Document:

EX-10.4

 Exhibit 10.4 

Execution Version 
  

 
 ACAR LEASING LTD., 

as the Titling Trust, 
 GM
FINANCIAL, 
 as Servicer, 
 APGO
TRUST, as Settlor, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent and Indenture Trustee 
  

 
 2015-2 SERVICING
SUPPLEMENT 
 Dated as of May 1, 2015 
  

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS AND INTERPRETIVE PROVISIONS	  	 	1	  
			
	 SECTION 1.1.
	 	 General Definitions
	  	 	1	  
		
	ARTICLE II SERVICING OF 2015-2 DESIGNATED POOL	  	 	2	  
			
	 SECTION 2.1.
	 	 Servicing of 2015-2 Designated Pool
	  	 	2	  
	 SECTION 2.2.
	 	 Identification of 2015-2 Lease Agreements and 2015-2 Leased Vehicles; Securitization Value
	  	 	2	  
	 SECTION 2.3.
	 	 Accounts
	  	 	2	  
	 SECTION 2.4.
	 	 General Provisions Regarding Accounts
	  	 	4	  
	 SECTION 2.5.
	 	 Reallocation and Repurchase of 2015-2 Lease Agreements and 2015-2 Leased Vehicles; Purchase of Matured Vehicles
	  	 	5	  
	 SECTION 2.6.
	 	 2015-2 Designated Pool Collections.
	  	 	7	  
	 SECTION 2.7.
	 	 Servicing Compensation; Expenses
	  	 	8	  
	 SECTION 2.8.
	 	 Third Party Claims
	  	 	8	  
	 SECTION 2.9.
	 	 Reporting by the Servicer; Delivery of Certain Documentation; Inspection
	  	 	8	  
	 SECTION 2.10.
	 	 Annual Independent Accountant’s Report
	  	 	9	  
	 SECTION 2.11.
	 	 Servicer Defaults; Termination of the Servicer
	  	 	10	  
	 SECTION 2.12.
	 	 Representations and Warranties
	  	 	12	  
	 SECTION 2.13.
	 	 Custody of Lease Documents
	  	 	13	  
	 SECTION 2.14.
	 	 Reserve Account
	  	 	13	  
	 SECTION 2.15.
	 	 Liability of Successor Servicer
	  	 	14	  
	 SECTION 2.16.
	 	 Merger or Consolidation of, or Assumption of Obligations of the Servicer
	  	 	14	  
	 SECTION 2.17.
	 	 Resignation of the Servicer
	  	 	15	  
	 SECTION 2.18.
	 	 Separate Existence
	  	 	15	  
	 SECTION 2.19.
	 	 Like Kind Exchange Program; Pull Ahead Program
	  	 	16	  
		
	ARTICLE III MISCELLANEOUS	  	 	16	  
			
	 SECTION 3.1.
	 	 Termination of 2015-2 Servicing Supplement
	  	 	16	  
	 SECTION 3.2.
	 	 Amendment
	  	 	17	  
	 SECTION 3.3.
	 	 GOVERNING LAW
	  	 	17	  
	 SECTION 3.4.
	 	 Relationship of 2015-2 Servicing Supplement to Other Trust Documents
	  	 	17	  
	 SECTION 3.5.
	 	 [Reserved]
	  	 	17	  
	 SECTION 3.6.
	 	 Notices
	  	 	17	  
	 SECTION 3.7.
	 	 Severability of Provisions
	  	 	18	  
	 SECTION 3.8.
	 	 Binding Effect
	  	 	18	  
	 SECTION 3.9.
	 	 Table of Contents and Headings
	  	 	18	  

  
 i 

							
	 SECTION 3.10.
		 Counterparts
		 	18	  
	 SECTION 3.11.
		 Further Assurances
		 	18	  
	 SECTION 3.12.
		 Third-Party Beneficiaries
		 	18	  
	 SECTION 3.13.
		 No Petition
		 	19	  
	 SECTION 3.14.
		 Limitation of Liability
		 	19	  
	 SECTION 3.15.
		 Execution of Securities and Exchange Commission Filings
		 	19	  

 EXHIBITS 

 

					
	 Exhibit A – Form of Servicer Report
		 	A-1	  

  
 ii 

 2015-2 SERVICING SUPPLEMENT, dated as of May 1, 2015 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, this “2015-2 Servicing Supplement” or this “Agreement”), among ACAR Leasing Ltd., a Delaware statutory trust (the “Titling Trust”), AmeriCredit
Financial Services, Inc. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as servicer (in such capacity, the “Servicer”), APGO Trust (“APGO”), a Delaware statutory trust, as settlor of
the Titling Trust (in such capacity, the “Settlor”), and Wells Fargo Bank, National Association (“Wells Fargo”), a national banking association, as collateral agent (in such capacity, the “Collateral
Agent”) and indenture trustee (the “Indenture Trustee”). 
 RECITALS 

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust
Agreement”), between the Settlor and Wilmington Trust Company, as Owner Trustee, Administrative Trustee and Delaware Trustee, the Titling Trust was created to, among other things, take assignments and conveyances of and hold in trust
various assets (the “Trust Assets”); 
 WHEREAS, the Titling Trust, the Servicer, the Settlor and the Collateral Agent,
have entered into a Second Amended and Restated Servicing Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing
Agreement”), which provides for, among other things, the servicing of the Trust Assets by the Servicer; and 
 WHEREAS, the parties
hereto acknowledge that in connection with the execution of the 2015-2 Exchange Note Supplement, dated as of May 1, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2015-2 Exchange
Note Supplement”) to the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security
Agreement”), each among the Titling Trust, as borrower, GM Financial, as lender and Servicer, and Wells Fargo, as Administrative Agent and Collateral Agent, pursuant to which an Exchange Note (the “2015-2 Exchange Note”)
will be created, it is necessary and desirable to enter into a supplement to the Basic Servicing Agreement to provide for, among other things, the servicing of the Trust Assets allocated to the 2015-2 Designated Pool. 

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

DEFINITIONS AND INTERPRETIVE PROVISIONS 

SECTION 1.1. General Definitions. Capitalized terms used in this 2015-2 Servicing Supplement that are not otherwise defined herein
shall have the meanings assigned to them in Appendix 1 to the 2015-2 Exchange 

 
Note Supplement or, if not defined therein, in Appendix A to the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Basic Servicing
Agreement are incorporated by reference into this 2015-2 Servicing Supplement. 
 ARTICLE II 

SERVICING OF 2015-2 DESIGNATED POOL 

SECTION 2.1. Servicing of 2015-2 Designated Pool. The parties hereto agree that the Servicer shall service, administer and make
collections on the 2015-2 Designated Pool in accordance with the terms and provisions of the Basic Servicing Agreement, as amended and supplemented by the terms and provisions of this 2015-2 Servicing Supplement. 

SECTION 2.2. Identification of 2015-2 Lease Agreements and 2015-2 Leased Vehicles; Securitization Value. On the Closing Date, the
Servicer shall identify as 2015-2 Exchange Note Assets the Lease Agreements and the Leased Vehicles relating to such Lease Agreements listed on the Schedule of 2015-2 Lease Agreements and 2015-2 Leased Vehicles attached as Schedule A to the 2015-2
Exchange Note Supplement. The Servicer shall calculate the Securitization Value for each 2015-2 Lease Agreement as of the Cutoff Date. 

SECTION 2.3. Accounts. 

(a) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2015-2 Eligible Deposit Account in
the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “2015-2 Exchange Note Collections Account” and being initially identified as “GM Financial 2015-2
Exchange Note Collections Account”). Deposits to and withdrawals from the 2015-2 Exchange Note Collections Account shall be made as set forth in the 2015-2 Servicing Agreement, the 2015-2 Exchange Note Supplement and the Indenture. 

(b) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2015-2 Eligible Deposit Account in
the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Indenture Collections Account” and being initially identified as “GM Financial 2015-2 Indenture
Collections Account”). Deposits to and withdrawals from the 2015-2 Indenture Collections Account shall be made as set forth in the 2015-2 Exchange Note Supplement and the Indenture. 

(c) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, a 2015-2 Eligible Deposit Account in
the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Note Payment Account” and being initially identified as “GM Financial 2015-2 Note Payment
Account”). Deposits to and withdrawals from the Note Payment Account shall be made as set forth in the Indenture and the Note Purchase Agreement. 

  
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 (d) The Indenture Trustee shall establish and maintain, at all times during the term of the
Indenture, a 2015-2 Eligible Deposit Account in the name of and under control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Reserve Account” and being initially identified as “GM
Financial 2015-2 Reserve Account”). 
 (e) All monies deposited from time to time in the Accounts pursuant to this 2015-2 Servicing
Supplement and the other Program Documents and the Accounts shall be held by the Indenture Trustee as part of the Indenture Collateral and shall be applied to the purposes herein and therein provided. If any Account shall cease to be a 2015-2
Eligible Deposit Account, the Indenture Trustee shall, as necessary, assist the Servicer in causing such Account to be moved to an institution at which it shall be a 2015-2 Eligible Deposit Account. 

(f) If, at any time, any of the Accounts ceases to be a 2015-2 Eligible Deposit Account, the Servicer shall within thirty (30) days (or
such longer period as to which the Rating Agencies rating any securities backed by the related Exchange Note may consent) establish a new Account as a 2015-2 Eligible Deposit Account and shall transfer any cash and/or any investments on deposit or
credited to such earlier existing Account into such new Account. 
 (g) The Indenture Trustee or other Person holding the Accounts shall be
the “Securities Intermediary” with respect to the Accounts. If the Securities Intermediary in respect of the Accounts is not the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the obligations of
the Securities Intermediary set forth in this Section 2.3(g). The Securities Intermediary agrees that: 
 (i) Each of
the Accounts is an account to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York will be credited; 

(ii) All securities or other property underlying any Financial Assets credited to any Account shall be registered in the name
of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to an Account be
registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer; 
 (iii) All
property delivered to the Securities Intermediary pursuant to the 2015-2 Servicing Agreement and the Indenture will be promptly credited to the applicable Account; 

(iv) Each item of property (whether investment property, security, instrument or cash) credited to an Account shall be treated
as a Financial Asset; 

  
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 (v) If at any time the Securities Intermediary shall receive any order from the
Indenture Trustee directing transfer or redemption of any Financial Asset relating to an Account, the Securities Intermediary shall comply with such entitlement order without further consent by the Issuer or the Servicer; 

(vi) Each Account shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.
For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall
be governed by the laws of the State of New York; 
 (vii) The Securities Intermediary has not entered into, and until
termination of the Indenture, will not enter into, any agreement with any other Person relating to the Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in
Section 8-102(a)(8) of the UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of the Indenture will not enter into, any agreement with the Issuer purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 2.4; and 
 (viii)
Except for the claims and interest of the Indenture Trustee and the Issuer in the Accounts, the Securities Intermediary knows of no claim to, or interest in, the Accounts or in any Financial Asset credited thereto. If any other Person asserts any
Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the
Indenture Trustee, the Noteholders and the Issuer thereof. 
 The Indenture Trustee shall possess all right, title and interest in all funds
on deposit from time to time in the Accounts and in all proceeds thereof, and shall be the only Person authorized to originate entitlement orders in respect of the Accounts. 

SECTION 2.4. General Provisions Regarding Accounts. 

(a) So long as no Event of Default shall have occurred and be continuing, all or a portion of the funds in the 2015-2 Exchange Note
Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account shall be invested at the direction of the Servicer in Permitted Investments that mature no later than the Business Day prior to the next Payment
Date in the Collection Period following the Collection Period during which the investment is made. All income or other gain from investments of monies deposited in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and
the Reserve Account during a Collection Period shall be deposited into the 2015-2 Exchange Note Collections Account, the Indenture Collections Account or the Reserve 

  
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Account, as applicable, on the related Payment Date, and any loss resulting from such investments shall be charged to 2015-2 Exchange Note Collections Account, the Indenture Collections Account
or the Reserve Account, as applicable. The Titling Trust will be the tax owner of the 2015-2 Exchange Note Collections Account and all investment earnings on the 2015-2 Exchange Note Collections Account will be taxable to the Titling Trust. The
Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder will be the tax owner of the Indenture Collections Account and all investment earnings on the Indenture Collections Account will be taxable to the
Issuer or such Issuer Trust Certificateholder, as the case may be. The Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder, will be the tax owner of the Reserve Account and all investment earnings on
the Reserve Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. 
 The Indenture Trustee will
not be directed to make any investment of any funds or to sell any Permitted Investment held in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account unless the security interest Granted and
perfected in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account will continue to be perfected in such Permitted Investment or the proceeds of such sale, in either case without any further action
by any Person. Except as directed by the Note Purchaser after the occurrence and during the continuance of an Event of Default, no such Permitted Investment shall be sold prior to maturity. 

(b) If (i) the Servicer shall have failed to give investment directions for funds on deposit in the 2015-2 Exchange Note Collections
Account, the Indenture Collections Account and the Reserve Account to the Indenture Trustee by 12:00 noon, New York City time (or such other time as may be agreed by the Indenture Trustee), on any Business Day, (ii) an Event of Default shall
have occurred and be continuing but the Notes shall not have been declared due and payable pursuant to Section 5.2 of the Indenture, or (iii) if the Notes shall have been declared due and payable following an Event of Default but amounts
collected or receivable from the Issuer Trust Estate are being applied as if there had not been such a declaration, then the Indenture Trustee shall hold funds on deposit in the 2015-2 Exchange Note Collections Account, the Indenture Collections
Account and the Reserve Account uninvested. 
 (c) Subject to Section 6.1(c) of the Indenture, the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in the 2015-2 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account resulting from any loss on any Permitted Investment included therein except for losses
attributable to the Indenture Trustee as obligor as a result of the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms. 
 SECTION 2.5. Reallocation and Repurchase of 2015-2 Lease Agreements and 2015-2 Leased Vehicles;
Purchase of Matured Vehicles. 
 (a) In the event the Servicer (i) grants an extension with respect to any 2015-2 Lease Agreement
that is inconsistent with the Customary Servicing Practices or that extends the term of such 2015-2 Lease Agreement past the Exchange Note Final Scheduled Payment Date, (ii) modifies any 2015-2 Lease Agreement to change the related Contract
Residual Value or Monthly 

  
 5 

 
Payment, or (iii) is notified the Titling Trust no longer owns any 2015-2 Leased Vehicle, except to the extent that any such modification listed in clauses (i) and (ii) of this
subsection 2.5(a) is required by law or court order, the Servicer shall, on the Deposit Date related to the Collection Period in which such extension was granted, modification was made or notice was received, as applicable, cause the reallocation of
the affected 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle to the Lending Facility Pool by depositing to the 2015-2 Exchange Note Collections Account an amount equal to the Repurchase Payment with respect to such 2015-2 Lease
Agreement and the related 2015-2 Leased Vehicle. 
 (b) Upon discovery by the Servicer, the Owner Trustee, the Indenture Trustee or the
Depositor that any representation or warranty contained in Section 2.12 was incorrect in respect of any 2015-2 Lease Agreement or the related 2015-2 Leased Vehicle as of the Cutoff Date or the 2015-2 Closing Date, as applicable, in a manner
that materially adversely affects the interest of the Issuer or the Noteholders in such 2015-2 Lease Agreement or such 2015-2 Leased Vehicle, the entity discovering such incorrectness (if other than the Servicer) shall give prompt written notice to
the Servicer. By no later than the end of the Collection Period including the date that is two (2) months after the date on which the Servicer discovers or is notified of such incorrectness, the Servicer shall cure in all material respects the
circumstance or condition with respect to which the representation or warranty was incorrect as of the Cutoff Date or the 2015-2 Closing Date, as applicable. If the Servicer does not cure such circumstance or condition by such date, then the
Servicer shall cause the reallocation of the affected 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle to the Lending Facility Pool by depositing to the 2015-2 Exchange Note Collections Account on the Deposit Date relating to the next
succeeding Payment Date an amount equal to the Repurchase Payment with respect to such 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle. The Indenture Trustee will (i) notify the Servicer, GM Financial and the Depositor, as soon as
practicable and in any event within five (5) Business Days and in the manner set forth for providing notices hereunder, of all demands or requests communicated (in writing or orally) to the Trustee for the reallocation of any 2015-2 Lease
Agreement and the related 2015-2 Leased Vehicle pursuant to this clause (b), (ii) promptly upon request by the Servicer, GM Financial or the Depositor, provide to them any other information reasonably requested to facilitate compliance by them
with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB, and (iii) if requested by the Servicer, GM Financial or the Depositor, provide a written certification no later than fifteen (15) days following any
calendar quarter or calendar year that the Trustee has not received any reallocation demands for such period, or if reallocation demands have been received during such period, that the Trustee has provided all the information reasonably requested
under clause (ii) above with respect to such demands. In no event will the Trustee or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB.

 (c) Notwithstanding the provisions of Section 2.6(b) of the Basic Servicing Agreement, if the Servicer discovers a breach, or is
provided with any notice of a breach pursuant to such section, regarding a Lease Agreement or Leased Vehicle that is a 2015-2 Lease Agreement or 2015-2 Leased Vehicle on the date that such breach is discovered or such notice is provided, the
Servicer shall be obligated to take the actions described in such Section 2.6(b) by no later than the Payment Date following the Collection Period in which the related breach is discovered or the related notice is provided (rather than by the
Payment Date following the Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such breach). 

  
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 (d) The Servicer shall provide written notice to the Indenture Trustee and the Noteholders of
each reallocation to the Lending Facility Pool of a 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle pursuant to Section 2.5(a) or (b) that was made during a Collection Period in the Servicer Report that is delivered for such
Collection Period. 
 (e) The Servicer may purchase any 2015-2 Leased Vehicle that becomes a Matured Vehicle pursuant to Section 2.6(f)
of the Basic Servicing Agreement for a purchase price equal to the Contract Residual Value of the related 2015-2 Lease Agreement. 
 (f) The
obligation of the Servicer under this Section 2.5 shall survive any termination of the Servicer hereunder. 
 (g) For so long as the
Notes are Outstanding, the Servicer will not be permitted to reallocate any 2015-2 Lease Agreements and related 2015-2 Leased Vehicles from the 2015-2 Designated Pool to the Lending Facility Pool except in accordance with the terms of this
Section 2.5 and Section 3.1 of the 2015-2 Exchange Note Supplement. 
 (h) If a Lessee changes its domicile and such change would
reasonably be expected to result in the Titling Trust doing business in a jurisdiction in which it is not licensed and authorized to conduct business in the manner contemplated by the Program Documents, then on the Payment Date related to the
Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such change, the Servicer shall purchase such 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle by either (i) depositing to the
Indenture Collections Account an amount equal to the Repurchase Payment, or (ii) appropriately segregating and designating an amount equal to the Repurchase Payment on its records, pending application thereof pursuant to 2015-2 Servicing
Agreement. 
 SECTION 2.6. 2015-2 Designated Pool Collections. 

(a) The Servicer shall, with respect to all 2015-2 Designated Pool Collections, from time to time determine the amount of such 2015-2
Designated Pool Collections and during each Collection Period shall deposit all such 2015-2 Designated Pool Collections in the 2015-2 Exchange Note Collections Account when required pursuant to clause (b). 

(b) Notwithstanding Section 2.7(b) of the Basic Servicing Agreement, the Servicer shall remit, or shall cause its agent to remit, all
2015-2 Designated Pool Collections to the 2015-2 Exchange Note Collections Account by the close of business on the second (2nd) Business Day after receipt thereof or, in the case of any
2015-2 Designated Pool Collections received by the Servicer or such agent for which the Servicer or such agent, as applicable, does not have all Payment Information by the close of business on such second (2nd) Business Day, by the close of business on the day on which all such Payment Information is received. Pending deposit into the 2015-2 Exchange Note Collections Account, 2015-2 Designated Pool
Collections may be employed by the Servicer at its own risk and for its own benefit and need not be segregated from its own funds. 

  
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 SECTION 2.7. Servicing Compensation; Expenses. As compensation for the performance of its
obligations under the 2015-2 Servicing Agreement, on each Payment Date the Servicer shall be entitled to receive a fee for its performance during the immediately preceding Collection Period or, with respect to the first Payment Date, the period from
the 2015-2 Cutoff Date to such Payment Date (the “Designated Pool Servicing Fee”) in accordance with Article V of the 2015-2 Exchange Note Supplement in an amount equal the sum of (x) to the product of (i) one-twelfth
(1/12th) (or, with respect to the first Payment Date, 58/360), times (ii) the Servicing Fee Rate, times (iii) the Aggregate Securitization Value as of the opening of
business on the first day of such Collection Period, plus (y) any Administrative Charges collected on the 2015-2 Lease Agreements and 2015-2 Leased Vehicles and any other expenses reimbursable to the Servicer. 

SECTION 2.8. Third Party Claims. In addition to the requirements set forth in Section 2.14 of the Basic Servicing Agreement, upon
learning of a Claim or Lien of whatever kind of a third party that would be likely to have a material adverse effect on the interests of the Depositor or the Issuer with respect to the 2015-2 Exchange Note Assets, the Servicer shall immediately
notify the Depositor, the Indenture Trustee and the Noteholders of any such Claim or Lien. 
 SECTION 2.9. Reporting by the Servicer;
Delivery of Certain Documentation; Inspection. 
 (a) On each Determination Date, prior to 12:00 p.m. (Central time), the Issuer shall
cause the Servicer to deliver to the Indenture Trustee, the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period. The Issuer shall also cause the Servicer to deliver a
Servicer Report to each Rating Agency on the same date the Servicer’s Report is publicly available (provided that if the Servicer’s Report is not made publicly available, the Servicer will deliver it to each Rating Agency, no later than
the twenty-second (22nd) of each month (or if not a Business Day, the next succeeding Business Day)). Notwithstanding Section 3.2(a) of the Basic Servicing Agreement, the Servicer shall
deliver such Servicer Reports in accordance with this Section 2.9 until the date on which the Notes are no longer Outstanding. 
 (b)
In addition to the report with respect to the 2015-2 Exchange Note which the Servicer is obligated to deliver pursuant to Section 3.1(c) of the Basic Servicing Agreement, the Servicer shall deliver to the Depositor, the Indenture Trustee and
the Titling Trust, on or before March 31 (or ninety (90) days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning March 31, 2016, an Officer’s Certificate, dated as of
March 31 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding twelve (12) month period (or such other period in the case of the first such report as shall have
elapsed from the Closing Date to the date of the first such Officer’s Certificate) and of its performance under the 2015-2 Servicing Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge,
based on such review, the Servicer has fulfilled 

  
 8 

 
all its obligations under the 2015-2 Servicing Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to
such officer and the nature and status thereof. 
 (c) The Servicer will deliver to the Issuer, on or before March 31 of each year,
beginning on March 31, 2016, a report regarding the Servicer’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act
and Item 1122 of Regulation AB. 
 (d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any
other party deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March 31, 2016, a report regarding such party’s
assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

(e) Wells Fargo Bank, National Association acknowledges, in its capacity as Collateral Agent under this 2015-2 Servicing Supplement and in its
capacity as Indenture Trustee under the Program Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by the Servicer to
ensure compliance with the requirements of Section 2.9(d) and Section 2.10(b) hereof and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by March 15 of each calendar year. 

(f) The Servicer shall deliver copies of all reports, notices and certificates delivered by it pursuant to the 2015-2 Servicing Agreement to
the Depositor, the Indenture Trustee and the Titling Trust on the date or dates due, including any notice of material failure given pursuant to Section 2.2(a) of the Basic Servicing Agreement and the Officer’s Certificate relating to the
2015-2 Exchange Note delivered by it pursuant to Section 2.9(b) of this 2015-2 Servicing Supplement. 
 SECTION 2.10. Annual
Independent Accountant’s Report. 
 (a) The Servicer shall cause the cause a firm of nationally recognized independent certified
public accountants (the “Independent Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee and the Collateral Agent, on or before March 31
(or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2016, a report with respect to the preceding calendar year, addressed to the board of directors of the Servicer,
providing its attestation report on the servicing assessment delivered pursuant to Section 2.9(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

  
 9 

 (b) Each party required to deliver an assessment of compliance described in Section 2.9(d)
shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee, the Collateral Agent and the Servicer, on or before March 31 (or 90 days after the
end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2016, a report with respect to the preceding calendar year, addressed to the board of directors of such party, providing its attestation
report on the servicing assessment delivered pursuant to Section 2.9(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such
attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 
 (c)
The Servicer shall cause the Independent Accountants to deliver to the Depositor, the Indenture Trustee, the Issuer and the Titling Trust, on or before April 30 (or one-hundred and twenty (120) days after the end of the Servicer’s
fiscal year, if other than December 31) of each year, beginning on April 30, 2016 with respect to the twelve (12) months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have
elapsed from the 2015-2 Closing Date to the date of such certificate (which period shall not be less than six (6) months)), a statement (the “Accountants’ Report”) addressed to the Board of Directors of the Servicer, to
the effect that such firm has audited the books and records of GM Financial, in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements
of GM Financial and that (i) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the
circumstances, and (ii) the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 

SECTION 2.11. Servicer Defaults; Termination of the Servicer. 

(a) Each of the following acts or occurrences constitutes a “Servicer Default” under the 2015-2 Servicing Agreement with
respect to the 2015-2 Exchange Note: 
 (i) any failure by the Servicer to deposit in the 2015-2 Exchange Note Collections
Account any required payment, any failure by the Servicer to make or cause the Titling Trust to make any required payments from the 2015-2 Exchange Note Collections Account on account of the 2015-2 Exchange Note or any failure of the Servicer to
make any required payment under any other Program Document, which failure continues unremedied for a period of five (5) Business Days after the earlier of the date on which (1) notice of such failure is given to the Servicer by the
Indenture Trustee, or (2) an Authorized Officer of the Servicer has actual knowledge of such failure; 
 (ii) any
failure by the Servicer duly to observe or to perform any covenants or agreements of the Servicer set forth in the 2015-2 Servicing Agreement or any other Program Document (other than a covenant or agreement a default in the observance or
performance of which is elsewhere in this Section specifically dealt with), which failure 

  
 10 

 
shall materially and adversely affects the interests of the 2015-2 Secured Parties and shall continue unremedied for a period of sixty (60) days after written notice of such failure is
received by the Servicer from the Indenture Trustee or after discovery of such failure by the Servicer; 
 (iii) any
representation or warranty made or deemed made by the Servicer in the 2015-2 Servicing Agreement or in any other Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in
connection herewith or therewith shall prove to have been incorrect, and such incorrectness has a material adverse effect on the interests of the 2015-2 Secured Parties or the Issuer which failure, if capable of being cured, has not been cured for a
period of sixty (60) days after written notice of such breach is received by the Servicer from the Indenture Trustee or after discovery of such breach by the Servicer; or 

(iv) an Insolvency Event occurs with respect to the Servicer. 

(b) Promptly after having obtained knowledge of any Servicer Default, but in no event later than two (2) Business Days thereafter, the
Servicer shall deliver to the Indenture Trustee and the Noteholders, written notice thereof in an Officer’s Certificate, accompanied in each case by a description of the nature of the default and the efforts of the Servicer to remedy the same.

 (c) In addition to the provisions of Section 4.1(d) of the Basic Servicing Agreement, if a Servicer Default shall have occurred and
be continuing with respect to the 2015-2 Exchange Note, the Titling Trust shall, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of Issuer Trust
Certificateholder, by notice given to the Servicer, terminate the rights and obligations of the Servicer under the 2015-2 Servicing Agreement in accordance with such Section and the Indenture Trustee, acting at the written direction of the Majority
Noteholders, shall appoint a Successor Servicer to fulfill the obligations of the Servicer hereunder in respect of the 2015-2 Lease Agreements and 2015-2 Leased Vehicles. Any such Person shall accept its appointment by a written assumption in a form
acceptable to the Indenture Trustee. In the event the Servicer is removed as servicer of the 2015-2 Exchange Note Assets, (i) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all Lease
Documents with respect to the 2015-2 Lease Agreements and the 2015-2 Leased Vehicles that are then in the possession of the Servicer, (ii) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all
Security Deposits held by the Servicer with respect to the 2015-2 Exchange Note Assets, and (iii) the Servicer shall deliver to the Successor Servicer all servicing records directly maintained by the Servicer, containing as of the close of
business on the date of demand all of the data maintained by the Servicer, in computer format in connection with servicing the 2015-2 Exchange Note Assets. If no Person has accepted its appointment as Successor Servicer when the predecessor Servicer
ceases to act as Servicer in accordance with this Section 2.11, the Indenture Trustee, will, without further action, be automatically appointed the Successor Servicer. Notwithstanding the above, if the Indenture Trustee is unwilling or legally
unable to act as Successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business includes the servicing of lease agreements and the related lease assets, as Successor Servicer. The
Indenture Trustee will be released from 

  
 11 

 
its duties and obligations as Successor Servicer on the date that a new servicer agrees to appointment as Successor Servicer hereunder. Any Successor Servicer shall be entitled to such
compensation as the Servicer would have been entitled to under this 2015-2 Servicing Supplement if the Servicer had not resigned or been terminated hereunder or such additional compensation as the Majority Noteholders and such Successor Servicer may
agree on. 
 (d) Notwithstanding the provisions of Section 4.1(f) of the Basic Servicing Agreement, with respect to any Servicer
Default related to the 2015-2 Exchange Note Assets, only the Indenture Trustee, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of the Issuer Trust
Certificateholder, may waive any default of the Servicer in the performance of its obligations under the 2015-2 Servicing Agreement and its consequences with respect to the 2015-2 Exchange Note and, upon any such waiver, such default shall cease to
exist and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of the 2015-2 Exchange Note Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent
thereto. 
 SECTION 2.12. Representations and Warranties. The Servicer makes the following representations and warranties to the
Depositor, the Indenture Trustee and the Noteholders as of the 2015-2 Closing Date: 
 (a) The representations and warranties contained in
Section 2.6(a) of the Basic Servicing Agreement as to each 2015-2 Lease Agreement and the related 2015-2 Leased Vehicle were true and correct as of the 2015-2 Cutoff Date with respect to such 2015-2 Lease Agreements; 

(b) The representations and warranties set forth in Section 5.1 of the Basic Servicing Agreement are true and correct as of the date
hereof; 
 (c) Each 2015-2 Lease Agreement and 2015-2 Leased Vehicle is an Eligible Collateral Asset as of the date hereof; 

(d) All information heretofore furnished by the Servicer or any of its Affiliates to the Indenture Trustee or the Owner Trustee for purposes
of or in connection with the 2015-2 Servicing Agreement or any of the other Program Documents or any transaction contemplated hereby or thereby is, and all information hereafter furnished by the Servicer or any of its Affiliates to the Indenture
Trustee, the Owner Trustee or any of the Noteholders will be, (i) true and accurate in every material respect on the date such information is stated or certified, and (ii) does not and will not contain any material misstatement of fact or
omit to state a material fact or any fact necessary to make the statements contained therein misleading, in the case of each of (i) and (ii) when taken together with all other information provided on or prior to the date hereof; and 

(e) No Servicer Default or event which with the giving of notice or lapse of time, or both, would become a Servicer Default has occurred and
is continuing as of the 2015-2 Closing Date. 

  
 12 

 (f) With respect to any 2015-2 Lease Agreement that constitutes “electronic chattel
paper” under the UCC, the Servicer, as custodian of the Lease Documents relating to the 2015-2 Designated Pool, maintains control of a single electronically authenticated authoritative copy of the related 2015-2 Lease Agreement. 

SECTION 2.13. Custody of Lease Documents. 

(a) Pursuant to Section 2.3 of the Basic Servicing Agreement, the Servicer, either directly or through an agent, will act as custodian of
the Lease Documents relating to the 2015-2 Designated Pool, as agent and bailee for the benefit of the Issuer and the Indenture Trustee. All Lease Documents relating to the 2015-2 Designated Pool shall be identified and maintained in such a manner
so as to permit retrieval and access. If a Successor Servicer has been appointed hereunder, the Servicer shall promptly deliver all such Lease Documents to the Successor Servicer. If the Servicer is terminated under the 2015-2 Servicing Agreement
upon the occurrence of a Servicer Default, the costs associated with transferring all such Lease Documents shall be paid by the Servicer. 

(b) With respect to any 2015-2 Lease Agreement that constitutes “electronic chattel paper” under the UCC, the Servicer, as custodian
of the Lease Documents relating to the 2015-2 Designated Pool, shall at all times maintain control of a single electronically authenticated authoritative copy of the related 2015-2 Lease Agreement. 

(c) In accordance with Section 2.10(h)(ii) of the Indenture and with respect to any Indenture Collateral that constitutes an instrument
or tangible chattel paper, the Servicer, as custodian of the Lease Documents relating to the 2015-2 Designated Pool, acknowledges that it is holding such instruments and tangible chattel paper solely on behalf and for the benefit of the Indenture
Trustee. 
 SECTION 2.14. Reserve Account. 

(a) On the 2015-2 Closing Date, GMF Leasing LLC shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time
to time in the Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders. 
 (b) On each Payment Date
(i) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, then the Indenture Trustee shall,
after payment of any amounts required to be distributed pursuant to clauses (i) through (xiv) of Section 8.3(a) of the Indenture, deposit in the Reserve Account the Reserve Account Required Amount pursuant to Section 8.3(a)(xv)
of the Indenture, and (ii) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Payment Date is greater than the Specified Reserve Balance, in which case
the Indenture Trustee shall distribute the amount of such excess as part of Available Funds on such Payment Date. 

  
 13 

 (c) On each Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw the
Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Indenture Collections Account to be included as Total Available Funds for that Payment Date. 

SECTION 2.15. Liability of Successor Servicer. No Successor Servicer will have any responsibility and will not be in default hereunder
or incur any liability for any failure, error, malfunction or any delay in carrying out any of their duties under this Supplement if such failure or delay results from such Successor Servicer acting in accordance with information prepared or
supplied by any Person other than the Successor Servicer or the failure of any such other Person to prepare or provide such information. No Successor Servicer will have any responsibility for and will not be in default and will incur no liability
for, (a) any act or failure to act of any third party, including the Servicer, (b) any inaccuracy or omission in a notice or communication received by such Successor Servicer from any third party, (c) the invalidity or
unenforceability of any 2015-2 Lease Agreement under applicable law, (d) the breach or inaccuracy of any representation or warranty made with respect to any 2015-2 Lease Agreement or 2015-2 Leased Vehicle, or (e) the acts or omissions of
any successor to it as Successor Servicer. 
 SECTION 2.16. Merger or Consolidation of, or Assumption of Obligations of the Servicer.
Notwithstanding the provisions of Section 5.3 of the Basic Servicing Agreement, GM Financial shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or
permit any other Person to become the successor to GM Financial’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of GM
Financial contained in this Agreement. Any corporation (a) into which GM Financial may be merged or consolidated, (b) resulting from any merger or consolidation to which GM Financial shall be a party, (c) which acquires by conveyance,
transfer, or lease substantially all of the assets of GM Financial, or (d) succeeding to the business of GM Financial, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of GM Financial under this
Agreement and, whether or not such assumption agreement is executed, shall be the successor to GM Financial under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement,
anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release GM Financial from any obligation. GM Financial shall provide notice of any merger, consolidation or
succession pursuant to this Section to the Owner Trustee, the Indenture Trustee and the Noteholders. Notwithstanding the foregoing, GM Financial shall not merge or consolidate with any other Person or permit any other Person to become a successor to
GM Financial’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.12 shall have been breached (for purposes hereof, such representations and warranties
shall speak as of the date of the consummation of such transaction), (y) GM Financial shall have delivered to the Owner Trustee, the Indenture Trustee and the Noteholders an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation, merger or succession and such 

  
 14 

 
agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) GM
Financial shall have delivered to the Owner Trustee, the Collateral Agent and the Indenture Trustee an Opinion of Counsel stating, in the opinion of such counsel, either that (i) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the 2015-2 Exchange Note and the Other Conveyed Property (and reciting the details of the filings), or (ii) no such action
shall be necessary to preserve and protect such interest. 
 SECTION 2.17. Resignation of the Servicer. Notwithstanding
Section 5.4 of the Basic Servicing Agreement, the Servicer shall not resign as Servicer under the 2015-2 Servicing Agreement except if it is prohibited by law from performing its obligations in respect of the 2015-2 Exchange Note Assets under
the Basic Servicing Agreement or hereunder and delivers to the Trustee, the Indenture Trustee and the Noteholders an Opinion of Counsel to such effect concurrently with the delivery of any notice of resignation pursuant to Section 5.4 of the
Basic Servicing Agreement. 
 SECTION 2.18. Separate Existence. The Servicer shall take all reasonable steps to maintain the Titling
Trust’s, the Settlor’s, the Depositor’s and the Issuer’s identities as separate legal entities, and shall make it manifest to third parties that each of the Titling Trust, the Settlor, the Depositor and the Issuer is an entity
with assets and liabilities distinct from those of the Servicer and not a division of the Servicer. All transactions and dealings between the Servicer, on the one hand, and the Settlor, the Titling Trust, the Depositor and the Issuer, on the other
hand, will be conducted on an arm’s-length basis. The Servicer shall take all other actions necessary on its part to ensure that the Depositor complies with Section 2.5(d) of the Exchange Note Certificate Transfer Agreement and, to the
extent within its control, take all action necessary to ensure that the Issuer complies with Section 3.16 of the Indenture. The Servicer shall take all action necessary to ensure that the Titling Trust shall not take any of the following
actions: 
 (a) engage in any business other than that contemplated by the Titling Trust Agreement or enter into any transaction or
indenture, mortgage, instrument, agreement, contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by the Titling Trust Documents; and 

(b) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any obligations, liabilities or responsibilities
other than as set forth in the Titling Trust Documents. 

  
 15 

 SECTION 2.19. Like Kind Exchange Program; Pull Ahead Program. 

(a) Notwithstanding the provisions of the Basic Servicing Agreement, a 2015-2 Leased Vehicle may be reallocated from the 2015-2 Designated
Pool to the Lending Facility Pool in connection with a Like Kind Exchange if the full Base Residual Value of the related 2015-2 Leased Vehicle is deposited to the 2015-2 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date of such reallocation; provided, that if the Net Liquidation Proceeds with respect to such 2015-2 Leased Vehicle are determined prior to the deposit of
such Base Residual Value to the 2015-2 Exchange Note Collections Account, then such Net Liquidation Proceeds may instead be deposited to the 2015-2 Exchange Note Collections Account in full satisfaction of this Section 2.19(a). If the Servicer
has deposited the full Base Residual Value of a 2015-2 Leased Vehicle to the 2015-2 Exchange Note Collections Account in connection with a Like Kind Exchange and (i) the related Net Liquidation Proceeds are determined thereafter to be less than
such Base Residual Value, then the Servicer shall be permitted to withdraw the excess of the related Base Residual Value so deposited over the related Net Liquidation Proceeds from the 2015-2 Exchange Note Collections Account for its own account,
and (ii) the related Net Liquidation Proceeds are determined thereafter to be greater than such Base Residual Value, then the Servicer shall be obligated to deposit the excess of the related Net Liquidation Proceeds over the Base Residual Value
to the 2015-2 Exchange Note Collections Account from its own funds by no later than the second (2nd) Business Day following the date on which such Net Liquidation Proceeds are determined.

 (b) Notwithstanding the provisions of the Basic Servicing Agreement, a 2015-2 Lease Agreement may be a Pull Ahead Lease Agreement
pursuant to a Pull Ahead Program if all amounts due and payable under the related 2015-2 Lease Agreement (other than (i) Excess Mileage/Wear and Tear Fees, which shall be charged to such Lessee to the extent applicable in accordance with the
terms of such 2015-2 Lease Agreement and the Servicer’s Customary Servicing Practices, and (ii) Monthly Payments that are waived in connection with such Lessee’s participation in the Pull Ahead Program and in connection with which a
Pull Ahead Payment is received by the Titling Trust or by the Servicer on its behalf and allocated to the 2015-2 Exchange Note Collections Account) are deposited to the 2015-2 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date that such 2015-2 Lease Agreement would terminate pursuant to the Pull Ahead Program. The Servicer will not be entitled to reimbursement from any 2015-2
Designated Pool Collections for any amounts that it deposits to the 2015-2 Collections Account from its own funds in connection with any Pull Ahead Lease Agreement. 

ARTICLE III 
 MISCELLANEOUS 

SECTION 3.1. Termination of 2015-2 Servicing Supplement. This 2015-2 Servicing Supplement (and, accordingly, the Basic Servicing
Agreement insofar as it relates to the 2015-2 Exchange Note) will be terminated in the event that the Basic 

  
 16 

 
Servicing Agreement is terminated in accordance therewith and may also be terminated at the option of the Servicer or the Titling Trust at any time following the payment in full of the 2015-2
Exchange Note. 
 SECTION 3.2. Amendment. 

(a) This 2015-2 Servicing Supplement (and, accordingly, the Basic Servicing Agreement, insofar as it relates to the 2015-2 Exchange Note) may
be amended by the parties hereto with the consent of the Majority Noteholders; provided, that to the extent that any such amendment materially affects any Other Exchange Note, such amendment shall require the consent of the Certificateholders
thereof affected thereby. 
 (b) The parties hereto acknowledge and agree that the right of the Indenture Trustee to consent to any
amendment of this 2015-2 Servicing Supplement is subject to the terms and provisions of Section 3.7(g) of the Indenture and that any consent provided by the Indenture Trustee in violation of such terms and provisions shall be of no force or
effect hereunder. 
 SECTION 3.3. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 3.4. Relationship of 2015-2 Servicing Supplement to Other Trust Documents. Unless the context otherwise requires, this 2015-2
Servicing Supplement and the other Trust Documents shall be interpreted so as to give full effect to all provisions hereof and thereof. In the event of any actual conflict between the provisions of this 2015-2 Servicing Supplement and the Basic
Servicing Agreement, with respect to the servicing of any 2015-2 Exchange Note Assets, the provisions of this 2015-2 Servicing Supplement shall prevail. This 2015-2 Servicing Supplement shall supplement the Basic Servicing Agreement as it relates to
the 2015-2 Exchange Note and the 2015-2 Designated Pool and not to any other Exchange Note or Designated Pool or the Lending Facility Pool. 

SECTION 3.5. [Reserved]. 

SECTION 3.6. Notices. For purposes of the 2015-2 Servicing Agreement, all demands, notices, directions, requests and communications
hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid 

  
 17 

 
courier service, or facsimile transmission, and addressed in each case as follows: (a) if to the Servicer, GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas, 76102, Attention:
Chief Financial Officer, and (b) if to the Indenture Trustee, Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479. Notices to the other parties to this 2015-2 Servicing Supplement
shall be delivered as provided in Section 6.5 of the Basic Servicing Agreement. 
 SECTION 3.7. Severability of Provisions. If
any one or more of the covenants, agreements, provisions or terms of this 2015-2 Servicing Supplement or the 2015-2 Servicing Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be
deemed severable from the remaining covenants, agreements, provisions and terms of this 2015-2 Servicing Supplement or the 2015-2 Servicing Agreement, as applicable, and shall in no way affect the validity or enforceability of the other covenants,
agreements, provisions and terms of this 2015-2 Servicing Supplement or the 2015-2 Servicing Agreement. 
 SECTION 3.8. Binding
Effect. The provisions of this 2015-2 Servicing Supplement and the 2015-2 Servicing Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns. 

SECTION 3.9. Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 3.10. Counterparts. This 2015-2
Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument. 

SECTION 3.11. Further Assurances. Each party shall take such acts, and execute and deliver to any other party such additional documents
or instruments as may be reasonably requested in order to effect the purposes of this 2015-2 Servicing Supplement and the 2015-2 Servicing Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies
hereunder. 
 SECTION 3.12. Third-Party Beneficiaries. The Issuer, the Depositor and each Noteholder shall be third-party
beneficiaries of the 2015-2 Servicing Agreement. Except as otherwise provided in the 2015-2 Servicing Agreement, no other Person shall have any rights hereunder. 

  
 18 

 SECTION 3.13. No Petition. Each of the parties hereto, in addition to the provisions of
Section 6.13 of the Basic Servicing Agreement, covenants and agrees that prior to the date that is one (1) year and one (1) day after the date on which all Notes have been paid in full, it will not institute against, or join any other
person in instituting against the Titling Trust or the Settlor, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceeding under any Insolvency Law. 

SECTION 3.14. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this 2015-2 Servicing
Supplement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as owner trustee of the Titling Trust and the Settlor, in the exercise of the powers and authority conferred and vested in it under the
Titling Trust Agreement and Settlor Trust Agreement, as applicable, (b) each of the representations, undertakings and agreements herein made on the part of the Titling Trust and the Settlor is made and intended not as personal representations,
undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Titling Trust and the Settlor, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust
Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto,
(d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be
personally liable for the payment of any indebtedness or expenses of the Titling Trust and the Settlor or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Titling Trust and the
Settlor under this 2015-2 Servicing Supplement or the other related documents. 
 SECTION 3.15. Execution of Securities and Exchange
Commission Filings. The Servicer will file or will cause to be filed, on behalf of the Issuer and the Depositor, any documents, forms or other items required to be filed by the Issuer or the Depositor pursuant to the rules and regulations set by
the Commission and relating to the Notes or the Program Documents. 
 [Remainder of Page Intentionally Left Blank] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this 2015-2 Servicing Supplement to be duly
executed by their respective officers duly authorized as of the day and year first above written. 
  

			
	ACAR LEASING LTD.,
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:		  /s/ Clarice Wright

	Name:		Clarice Wright
	Title:		Assistant Vice President
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as Servicer
		
	By:		  /s/ Jeffrey Fish

	Name:		Jeffrey Fish
	Title:		Vice President, Corporate Treasury
	
	APGO TRUST, as Settlor
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:		  /s/ Clarice Wright

	Name:		Clarice Wright
	Title:		Assistant Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee and as Collateral Agent
		
	By:		  /s/ Marianna Stershic

	Name:		Marianna Stershic
	Title:		Vice President

 [Signature Page to the 2015-2 Servicing Supplement] 

 EXHIBIT A 

FORM OF SERVICER REPORT 

  
 A-1 

 GM Financial Automobile Leasing Trust 2015-2 

    % Exchange Note 

Class A-1     % Asset Backed Notes 

Class A-2A     % Asset Backed Notes 

Class A-2B Floating Asset Backed Notes 

Class A-3     % Asset Backed Notes 

Class A-4     % Asset Backed Notes 

Class B     % Asset Backed Notes 

Class C     % Asset Backed Notes 

Class D     % Asset Backed Notes 

Servicer’s Certificate 
  

													
	Beginning of Period:	 	 	  	2015-2	 	 	  	 	  	 	  	Original Agg.
	End of Period:	 	 	  	 Designated Pool
	 	 Units
	  	 Start Date
	  	 Closing Date
	  	 Securitization Value

	Number of days in Interest Period (Actual/360):	 		  		 		  		  		  	
	Number of days in Collection Period: 	 		  		 	  

	Report Due Date: 	 		  	Total	 	  

	Distribution Date: 	 		  		 		  		  		  	
	Transaction Month: 	 		  		 		  		  		  	

  

															
	RECONCILIATION OF 2015-2 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
		 	{1}	 	Beginning of period Aggregate Securitization Value	  		 		 		 	{1}	 	  

							
		 	{2}	 	Reduction in Agg. Securitization Value due to payments	  		 	{2}	 	  
	 	
		 	{3}	 	Reduction in Agg. Securitization Value due to Defaulted Leases	  		 	{3}	 	  
	 	
		 	{4}	 	Reduction in Agg. Securitization Value due to early terminations, dealer buyouts, cancellations, repurchases	  		 	{4}	 	  
	 	
		 	{5}	 	Other adjustments	  		 	{5}	 	  
	 	
		 	{6}	 	Total change in Agg. Securitization Value	  		 		 		 	{6}	 	  

								
		 	{7}	 	End of period Aggregate Securitization Value	  		 		 		 	{7}	 	  

								
		 	{8}	 	Pool Factor	  		 		 		 	{8}	 	  

		
	RECONCILIATION OF 2015-2 EXCHANGE NOTE	 	
		 	{9}	 	Original Exchange Note Balance 	  		 		 		 	{9}	 	  

								
		 	{10}	 	Beginning of period Exchange Note Balance	  		 		 		 	{10}	 	  

								
		 	{11}	 	Exchange Note Principal Payment Amount	  		 		 		 	{11}	 	  

								
		 	{12}	 	End of period Exchange Note Balance	  		 		 		 	{12}	 	  

								
		 	{13}	 	Note Pool Factor	  		 		 		 	{13}	 	  

  

																			
	RECONCILIATION OF THE ASSET BACKED NOTES	  	 Class A-1
	  	 Class A-2A
	  	 Class A-2B
	  	 Class A-3
	  	 Class A-4

		 	{14}	 	Original Note Balance 	 		 	{14}	  		  		  		  		  	
										
		 	{15}	 	Beginning of period Note Balance	 		 	{15}	  		  		  		  		  	
										
		 	{16}	 	Noteholders’ Principal Distributable Amount	 		 	{16}	  		  		  		  		  	
		 	{17}	 	Noteholders’ Accelerated Principal Amount	 		 	{17}	  		  		  		  		  	
		 	{18}	 	Aggregate Principal Parity Amount	 		 	{18}	  		  		  		  		  	
		 	{19}	 	Matured Principal Shortfall	 		 	{19}	  		  		  		  		  	
						
		 	{20}	 	End of period Note Balance	 		 	{20}	  	  

						
		 	{21}	 	Note Pool Factor	 		 	{21}	  	  

										
	 	 	 	 	 	 	 	 	 	  	 Class B
	  	 Class C
	  	 Class D
	  	 	  	 TOTAL

		 	{22}	 	Original Note Balance	 		 	{22}	  	  

		 	{23}	 	Beginning of period Note Balance	 		 	{23}	  		  		  		  		  	
										
		 	{24}	 	Noteholders’ Principal Distributable Amount	 		 	{24}	  		  		  		  		  	
		 	{25}	 	Noteholders’ Accelerated Principal Amount	 		 	{25}	  		  		  		  		  	
		 	{26}	 	Aggregate Principal Parity Amount	 		 	{26}	  		  		  		  		  	
		 	{27}	 	Matured Principal Shortfall	 		 	{27}	  		  		  		  		  	
						
		 	{28}	 	End of period Note Balance	 		 	{28}	  	  

						
		 	{29}	 	Note Pool Factor	 		 	{29}	  	  

  
 1 

																	
	
	EXCHANGE NOTE MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
			
		 		 	Principal payment calculation:
		 	{30}	 	Beginning of period Designated Pool Balance	 		 		 		 		 	{30}	 	  

								
		 	{31}	 	Ending Designated Pool Balance	 		 		 	{31}	 	  
	 	
		 	{32}	 	Unpaid prior Exchange Note Principal Payment Amount	 		 		 	{32}	 	  
	 	
		 	{33}	 	Sum of {31} + {32}	 		 		 		 		 	{33}	 	  

									
		 	{34}	 	Exchange Note Principal Payment Amount {30} - {33}	 		 		 		 		 	{34}	 	  

									
		 		 	Interest calculation:	 		 		 		 		 		 	
	 	 	 	 	                        Beg Note
Balance        Interest
Carryover        Interest Rate        Days        Days Basis     
   Interest
		 	{35}	 		 		 		 		 		 		 	
	
	RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
									
		 		 	Additions:	 		 		 		 		 		 	
		 	{36}	 	2015-2 Designated Pool Collections (net of Liquidation Proceeds and fees)	 		 		 	{36}	 	  
	 	
		 	{37}	 	Net Liquidation Proceeds collected during period	 		 		 	{37}	 	  
	 	
		 	{38}	 	Investment Earnings	 		 		 	{38}	 	  
	 	
		 	{39}	 	Investment Earnings - transferred to Indenture Note Collection Account	 		 		 	{39}	 	  
	 	
		 	{40}	 	Deposit from Servicer (LKE, Pull Ahead Program)	 		 		 	{40}	 	  
	 	
									
		 	{41}	 	Total Additions:	 		 		 		 		 	{41}	 	  

									
		 		 	Distributions:	 		 		 		 		 		 	
		 	{42}	 	To the Servicer, Designated Pool Servicing Fee	 		 		 	{42}	 	  
	 	
		 	{43}	 	To the 2015-2 Exchange Noteholder, the Exchange Note Interest Payment Amount	 	{43}	 	  
	 	
		 	{44}	 	To the 2015-2 Exchange Noteholder, the Exchange Note Principal Payment Amount	 	{44}	 	  
	 	
		 	{45}	 	To the 2015-2 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)	 		 		 	{45}	 	  
	 	
		 	{46}	 	To the Lending Facility Pool, all remaining funds to be applied as Collections on Residual Pool	 		 		 	{46}	 	  
	 	
									
		 	{47}	 	Total Distributions:	 		 		 		 		 	{47}	 	  

	
	NOTEHOLDERS’ MONTHLY PRINCIPAL PAYMENT AND INTEREST CALCULATIONS
									
		 		 	Noteholders’ Principal Distributable calculation:	 		 		 		 		 		 	
		 	{48}	 	Beginning Agg. Securitization Value	 	{48}	 	  
	 		 		 	
		 	{49}	 	Ending Agg. Securitization Value	 	{49}	 	  
	 		 		 	
		 	{50}	 	Total change in Agg. Securitization Value {48} - {49}	 		 		 	{50}	 	  
	 	
								
		 	{51}	 	Indenture Section 5.4 collections following acceleration of the Notes	 		 		 	{51}	 	  
	 	
									
		 	{52}	 	Principal Distributable Amount {50} + {51}	 		 		 		 		 	{52}	 	  

									
		 	{53}	 	Noteholders’ Principal Carryover Amount	 		 		 		 		 	{53}	 	  

									
		 	{54}	 	Noteholders’ Principal Distributable Amount {52} + {53}	 		 		 		 		 	{54}	 	  

									
		 		 	Noteholders’ Interest Distributable calculation:	 		 		 		 		 		 	
		 		 	       Class        Beg Note Balance        Interest 
Carryover        Interest Rate        Days        Days Basis      
  Interest
		 	{55}	 	    Class A-1	 		 		 		 		 		 	
		 	{56}	 	    Class A-2A	 		 		 		 		 		 	
		 	{57}	 	    Class A-2B	 		 		 		 		 		 	
		 	{58}	 	    Class A-3	 		 		 		 		 		 	
		 	{59}	 	    Class A-4	 		 		 		 		 		 	
		 	{60}	 	      Class B	 		 		 		 		 		 	
		 	{61}	 	      Class C	 		 		 		 		 		 	
		 	{62}	 	      Class D	 		 		 		 		 		 	
	
	RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
									
		 		 	Available Funds:	 		 		 		 		 		 	
		 	{63}	 	2015-2 Exchange Note Collections	 		 		 	{63}	 	  
	 	
		 	{64}	 	Investment Earnings	 		 		 	{64}	 	  
	 	
		 	{65}	 	Investment Earnings - transferred from Exchange Note Collection Account	 		 		 	{65}	 	  
	 	
		 	{66}	 	Investment Earnings - and amounts released from Reserve Account	 		 		 	{66}	 	  
	 	
		 	{67}	 	Optional Purchase Price	 		 		 	{67}	 	  
	 	
		 	{68}	 	Indenture Section 5.4 disposition of Collateral	 		 		 	{68}	 	  
	 	
		 	{69}	 	Reserve Account Withdrawal Amount	 		 		 	{69}	 	  
	 	
									
		 	{70}	 	Total Available Funds:	 		 		 		 		 	{70}	 	  

									
		 		 	Distributions:	 		 		 		 		 		 	
		 	{71}	 	To the Successor Servicer, unpaid transition expenses, pro rata	 		 		 	{71}	 	  
	 	
		 	{72}	 	To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata	 		 		 	{72}	 	  
	 	
		 	{73}	 	To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata	 		 		 	{73}	 	  
	 	
		 	{74}	 	Class A-1 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{74}	 	  
	 	
		 	{75}	 	Class A-2A Noteholders’ Interest Distributable Amount pari passu	 		 		 	{75}	 	  
	 	
		 	{76}	 	Class A-2B Noteholders’ Interest Distributable Amount pari passu	 		 		 	{76}	 	  
	 	
		 	{77}	 	Class A-3 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{77}	 	  
	 	
		 	{78}	 	Class A-4 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{78}	 	  
	 	
		 	{79}	 	Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{79}	 	  
	 	
		 	{80}	 	Class B Noteholders’ Interest Distributable Amount	 		 		 	{80}	 	  
	 	
		 	{81}	 	Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{81}	 	  
	 	
		 	{82}	 	Class C Noteholders’ Interest Distributable Amount	 		 		 	{82}	 	  
	 	
		 	{83}	 	Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{83}	 	  
	 	
		 	{84}	 	Class D Noteholders’ Interest Distributable Amount	 		 		 	{84}	 	  
	 	
		 	{85}	 	Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{85}	 	  
	 	
		 	{86}	 	Noteholders’ Principal Distributable Amount	 		 		 	{86}	 	  
	 	
		 	{87}	 	To the Reserve Account, the Reserve Amount Required Amount	 		 		 	{87}	 	  
	 	
		 	{88}	 	To the Noteholders, the Accelerated Principal Amount (as calculated below)	 		 		 	{88}	 	  
	 	
		 	{89}	 	To the Successor Servicer, any amounts in excess of the caps set forth, pro rata	 		 		 	{89}	 	  
	 	
		 	{90}	 	To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata	 		 		 	{90}	 	  
	 	
		 	{91}	 	To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata	 		 		 	{91}	 	  
	 	
		 	{92}	 	To the Issuer Trust Certificateholders, the aggregate amount remaining	 		 		 	{92}	 	  
	 	
									
		 	{93}	 	Total Distributions:	 		 		 		 		 	{93}	 	  

  
 2 

																							
	 PRINCIPAL PARITY AMOUNT CALCULATION
  
	 	
	 	 	 	 	 Class
	 	 (X)

Cumulative
Note Balance
	 	 (Y)

Aggregate
Securitization Value
	 	 (I)

Excess of
(X) - (Y)
	 	 (II)

Total Available Funds
in Indenture Collection Account
	 	 Lesser of
(I) or (II)
	 	 	 	 
		 	{94}	 		 		 		 		 		 		 		 		 		 	
		 	{95}	 		 		 		 		 		 		 		 		 		 	
		 	{96}	 		 		 		 		 		 		 		 		 		 	
		 	{97}	 		 		 		 		 		 		 		 		 		 	
	
	ACCELERATED PRINCIPAL AMOUNT CALCULATION
										
		 	{98}	 	Excess Total Available Funds	 		 		 		 		 	{98}	 	  
	 	
										
		 	{99}	 	Beginning Note Balance	 		 		 	{99}	 	  
	 		 		 	
		 	{100}	 	Principal payments through Indenture Section 8.3 (i) through (xvii)	 	{100}	 	  
	 		 		 	
		 	{101}	 	Pro-Forma Note Balance	 		 		 		 	{101}	 	  
	 		 	
									
		 	{102}	 	Ending Aggregate Securitization Value	 		 	{102}	 	  
	 		 		 	
		 	{103}	 	    % of Aggregate Securitization Value as of Cutoff Date ($            )	 	{103}	 	  
	 		 		 	
		 	{104}	 	Required Pro Forma Note Balance {102} - {103}	 		 	{104}	 	  
	 		 	
						
		 	{105}	 	Excess of Pro Forma Balance minus Required Pro Forma Balance {101} - {104}	 	{105}	 	  
	 	
						
		 	{106}	 	Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance	 		 	{106}	 	  

	
	OVERCOLLATERALIZATION CALCULATIONS
										
		 		 	Exchange Note:	 		 		 		 		 		 		 	
		 	{107}	 	Ending Aggregate Securitization Value	 		 		 		 	{107}	 	  
	 	
		 	{108}	 	End of Period Note Balance	 		 		 		 		 	{108}	 	  
	 	
		 	{109}	 	Overcollateralization	 		 		 		 		 	{109}	 	  
	 	
		 	{110}	 	Overcollateralization %	 		 		 		 		 		 	{110}	 	  

										
		 		 	Asset Backed Notes:	 		 		 		 		 		 		 	
		 	{111}	 	Ending Aggregate Securitization Value	 		 		 		 	{111}	 	  
	 	
		 	{112}	 	End of Period Note Balance	 		 		 		 		 	{112}	 	  
	 	
		 	{113}	 	Overcollateralization	 		 		 		 		 	{113}	 	  
	 	
		 	{114}	 	Overcollateralization %	 		 		 		 		 		 	{114}	 	  

	
	RECONCILIATION OF 2015-2 CASH RESERVE ACCOUNT
		 	{115}	 	Specified Reserve Balance	 		 		 		 		 		 	{115}	 	  

									
		 	{116}	 	Beginning of Period Reserve Account balance	 		 		 		 		 	{116}	 	  

		 	{117}	 	Investment Earnings	 		 		 		 		 	{117}	 	  
	 	
		 	{118}	 	From the Indenture Collection Account, the Reserve Account Required Amount	 	{118}	 	  
	 	
		 	{119}	 	To the Indenture Collection Account, the Reserve Account Withdrawal Amount	 	{119}	 	  
	 	
		 	{120}	 	Total Reserve balance available:	 		 		 		 		 		 	{120}	 	  

										
		 	{121}	 	Specified Reserve Balance	 		 		 		 		 		 	{121}	 	  

						
		 	{122}	 	Release Excess Cash to Indenture Collection Available Funds	 		 	{122}	 	  

									
		 	{123}	 	End of period Reserve Account balance	 		 		 		 		 	{123}	 	  

	
	EVENTS OF DEFAULT AND ACCELERATION OF MATURITY OF NOTE
					
		 	{124}	 	With respect to the Program Documents, I,                     , do hereby certify that no Event of Default has
occurred.	 	{124}	 	  

		 	{125}	 	With respect to the Program Documents, I,                     , do hereby certify that an Acceleration of Maturity has
not occurred.	 	{125}	 	  

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 3Exhibit 10.1

 

KYTHERA BIOPHARMACEUTICALS, INC.

RETENTION PLAN

 

Effective as of June 16, 2015

 

1.              Introduction and Purpose.

 

This KYTHERA Biopharmaceuticals, Inc. Retention Plan (the “Plan”) has been adopted effective as of June 16, 2015 (the “Effective Date”) in connection with the transaction contemplated under that certain Agreement and Plan of Merger, dated June 17, 2015 (the “Merger Agreement”), by and among Allergan PLC (“Parent”), KYTHERA Biopharmaceuticals, Inc. (the “Company”), and Keto Merger Sub, Inc., a wholly-owned subsidiary of Parent (“Merger Sub”), whereby Merger Sub will be merged with and into the Company, with the Company surviving and becoming a wholly owned subsidiary of Parent (the “Transaction”). The Company believes that the value of the Company will be enhanced by the continued employment of the Company’s Covered Employees (as defined below) through the consummation of the Transaction (the “Closing”), and the Company has established this Plan to create an incentive for its Covered Employees to continue their employment with the Company, through the grant of retention bonuses. Terms capitalized but not otherwise defined shall have the meanings ascribed in Section 3 hereof.

 

2.              Retention Awards.

 

(a)                                 The Company shall establish a retention bonus pool (the “Retention Bonus Pool”) in an aggregate amount of up to $3,000,000.  Each regular full-time, employee of the Company who is selected by the Plan Administrator to participate in the Plan (each, a “Covered Employee”) shall be eligible to receive from the Company a retention bonus (a “Retention Bonus”) equal to an amount designated in writing by the Plan Administrator, provided that such Covered Employee remains continuously employed by the Company from the Effective Date through the earliest of (i) the Closing, (ii) the termination of such Covered Employee’s employment with the Company by the Company for other than Cause or (iii) the resignation of such Covered Employee’s employment with the Company for Good Reason.

 

(b)                                 The Retention Bonuses that become payable pursuant to Section 2(a) above shall be (i) paid on the Closing and (ii) subject to reduction for all applicable income and employment withholding taxes and other regular payroll deductions.  The Retention Bonuses payable under this Section 3 shall be paid in a single cash lump sum.

 

(c)                                  The aggregate amount of Retention Bonuses payable pursuant to this Section 2 shall not exceed the amount of the Retention Bonus Pool.  In the event that the aggregate amount of Retention Bonuses that, but for this Section 2(c), would be payable to Covered Employees as designated by the Plan Administrator exceeds the amount of the Retention Bonus Pool, then each Retention Bonus payable hereunder shall be reduced pro-rata until the payment of all Retention Bonuses hereunder would equal the amount of the Retention Bonus Pool.

 

(d)                                 Notwithstanding anything contained in this Section 2 to the contrary, if a Covered Employee’s employment with the Company is terminated for any reason prior to the Closing other than by (i) the Company without Cause or (ii) by the Covered Employee for Good Reason, such Covered Employee shall immediately forfeit any right to receive a Retention Bonus under the Section 2(a) above and shall have no further rights with respect thereto.

 

 

3.              Definitions.

 

(a)                                 For purposes hereof, the term “Cause” shall mean any of the following: (i) a Covered Employee’s failure to perform his or her assigned duties or responsibilities as an employee (other than a failure resulting from such Covered Employee’s disability) after written notice thereof from the Company describing such Covered Employee’s failure to perform such duties or responsibilities; (ii) a Covered Employee engaging in any act of dishonesty, fraud or misrepresentation with respect to the Company; (iii) a Covered Employee’s violation of any federal or state law or regulation applicable to the business of the Company or its affiliates; (iv) a Covered Employee’s breach of any confidentiality agreement or invention assignment agreement between such Covered Employee and the Company (or any affiliate of the Company); or (v) a Covered Employee being convicted of, or entering a plea of nolo contendere to, any crime of moral turpitude. The determination whether a termination is for “Cause” under the foregoing definition shall be made by the Plan Administrator in its sole discretion.

 

(b)                                 For purposes hereof, the term “Good Reason” shall mean a Covered Employee’s resignation that is effective within ninety (90) days following the expiration of any cure period (as discussed below) following the occurrence of one or more of the following, without such Covered Employee’s express consent: (i) a material diminution of a Covered Employee’s annual base salary or target annual performance bonus; (ii) a material diminution in a Covered Employee’s authority, duties or responsibilities; or (iii) a material negative change in geographic location at which a Covered Employee must perform services (that is, such Covered Employee’s relocation to a location more than fifty (50) miles from his or her then present location).  A Covered Employee may not resign for Good Reason without first providing the Company with written notice within ninety (90) days of the first occurrence of the event that such Covered Employee believes constitutes “Good Reason” specifically identifying the acts or omissions constituting the grounds for Good Reason and a cure period of thirty (30) days during which the event is not cured.

 

4.              Section 280G.

 

Notwithstanding anything in the Plan to the contrary, if any payment or benefit a Covered Employee would receive pursuant to the Plan or otherwise (“Payment”) would (a) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (b) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall either be (i) delivered in full, or (ii) delivered as to such lesser extent which would result in no portion of such Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by such Covered Employee on an after-tax basis, of the largest payment, notwithstanding that all or some portion the Payment may be taxable under Section 4999 of the Code.  If there is a reduction pursuant to this Section 4 of the Payments to be delivered to the applicable Covered Employee, such reduction shall first be applied to any cash amounts to be delivered to the applicable Covered Employee under this Plan and thereafter to any other severance benefits or payments otherwise owing to such applicable Covered Employee.

 

 

5.              Section 409A.

 

(a)                                 Notwithstanding anything in this Plan to the contrary, any compensation or benefits payable under this Plan that constitutes “nonqualified deferred compensation” (“Deferred Compensation”) within the meaning of Section 409A of the Code, and which is designated under this Plan as payable upon a Covered Employee’s termination of employment shall be payable only upon such Covered Employee’s “separation from service” with the Company within the meaning of Section 409A of the Code (a “Separation from Service”) and, except as provided under Section 5(b) of this Plan, any such compensation or benefits shall not be paid until the sixtieth (60th) day following the Covered Employee’s Separation from Service.

 

(b)                                 Notwithstanding any provision herein to the contrary, if a Covered Employee is deemed by the Company at the time of such Covered Employee’s Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which such Covered Employee is entitled under this Plan is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of such Covered Employee’s benefits shall not be provided to such Covered Employee prior to the earlier of (i) the expiration of the six-month period measured from the date of such Covered Employee’s Separation from Service or (ii) the date of such Covered Employee’s death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to such Covered Employee (or such Covered Employee’s estate or beneficiaries), and any remaining payments due to such Covered Employee under this Plan shall be paid as otherwise provided herein.

 

(c)                                  To the extent applicable, this Plan shall be interpreted in accordance with, and incorporate the terms and conditions required by, Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the adoption of this Plan. Notwithstanding any provision of this Plan to the contrary, in the event that the Company determines that any amounts payable hereunder will be immediately taxable to a Covered Employee under Section 409A of the Code and related Department of Department of Treasury guidance, to the extent permitted under Section 409A of the Code, the Company may, to the extent permitted under Section 409A of the Code (i) cooperate in good faith to adopt such amendments to this Plan and appropriate policies and procedures, including amendments and policies with retroactive effect, that they determine necessary or appropriate to preserve the intended tax treatment of the benefits provided by this Plan, preserve the economic benefits of this Plan and/or (ii) take such other actions as mutually determined necessary or appropriate to exempt the amounts payable hereunder from Section 409A of the Code or to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes under such section. To the extent applicable, each of the exceptions to Code Section 409A’s prohibition on acceleration of payments of Deferred Compensation provided under Treasury Regulation 1.409A-3(j)(4) shall be permitted under the Agreement.

 

 

6.              Plan Administration.

 

(a)                                 The Plan shall be administered by the Board of Directors of the Company (the “Board”), provided, that the Board may delegate any or all of its authority and/or duties under the Plan to a duly authorized committee of the Board (the Board or, to the extent of any delegation, any such delegate, the “Plan Administrator”).  Subject to the express provisions of this Plan, the Plan Administrator shall have sole authority to interpret the Plan (including any vague or ambiguous provisions) and to make all other determinations deemed necessary or advisable for the administration of the Plan.  Decisions of the Plan Administrator shall be made by a majority of its members attending a meeting at which a quorum is present (which meeting may be held telephonically), or by written action in accordance with applicable law.  All determinations and interpretations of the Plan Administrator shall be final, binding, and conclusive as to all persons.

 

(b)                                 Neither the Plan Administrator nor any employee, officer, agent, or director of the Company shall be personally liable by reason of any action taken with respect to the Plan for any mistake of judgment made in good faith, and the Company shall indemnify and hold harmless each employee, officer, agent, or director of the Company, including the Plan Administrator, to whom any duty or power relating to the administration or interpretation of the Plan may be allocated or delegated, against any reasonable cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Plan Administrator) arising out of any act or omission to act in connection with the Plan unless arising out of such person’s own fraud, bad faith, or gross negligence.

 

(c)                                  The Plan Administrator may delegate any and all of its powers and responsibilities hereunder to other persons and such persons shall have the full authority to exercise the duties so delegated.

 

(d)                                 The Plan Administrator shall maintain such accounts and records regarding the fiscal and other transactions of this Plan and such other data as may be required to carry out its functions under this Plan and to comply with all applicable laws.

 

7.              Right to Amend or Terminate Plan.

 

This Plan shall not be amended except with the express written consent of each affected Covered Employee. Notwithstanding anything herein to the contrary, this Plan shall be effective as of the date it is approved by the Board and shall terminate upon the earliest to occur of (a) the payment of all amounts payable hereunder or (b) the date upon which the Merger Agreement is terminated without the Transaction being consummated.

 

 

8.              No Guarantee of Employment.

 

This Plan is not a guarantee of continued employment for any employee of the Company, including any employee potentially eligible for benefits hereunder. An employee’s employment remains terminable at any time with or without cause by either the employee or the Company.

 

9.              Applicable Law.

 

This Plan and all action taken under it shall be governed as to validity, construction, interpretation, and administration by the laws of the State of Delaware (without regard to the choice of law principles thereof) and any applicable U.S. federal law.

 

10.       Unfunded Status.

 

This Plan shall be “unfunded,” and is not intended to constitute a plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended.  All benefits that become payable hereunder shall be paid out of the general assets of the Company.  All Covered Employees shall be solely unsecured general creditors of the Company.  If the Company decides in its sole discretion to establish any advance accrued reserve on its books against the future expense of the benefits payable hereunder, or if the Company decides in its sole discretion to fund a trust under this Plan, such reserve or trust shall not under any circumstances be deemed to be an asset of this Plan.

 

11.       Successors.

 

For purposes of this Plan, the Company shall include any and all successors and assignees, whether direct or indirect, by purchase, merger, consolidation, or otherwise, to all or substantially all of the business or assets of the Company, and such successors and assignees shall perform the Company’s obligations under this Plan, in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. In such event, the term “Company,” as used in this Plan, shall mean the Company, as herein before defined and any successor, parent corporation or assignee to the business or assets which by reason hereof becomes bound by the terms and provisions of this Plan.

 

12.       General Provisions.

 

(a)                                 Nothing contained herein shall give an employee any right to any employee benefit upon termination of employment with the Company, except as specifically provided herein.

 

(b)                                 No person having a benefit under this Plan may assign, transfer, or in any other way alienate any benefit hereunder, nor shall any benefit under this Plan be subject to garnishment, attachment, execution, or levy of any kind.

 

(c)                                  Neither the establishment of this Plan, nor any modification thereof, nor the payment of any benefits hereunder, shall be construed as giving to any Covered Employee or other person any legal or equitable right against the Company or the Plan Administrator, or any fiduciary, employee, or agent of the Company.

 

 

(d)                                 The Company shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it reasonably believes it may have to withhold for federal, state, or local income or other taxes incurred by reason of payments pursuant to this Plan.  In lieu thereof, the Company shall have the right to withhold the amounts of such taxes from any other sums due or to become due from the Company to a Covered Employee upon such terms and conditions as the Plan Administrator may prescribe.

 

(e)                                  Should any provision of the Plan be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely affect the other provisions of the Plan unless such determination shall render impossible or impracticable the functioning of the Plan, and in such case, an appropriate provision or provisions shall be adopted so that the Plan may continue to function properly.

 

(f)                                   Any benefits payable under this Plan shall not be deemed salary or other compensation to a Covered Employee for the purposes of computing benefits to which he or she may be entitled under any pension plan or other arrangement of the Company maintained for the benefit of its employees, unless such plan or arrangement provides otherwise.

 

(g)                                  In the event that the Plan Administrator finds that a Covered Employee is unable to care for his or her affairs because of illness or accident, then benefits payable hereunder, unless claim has been made therefor by a duly appointed guardian, committee, or other legal representative, may be paid in such manner as the Plan Administrator shall determine, and the application thereof shall be a complete discharge of all liability for any payments or benefits to which such Covered Employee was or would have been otherwise entitled under this Plan.

 

(h)                                 All announcements, notices, and other communications regarding this Plan will be made by the Company in writing (whether in electronic form or otherwise).  Except for written amendments to the Plan or official written communications issued by the Company in connection with the Plan, participants in the Plan may not rely on any representation or statement made by the Company or its affiliates or any of its or their officers, directors, employees, or agents, whether written or oral, regarding such participants’ participation in the Plan and any rights thereunder.

 

 

The KYTHERA Biopharmaceuticals, Inc. Retention Plan is adopted by the Board of the Company on June 16, 2015.

 

	
 
    	
KYTHERA BIOPHARMACEUTICALS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John W. Smither
    
	
 
    	
 
    
	
 
    	
Print   Name: John W. Smither
    
	
 
    	
 
    
	
 
    	
Title:   Chief Financial Officer

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