Document:

EX-4.2

 Exhibit 4.2 
  

 
  

AMENDED AND RESTATED 
 TRUST
AGREEMENT 
 between 
 AFS
SENSUB CORP. 
 Seller 
 and 

WILMINGTON TRUST COMPANY 
 Owner
Trustee 
 Dated as of January 20, 2021 
  

 
  

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. DEFINITIONS
	  	 	1	 
		
	 SECTION 1.1.        Capitalized
Terms
	  	 	1	 
	 SECTION 1.2.        Other Definitional
Provisions
	  	 	3	 
		
	 ARTICLE II. ORGANIZATION
	  	 	4	 
		
	 SECTION 2.1.        Name
	  	 	4	 
	 SECTION 2.2.        Office
	  	 	4	 
	 SECTION 2.3.        Purposes and
Powers
	  	 	4	 
	 SECTION 2.4.        Appointment of Owner
Trustee
	  	 	5	 
	 SECTION 2.5.        Initial Capital
Contribution of Trust Estate
	  	 	5	 
	 SECTION 2.6.        Declaration of
Trust
	  	 	5	 
	 SECTION 2.7.        Title to Trust
Property
	  	 	6	 
	 SECTION 2.8.        Situs of Trust
	  	 	6	 
	 SECTION 2.9.        Representations and
Warranties of the Depositor
	  	 	6	 
	 SECTION 2.10.      Covenants of the
Certificateholder
	  	 	7	 
	 SECTION 2.11.      Federal Income Tax Treatment of
the Trust
	  	 	8	 
		
	 ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST
	  	 	9	 
		
	 SECTION 3.1.        Initial
Ownership
	  	 	9	 
	 SECTION 3.2.        The
Certificate
	  	 	9	 
	 SECTION 3.3.        Authentication of
Certificate
	  	 	9	 
	 SECTION 3.4.        Registration of
Transfer and Exchange of Certificate
	  	 	9	 
	 SECTION 3.5.        Mutilated, Destroyed,
Lost or Stolen Certificates
	  	 	11	 
	 SECTION 3.6.        Persons Deemed
Certificateholders
	  	 	11	 
	 SECTION 3.7.        Maintenance of Office
or Agency
	  	 	11	 
	 SECTION 3.8.        Disposition in Whole
But Not in Part
	  	 	12	 
	 SECTION 3.9.        ERISA
Restrictions
	  	 	12	 
	 SECTION 3.10.      Appointment of Certificate Paying
Agent
	  	 	12	 
		
	 ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS
	  	 	13	 
		
	 SECTION 4.1.        Prior Notice to Holder
with Respect to Certain Matters
	  	 	13	 
	 SECTION 4.2.        Action by
Certificateholder with Respect to Certain Matters
	  	 	13	 
	 SECTION 4.3.        Restrictions on
Certificateholder’s Power
	  	 	14	 
	 SECTION 4.4.        [Reserved]
	  	 	14	 
	 SECTION 4.5.        Action with Respect to
Bankruptcy Action
	  	 	14	 
	 SECTION 4.6.        Covenants and
Restrictions on Conduct of Business
	  	 	15	 
		
	 ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	17	 
		
	 SECTION 5.1.        General
Authority
	  	 	17	 
	 SECTION 5.2.        General Duties
	  	 	17	 
	 SECTION 5.3.        Action upon
Instruction
	  	 	17	 
	 SECTION 5.4.        No Duties Except as
Specified in this Agreement or in Instructions
	  	 	18	 

					
	 SECTION 5.5.        No Action Except under
Specified Documents or Instructions
	  	19
	 SECTION 5.6.        Restrictions
	  	19
	 SECTION 5.7.        Covenants for Reporting
of Repurchase Demands due to Breaches of                             Representations and Warranties
	  	19
		
	 ARTICLE VI. CONCERNING THE OWNER TRUSTEE
	  	20
		
	 SECTION 6.1.        Acceptance of Trusts
and Duties
	  	20
	 SECTION 6.2.        Furnishing of
Documents
	  	21
	 SECTION 6.3.        Representations and
Warranties
	  	22
	 SECTION 6.4.        Reliance; Advice of
Counsel
	  	22
	 SECTION 6.5.        Not Acting in
Individual Capacity
	  	23
	 SECTION 6.6.        Owner Trustee Not
Liable for Certificate or Receivables
	  	23
	 SECTION 6.7.        Owner Trustee May Own
Notes
	  	24
	 SECTION 6.8.        Payments from Owner
Trust Estate
	  	24
	 SECTION 6.9.        Doing Business in Other
Jurisdictions
	  	24
	 SECTION 6.10.      FATCA Information
	  	24
	 SECTION 6.11.      Financial Crimes Enforcement
Network’s Customer Due Diligence
	  	25
	 SECTION 6.12.      Beneficial Ownership and Control
of the Trust
	  	25
		
	 ARTICLE VII. COMPENSATION OF OWNER TRUSTEE
	  	25
		
	 SECTION 7.1.        Owner Trustee’s
Fees and Expenses
	  	25
	 SECTION
7.2.        Indemnification
	  	26
	 SECTION 7.3.        Payments to the Owner
Trustee
	  	26
	 SECTION
7.4.        Non-recourse Obligations
	  	26
		
	 ARTICLE VIII. TERMINATION OF TRUST AGREEMENT
	  	27
		
	 SECTION 8.1.        Termination of Trust
Agreement
	  	27
		
	 ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	28
		
	 SECTION 9.1.        Eligibility
Requirements for Owner Trustee
	  	28
	 SECTION 9.2.        Resignation or Removal
of Owner Trustee
	  	28
	 SECTION 9.3.        Successor Owner
Trustee
	  	29
	 SECTION 9.4.        Merger or Consolidation
of Owner Trustee
	  	29
	 SECTION 9.5.        Appointment of Co-Trustee or Separate Trustee
	  	30
		
	 ARTICLE X. MISCELLANEOUS
	  	31
		
	 SECTION 10.1.      Supplements and
Amendments
	  	31
	 SECTION 10.2.      No Legal Title to Owner Trust
Estate in Certificateholder
	  	32
	 SECTION 10.3.      Limitations on Rights of
Others
	  	32
	 SECTION 10.4.      Notices
	  	32
	 SECTION 10.5.      Severability
	  	33

  
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	 SECTION 10.6.      Counterparts and Consent to Do
Business Electronically
	  	 	33	 
	 SECTION 10.7.      Assignments
	  	 	33	 
	 SECTION 10.8.      No Recourse
	  	 	33	 
	 SECTION 10.9.      Headings
	  	 	33	 
	 SECTION 10.10.    Force Majeure
	  	 	34	 
	 SECTION 10.11.    GOVERNING LAW
	  	 	34	 
	 SECTION 10.12.    Servicer
	  	 	34	 
	 SECTION 10.13.    Nonpetition Covenants
	  	 	34	 
	 SECTION 10.14.    Regulation AB
	  	 	35	 
		
	 ARTICLE XI. APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	35	 
		
	 SECTION 11.1.      Establishment of Trust
Accounts
	  	 	35	 
	 SECTION 11.2.      Application of Trust
Funds
	  	 	36	 
	 SECTION 11.3.      Method of Payment
	  	 	36	 

 EXHIBITS 
  

			
	 Exhibit A
	  	Form of Certificate
	 Exhibit B
	  	Form of Certificate of Trust
	 Exhibit C
	  	Form of Notice of Repurchase Request

  
 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT, dated as of January 20,
2021, between AFS SENSUB CORP., a Nevada corporation, as depositor (the “Seller”), and WILMINGTON TRUST COMPANY, a Delaware trust company, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement, dated as
of December 1, 2020, between the Seller and the Owner Trustee. 
 Article I. 

Definitions 

SECTION 1.1.            Capitalized
Terms    For all purposes of this Agreement, the following terms shall have the meanings set forth below: 

“Agreement” shall mean this Trust Agreement, as the same may be amended and supplemented from time to time.

 “Applicable Anti-Money-Laundering Law” shall have the meaning assigned to such term in
Section 6.11. 
 “Bankruptcy Action” shall have the meaning assigned to such term in
Section 4.5(a). 
 “Basic Documents” shall mean this Agreement, the Certificate of Trust, the
Underwriting Agreement, the Sale and Servicing Agreement, the Indenture, the Purchase Agreement, the Asset Representations Review Agreement and the other documents and certificates delivered in connection therewith, as the same may be amended,
restated or supplemented from time to time. 
 “BBA Partnership Audit Rules” shall mean Sections 6221
through 6241 of the Code, and any regulations promulgated or proposed under any such Sections and any administrative guidance with respect thereto. 

“Benefit Plan Entity” shall have the meaning assigned to such term in Section 3.9. 

“Benefit Plan Investor” shall have the meaning assigned to such term in Section 3.9. 

“Certificate” means a trust certificate evidencing the beneficial interest of the Certificateholder in the
Trust, substantially in the form of Exhibit A attached hereto. 
 “Certificateholder” or
“Holder” shall mean the person in whose name a Certificate is registered on the Certificate Register. 

“Certificate Distribution Account” shall have the meaning assigned to such term in Section 11.1. 

“Certificate of Trust” shall mean the Certificate of Trust in the form of Exhibit B to be filed for the Trust
pursuant to Section 3810(a) of the Statutory Trust Statute. 
 “Certificate Paying Agent” shall mean
any paying agent or co-paying agent appointed pursuant to Section 3.10 and shall initially be Wilmington Trust Company. 

 “Certificate Register” and “Certificate
Registrar” shall mean the register mentioned and the registrar appointed pursuant to Section 3.4. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder. 
 “Corporate Trust Office” shall mean, with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at such other address as the Owner Trustee may designate
by notice to the Depositor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor owner trustee will notify the Depositor). 

“Depositor” shall mean the Seller in its capacity as Depositor hereunder. 

“Distribution Date” shall have the meaning set forth in the Sale and Servicing Agreement. 

“ERISA” shall have the meaning assigned to such term in Section 3.9. 

“Expenses” shall have the meaning assigned to such term in Section 7.2. 

“FATCA” shall mean Sections 1471 through 1474 of the Code and (a) any regulations or official
interpretations thereof (including any revenue ruling, revenue procedure, notice or similar guidance issued by the IRS thereunder as a precondition to relief or exemption from taxes under such Sections, regulations and interpretations), (b) any
applicable agreement entered into under Section 1471(b)(1) of the Code, and (c) any applicable intergovernmental agreement with respect to the implementation of the foregoing. 

“FATCA Information” shall mean, with respect to any Certificateholder or Holder, any form or other
certification, or such other information reasonably sufficient to eliminate the imposition of, or determine the amount of, FATCA Withholding Tax. 

“FATCA Withholding Tax” shall mean any required withholding or deduction of tax pursuant to FATCA. 

“GM Financial” shall mean AmeriCredit Financial Services, Inc. d/b/a GM Financial. 

“Indemnified Parties” shall have the meaning assigned to such term in Section 7.2. 

“Indenture” shall mean the Indenture, dated as of January 20, 2021, between the Trust and The Bank of
New York Mellon, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 

“Majority Certificateholder” shall mean the Holder of the greatest percentage ownership interest in the
Certificate as recorded in the Certificate Register. 
 “Owner Trust Estate” shall mean all right, title
and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing 

  
 2 

 
Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Trust pursuant to the Sale and Servicing
Agreement. 
 “Owner Trustee” shall mean Wilmington Trust Company, a Delaware trust company, not in its
individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 

“Record Date” shall mean with respect to any Distribution Date, the close of business on the Business Day
immediately preceding such Distribution Date. 
 “Responsible Officer” shall mean, with respect to the
Owner Trustee, any officer within the Corporate Trust Administration office of the Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Sale and
Servicing Agreement” shall mean the Sale and Servicing Agreement, dated as of January 20, 2021, among the Trust, the Seller, GM Financial, and The Bank of New York Mellon, as Trust Collateral Agent, as the same may be amended and
supplemented from time to time. 
 “Secretary of State” shall mean the Secretary of State of the State of
Delaware. 
 “STAMP” shall have the meaning assigned to such term in Section 3.4. 

“Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code
§ 3801 et seq. as the same may be amended from time to time. 
 “Treasury
Regulations” shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury
Regulations or other successor Treasury Regulations. 
 “Trust” shall mean the trust established by this
Agreement. 
 “Trust Collateral Agent” shall mean, initially, The Bank of New York Mellon, not in its
individual capacity, but solely in its capacity as collateral agent, including its successors in interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to the Sale and Servicing Agreement, and thereafter
“Trust Collateral Agent” shall mean such successor Person. 
 SECTION
1.2.            Other Definitional Provisions. 

(a)        Capitalized terms used herein and not otherwise defined have the meanings
assigned to them in the Sale and Servicing Agreement or, if not defined therein, in the Indenture. 

  
 3 

 (b)        All terms defined in this
Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 

(c)        As used in this Agreement and in any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not
defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such certificate or other document, as applicable. To the extent that the definitions of
accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate
or other document shall control. 
 (d)        The words “hereof,”
“herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this
Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

(e)        The definitions contained in this Agreement are applicable to the singular
as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 Article II.

 Organization 

SECTION 2.1.            Name 

There is hereby continued a Delaware statutory trust to be known as “GM Financial Consumer Automobile Receivables Trust 2021-1,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 

SECTION 2.2.            Office 

The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the
Owner Trustee may designate by written notice to the Certificateholder. 
 SECTION
2.3.            Purposes and Powers. 
 The purpose of
the Trust is, and the Trust shall have the power and authority, to engage in the following activities: 

(a)        to issue the Notes pursuant to the Indenture and the Certificate pursuant
to this Agreement, and to sell the Notes; 

  
 4 

 (b)        to acquire the property
and assets set forth in the Sale and Servicing Agreement from the Depositor pursuant to the terms thereof, to fund the Reserve Account and to pay the organizational, start-up and transactional expenses of the
Trust; 
 (c)        to acquire from time to time the Owner Trust Estate, to assign,
grant, transfer, pledge, mortgage and convey the Owner Trust Estate to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Trustee on behalf of the Noteholders and to hold, manage and distribute to the Certificateholder
pursuant to the terms of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 

(d)        to enter into and perform its obligations under the Basic Documents to
which it is a party; 
 (e)        to engage in those activities, including entering
into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith (including the sale, from time to time, of Receivables at the direction of the Servicer pursuant to
Section 4.3(c) of the Sale and Servicing Agreement), and the filing of State business licenses (and any renewal thereof) as prepared and instructed by the Certificateholder or Servicer, including a Sales Finance Company Application (and any
renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation; and 

(f)        subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 

The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in
connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 

SECTION 2.4.            Appointment of Owner Trustee 

The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the
rights, powers and duties set forth herein. The Owner Trustee hereby accepts such appointment. 
 SECTION
2.5.            Initial Capital Contribution of Trust Estate 

The Owner Trustee has acknowledged receipt in trust from the Depositor of the sum of $1.00 which contribution shall constitute
the initial Owner Trust Estate. The Depositor acknowledges that such contribution has been transferred to, and is being held by, The Bank of New York Mellon, as agent for the Trust in an account established by The Bank of New York Mellon, on behalf
of the Trust, which contribution shall constitute the initial Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise. 

SECTION 2.6.            Declaration of Trust 

  
 5 

 The Owner Trustee hereby declares that it will hold the Owner Trust Estate
in trust upon and subject to the conditions set forth herein for the use and benefit of the Holder, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory
trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the
extent not inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The Owner Trustee has filed the Certificate of Trust with the Secretary of State and such filing is hereby ratified in all
respects. 
 The Holder shall not have any personal liability for any liability or obligation of the Trust. 

SECTION 2.7.            Title to Trust Property. 

(a)        Legal title to all the Owner Trust Estate shall be vested at all times in
the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a
co-trustee and/or a separate trustee, as the case may be. 

(b)        The Holder shall not have legal title to any part of the Trust Property.
The Holder shall be entitled to receive distributions with respect to its undivided ownership interest therein only in accordance with Article VIII and Article XI. No transfer, by operation of law or otherwise, of any right, title or interest by the
Certificateholder of its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust
Property. 
 SECTION 2.8.            Situs of Trust 

The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not
have any employees in any State other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of
Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware. 
 SECTION
2.9.            Representations and Warranties of the Depositor 

The Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner
Trust Estate in trust and issuing the Certificate. 
 (a)        Organization and
Good Standing.    The Depositor is duly organized and validly existing as a Nevada corporation with power and authority to own its properties and to conduct its business as such properties are currently owned and such
business is presently conducted and is proposed to be conducted pursuant to this Agreement and the Basic Documents. 

  
 6 

 (b)        Due Qualification.
The Depositor is duly qualified to do business as a foreign corporation, is in good standing, and has obtained, or has filed all forms, in the appropriate form, that are required to obtain, all necessary licenses and approvals, in all jurisdictions
in which the ownership or lease of its property, the conduct of its business and the performance of its obligations under this Agreement and the Basic Documents requires such qualification. 

(c)        Power and Authority.    The Depositor has the
corporate power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has
duly authorized such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 

(d)        No Consent Required.    No consent, license,
approval or authorization or registration or declaration with, any Person or with any governmental authority, bureau or agency is required in connection with the execution, delivery or performance of this Agreement and the Basic Documents, except
for such as have been applied for, obtained, effected or made. 
 (e)        No
Violation.    The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time) a default under the certificate of incorporation or by-laws of the Depositor, or any material indenture, agreement or other instrument to which the Depositor is a party or
by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to
the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
Depositor or its properties. 
 (f)        No
Proceedings.    There are no proceedings or investigations pending or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having
jurisdiction over it or its properties (i) asserting the invalidity of this Agreement or any of the Basic Documents, (ii) seeking to prevent the issuance of the Certificate or the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, (iii) seeking any determination or ruling that might materially and adversely affect its performance of its obligations under, or the validity or enforceability of, this Agreement or
any of the Basic Documents, or (iv) seeking to adversely affect the federal income tax or other federal, State or local tax attributes of the Certificate. 

SECTION 2.10.            Covenants of the Certificateholder

 The Certificateholder agrees: 

(a)        to be bound by the terms and conditions of the Certificate of which the
Holder is the beneficial owner and of this Agreement, including any supplements or amendments hereto and to perform the obligations of a Holder as set forth therein or herein, in all respects as if it were a signatory hereto. This undertaking is
made for the benefit of the Trust and the Owner Trustee; and 

  
 7 

 (b)        except as expressly
provided in Sections 4.5 and 10.13, not to, for any reason, take any Bankruptcy Action. 
 SECTION
2.11.            Federal Income Tax Treatment of the Trust. 

(a)        For so long as the Trust has a single owner for federal income tax
purposes, pursuant to Treasury Regulations promulgated under Section 7701 of the Code, it will be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes,
the Certificateholder will be treated as (i) owning all assets owned by the Trust and (ii) having incurred all liabilities incurred by the Trust, and all transactions between the Trust and the Certificateholder will be disregarded. The
parties agree that, unless otherwise required by appropriate tax authorities, the Trust will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust as provided in the
preceding sentence for such tax purposes. 
 (b)        Neither the Owner Trustee
nor the Certificateholder will make an election on IRS Form 8832 or otherwise to classify the Trust as an association taxable as a corporation for federal, State, or any other applicable tax purpose. 

(c)        In the event that the Trust has two or more owners for federal income tax
purposes, pursuant to Treasury Regulations promulgated under Section 7701 of the Code, it will be treated as a partnership. At any such time that the Trust has two or more equity owners, this Agreement will be amended, in accordance with
Section 10.1 herein, and appropriate provisions will be added so as to provide for treatment of the Trust as a partnership. 

(d)        In the event that the Trust is classified as a partnership for federal
income tax purposes, (i) the Depositor (or if the Depositor is no longer a Certificateholder, the Majority Certificateholder) is hereby designated as the “partnership representative” under Section 6223(a) of the Code and
(ii) the partnership representative will or will cause the Trust, to the extent eligible, to make the election under Section 6221(b) of the Code with respect to determinations of adjustments at the partnership level and take any other
action (such as disclosures and notifications) necessary or appropriate to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the partnership representative will or will cause
the Trust to make the election under Section 6226(a) of the Code with respect to the alternative to payment of imputed underpayment by a partnership and take any other action such as filings, disclosures and notifications necessary or
appropriate to effectuate such election. The partnership representative is authorized, in its sole discretion, to make any available election with respect to the BBA Partnership Audit Rules and take any action it deems necessary or appropriate to
comply with the requirements of the Code and to conduct the Trust’s affairs with respect to the BBA Partnership Audit Rules. Each Certificateholder and, if different, each beneficial owner of a Certificate, shall promptly provide the
partnership representative any requested information, documentation or material to enable the partnership representative to make any of the elections described in this clause (d) and otherwise comply with the BBA Partnership Audit Rules. The
provisions of this Section 2.11(d) shall survive any termination of this Agreement. In addition, should the Trust be classified as a partnership, the partnership representative, may, in its sole discretion, cause the Trust to make an election
under Section 754 of the Code. 

  
 8 

 Article III. 

Certificate and Transfer of Interest 

SECTION 3.1.            Initial Ownership 

Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance of
the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust. 
 SECTION
3.2.            The Certificate 
 The Certificate shall
be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. A Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and
delivery of such Certificate or did not hold such offices at the date of authentication and delivery of such Certificate. A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder, upon due registration of such Certificate in such transferee’s name pursuant to Section 3.4. 

SECTION 3.3.            Authentication of Certificate 

Concurrently with the sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee
shall cause the Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, its treasurer or any assistant
treasurer without further corporate action by the Depositor, in authorized denominations. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such
Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated the date of its authentication. 

SECTION 3.4.            Registration of Transfer and Exchange
of Certificate 
 The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant
to Section 3.7, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, including, without limitation, requiring any potential transferee to represent to the Certificate Registrar such transferee’s
compliance with the transfer restrictions set forth herein, the Certificate Registrar shall provide for the registration of the Certificate and of transfers and exchanges of the Certificate as herein provided. The Certificate Registrar shall be
entitled to conclusively rely on the transferee’s representation that the transferee has complied with the transfer restrictions set forth herein. Wilmington Trust Company shall be the initial Certificate Registrar. 

  
 9 

 The Certificate Registrar shall provide the Trust Collateral Agent and the
Trustee with the name and address of the Certificateholder (if other than the Depositor) on the Closing Date. Upon any transfers of the Certificate, the Certificate Registrar shall notify the Trust Collateral Agent and the Trustee of the name and
address of the transferee in writing, by facsimile, on the day of such transfer. The Trust Collateral Agent and the Trustee shall be entitled to fully rely on the most recently provided Certificateholder information with no liability therefor. 

Upon surrender for registration of transfer of the Certificate at the office or agency maintained pursuant to
Section 3.7, the Owner Trustee shall execute, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in the name of the designated transferee, a new Certificate dated the date of authentication by the
Owner Trustee or any authenticating agent. 
 A Certificate presented or surrendered for registration of transfer or
exchange may, but need not, be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney duly authorized in writing, (i) with
such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by IRS Form
W-9, or such other form as may be reasonably required in form satisfactory to the Certificate Registrar, as applicable, and such other documentation as may be reasonably required by the Owner Trustee or the
Certificate Registrar in order to comply with Applicable Anti-Money-Laundering Law, each in form satisfactory to the Owner Trustee and the Certificate Registrar, duly executed by the Certificateholder or such person’s attorney duly authorized
in writing. No transfer will be effectuated hereunder unless the Owner Trustee has received the transfer documentation required hereunder. Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently
disposed of by the Owner Trustee in accordance with its customary practice. 
 No service charge shall be made for any
registration of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of the Certificate. 
 No Certificate may be held or beneficially owned by any Person that is not a United States
person as defined under Section 7701(a)(30) of the Code. By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof shall be deemed to have represented and warranted that it is a United States person as
defined under Section 7701(a)(30) of the Code. 
 Notwithstanding the foregoing, no sale or transfer of a Certificate
shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar to be effective hereunder, if the sale or transfer thereof increases the number of
Certificateholders to more than ninety-five (95). For purposes of determining the total number of Certificateholders, a beneficial owner of an interest in a partnership, grantor trust or S corporation for federal income tax purposes (each a
“Flow-Through 

  
 10 

 
Entity”) that, directly or through other Flow-Through Entities, owns a Certificate is treated as a holder of a Certificate if (i) substantially all of the value of the beneficial
owner’s interest (directly or indirectly) in the Flow-Through Entity is attributed to the Flow-Through Entity’s interest in the Certificate and (ii) a principal purpose of the use of the Flow-Through Entity to hold the Certificate is
to satisfy the 95 holder limitation set out above. If using a Flow-Through Entity to acquire a Certificate, the Certificateholder shall be deemed to have represented that it is not using the Flow-Through Entity in order to avoid the 95 holder
limitation set out above. In addition, no sale or transfer of a Certificate shall be registered by the Certificate Registrar or made effective hereunder unless, as evidenced by a written representation and covenant by the transferee in form
satisfactory to the Certificate Registrar (upon which representation and covenant the Certificate Registrar may conclusively rely without independent investigation), no member of the transferee’s expanded group as defined in Treasury Regulation
Section 1.385-1(c)(4) (including through a controlled partnership as defined in Treasury Regulation Section 1.385-1(c)(1)) is or will become the beneficial
owner of a Note. If a Certificateholder or a member of its expanded group becomes the beneficial owner of a Note, the Depositor is authorized at its discretion to compel such Certificateholder to sell its Certificate to a Person whose ownership
complies with this paragraph so long as such sale does not otherwise cause a material adverse effect on the Trust. 

SECTION 3.5.            Mutilated, Destroyed, Lost or Stolen
Certificates 
 If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the
Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee, such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or the Certificate
Registrar, as the Owner Trustee’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination. In connection
with the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any
duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 

SECTION 3.6.            Persons Deemed Certificateholders

 Every Person by virtue of becoming a Certificateholder in accordance with this Agreement shall be deemed to be bound by
the terms of this Agreement. Prior to due presentation of the Certificate for registration of transfer, the Owner Trustee and the Certificate Registrar and any agent of the Owner Trustee and the Certificate Registrar, may treat the Person in whose
name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to the Sale and Servicing Agreement and for all other purposes whatsoever, and none of the
Owner Trustee or the Certificate Registrar nor any agent of the Owner Trustee or the Certificate Registrar shall be bound by any notice to the contrary. 

SECTION 3.7.            Maintenance of Office or Agency

  
 11 

 The Owner Trustee shall maintain an office or offices or agency or agencies
where the Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served.    The Owner
Trustee initially designates the Corporate Trust Office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and the Certificateholder of any change in the location of the Certificate Register or any such office or
agency. 
 SECTION 3.8.            Disposition in Whole But
Not in Part 
 The Certificate may be transferred in whole but not in part. Any attempted transfer of the Certificate that would divide
the ownership of the Owner Trust Estate shall be void. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST
AGREEMENT.”. 
 SECTION 3.9.            ERISA
Restrictions 
 The Certificate may not be acquired by or for the account of (a) an “employee benefit
plan” (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) a “plan”
(within the meaning of Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (c) any entity whose underlying assets include assets of an employee benefit plan or a plan described in (a) or (b) above by
reason of such employee benefit plan’s or plan’s investment in the entity (collectively, a “Benefit Plan Investor”), or (d) an employee benefit plan, a plan or other similar arrangement that is not a Benefit Plan
Investor but is subject to federal, State, local, non-U.S. or other laws or regulations that are substantially similar to Section 406 of ERISA or Section 4975 of the Code (each of (a) – (d), a
“Benefit Plan Entity”). By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan Entity. 

SECTION 3.10.            Appointment of Certificate Paying
Agent 
 The Certificate Paying Agent shall make distributions to the Certificateholder from the Certificate
Distribution Account pursuant to Article VIII and Article XI hereof and shall report the amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent shall have the revocable power to withdraw funds from the Certificate
Distribution Account for the purpose of making the distributions referred to above. The Owner Trustee shall revoke such power and remove the Certificate Paying Agent if the Owner Trustee or the Depositor by written direction to the Owner Trustee
determines, each in its sole discretion that the Certificate Paying Agent shall have failed to perform its obligations under this Agreement in any material respect. The Certificate Paying Agent initially shall be Wilmington Trust Company, and any co-paying agent chosen by Wilmington Trust Company and the Depositor. Wilmington Trust Company shall be permitted to resign as Certificate Paying Agent upon thirty (30) days’ written notice to the Owner
Trustee and the Depositor. In the event that Wilmington Trust Company shall no longer be the Certificate Paying Agent, the Depositor, with the consent of the Owner Trustee, shall appoint a successor to act as Certificate Paying Agent (which shall be
a bank or trust company). The Owner Trustee shall cause such successor Certificate Paying Agent or any additional Certificate Paying Agent 

  
 12 

 
appointed hereunder to execute and deliver to the Owner Trustee an instrument in which such successor Certificate Paying Agent or additional Certificate Paying Agent shall agree with the Owner
Trustee that, as Certificate Paying Agent, such successor Certificate Paying Agent or additional Certificate Paying Agent will hold all sums, if any, held by it for payment to the Certificateholder in trust for the benefit of the Certificateholder
entitled thereto until such sums shall be paid to the Certificateholder. The Certificate Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a Certificate Paying Agent such Certificate Paying Agent shall also
return all funds in its possession to the Owner Trustee. The provisions of Articles VI and VII shall apply to the Owner Trustee also in its role as Certificate Paying Agent, for so long as the Owner Trustee shall act as Certificate Paying Agent and,
to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Certificate Paying Agent shall include any co-paying agent unless the context requires otherwise.

 Article IV. 
 Voting
Rights and Other Actions 
 SECTION 4.1.            Prior
Notice to Holder with Respect to Certain Matters 
 With respect to the following matters, the Owner Trustee shall not
take action unless at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in
writing prior to the thirtieth (30th) day after such notice is given that the Certificateholder has withheld consent or provided alternative direction: 

(a)        the election by the Trust to file an amendment to the Certificate of Trust
(unless such amendment is required to be filed under the Statutory Trust Statute or unless such amendment would not materially and adversely affect the interests of the Holder); 

(b)        the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any Noteholder is required; 
 (c)        the amendment of the
Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the Certificateholder; or 

(d)        except pursuant to Section 12.1(b) of the Sale and Servicing
Agreement, the amendment, change or modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the
Certificateholder. 
 The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor Note
Registrar or Trust Collateral Agent within five (5) Business Days after receipt of notice thereof. 
 SECTION
4.2.            Action by Certificateholder with Respect to Certain Matters 

  
 13 

 The Owner Trustee shall not have the power, except upon the direction of
the Certificateholder in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder and the furnishing of indemnification satisfactory to
the Owner Trustee by the Certificateholder. 
 SECTION
4.3.            Restrictions on Certificateholder’s Power. 

(a)        The Certificateholder shall not direct the Owner Trustee to take or refrain
from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be
obligated to follow any such direction, if given. 
 (b)        The
Certificateholder shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document,
unless the Certificateholder previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, and also unless the Certificateholder shall have made written request upon the
Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to
be incurred therein or thereby, and the Owner Trustee, for thirty (30) days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such
thirty (30) day period no request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.3. For the protection and enforcement of the provisions of
this Section, the Certificateholder and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity. 

SECTION 4.4.            [Reserved] 

SECTION 4.5.            Action with Respect to Bankruptcy
Action 
 (a)        The Trust shall not, without the prior written consent of
the Owner Trustee, (i) institute any proceedings to adjudicate the Trust bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to
reorganization or relief under any applicable federal or State law relating to bankruptcy with respect to the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the
Trust or a substantial part of its property, (v) make any assignment for the benefit of the Trust’s creditors, (vi) admit in writing its inability to pay its debts generally as they become due, (vii) declare or effect a
moratorium on its debt, or (viii) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by
the Trust, the Owner Trustee, with the consent of the Certificateholder (hereby given, which consent the Certificateholder believes to be in the best interests of the Certificateholder and 

  
 14 

 
the Trust), shall consider the interest of the Noteholders in addition to the interests of the Trust and whether the Trust is insolvent; provided, however, that the Owner Trustee shall not be
deemed to owe any fiduciary duty to the Noteholders. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have been furnished (at the expense of the Trust or the Person
that requested that such letter be furnished to the Owner Trustee) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and in its
individual capacity) shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance on the provisions of this Section or in connection with the Owner Trustee’s giving prior written consent to a
Bankruptcy Action by the Trust in accordance herewith, or withholding such consent, in good faith, and neither the Trust nor the Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee (as such and
in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action. 

(b)        The parties hereto stipulate and agree that the Certificateholder has no
power to commence any Bankruptcy Action on the part of the Trust or to direct the Owner Trustee to take any Bankruptcy Action on the part of the Trust except as provided in Sections 4.5(a) and 10.13. To the extent permitted by applicable law, the
consent of the Trust Collateral Agent shall be obtained prior to taking any Bankruptcy Action by the Trust. 

(c)        The provisions of this Section do not constitute an acknowledgement or
admission by the Trust, the Owner Trustee, the Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor, under the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended. 

SECTION 4.6.            Covenants and Restrictions on Conduct
of Business. 
 (a)        The Trust agrees to abide by the following
restrictions: 
 (i)        other than as contemplated by the Basic
Documents and related documentation, the Trust shall not incur any indebtedness; 

(ii)       other than as contemplated by the Basic Documents and related
documentation, the Trust shall not engage in any dissolution, liquidation, consolidation, merger or sale of assets; 

(iii)      other than as contemplated by the Basic Documents and related
documentation, the Trust shall not engage in any business activity in which it is not currently engaged; and 

(iv)      other than as contemplated by the Basic Documents and related
documentation, the Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset. 

(b)         The Trust shall: 

(i)        maintain books and records separate from any other person
or entity; 

  
 15 

 (ii)      maintain its office
and bank accounts separate from any other person or entity; 
 (iii)     not
commingle its assets with those of any other person or entity; 
 (iv)     conduct
its own business in its own name and use stationery or other business forms under its own name and not that of the Certificateholder or any Affiliate; 

(v)      other than as contemplated by the Basic Documents and related
documentation, pay its own liabilities and expenses only out of its own funds; 

(vi)     observe all formalities required under the Statutory Trust Statute; 

(vii)    not guarantee or become obligated for the debts of any other person or entity;

 (viii)   not hold out its credit as being available to satisfy the obligation of any other
person or entity; 
 (ix)     not acquire the obligations or securities of the
Certificateholder or its Affiliates; 
 (x)      other than as contemplated by
the Basic Documents and related documentation, not make loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity; 

(xi)     other than as contemplated by the Basic Documents and related documentation,
not pledge its assets for the benefit of any other person or entity; 
 (xii)    hold
itself out as a separate entity from the Certificateholder and not conduct any business in the name of the Certificateholder; 

(xiii)   correct any known misunderstanding regarding its separate identity; 

(xiv)   not identify itself as a division (other than for tax reporting purposes) of any other
person or entity; and 
 (xv)    except as required or specifically provided in the
Trust Agreement, the Trust will conduct business with the Certificateholder or any Affiliate thereof on an arm’s length basis. 

(c)     So long as the Notes or any other amounts owed under the Indenture remain outstanding, the Trust
shall not amend this Section 4.6 unless the Rating Agency Condition has been satisfied. 

  
 16 

 Article V. 

Authority and Duties of Owner Trustee 

SECTION 5.1.         General Authority. 

(a)     The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which
the Trust is named as a party, each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is named as a party and any amendment thereto and on behalf of the Trust, each State business
license (and any renewal thereof) prepared by the Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation
Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf
of the Trust, to direct the Trustee to authenticate and deliver the Class A-1 Notes in the aggregate principal amount of $251,000,000, the Class A-2 Notes in
the aggregate principal amount of $578,070,000, the Class A-3 Notes in the aggregate principal amount of $578,070,000, the Class A-4 Notes in the aggregate
principal amount of $139,690,000, the Class B Notes in the aggregate principal amount of $26,290,000, the Class C Notes in the aggregate principal amount of $24,640,000 and the Class D Notes in the aggregate principal amount of
$20,550,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such
action as the Certificateholder recommends with respect to the Basic Documents so long as such activities are consistent with the terms of the Basic Documents. 

(b)     At the written direction of the Certificateholder, the Owner Trustee shall sign on behalf of the
Trust any applicable tax returns of the Trust, unless applicable law requires the Certificateholder to sign such documents. 

SECTION 5.2.         General Duties 

It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the
terms of this Agreement and the Sale and Servicing Agreement and to administer the Trust in the interest of the Holder, subject to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and Servicing Agreement to perform any act or to discharge any duty of the Trust or
the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Servicer to carry out its obligations under the Sale and Servicing Agreement. 

SECTION 5.3.         Action upon Instruction. 

(a)     Subject to Article IV, the Certificateholder shall have the exclusive right to direct the actions
of the Owner Trustee in the management of the Trust, so long as such instructions are 

  
 17 

 
not inconsistent with the express terms set forth herein or in any Basic Document. The Certificateholder shall not instruct the Owner Trustee in a manner inconsistent with this Agreement or the
Basic Documents. 
 (b)     The Owner Trustee shall not be required to take any action hereunder or
under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any
Basic Document or is otherwise contrary to law. 
 (c)     Whenever the Owner Trustee is unable to
decide between alternative courses of action permitted or required by the terms of this Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the
Certificateholder requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may
be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder,
and shall have no liability to any Person for such action or inaction. 
 (d)     In the event that the
Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the
event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice
(in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the
Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to
be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or inaction. 

SECTION 5.4.         No Duties Except as Specified in this Agreement or in
Instructions 
 The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as
expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 5.3; and no implied duties (including fiduciary duties) or obligations existing at law or in equity
shall be read into this Agreement or any Basic Document against the Owner 

  
 18 

 
Trustee. The Owner Trustee shall have no responsibility for filing any trust licensing or qualifications to do business, tax filing, financing or continuation statement in any public office at
any time or to otherwise perfect or maintain the perfection of any ownership or security interest or lien granted to it hereunder or to prepare or file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002
or any rule or regulation promulgated thereunder) for the Trust or to record this Agreement or any Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to
discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee (solely in its individual capacity) and that are not related to the ownership or the administration of the Owner Trust
Estate. 
 SECTION 5.5.         No Action Except under Specified Documents or
Instructions 
 The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of
the Owner Trust Estate except (a) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (b) in accordance with the Basic Documents and (c) in accordance with any
document or instruction delivered to the Owner Trustee pursuant to Section 5.3. 
 SECTION 5.6.
        Restrictions 
 The Owner Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 of this Agreement, or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for
federal income tax purposes. The Certificateholder shall not direct the Owner Trustee to take action that would violate the provisions of this Section. 

SECTION 5.7.         Covenants for Reporting of Repurchase Demands due to Breaches
of Representations and Warranties 
 (a)     The Owner Trustee will (i) in accordance with its
obligations pursuant to Section 3.2 of the Sale and Servicing Agreement, provide prompt written notice upon the discovery of any breach of the Seller’s representations and warranties, (ii) no later than five (5) Business Days
after the end of each calendar quarter, provide to the Servicer, GM Financial and the Seller, a notice in substantially the form of Exhibit C, or any other form agreed upon between the Owner Trustee and the Seller, which shall be deemed acceptable
to the Seller unless the Seller notifies the Owner Trustee within five (5) Business Days of its receipt thereof, with respect to any requests (in writing or orally) for the repurchase of any Receivable pursuant to Section 5.1 of the
Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement received by a Responsible Officer of the Owner Trustee during the immediately preceding calendar quarter (or, in the case of the initial notice, since the Closing Date) and
(iii) promptly upon reasonable written request by the Servicer, GM Financial or the Seller, provide to them any other information reasonably requested in good faith that is in actual possession of the Owner Trustee and necessary to facilitate
compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. 

(b)     In no event will the Owner Trustee or the Trust have any responsibility or liability in connection
with (i) the compliance by the Servicer, GM Financial, the Seller or any other Person 

  
 19 

 
with the Exchange Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB. The Owner Trustee will not have a duty to conduct any
affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2 of the Sale and Servicing Agreement. 

Article VI. 
 Concerning the
Owner Trustee 
 SECTION 6.1.         Acceptance of Trusts and Duties

 (a)     The Owner Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy of
any representation or warranty contained in Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of
Section 5.4, (iv) for any investments issued by the Owner Trustee or any branch or affiliate thereof in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation
received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 

(i)      the Owner Trustee shall not be liable for any error of judgment made by
a Responsible Officer of the Owner Trustee (except in the case of willful misconduct, bad faith or negligence); 

(ii)     the Owner Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of the Servicer or the Certificateholder; 

(iii)    no provision of this Agreement or any Basic Document shall require the Owner
Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of
such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 

(iv)    the Owner Trustee shall not be responsible for or in respect of the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic
Documents, other than the certificate of authentication on the Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to the Trustee, the Trust Collateral Agent,

  
 20 

 
any Noteholder or the Certificateholder, other than as expressly provided for herein and in the Basic Documents; 

(v)       the Owner Trustee shall not be liable for the default or
misconduct of the Trustee, the Trust Collateral Agent or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations under this Agreement or the Basic Documents
that are required to be performed by the Trustee under the Indenture or the Trust Collateral Agent or the Servicer under the Sale and Servicing Agreement; 

(vi)      the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of the Certificateholder,
unless the Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to
perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence, bad faith or willful misconduct in the performance of
any such act; 
 (vii)     the Owner Trustee shall have no duty, responsibility or
obligation to (or liability for failing to) monitor, supervise, confirm, verify, notify regarding or otherwise enforce the requirements or commitments applicable to any Person arising under, related to or otherwise in connection with any provision
of this Agreement or any law, rule or regulation in connection with risk retention; 

(viii)   in no event shall the Owner Trustee, its directors, officers, agents or employees be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Owner Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action; and 
 (ix)      the Owner
Trustee shall not be deemed to have knowledge or notice of any fact or event unless a Responsible Officer of the Owner Trustee has actual knowledge or received written notice thereof. 

(b)     Under no circumstances shall the Owner Trustee be liable for any representations, warranties or
covenants of the Trust or any other Person (except as provided in Section 6.1(a) with regard to the Owner Trustee’s representations and warranties contained in Section 6.3) or the indebtedness evidenced by or arising under any of the
Basic Documents, including the principal of and interest on the Notes. 
 SECTION 6.2.
        Furnishing of Documents 
 The Owner Trustee shall furnish to the
Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, 

  
 21 

 
financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 

SECTION 6.3.         Representations and Warranties 

Wilmington Trust Company hereby represents and warrants to the Depositor and the Holder, that: 

(a)       It is a Delaware corporation with trust powers, duly organized and validly existing in
good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 

(b)       It has taken all corporate action necessary to authorize the execution and delivery by
it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c)       Neither the execution nor the delivery by it of this Agreement, nor the consummation
by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of Wilmington
Trust Company or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by
which any of its properties may be bound. 
 (d)       The Agreement has been, or, when
executed and delivered will have been, duly authorized, validly executed and delivered by Wilmington Trust Company and constitutes, a valid and binding agreement of Wilmington Trust Company, enforceable against Wilmington Trust Company in accordance
with its terms, except to the extent that enforceability may (i) be subject to insolvency, reorganization, moratorium, or other similar laws, regulations or procedures of general applicability now or hereinafter in effect relating to or
affecting creditor’s rights generally and (ii) be limited by general principles of equity (whether considered in a proceeding at law or in equity). 

(e)       There are no proceedings or investigations pending or, to the actual knowledge of a
Responsible Officer of Wilmington Trust Company, threatened, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over Wilmington Trust Company or its properties (i) asserting the
invalidity of this Agreement or (ii) seeking any determination or ruling that might materially and adversely affect the performance by Wilmington Trust Company of its obligations under, or the validity or enforceability of, this Agreement or
any Basic Document. 
 SECTION 6.4.         Reliance; Advice of Counsel. 

(a)       The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee need not
investigate any fact or matter stated in any such document, including verifying the correctness of any numbers or calculations. The Owner Trustee may accept 

  
 22 

 
a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that
the same is in full force and effect. As to any fact or matter, the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer, secretary or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in
good faith in reliance thereon. 
 (b)       In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the
Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other
skilled persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel,
accountants or other such persons; provided, however, that the Owner Trustee shall use its best efforts to procure and provide to such counsel, accountants or other such persons all such documents and information as may be reasonably
necessary for such persons to render such opinion or advice. 
 SECTION 6.5.
        Not Acting in Individual Capacity 
 Except as provided in this
Article VI, in accepting the trust hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 

SECTION 6.6.         Owner Trustee Not Liable for Certificate or Receivables

 The recitals contained herein and in the Certificate (other than the signature and countersignature of the Owner Trustee
on the Certificate) shall be taken as the statements of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any
Basic Document or of the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or
liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and
priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholder under this Agreement or the Noteholders under the Indenture, including, without
limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the
assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any 

  
 23 

 
Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other Person with any warranty or representation made under any Basic Document
or in any related document or the accuracy of any such warranty or representation or any action of the Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 

SECTION 6.7.         Owner Trustee May Own Notes 

The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may deal with the
Depositor, the Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 

SECTION 6.8.         Payments from Owner Trust Estate 

All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the
Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance
with the terms hereof. Wilmington Trust Company or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party.

 SECTION 6.9.         Doing Business in Other Jurisdictions 

Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or any successor thereto, nor the
Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in
accordance with Section 9.5, (a) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any State or other governmental authority or
agency of any jurisdiction other than the State of Delaware; (b) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by Wilmington Trust Company (or any successor thereto); or
(c) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wilmington
Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated hereby. 
 SECTION 6.10.
        FATCA Information 
 Each Certificateholder or Holder, by acceptance
of such Certificate or such interest therein, agrees to provide to the Owner Trustee, upon its reasonable request, the FATCA Information to the extent such Certificateholder or Holder is legally entitled to do so. In addition, each Certificateholder
or Holder, by acceptance of such Certificate or such interest therein, agrees that the Owner Trustee has the right to withhold or deduct (and to promptly pay over, in full, to the relevant taxing authority) any amounts properly withheld or deducted
under law (and without any corresponding gross-up) payable to a Certificateholder or Holder that fails to comply with the requirements of the preceding sentence. 

  
 24 

 SECTION 6.11.         Financial
Crimes Enforcement Network’s Customer Due Diligence 
 To help the government fight the funding of terrorism and
money laundering activities, the Customer Identification Program requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107
56 and its implementing regulations (together, the “USA PATRIOT Act”), the Financial Crimes Enforcement Network’s Customer Due Diligence Requirements (the “FinCEN Due Diligence Requirements”) and such other laws,
rules, regulations and executive orders in effect from time to time applicable to banking institutions (collectively, with the USA PATRIOT Act and FinCEN Due Diligence Requirements, the “Applicable Anti-Money Laundering Law”),
requires all financial institutions to obtain, verify and record information that identifies each Person who opens an account. Accordingly, in order to comply with Applicable Anti-Money-Laundering Law, the Owner Trustee will request on or before the
Closing Date and from time to time thereafter reasonable documentation to verify and record information that identifies each Person who opens an account. For a non-individual Person, such as a business entity,
a charity, a trust or other “legal entity customer” (as defined in the FinCEN Due Diligence Requirements), the Owner Trustee may request and shall be entitled to receive from such Person reasonable documentation to verify its formation and
existence as a legal entity, financial statements, licenses, tax identification documents, and identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation and information
(including beneficial owners of such entities) (collectively, the “Owner Trustee Due Diligence Documents”). Failure by a Person who opens an account to provide such Owner Trustee Due Diligence Documents may result in an inability of
the Owner Trustee to perform its obligations hereunder which, at the sole option of the Owner Trustee, may result in the immediate resignation of the Owner Trustee pursuant to, and subject to the requirements of Section 9.2. Notwithstanding the
foregoing, if such Person who opens an account is not a legal entity customer (as defined in the FinCEN Due Diligence Requirements), in the determination of the Owner Trustee (in the Owner Trustee’s reasonable discretion), such Person shall not
be required to provide to the Owner Trustee the Owner Trustee Due Diligence Documents, and any such requirement to provide such information shall be deemed satisfied. 

SECTION 6.12.         Beneficial Ownership and Control of the Trust 

The parties hereto agree that for purposes of the Applicable Anti-Money-Laundering Laws (a) the Certificateholders are
and shall be deemed to be the sole beneficial owners of the Trust and (b) the Certificateholders and the Administrator are, and shall deemed to be, the parties with the power and authority to control the Trust. 

Article VII. 
 Compensation of
Owner Trustee 
 SECTION 7.1.         Owner Trustee’s Fees and
Expenses 
 The Owner Trustee shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between GM Financial and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Depositor for its 

  
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other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties hereunder and under the Basic Documents. GM Financial shall be jointly and severally liable for the fees and expenses owing to the Owner Trustee under this Section 7.1.

 SECTION 7.2.         Indemnification 

The Depositor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors,
successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses
and disbursements (including reasonable legal fees, costs and expenses and including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim or suit) brought by the Owner
Trustee for any indemnification or other obligation of the Depositor) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any
Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the
Depositor shall not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 6.1(a). The indemnities contained in this Section and
the rights under Section 7.1 shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section,
the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Depositor which approval shall not be unreasonably withheld. GM Financial shall be jointly and severally liable for the indemnification duties and obligations
of the Depositor which are described in this Section 7.2. 
 SECTION 7.3.
        Payments to the Owner Trustee 
 Any amounts paid to the Owner
Trustee pursuant to this Article VII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 

SECTION 7.4.         Non-recourse
Obligations 
 Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its
individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall
be without recourse to the assets of the Holder. 

  
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 Article VIII. 

Termination of Trust Agreement 

SECTION 8.1.         Termination of Trust Agreement. 

(a)       The Trust shall dissolve in accordance with Section 3808 of the Statutory Trust
Statute upon the maturity or other liquidation of the last Receivable (including the purchase by the Servicer at its option or by the Seller at its option of the corpus of the Trust as described in Section 10.1 of the Sale and Servicing
Agreement) and the subsequent distribution of amounts in respect of such Receivables as provided in the Basic Documents; provided, however, that the rights to indemnification under Section 7.2 and the rights under Section 7.1 shall survive
the dissolution of the Trust. The Seller or the Servicer shall promptly notify the Owner Trustee of any prospective dissolution pursuant to this Section. For the avoidance of doubt, except as described in Section 8.1(d), the Owner Trustee shall
have no responsibility for the dissolution, or winding-up, of the Trust. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder, shall not (i) operate to terminate this
Agreement or the Trust, nor (ii) entitle the Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner
Trust Estate nor (iii) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b)
      Neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust. 

(c)      Notice of any termination of the Trust, specifying the Distribution Date upon which the
Certificateholder shall surrender the Certificate to the Owner Trustee for payment of the final distribution by the Certificate Paying Agent and cancellation, shall be given by the Servicer on behalf of the Owner Trustee by letter to the
Certificateholder mailed within five (5) Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with
respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Owner Trustee therein designated, (ii) the amount of any such final payment, (iii) that the Record Date
otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Owner Trustee therein specified and (iv) interest will cease to accrue on the
Certificate. The Servicer on behalf of the Owner Trustee shall give such notice to the Trust Collateral Agent at the time such notice is given to the Certificateholder. Upon presentation and surrender of the Certificate, the Certificate Paying Agent
shall cause to be distributed to the Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement. 

In the event that the Certificateholder shall not surrender the Certificate for cancellation within six months after the date
specified in the above mentioned written notice, the Servicer on behalf of the Owner Trustee shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice the Certificate shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder
concerning surrender of its Certificate, and the cost thereof shall be 

  
 27 

 
paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed, subject to applicable
escheat laws, by the Owner Trustee to the Holder. 
 (d)       Upon the completion of the
winding up of the Trust in accordance with Section 3808 of the Statutory Trust Statute, this Agreement shall terminate and be of no further force or effect except as expressly set forth herein and the Owner Trustee, at the direction and expense
of the Depositor, shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 

Article IX. 
 Successor Owner
Trustees and Additional Owner Trustees 
 SECTION 9.1.         Eligibility
Requirements for Owner Trustee 
 The Owner Trustee shall at all times be a Person (a) satisfying the provisions
of Section 3807(a) of the Statutory Trust Statute; (b) authorized to exercise corporate trust powers; and (c) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or State
authorities. If such Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of
such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.2. 
 SECTION 9.2.
        Resignation or Removal of Owner Trustee 
 The Owner Trustee may at
any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor and the Servicer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within
thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee or the Certificateholder may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 

If at any time the Owner Trustee shall (a) cease to be eligible in accordance with the provisions of Section 9.1 and
shall fail to resign after written request therefor by the Depositor, (b) be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or (c) be removed as Certificate Paying Agent pursuant to Section 3.10, then the Depositor may
remove the Owner Trustee by sending written notice of such removal to the Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately 

  
 28 

 
preceding sentence, the Depositor shall promptly (x) appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing
Owner Trustee so removed and one copy to the successor Owner Trustee, and (y) pay all fees owed to the outgoing Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions
of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice of
such resignation or removal of the Owner Trustee to each of the Rating Agencies. The Trust shall pay any costs and expenses associated with the replacement of the Owner Trustee. To the extent the Trust fails to pay any such costs or expenses before
the Distribution Date following the replacement of the Owner Trustee, the Depositor shall pay such amount then outstanding. 

SECTION 9.3.         Successor Owner Trustee 

Any successor Owner Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Depositor,
the Servicer and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee,
without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner
Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 

No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such
successor Owner Trustee shall be eligible pursuant to Section 9.1. 
 Upon acceptance of appointment by a successor
Owner Trustee pursuant to this Section, the Servicer shall mail notice of the successor of such Owner Trustee to the Certificateholder, the Trustee, the Noteholders and the Rating Agencies. If the Servicer shall fail to mail such notice within ten
(10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 

SECTION 9.4.         Merger or Consolidation of Owner Trustee 

Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner
Trustee hereunder, provided such Person shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything

  
 29 

 
herein to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation or succession to the Depositor (who shall notify
the Rating Agencies). 
 SECTION 9.5.             Appointment
of Co-Trustee or Separate Trustee 
 Notwithstanding any other provisions of
this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly
shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request to do so, the Owner Trustee
shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.1 and
no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3. 

Each separate trustee and co-trustee shall, to the extent permitted by law, be
appointed and act subject to the following provisions and conditions: 
 (a)       all rights,
powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust or any portion
thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(b)       no trustee under this Agreement shall be personally liable by reason of any act or
omission of any other trustee under this Agreement; and 
 (c)       the Servicer and the
Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee. 

Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of 

  
 30 

 
this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof
given to the Servicer. 
 Any separate trustee or co-trustee may at any time appoint
the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall
vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

Article X. 
 Miscellaneous

 SECTION 10.1.             Supplements and Amendments.

 (a)        This Agreement may be amended by the Depositor and the Owner
Trustee, and with prior written notice by the Depositor to the Rating Agencies, without the consent of any of the Noteholders or the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct, supplement or modify any
provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee which may be based upon a certificate of the Servicer, adversely affect in any material respect the
interests of any Noteholder or Certificateholder. 
 (b)        This Agreement may
also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice by the Depositor to the Rating Agencies, to the extent such amendment materially and adversely affects the interests of the Noteholders, with the
consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and the consent of the Certificateholder (which consent of any Holder of a Certificate or Note given pursuant to this Section or pursuant to any
other provision of this Agreement shall be conclusive and binding on such Holder) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders or the Certificateholder; provided, however, that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that
shall be required to be made for the benefit of the Noteholders or the Certificateholder or (ii) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate balance required to consent to any such amendment,
without the consent of the Holders of all the outstanding Notes and the Certificateholder. 
 Promptly after the execution
of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Certificateholder, the Trustee and the Depositor (who shall send such notification to each of the Rating
Agencies). 
 It shall not be necessary for the consent of the Certificateholder, the Noteholders or the Trustee pursuant to
this Section to approve the particular form of any proposed amendment or 

  
 31 

 
consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of the Certificateholder provided for in
this Agreement or in any Basic Document) and of evidencing the authorization of the execution thereof by the Certificateholder shall be subject to such reasonable requirements as the Owner Trustee may prescribe. Promptly after the execution of any
amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 

Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

SECTION 10.2.             No Legal Title to Owner Trust Estate
in Certificateholder 
 The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The
Certificateholder shall be entitled to receive distributions in accordance with Article VIII and Article XI. No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in
the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 

SECTION 10.3.             Limitations on Rights of Others

 The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder,
the Servicer and, to the extent expressly provided herein, the Trustee, the Trust Collateral Agent and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable
right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 10.4.             Notices. 

(a)        Unless otherwise expressly specified or permitted by the terms hereof, all
notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed first class mail or certified mail, in each case return receipt requested, and shall be deemed to have been duly given
upon receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to AFS SenSub Corp., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer; or, as to each party, at
such other address as shall be designated by such party in a written notice to each other party. 

(b)        Any notice required or permitted to be given to the Certificateholder shall
be given by first-class mail, postage prepaid, at the address of the Holder. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such
notice. 

  
 32 

 (c)        Where this Agreement
provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder. 

SECTION 10.5.            Severability 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 SECTION
10.6.            Counterparts and Consent to Do Business Electronically 

This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they
shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn.
Each party agrees that this Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act,
state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as
handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or
photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

SECTION 10.7.            Assignments 

This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and
permitted assigns. 
 SECTION 10.8.            No
Recourse 
 The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial
interest in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee, or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents. 
 SECTION
10.9.            Headings 
 The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

  
 33 

 SECTION
10.10.            Force Majeure 
 The Owner Trustee
shall not be responsible for delays or failures in performance resulting directly or indirectly from forces beyond its control (including, without limitation, acts of God, strikes, work stoppages, accidents, severe weather, floods, nuclear or
natural catastrophes, lockouts, riots, civil or military disturbances, acts of war or terrorism, pandemic or epidemic, any provision of any present or future law or regulation or any act of any governmental authority, and any interruption, loss or
malfunction of utilities, communications, computer services (software or hardware) or Federal Reserve Bank wire service) provided such default or delay could not have been prevented by the taking of commercially reasonable precautions such as the
implementation and execution of disaster recovery plans. 
 SECTION
10.11.            GOVERNING LAW 
 THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 SECTION 10.12.            Servicer 

(a)        The Servicer is authorized to prepare, or cause to be prepared, execute and
deliver on behalf of the Trust, all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic Documents. The Owner Trustee is
hereby authorized and directed to execute and deliver to the Servicer a limited power of attorney appointing the Servicer as the Trust’s agent and attorney-in-fact
to prepare, or cause to be prepared, execute and deliver all such documents, reports, filings, instruments, certificates and opinions. 

(b)        It shall be the Servicer’s duty and responsibility, and not the Owner
Trustee’s duty or responsibility, to cause the Trust to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the
Trust, its assets or the conduct of its business; provided, that, the Owner Trustee hereby agrees to cooperate with the Servicer and to comply with any reasonable request made by the Servicer for the delivery of information or documents to the
Servicer in the Owner Trustee’s actual possession relating to any such regulatory, administrative, governmental, investigative or other proceeding or inquiry. 

SECTION 10.13.            Nonpetition Covenants 

(a)        To the fullest extent permitted by applicable law, notwithstanding any
prior termination of this Agreement, but subject to the provisions of Section 4.5, the Certificateholder shall not, prior to the date which is one (1) year and one (1) day after the termination of this Agreement with respect to the
Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or State bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar 

  
 34 

 
official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 

(b)        To the fullest extent permitted by applicable law, notwithstanding any
prior termination of this Agreement, but subject to the provisions of Section 4.5, the Owner Trustee shall not, prior to the date which is one (1) year and one (1) day after the termination of this Agreement, with respect to the
Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Trust under any federal or State bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of
the Trust. 
 SECTION 10.14.        Regulation AB. The Owner Trustee
acknowledges and agrees that the purpose of this Section 10.14 is to facilitate compliance by the Trust with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that
interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or
otherwise, and agrees hereby to comply with reasonable requests made by the Servicer in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate fully
with the Servicer and the Trust to deliver to the Servicer and the Trust any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Servicer to permit the Servicer and the
Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee reasonably believed by the Servicer to be necessary in order to effect such compliance. 

Article XI. 
 Application of
Trust Funds; Certain Duties 
 SECTION
11.1.            Establishment of Trust Accounts  

(a)        The Owner Trustee, for the benefit of the Certificateholder, shall cause
the Certificate Paying Agent to establish and maintain in the name of the Trust a distribution non-interest bearing account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholder. The Certificate Distribution Account shall be maintained as an Eligible Deposit Account; provided, however, that so long as (i) the long-term unsecured debt of the related
depository institution shall have a credit rating of investment grade or better by a nationally recognized statistical rating organization, and (ii) such depository institution’s deposits are insured by the FDIC, such account shall be
deemed to be an Eligible Deposit Account. 
 (b)        The Trust shall possess all
right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof. Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole
dominion and control of the Owner Trustee for the benefit of the Certificateholder. If, at any time, the 

  
 35 

 
Certificate Distribution Account ceases to be an Eligible Deposit Account, the Certificate Paying Agent shall within ten (10) Business Days establish a new Certificate Distribution Account
as an Eligible Deposit Account and shall transfer any cash or any investments to such new Certificate Distribution Account; provided, however, that so long as (i) the long-term unsecured debt of the related depository institution
shall have a credit rating of investment grade or better by a nationally recognized statistical rating organization, and (ii) such depository institution’s deposits are insured by the FDIC, such account shall be deemed to be an Eligible
Deposit Account. 
 SECTION 11.2.            Application of
Trust Funds 
 (a)        On each Distribution Date, the Owner Trustee shall
cause the Certificate Paying Agent to distribute amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement with respect to such Distribution Date in the following order of priority: 

(i)        to make payments to the Certificateholder, any remaining
amount deposited therein; and 
 (ii)        to clear and terminate
the Certificate Distribution Account upon the termination of this Agreement. 

(b)        In the event that any withholding tax is imposed on the Trust’s
payment (or allocations of income) to the Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. The Owner Trustee or Certificate Paying Agent is hereby authorized and
directed to retain from amounts otherwise distributable to the Certificateholder sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee or the Certificate Paying
Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholder shall
be treated as cash distributed to the Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a
distribution to a non-U.S. Certificateholder), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph. 

(c)        The Owner Trustee and the Certificate Paying Agent shall be fully protected
in relying upon, and each Holder by its acceptance of the Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or
related to the Owner Trustee’s and the Certificate Paying Agent’s reliance upon any documents, forms or information provided by any Holder to the Owner Trustee and the Certificate Paying Agent. 

SECTION 11.3.            Method of Payment  

Distributions required to be made to the Certificateholder on any Distribution Date shall be made to the Certificateholder of
record on the preceding Record Date either by wire transfer, in immediately available funds, to the account of the Certificateholder at a bank or other entity having appropriate facilities therefor, if the Certificateholder shall have provided to
the Certificate Registrar and the Certificate Paying Agent appropriate written instructions at least five 

  
 36 

 
(5) Business Days prior to such Distribution Date, or, if not, by check mailed to the Certificateholder at the address of the Certificateholder appearing in the Certificate Register. 

[Remainder of Page Intentionally Left Blank] 

  
 37 

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

			
	 WILMINGTON TRUST COMPANY, 

      as Owner Trustee

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	
	
	 AFS SENSUB CORP.,

      as Seller

 
			
		
	By: 	 	 

 
			
	Name:	 	
	Title:	 	

 ACKNOWLEDGED AND AGREED TO: 

AMERICREDIT FINANCIAL SERVICES, INC. 
 d/b/a GM
Financial, Solely with respect to Sections 7.1 and 7.2 
  

			
	 By:
	 	 

			
	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to
Amended and Restated Trust Agreement] 

 EXHIBIT A 

NUMBER 
 R-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

THIS CERTIFICATE IS NOT TRANSFERABLE, 

EXCEPT UNDER THE LIMITED CONDITIONS 

SPECIFIED IN THE TRUST AGREEMENT 
  

 
 ASSET BACKED
CERTIFICATE 
 evidencing a beneficial ownership interest in certain distributions of the Trust, as defined below, the property of which
includes a pool of retail installment sale contracts secured by new or used automobiles, utility vehicles or light duty trucks and sold to the Trust by AFS SenSub Corp. 

(This Certificate does not represent an interest in or obligation of AFS SenSub Corp. or any of its Affiliates, except to the extent
described below.) 
 THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a nonassessable, fully-paid,
beneficial ownership interest in certain distributions of GM Financial Consumer Automobile Receivables Trust 2021-1 (the “Trust”) formed by AFS SenSub Corp., a Nevada corporation (the
“Seller”). 
 The Trust was created pursuant to a Trust Agreement, dated as ofDecember 1, 2020, as
amended and restated as of January 20, 2021 (the “Trust Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of
which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 

This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the
“Certificate”). Also issued under the Indenture, dated as of January 20, 2021, among the Trust and The Bank of New York Mellon, as trustee and trust collateral agent, are seven classes of Notes designated as “Class A-1 0.15333% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2 0.23% Asset Backed Notes” (the
“Class A-2 Notes”), “Class A-3 0.35% Asset Backed Notes” (the “Class A-3 Notes”),
“Class A-4 0.54% Asset Backed Notes” (the “Class A-4 Notes” and together with the Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), “Class B 0.75% Asset Backed Notes” (the “Class B
Notes”), “Class C 1.04% Asset Backed Notes” (the “Class C Notes”) and “Class D 0.00% Asset Backed Notes” (the “Class D Notes” and collectively with the Class A Notes, the
Class B Notes and the Class C Notes, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by
virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes 

 
a pool of retail installment sale contracts secured by new and used automobiles, utility vehicles or light duty trucks (the “Receivables”), all monies due thereunder on or after
the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing
Agreement, all right, title and interest of the Seller in and to the Purchase Agreement, dated as of January 20, 2021, between GM Financial and the Seller and all proceeds of the foregoing. 

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate
are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. 

Distributions on this Certificate will be made as provided in the Trust Agreement or any Basic Document by wire transfer or
check mailed to the Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Servicer on behalf of the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the
Owner Trustee in the Corporate Trust Office. 
 Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by
manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO
ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

  
 A-2 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its
individual capacity, has caused this Certificate to be duly executed. 
  

									
		 		 		 	 GM FINANCIAL CONSUMER AUTOMOBILE
RECEIVABLES TRUST
2021-1

					
		 		 		 	By:	 	 WILMINGTON TRUST COMPANY,
 not in its
individual capacity but
 solely as Owner Trustee

									
					
	Dated:	 	January 20, 2021	 		 	By:	 	  

									
		 		 		 	Name:	 	

									
		 		 		 	Title:	 	

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

			
	 WILMINGTON TRUST COMPANY, not
 in
its individual capacity but solely as
Owner Trustee

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

  
 A-3 

 (Reverse of Certificate) 

The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any
Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is
not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each
of the Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by the Certificateholder upon written
request. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the
modification of the rights and obligations of the Seller under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Majority Noteholders and the Certificateholder. Any such consent by the Holder of this
Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made
upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholder. 

As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is
registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the Corporate Trust Office, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon a new Certificate evidencing the same
aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust Company. No service charge will be made for any such registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

This certificate may not be held or beneficially owned by any Person that is not a United States person as defined under
Section 7701(a)(30) of the Code. 
 No sale or transfer of a Certificate shall be permitted (including, without
limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar or be effective hereunder, if the sale or transfer thereof increases to more than ninety-five (95) the sum of the number of
Certificateholders. For purposes of determining the total number of Certificateholders, a beneficial owner of an interest in a partnership, grantor trust, S corporation or other flow-through entity that owns, directly or through other flow-through
entities, a Certificate is treated as a holder of a Certificate if (i) substantially all of the value of the beneficial owner’s interest (directly or indirectly) in the flow-through entity is
attributed to the flow-through entity’s interest in the Certificate and (ii) a principal purpose of the use of the flow-through entity to hold the Certificate is to satisfy the 95-holder limitation
set out above. If using a flow-through 

  
 A-4 

 
entity to acquire a Certificate, the Certificateholder shall be deemed to have represented that it is not using the flow-through entity in order to avoid the
95-holder limitation set out above. In addition, no sale or transfer of a Certificate shall be registered by the Certificate Registrar or made effective hereunder unless, as evidenced by a written
representation and covenant by the transferee in form satisfactory to the Certificate Registrar (upon which representation and covenant the Certificate Registrar may conclusively rely without independent investigation), no member of the
transferee’s expanded group as defined in Treasury Regulation Section 1.385-1(c)(4) (including through a controlled partnership as defined in Treasury Regulation
Section 1.385-1(c)(1)) is or will become the beneficial owner of a Note. If a Certificateholder or a member of its expanded group becomes the beneficial owner of a Note, the Depositor is authorized at its
discretion to compel such Certificateholder to sell its Certificate to a Person whose ownership complies with this paragraph so long as such sale does not otherwise cause a material adverse effect on the Trust. 

The Owner Trustee and any agent of the Owner Trustee may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Owner Trustee nor any such agent shall be affected by any notice to the contrary. 

The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the
payment to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust. The Seller or the Servicer of the
Receivables may at its option purchase the corpus of the Trust at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Certificate; however,
such right of purchase is exercisable, subject to certain restrictions, only as of the last day of any Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance. 

The Certificate may not be acquired by or for the account of (i) an “employee benefit plan” (as defined in
Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) a “plan” (within the meaning of Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code,
(iii) any entity whose underlying assets include assets of an employee benefit plan or a plan described in (i) or (ii) above by reason of such employee benefit plan’s or plan’s investment in the entity (collectively, a
“Benefit Plan Investor”), or (iv) an employee benefit plan, a plan or other similar arrangement that is not a Benefit Plan Investor but is subject to federal, State, local, non-U.S. or
other laws or regulations that are substantially similar to Section 406 of ERISA or Section 4975 of the Code (each of (i) – (iv), a “Benefit Plan Entity”). By accepting and holding its beneficial ownership interest in
its Certificate, the Holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan Entity. 

The recitals contained herein shall be taken as the statements of the Depositor or the Servicer, as the case may be, and the
Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Certificate or of any Receivable or related document. 

Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by
manual or facsimile signature, this Certificate shall not entitle the 

  
 A-5 

 
Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 

  
 A-6 

 ASSIGNMENT 

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY 
 OR OTHER IDENTIFYING NUMBER 

OF ASSIGNEE 
  

									
	  

	(Please print or type name and address, including postal zip code, of assignee)	 	
	
	  

	the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing	 	
		
	
                       
                  Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.
	 	
				
	 Dated:
	  	     
	  	 

    
	 	
                       
                                         
                                    *

		  		  		 	Signature	 	
				
	 Guaranteed:
	  		  		 	
                       
                                         
                                    *

					
	  
	  		  		 		 	

  

	*	 NOTICE:    The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Certificate Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-7 

 EXHIBIT B 

FORM OF 
 CERTIFICATE OF
TRUST 
 OF 
 GM
FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-1 
 THIS Certificate of
Trust of GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-1 (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory
trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 

1.    Name. The name of the statutory trust formed by this Certificate of Trust is “GM
Financial Consumer Automobile Receivables Trust 2021-1.” 

2.    Delaware Trustee. The name and business address of the trustee of the Trust in the State of
Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. 

3.    Effective Date. This Certificate of Trust shall be effective upon filing. 

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of
the Act. 
  

			
	WILMINGTON TRUST COMPANY, not in its 
individual capacity but solely as trustee of the Trust

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 B-1 

 EXHIBIT C 

Form of 
 Notice of
Repurchase Request 
 [        ], 20[  ] 

AmeriCredit Financial Services, Inc. 

d/b/a GM Financial, 

as Servicer 
 801
Cherry Street, Suite 3500 
 Fort Worth, Texas 76102, 

Attention: Chief Financial Officer 

GMF Leasing LLC 
 801 Cherry
Street, Suite 3500 
 Fort Worth, Texas 76102, 

Attention: Chief Financial Officer 

AFS SenSub Corp. 
 801 Cherry
Street, Suite 3500 
 Fort Worth, Texas 76102, 

Attention: Chief Financial Officer 

GMF Funding Corp. c/o GM Financial 

801 Cherry Street, Suite 3500 

Fort Worth, Texas 76102 

Attention: Chief Financial Officer 

Re:         Notice of Requests to Repurchase Receivables 

Reference is hereby made to each of the Amended and Restated Trust Agreements set forth on Schedule A (each, an
“Agreement”), for which Wilmington Trust Company, a Delaware trust company has acted in the capacity of owner trustee (in each case, the “Owner Trustee”). This Notice is being delivered pursuant to Section 5.7
or 6.7, as applicable, of the related Agreement. 
 [During the period from and including
[            ], 20[    ] to but excluding [            ],
20[    ], the Owner Trustee received no requests requesting that Receivables be repurchased.] 

[During the period from and including [            ],
20[    ] to but excluding [            ], 20[    ] the Owner Trustee received one or more requests requesting that Receivables
be repurchased. Copies of such requests received in writing are attached, and details of any such requests received orally are set forth below: 
  

							
	Agreement	  	Date of Request	  	 Number
of
 Receivables

Subject to Request
	  	
Aggregate Principal

Balance of

  
 C-1 

							
	 	 	 	 	 	 	
Receivables Subject
 to
Request

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 This notice, and requests contained herein are being sent to you in connection with compliance
with Rule 15Ga-1 of the Securities Exchange Act of 1934. In no event will the Owner Trustee or any of the related issuers have any responsibility or liability in connection with (i) the compliance by the
related Servicer, the related Depositor or any other Person with the Exchange Act or Regulation AB or (ii) any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

Capitalized terms used but not defined herein shall have the meanings given to them in the related Agreement. 

 

			
	 WILMINGTON TRUST COMPANY, 

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

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  
 C-2 

 Schedule A 

Agreements 
 [To be provided] 

  
 C-3EX-4.3

 Exhibit 4.3 

SALE AND SERVICING 
 AGREEMENT 

among 
 GM FINANCIAL CONSUMER
AUTOMOBILE RECEIVABLES TRUST 2021-1, 
 Issuer, 

AFS SENSUB CORP., 
 Seller, 

AMERICREDIT FINANCIAL SERVICES, INC. 

D/B/A GM FINANCIAL, 
 Servicer, 

and 
 THE BANK OF NEW YORK MELLON,

 Trust Collateral Agent 
 Dated
as of January 20, 2021 

 TABLE OF CONTENTS 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE I Definitions
	  	 	1	 
			
	 SECTION 1.1.
	    	Definitions	  	 	1	 
	 SECTION 1.2.
	    	Other Definitional Provisions	  	 	19	 
		
	 ARTICLE II Conveyance of Receivables
	  	 	20	 
			
	 SECTION 2.1.
	    	Conveyance of Receivables	  	 	20	 
	 SECTION 2.2.
	    	[Reserved]	  	 	20	 
	 SECTION 2.3.
	    	Further Encumbrance of Trust Property	  	 	20	 
	 SECTION 2.4.
	    	Intention of the Parties	  	 	21	 
		
	 ARTICLE III The Receivables
	  	 	22	 
			
	 SECTION 3.1.
	    	Representations and Warranties of Seller	  	 	22	 
	 SECTION 3.2.
	    	Repurchase upon Breach	  	 	23	 
	 SECTION 3.3.
	    	Custody of Receivable Files	  	 	24	 
	 SECTION 3.4.
	    	Maintenance and Safekeeping of the Receivable Files	  	 	26	 
	 SECTION 3.5.
	    	Location of Receivable Files	  	 	26	 
	 SECTION 3.6.
	    	Access to Records	  	 	26	 
	 SECTION 3.7.
	    	Advice of Counsel	  	 	27	 
	 SECTION 3.8.
	    	Administration; Reports	  	 	27	 
	 SECTION 3.9.
	    	Instructions; Authority to Act	  	 	27	 
	 SECTION 3.10.
	    	Custodian Fee	  	 	27	 
	 SECTION 3.11.
	    	Indemnification by the Custodian	  	 	27	 
	 SECTION 3.12.
	    	Effective Period and Termination of Custodian	  	 	27	 
	 SECTION 3.13.
	    	Dispute Resolution	  	 	27	 
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	 	30	 
			
	 SECTION 4.1.
	    	Duties of the Servicer	  	 	30	 
	 SECTION 4.2.
	    	Collection of Receivable Payments; Modifications of Receivables	  	 	32	 
	 SECTION 4.3.
	    	Realization upon Receivables	  	 	33	 
	 SECTION 4.4.
	    	Insurance	  	 	35	 
	 SECTION 4.5.
	    	Maintenance of Security Interests in Vehicles	  	 	36	 
	 SECTION 4.6.
	    	Covenants of Servicer	  	 	37	 
	 SECTION 4.7.
	    	Purchase of Receivables Upon Breach of Covenant	  	 	37	 
	 SECTION 4.8.
	    	Total Servicing Fee; Payment of Certain Expenses by Servicer	  	 	38	 
	 SECTION 4.9.
	    	Servicer’s Certificate and Asset-Level Information	  	 	38	 
	 SECTION 4.10.
	    	Annual Statement as to Compliance, Notice of Servicer Termination Event	  	 	39	 
	 SECTION 4.11.
	    	Annual Independent Public Accountants’ Reports	  	 	40	 
	 SECTION 4.12.
	    	Access to Certain Documentation and Information Regarding Receivables	  	 	41	 

  
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	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	 	41	 
			
	 SECTION 5.1.
	    	Establishment of Trust Accounts	  	 	41	 
	 SECTION 5.2.
	    	[Reserved]	  	 	43	 
	 SECTION 5.3.
	    	Certain Reimbursements to the Servicer	  	 	44	 
	 SECTION 5.4.
	    	Application of Collections	  	 	44	 
	 SECTION 5.5.
	    	[Reserved]	  	 	44	 
	 SECTION 5.6.
	    	Additional Deposits	  	 	44	 
	 SECTION 5.7.
	    	Distributions	  	 	44	 
	 SECTION 5.8.
	    	Reserve Account	  	 	48	 
	 SECTION 5.9.
	    	Statements to Noteholders	  	 	48	 
	 SECTION 5.10.
	    	[Reserved]	  	 	49	 
		
	 ARTICLE VI [Reserved]
	  	 	50	 
		
	 ARTICLE VII The Seller
	  	 	50	 
			
	 SECTION 7.1.
	    	Representations of Seller	  	 	50	 
	 SECTION 7.2.
	    	Corporate Existence.	  	 	52	 
	 SECTION 7.3.
	    	Liability of Seller; Indemnities	  	 	52	 
	 SECTION 7.4.
	    	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	 	53	 
	 SECTION 7.5.
	    	Limitation on Liability of Servicer, Seller and Others	  	 	54	 
	 SECTION 7.6.
	    	Ownership of the Certificates or Notes	  	 	54	 
		
	 ARTICLE VIII The Servicer
	  	 	54	 
			
	 SECTION 8.1.
	    	Representations of Servicer	  	 	54	 
	 SECTION 8.2.
	    	Liability of Servicer; Indemnities	  	 	56	 
	 SECTION 8.3.
	    	Merger or Consolidation of, or Assumption of the Obligations of the Servicer	  	 	57	 
	 SECTION 8.4.
	    	Limitation on Liability of Servicer and Others	  	 	58	 
	 SECTION 8.5.
	    	Delegation of Duties	  	 	58	 
	 SECTION 8.6.
	    	Servicer Not to Resign	  	 	58	 
		
	 ARTICLE IX Default
	  	 	59	 
			
	 SECTION 9.1.
	    	Servicer Termination Event	  	 	59	 
	 SECTION 9.2.
	    	Consequences of a Servicer Termination Event	  	 	59	 
	 SECTION 9.3.
	    	Appointment of Successor	  	 	60	 
	 SECTION 9.4.
	    	Notification to Noteholders	  	 	61	 
	 SECTION 9.5.
	    	Waiver of Past Defaults	  	 	61	 
		
	 ARTICLE X Termination
	  	 	61	 
			
	 SECTION 10.1.
	    	Optional Purchase of All Receivables	  	 	61	 
		
	 ARTICLE XI Administrative Duties of the Servicer
	  	 	62	 
			
	 SECTION 11.1.
	    	Administrative Duties	  	 	62	 
	 SECTION 11.2.
	    	Records	  	 	64	 

  
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	 SECTION 11.3.
	    	Additional Information to be Furnished to the Issuer	  	 	64	 
	 SECTION 11.4.
	    	Review Reports	  	 	64	 
		
	 ARTICLE XII Miscellaneous Provisions
	  	 	64	 
			
	 SECTION 12.1.
	    	Amendment	  	 	64	 
	 SECTION 12.2.
	    	Protection of Title to Trust	  	 	65	 
	 SECTION 12.3.
	    	Notices	  	 	67	 
	 SECTION 12.4.
	    	Assignment	  	 	68	 
	 SECTION 12.5.
	    	Limitations on Rights of Others	  	 	68	 
	 SECTION 12.6.
	    	Severability	  	 	68	 
	 SECTION 12.7.
	    	Counterparts and Consent to Do Business Electronically	  	 	68	 
	 SECTION 12.8.
	    	Headings	  	 	69	 
	 SECTION 12.9.
	    	Governing Law	  	 	69	 
	 SECTION 12.10.
	    	Assignment to Trust Collateral Agent	  	 	69	 
	 SECTION 12.11.
	    	Nonpetition Covenants	  	 	69	 
	 SECTION 12.12.
	    	Limitation of Liability of Owner Trustee and Trust Collateral Agent	  	 	69	 
	 SECTION 12.13.
	    	Trust Collateral Agent to Report Repurchase Demands due to Breaches of Representations and Warranties	  	 	70	 
	 SECTION 12.14.
	    	Independence of the Servicer	  	 	71	 
	 SECTION 12.15.
	    	No Joint Venture	  	 	71	 
	 SECTION 12.16.
	    	State Business Licenses	  	 	71	 
	 SECTION 12.17.
	    	Regulation RR Risk Retention	  	 	71	 
	 SECTION 12.18.
	    	Submission to Jurisdiction; Waiver of Jury Trial	  	 	71	 

 SCHEDULES 
  

			
	 Schedule A
	  	 Schedule of Receivables

	 Schedule B-1
	  	 Representations and Warranties of the Seller and the Servicer Regarding the Receivables

	 Schedule B-2
	  	 Representations and Warranties of the Seller and the Servicer Regarding the Pool of Receivables

		
	EXHIBITS	  	
		
	 Exhibit A
	  	 Form of Servicer’s Certificate

  
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 SALE AND SERVICING AGREEMENT, dated as of January 20, 2021, among GM
FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-1, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the “Seller”), AMERICREDIT FINANCIAL
SERVICES, INC. D/B/A GM FINANCIAL, a Delaware corporation (the “Servicer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, in its capacity as Trust Collateral Agent. 

WHEREAS the Issuer desires to purchase a portfolio of receivables arising in connection with motor vehicle retail installment
sale contracts made by GM Financial or an Originating Affiliate or acquired by GM Financial or an Originating Affiliate through motor vehicle dealers; 

WHEREAS the Seller has purchased such receivables from GM Financial and is willing to sell such receivables to the Issuer;

 WHEREAS the Servicer is willing to service all such receivables; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as
follows: 
 ARTICLE I 

Definitions 

SECTION 1.1.    Definitions. Whenever used in this Agreement, the following words and phrases shall
have the following meanings: 
 “Adjusted Pool Balance” means, (i) for any Distribution Date, the Pool
Balance as of the end of the previous Collection Period (and, for the first Distribution Date, as of the Cutoff Date) less the Yield Supplement Overcollateralization Amount with respect to such Distribution Date and (ii) with regard to the
Cutoff Date, the Pool Balance as of the Cutoff Date less the Yield Supplement Overcollateralization Amount as of the Cutoff Date. 

“Accountants’ Report” means the report of a firm of nationally recognized Independent Accountants
described in Section 4.11. 
 “Accounting Date” means, with respect to any Collection Period the last
day of such Collection Period. 
 “ADR Organization” means The American Arbitration Association or, if The
American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by GM Financial. 

“ADR Rules” means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable, of commercial disputes in effect at the time of the mediation or arbitration. 

 “Affiliate” means, with respect to any specified Person,
any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Aggregate Principal Balance” means, with respect to any date of determination, the sum of the Principal
Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related
Collection Period) as of the date of determination. 
 “Agreement” means this Sale and Servicing Agreement,
as the same may be amended and supplemented from time to time. 
 “Amount Financed” means, with respect to
a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service contracts, car club and
warranty contracts, other items customarily financed as part of motor vehicle retail installment sale contracts or promissory notes, and related costs. 

“Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of
finance charges or service charges, as stated in the related Contract. 
 “Asset Representations Review
Agreement” means the Asset Representations Review Agreement, dated as of January 20, 2021, by and among the Issuer, the Servicer and the Asset Representations Reviewer. 

“Asset Representations Reviewer” means Clayton Fixed Income Services LLC, a Delaware limited liability
company. 
 “Asset Review” means, for any Asset Review Notice, the performance by the Asset Representations
Reviewer of each Asset Test stated in Schedule A to the Asset Representations Review Agreement for each Asset Review Receivable. 

“Asset Review Notice” means the notice from the Trustee to the Asset Representations Reviewer and the
Servicer directing the Asset Representations Reviewer to perform an Asset Review under Section 3.4 of the Asset Representations Review Agreement. 

“Asset Review Receivable” means, for any Asset Review, each Receivable that is not a Liquidated Receivable
and with respect to which the related Obligor failed to make at least 90% of the related Scheduled Receivables Payment by the date on which it was due and, as of the last day of the Collection Period prior to the date the related Asset Review Notice
was delivered, remained unpaid for sixty (60) days or more from the original payment due date. 
 “Asset
Test” means, for an Asset Review, each Test, as defined in the Asset Representations Review Agreement, in Schedule A to the Asset Representations Review 

  
 2 

 
Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables. 

“Available Funds” means, with respect to any Distribution Date, the sum of (without duplication) (i) the
Collected Funds for the related Collection Period, plus (ii) all Purchase Amounts deposited in the Trust Accounts during the related Collection Period, plus (iii) Investment Earnings with respect to the Trust Accounts for the
related Collection Period, plus (iv) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding
Distribution Date by the Trust Collateral Agent for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, plus (v) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1
plus (vi) amounts, if any, released from the Reserve Account pursuant to Section 5.8(c) on such Distribution Date. 

“Base Servicing Fee” means, with respect to any Collection Period, the fee payable to the Servicer for
services rendered during such Collection Period, which shall be equal to the product of (i) the Servicing Fee Rate times (ii) the Aggregate Principal Balance of the Receivables as of the opening of business on the first day of such
Collection Period (or, in the case of the first Distribution Date, December 4, 2020) times (iii) one-twelfth (or, in the case of the first Distribution Date, a fraction equal to (x) the
number of days from and including December 4, 2020 through and including January 31, 2021, divided by (y) 360). 

“Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Purchase
Agreement, the Indenture, the Asset Representations Review Agreement, the Underwriting Agreement and other documents and certificates delivered in connection therewith. 

“Business Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which
commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, or New York, New York or any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by
law, executive order or governmental decree to be closed. 
 “Certificate” means the trust certificate
evidencing the beneficial interest of the Certificateholder in the Trust. 
 “Certificate Distribution
Account” has the meaning assigned to such term in the Trust Agreement. 
 “Certificateholder”
means the Person in whose name the Certificate is registered. 
 “Class” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes, the Class C Notes and/or the Class D Notes, as the context requires. 

“Class A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes. 

“Class A-1 Notes” has the meaning assigned to such term in the
Indenture. 

  
 3 

 “Class A-2 Notes”
has the meaning assigned to such term in the Indenture. 
 “Class A-3
Notes” has the meaning assigned to such term in the Indenture. 
 “Class
A-4 Notes” has the meaning assigned to such term in the Indenture. 

“Class B Notes” has the meaning assigned to such term in the Indenture. 

“Class C Notes” has the meaning assigned to such term in the Indenture. 

“Class D Notes” has the meaning assigned to such term in the Indenture. 

“Closing Date” means January 20, 2021. 

“Collateral Insurance” shall have the meaning set forth in Section 4.4(a). 

“Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection Account
representing collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts). 

“Collection Account” means the account designated as such, established and maintained pursuant to
Section 5.1(a)(i). 
 “Collection Period” means, with respect to the first Distribution Date, the
period beginning as of the close of business on December 3, 2020 and ending as of the close of business on January 31, 2021. With respect to each subsequent Distribution Date, “Collection Period” means the period beginning as of
the close of business on the last day of the second preceding calendar month and ending as of the close of business on the last day of the immediately preceding calendar month. Any amount stated “as of the close of business” shall give
effect to the following calculations as determined as of the end of the day on such day: (i) all applications of collections and (ii) all distributions. 

“Collection Records” means all manually prepared or computer generated records relating to collection efforts
or payment histories with respect to the Receivables. 
 “Commission” means the United States Securities
and Exchange Commission. 
 “Contract” means a motor vehicle retail installment sale contract or promissory
note. 
 “Controlling Class” means, (i) the Class A Notes so long as any class of the
Class A Notes are outstanding, (ii) if no class of Class A Notes is outstanding, the Class B Notes, (iii) if no Class A Notes or Class B Notes are outstanding, the Class C Notes, or (iv) if no
Class A Notes, Class B Notes or Class C Notes are outstanding, the Class D Notes. 

“Controlling Party” means the Trust Collateral Agent, for the benefit of the Noteholders. 

“Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate trust
office of the Owner Trustee, which at the time of execution of this agreement is 

  
 4 

 
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration and (ii) with respect to the Trustee and the Trust Collateral Agent
(a) solely with respect to the transfer, surrender, exchange or presentation for final payment of the Notes, 2001 Bryan Street, 9th Floor, Dallas, Texas 75201, Attention: Transfer Unit – GMCAR 2021-1
and (b) for all other purposes, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 240 Greenwich Street, New York, New York 10286,
Attention: Corporate Trust Administration – GMCAR 2021-1. 
 “Cram Down
Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if the Servicer expects the Principal Balance or effective rate of interest on the automobile loan contract to be reduced by a court of appropriate
jurisdiction in a proceeding related to an Insolvency Event, the Servicer’s estimate of the reduction in the Principal Balance that will be so ordered by the court. 

“Credit Risk Retention Rules” shall have the meaning set forth in Section 4.9(a). 

“Custodian” means GM Financial and any other Person named from time to time as custodian hereunder acting as
agent for the Trust Collateral Agent, which Person must be acceptable to the Controlling Party (the Custodian as of the Closing Date is acceptable to the Controlling Party). 

“Cutoff Date” means December 3, 2020. 

“DBRS” means DBRS, Inc. or its successor. 

“Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable
to GM Financial or an Originating Affiliate under a Dealer Agreement or pursuant to a Dealer Assignment. 
 “Dealer
Agreement” means any agreement between a Dealer and GM Financial or an Originating Affiliate relating to the acquisition of Receivables from a Dealer by GM Financial or an Originating Affiliate. 

“Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer
conveying such Receivable to GM Financial or an Originating Affiliate. 
 “Delinquency Rate” means, for any
Collection Period, (i) the aggregate Principal Balance of all Delinquent Receivables as of the end of such Collection Period divided by (ii) the Pool Balance as of the end of such Collection Period. 

“Delinquency Trigger” means, that (i) as of the end of any of the first through twelfth Collection
Periods, the Delinquency Rate exceeds 1.10%, (ii) as of the end of any of the thirteenth through twenty-fourth Collection Periods, the Delinquency Rate exceeds 1.80%, (iii) as of the end of any of the twenty-fifth through thirty-sixth Collection
Periods, the Delinquency Rate exceeds 2.80% or (iv) as of the end of any subsequent Collection Period, the Delinquency Rate exceeds 4.90%. 

  
 5 

 “Delinquent Receivable” means any Receivable that is not a
Liquidated Receivable and which the related Obligor fails to make at least 90% of the related Scheduled Receivables Payment by the date on which it is due and remains unpaid for more than sixty (60) days from the original payment due date. 

“Delivery” when used with respect to Trust Account Property means: 

(a)        with respect to bankers’ acceptances, commercial paper, negotiable
certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to
the Trust Collateral Agent by physical delivery to the Trust Collateral Agent endorsed to, or registered in the name of, the Trust Collateral Agent or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer thereof (i) by delivery thereof to the Trust Collateral Agent of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent
or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the making by such clearing corporation of appropriate entries on its books
reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Trust Collateral Agent by the amount of such certificated security and the identification by the clearing corporation of the
certificated securities for the sole and exclusive account of the Trust Collateral Agent (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Trust
Collateral Agent or its nominee; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or
custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 

(b)        with respect to any security issued by the U.S. Treasury, the Federal Home
Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable
law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities intermediary that is
also a “depository” pursuant to applicable federal regulations; the making by such securities intermediary of entries in its books and records crediting such Trust Account Property to the Trust Collateral Agent’s securities account at
the securities intermediary and identifying such book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations as belonging to the Trust Collateral Agent; and such additional or alternative procedures as may
hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent, consistent with changes in applicable law or regulations or the interpretation thereof; 

(c)        with respect to any item of Trust Account Property that is an
uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the Trust Collateral Agent or its nominee or custodian who either
(i) becomes the registered owner on behalf of the Trust Collateral Agent or (ii) having previously become the registered owner, acknowledges that it holds for the Trust Collateral Agent; and 

  
 6 

 (d)        with respect to any item
of Trust Account Property that is a financial asset under Article 8 of the UCC and that is not governed by clause (b) above, causing the securities intermediary to indicate on its books and records that such financial asset has been credited to
a securities account of the Trust Collateral Agent. 
 “Depositor” means the Seller. 

“Determination Date” means, with respect to any Collection Period, the second Business Day prior to the
related Distribution Date. 
 “Distribution Date” means, with respect to each Collection Period, the
sixteenth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing February 16, 2021. If GM Financial is no longer acting as Servicer, the distribution date may be a
different day of the month. 
 “Electronic Chattel Paper
Sub-Custodian” means DealerTrack, Inc., RouteOne LLC or another econtracting facilitator engaged by the Servicer. 

“Electronic Ledger” means the electronic master record of the retail installment sale contracts or
installment loans of the Servicer. 
 “Eligible Deposit Account” means a segregated trust account with the
corporate trust department of a depository institution organized under the laws of the United States of America or any State (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such
account, so long as (i) the long-term unsecured debt of such depository institution shall have a credit rating from Moody’s of at least Baa2 and from Standard & Poor’s of at least BBB (ii) such depository
institutions’ deposits are insured by the FDIC. 
 “Eligible Investments” mean book-entry securities,
negotiable instruments or securities represented by instruments in bearer or registered form which evidence: 

(a)        direct obligations of, and obligations fully guaranteed as to timely
payment by, the United States of America; 
 (b)        demand deposits, time
deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State (or any domestic branch of a foreign bank) and subject to supervision and examination by
federal or State banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such
obligation for the benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested
following each Distribution Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust
company) of such depository institution or trust company shall have a credit rating from Standard & Poor’s of A-1+, from Moody’s of Prime-1, to the
extent rated by DBRS or Fitch, from DBRS of R-1 (middle) and from Fitch of F1+; 

  
 7 

 (c)        commercial paper and
demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+, from Moody’s of Prime-1, to the extent rated by DBRS or Fitch, from DBRS of R-1 (middle) and from Fitch of F1+; 

(d)        investments in money market funds (including funds for which the Trust
Collateral Agent or the Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s of
AAA-m or AAAm-G and from Moody’s of Aaa; 

(e)        bankers’ acceptances issued by any depository institution or trust
company referred to in clause (b) above; 
 (f)        repurchase obligations
with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of
America, in either case entered into with a depository institution or trust company (acting as principal) referred to in clause (b) above; 

(g)        any other investment which would satisfy the Rating Agency Condition and is
consistent with the ratings of the Notes or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; and 

(h)        cash denominated in United States dollars. 

Any of the foregoing Eligible Investments may be purchased by or through the Trust Collateral Agent, the Trustee or any of
their respective Affiliates. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“FDIC” means the Federal Deposit Insurance Corporation. 

“Final Scheduled Distribution Date” means with respect to (i) the
Class A-1 Notes, the January 18, 2022 Distribution Date, (ii) the Class A-2 Notes, the November 16, 2023 Distribution Date, (iii) the Class A-3 Notes, the October 16, 2025 Distribution Date, (iv) the Class A-4 Notes, the May 17, 2027 Distribution Date, (v) the Class B
Notes, the May 17, 2027 Distribution Date, (vi) the Class C Notes, the May 17, 2027 Distribution Date and (vii) the Class D Notes, the June 16, 2028 Distribution Date. 

“Financed Vehicle” means an automobile or light-duty truck or utility vehicle, together with all accessions
thereto, securing an Obligor’s indebtedness under the respective Receivable. 
 “First Priority Principal
Distribution Amount” means, with respect to any Distribution Date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes as of such Distribution Date (before giving effect to
any principal payments made on the Class A Notes on such Distribution Date), over (b) the Adjusted Pool Balance for such Distribution Date; provided, however, that (i) the First Priority Principal Distribution Amount on the Final
Scheduled Distribution Date of the Class A-1 Notes shall not be less than the amount 

  
 8 

 
that is necessary to reduce the outstanding principal amount of the Class A-1 Notes to zero; (ii) the First Priority Principal Distribution
Amount on the Final Scheduled Distribution Date of the Class A-2 Notes shall not be less than the amount that is necessary to reduce the aggregate outstanding principal amount of the Class A-2 Notes to zero; (iii) the First Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class A-3 Notes shall not be
less than the amount that is necessary to reduce the outstanding principal amount of the Class A-3 Notes to zero; and (iv) the First Priority Principal Distribution Amount on the Final Scheduled
Distribution Date of the Class A-4 Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class A-4 Notes
to zero. 
 “Fitch” means Fitch Ratings, Inc. or its successor. 

“Force-Placed Insurance” shall have the meaning set forth in Section 4.4. 

“Fourth Priority Principal Distribution Amount” means, with respect to any Distribution Date, an amount equal
to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes, Class B Notes, Class C Notes and Class D Notes as of such Distribution Date (before giving effect to any principal
payments made on the Class A Notes, Class B Notes, Class C Notes and Class D Notes on such Distribution Date), over (ii) the Adjusted Pool Balance for such Distribution Date minus (b) the First Priority Principal
Distribution Amount, Second Priority Principal Distribution Amount and Third Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Fourth Priority Principal Distribution Amount on the Final Scheduled
Distribution Date of the Class D Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class D Notes to zero. 

“General Motors Financial Company, Inc.” means General Motors Financial Company, Inc. 

“GM Financial” means AmeriCredit Financial Services, Inc. d/b/a GM Financial 

“Indenture” means the Indenture, dated as of January 20, 2021, between the Issuer, The Bank of New York
Mellon, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 

“Independent Accountants” shall have the meaning set forth in Section 4.11(a). 

“Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such
Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or State bankruptcy, insolvency
or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such petition, decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such
Person of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official 

  
 9 

 
for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay
its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

“Insurance Add-On Amount” means the premium charged to the Obligor in
the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4. 
 “Insurance
Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described in Section 4.4) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability,
theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor. 
 “Interest
Period” means, with respect to any Distribution Date, the period from and including the most recent Distribution Date on which interest has been paid (or in the case of the first Distribution Date, from and including the Closing Date) to,
but excluding, the following Distribution Date. 
 “Interest Rate” means, with respect to: 

(a) the Class A-1 Notes, 0.15333% per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period); 

(b) the Class A-2 Notes, 0.23% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months); 

(c) the Class A-3 Notes, 0.35% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months); 

(d) the Class A-4 Notes, 0.54% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months); 

(e) the Class B Notes, 0.75% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months); 
 (f) the Class C Notes, 1.04% per annum
(computed on the basis of a 360-day year consisting of twelve 30-day months); and 

(g) the Class D Notes, 0.00% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months); 
 “Investment Company Act”
means the Investment Company Act of 1940, as amended. 
 “Investment Earnings” means, with respect to any
date of determination and Trust Accounts, the investment earnings on amounts on deposit in such Trust Accounts on such date. 

“Issuer” means GM Financial Consumer Automobile Receivables Trust
2021-1. 

  
 10 

 “Issuer Secured Parties” means the Trustee in respect of
the Trustee Issuer Secured Obligations. 
 “Item 1122 Letter Agreement” means the Item 1122 Letter
Agreement, dated as of January 20, 2021, between the Servicer and The Bank of New York Mellon, as the same may be amended and supplemented from time to time. 

“Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax
liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 

“Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate
of lien or other notification issued by the Registrar of Titles of the applicable State to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any
jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party. For Financed Vehicles registered in States
which issue confirmation of the lienholder’s interest electronically, the “Lien Certificate” may consist of notification of an electronic recordation, by either a third-party service provider or the relevant Registrar of Titles of the
applicable State, which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title on the electronic lien and title system of the applicable State. 

“Liquidated Receivable” means, with respect to any Collection Period, a Receivable for which, as of the last
day of the Collection Period (i) ninety (90) days have elapsed since the Servicer repossessed the related Financed Vehicle; provided, however, that in no case shall 10% or more of a Scheduled Receivables Payment have become two hundred
ten (210) or more days delinquent in the case of a repossessed Financed Vehicle, (ii) the Servicer has determined in good faith that all amounts it expects to recover have been received, (iii) 10% or more of a Scheduled Receivables Payment
shall have become one hundred twenty (120) or more days delinquent, except in the case of a repossessed Financed Vehicle, or (iv) that is, without duplication, a Sold Receivable. 

“Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized with respect to
such Receivable and, with respect to a Sold Receivable, the related Sale Amount. 
 “Majority Noteholders”
means the Holders of the Notes representing a majority of the principal balance of the Controlling Class. 

“Minimum Sale Price” means (i) with respect to a Receivable (x) that has become sixty (60) to
two hundred ten (210) days delinquent or (y) that has become greater than two hundred ten (210) days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold at
auction, the greater of (A) the product of (1) 55% times (2) the Principal Balance of such Receivable and (B) the product of (1) the three month rolling average recovery rate (expressed as a percentage) for the Servicer in its
liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, times (2) 

  
 11 

 
the Principal Balance of such Receivable or (ii) with respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been
sold at auction and the Net Liquidation Proceeds for which have been deposited in the Collection Account, or (y) that has become greater than two hundred ten (210) days delinquent and with respect to which the related Financed Vehicle has
not been repossessed by the Servicer despite the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the Financed Vehicle, $1. 

“Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables,
including the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual
Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days
currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment; and past due late charges. 

“Monthly Remittance Condition” means, as of any date, that (i) GM Financial is the Servicer,
(ii) GM Financial (or General Motors Financial Company, Inc., for so long as it is an Affiliate of GM Financial) has a short-term unsecured debt rating of at least “Prime” by Moody’s and at least
“A-1” by Standard & Poor’s and (iii) no Servicer Termination Event or Event of Default has occurred and is continuing. 

“Moody’s” means Moody’s Investors Service, Inc. or its successor. 

“Net Liquidation Proceeds” means, with respect to a Liquidated Receivable, Liquidation Proceeds net of
(i) reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such
Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 

“Note Distribution Account” means the account designated as such, established and maintained pursuant to
Section 5.1(a)(ii). 
 “Note Pool Factor” for each Class of Notes as of the close of business on
any date of determination means a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 

“Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of
determination, all or any portion of the Noteholders’ Interest Distributable Amount for such Class of Notes for the immediately preceding Distribution Date which remains unpaid as of such date of determination, plus interest on such unpaid
amount, to the extent permitted by law, at the respective Interest Rate borne by the applicable Class of Notes from such immediately preceding Distribution Date to but excluding such date of determination. 

“Noteholders’ Interest Distributable Amount” means, with respect to any Distribution Date and
Class of Notes, the sum of (i) the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date plus (ii) each Class of Notes and the Noteholders’ Interest Carryover Amount, if any for such Distribution
Date and each such Class. Interest on the Class A-1 Notes shall be 

  
 12 

 
computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period; interest on all other Classes of Notes
shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

“Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date and
any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the
first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 Notes on the basis of a 360-day year and the actual number of days elapsed
in the applicable Interest Period and (y) for all other Classes of Notes on the basis of a 360-day year consisting of twelve 30-day months (without adjustment for
the actual number of business days elapsed in the applicable Interest Period), except with respect to the first Interest Period. 

“Noteholders’ Principal Distributable Amount” for a Distribution Date will equal the lesser of 

(x)        the excess, if any, of the amount of Available Funds on
such Distribution Date over the amounts payable on such Distribution Date pursuant to clauses (i) through (xi) of Section 5.7(a); and 

(y)        the excess, if any, on such Distribution Date of
(i) the Pro Forma Note Balance for such Distribution Date over (ii) the Required Pro Forma Note Balance for such Distribution Date. 

“Obligor” on a Receivable means the purchaser or co-purchasers of the
Financed Vehicle and any other Person who owes payments under the Receivable. 
 “Officer’s
Certificate” means a certificate signed by the chief executive officer, the president, any executive vice president, any senior vice president, any vice president, any assistant vice president, any treasurer, any assistant treasurer, any
secretary or any assistant secretary of the Seller or the Servicer, as appropriate. 
 “Opinion of Counsel”
means a written opinion of counsel satisfactory in form and substance to the recipient(s) thereof. 
 “Original Pool
Balance” means the Pool Balance as of the Cutoff Date. 
 “Originating Affiliate” means an
Affiliate of GM Financial that has originated Receivables and assigned its full interest therein to GM Financial. 

“Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to
Section 2.1(b) through (i). 
 “Owner Trust Estate” has the meaning assigned to such term in the Trust
Agreement. 

  
 13 

 “Owner Trustee” means Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 

“Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock
company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 

“Physical Property” has the meaning assigned to such term in the definition of “Delivery” above.

 “Pool Balance” means, as of any date of determination, the aggregate Principal Balance of the
Receivables (excluding Purchased Receivables and Liquidated Receivables) at the end of the preceding calendar month. 

“Principal Balance” means, with respect to any Receivable, as of any date, the Amount Financed minus
(i) that portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable minus (ii) any Cram Down Loss in respect of such Receivable. 

“Pro Forma Note Balance” means, with respect to any Distribution Date, the aggregate remaining principal
amount of the Notes outstanding on such Distribution Date, after giving effect to distributions pursuant to clauses (i) through (x) of Section 5.7(a) hereof. 

“Prospectus” means the prospectus, dated January 12, 2021, relating to the offering of the Offered
Notes, as filed with the Commission. 
 “Purchase Agreement” means the Purchase Agreement between the
Seller and GM Financial, dated as of January 20, 2021, pursuant to which the Seller acquires the Receivables, as such agreement may be amended from time to time. 

“Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and
unpaid interest on the Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Receivable, if any. 

“Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a
Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c) or 4.7, or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 

“Rating Agency” means Moody’s and Standard & Poor’s. If no such organization or successor
maintains a rating on the Notes, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person engaged by the Seller, notice of which engagement shall be given to the Trust Collateral Agent,
the Owner Trustee and the Servicer. 
 “Rating Agency Condition” means, with respect to any action, that
each Rating Agency shall have been given ten (10) days’ (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof by GM Financial and such Rating Agency has not notified the Seller, the Servicer, the Owner
Trustee and the Trust Collateral Agent (or the Trustee, as applicable) in 

  
 14 

 
writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes. 

“Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of
the Principal Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 

“Receivable Files” means the documents specified in Section 3.3. 

“Receivables” means the Contracts listed on Schedule A attached hereto (which Schedule may be in an
electronic format). 
 “Record Date” means, with respect to a Distribution Date or a Redemption Date, the
close of business on the Business Day immediately preceding such Distribution Date or Redemption Date, unless otherwise specified in the Indenture. 

“Registrar of Titles” means, with respect to any State, the governmental agency or body responsible for the
registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 

“Regulation AB” means Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed Securities,
Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506,1,531 (January 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release
No. 33-9638, 79 Fed. Reg. 57,184 (September 24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 

“Requesting Party” shall have the meaning set forth in Section 3.13(a). 

“Required Pro Forma Note Balance” means, with respect to any Distribution Date, a dollar amount equal to
(x) the Adjusted Pool Balance as of the end of the prior calendar month minus (y) 2.00% of the Adjusted Pool Balance as of the Cutoff Date. 

“Required Rate” means 2.00%, or such other percentage approved by the Rating Agencies. 

“Reserve Account” means the account designated as such, established and maintained pursuant to
Section 5.1(a)(iii). 
 “Reserve Account Deposit Amount” means, with respect to any Distribution Date,
the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such
Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (x) of Section 5.7(a). 

“Reserve Account Withdrawal Amount” means, with respect to any Distribution Date, the lesser of (x) any
shortfall in the amount of Available Funds available to pay the amounts specified 

  
 15 

 
in clauses (i) through (x) of Section 5.7(a) (taking into account application of Available Funds to the priority of payments specified in Section 5.7(a) and ignoring any provision
hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date prior to application of amounts on deposit therein pursuant to
Section 5.8. 
 “Responsible Officer” means, with respect to any Person, any Executive Vice President,
Senior Vice President, Vice President, Assistant Vice President, Treasurer, Assistant Treasurer, Secretary, Assistant Secretary, or any other officer of such Person customarily performing functions similar to those performed by any of the above
designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

“Retained Interest” shall have the meaning set forth in Section 12.17(a). 

“Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party
purchaser as payment for such Sold Receivable. 
 “Sale and Servicing Agreement Collateral” shall have the
meaning set forth in Section 2.4. 
 “Schedule of Receivables” means the schedule of all motor vehicle
retail installment sale contracts and promissory notes originally held as part of the Trust which is attached asSchedule A (which Schedule may be in the form of microfiche or a disk). 

“Scheduled Receivables Payment” means, with respect to any Collection Period for any Receivable, the amount
set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with respect to a Collection Period has been modified so as to differ from the
amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or (iii) modifications or extensions of the Receivable
permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect to such Collection Period as so modified. 

“Second Priority Principal Distribution Amount” means, with respect to any Distribution Date, an amount equal
to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes and Class B Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes and
Class B Notes on such Distribution Date), over (ii) the Adjusted Pool Balance for such Distribution Date minus (b) the First Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Second
Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class B Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero. 

“Seller” means AFS SenSub Corp., a Nevada corporation, and its successors in interest to the extent permitted
hereunder. 

  
 16 

 “Service Contract” means, with respect to a Financed
Vehicle, the agreement, if any, financed under the related Receivable that provides for the repair of such Financed Vehicle. 

“Servicer” means GM Financial, as the servicer of the Receivables, and each successor servicer pursuant to
Section 9.3. 
 “Servicer Termination Event” means an event specified in Section 9.1. 

“Servicer’s Certificate” means an Officer’s Certificate of the Servicer delivered pursuant to
Section 4.9, substantially in the form of Exhibit A. 
 “Servicing Fee” shall have the meaning set
forth in Section 4.8. 
 “Servicing Fee Rate” means 1.00% per annum. 

“Servicing Policies and Procedures” means the customary servicing policies and procedures of GM Financial
relating to motor vehicle retail installment sales contracts or promissory notes made by GM Financial or an Originating Affiliate or acquired by GM Financial or an Originating Affiliate, as such policies and procedures may be updated from time to
time. 
 “Simple Interest Method” means the method of allocating a fixed level payment on an obligation
between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of (i) the fixed rate of interest on such obligation times (ii) the period of time (expressed as a
fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made. 

“Sold Receivable” means a Receivable that was more than sixty (60) days delinquent and was sold to an
unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of business on the last day of a Collection Period and in accordance with the provisions of Section 4.3(c). 

“Specified Reserve Balance” means, with respect to any Distribution Date, an amount equal to 0.25% of the
Adjusted Pool Balance as of the Cutoff Date; provided, that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date after giving effect to distributions pursuant to clauses
(i) through (x) of Section 5.7(a). 
 “Standard & Poor’s” means
S&P Global Ratings, a division of S&P Global Inc., or its successor. 
 “State” means any one of
the fifty states of the United States of America or the District of Columbia. 
 “Supplemental Servicing
Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection
Period but excluding any fees or expenses related to extensions. 

  
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 “Third Priority Principal Distribution Amount” means, with
respect to any Distribution Date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes as of such Distribution Date (before giving
effect to any principal payments made on the Class A Notes, Class B Notes and Class C Notes on such Distribution Date), over (ii) the Adjusted Pool Balance for such Distribution Date minus (b) the First Priority Principal
Distribution Amount and Second Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Third Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class C Notes shall not
be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero. 

“Total Available Funds” shall have the meaning set forth in Section 5.7(a). 

“Trust” means the Issuer. 

“Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any
Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 

“Trust Accounts” shall have the meaning set forth in Section 5.1. 

“Trust Agreement” means the Trust Agreement, dated as of December 1, 2020, between the Seller and the
Owner Trustee, as amended and restated as of January 20, 2021 as the same may be amended and supplemented from time to time. 

“Trust Collateral Agent” means the Person acting as Trust Collateral Agent hereunder, its successors in
interest and any successor Trust Collateral Agent hereunder. 
 “Trust Property” means the property and
proceeds conveyed pursuant to Section 2.1, together with certain monies paid after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Reserve Account (including all Eligible
Investments therein and all proceeds therefrom), the Note Distribution Account (including all Eligible Investments therein and all proceeds therefrom) and certain other rights under this Agreement. 

“Trustee” means the Person acting as Trustee under the Indenture, its successors in interest and any
successor trustee under the Indenture. 
 “UCC” means the Uniform Commercial Code as in effect in the
relevant jurisdiction on the date of the Agreement. 
 “Underwriting Agreement” means the Underwriting
Agreement, dated as of January 12, 2021, among the Seller, the Servicer and Deutsche Bank Securities Inc., on its own behalf and as the representative of the underwriters named therein. 

“Yield Supplement Overcollateralization Amount” means with respect to any calendar month and the related
Distribution Date, or with respect to the Cutoff Date, the aggregate amount 

  
 18 

 
by which the Principal Balance as of the last day of such calendar month or the Cutoff Date, as applicable, of each of the related Receivables with an Annual Percentage Rate as stated in the
related Contract is less than the Required Rate, other than a Liquidated Receivable, exceeds the present value, calculated using a discount rate equal to the Required Rate, of each Scheduled Receivables Payment of each such Receivable assuming such
Scheduled Receivables Payment is made on the last day of each month and each month has 30 days. 
 SECTION 1.2.
        Other Definitional Provisions. 

(a)        Capitalized terms used herein and not otherwise defined herein have
meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 

(b)        All terms defined in this Agreement shall have the defined meanings when
used in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 

(c)        As used in this Agreement, in any instrument governed hereby and in any
certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such
instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or
other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 

(d)        The words “hereof,” “herein,” “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections,
Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

(e)        The definitions contained in this Agreement are applicable to the singular
as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

(f)        Any agreement, instrument or statute defined or referred to herein or in
any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments
thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 

  
 19 

 ARTICLE II 

Conveyance of Receivables 

SECTION 2.1.         Conveyance of Receivables. In consideration of the
Issuer’s delivery to or upon the order of the Seller on the Closing Date of an amount equal to the book value of the Receivables sold by the Seller, as set forth on the books and records of the Seller, the Seller does hereby sell, transfer,
assign, set over and otherwise convey to the Issuer, without recourse (subject to the Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the property listed in clauses
(a) – (i) below, whether now owned or existing or hereafter acquired or arising. The foregoing consideration will be paid by the Issuer using net proceeds from the sale of the Notes and the other amounts to be distributed from time to time to
the Seller in accordance with the terms of this Agreement and the balance will be deemed a capital contribution from the Seller to the Issuer. 

(a)        the Receivables and all moneys received thereon after the Cutoff Date; 

(b)        the security interests in the Financed Vehicles granted by Obligors
pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles; 

(c)        any proceeds and the right to receive proceeds with respect to the
Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 

(d)        any proceeds from any Receivable repurchased by a Dealer pursuant to a
Dealer Agreement as a result of a breach of representation or warranty in the related Dealer Agreement; 

(e)        all rights under any Service Contracts on the related Financed Vehicles;

 (f)        the related Receivable Files; 

(g)        all of the Seller’s right, title and interest in its rights and
benefits, but none of its obligations or burdens, under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of GM Financial under the Purchase Agreement; 

(h)        all of the Seller’s (i) Accounts, (ii) Chattel Paper,
(iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and 

(i)        all proceeds and investments with respect to items (a) through (h).

 SECTION 2.2.         [Reserved] 

SECTION 2.3.         Further Encumbrance of Trust Property. 

(a)        Immediately upon the conveyance to the Trust by the Seller of any item of
the Trust Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item of 

  
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Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute
(as defined in the Trust Agreement). 
 (b)        Immediately upon the vesting of
the Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent
securing the repayment of the Notes. The Certificate shall represent the beneficial ownership interest in the Trust Property, and the Certificateholder shall be entitled to receive distributions with respect thereto as set forth herein. 

(c)        Following the payment in full of the Notes and the release and discharge of
the Indenture, all covenants of the Issuer under Article III of the Indenture shall, until payment in full of the Certificate, remain as covenants of the Issuer for the benefit of the Certificateholder, enforceable by the Certificateholder to the
same extent as such covenants were enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in the Certificateholder.

 (d)        The Trust Collateral Agent shall, at such time as there are no Notes
or Certificate outstanding and all sums due to the Trustee and the Trust Collateral Agent pursuant to the Basic Documents have been paid, execute such documents as are reasonably provided to it by the Seller (which documents shall be prepared at the
Seller’s expense) in order to release any remaining portion of the Trust Property to the Seller. 
 SECTION 2.4.
        Intention of the Parties. 
 The execution and delivery of this
Agreement shall constitute an acknowledgment by the Seller and the Issuer that they intend that the assignment and transfer herein contemplated constitute a sale and assignment outright, and not for security, of the Receivables and Other Conveyed
Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the Seller to the Issuer, and that the Receivables and the Other Conveyed Property shall not be a part of the
Seller’s estate in the event of a bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or State bankruptcy or similar law, or the occurrence of another similar event, of, or with
respect to the Seller. In the event that such conveyance is determined to be made as security for a loan made by the Issuer, the Noteholders or the Certificateholder to the Seller, the Seller hereby grants to the Issuer a security interest in all of
the Seller’s right, title and interest in and to the following property for the benefit of the Issuer Secured Parties, whether now owned or existing or hereafter acquired or arising, and this Agreement shall constitute a security agreement
under applicable law (collectively, the “Sale and Servicing Agreement Collateral”): 

(a)        the Receivables and all moneys received thereon after the Cutoff Date; 

(b)        the security interests in the Financed Vehicles granted by Obligors
pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles; 

  
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 (c)        any proceeds and the
right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 

(d)        any proceeds from any Receivable repurchased by a Dealer pursuant to a
Dealer Agreement as a result of a breach of representation or warranty in the related Dealer Agreement; 

(e)        all rights under any Service Contracts on the related Financed Vehicles;

 (f)        the related Receivable Files; 

(g)        all of the Seller’s right, title and interest in its rights and
benefits, but none of its obligations or burdens, under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of GM Financial under the Purchase Agreement; 

(h)        all of the Seller’s (i) Accounts, (ii) Chattel Paper,
(iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and 

(i)        all proceeds and investments with respect to items (a) through (h).

 ARTICLE III 
 The
Receivables 
 SECTION 3.1.         Representations and Warranties of
Seller.  
 (a)        The Seller hereby represents and warrants that
each of the representations and warranties regarding the Receivables that are set forth in Schedule B-1 is true and correct and that the Issuer is deemed to have relied on such representations and warranties
in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the
pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived. 

(b)        The Seller hereby represents and warrants that each of the representations
and warranties regarding the pool of Receivables that are set forth in Schedule B-2 is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the
Receivables. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the
Trust Collateral Agent pursuant to the Indenture and shall not be waived. 

(c)        The Seller hereby represents and warrants that each of the following
representations and warranties is true and correct and that the Issuer is deemed to have relied on such representations and warranties in acquiring the Receivables. Such representations and warranties speak as of the execution and delivery of this
Agreement and as of the Closing Date, but shall 

  
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survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived: 

(i)        to the best of the Seller’s knowledge, each
Receivable (a) that was originated by GM Financial was sold by GM Financial to the Seller without any fraud or misrepresentation on the part of GM Financial and (b) that was originated by a Dealer was sold by the Dealer to GM Financial and
by GM Financial to the Seller without any fraud or misrepresentation on the part of such Dealer or GM Financial, respectively; 

(ii)        no Receivable was originated in, or is subject to the
laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Notes; 

(iii)        the Seller has not done anything to convey any right to
any Person that would result in such Person having a right to payments due under the Receivables or otherwise to impair the rights of the Trust, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof.
Other than the security interest granted to the Trust pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other
than any financing statement relating to the security interest granted to the Trust hereunder or that has been terminated. The Seller is not aware of any judgment, ERISA or tax lien filings against it; and 

(iv)        no funds have been advanced by the Seller or anyone
acting on behalf of GM Financial in order to cause any Receivable to qualify under the representation and warranty set forth as clause 20(E) of Schedule B-1. 

SECTION 3.2.        Repurchase upon Breach. 

(a)        The Seller, the Servicer, the Trust Collateral Agent, the Trustee, the
Trust or the Owner Trustee, as the case may be, shall inform, and any Noteholder may inform, the other parties to this Agreement (or, in the case of notice provided by the Trustee or a Noteholder, all parties of this Agreement) promptly, by notice
in writing, upon the discovery of any breach of the Seller’s representations and warranties made pursuant to Section 3.1(a) that materially and adversely affects the interests of the Noteholders in any Receivable. If Noteholders
representing five percent or more of the Outstanding Amount of the Controlling Class inform the Trust Collateral Agent, by notice in writing, of any breach of the Seller’s representations and warranties made pursuant to
Section 3.1(a), the Trust Collateral Agent shall inform the other parties to this Agreement in the manner specified in the preceding sentence on behalf of such Noteholders. Any such notice delivered by the Servicer, the Trust Collateral Agent,
the Trust, the Trustee, any Noteholder or the Owner Trustee, as the case may be, shall constitute a request by such party that the Seller repurchase the affected Receivable. As of the last day of the second (or, if the Seller so elects, the first)
month following the discovery by the Seller or receipt by the Seller of notice of such breach, 

  
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unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders are materially and adversely affected by any
such breach as of such date. The “second month” shall mean the month following the month in which discovery occurs or notice is given, and the “first month” shall mean the month in which discovery occurs or notice is given. In
consideration of and simultaneously with the repurchase of the Receivable, the Seller shall remit, or cause GM Financial to remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6(a) and the Issuer shall
execute such assignments and other documents reasonably requested by such person in order to effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Trustee or the Noteholders with respect to a
breach of representations and warranties pursuant to Section 3.1(a) and the agreement contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions contained herein or to enforce the
obligation of GM Financial to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. None of the Owner Trustee, the Trust Collateral Agent or the Trustee shall have a duty to conduct any affirmative investigation as to the
occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section. 
 In addition to the
foregoing and notwithstanding whether the related Receivable shall have been purchased by the Seller, the Seller shall indemnify the Trust, the Trustee, the Trust Collateral Agent and the officers, directors, agents and employees thereof, and the
Noteholders against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events
or facts giving rise to such breach. 
 (b)        Pursuant to Section 2.1 of
this Agreement, the Seller conveyed to the Trust all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement including the Seller’s rights under the
Purchase Agreement and the delivery requirements, representations and warranties and the cure or repurchase obligations of GM Financial thereunder. The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and
effective to permit the Trust to enforce such obligations of GM Financial under the Purchase Agreement. Any purchase by GM Financial pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and
the definition of Purchased Receivable. 
 SECTION 3.3.        Custody of
Receivable Files. 
 (a)        In connection with the sale, transfer and
assignment of the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement and simultaneously with the execution and delivery of this Agreement, the Trust Collateral Agent hereby revocably appoints the Custodian, and the
Custodian hereby accepts such appointment, to act as the agent of the Trust Collateral Agent as custodian of the following documents or instruments in its possession or control (the “Receivable Files”) which shall be delivered to
the Custodian as agent of the Trust Collateral Agent on or before the Closing Date (with respect to each Receivable): 

(i)        The fully executed original (or with respect to
“electronic chattel paper”, the authoritative copy) of the Contract; and 

  
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 (ii)        The
Lien Certificate (when received), and otherwise such documents, if any, that GM Financial keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of GM
Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered “doing business as” (“DBA”) name in the applicable jurisdiction) as first lienholder or secured party (including any Lien
Certificate received by GM Financial), or, if such Lien Certificate has not yet been received, a copy of the application therefor or other documentation (which may include a dealer guaranty) that indicates that GM Financial has commenced procedures
that will result in such Lien Certificate showing GM Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as secured party. 

The Receivable Files are constructively delivered to the Trust Collateral Agent, as pledgee of the Issuer pursuant to the
Indenture, and the Custodian hereby, as of the Closing Date, acknowledges receipt of the Receivable File for each Receivable listed in Schedule A hereto. No initial review or any periodic review of the Receivable Files by the Issuer, the Owner
Trustee, the Trustee or the Trust Collateral Agent is required. 
 (b)        If the
Trust Collateral Agent, or its agent, as the case may be, is acting as the Custodian pursuant to Section 3.12, the Trust Collateral Agent, or its agent, as the case may be, shall be deemed to have assumed the obligations of the Custodian
(except for any liabilities incurred by the predecessor Custodian) specified in this Agreement until such time as a successor Custodian has been appointed. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a
certificate of an officer of the Servicer (which certificate shall include a statement to the effect that all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1
have been so deposited) and shall request delivery of the Receivable and Receivable File to the Servicer; provided, that no such certificate will be required to be delivered for so long as GM Financial is the Servicer. Upon the sale of any
Receivable pursuant to Section 4.3(c), the Servicer (if GM Financial is not the Servicer) will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to the effect that all
amounts received in connection with such sale which are required to be deposited in the Collection Account pursuant to Section 4.3(c) have been so deposited) and shall request delivery of the Receivable and Receivable File to the purchaser of
such Receivable. From time to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request of an officer of the Servicer and delivery to the Custodian of a receipt signed by such officer, cause the
original Receivable and the related Receivable File to be released to the Servicer; provided, that no such written request shall be required for so long as GM Financial is the Servicer. The Servicer’s receipt of a Receivable and/or Receivable
File shall obligate the Servicer to return the original Receivable and the related Receivable File to the Custodian when its need by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2, 4.2, 4.4(c) or 4.7.

 (c)        The authoritative copy of each Contract that constitutes or evidences
a Receivable which is “electronic chattel paper” (within the meaning of the UCC) will be maintained by an Electronic Chattel Paper Sub-Custodian on behalf of the Custodian for the benefit of the
Trust Collateral Agent. The Custodian will confirm that the authoritative copy of each Contract that constitutes or evidences a Receivable which is “electronic chattel paper” does not have any marks

  
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or notations indicating it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. The Custodian will confirm that each Contract which is
“electronic chattel paper” has been established in a manner such that (i) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the
Custodian on behalf of the Trust Collateral Agent and (ii) all revisions of the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 

(d)        The Servicer hereby agrees that upon any appointment of a successor
Servicer hereunder it shall take all necessary action to transfer all of its control of any Receivables consisting of electronic chattel paper to the applicable successor Servicer (including the transfer of such electronic chattel paper to a
separate electronic vault at each Electronic Chattel Paper Sub-Custodian controlled by such successor Servicer or to a separate electronic vault at such successor Servicer or export of the electronic chattel
paper from the applicable electronic vault and delivery of physical copies of exported Contracts to the successor Servicer). 

(e)        In its capacity as Custodian, the Servicer confirms that it is acting
solely as agent of the Trust Collateral Agent with respect to the Receivables which are electronic chattel paper. 
 SECTION
3.4.        Maintenance and Safekeeping of the Receivable Files.     The Custodian will accurately maintain and keep current the Receivable Files, including any computer systems on
which the Receivable Files are electronically stored, all in a manner that will permit the Servicer and the Issuer to comply with this Agreement and the Trust Collateral Agent to comply with the Indenture. The Custodian will act with reasonable
care, using that degree of skill and attention that the Custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for itself or others. The Custodian shall promptly report to
the Trust Collateral Agent in writing any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure.

SECTION 3.5.        Location of Receivable Files.     The
Custodian will maintain the Receivable Files in the United States in such a manner as to permit retrieval thereof and access thereto in the manner contemplated by this Agreement. The Custodian’s records will at all times indicate that it is
holding the Receivable Files on behalf of the Trust, separate from any other instruments and files that it holds. 
 SECTION
3.6.        Access to Records. The Custodian shall, subject only to the Custodian’s security requirements applicable to its own employees and agents having access to similar records held by the
Custodian, which requirements shall be consistent with the practices it exercises with respect to similar files and records relating to comparable automotive or other receivables that it holds for itself or others, and at such times as may be
reasonably imposed by the Custodian, permit only the Noteholders and the Trust Collateral Agent or their duly authorized representatives, attorneys or auditors to inspect, at the Servicer’s expense, the Receivable Files and the related
accounts, records, and computer systems maintained by the Custodian pursuant hereto at such times as the Noteholders or the Trust Collateral Agent may reasonably request. 

  
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 SECTION 3.7.        Advice of
Counsel. The Custodian shall be entitled to rely and act upon advice of counsel with respect to its performance hereunder as custodian and shall be without liability for any action reasonably taken pursuant to such advice, provided that such
action is not in violation of applicable federal or State law. 
 SECTION
3.8.        Administration; Reports.   The Custodian shall, in general, attend to all non-discretionary details in connection with maintaining custody
of the Receivable Files on behalf of the Trust Collateral Agent. In addition, the Custodian shall assist the Trust Collateral Agent generally in the preparation of any routine reports to Noteholders or to regulatory bodies, to the extent
necessitated by the Custodian’s custody of the Receivable Files. 
 SECTION
3.9.        Instructions; Authority to Act.   The Custodian shall be deemed to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions
signed by a Responsible Officer of the Trust Collateral Agent. Such instructions may be general or specific in terms. A copy of any such instructions shall be furnished by the Trust Collateral Agent to the Trustee (if they are separate entities) and
the Issuer. 
 SECTION 3.10.      Custodian Fee.   For its services under
this Agreement, the Custodian shall be entitled to reasonable compensation to be paid by the Servicer. 
 SECTION
3.11.      Indemnification by the Custodian.   The Custodian agrees to indemnify the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee for any and all liabilities, obligations,
losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or asserted against the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee and their
respective officers, directors, employees, agents, attorneys and successors and assigns as the result of any act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files; provided,
however, that the Custodian shall not be liable for any portion of any such liabilities, obligations, losses, damages, payments or costs or expenses due to the Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s or the
Trustee’s or the officers’, directors’, employees’ and agents’ thereof own willful misfeasance, bad faith or gross negligence. In no event shall the Custodian be liable to any third party for acts or omissions of the
Custodian. 
 SECTION 3.12.      Effective Period and Termination of
Custodian.   GM Financial’s appointment as custodian is effective as of the Cutoff Date and will continue until terminated pursuant to this Section 3.12. So long as GM Financial is serving as Custodian, any termination
of GM Financial as Servicer hereunder shall terminate GM Financial as Custodian. As soon as practicable after termination of its appointment as custodian, the Custodian shall deliver, at the Custodian’s expense, the Receivable Files to the
Trust Collateral Agent on behalf of the Noteholders at such place or places as the Trust Collateral Agent may designate, and the Trust Collateral Agent, or its agent, as the case may be, shall act as custodian for such Receivable Files on behalf of
the Noteholders until such time as a successor custodian has been appointed. If, within seventy-two (72) hours after the termination of this Agreement, the Custodian has not delivered the Receivable Files
in accordance with the preceding sentence, the Trust Collateral Agent may enter the premises of the Custodian and remove the Receivable Files from such premises. 

SECTION 3.13.      Dispute Resolution. 

  
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 (a)        If the Servicer, the
Trust, the Owner Trustee, the Trustee, the Trust Collateral Agent, a Noteholder or the Trust Collateral Agent on behalf of certain Noteholders in accordance with the following sentence (the “Requesting Party”) requests that the
Seller and/or GM Financial repurchase a Receivable due to an alleged breach of a representation and warranty in Section 5.1 of the Purchase Agreement or in Section 3.2(a) hereof (each, a “Repurchase Request”), and the
Repurchase Request has not been resolved within one hundred eighty (180) days of the receipt of notice of the Repurchase Request by the Seller or GM Financial, as the case may be (which resolution may take the form of a repurchase of the
related Receivable by the Seller or GM Financial, as applicable, a withdrawal of the related Repurchase Request by the related Requesting Party or a cure of the condition that led to the related breach in the manner set forth herein or in the
Purchase Agreement, as applicable), the Requesting Party may refer the matter, in its sole discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. Noteholders
representing five percent or more of the Outstanding Amount of the Controlling Class may direct the Trust Collateral Agent, by notice in writing, in relation to any matter described in the preceding sentence, to initiate either mediation
(including non-binding arbitration) or binding third-party arbitration, as directed by such Noteholders, on behalf of such Noteholders. The Requesting Party must start the mediation or arbitration proceeding
according to the ADR Rules of the ADR Organization within ninety (90) days following the date on which the Form 10-D is filed that relates to the Collection Period during which the related 180-day period ended. The Seller and GM Financial agree to participate in the dispute resolution method selected by the Requesting Party. 

(b)        If the Requesting Party selects mediation for dispute resolution: 

(i)        The mediation will be administered by the ADR Organization
using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for mediation stated in this Section 3.13(b), the procedures in this Section 3.13(b) will control. 

(ii)        A single mediator will be selected by the ADR
Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and, if
possible, consumer finance or asset-backed securitization matters. 

(iii)        The mediation will start within fifteen
(15) Business Days after the selection of the mediator and conclude within thirty (30) days after the start of the mediation. 

(iv)        Expenses of the mediation will be allocated to the
parties as mutually agreed by them as part of the mediation. 

(v)        If the parties fail to agree at the completion of the
mediation, the Requesting Party may refer the Repurchase Request to arbitration under this Section 3.13. 

(c)        If the Requesting Party selects arbitration for dispute resolution: 

  
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 (i)        The
arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this Section 3.13(c), the procedures in this Section 3.13(c) will
control. 
 (ii)        A single arbitrator will be selected by the
ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator must be an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation and, if
possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before
accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time
schedule.    The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict. 

(iii)        The arbitrator will have the authority to schedule, hear
and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be completed with thirty (30) days of selection of the arbitrator and will be limited for each party to two witness depositions not
to exceed five hours, two interrogatories, one document request and one request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will
be limited to no more than ten pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than sixty
(60) days after selection of the arbitrator and will proceed for no more than six (6) consecutive Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow
additional time for discovery and hearings on a showing of good cause or due to unavoidable delays. 

(iv)        The arbitrator will make its final determination no later
than ninety (90) days after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the Basic Documents, and may not modify or change this Agreement or the Basic Documents in any way. The arbitrator
will not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of
the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to
the parties. The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of
competent jurisdiction. 
 (v)        By selecting arbitration, the
Requesting Party is giving up the right to sue in court, including the right to a trial by jury. 

  
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 (vi)        The
Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of
competent jurisdiction. 
 (d)        For each mediation or arbitration: 

(i)        Any mediation or arbitration will be held in New York, New
York at the offices of the mediator or arbitrator or at another location selected by the Seller or GM Financial. Any party or witness may participate by teleconference or video conference. 

(ii)        The Seller, GM Financial and the Requesting Party will
have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law. 

(iii)        Neither the Seller nor GM Financial will be required to
produce personally identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings, the nature and amount of
any relief sought or granted, any offers or statements made and any discovery taken in the proceeding will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties
will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration
proceeding under this Section 3.13), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a
governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the
production of its confidential information. 
 ARTICLE IV 

Administration and Servicing of Receivables 

SECTION 4.1.        Duties of the Servicer. The Servicer is hereby authorized
to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the
Receivables shall be carried out in accordance with customary and usual procedures of institutions which service motor vehicle retail installment sale contracts or promissory notes and, to the extent more exacting, the degree of skill and attention
that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for itself or others. In performing such duties, so long as GM Financial is the Servicer, it shall substantially comply with the
Servicing Policies and Procedures. The Servicer’s duties shall include, without limitation, collecting and posting all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment invoices

  
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to Obligors, reporting any required tax information to Obligors, monitoring the collateral, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent
and the Trustee with respect to distributions, and performing the other duties specified herein. 
 The Servicer, or if GM
Financial is no longer the Servicer, GM Financial, at the request of the Servicer, shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements (and shall maintain
possession of the Dealer Agreements, to the extent it is necessary to do so), the Dealer Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Dealer Assignments and Insurance Policies relate to the Receivables, the
Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority,
acting alone, to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and
empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and
with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount
under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in accordance with the Servicer’s customary practices. 

The Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a
Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer
commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any such proceeding as a
party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection with any
such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and
take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 

As set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the successor Servicer
shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, provided that the successor Servicer shall not be liable for the Servicer’s breach of its obligations. 

  
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 SECTION 4.2.        Collection of
Receivable Payments; Modifications of Receivables. 
 (a)        Consistent with
the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due, and shall
follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the
Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect thereto, including directing the Issuer to sell the Receivables
pursuant to Section 4.3(c). The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 

(b)        The Servicer may grant extensions, rebates, deferrals, amendments,
modifications or adjustments with respect to any Receivable in accordance with its Servicing Policies and Procedures; provided, however, that if the Servicer (i) extends a Receivable beyond the Collection Period immediately
preceding the latest Final Scheduled Distribution Date, or (ii) reduces the Amount Financed or APR with respect to any Receivable, it will repurchase such Receivable in the manner provided in Section 3.2 if such change
in the Receivable would materially and adversely affect the interests of the Noteholders, unless the Servicer is required to take such action by law (including, without limitation, by the Servicemembers Civil Relief Act) or court order. 

(c)        Subject to the proviso of the first sentence in
Section 4.2(b), the Servicer or its Affiliates may engage in any marketing practice or promotion of any sale of any products, goods or services to Obligors with respect to the Receivables so long as such practices,
promotions or sales are offered to obligors of comparable motor vehicle receivables serviced by the Servicer for itself and others, whether or not such practices, promotions or sales might result in a decrease in the aggregate amount of payments on
the Receivables, prepayments or faster or slower timing of the payment of the Receivables. 

(d)        The Servicer shall remit all payments by or on behalf of the Obligors
received directly by the Servicer to the Collection Account as soon as practicable, but in no event later than the second (2nd) Business Day after receipt thereof; provided, however, that if the Monthly Remittance Condition is
satisfied, then the Servicer shall not be required to deposit into the Collection Account all payments by or on behalf of the Obligors received directly by the Servicer until noon, New York City time, on the Business Day prior to the Distribution
Date immediately following receipt thereof. (For purposes of the preceding sentence, “receipt” of a payment shall mean the initial deposit thereof in the Servicer’s bank account.) 

(e)        [Reserved]. 

(f)      GM Financial shall not cause or permit the substitution of the Financed Vehicle
relating to a Receivable unless: (i) the substitution is a replacement of the Financed Vehicle originally financed under the related Receivable; (ii) the Financed Vehicle originally financed under the related Receivable was either
(x) insured under an Insurance Policy as required under Section 4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy, (y) 

  
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deemed to be a “lemon” pursuant to applicable State law and repurchased by the related Dealer or (z) the subject of an order by a court of competent jurisdiction directing GM
Financial to substitute another vehicle under the related Receivable; (iii) the related Receivable is not more than thirty (30) days delinquent; (iv) the Obligor is deemed to be in “good standing” by the Servicer and is not
in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle has a book value (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the Financed Vehicle that is being replaced, measured immediately before
the casualty loss or replacement by the Dealer and (vi) as of the date of such substitution, the replacement Financed Vehicle’s mileage is no greater than the mileage on the Financed Vehicle that is being replaced; provided,
however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through (vi) inclusive, shall not be applicable. GM Financial shall not cause or permit the substitution of Financed Vehicles relating to Receivables
having an original aggregate Principal Balance greater than two percent (2%) of the Original Pool Balance, (the “Substitution Limit”). In the event that the Substitution Limit is exceeded for any reason, (i) GM Financial shall,
on or before the next following Accounting Date, repurchase a sufficient number of such Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit or (ii) if GM Financial is not the
Servicer and the Servicer has caused substitutions to be made hereunder pursuant to the circumstances described in clause (ii)(x), above, the Servicer shall, on or before the next following Accounting Date, repurchase a sufficient number of such
Receivables to cause the aggregate original Principal Balances of such Receivables to be less than the Substitution Limit. 

SECTION 4.3.        Realization upon Receivables. 

(a)        In addition to the Servicer’s ability to direct the Issuer to sell
Receivables pursuant to Section 4.3(c), and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate
any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable; provided, however, that the Servicer may elect not to repossess a
Financed Vehicle if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Issuer to sell the Receivables pursuant to
Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include
reasonable efforts to realize upon any recourse to Dealers, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a
Receivable. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle
unless it expects in its sole discretion, that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a
Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof (or, if the Monthly
Remittance Condition is satisfied, by no later than noon, New York City time, on the Business Day prior to the Distribution Date immediately following receipt thereof). The Servicer shall be entitled to recover all reasonable expenses incurred by it
in the course of repossessing and liquidating a Financed Vehicle 

  
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into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer, which amounts in
reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(d)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on
repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 

(b)        If the Servicer, or if GM Financial is no longer the Servicer, GM Financial
at the request of the Servicer, elects to commence a legal proceeding to enforce a Dealer Agreement or Dealer Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to GM Financial at the
request of the Servicer, of the rights under such Dealer Agreement or Dealer Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer or GM Financial, as appropriate, may not
enforce a Dealer Agreement or Dealer Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement or Dealer Assignment, the Owner Trustee and/or the Trust Collateral Agent, at GM
Financial’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement or Dealer Assignment, including bringing suit in its name or the name of the
Seller or of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be remitted directly by the Servicer as provided in Section 4.2(d). 

(c)        Consistent with the standards, policies and procedures required by this
Agreement, the Servicer may use its best efforts to locate a third-party purchaser that is not affiliated with the Servicer, the Seller or the Issuer to purchase from the Issuer any Receivable that has become more than sixty (60) days
delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Cutoff Date may be sold by the Issuer
pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the Issuer to sell a Receivable that has become more than sixty (60) days delinquent if in its good faith judgment the
Servicer determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third-party purchaser pursuant to this Section 4.3(c), the Servicer shall
use commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third-party purchasers which is materially adverse to
the interest of the Noteholders. The Issuer shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Issuer for all Receivables sold to a single third-party
purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables to the Collection
Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. 

  
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 SECTION
4.4.        Insurance. 

(a)        The Servicer shall require, in accordance with the Servicing Policies and
Procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph 18 of Schedule B-1 hereto. Each Receivable requires the Obligor to maintain such
physical loss and damage insurance, naming GM Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) and its successors and assigns as additional insureds, and
permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a
physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in such Paragraph 18 (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may enforce
the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with the Servicing Policies and Procedures. The Servicer may maintain a vendor’s single
interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and damage in the event any Obligor fails to
maintain physical loss and damage insurance with respect to the related Financed Vehicle. The Servicer shall cause itself or an Originating Affiliate, and may cause the Trust Collateral Agent (which may be accomplished by the use of a properly
registered DBA name in the applicable jurisdiction), to be named as named insured under all policies of Collateral Insurance. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 

(b)        The Servicer may, if an Obligor fails to obtain or maintain a physical loss
and damage Insurance Policy, obtain insurance with respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the Insurance Policy, the premiums for such insurance (such insurance being referred to
herein as “Force-Placed Insurance”). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance
shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c). 

(c)        In connection with any Force-Placed Insurance obtained hereunder, the
Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount Financed under the
Receivable. For all purposes of this Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the Obligor and will not be
added to the Principal Balance of such Receivable, and amounts allocable thereto will not be available for distribution on the Notes and the Certificate. The Servicer shall retain and separately administer the right to receive payments from Obligors
with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to
determine whether the payment is allocable to the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the Principal Balance and accrued interest on 

  
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such Receivable and then to pay the related Insurance Add-On Amount. If an Obligor under a Receivable with respect to which the Servicer has placed
Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance
Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent Determination Date. Any such Receivable, and any
Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer. 

(d)        The Servicer may sue to enforce or collect upon the Insurance Policies, in
its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such
Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a
holder entitled to enforce the Insurance Policy, the Issuer and/or the Trust Collateral Agent, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems necessary to enforce such
Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. 

SECTION 4.5.        Maintenance of Security Interests in Vehicles. 

(a)        Consistent with the policies and procedures required by this Agreement, the
Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors
and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing
statements and continuation statements as are necessary to maintain the security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and
all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a
Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the State in which the Financed Vehicle is
located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that the designation of GM Financial or an Originating Affiliate (which may be accomplished by the use of a properly registered
DBA name in the applicable jurisdiction) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 

(b)        Upon the occurrence of a Servicer Termination Event, the Servicer or the
successor Servicer (if no successor Servicer has been appointed, then the Trust Collateral Agent) shall take or cause to be taken such action as may, in the Opinion of Counsel to the Majority Noteholders, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the
Opinion of Counsel to the Majority Noteholders, be necessary or prudent. 

  
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 GM Financial hereby agrees to pay all expenses related to such perfection or
reperfection and to take all action necessary therefor. GM Financial hereby appoints the Trust Collateral Agent as its attorney-in-fact to take any and all steps
required to be performed by GM Financial pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust Collateral Agent shall have no obligation to take such steps with respect to all perfection or reperfection, except as
pursuant to the Basic Documents to which it is a party and to which GM Financial has paid all expenses), including execution of Lien Certificates or any other documents in the name and stead of GM Financial (which may be accomplished by the use of a
properly registered DBA name in the applicable jurisdiction), and the Trust Collateral Agent hereby accepts such appointment. 

SECTION 4.6.        Covenants of Servicer.  By its execution and
delivery of this Agreement, the Servicer makes the following covenants on which the Trust Collateral Agent relies in accepting the Receivables and on which the Trustee relies in authenticating the Notes. 

(a)      The Servicer covenants as follows: 

(i)        Liens in Force.  The Financed Vehicle
securing each Receivable shall not be released in whole or in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 

(ii)        No Impairment.  The Servicer shall do
nothing to impair the rights of the Trust or the Noteholders in the Receivables, the Dealer Agreements, the Dealer Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 

(iii)        No Amendments.  The Servicer shall not
extend or otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 

(iv)        Restrictions on Liens.  The Servicer
shall not (A) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or
restriction on transferability of the Receivables except for the Lien in favor of the Trust Collateral Agent for the benefit of the Noteholders and the restrictions on transferability imposed by this Agreement or (B) sign or file under the
Uniform Commercial Code of any jurisdiction any financing statement which names GM Financial or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the
Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders. 

SECTION 4.7.        Purchase of Receivables Upon Breach of
Covenant.  Upon discovery by any of the Servicer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee or a Responsible Officer of the Trustee of a breach of any of the covenants set forth in Sections 3.4, 3.5, 3.6,
4.5(a) or 4.6 that materially and adversely affects the interests of the Noteholders in any Receivable (including any Liquidated Receivable), the party discovering such breach shall give prompt written notice to the others; provided, however,
that the failure to give any such notice shall not affect any obligation of GM Financial as Servicer under this Section. As of the second 

  
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Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 3.4, 3.5, 3.6, 4.5(a) or 4.6 which materially and adversely affects the interests
of the Noteholders in any Receivable (including any Liquidated Receivable) (or, at GM Financial’s election, the first Accounting Date so following) or the related Financed Vehicle, GM Financial shall, unless such breach shall have been cured in
all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, GM Financial shall pay the related Purchase Amount. It is understood and agreed that the obligation of GM Financial to
purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against GM Financial for such breach available to the
Noteholders, the Issuer, the Owner Trustee or the Trust Collateral Agent; provided, however, that GM Financial shall indemnify the Trust, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all
costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third-party claims arising out of the events or facts giving rise to
such breach. 
 SECTION 4.8.        Total Servicing Fee; Payment of Certain
Expenses by Servicer.  On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the
“Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in
connection with distributions and reports made by the Servicer to the Noteholders and all other fees and expenses of the Owner Trustee, the Trust Collateral Agent or the Trustee; provided, however, the Servicer shall not be required to
pay taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification unless such taxes and claims are expressly stated to be for the account of GM Financial). The Servicer shall be liable for the fees and expenses
of the Owner Trustee, the Trust Collateral Agent, the Trustee, the Custodian and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be GM Financial, a successor to GM Financial as Servicer permitted by
Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 

SECTION 4.9.        Servicer’s Certificate and Asset-Level Information.

 (a)        Servicer’s Certificate.  No later than noon
Eastern time on each Determination Date, the Servicer shall deliver (electronic delivery being acceptable) to the Trustee, the Owner Trustee and the Trust Collateral Agent the monthly Servicer’s Certificate. The Servicer will also deliver the
Servicer’s Certificate to each Rating Agency on the same date the Servicer’s Certificate is publicly available (provided that if the Servicer’s Certificate is not made publicly available, the Servicer will deliver it to each Rating
Agency no later than the 25th of each month (or if not a Business Day, the next succeeding Business Day)). Each Servicer’s Certificate will be executed by a Responsible Officer of the
Servicer and contain among other things: (i) all information necessary to enable the Trust Collateral Agent to make the distributions required by Sections 5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables
purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the Trust Collateral Agent to make such
statements available to Noteholders as required by Section 5.9 and (iv) solely in the case 

  
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of the first monthly Servicer’s Certificate, the disclosure required by Rule 4(c)(1)(ii) of Regulation RR, 17 C.F.R. §246.1, et seq. (the “Credit Risk Retention
Rules”). Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by
account number (as set forth in the Schedule of Receivables). 

(b)        Asset-Level Information.  On or before the 15th day
following each Distribution Date, the Servicer will prepare a Form ABS-EE, including an asset data file and asset-related document containing the asset-level information for each Receivable for the prior
Collection Period as required by Item 1A of Form 10-D. 
 SECTION
4.10.        Annual Statement as to Compliance, Notice of Servicer Termination Event. 

(a)        To the extent required by Section 1123 of Regulation AB, the Servicer,
shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent and each Rating Agency, on or before March 31 (or ninety (90) days after the end of the Issuer’s fiscal year, if other than December 31) of each year
(regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on March 31, 2022, an officer’s certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous
calendar year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate) and of its performance
under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled in all material respects all its obligations under this Agreement throughout
such period, or, if there has been a failure to fulfill any such obligation in any material respect, identifying each such failure known to such officer and the nature and status of such failure. 

(b)        The Seller or the Servicer shall deliver to the Trustee, the Owner Trustee,
the Trust Collateral Agent, the Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer’s
certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any clause of Section 9.1. 

(c)        The Servicer will deliver to the Issuer, on or before March 31 of each
year, beginning on March 31, 2022, 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, 2022, 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. 

  
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 (e)        The Bank of New York
Mellon acknowledges, in its capacity as Trust Collateral Agent under this Agreement and in its capacity as Trustee under the Basic 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 such action as outlined in the Item 1122 Letter Agreement to ensure compliance with the requirements of Section 4.10(d) and Section 4.11(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. 
 SECTION
4.11.        Annual Independent Public Accountants’ Reports. 

(a)        The Servicer shall 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 Trustee, the Owner Trustee and the Trust Collateral Agent, on or before March 31 (or
ninety (90) days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning on March 31, 2022, a report, dated as of December 31 of 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 4.10(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. 

(b)        Each party required to deliver an assessment of compliance described in
Section 4.10(d) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust 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 on March 31, 2022, a report, dated as of December 31 of 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 4.10(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 a firm of Independent Accountants, who may also
render other services to the Servicer or to the Seller, (1) to deliver to the Trustee, the Owner Trustee and the Trust Collateral Agent, on or before April 30 (or one hundred twenty (120) days after the end of the Servicer’s
fiscal year, if other than December 31) of each year, beginning on April 30, 2022, with respect to the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from
the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the Commission for General Motors Financial Company, Inc., which filing
includes a statement that 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; provided, however, that to the extent that the Servicer or an Affiliate of the Servicer makes such information publicly available, the requirement under this Section 4.11(c) shall be deemed satisfied, and (2) upon request of
the Trustee, the Owner Trustee or the Trust Collateral Agent, to issue an acknowledgement to the effect that such firm has audited the books and records of General Motors Financial Company, Inc., in which the Servicer is

  
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included as a consolidated subsidiary, and issued its report pursuant to item (1) of this section and that the accounting firm is independent of the Seller and the Servicer within the
meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants 
 SECTION
4.12.        Access to Certain Documentation and Information Regarding Receivables.  The Servicer shall provide to representatives of the Trustee, the Owner Trustee and the Trust Collateral
Agent reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation
of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of
this Section. 
 ARTICLE V 

Trust Accounts; Distributions; Statements to Noteholders 

SECTION 5.1.        Establishment of Trust Accounts. 

(a)        (i)         The Trust
Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Trust Collateral Agent on behalf of the Noteholders. The Collection Account shall initially be established with the Trust Collateral Agent. 

(ii)        The Trust Collateral Agent, on behalf of the Noteholders, shall establish
and maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf
of the Noteholders. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 

(iii)        The Trust Collateral Agent, on behalf of the Noteholders, shall
establish and maintain in its own name an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf
of the Noteholders. The Reserve Account shall initially be established with the Trust Collateral Agent. 

(b)        Funds on deposit in the Collection Account, the Reserve Account and the
Note Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by
the Servicer (pursuant to standing instructions or otherwise). Absent receipt of such written investment direction from the Servicer, funds on deposit in the Trust Accounts shall be held uninvested. All such Eligible Investments shall be held by or
on behalf of the Trust Collateral Agent for the benefit of the Noteholders. Other than as permitted by the Rating Agencies, funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be
available at the close of business on the Business Day immediately preceding the following Distribution Date. All Eligible Investments will be held to 

  
 41 

 
maturity. Each institution at which the relevant Trust Account is maintained shall invest the funds therein as directed in writing by the Servicer in Eligible Investments. The Servicer
acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each such investment or the Trust Collateral Agent’s receipt of a broker confirmation. The Servicer agrees
that such notifications will not be provided by the Trust Collateral Agent hereunder, and the Trust Collateral Agent shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity.
No statement need be made available if no activity has occurred in the relevant Trust Account during such period. 

(c)        All Investment Earnings of moneys deposited in each Trust Account shall be
deposited (or caused to be deposited) in the Collection Account on each Distribution Date by the Trust Collateral Agent and applied as Available Funds on such Distribution Date, and any loss resulting from such investments shall be charged to the
related Trust Account. The Servicer will not direct the Trust Collateral Agent to make any investment of any funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in
such investment, in either case without any further action by any Person, and, in connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the
Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect. 

(d)        The Trust Collateral Agent shall not in any way be held liable by reason of
any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad faith or its failure to make payments on such
Eligible Investments issued by the Trust Collateral Agent, in its commercial capacity as principal obligor and not as Trust Collateral Agent or as Trustee, in accordance with their terms. 

(e)        If (i) the Servicer shall have failed to give investment directions in
writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and the Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of
Default shall have occurred and is continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or
received from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in accordance with the
instructions outlined in the most recent investment direction letter between the Servicer and the Trust Collateral Agent. 

(f)        (i)            
The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof for the benefit of the Noteholders and all such funds, investments, proceeds and income
shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders. If, at any time, any of the Trust
Accounts ceases to be an Eligible Deposit Account, the Trust Collateral Agent (or the Servicer on its behalf) shall within five (5) Business Days (or such longer period as to which each Rating Agency may consent) establish a new Trust Account
as an Eligible Deposit 

  
 42 

 
Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are
not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. 

(ii)     With respect to the Trust Account Property, the Trust Collateral Agent agrees that: 

(A)        any Trust Account Property that is held in deposit
accounts shall be held solely in the Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust
Collateral Agent shall have sole signature authority with respect thereto; 

(B)        any Trust Account Property that constitutes Physical
Property shall be delivered to the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a securities
intermediary (as such term is defined in Section 8-102(14) of the UCC) acting solely for the Trust Collateral Agent; 

(C)        the “securities intermediary’s
jurisdiction” for purposes of Section 8-110 of the UCC shall be the State of New York; 

(D)        any Trust Account Property that is a book-entry security
held through the Federal Reserve System pursuant to federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending
maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; 

(E)        any Trust Account Property that is an
“uncertificated security” or a “security entitlement” under Article 8 of the UCC and that is not governed by clause (D) above shall be delivered to the Trust Collateral Agent in accordance with paragraph
(c) or (d), if applicable, of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its
nominee’s) ownership of such security; and 
 (F)        any
cash that is Trust Account Property shall be considered a “financial asset” under Article 8 of the UCC. 

(g)       The Servicer shall have the power to instruct the Trust Collateral Agent to make
withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer and the Trust Collateral Agent to carry out their respective duties hereunder. 

SECTION 5.2.        [Reserved] 

  
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 SECTION 5.3.        Certain
Reimbursements to the Servicer.  The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later
determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to
Section 5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account
with respect to a Collection Period any amounts paid by Obligors that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.

 SECTION 5.4.        Application of Collections.  All collections
for the Collection Period shall be applied by the Servicer as follows: 

(a)        With respect to each Receivable (other than a Purchased Receivable or a
Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method.

 (b)        All amounts collected that are payable to the Servicer as Supplemental
Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(a). 

SECTION 5.5.        [Reserved]. 

SECTION 5.6.        Additional Deposits. 

(a)        The Servicer and the Seller, as applicable, shall deposit or cause to be
deposited in the Collection Account on the Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. 

(b)        The proceeds of any purchase or sale of the assets of the Trust described
in Section 10.1 shall be deposited in the Collection Account. 
 SECTION
5.7.        Distributions. 

(a)        On each Distribution Date, the Trust Collateral Agent shall (based solely
on the information contained in the Servicer’s Certificate delivered with respect to the related Determination Date) apply or cause to be applied the sum of (x) the Available Funds (after withdrawing amounts deposited in error and
Liquidation Proceeds relating to Purchased Receivables) for the related Collection Period plus (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum, the “Total Available Funds”) to distribute
the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of funds stated to be available therefor, and in the following order of priority: 

  
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 (i)        to the
Servicer, (1) the Base Servicing Fee for the related Collection Period, (2) any Supplemental Servicing Fees for the related Collection Period, (3) any amounts specified in Section 5.3 and (4), to the extent the Servicer has not
reimbursed itself in respect of such amounts pursuant to Section 5.3, and to the extent not retained by the Servicer, to pay to GM Financial any amounts paid by Obligors during the preceding calendar month that did not relate to
(x) principal and interest payments due on the Receivables and (y) any fees or expenses related to extensions due on the Receivables; 

(ii)        to each of the Trustee, the Trust Collateral Agent, the
Asset Representations Reviewer and the Owner Trustee, their respective accrued and unpaid fees, expenses and indemnities (in each case, to the extent such fees, expenses or indemnities have not been previously paid by the Servicer, and
provided that such fees, expenses and indemnities shall not exceed (x) $100,000 in the aggregate in any calendar year to the Owner Trustee, (y) $100,000 in the aggregate in any calendar year to the Trust Collateral Agent and the Trustee and
(z) $200,000 in the aggregate in any calendar year to the Asset Representations Reviewer); 

(iii)        to the Note Distribution Account for distribution to the
Class A Noteholders, pari passu, the Noteholders’ Interest Distributable Amount for the Class A Notes for such Distribution Date; 

(iv)        to the Note Distribution Account, for distribution as
provided in paragraph (b) below, the First Priority Principal Distribution Amount; 

(v)        to the Note Distribution Account for distribution to the
Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Distribution Date; 

(vi)        to the Note Distribution Account, for distribution as
provided in paragraph (b) below, the Second Priority Principal Distribution Amount; 

(vii)        to the Note Distribution Account for distribution to the
Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Distribution Date; 

(viii)        to the Note Distribution Account, for distribution as
provided in paragraph (b) below, the Third Priority Principal Distribution Amount; 

(ix)        to the Note Distribution Account for distribution to the
Class D Noteholders, the Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date; 

(x)        to the Note Distribution Account, for distribution as
provided in paragraph (b) below, the Fourth Priority Principal Distribution Amount; 

(xi)        to the Reserve Account, the Reserve Account Deposit Amount
for such Distribution Date; 

  
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 (xii)    to the Note Distribution
Account, for distribution as provided in paragraph (b) below, the Noteholders’ Principal Distributable Amount; 

(xiii)    to pay each of the Trustee, the Owner Trustee, the Trust Collateral Agent and
the Asset Representations Reviewer any fees, expenses and indemnities then due to such party that are in excess of the related cap or annual limitation specified in clause (ii) above; and 

(xiv)    to the Certificate Distribution Account for distribution to the Certificateholder
in accordance with the Trust Agreement, the aggregate amount remaining in the Collection Account. 
 On any
Distribution Date with respect to which no Servicer’s Certificate was delivered, to the extent there are Available Funds in the Collection Account, the Trust Collateral Agent will make payments of the Noteholders’ Interest Distributable
Amounts described in (iii), (v), (vii) and (ix) above. 
 (b)    On each Distribution Date, the
Trust Collateral Agent shall apply or cause to be applied the aggregate of the amounts described in clause (iv), (vi), (viii), (x) and (xii) of paragraph (a) above on that Distribution Date in the following order of priority: 

(i)       to the Class A-1
Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(ii)      to the Class A-2
Noteholders in reduction of the remaining principal balance of the Class A-2 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(iii)      to the Class A-3
Noteholders in reduction of the remaining principal balance of the Class A-3 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(iv)      to the Class A-4
Noteholders in reduction of the remaining principal balance of the Class A-4 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(v)       to the Class B Noteholders in reduction of the remaining
principal balance of the Class B Notes, until the outstanding principal balance thereof has been reduced to zero; 

(vi)      to the Class C Noteholders in reduction of the remaining
principal balance of the Class C Notes, until the outstanding principal balance thereof has been reduced to zero; and 

(vii)    to the Class D Noteholders in reduction of the remaining principal balance
of the Class D Notes, until the outstanding principal balance thereof has been reduced to zero; 

  
 46 

 provided, however, that, (A) following an acceleration of the Notes pursuant to
the Indenture, (B) the occurrence of an Event of Default pursuant to Sections 5.1(a), 5.1(b) or 5.1(d) of the Indenture or (C) the receipt of Insolvency Proceeds pursuant to Section 10.1(b), the Total Available Funds and amounts
deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders pursuant to Section 5.6(a) of the Indenture. 

(c)        In the event that the Collection Account is maintained with an institution
other than the Trust Collateral Agent, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(a) and 5.7(b) on the related Distribution Date. 

(d)        In the event that any withholding tax is imposed on the Trust’s
payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section 5.7. The Trust Collateral Agent is hereby authorized and directed to retain from
amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings,
and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is
withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S.
Noteholder), the Trust Collateral Agent may in its sole discretion withhold such amounts in accordance with this clause (d). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall
reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses
(including legal fees and expenses) incurred. 
 (e)        Distributions required
to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity
having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five (5) Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate
evidence a denomination of not less than $1,000,000 or (ii) by check mailed to such Noteholder at the address of such holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether
on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 

(f)        Subject to Section 5.1 and this Section, monies received by the Trust
Collateral Agent hereunder need not be segregated in any manner except to the extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest
thereon. 

  
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 SECTION 5.8.        Reserve
Account. 
 (a)        On the Closing Date, the Seller 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 Trust Collateral Agent for the benefit of the Noteholders. 

(b)        The Seller may, from time to time after the date hereof, request each
Rating Agency to approve a formula for determining the Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the
Reserve Account is funded. Notwithstanding any other provision of this Agreement, the use of such new formula will be deemed to be approved upon the satisfaction of the Rating Agency Condition with respect to the use of such new formula, and the
Specified Reserve Balance will be determined in accordance with such new formula and this Agreement will be amended to reflect such new formula without the consent of any Noteholder. 

(c)        On each Distribution Date, the Servicer shall instruct the Trust Collateral
Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) (A) 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, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (x) of
Section 5.7(a) deposit in the Reserve Account the Reserve Account Deposit Amount pursuant to Section 5.7(a)(xi), and (B) 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 Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount of such excess as part of Available Funds on such Distribution Date. 

(d)        On each Distribution Date, the Servicer shall instruct the Trust Collateral
Agent (based on the information contained in the Servicer’s Certificate delivered on the related Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account
to be included as Total Available Funds for that Distribution Date. 

(e)        Amounts properly transferred to the Certificate Distribution Account for
payment to the Certificateholder pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the Noteholders, nor shall the
Certificateholder be required to refund any amount properly received by them. 
 SECTION
5.9.        Statements to Noteholders. 

(a)        On or prior to each Distribution Date, the Trust Collateral Agent shall
make available to each Noteholder of record a statement setting forth at least the following information as to the Notes solely to the extent such information has been received from the Servicer pursuant to Section 4.9: 

(i)        the amount of such distribution allocable to principal of
each Class of Notes; 

  
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 (ii)       the amount of
such distribution allocable to interest on or with respect to each Class of Notes; 

(iii)      the required Reserve Account Withdrawal Amount or any excess released
from the Reserve Account and included in Available Funds; 
 (iv)      the
Pool Balance and Adjusted Pool Balance as of the close of business on the last day of the preceding Collection Period; 

(v)       the aggregate outstanding principal amount of each Class of
the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above; 

(vi)      the amount of the Servicing Fee paid to the Servicer with respect to
the related Collection Period and/or due but unpaid with respect to such Collection Period or prior Collection Periods, as the case may be; 

(vii)     the Noteholders’ Interest Carryover Amount, if any, and the change in
that amount from the preceding statement; 
 (viii)    the Yield Supplement
Overcollateralization Amount as of the opening of business on the first day of the preceding Collection Period and as of the close of business on the last day of the preceding Collection Period; 

(ix)      the amount of the aggregate Realized Losses, if any, for the second
preceding Collection Period; and 
 (x)       the aggregate Purchase
Amounts for Receivables, if any, that were repurchased by the Servicer or the Seller in such period. 

(b)        The Trust Collateral Agent will make available each month to each
Noteholder the statements referred to in Section 5.9(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s internet website,
with the use of a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at https://getinvestorreporting.bnymellon.com or at such other address as the Trust Collateral Agent shall notify
the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s technical assistance center at (800) 332-4550. The Trust Collateral Agent
shall have the right to change the way the statements referred to in Section 5.9(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as
such statements are only provided to the then current Noteholders. The Trust Collateral Agent shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3 hereof,
Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 
 SECTION
5.10.        [Reserved].  

  
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 ARTICLE VI 

[Reserved] 
 ARTICLE VII

 The Seller 

SECTION 7.1.        Representations of Seller. The Seller makes the following
representations on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee and the Trust Collateral Agent may rely. The representations speak as of the execution and delivery of this Agreement and as of the
Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 

(a)        Schedules of Representations. The representations and warranties set
forth on the Schedules of Representations attached hereto as Schedule B-1 and Schedule B-2 are true and correct. 

(b)        Organization and Good Standing. The Seller has been duly organized
and is validly existing as a corporation in good standing under the laws of the State of Nevada, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 

(c)        Due Qualification. The Seller is duly qualified to do business as a
foreign corporation, is in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other
Conveyed Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Basic Documents to which the Seller is a
party. 
 (d)        Power and Authority. The Seller has the power and
authority to execute and deliver this Agreement and the Basic Documents to which the Seller is a party and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other
Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the
Seller’s Basic Documents have been duly authorized by the Seller by all necessary corporate action. 

(e)        Valid Sale, Binding Obligations. This Agreement effects a valid
sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement and the Basic Documents to which the Seller is a party, when duly
executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar
laws 

  
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affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law. 
 (f)        No Violation. The consummation
of the transactions contemplated by this Agreement and the Basic Documents to which the Seller is a party and the fulfillment of the terms of this Agreement and the Basic Documents to which the Seller is a party shall not conflict with, result in
any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation or by-laws of the Seller, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or State regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Seller or any of its properties. 

(g)        No Proceedings. There are no proceedings or investigations pending
or, to the Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties (i) asserting
the invalidity of this Agreement or any of the Basic Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (iii) seeking
any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (iv) seeking to adversely
affect the federal income tax or other federal, State or local tax attributes of the Notes. 

(h)        Solvency. The Seller is not insolvent, nor will the Seller be made
insolvent by the transfer of the Receivables, nor does the Seller anticipate any pending insolvency. 

(i)        No Consents. The Seller is not required to obtain the consent of any
other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement
which has not already been obtained. 
 (j)        True Sale. The Receivables
are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 

(k)        Ordinary Course of Business. The transactions contemplated by this
Agreement and the Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s business. 

(l)        Chief Executive Office and Principal Place of Business. The chief
executive office and principal place of business of the Seller is at 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102. 

(m)        Investment Company Act. Neither the Seller nor the Issuer is an
“investment company” or a company “controlled by an investment company” within the meaning of the Investment Company Act. 

  
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 SECTION 7.2.        Corporate
Existence. 
 (a)        During the term of this Agreement, the Seller will keep
in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is
or shall be necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated
hereby. 
 (b)        During the term of this Agreement, the Seller shall observe
the applicable legal requirements for the recognition of the Seller as a legal entity separate and apart from its Affiliates, including as follows: 

(i)      the Seller shall maintain corporate records and books of account
separate from those of its Affiliates; 
 (ii)     except as otherwise provided in
this Agreement, the Seller shall not commingle its assets and funds with those of its Affiliates; 

(iii)    the Seller shall hold such appropriate meetings of its board of directors, or
adopt resolutions pursuant to a unanimous written consent of the board of directors, as are necessary to authorize all the Seller’s corporate actions required by law to be authorized by the board of directors, shall keep minutes of such
meetings and of meetings of its stockholder(s) and observe all other customary corporate formalities (and any successor Seller not a corporation shall observe similar procedures in accordance with its governing documents and applicable law); 

(iv)    the Seller shall at all times hold itself out to the public under the
Seller’s own name as a legal entity separate and distinct from its Affiliates; 

(v)     all transactions and dealings between the Seller and its Affiliates will be
conducted on an arm’s-length basis; and 

(vi)    the Seller shall pay from its assets all obligations and indebtedness of any kind
incurred by the Seller; provided, that a stockholder may pay fees and expenses of the Seller. 
 SECTION
7.3.        Liability of Seller; Indemnities. The Seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement. 

(a)        The Seller shall indemnify, defend and hold harmless the Owner Trustee, the
Issuer, the Trustee and the Trust Collateral Agent and their respective officers, directors, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions or activities
contemplated in this Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent and the Trustee and except any taxes to which the Owner Trustee, the Trust Collateral
Agent or the Trustee may otherwise be subject to, without regard to the transactions 

  
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contemplated hereby), including any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but, in the case of the Issuer, not including
any taxes asserted with respect to, federal or other income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same. 

(b)        The Seller shall indemnify, defend and hold harmless the Issuer, the Owner
Trustee, the Trustee and the Trust Collateral Agent and the officers, directors, employees and agents thereof and the Noteholders from and against any loss, liability or expense incurred by reason of (i) the Seller’s willful misfeasance,
bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) the Seller’s or the Issuer’s violation of federal or State
securities laws in connection with the offering and sale of the Notes. 

(c)        The Seller shall indemnify, defend and hold harmless the Issuer, the Owner
Trustee, Trustee and the Trust Collateral Agent and the officers, directors, employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the
acceptance or performance of the trusts and duties set forth herein and in the Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misconduct, bad faith or negligence (except for
errors in judgment) of the Owner Trustee, Trustee or the Trust Collateral Agent, respectively. 
 Indemnification under this
Section shall survive the resignation or removal of the Owner Trustee, the Trustee or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and
expenses of counsel and other expenses of litigation (including fees and expenses incurred in connection with any action or suit brought to enforce any indemnification or other obligation under the Basic Documents). If the Seller shall have made any
indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest. 

SECTION 7.4.        Merger or Consolidation of, or Assumption of the Obligations
of, Seller. Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of
the Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution
or filing of any document or any further act by any of the parties to this Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.1(a)
shall have been breached and no Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event shall have happened and be continuing, (ii) the Seller shall have delivered to the
Owner Trustee, the Trust Collateral Agent and the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such 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, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have
delivered to the Owner Trustee, the 

  
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Trust Collateral Agent and the Trustee an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments
thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trust Collateral Agent, the Issuer and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no
such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be
conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above. 
 SECTION
7.5.        Limitation on Liability of Servicer, Seller and Others. The Servicer, the Seller and any of its respective directors or officers or employees or agents of the Servicer or the Seller may rely
in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any Basic Document. Neither the Servicer nor the Seller shall be under any
obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 

SECTION 7.6.        Ownership of the Certificates or Notes. The Seller and any
Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein or in any
Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among all of the Notes or
Certificates; provided, however, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic
Documents. The Seller shall notify the Owner Trustee, the Trustee and the Trust Collateral Agent with respect to any other transfer of any Certificate. 

ARTICLE VIII 
 The Servicer

 SECTION 8.1.        Representations of Servicer. The Servicer makes
the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 

(a)        Representations and Warranties. The representations and warranties
set forth in Schedule B-1 and Schedule B-2 are true and correct; provided, that such representations and warranties contained therein and herein shall not
apply to any entity other than GM Financial; 
 (b)        Organization and Good
Standing. The Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such
properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 

  
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 (c)        Due Qualification.
The Servicer is duly qualified to do business as a foreign corporation, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business
(including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 

(d)        Power and Authority. The Servicer has the power and authority to
execute and deliver this Agreement and the Basic Documents to which the Servicer is a party and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic
Documents have been duly authorized by the Servicer by all necessary corporate action; 

(e)        Binding Obligation. This Agreement and the Basic Documents to which
the Servicer is a party shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar
laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 

(f)        No Violation. The consummation of the transactions contemplated by
this Agreement and the Basic Documents to which the Servicer is a party, and the fulfillment of the terms of this Agreement and the Basic Documents to which the Servicer is a party, shall not conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a
party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate
any law, order, rule or regulation applicable to the Servicer of any court or of any federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 

(g)    No Proceedings. There are no proceedings or investigations pending or, to the
Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the
invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect
the federal income tax or other federal, State or local tax attributes of the Notes; 

(h)        No Consents. The Servicer is not required to obtain the consent of
any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this
Agreement which has not already been obtained. 

  
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 (i)        Chief Executive Office
and Principal Place of Business. The chief executive office and principal place of business of the Servicer is located at 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102. 

SECTION 8.2.        Liability of Servicer; Indemnities. 

(a)        The Servicer (in its capacity as such) shall be liable hereunder only to
the extent of the obligations in this Agreement specifically undertaken by the Servicer and the representations made by the Servicer. 

(b)        The Servicer shall defend, indemnify and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable fees
and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle. 

(c)        The Servicer (when the Servicer is GM Financial) shall indemnify, defend
and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against any of such
parties with respect to the transactions or activities contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not
including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and
costs and expenses in defending against the same. 
 (d)        The Servicer (when
the Servicer is not GM Financial) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any
taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions or activities contemplated in this Agreement, including, without
limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the
date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same. 

(e)        The Servicer shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses, claims, damages, and liabilities, including reasonable fees
and expenses of counsel and expenses of litigation, to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent or the Noteholders
by reason of the breach of this Agreement by the Servicer, the negligence, misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this
Agreement. 

  
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 (f)        GM Financial shall
indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by
reason of the violation by Servicer or Seller of federal or State securities laws in connection with the registration or the sale of the Notes. This section shall survive the termination of this Agreement, or the earlier removal or resignation of
the Trustee or the Trust Collateral Agent. 
 (g)        GM Financial shall
indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent and the respective officers, directors, agents and employees thereof against any and all loss, liability or expense, (including attorneys’ fees and expenses) incurred by each
of them in connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such loss, liability or expense was incurred by the Trustee, the Owner Trustee or the Trust
Collateral Agent as a result of any such entity’s willful misconduct, bad faith or negligence (except for errors in judgment). 

(h)        Indemnification under this Article shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation (including fees and expenses incurred in connection with any action or suit brought to enforce any indemnification or other obligation under the Basic Documents). If the Servicer has
made any indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest. 

(i)        When the Trustee or the Trust Collateral Agent incurs expenses after the
occurrence of a Servicer Termination Event specified in Section 9.1(c) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or
State bankruptcy, insolvency or similar law. 
 SECTION 8.3.        Merger or
Consolidation of, or Assumption of the Obligations of the Servicer. 
 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 and shall be acceptable to the Majority Noteholders, and shall be an eligible servicer. 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 Trust Collateral Agent, the Noteholders and each Rating Agency. Notwithstanding the foregoing, GM 

  
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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 covenant made pursuant to Section 4.6 shall have been breached (for purposes hereof, such covenants shall speak as of the date of the consummation of such transaction), (y) GM Financial shall have delivered to the Owner
Trustee, the Trust Collateral Agent, the Trustee and the Rating Agencies an Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such 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 Trust Collateral Agent, the Trustee and the Rating
Agencies an Opinion of Counsel, stating in the opinion of such counsel, either (A) 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 Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 

SECTION 8.4.        Limitation on Liability of Servicer and Others. 

Neither GM Financial nor any of the directors or officers or employees or agents of GM Financial shall be under any liability
to the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect GM Financial or
any such person against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties; provided,
further, that this provision shall not affect any liability to indemnify the Trust Collateral Agent, the Trustee and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Trust Collateral Agent, the
Trustee and the Owner Trustee, in their individual capacities. GM Financial and any director, officer, employee or agent of GM Financial may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising under this Agreement. 
 SECTION
8.5.        Delegation of Duties. The Servicer may delegate duties under this Agreement and the Basic Documents to which it is a party to an Affiliate of the Servicer without first obtaining the consent
of any Person. The Servicer also may at any time perform specific duties through sub-contractors in accordance with the Servicing Policies and Procedures. No delegation or
sub-contracting by the Servicer of its duties herein in the manner described in this Section 8.5 shall relieve the Servicer of its responsibility with respect to such duties. 

SECTION 8.6.        Servicer Not to Resign. Subject to the provisions of
Section 8.3, the Servicer shall not resign from the obligations and duties imposed on it by this Agreement as Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this
Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer if the Majority Noteholders do not elect to waive the obligations of the Servicer to perform the duties
which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust
Collateral Agent and the Owner 

  
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Trustee. No resignation of the Servicer shall become effective until an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Servicer. 

ARTICLE IX 
 Default 

SECTION 9.1.        Servicer Termination Event. For purposes of this
Agreement, each of the following shall constitute a “Servicer Termination Event”:(a) Any failure by the Servicer to deliver to the Trust Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered
under the terms of this Agreement that continues unremedied for a period of five (5) Business Days after written notice is received by the Servicer from the Trust Collateral Agent (at the direction of the Majority Noteholders) or after actual
knowledge of such failure by a Responsible Officer of the Servicer; 

(b)        Failure on the part of the Servicer duly to observe or perform any other
covenants or agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely affects the rights of Noteholders, and (ii) continues unremedied for a period of sixty (60) days after actual knowledge
thereof by a Responsible Officer of the Servicer or after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trust Collateral Agent (at the direction of the Majority
Noteholders); or 
 (c)        An Insolvency Event with respect to the Servicer;

 provided, however, that if (i) any delay or failure of performance referred to in Section 9.1(a) above shall have been
caused by force majeure or other similar occurrences, the five Business Day grace period shall be extended for an additional sixty (60) calendar days and (ii) if any delay or failure of performance referred to in Section 9.1(b) above
shall have been caused by force majeure or other similar occurrences, the sixty (60) day grace period shall be extended for an additional ninety (90) calendar days. 

SECTION 9.2.        Consequences of a Servicer Termination Event. If a Servicer
Termination Event shall occur and be continuing, the Trust Collateral Agent may, or at the direction of the Majority Noteholders shall, by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Noteholders)
terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities
of the Servicer under this Agreement, whether with respect to the Notes, the Certificate or the Other Conveyed Property or otherwise, shall pass to, be vested in and become obligations and responsibilities of the successor Servicer appointed by the
Majority Noteholders; provided, however, that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes
the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or 

  
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things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and
related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and
rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have
been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer
tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed Property. The terminated Servicer shall grant the Trust Collateral
Agent, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 

SECTION 9.3.        Appointment of Successor. 

(a)        On and after the time the Servicer receives a notice of termination
pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.6, the Controlling Party may, or at the written direction of the Majority Noteholders shall, appoint an eligible servicer as successor Servicer or may
petition a court of competent jurisdiction to appoint a Person that it determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall
continue to act as Servicer until a successor has been appointed and accepted such appointment. Any successor Servicer shall be the successor in all respects to the Servicer in its capacity as servicer under this Agreement and the transactions set
forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement
except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as Servicer
hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. If no Person has accepted its appointment as successor Servicer when the predecessor Servicer
ceases to act as Servicer in accordance with Section 9.2 or Section 8.6, the Trust Collateral Agent or other eligible successor servicer appointed by the Trust Collateral Agent and who has accepted such appointment, will, without further
action, be automatically appointed the successor Servicer. Notwithstanding the above, if the Trust Collateral Agent 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 motor vehicle receivables, as successor Servicer. All reasonable costs and expenses incurred in connection with transferring the servicing of the Receivables to the successor Servicer
and amending this agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. The Trust Collateral Agent will be
released from its duties and obligations as successor Servicer on the date that a new servicer agrees to appointment as successor Servicer hereunder. 

  
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 (b)        Any successor Servicer
shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement 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. 
 SECTION
9.4.        Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder
and to the Seller (who shall promptly deliver such notice to the Rating Agencies). 
 SECTION
9.5.        Waiver of Past Defaults. The Majority Noteholders may, on behalf of all Noteholders, waive any default by the Servicer in the performance of its obligations hereunder and its consequences.
Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents. No such waiver shall
extend to any subsequent or other default or impair any right consequent thereto. 
 ARTICLE X 

Termination 

SECTION 10.1.      Optional Purchase of All Receivables. 

(a)        Subject to Section 10.1(a) of the Indenture, on the last day of any
Collection Period as of which the Pool Balance shall be less than or equal to 10% of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts; provided,
however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal, and interest then due and payable on the Notes. To exercise such option, the Servicer or the
Seller, as the case may be, shall deposit pursuant to Section 5.6 in the Collection Account an amount equal to the greater of (i) the amount necessary to pay the full amount of principal and interest then due and payable on the Notes and
(ii) the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, (such value to be determined by the Servicer, or if the Trust Collateral Agent has
received written notice that there is a material error in the Servicer’s calculation, by an appraiser mutually agreed upon by the Servicer and the Trust Collateral Agent), and shall succeed to all interests in and to the Trust. 

(b)        Upon any sale of the assets of the Trust pursuant to Section 8.1 of
the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency
Proceeds”) in the Collection Account. 
 (c)        Notice of any
termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Trust Collateral Agent and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 

(d)        Following the satisfaction and discharge of the Indenture and the payment
in full of the principal of and interest on the Notes, the Certificateholder will succeed to the rights of the 

  
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Noteholders hereunder and the Certificateholder will succeed to the rights of, and assume the obligations of, the Trust Collateral Agent pursuant to this Agreement. 

ARTICLE XI 
 Administrative
Duties of the Servicer 
 SECTION 11.1.    Administrative Duties. 

(a)        Duties with Respect to the Indenture. The Servicer shall perform all
its duties and the duties of the Issuer under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor the
performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture. The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take
all necessary action that is the duty of the Issuer to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 6.9, 8.2, 9.2, 9.3, 11.1 and 11.15 of the Indenture. 

(b)        Duties with Respect to the Issuer. 

(i)        In addition to the duties of the Servicer set forth in this
Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare, file or deliver on behalf of the Issuer or the Owner Trustee or shall cause the preparation, filing or delivery by other appropriate Persons of
all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under State and federal
tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of
the Issuer to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer
shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Issuer or
the Owner Trustee and are reasonably within the capability of the Servicer. The Servicer shall monitor the activities of the Issuer to ensure the Issuer’s compliance with Section 4.6 of the Trust Agreement and shall take all action
necessary to ensure that the Issuer is operated in accordance with the provisions of such section. 

(ii)        Notwithstanding anything in this Agreement or any of the
Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a
Holder (as defined in the 

  
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Trust Agreement) as contemplated by this Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust
Collateral Agent pursuant to such provision. 
 (iii)      Notwithstanding
anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer in accordance with Section 10.11 of the Trust Agreement with respect to, among other things, tax
reporting and returns, accounting and reports to Holders (as defined in the Trust Agreement); provided, however, that once prepared by the Servicer, the Owner Trustee shall retain responsibility for the distribution of any necessary Schedule K-1s, as applicable, to enable the Certificateholder to prepare its federal and State income tax returns. 

(iv)      The Servicer shall perform the duties of the Servicer specified in
Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, the duties of the Servicer specified in Section 10.11 of the Trust Agreement, and any other duties expressly
required to be performed by the Servicer under this Agreement or any of the Basic Documents. 

(v)        In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions
received from the Issuer and shall be, in the Servicer’s opinion, no less favorable to the Issuer in any material respect. 

(c)        Tax Matters. The Servicer shall prepare and file, on behalf of the
Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Issuer as are necessary for preparation of tax reports, including without limitation Form 1099. All tax
returns will be signed by the Seller or the Servicer. 
 (d)        Non-Ministerial Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to
this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the Owner Trustee and the Trustee of the proposed action and the Owner Trustee (acting at the direction of the Certificateholder) and,
with respect to items (i), (ii), (iii) and (iv) below, the Trustee shall not have withheld consent. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 

(i)         the amendment of or any supplement to the Indenture;

 (ii)        the initiation of any claim or lawsuit by the Issuer
and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Receivables); 

(iii)       the amendment, change or modification of this Agreement or any
of the Basic Documents; 

  
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 (iv)       the
appointment of successor Note Registrars, successor Note Paying Agents and successor Trustees pursuant to the Indenture or the appointment of successor Servicers or the consent to the assignment by the Note Registrar, the Note Paying Agent or the
Trustee of its obligations under the Indenture; and 

(v)        the removal of the Trustee or the Trust Collateral Agent.

 (e)        Exceptions. Notwithstanding anything to the contrary in this
Agreement, except as expressly provided herein or in the Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (i) make any payments to the Noteholders or the Certificateholder under the Basic
Documents, (ii) sell the Trust Property pursuant to Section 5.5 of the Indenture, (iii) take any other action that the Issuer directs the Servicer not to take on its behalf or (iv) in connection with its duties hereunder assume
any indemnification obligation of any other Person. 
 (f)        No successor
Servicer shall be responsible for any obligations or duties of the Servicer under this Section 11.1. Notwithstanding the foregoing or any other provision of this Agreement, GM Financial shall continue to perform the obligations of the Servicer
under this Section 11.1. 
 SECTION 11.2.    Records. The Servicer shall maintain
appropriate books of account and records relating to services performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer at any time during normal business hours. 

SECTION 11.3.    Additional Information to be Furnished to the Issuer. The Servicer
shall furnish to the Issuer from time to time such additional information regarding the Collateral as the Issuer shall reasonably request. 

SECTION 11.4.    Review Reports. Upon the request of any Noteholder to the Servicer for a copy of
any Review Report (as defined in the Asset Representations Review Agreement), the Servicer shall promptly provide a copy of such Review Report to such Noteholder; provided, that if the requesting Noteholder is not a Noteholder of record, such
Noteholder must provide the Servicer with a written certification stating that it is a beneficial owner of a Note, together with supporting documentation supporting that statement (which may include, but is not limited to, a trade confirmation, an
account statement or a letter from a broker or dealer verifying ownership) before the Servicer delivers such Review Report to such Noteholder; provided, further, that if such Review Report contains personally identifiable information regarding
Obligors, then the Servicer may condition its delivery of that portion of the Review Report to the requesting Noteholder on such Noteholder’s delivery to the Servicer of an agreement acknowledging that such Noteholder may use such information
only for the limited purpose of assessing the nature of the related breaches of representations and warranties and may not use that information for any other purpose. 

ARTICLE XII 
 Miscellaneous
Provisions 
 SECTION 12.1.    Amendment. 

  
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 (a)        This Agreement may be
amended from time to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), but without the consent of any of the Noteholders, to cure any ambiguity or to correct or supplement any provisions in
this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that such
amendments require: (i) satisfaction of the Rating Agency Condition or (ii) an Officer’s Certificate of the Servicer delivered to the Issuer, the Owner Trustee, the Trust Collateral Agent and the Trustee stating that the amendment
will not materially and adversely affect the interest of any Noteholder. 

(b)        This Agreement may also be amended from time to time by the parties hereto,
with the consent of the Trustee, and with the consent of the Majority Noteholders for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders; provided, however, that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or (ii) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes of each class affected thereby. 
 Promptly after the execution of any such amendment or consent,
the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Seller (who shall deliver such notification to the Rating Agencies). 

It shall not be necessary for the consent of the Noteholders pursuant to this Section to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the
authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Issuer, as applicable, may prescribe. 

(c)        Prior to the execution of any amendment to this Agreement, the Owner
Trustee, the Trustee and the Trust Collateral Agent shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and, with respect to any
amendment to this Agreement pursuant to Section 12.1(b), the Opinion of Counsel referred to in Section 12.2(h)(i) has been delivered. The Owner Trustee, the Trust Collateral Agent and the Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s or the Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 

SECTION 12.2.    Protection of Title to Trust. 

(a)        The Seller shall execute and file such financing statements and cause to be
executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust Collateral Agent in the Receivables
and in the proceeds thereof. The Seller shall deliver (or cause 

  
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to be delivered) to the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such
filing. 
 (b)        Neither the Seller nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Owner Trustee, the Trust Collateral Agent and the Trustee at least five (5) days’ prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the
Trust Collateral Agent, stating either (i) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the
Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action shall be necessary to preserve and protect such interest. 

(c)        Each of the Seller and the Servicer shall have an obligation to give the
Owner Trustee, the Trust Collateral Agent and the Trustee at least sixty (60) days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable
provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall
at all times maintain (i) each office from which it shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 

(d)        The Servicer shall maintain accounts and records as to each Receivable
accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between
payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 

(e)        The Servicer shall maintain its computer systems so that, from and after
the time of sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and
that such Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or
repurchased or sold pursuant to this Agreement. 
 (f)         If at any time
the Seller or the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective
purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold
and is owned by the Trust. 

  
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 (g)        Upon request, the
Servicer shall furnish to the Owner Trustee or to the Trustee, within five (5) Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the
Schedule of Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust. 

(h)        The Servicer shall deliver to the Owner Trustee and the Trustee: 

(i)        promptly after the execution and delivery of the Agreement
and, if required pursuant to Section 12.1, of each amendment, an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed and filed that are
necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no
such action shall be necessary to preserve and protect such interest; and 

(ii)        within one hundred twenty (120) days after the
beginning of each calendar year, beginning with the first calendar year beginning more than six months after the Closing Date, an Opinion of Counsel, dated as of a date during such 120-day period, stating
that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the
Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 

Each Opinion of Counsel referred to in clause (i) or (ii) above shall specify any action necessary (as of the date of
such opinion) to be taken in the following year to preserve and protect such interest. 
 SECTION
12.3.    Notices. 
 (a)        All demands, notices and
communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies (upon whom any demands, notices or communications shall be provided only by the Seller or the Servicer) under this Agreement shall be in
writing, personally delivered, electronically delivered, mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt (i) in the case of the
Seller, to AFS SenSub Corp., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (ii) in the case of the Servicer, to GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief
Financial Officer, (iii) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, (iv) in the case of the Trustee or the Trust Collateral Agent, at the applicable Corporate Trust Office of the
Trustee and the Trust Collateral Agent, (v) in the case of Standard & Poor’s, via electronic delivery to servicer_reports@spglobal.com; for any information not available in electronic format, hard copies should be sent to S&P
Global Ratings, 55 Water Street, 41st Floor, New York, New York 10041, Attention: ABS Surveillance Group, (vi) in the case of Moody’s, to Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance

  
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Group, 24th Floor, New York, New York 10007 and (vii) in the case of the Asset Representations Reviewer, to ARRNotices@clayton.com and to Clayton Fixed Income Services LLC, 2638 South
Falkenburg Road, Riverview, Florida 33578, Attn: SVP, with a copy to Covius Services, LLC 720 S. Colorado Blvd., Suite 200, Glendale, Colorado 80246, Attention: Legal Department. Any notice required or permitted to be mailed to a Noteholder shall be
given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the
Noteholder shall receive such notice. Where this Agreement provides for notice or delivery of documents to the Rating Agencies, failure to give such notice or deliver such documents shall not affect any other rights or obligations created hereunder.

 (b)        If GM Financial is no longer the Servicer, any successor Servicer
shall provide any required Rating Agency notices to the Seller, who shall promptly provide such notice to the Rating Agencies. 

SECTION 12.4.    Assignment. This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.3 and as provided in the provisions of this Agreement concerning the
resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral Agent, the Trustee and the Majority Noteholders. 

SECTION 12.5.    Limitations on Rights of Others. The provisions of this Agreement are solely for
the benefit of the parties hereto, the Trustee, the Owner Trustee and the Noteholders, as third-party beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

SECTION 12.6.    Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION
12.7.    Counterparts and Consent to Do Business Electronically. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same
instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this
Agreement and any documents to be delivered in connection with this Agreement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the
Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Agreement and such other documents are the same as handwritten signatures
for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect 

  
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to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. 
 SECTION 12.8.     Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION
12.9.     Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE GOVERNED BY, THE LAW OF THE STATE OF
NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 12.10.    Assignment to Trust Collateral Agent. The Seller hereby acknowledges and consents
to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and under the
Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Trust Collateral Agent. 

SECTION 12.11.    Nonpetition Covenants. 

(a)        Notwithstanding any prior termination of this Agreement, the Servicer, the
Seller and the Trust Collateral Agent shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of
any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or State bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 

(b)        Notwithstanding any prior termination of this Agreement, neither the
Servicer nor the Trust Collateral Agent shall, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of
any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or State bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 

SECTION 12.12.    Limitation of Liability of Owner Trustee and Trust Collateral Agent 

(a)        It is expressly understood and agreed by the parties hereto that
(i) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings and agreements herein made on the part of the Issuer 

  
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is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer,
(iii) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by
the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

(b)        Notwithstanding anything contained herein to the contrary, this Agreement
has been executed and delivered by The Bank of New York Mellon, not in its individual capacity but solely as Trust Collateral Agent and in no event shall The Bank of New York Mellon have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

(c)        Neither the Owner Trustee nor the Trust Collateral Agent shall have
any duty, responsibility or obligation to (or liability for failing to) monitor, supervise, confirm, verify, notify regarding or otherwise enforce the requirements or commitments applicable to any Person arising under, related to or otherwise in
connection with any provision of this Agreement or any law, rule or regulation in connection with risk retention. 

(d)        In no event shall The Bank of New York Mellon, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Act, common law, or the Trust Agreement or of the Servicer hereunder (unless it is acting as successor Servicer hereunder or is recording,
registering, filing, re-recording, re-filing, or re-registering any financing statement, continuation statement or other
instrument required by the Trust Collateral Agent pursuant to Section 3.5 of the Indenture or is taking any action to perfect or re-perfect the security interests in the financed vehicles pursuant to
Section 4.5(b)). 
 (e)        The Trustee and the Trust Collateral Agent have
the same rights, protections and immunities hereunder as they have under the Indenture as if such rights, protections and immunities were expressly set forth herein mutatis mutandis. 

SECTION 12.13.    Trust Collateral Agent to Report Repurchase Demands due to Breaches of
Representations and Warranties. The Trust Collateral Agent will (a) notify the Servicer, GM Financial and the Seller, 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 or the Trust Collateral Agent for the repurchase of any Receivable pursuant to Section 5.1 of the Purchase Agreement or Section 3.2, (b)
promptly upon request by the Servicer, GM Financial or the Seller, 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 (c) if requested by the Servicer, GM Financial or the Seller, provide a written certification no later than fifteen (15) days following any 

  
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calendar quarter or calendar year that The Bank of New York Mellon has not received any repurchase demands for such period, or if repurchase demands have been received during such period, that
the Trust Collateral Agent has provided all the information reasonably requested under clause (b) above with respect to such demands. In no event will the Trust Collateral Agent 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. 
 SECTION
12.14.    Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Trust Collateral Agent, the Trustee
or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by this Agreement or any Basic Document, the Servicer shall have no authority to act for or represent
the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

SECTION 12.15.    No Joint Venture. Nothing contained in this Agreement (a) shall constitute
the Servicer and any of the Issuer, the Trustee, the Trust Collateral Agent or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (b) shall be construed to
impose any liability as such on any of them or (c) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 

SECTION 12.16.    State Business Licenses. The Servicer or the Certificateholder shall prepare and
instruct the Trust to file each State business license (and any renewal thereof) required to be filed under applicable State law without further consent or instruction from the Controlling Party, including a Sales Finance Company Application (and
any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation. 

SECTION 12.17.    Regulation RR Risk Retention. GM Financial, as Sponsor, and the Depositor agree
that (a) GM Financial will cause the Depositor to, and the Depositor will, retain the “eligible horizontal residual interest” (the “Retained Interest”) (as defined in the Credit Risk Retention Rules) on the Closing
Date and (b) GM Financial will not permit the Depositor to, and the Depositor will not, sell, transfer, finance or hedge the Retained Interest except as permitted by the Credit Risk Retention Rules. 

SECTION 12.18.    Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto
hereby irrevocably and unconditionally: 
 (a)        submits for itself and its
property in any legal action relating to this Agreement, the Basic Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general
jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

  
 71 

 (b)        consents that any such
action may be brought in such courts and waives any objection that it may now or hereafter have to the venue of such action in any such court or that such action was brought in an inconvenient court and agrees not to plead or claim the same; and

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

[Remainder of Page Intentionally Left Blank] 

  
 72 

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

			
	 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-1

	
	 By:  WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf
of the Trust

 
			
	
	 By:
                                         
                       

	 Name:

	 Title:

 
			
	
	 AFS SENSUB CORP.,

as Seller

 
			
	
	 By:
                                         
                       

	 Name:

	 Title:

 
			
	
	 AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as
Servicer

 
			
	
	 By:
                                         
                       

	 Name:

	 Title:

 
			
	
	 THE BANK OF NEW YORK MELLON

not in its individual capacity but solely as Trust Collateral Agent

			
	
	 By:
                                         
                       

	 Name:

	 Title:

  
 [Signature Page to Sale
and Servicing Agreement] 

 SCHEDULE A 

SCHEDULE OF RECEIVABLES 

[On file with GM Financial, the Trustee and Katten Muchin Rosenman LLP] 

  
 SCH-A-1 

 SCHEDULE B-1 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 

REGARDING THE RECEIVABLES 

1.        Characteristics of Receivables.    Each
Receivable (A) was originated (i) by GM Financial or (ii) by a Dealer and purchased by GM Financial from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with GM Financial and was validly assigned by
such Dealer to GM Financial pursuant to a Dealer Assignment, (B) was originated by GM Financial or such Dealer for the retail sale of a Financed Vehicle in the ordinary course of GM Financial’s or the Dealer’s business, in each case
(i) was originated in accordance with GM Financial’s credit policies and (ii) was fully and properly executed by the parties thereto, and (iii) GM Financial and, to the best of the Seller’s and the Servicer’s knowledge,
each Dealer had all necessary licenses and permits to originate Receivables in the State where GM Financial or each such Dealer was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the
holder thereof adequate for realization against the collateral security, and (D) has not been amended or collections with respect to which waived, other than as evidenced in the Receivable File or the Servicer’s electronic records relating
thereto. 
 2.        Compliance with Law.  All requirements of
applicable federal, State and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit
Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including
amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Servicemembers Civil Relief
Act, each applicable State Motor Vehicle Retail Installment Sales Act, the Gramm-Leach-Bliley Act and State adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity
and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects. 

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

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

  
 SCH-B-1-1 

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

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

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

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

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

10.        Pledge or Assignment.  With respect to Contracts that are
“electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral
Agent. 
 11.        Receivable Files Complete.    There
exists a Receivable File pertaining to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with
customary policies and procedures. With respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian. 

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

13.        Good Title.  Immediately prior to the conveyance of the
Receivables to the Trust pursuant to this Agreement, the Seller was the sole owner thereof and had good and indefeasible 

  
 SCH-B-1-2 

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

14.        Security Interest in Financed Vehicle.  Each Receivable
created or shall create a valid, binding and enforceable first priority security interest in favor of GM Financial in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or GM Financial has commenced procedures that will
result in such Lien Certificate which will show, GM Financial named (which may be accomplished by the use of a properly registered DBA name in the applicable jurisdiction) as the original secured party under each Receivable as the holder of a first
priority security interest in such Financed Vehicle. Immediately after the sale, transfer and assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed
Vehicle, which security interest is prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a
Financed Vehicle). To the best of the Seller’s and the Servicer’s knowledge, as of the Cutoff Date, there were no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to
the Liens of the related Receivable. 
 15.        Receivable Not
Assumable.  No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to the owner thereof with respect to such Receivable. 

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

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

18.        Insurance.  At the time of an origination of a Receivable
by GM Financial or a Dealer, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor
if the Obligor fails to do so. 
 19.        Fixed Payments, Simple
Interest.  Each Receivable provides for fixed level monthly payments (provided that the first and last payments may be minimally different from the level 

  
 SCH-B-1-3 

 
payment amount) that fully amortize the Amount Financed over the original terms, and amortizes using the Simple Interest Method. 

20.        Certain Characteristics of the Receivables. 

(A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not less than 3 months and not more
than 84 months. 
 (B) Each Receivable had an original maturity, as of the Cutoff Date, of not less than 3
months and not more than 84 months. 
 (C) Each Receivable had a remaining Principal Balance, as of the
Cutoff Date, of at least $250 and not more than $150,000. 
 (D) Each Receivable had an Annual Percentage
Rate, as of the Cutoff Date, of not more than 20%. 
 (E) No Receivable was more than thirty (30) days
past due as of the Cutoff Date. 
 (F) Each Receivable arose under a Contract that is governed by the laws
of the United States or any State thereof. 
 (G) Each Obligor had a billing address in the United States or
in a United States Territory as of the date of origination of the related Receivable. 
 (H) Each Receivable
is denominated in, and each Contract provides for payment in, United States dollars. 
 (I) Each Receivable
arose under a Contract that is assignable without the consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and
Servicing Agreement, including, without limitation, its right to review the Contract. Each Receivable prohibits the sale or transfer of the Financed Vehicle without the consent of the Servicer. 

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

  
 SCH-B-1-4 

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

  
 SCH-B-1-5 

 SCHEDULE B-2 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 

REGARDING THE POOL OF RECEIVABLES 

1.        Adverse Selection.    No selection procedures
adverse to the Noteholders were utilized in selecting the Receivables from those receivables owned by the Seller which met the selection criteria set forth in clauses (A) through (M) of number 20 of Schedule
B-1. 
 2.        All Filings
Made.    All filings (including, without limitation, UCC filings (including, without limitation, the filing by the Seller of all appropriate financing statements in the proper filing office in the State of Nevada under
applicable law in order to perfect the security interest in the Receivables granted to the Trust hereunder)) required to be made by any Person and actions required to be taken or performed by any Person in any jurisdiction to give the Trust and the
Trust Collateral Agent a first priority perfected lien on, or ownership interest in, the Receivables and the proceeds thereof and the Other Conveyed Property have been made, taken or performed. 

3.        Consumer Leases.  No Receivable in the pool constitutes a
“consumer lease” under either (a) the UCC as in effect in the jurisdiction the law of which governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667. 

  
 SCH-B-2-1 

 EXHIBIT A 

SERVICER’S CERTIFICATE

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