company to consolidate, merge or sell, transfer or lease all or substantially all of its
assets.

 

Defeasance
and Covenant Defeasance. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the
Company on this Note and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by
the Company with certain conditions set forth therein, which provisions apply to this Note.

 

Modification
and Waivers; Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
of each series. Such amendment may be effected under the Indenture at any time by the Company and the Trustee with, except as
stated therein, the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes
of each series affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority in
aggregate principal amount of the Securities at the time outstanding, on behalf of the Holders of all outstanding Securities,
to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the
Holders of not less than a majority in aggregate principal amount of the outstanding Securities of individual series to waive
on behalf of all of the Holders of Securities of such individual series certain past defaults under the Indenture and their consequences.
Any such consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Note.

 

    A-2

     

    

No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and rate,
and in the currency, herein prescribed.

 

Guarantee.
This Note will be entitled to the benefits of a Guarantee made for the benefit of the Holders. Reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, Guarantee release provisions, duties and obligations
thereunder of the Guarantor, the Trustee and the Holders.

 

No
Recourse Against Others. No director, officer, agent, employee, incorporator, stockholder, partner, member, or manager of
the Company or the Guarantor shall have any liability for any obligations of the Company or the Guarantor under any Notes, the
Indenture or the Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes.

 

Limitation
on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute
any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the
Trustee written notice of a continuing Event of Default with respect to this series, the Holders of not less than 25% in principal
amount of the outstanding Notes shall have made written request, and offered indemnity satisfactory to the Trustee to institute
such proceedings as Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the
outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days;
provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of
payment of the principal of or interest on this Note on or after the respective due dates expressed herein.

 

Authorized
Denominations. The Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

 

Registration
of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the
transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this
Note for registration of transfer, at the office or agency of the Company in any place where the principal of and interest on
this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar, duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

As
provided in the Indenture and subject to certain limitations herein and therein set forth, the Notes are exchangeable for a like
aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same.

 

No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Holder as the owner hereof for all purposes (except with respect to certain payments of Defaulted Interest), whether
or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Defined
Terms. All terms used in this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the
meanings assigned to them in the Indenture.

 

Governing
Law. This Note shall be governed by and construed in accordance with the laws of the State of New York.

 

    A-3

     

    

Unless
the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[remainder
of page intentionally left blank] 

 

    A-4

     

    

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed and its seal to be hereunto affixed and attested.

 

Dated:
May 17, 2018

 

	 	 	 	S&P GLOBAL INC.	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

 

 

 

 

	Attest:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	By:	
	 	Name:	
	 	Title:	
	 	 	 

 

 

 

 

 

 

    A-5

     

    

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This
is one of the Securities of the series designated therein referred to in the within-mentioned Indenture, as such is supplemented
by the within-mentioned Fourth Supplemental Indenture.

 

Dated:
May 17, 2018

 

	 	 	 	U.S.
BANK NATIONAL ASSOCIATION	 
	 	 	 	 	as Trustee	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:		 
	 	 	 	 	Name:		 
	 	 	 	 	Title:		 
	 	 	 	 	 	 	 

 

 

     

     

    

ASSIGNMENT
FORM

 

	 
	I or we assign and transfer this Note to
	 
	 

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

         

	
	(Insert Social Security or other identifying
    number of assignee or transferee)
	 
	and irrevocably appoint agent to transfer this
    Note on the books of the Company. The agent may substitute another to act for him.

	 	 	 	 	 	 	 	 	 
	Dated:	 		 	 	 	Signed:	 	 
	 	 	 	 
	 	 	 	 	 	 	
	 	 	 	 	 	 	(Sign
    exactly as name appears on the other side of this Note)
	 	 	 
	Signature
    Guarantee:	 	 	 	
	 	 	 	 	 	 	Participant
    in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

     

     

    

EXHIBIT
B

 

[DTC
LEGEND]

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
A BENEFICIAL INTEREST HEREIN.

 

TRANSFERS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE TRANSFER PROVISIONS OF THE INDENTURE.

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