Document:

EXHIBIT 10.1

 

LOAN AND SECURITY AGREEMENT

 

THIS LOAN AND SECURITY AGREEMENT is made and
dated as of June 29, 2018 and is entered into by and between AMYRIS, INC., a Delaware corporation (the “Parent”),
and each of its Subsidiaries that has delivered a Joinder Agreement (as defined herein) (each a “Subsidiary Guarantor”
and collectively, the “Subsidiary Guarantors” and together with Parent, collectively, “Borrower”),
the several banks and other financial institutions or entities from time to time parties to this Agreement (collectively, referred
to as “Lender”) and GACP Finance Co., LLC., a Delaware limited liability company, in its capacity as administrative
agent for itself and the Lender (in such capacity, the “Agent”).

 

RECITALS

 

A.       Borrower
has requested Lender to make available to Borrower a loan in an aggregate principal amount of up to Thirty-Six Million Dollars
($36,000,000) (the “Term Loan”); and

 

B.       Lender
is willing to make the Term Loan on the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, Borrower, Agent and Lender agree
as follows:

 

SECTION
1. DEFINITIONS AND RULES OF CONSTRUCTION

 

1.1             
Unless otherwise defined herein, the following capitalized terms shall have the following meanings:

 

“Account Control Agreement(s)”
means any agreement entered into by and among the Agent, Borrower and a third party Bank or other institution (including a Securities
Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Agent a
perfected first priority security interest in the subject account or accounts.

 

“Advance(s)” means any Loan
funds advanced under this Agreement.

 

“Advance Date” means the
funding date of any Advance.

 

“Advance Request” means a
request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A.

 

“Agency Fee” shall have the
meaning set forth in the Fee Letter.

 

“Agent” has the meaning given
to it in the preamble to this Agreement.

 

    

    

    

 

“Agreement” means this Loan
and Security Agreement, as amended from time to time.

 

“Amortization Date” means
July 1, 2019.

 

“Asset Sale” means a sale,
assignment, conveyance, exclusive license (as licensor), transfer or other disposition to, or any exchange of property with, any
Person (other than another member of the Parent or its consolidated Subsidiaries), in one transaction or a series of transactions,
of all or any part of any Parent’s or a consolidated Subsidiary’s businesses, assets or properties of any kind, whether
real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, created, leased or licensed,
other than (i) dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of
business; (ii) dispositions of inventory sold, and Permitted Intellectual Property Licenses; (iii) dispositions of Cash or
Cash Equivalents to the extent not otherwise prohibited by this Agreement; and (iv) dispositions of accounts or payment intangibles
(each as defined in the UCC) resulting from the compromise or settlement thereof in the ordinary course of business for less than
the full amount thereof; and (v) licenses, strain escrows and similar arrangements for the use of Intellectual Property in the
ordinary course of business in connection with collaboration agreements, research and development agreements and joint venture
agreements and on arm’s length terms, and, solely with respect to the Collateral IP, subject, at all times to the Lien of
the Agent hereunder on the Borrower’s rights in such Collateral IP.

 

“Assignee” has the meaning
given to it in Section 11.13.

 

“Bankruptcy Code” means the
federal Bankruptcy Reform Act of 1978 (11 U.S.C. Sections 101 et seq.).

 

“Bankruptcy Laws” means,
collectively: (i) the Bankruptcy Code; and (ii) all other liquidation, conservatorship, bankruptcy, assignment for the benefit
of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor-relief laws of the United
States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Borrower Products” means
all products, software, service offerings, technical data or technology currently being designed, manufactured or sold by Borrower
or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development,
collectively, together with all products, software, service offerings, technical data or technology that have been sold, licensed
or distributed by Borrower since its incorporation.

 

“Borrowing Base” means, at
any time, with respect to Borrower, the sum of (i) all Cash and Cash Equivalents in one or more Deposit Accounts located in the
United States and subject to an Account Control Agreement in favor of Agent provided that no Account Control Agreement shall be
required to be in place until the seventh day after the Closing Date, plus (ii) the outstanding principal amount of all Eligible
Accounts Receivable, plus (iii) the current net book value of Eligible Property, Plant and Equipment, plus (iv) the least of (x)
the product of 0.25 and the then-current appraised value of all Intellectual Property, (y) the product of 0.75 and the then-outstanding
Term Loan principal balance and (z) $25,000,000, provided that for the first ninety (90) after the Closing Date, the Intellectual
Property shall be deemed to have an appraised value of $100,000,000 and thereafter until there shall be an appraised value for
the Intellectual Property the Intellectual Property shall be deemed to have an appraised value of $0.00.

 

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“Borrowing Base Deficiency”
means, at any time, the excess, if any, of (i) the Advances outstanding over (ii) the Borrowing Base.

 

“Brotas 2 Facility” means
a custom-built facility for production of Borrower’s products in a location in Brotas, Brazil.

 

“Business Day” means any
day other than Saturday, Sunday and any other day on which banking institutions in the State of California are closed for business.

 

“Capital Stock” means: (i)
in the case of a corporation, corporate stock or shares; (ii) in the case of an association or business entity other than a corporation,
any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; (iii) in the
case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and (iv)
any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.

 

“Cash” means all cash and
liquid funds.

 

“Cash Equivalents” means,
as of any date of determination, any of the following: (i) marketable securities (a) issued or directly and unconditionally
guaranteed as to interest and principal by the United States Government, or (b) issued by any agency of the United States the obligations
of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date;
(ii) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such
state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time
of the acquisition thereof, a rating of at least A-1 from Standard & Poor’s Corporation or at least P-1 from Moody’s
Investors Service; (iii) commercial paper maturing no more than one (1) year from the date of creation thereof and having,
at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor’s Corporation or at least P-1 from
Moody’s Investors Service; (iv) certificates of deposit or bankers’ acceptances maturing within one (1) year after
such date and issued or accepted by the Lender or by any commercial bank organized under the laws of the United States of America
or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations
of its primary federal banking regulator), and (b) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000;
and (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types
of investments referred to in clauses (i) and (ii) above, (b) has net assets of not less than $500,000,000, and (c) has the
highest rating obtainable from either Standard & Poor’s Corporation or Moody’s Investors Service.

 

“Change in Control” means
(i) any reorganization, recapitalization, consolidation or merger (or similar transaction or series of related transactions) of
Borrower, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which
the holders of Borrower’s outstanding shares immediately before consummation of such transaction or series of related transactions
do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than
fifty percent (50%) of the voting power of the surviving entity of such transaction or series of related transactions (or the parent
of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower
is the surviving entity or (ii) sixty days after the date on which DSM International B.V. (or any affiliate thereof) ceases to
have the right to nominate at least two (2) directors to the Parent’s Board of Directors.

 

    	3

    

    

 

“Claims” has the meaning
given to it in Section 11.10.

 

“Closing Date” means the
date of this Agreement.

 

“Collateral” means the property
described in Section 3.

 

“Collateral IP” means all
Intellectual Property other than Excluded Intellectual Property.

 

“Common Stock” means the
Parent’s common stock, $0.0001 par value per share, as presently constituted under the Parent’s Certificate of Incorporation,
and any class and/or series of Parent’s capital stock for or into which such common stock may be converted or exchanged in
a reorganization, recapitalization or similar transaction.

 

“Confidential Information”
has the meaning given to it in Section 11.12.

 

“Contingent Obligation” means,
as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to (i) any Indebtedness
or other obligations of another Person, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted
or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations
with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that Person; and
(iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest
rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall
not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined
by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations
under the guarantee or other support arrangement.

 

“Copyright License” means
any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.

 

“Copyrights” means all copyrights,
whether registered or unregistered, held pursuant to the laws of the United States, any State thereof, or of any other country.

 

    	4

    

    

 

“Debt Transaction” means,
with respect to Parent or any consolidated Subsidiary, any sale, issuance, placement, assumption or guaranty of funded Indebtedness
(other than pursuant to this Agreement), whether or not evidenced by a promissory note or other written evidence of Indebtedness,
other than Permitted Indebtedness.

 

“Deposit Accounts” means
any “deposit accounts,” as such term is defined in the UCC, and includes any checking account, savings account, or
certificate of deposit.

 

“Disqualified Stock” means,
with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable at the option of the holder) or upon the happening of any event:

 

(i)        matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;

 

(ii)        is
convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock convertible or exchangeable solely
at the option of the issuer or a Subsidiary; provided that any such conversion or exchange will be deemed an incurrence of Indebtedness
or Disqualified Stock, as applicable); or

 

(iii)        is
redeemable at the option of the holder thereof, in whole or in part,

 

in the case of each of clauses (i), (i) and
(iii), no earlier than the 91st day after the Term Loan Maturity Date (without regard to the proviso in such definition).

 

“Domestic Subsidiary” means
any Subsidiary that is not a Foreign Subsidiary.

 

“Eligible Accounts Receivable”
means a receivable owing to the Borrower which: (i) that is denominated and payable in U.S. Dollars; (ii) is payable by an obligor
organized under the laws of any state within the United States or the District of Columbia that is not an Affiliate of Borrower;
(iii) that is not more than 60 days past due or 90 days past the original invoice date of such receivable; (iv) that arises under
a duly authorized contract for the sale and delivery of goods and services in the ordinary course of Borrower’s business
that (a) is in full force and effect and that is a valid, binding and enforceable obligation of the related obligor, (b) conforms
in all material respects with all applicable laws, rulings and regulations in effect, (c) that is not the subject of any asserted
dispute, offset, hold back, defense, adverse claim or other claim, and (d) in which Borrower has good and marketable title, and
that is freely assignable by Borrower (including without any consent of the related obligor unless such consent has already been
obtained); (v) that constitutes an “account” or “general intangible” (each, as defined in the UCC), and
that is not evidenced by “instruments” or “chattel paper” (each, defined in the UCC; (vi) that represents
amounts earned and payable by the obligor that are not subject to any condition or subsequent deliverables; and (vii) is not otherwise
deemed ineligible as a result of risks determined by Lender in its sole discretion based on the field exam pursuant to Section
7.16 hereof and updates thereof and subsequent field exams thereafter.

 

“Eligible Property, Plant and Equipment”
means all Property Plant and Equipment determined in accordance with GAAP which is located in the United States and for which Borrower
has good and marketable title, free and clear of all Liens other than Permitted Liens of the types set forth in clauses (i), (iii),
(iv), (v), (x) and (xiii) of the definition thereof.

 

    	5

    

    

 

“ERISA” means the Employee
Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.

 

“Event of Default” has the
meaning given to it in Section 9.

 

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

 

“Excluded Intellectual Property”
means all Intellectual Property that (i) constitutes “AMYRIS Licensed IP” as defined in that certain License Agreement
regarding Diesel Fuel in the EU, dated as of March 21, 2016, as amended, by and among the Parent and Total Energies Nouvelles Activités
USA, or (ii) constitutes “AMYRIS Licensed IP” as defined in that certain Amended & Restated Jet Fuel License Agreement,
dated as of March 21, 2016, as amended, by and among the Parent and Total Amyris BioSolutions B.V., and in each case of clauses
(i) and (ii), as such agreements are in effect on the date hereof.

 

“Facility Charge” shall have
the meaning set forth in the Fee Letter.

 

“Fee Letter” that certain
Fee Letter dated as of the date hereof between Borrower and Agent.

 

“Financial Statements” has
the meaning given to it in Section 7.1.

 

“Foreign Investment Conditions”
means with respect to Borrower, (i) on a consolidated basis, during the thirty (30) days preceding the applicable Investment and
on a pro forma basis after giving effect to such Investment no Event of Default shall have occurred and Borrower shall have and
have had of at least $15,000,000 of liquidity calculated as the sum of (a) unrestricted, unencumbered Cash and Cash Equivalents
in one or more Deposit Accounts located in the United States which are subject to an Account Control Agreement in favor of Agent
in a minimum amount equal to $10,000,000 provided that no Account Control Agreement shall be required to be in place until the
seventh day after the Closing Date and (b) the outstanding principal amount of all Eligible Accounts Receivable not required to
meet the covenant set forth in Section 7.17 of not more than $5,000,000 and (ii) no legal proceeding is continuing which
is challenging or restricts the use of the Intellectual Property related to the joint venture, collaboration or other arrangement
for which such Investment is being made.

 

“Foreign Subsidiary” means
any Subsidiary other than a Subsidiary organized under the laws of any state within the United States or the District of Columbia.

 

“GAAP” means generally accepted
accounting principles in the United States of America, as in effect from time to time; provided the definitions set forth in this
Agreement and any financial calculations required by the Loan Documents shall be computed to exclude any change to lease accounting
rules from those in effect pursuant to Financial Accounting Standards Board Accounting Standards Codification 840 (Leases) and
other related lease accounting guidance as in effect on the date hereof.

 

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“Incremental Advance” has
the meaning given to it in Section 2.2(b).

 

“Indebtedness” means indebtedness
of any kind, including (i) all indebtedness for borrowed money or the deferred purchase price of property or services (excluding
trade credit entered into in the ordinary course of business due within ninety (90) days), including reimbursement and other obligations
with respect to surety bonds and letters of credit, (ii) all obligations evidenced by notes, bonds, debentures or similar instruments,
(iii) all capital lease obligations, (iv) all Contingent Obligations, and (v) Disqualified Stock.

 

“Insolvency Proceeding” is
any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including
assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization,
arrangement, or other similar relief.

 

“Intellectual Property” means
all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and inventions; mask works; Borrower’s applications
therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together
with Borrower’s rights to sue for past, present and future infringement of Intellectual Property and the goodwill associated
therewith.

 

“Investment” means any beneficial
ownership (including stock, partnership or limited liability company interests) of or in any Person, or any loan, advance or capital
contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person or the purchase of
any assets of another Person for greater than the fair market value of such assets to solely the extent of the amount in excess
of the fair market value.

 

“Involuntary Disposition”
means the receipt by Parent or any consolidated Subsidiary of any cash insurance proceeds or condemnation awards payable by reason
of theft, loss, physical destruction or damage, taking or similar event with respect to any of its real or personal property.

 

“Joinder Agreements” means
for each Domestic Subsidiary that is required to be a Subsidiary Guarantor, a completed and executed Joinder Agreement in substantially
the form attached hereto as Exhibit H.

 

“Lender” has the meaning
given to it in the preamble to this Agreement.

 

“License” means any Copyright
License, Patent License, Trademark License or other license of rights or interests.

 

“Lien” means any mortgage,
deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien or charge of any kind,
whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title
retention agreement, and any lease in the nature of a security interest; provided, that for the avoidance of doubt, licenses, strain
escrows and similar provisions in collaboration agreements, research and development agreements that do not create or purport to
create a security interest, encumbrance, levy, lien or charge of any kind shall not be deemed to be Liens for purposes of this
Agreement.

 

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“Loan” means the Advances
made under this Agreement.

 

“Loan Documents” means this
Agreement, the Notes (if any), the Account Control Agreements, the Joinder Agreements, all UCC Financing Statements, and any other
documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time
to time be amended, modified, supplemented or restated.

 

“Material Adverse Effect”
means a material adverse effect upon: (i) the business, operations, properties, assets, or condition (financial or otherwise) of
Borrower; or (ii) the ability of Borrower to perform the Secured Obligations in accordance with the terms of the Loan Documents,
or the ability of Agent or Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the
Collateral or Agent’s Liens on the Collateral or the priority of such Liens.

 

“Maximum Term Loan Amount”
means Thirty-Six Million and No/100 Dollars ($36,000,000) as such amount may be increased pursuant to Section 2.2.

 

“Maximum Rate” shall have
the meaning assigned to such term in Section 2.3.

 

“Minimum Revenue” shall have
the meaning set forth in the Fee Letter.

 

“Net Cash Proceeds” means
the aggregate proceeds paid in cash or Cash Equivalents received by Parent or any of its consolidated Subsidiaries in connection
with any Asset Sale or Debt Transaction, net of (i) direct costs incurred in connection therewith (including legal, accounting
and investment banking fees and expenses, sales commissions and underwriting discounts) and (ii) estimated or other taxes paid
or payable (including sales, use or other transactional taxes and any net marginal increase in income taxes) as a result thereof,
and (iii) the amount to retire any Indebtedness secured by a Permitted Lien on the related property, and (iv) amounts which
are required to be placed in escrow unless and until such amounts are released to the Parent or one or more of its consolidated
Subsidiaries. For purposes hereof, “Net Cash Proceeds” includes any cash or Cash Equivalents received upon the disposition
of any non-cash consideration received by Parent or any of its consolidated Subsidiaries in any Asset Sale or Debt Transaction.

 

“Note” means each Term Note
issued hereunder.

 

“Parent” has the meaning
set forth in the introductory paragraph of this Agreement.

 

“Patent License” means any
written agreement granting any right with respect to any invention on which a Patent is in existence or a Patent application is
pending, in which agreement Borrower now holds or hereafter acquires any interest.

 

“Patents” means all letters
patent of, or rights corresponding thereto, in the United States or in any other country, all registrations and recordings thereof,
and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country.

 

“Permitted Indebtedness”
means: (i) Indebtedness of Borrower in favor of Lender or Agent arising under this Agreement or any other Loan Document; (ii) Indebtedness
existing on, or committed for but not yet outstanding as of, the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness
of up to $10,000,000 outstanding at any time secured by a Lien described in clause (vii) of the defined term “Permitted Liens,”
provided such Indebtedness does not exceed the cost of the Equipment and related expenses financed with such Indebtedness; (iv) Indebtedness
to trade creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business
with corporate credit cards; (v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness;
(vii) reimbursement obligations in connection with letters of credit or similar instruments that are secured by Cash or Cash Equivalents
and issued on behalf of the Borrower or a Subsidiary thereof in an amount not to exceed $500,000 at any time outstanding; (viii)
other unsecured Indebtedness in an amount not to exceed $15,000,000 at any time outstanding; (ix) Indebtedness not to exceed $100
million in unsecured convertible indebtedness which impose materially more burdensome terms than Parent’s 9.50% Convertible
Senior Notes due 2019 and 6.50% Convertible Senior Notes due 2019 but with a maturity date which is later than the Term Loan Maturity
Date (without regard to the proviso in such definition); (x) debt secured by the Brotas 2 Facility not to exceed the cost of building
or acquiring the assets and related expenses, provided that Borrower has not received any Incremental Advance; (xi) Contingent
Obligations that are guarantees of Indebtedness described in clauses (i) through (x) or other obligations of others that do not
otherwise constitute Indebtedness; (xii) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided
that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon Borrower or its
Subsidiary, as the case may be; and (xiii) Disqualified Stock which is issued in respect of a financing of assets or rights
relating to the Parent’s Biossance business and does not require payments of cash dividends or distributions prior to the
Term Loan Maturity Date (without regard to the proviso in such definition).

 

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“Permitted Intellectual Property Licenses”
means Intellectual Property (i) licenses in existence at the Closing Date and (ii) non-perpetual licenses granted in the ordinary
course of business on arm’s length terms consisting of the licensing of technology, the development of technology or the
providing of technical support which may include licenses with unlimited renewal options solely to the extent such options require
mutual consent for renewal or are subject to financial or other conditions as to the ability of licensee to perform under the license;
provided such license was not entered into during continuance of an Event of Default.

 

“Permitted Investment” means:
(i) Investments existing on the Closing Date which are disclosed in Schedule 1B; (ii) (a) marketable direct obligations
issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year
from the date of acquisition thereof, (b) commercial paper maturing no more than one year from the date of creation thereof and
currently having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors
Service, (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year from
the date of investment therein, and (d) money market accounts; (iii) repurchases of stock from former employees, directors, or
consultants of Borrower under the terms of applicable repurchase agreements at the original issuance price of such securities in
an aggregate amount not to exceed $250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or
would exist after giving effect to the repurchases; (iv) Investments accepted in connection with Permitted Transfers; (v) Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s
business; (vi) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and
suppliers in the ordinary course of business and consistent with past practice, provided that this subparagraph (vi) shall not
apply to Investments of Borrower in any Subsidiary; (vii) Investments consisting of loans not involving the net transfer on a substantially
contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase of capital stock of Borrower
pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; (viii) Investments
consisting of travel advances in the ordinary course of business; (ix) Investments in newly-formed Domestic Subsidiaries,
provided that each such Domestic Subsidiary enters into a Joinder Agreement promptly after its formation by Borrower and execute
such other documents as shall be reasonably requested by Agent; (x) Investments in Subsidiary Guarantors; (xi) Investments in Foreign
Subsidiaries that are not Subsidiary Guarantors which (A) have been approved in advance in writing by Agent and (B) Investments
consisting of an intercompany note in form satisfactory to Lender in its sole discretion which provides payments of interest only
prior to the Term Loan Maturity Date, is contractually subordinated in respect of payment to this Agreement and is solely for purchases
of inventory in the ordinary course of business; (xii) Investments in an amount not to exceed $1,000,000 per year with respect
to a joint venture with BGI, provided that the Foreign Investment Conditions have been met; (xiii) Investments in an amount not
to exceed $1,000,000 per year with respect to a joint venture to build a production facility in Brazil, provided that the Foreign
Investment Conditions have been met; (xiv) Permitted Intellectual Property Licenses; and (xv) additional Investments
that do not exceed $250,000 in the aggregate.

 

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“Permitted Liens” means any
and all of the following: (i) Liens in favor of Agent or Lender; (ii) Liens existing or pending on the Closing Date which are disclosed
in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent
or being contested in good faith by appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance
with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other
like Persons arising in the ordinary course of business; provided, that the payment thereof is not yet required; (v) Liens arising
from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder; (vi) the following
deposits, to the extent made in the ordinary course of business: deposits under workers’ compensation, unemployment insurance,
social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment
of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts
(other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or environmental
Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on Equipment or software
or other intellectual property constituting purchase money Liens and Liens in connection with capital leases securing Indebtedness
permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness;
(ix) leasehold interests in leases or subleases and licenses granted in the ordinary course of Borrower’s business and not
interfering in any material respect with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising
as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become due; (xi) Liens
on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become
due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets); (xii) statutory
and common law rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository
institutions and brokerage firms; (xiii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability
of the related property; (xiv) Liens on Cash or Cash equivalents securing obligations permitted under clause (iv) (to the extent
such Cash or Cash equivalents are in a Specified Account and subject to the limitations in the definition thereof) and (vii) of
the definition of Permitted Indebtedness; (xv) Liens securing obligations related to the Brotas 2 Facility permitted under clause
(x) of Permitted Indebtedness provided, to the extent Borrower has received an Incremental Advance, such Liens shall be junior
in priority to a Lien in favor of Agent; (xvi) Liens incurred in connection with the extension, renewal or refinancing of the Indebtedness
secured by Liens of the type described in clauses (i) through (xv) above; provided, that any extension, renewal or replacement
Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended,
renewed or refinanced (as may have been reduced by any payment thereon) does not increase.

 

    	10

    

    

 

“Permitted Transfers” means
(i) dispositions of inventory sold, and Permitted Intellectual Property Licenses, in each case, in the ordinary course of business,
(ii) licenses, strain escrows and similar arrangements for the use of Intellectual Property in the ordinary course of business
in connection with collaboration agreements, research and development agreements and joint venture agreements and on arm’s
length terms and, to the extent material to Borrower’s business, approved by the Borrower’s board of directors, and,
solely with respect to the Collateral IP, subject, at all times to the Lien of the Agent on Borrower’s ownership interest
therein as granted hereunder, (iii) dispositions of worn-out, obsolete or surplus property at fair market value in the ordinary
course of business; (iv) dispositions of accounts or payment intangibles (each as defined in the UCC) resulting from the compromise
or settlement thereof in the ordinary course of business for less than the full amount thereof; (v) any Transfers of assets
to any Subsidiary Guarantor and Transfers consisting of Permitted Investments in Foreign Subsidiaries permitted under clauses (xi),
(xii) and (xiii) of Permitted Investments; and (vi) other Transfers of assets to any Person other than to a Subsidiary that
is not a Subsidiary Guarantor or joint venture and which have a fair market value of not more than $250,000 in the aggregate in
any fiscal year.

 

“Person” means any individual,
sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability
company, institution, other entity or government.

 

“Preferred Stock” means at
any given time any equity security issued by Borrower that has any rights, preferences or privileges senior to Borrower’s
common stock.

 

“Prepayment Charge” shall
have the meaning assigned to such term in Section 2.6(c).

 

“Receivables” means (i) all
of Borrower’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of any
letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto.

 

“Required Lenders” means
at any time there is more than one Lender, the holders of more than 50% of the aggregate unpaid principal amount of the Term Loans
then outstanding.

 

    	11

    

    

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Secured Obligations” means
Borrower’s obligations under this Agreement and any Loan Document, including any obligation to pay any amount now owing or
later arising.

 

“Securities Act” means the
Securities Act of 1933, as amended from time to time.

 

“Security Documents” means
each security agreement, all other mortgages, deeds of trust, security agreements, pledge agreements, assignments, control agreements,
financing statements and other documents as shall from time to time secure or relate to the Secured Obligations or any other obligation
arising under any Loan Document or any part thereof, in each case, executed by Parent, any Subsidiary Guarantor or any Subsidiary.

 

“Specified Accounts” means
each of (i) that certain certificate of deposit account maintained at Bank of the West and bearing account number [_____] and (ii)
that certain certificate of deposit account maintained at Bank of the West and bearing account number [___].

 

“Subordinated Indebtedness”
means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions satisfactory to Agent in its
sole discretion.

 

“Subsidiary” means an entity,
whether corporate, partnership, limited liability company, joint venture or otherwise, in which Borrower owns or controls 50.1%
or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto.

 

“Term Commitment” means as
to any Lender, the obligation of such Lender, if any, to make an Advance to the Borrower in a principal amount not to exceed the
amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1.

 

“Term Loan Interest Rate”
means for any day a per annum rate of interest equal to (i) the greater of (a) the prime rate as reported in The Wall Street Journal
or (b) 4.0% plus (ii) 6.25%.

 

“Term Loan Maturity Date”
means July 1, 2021; provided that, unless Borrower satisfies the Term Loan Maturity Date Conditions, then “Term Loan Maturity
Date” shall mean January 12, 2019.

 

“Term Loan Maturity Date Conditions” shall have
the meaning set forth in the Fee Letter.

 

“Term Note” means a Promissory
Note in substantially the form of Exhibit B.

 

“Trademark License” means
any written agreement granting any right to use any Trademark or Trademark registration, now owned or hereafter acquired by Borrower
or in which Borrower now holds or hereafter acquires any interest.

 

“Trademarks” means all trademarks
(registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof.

 

    	12

    

    

 

“UCC” means the Uniform Commercial
Code as the same is, from time to time, in effect in the State of California; provided, that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on
any Collateral is governed by the Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other
than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to
time, in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority
or remedies and for purposes of definitions related to such provisions.

 

Unless otherwise specified, all references in
this Agreement or any Annex or Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,”
or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement.
Unless otherwise specifically provided herein, any accounting term used in this Agreement or the other Loan Documents shall have
the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in
accordance with GAAP, consistently applied. Notwithstanding the foregoing, if at any time any change in GAAP would affect the computation
of any financial computations or requirement set forth in any Loan Document, and Borrower or Agent shall so request, Agent, Lender
and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP, provided that, until so amended, such ratio or requirement shall continue to be computed in accordance
with GAAP prior to such change therein and Borrower shall provide to Agent reconciliation statements showing the difference in
such calculation, together with the delivery of monthly, quarterly and annual financial statements required hereunder. Unless otherwise
defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC
shall have the meanings given to them in the UCC.

 

SECTION
2. THE LOAN

 

2.1             
Facility Increase. Prior to July 1, 2019, Borrower may, by written notice to Agent, elect to request the establishment
of a new loan commitment by an aggregate amount not in excess of $35,000,000.00 (the “Incremental Term Loan Commitment”).
Lender may elect to accept or decline Borrower’s request for the Incremental Term Loan Commitment (in whole or in part) in
its sole and absolute discretion. Any Incremental Term Loan Commitment shall become effective and shall be an Advance subject to
the conditions, requirements and limitations set forth in Section 2.2(b) as of date advanced.

 

2.2             
Term Loan.

 

(a)               
Advances. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly) make in
an amount not to exceed its respective Term Commitment, and Borrower agrees to draw an Advance of Thirty-Six Million Dollars ($36,000,000)
on the Closing Date (the “Closing Date Advance”)

 

(b)              
Additional Advances. Subject to the terms and conditions of this Agreement, Lender will severally (and not jointly)
make up to three additional Advances up to an aggregate amount not in excess of the Incremental Term Loan Commitment (each, an
“Incremental Advance”) upon written notice to Agent set forth in an Advance Request. Such notice shall specify
(x) the date on which the Borrower proposes that the applicable Incremental Advance shall be effective on the applicable Advance
Date, which shall be a date not less than 15 Business Days after the date on which such notice is delivered to Agent, and (y) the
amount of such Incremental Term Loan Commitment (in minimum $5,000,000.00 increments). Any Incremental Advance shall become effective
and shall be an Advance as of the applicable Advance Date; provided that each of the conditions set forth in Section 4.2
shall be satisfied. The terms and provisions of any loans made pursuant to an Incremental Advance shall be, except as otherwise
set forth herein or in an agreement entered into among Borrower, Agent and Lender as of the applicable Advance Date, identical
to the Loans (it being understood that loans under the Incremental Advance may be a part of the Loans).

 

    	13

    

    

 

(c)               
Advance Request. To obtain the Closing Date Advance, Borrower shall complete, sign and deliver an Advance Request
(at least one (1) Business Day before the Advance Date occurring on the Closing Date) to Agent. Lender shall fund such Advance
in the manner requested by such Advance Request provided that each of the conditions precedent to such Closing Date Advance is
satisfied or waived as of the Closing Date.

 

(d)              
Interest. The principal balance of each Advance shall bear interest thereon from the applicable Advance Date at the
Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days
elapsed. The Term Loan Interest Rate will float and change on the day the Prime Rate changes from time to time.

 

(e)               
Payment.

 

(i)                
Borrower will pay interest on each Advance on the first Business Day of each month, beginning with the month after each
applicable Advance Date. Borrower shall repay the aggregate Term Loan principal balance that is outstanding on the day immediately
preceding the Amortization Date, in equal quarterly installments of principal beginning on the Amortization Date of 2.50% of the
aggregate Advances (to be adjusted on each Advance Date to reflect an Incremental Advance) commencing July 1, 2019 and continuing
on the first Business Day of each quarter thereafter until the Secured Obligations are repaid. The entire Term Loan principal balance
and all accrued but unpaid interest hereunder, shall be due and payable on Term Loan Maturity Date. Borrower shall make all payments
under this Agreement by wire transfer in immediately available funds without setoff, recoupment or deduction and regardless of
any counterclaim or defense.

 

For the avoidance of doubt, Borrower and
Agent confirm, acknowledge, and agree that no invoice shall be sent in connection with collection of the above payments and receipt
of an invoice in connection therewith shall not be a condition of such payments becoming due and payable hereunder. For the sake
of clarification, the payments made pursuant to this Section 2.2(e)(i) shall not be subject to any Prepayment Charge under
Section 2.6(c) hereof.

 

    	14

    

    

 

(ii)              
The entire Advance principal balance outstanding and all accrued but unpaid interest hereunder shall be due and payable
on the Term Loan Maturity Date. Borrower shall make all payments due under this Agreement without setoff, recoupment or deduction
and regardless of any counterclaim or defense.

 

2.3             
Maximum Interest. Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’
intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that
a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State of California shall be deemed
to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court
of competent jurisdiction shall finally determine that Borrower has actually paid to Lender an amount of interest in excess of
the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate,
then such excess interest actually paid by Borrower shall be applied as follows: first, to the payment of the Secured Obligations
consisting of the outstanding principal; second, after all principal is repaid, to the payment of Lender’s accrued interest,
costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured Obligations are repaid, the
excess (if any) shall be refunded to Borrower.

 

2.4             
Default Interest. In the event any payment is not made on or prior to the third Business Day after its scheduled
payment date, an amount equal to five percent (5%) of the past due amount shall be payable on demand. In addition, upon the occurrence
and during the continuation of an Event of Default hereunder, all Secured Obligations, including principal, interest, compounded
interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.2(d),
plus five percent (5%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be added
to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.2(d) or Section 2.4,
as applicable.

 

2.5             
Agency Fee. Borrower shall pay to Agent for its own account on the first Business Day following the end of the prior
quarter, commencing with the quarter starting July 1, 2018, the Agency Fee. The Agency Fee is deemed fully earned on each date
paid regardless of the early termination of this Agreement.

 

2.6             
Prepayment.

 

(a)               
Optional Prepayment. At its option upon at least five (5) Business Days prior notice to Agent, Borrower may prepay
all, but not less than all, of the outstanding Advances by paying the entire principal balance together with all accrued and unpaid
interest thereon.

 

(b)              
Mandatory Prepayments.

 

(i)                
Asset Sales. Borrower shall prepay the Advances no later than the fifth Business Day following receipt of Net Cash
Proceeds, in excess of $500,000 in any calendar year, required to be prepaid pursuant to the provisions hereof in an amount equal
to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale by Parent or any of its consolidated Subsidiaries;
provided that, so long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the option
to invest the Net Cash Proceeds from such Asset Sale within 180 days of receipt thereof in long-term assets of the type used in
the business of the Parent and its consolidated Subsidiaries. In the event that such Net Cash Proceeds are not reinvested by Borrower
prior to the earlier of (A) the last day of such 180 day period and (B) the date of the occurrence of an Event of Default,
Borrower shall prepay the Advances in an amount equal to (100%) of such Net Cash Proceeds.

 

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(ii)              
Involuntary Dispositions. Borrower shall prepay the Advances no later than the fifth Business Day following receipt
of Net Cash Proceeds, in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Involuntary Disposition,
provided that, so long as no Default or Event of Default shall have occurred and be continuing, Borrower shall have the option
to invest up to $10,000,000 of the Net Cash Proceeds received from any Involuntary Disposition within 180 days of receipt thereof
in assets of the type involved in such Involuntary Disposition or otherwise used in the business of the Parent and its consolidated
Subsidiaries or such greater amount as is approved by Agent in its sole discretion. In the event that such Net Cash Proceeds are
not reinvested by Borrower prior to the earlier of (A) the last day of such 180 day period and (B) the date of the occurrence
of an Event of Default, Borrower shall prepay the Advances in an amount equal to (100%) of such Net Cash Proceeds.

 

(iii)            
Debt Transactions. Borrower shall prepay the Advances no later than the fifth Business Day following receipt of Net
Cash Proceeds, in an amount equal to 100% of the Net Cash Proceeds from any Debt Transactions.

 

(iv)            
Change in Control. Borrower shall prepay the outstanding amount of all principal and accrued and unpaid interest
through the prepayment date upon and concurrently with the occurrence of a Change in Control.

 

(v)              
Borrowing Base Deficiency. In the event that any Borrowing Base Certificate indicates a Borrowing Base Deficiency
exists, or if at any time the Agent shall notify Borrower that a Borrowing Base Deficiency exists, Borrower shall prepay the Advances
on the Business Day following the day on which such Borrowing Base Certificate or such notice is given such that after giving effect
to such prepayment, no Borrowing Base Deficiency exists.

 

(vi)            
“Permitted Intellectual Property Licenses” Borrower shall prepay the Advances no later than the fifth
Business Day following receipt of proceeds paid in cash or Cash Equivalents received by Parent or any of its consolidated Subsidiaries
in respect of royalties on any Permitted Intellectual Property Licenses to the extent such proceeds were received during the continuance
of an Event of Default an amount equal to 100% such proceeds.

 

(c)               
Prepayment Charge. Concurrently with prepayment pursuant to Section 2.6(a) or (b) Borrower shall pay a charge equal
to: (i) if such Advance amounts are prepaid in any of the first twelve (12) months following the Closing Date, the sum of 2% of
the Advance amount being prepaid plus all required remaining scheduled interest payments which would have been due on the Advance
amount being prepaid through June 28, 2019 such interest payments to be calculated at the Term Loan Interest Rate prevailing on
the date of prepayment; and (ii) if such Advance amounts are prepaid in any of the second twelve (12) months following the Closing
Date, 1% of the Advance amount being prepaid (each, a “Prepayment Charge”). Borrower agrees that the Prepayment
Charge is a reasonable calculation of each Lender’s lost profits in view of the difficulties and impracticality of determining
actual damages resulting from an early repayment of the Advances.

 

    	16

    

    

 

2.7             
Notes. If so requested by Lender by written notice to Borrower, then Borrower shall execute and deliver to Lender
(and/or, if applicable and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 11.13)
(promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence Lender’s Loans.

 

2.8             
Pro Rata Treatment. Each payment (including prepayment) on account of any fee and any reduction of the Term Loans
shall be made pro rata according to the Term Commitments of the relevant Lender.

 

SECTION
3. SECURITY INTEREST

 

3.1             
As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or otherwise) of all
the Secured Obligations, Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in
and to the following personal property whether now owned or hereafter acquired (collectively, the “Collateral”):
(a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles; (e) Inventory; (f) Investment Property (but excluding
thirty-five percent (35%) of the capital stock of any Foreign Subsidiary that constitutes a Permitted Investment); (g) Deposit
Accounts; (h) Cash; (i) Goods; (j) Collateral IP; and all other tangible and intangible personal property of Borrower whether now
or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located, and any of Borrower’s
property in the possession or under the control of Agent; and, to the extent not otherwise included, all Proceeds of each of the
foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing.

 

3.2             
Notwithstanding the broad grant of the security interest set forth in Section 3.1, above, the Collateral shall not
include (i) more than 65% of the presently existing and hereafter arising issued and outstanding shares of capital stock owned
by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter, (ii) Borrower’s
equity interests in Novvi LLC, Aprinnova, LLC, and Total Amyris Biosolutions B.V. and Borrower’s interest in any other joint
venture existing on the date hereof to the extent that the pledging of such interest is prohibited by the relevant agreements,
(iii) equity interests in the joint ventures referred to in clauses (xii) and (xiii) of the definition of Permitted Investments
to the extent that the pledging of such interests is prohibited by the relevant joint venture or operating agreements and (iv) any
Excluded Intellectual Property.

 

    	17

    

    

 

3.3             
Parent shall, as security for the Secured Obligations, cause each Subsidiary Guarantor to grant to Lender a security interest
in all of such Subsidiary Guarantor’s assets pursuant to such Security Documents as Lender may require.

 

SECTION
4. CONDITIONS PRECEDENT TO LOAN

 

The obligations of Lender to make the Loan hereunder
are subject to the satisfaction by Borrower of the following conditions:

 

4.1             
Initial Advance. On or prior to the Closing Date;

 

(a)               
Borrower shall have delivered to Agent the following:

 

(i)                
executed originals of the Loan Documents, Account Control Agreements (to the extent available), a legal opinion of Borrower’s
counsel, and all other documents and instruments reasonably required by Agent to effectuate the transactions contemplated hereby
or to create and perfect the Liens of Agent with respect to all Collateral located in the United States of America, in all cases
in form and substance reasonably acceptable to Agent;

 

(ii)              
certified copy of resolutions of Parent’s and each Subsidiary Guarantor’s board of directors (or applicable
governing body) evidencing approval of the Loan and other transactions evidenced by the Loan Documents;

 

(iii)            
certified copies of the Certificate of Incorporation and the Bylaws (or applicable organizational documents), as amended
through the Closing Date, of Parent and each Subsidiary Guarantor and;

 

(iv)            
a certificate of good standing for Parent and each Subsidiary Guarantor from their respective states of incorporation and
similar certificates from all other jurisdictions in which it does business and where the failure to be qualified would have a
Material Adverse Effect;

 

(b)              
Agent and Borrower shall have mutually agreed on the uses of the Closing Date Advance;

 

(c)               
Agent and Lender shall have received information on Borrower’s operations satisfactory to them in their sole and absolute
discretion and shall have completed their business and legal due diligence to their satisfaction in their sole and absolute discretion;

 

(d)              
Agent and Lender shall have received approval of the transaction from their respective investment committees;

 

(e)               
The Indebtedness under the Loan and Security Agreement dated as of March 29, 2014, as amended, by and among Parent, each
of its Subsidiaries party thereto and Stegodon Corporation as successor in interest to Hercules Technology Growth Capital, Inc.
shall be repaid in full from the Loan proceeds, such facility shall be terminated, and all security interests related thereto shall
be terminated and released;

 

    	18

    

    

 

(f)               
payment of the Facility Charge, applicable Agency Fee and reimbursement of Agent’s and Lender’s current expenses
reimbursable pursuant to this Agreement, which amounts may be deducted from the Closing Date Advance;

 

(g)              
such other documents as Agent may reasonably request.

 

4.2             
Incremental Advances. On each Advance Date after the Closing Date:

 

(a)               
Agent shall have received (i) an Advance Request for the Incremental Advance as required by Section 2.2(b), duly
executed by Borrower’s Chief Executive Officer or Chief Financial Officer, and (ii) any other documents Agent may reasonably
request;

 

(b)              
The representations and warranties set forth in this Agreement shall be true and correct in all material respects on and
as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and
warranties expressly relate to an earlier date;

 

(c)               
Borrower shall be in compliance with all the terms and provisions set forth herein and in each other Loan Document on its
part to be observed or performed, and at the time of and immediately after such Incremental Advance no Event of Default shall have
occurred and be continuing;

 

(d)              
The Advance Request shall be deemed to constitute a representation and warranty by Borrower on the applicable Advance Date
as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance
Request;

 

(e)               
The Borrower shall deliver or cause to be delivered officer’s certificates and legal opinions of the type delivered
on the date hereof to the extent reasonably requested by, and in form and substance reasonably satisfactory to, Agent and Lender;

 

(f)               
Agent and Lender shall have mutually agreed on the uses of the Incremental Advance it being understood the sole purpose
of each Incremental Advance shall be for costs related to the construction of the Brotas 2 Facility;

 

(g)              
Agent and Lender shall have received satisfactory evidence that the Borrower has committed financing which, together with
the Incremental Advances, will sufficient to complete Brotas 2 Facility in accordance with the then-current budget and projections
therefor;

 

(h)              
Borrower shall have received funds in an amount equal to the Incremental Advance being requested on such Advance Date;

 

    	19

    

    

 

(i)                
Agent and Lender shall have received information on Borrower’s operations satisfactory to them in their sole and absolute
discretion and shall have completed their business and legal due diligence to their satisfaction in their sole and absolute discretion;

 

(j)                
Agent and Lender shall have received approval of the transaction from their respective investment committees;

 

(k)              
Borrower shall have paid to Agent, for ratable distribution to the Lender, the Facility Charge with respect to the Incremental
Advance, which amount shall be distributed to Lender by Agent from funds constituting part of (but deducted from) the Incremental
Advance.

 

(l)                
there shall not exist a Borrowing Base Deficiency and no Borrowing Base Deficiency shall exist after giving effect to the
Incremental Advance.

 

4.3             
No Default. As of the Closing Date and each Advance Date, (i) no fact or condition exists that would (or would, with
the passage of time, the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or could reasonably
be expected to have a Material Adverse Effect has occurred and is continuing.

 

SECTION
5. REPRESENTATIONS AND WARRANTIES OF BORROWER

 

Borrower represents and warrants that as of
the Closing Date and each Advance Date:

 

5.1             
Corporate Status. (a) Parent is a corporation duly organized, legally existing and in good standing under the laws
of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business
or location of its properties require such qualifications and where the failure to be qualified could reasonably be expected to
have a Material Adverse Effect; and (b) each Subsidiary Guarantor is a corporation duly organized, legally existing and in good
standing under the laws of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which
the nature of its business or location of its properties require such qualifications and where the failure to be qualified could
reasonably be expected to have a Material Adverse Effect. Parent’s and each Subsidiary Guarantor’s present names, former
names (if any), locations, place of formation, tax identification number, organizational identification number and other information
are correctly set forth in Exhibit C, as may be updated by Parent in a written notice (including any Compliance Certificate)
provided to Agent after the Closing Date.

 

5.2             
Collateral. Borrower owns the Collateral and the Excluded Intellectual Property, free of all Liens, except for Permitted
Liens. Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for the Secured Obligations.

 

5.3             
Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan Documents, (i)
have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of
any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and the other Loan Documents,
(iii) do not violate (A) any provisions of Borrower’s Certificate of Incorporation, Certificate of Formation (as applicable)
or bylaws or operating agreement or other similar charter documents, as applicable, (B) any law or regulation to which the Borrower
is subject, the violation of which could have a Material Adverse Effect or (C) any order, injunction, judgment, decree or writ
to which Borrower is subject and (iv) except as described on Schedule 5.3, do not violate any contract or agreement
or require the consent or approval of any other Person which has not already been obtained. The individual or individuals executing
the Loan Documents are duly authorized to do so.

 

    	20

    

    

 

5.4             
Material Adverse Effect. No event that has had or could reasonably be expected to have a Material Adverse Effect
has occurred and is continuing since December 31, 2017. Borrower is not aware of any event likely to occur that is reasonably expected
to result in a Material Adverse Effect.

 

5.5             
Actions Before Governmental Authorities. Except as described on Schedule 5.5, there are no actions, suits
or proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened
against or affecting Borrower or its property, other than actions, suits or proceedings commenced after the Closing that would
not likely be expected to result in damages of in excess of $250,000 not covered by insurance for which a claim has been made.

 

5.6             
Laws. Borrower is not in violation of any law, rule or regulation, or in default with respect to any judgment, writ,
injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material
Adverse Effect. Borrower is not in default in any material respect under any provision of any agreement or instrument evidencing
Indebtedness, or any other material agreement to which it is a party or by which it is bound.

 

5.7             
Information Correct and Current. No information, report, Advance Request, financial statement, exhibit or schedule
furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant
thereto contained, contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were, are or will be made, not
misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided
by Borrower to Agent, whether prior to or after the Closing Date, shall be (i) provided in good faith and based on the most
current data and information available to Borrower, and (ii) the most current of such projections provided to Borrower’s
Board of Directors.

 

5.8             
Tax Matters. Except as described on Schedule 5.8, (a) Borrower has filed all federal, state and material local
tax returns that it is required to file, (b) Borrower has duly paid or fully reserved for all taxes or installments thereof (including
any interest or penalties) as and when due, which have or may become due pursuant to such returns other than those being contested
in good faith by appropriate proceedings and for which adequate reserves have been established in accordance with GAAP, and (c)
Borrower has paid or fully reserved for any tax assessment received by Borrower for the three (3) years preceding the Closing Date,
if any (including any taxes being contested in good faith and by appropriate proceedings).

 

    	21

    

    

 

5.9             
Intellectual Property Claims. Borrower is the sole owner of, or otherwise has the right to use (or exclude others
from using), the Intellectual Property. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks
and Patents is valid and enforceable, (ii) no material part of the Intellectual Property has been judged invalid or unenforceable,
in whole or in part, and (iii) no claim has been made to Borrower that any material part of the Intellectual Property violates
the rights of any third party. Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered
Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from third parties
(other than shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower
or any Subsidiary, in each case as of the Closing Date. Borrower is not in material breach of, nor has Borrower failed to perform
any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third
party to any such contract, license or agreement is in material breach thereof or has failed to perform any material obligations
thereunder.

 

5.10         
Intellectual Property. Except as described on Schedule 5.10, Borrower has, or in the case of any proposed
business, will have, all material rights with respect to Intellectual Property necessary in the operation or conduct of Borrower’s
business as currently conducted and proposed to be conducted by Borrower. Without limiting the generality of the foregoing, and
in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower has the right, to
the extent required to operate Borrower’s business, to freely transfer, license (except as restricted by (i) intellectual
property licenses existing on the Closing Date and (ii) Permitted Intellectual Property Licenses) or assign Intellectual Property
without condition, restriction or payment of any kind (other than license payments in the ordinary course of business) to any third
party, and Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions,
compilers and all other third-party software and other items that are used in the design, development, promotion, sale, license,
manufacture, import, export, use or distribution of Borrower Products.

 

5.11         
Borrower Products. Except as described on Schedule 5.11, no Intellectual Property owned by Borrower or Borrower
Product has been or is subject to any actual or, to the knowledge of Borrower, threatened litigation, proceeding (including any
proceeding in the United States Patent and Trademark Office or any corresponding foreign office or agency) or outstanding decree,
order, judgment, settlement agreement or stipulation that restricts in any material respect Borrower’s use, transfer or licensing
thereof or that may affect the validity, use or enforceability thereof. There is no decree, order, judgment, agreement, stipulation,
arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to grant
licenses or ownership interest in any future Intellectual Property necessary to the operation or conduct of the business of Borrower
or Borrower Products. Except as described on Schedule 5.11, Borrower has not received any written notice or claim, or, to
the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s ownership in any Intellectual Property
(or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof)
or suggesting that any third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s
knowledge, is there a reasonable basis for any such claim. Neither Borrower’s use of its Intellectual Property nor the production
and sale of Borrower Products infringes in any material respect the Intellectual Property or other rights of others except to the
extent that such use, production or sale would not be expected to have a Material Adverse Effect.

 

    	22

    

    

 

5.12         
Financial Accounts. Exhibit E, as may be updated by the Borrower in a written notice provided to Agent after
the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any
Subsidiary Guarantor maintains Deposit Accounts and (b) all institutions at which Borrower or any Subsidiary Guarantor maintains
an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank
or other institution, the name in which the account is held, a description of the purpose of the account, and the complete account
number therefor.

 

5.13         
Employee Loans. Borrower has no outstanding loans to any employee, officer or director of the Borrower nor has Borrower
guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party.

 

5.14         
Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule
5.14 annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted
Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date,
is a true, correct and complete list of each Subsidiary.

 

SECTION
6. INSURANCE; INDEMNIFICATION

 

6.1             
Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance against risks
customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including
death, property damage, personal injury, advertising injury, and contractual liability per the terms of the indemnification agreement
found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each
occurrence. Borrower has and agrees to maintain a minimum of $2,000,000 of directors’ and officers’ insurance for each
occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause
to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused,
in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard
exceptions and deductibles.

 

6.2             
Certificates. Borrower shall deliver to Agent certificates of insurance that evidence Borrower’s compliance
with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2 no later ten (10)
days after the Closing Date. Borrower’s insurance certificate shall state Agent is an additional insured for commercial general
liability, a designated payee for any key man life insurance policy, a loss payee for all risk property damage insurance, subject
to the insurer’s approval, and a loss payee for property insurance and additional insured for liability insurance for any
future insurance that Borrower may acquire from such insurer. Attached to the certificates of insurance will be additional insured
endorsements for liability and lender’s loss payable endorsements for all risk property damage insurance. All certificates
of insurance will provide for a minimum of thirty (30) days advance written notice to Agent of cancellation or any other change
adverse to Agent’s interests. Any failure of Agent to scrutinize such insurance certificates for compliance is not a waiver
of any of Agent’s rights, all of which are reserved.

 

    	23

    

    

 

6.3             
Indemnity. Borrower agrees to indemnify and hold Agent, Lender and their officers, directors, employees, agents,
in-house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against
any and all claims, costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and liabilities based
on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other
costs of investigation or defense (including those incurred upon any appeal) (collectively, “Liabilities”),
that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit having been extended,
suspended or terminated under this Agreement and the other Loan Documents or the administration of such credit, or in connection
with or arising out of the transactions contemplated hereunder and thereunder, or any actions or failures to act in connection
therewith, or arising out of the disposition or utilization of the Collateral, excluding in all cases Liabilities to the extent
resulting solely from any Indemnified Person’s gross negligence or willful misconduct. Borrower agrees to pay, and to save
Agent and Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise,
sales or other similar taxes (excluding taxes imposed on or measured by the net income of Agent or Lender) that may be payable
or determined to be payable with respect to any of the Collateral or this Agreement. In no event shall any Indemnified Person be
liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits,
business or anticipated savings).

 

SECTION
7. COVENANTS OF BORROWER

 

As long as any Secured Obligations (other than
inchoate indemnity obligations) are outstanding, Borrower agrees as follows:

 

7.1             
Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed hereinafter (the “Financial
Statements”):

 

(a)               
as soon as practicable (and in any event within 30 days) after the end of each month, aged listings of accounts receivable
and accounts payable and a calculation of liquidity (in compliance with Section 7.16), all prepared and certified to on behalf
of Borrower by an authorized officer thereof acceptable to Agent;

 

(b)              
as soon as practicable (and in any event within 45 days) after the end of each calendar quarter, unaudited interim and year-to-date
financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating basis, if applicable),
including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies
(including the commencement of any material litigation by or against Borrower) or any other occurrence that would reasonably be
expected to have a Material Adverse Effect, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to
the effect that they have been prepared in accordance with GAAP, except (i) for the absence of footnotes, and (ii) that they are
subject to normal year-end adjustments;

 

(c)               
as soon as practicable (and in any event within one hundred twenty (120) days) after the end of each fiscal year, audited
financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including
balance sheet and related statements of income and cash flows, and setting forth in comparative form the corresponding figures
for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably
acceptable to Agent, accompanied by any management report from such accountants;

 

    	24

    

    

 

(d)              
as soon as practicable (and in any event within 15 days) after the end of each quarter, a Borrowing Base Certificate in
the form of Exhibit F;

 

(e)               
as soon as practicable (and in any event within 30 days) after the end of each month, a Compliance Certificate in the form
of Exhibit G;

 

(f)               
[reserved];

 

(g)              
promptly after the sending or filing thereof, as the case may be, copies of any proxy statements, financial statements or
reports that Borrower has made available to its equity holders and copies of any regular, periodic and special reports or registration
statements that Borrower files with the Securities and Exchange Commission or any governmental authority that may be substituted
therefor, or any national securities exchange;

 

(h)              
at Agent’s request, at the same time as it gives to its directors, copies of all materials (other than minutes) that
Borrower provides to its directors in connection with meetings of the Board of Directors and that are relevant to Agent or Lender;
provided, however, that Borrower shall not be required to provide the materials described in this Section 7.1(h) to the extent
the information is privileged or pertains to confidential information of any third parties;

 

(i)                
financial and business projections promptly following preparation, and in any event, no later than January 31 of each year,
as well as budgets, operating plans and other financial information reasonably requested by Agent and promptly following approval
of the any of the foregoing by Parent’s Board of Directors, confirmation of such approval and an update with respect to any
changes made to such projections, budgets or operating plans.

 

Borrower shall not make any change in its (a) accounting policies
or reporting practices, except as required by GAAP or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end
on December 31. Agent and Lender hereby acknowledge and agree that the materials described in this Section 7.1 will contain
material non-public and confidential information of Borrower and its affiliates and Agent and Lender and their respective affiliates
and representatives shall abide by all confidentiality terms applicable under this Agreement and any confidentiality and non-disclosure
agreements among the parties hereto.

 

The executed Borrowing Base Certificate
and Compliance Certificate may be sent via e-mail to [_____________] provided, that if e-mail is not available or sending
the Borrowing Base Certificate and Compliance Certificate via email is not possible, it shall be mailed to Agent at 11100 Santa
Monica Blvd., Suite 800, Los Angeles, CA 90025 attention Great American Capital Partners. All Financial Statements required to
be delivered pursuant to clauses (b) and (c) shall be sent via e-mail to [_____________] provided, that if e-mail is not
available or sending such Financial Statements via e-mail is not possible, they shall be mailed to Agent at 11100 Santa Monica
Blvd., Suite 800, Los Angeles, CA 90025, attention Great American Capital Partners.

 

    	25

    

    

 

7.2             
Management Rights and Inspections. Borrower shall permit any representative that Agent or Lender authorizes, including
its attorneys and accountants, to conduct site visits and inspect the Collateral, provided, that so long as no Event of Default
has occurred and is continuing, Borrower shall not be responsible for paying the expenses of Lender for more than one site visit,
inspection, and examination in any six-month period; provided such cost restriction shall not be deemed a restriction on the number
of site visits, inspections, and examinations Agent may require. In addition Borrower shall, upon request by Lender, have an independent
appraiser reasonably satisfactory to Agent provide an appraisal of the Borrower’s Intellectual Property or such subset thereof
as determined by Agent; provided, that so long as no Event of Default has occurred and is continuing, Borrower shall not be responsible
for paying the expenses for more than one appraisal in any one-year period; provided such cost restriction shall not be deemed
a restriction on the number of appraisals Agent may require. In addition Borrower shall permit any representative that Agent or
Lender authorizes, including its attorneys and accountants, to examine and make copies and abstracts of the books of account and
records of Borrower or any Subsidiary applicable to the Loan Documents or the Collateral at reasonable times and upon reasonable
notice during normal business hours. In addition, any such representative shall have the right to meet with management and officers
of Borrower or any Subsidiary to discuss such books of account and records at reasonable times and upon reasonable notice during
normal business hours. In addition, Agent or Lender shall be entitled at reasonable times and intervals to consult with and advise
the management and officers of Borrower or any Subsidiary concerning significant business issues affecting Borrower. Such consultations
shall not unreasonably interfere with Borrower’s business operations. Except as expressly provided herein, any and all visits,
inspections, examinations and appraisals made while any Event of Default is continuing, shall be at Borrowers’ sole cost
and expense. The parties intend that the rights granted Agent and Lender shall constitute “management rights” within
the meaning of 29 C.F.R. Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Agent or Lender
with respect to any business issues shall not be deemed to give Agent or Lender, nor be deemed an exercise by Agent or Lender of,
control over Borrower’s management or policies.

 

7.3             
Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with Agent, any financing
statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the
highest priority to Agent’s Lien on the Collateral (other than the Liens set forth in clauses (ii), (iii), (iv), (v), (vi),
(vii), (x), (xi), (xii), (xiii) or (xiv) of the definition of Permitted Liens). Borrower shall from time to time procure any instruments
or documents as may be requested by Agent, and take all further action that may be necessary or desirable, or that Agent may reasonably
request, to perfect and protect the Liens granted hereby and thereby. In addition, and for such purposes only, Borrower hereby
authorizes Agent to execute and deliver on behalf of Borrower and to file such financing statements, collateral assignments, notices,
control agreements, security agreements and other documents without the signature of Borrower either in Agent’s name or in
the name of Agent as agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral
and Agent’s Lien thereon against all Persons claiming any interest adverse to Borrower or Agent other than Permitted Liens.

 

    	26

    

    

 

7.4             
Indebtedness; Amendments to Indebtedness. Borrower shall not and shall not permit any Subsidiary to: (a) create,
incur, assume, guarantee or be or remain liable with respect to any Indebtedness, other than Permitted Indebtedness; (b) prepay
any Indebtedness, except for (i) Parent’s 9.50% Convertible Senior Notes due 2019 or 6.50% Convertible Senior Notes due 2019,
(ii) by the conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection
with such conversion, or (iii) a refinancing of the entire amount of such Indebtedness which does not impose materially more burdensome
terms upon Borrower or its Subsidiary than exist in such Indebtedness prior to such refinancing, but with a maturity date which
is later than the Term Loan Maturity Date (without regard to the proviso in such definition); and (c) pay any principal on any
Indebtedness, other than on Permitted Indebtedness in accordance with the terms of such Indebtedness, while the Secured Obligations
are outstanding without the written consent of Agent; and (d) amend or modify any documents or notes evidencing any Indebtedness
in any manner which imposes materially more burdensome terms upon Borrower or its Subsidiary than exist in such Indebtedness prior
to such amendment or modification without the prior written consent of Agent.

 

7.5             
Collateral. Borrower shall at all times keep the Collateral free and clear from any legal process or Liens whatsoever
(except for Permitted Liens), and shall give Agent prompt written notice of any legal process affecting the Collateral or any Liens.
Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to the Collateral from and against all
Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such Subsidiary’s
rights in the Collateral free and clear from any legal process or Liens whatsoever (except for Permitted Liens), and shall give
Agent prompt written notice of any legal process affecting such Subsidiary’s rights in the Collateral.

 

7.6             
Investments. Borrower shall not directly or indirectly acquire or own, or make any Investment in or to any Person,
or permit any of its Subsidiaries so to do, other than Permitted Investments.

 

7.7             
Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class
of stock or other equity interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements,
provided, however, in each case the repurchase or redemption price does not exceed the original consideration paid for such stock
or equity interest, or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest,
except that a Subsidiary may pay dividends or make distributions to Borrower or a Subsidiary Guarantor (or, in the case of a Foreign
Subsidiary that is not a Subsidiary Guarantor, a parent company that is a direct or indirect wholly owned Subsidiary of Borrower),
or (c) lend money to any employees, officers or directors (except as permitted under clauses (vii) or (viii) of the definition
of Permitted Investment), or guarantee the payment of any such loans granted by a third party in excess of $100,000 in the aggregate
or (d) waive, release or forgive any Indebtedness owed by any employees, officers or directors in excess of $100,000 in the aggregate.

 

7.8             
Transfers. Except for Permitted Transfers and Permitted Investments, Borrower shall not, and shall not allow any
Subsidiary to, voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial
or legal interest in any material portion of its assets.

 

    	27

    

    

 

7.9             
Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate,
with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower
into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or acquire, or permit any of its Subsidiaries
to acquire, all or substantially all of the capital stock or property of another Person.

 

7.10         
Taxes. Borrower and its Subsidiaries shall pay when due all taxes, fees or other charges of any nature whatsoever
(together with any related interest or penalties) now or hereafter imposed or assessed against (i) Agent or Lender and related
to, or in connection with, any of the transactions contemplated hereby or by other Loan Documents (other than taxes imposed on
or measured by the net income of Agent or Lender), subject to reasonable notification thereof by the Agent or Lender, as applicable
and (ii) Borrower or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or upon
Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all personal
property tax returns in respect of the Collateral. Notwithstanding the foregoing, Borrower may contest, in good faith and by appropriate
proceedings, taxes for which Borrower maintains adequate reserves therefor in accordance with GAAP.

 

7.11         
Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate name, legal form or jurisdiction
of formation without twenty (20) days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall suffer a
Change in Control. Neither Borrower nor any Subsidiary shall relocate its chief executive office or its principal place of business
unless: (i) it has provided prior written notice to Agent; and (ii) such relocation shall be within the continental United States.
Neither Borrower nor any Subsidiary shall relocate any item of Collateral (other than (x) sales of Inventory in the ordinary course
of business, (y) relocations of Equipment having an aggregate value of up to $150,000 in any fiscal year, and (z) relocations
of Collateral from a location described on Exhibit C to another location described on Exhibit C) unless (i) it has
provided prompt written notice to Agent, (ii) such relocation is within the continental United States and, (iii) if such relocation
is to a third party bailee, it has delivered a bailee agreement in form and substance reasonably acceptable to Agent.

 

7.12         
Deposit Accounts. Borrower shall not maintain any Deposit Accounts, or accounts holding Investment Property, except
with respect to which Agent has an Account Control Agreement; provided however, that no Account Control Agreement shall be required
to be in place until the seventh day after the Closing Date, and provided further, that Borrower may maintain the Specified Accounts
without such being subject to an Account Control Agreement so long as the aggregate account balance maintained therein as of any
date is not greater than $1,700,000 and Borrower may maintain Deposit Accounts without such being subject to an Account Control
Agreement so long as the account balance maintained therein as of any time is not greater than $0.00.

 

7.13         
Domestic Subsidiaries. Borrower shall notify Agent of each Domestic Subsidiary formed subsequent to the Closing Date
or to the extent AB Technologies LLC, a Delaware limited liability company (“AB Technologies”) acquires any
assets or commences any operations other than as are in effect on the Closing Date and, in each case, within 15 days of such formation
or change, shall cause any such Domestic Subsidiary (including AB Technologies) to execute and deliver to Agent a Joinder Agreement
and such other documentation as Agent may require, and for the sake of clarification, no such joinder shall be required with respect
to any Foreign Subsidiary.

 

    	28

    

    

 

7.14         
Notification of Event of Default. Borrower shall notify Agent immediately after Borrower acquires knowledge thereof
of the occurrence of any Event of Default, such notice to be sent via facsimile to Agent.

 

7.15         
Minimum Revenue. As of the last day of each fiscal quarter, Parent and its Subsidiaries shall have revenue (determined
in accordance with GAAP) of not less than the Minimum Revenue.

 

7.16         
Minimum Liquidity. As of the last day of the month for each of June, July, August and September of 2018 and at all
times thereafter, Borrower shall have, on a consolidated basis, liquidity calculated as unrestricted, unencumbered Cash and Cash
Equivalents in one or more Deposit Accounts located in the United States which are subject to an Account Control Agreement in favor
of Agent (provided that no Account Control Agreement shall be required to be in place until the seventh day after the Closing Date)
in a minimum amount equal to $10,000,000; provided, that for the first two months of each fiscal quarter beginning on or after
the Closing Date, such amount shall be reduced to $5,000,000 in the event liquidity calculated as the sum of (i) unrestricted,
unencumbered Cash and Cash Equivalents in one or more Deposit Accounts located in the United States which are subject to an Account
Control Agreement in favor of Agent, provided that no Account Control Agreement shall be required to be in place until the seventh
day after the Closing Date and (ii) the outstanding principal amount of all Eligible Accounts Receivable not required to meet the
covenant set forth in Section 7.17 equals a minimum amount of $10,000,000.

 

7.17         
Minimum Asset Coverage. At all times, the ratio of Borrowing Base to the then-outstanding Term Loan shall be not
less than 1.50 to 1.00.

 

7.18         
Post-Closing. Borrower shall:

 

(i) no later than July 2, 2018, repay the 12%
Senior Convertible Note (RS-10) held by Total Raffinage Chimie SA in full from the Loan proceeds; and

 

(ii) within 30 days after the Closing Date,
take such action as may be required to permit Agent to complete a field exam, satisfactory to Agent in its sole discretion, with
Durkin Group.

 

SECTION
8. RESERVED

 

SECTION
9. EVENTS OF DEFAULT

 

The occurrence of any one or more of the following
events shall be an Event of Default:

 

9.1             
Payments. Borrower fails to pay any amount due under this Agreement or any of the other Loan Documents on or prior
to the third Business Day after its scheduled payment date; or

 

    	29

    

    

 

9.2             
Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement,
or any of the other Loan Documents or any other agreement among Borrower, Agent and Lender, and (a) with respect to a default under
any covenant under this Agreement (other than under Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.14, 7.15, 7.16, 7.17 or 7.18),
any other Loan Document or any other agreement among Borrower, Agent and Lender, such default continues for more than ten (10)
Business Days after the earlier of the date on which (i) Agent or Lender has given notice of such default to Borrower and (ii)
Borrower has actual knowledge of such default, or (b) with respect to a default under any of Sections 6, 7.4, 7.5, 7.6, 7.7,
7.8, 7.9, 7.14, 7.15, 7.16, 7.17 and 7.18, the occurrence of such default; or

 

9.3             
[Intentionally deleted]; or

 

9.4             
Representations. Any representation or warranty made by Borrower in any Loan Document shall have been false or misleading
in any material respect when made or furnished or deemed made or furnished; or

 

9.5             
Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or (ii) shall be unable to pay
its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall
file a voluntary petition in bankruptcy; or (iv) shall file any petition, answer, or document seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or
regulation pertinent to such circumstances; or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver,
or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or (vi) shall
cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees;
or (vii) Borrower its directors or majority shareholders shall take any action initiating any of the foregoing actions described
in clauses (i) through (vi); or (B) either (i) thirty (30) days shall have expired after the commencement of an involuntary action
against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under
any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting
the operations or the business of Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set
aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting
the material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings
are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) thirty (30) days shall have
expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower
or of all or any substantial part of the properties of Borrower without such appointment being vacated; or

 

9.6             
Attachments; Judgments. Any portion of Borrower’s assets are attached or seized, or a levy is filed against
any such assets, or a judgment or judgments is/are entered for the payment of money, individually or in the aggregate, of at least
$250,000, or Borrower is enjoined or in any way prevented by court order from conducting any part of its business; or

 

9.7             
Other Obligations. The occurrence of any default under any agreement or obligation of Borrower involving any Indebtedness
in excess of $250,000, or receipt of written notice of the occurrence of any default under any other agreement or obligation of
Borrower with annual payments or receipts in excess of $250,000; provided with respect to a default of a Contingent Obligation
referenced as an “other obligation” in clause (i) thereof shall not be deemed to be a default if cured or waived within
10 days of the occurrence of such default.

 

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9.8             
Loan Documents. (a) The occurrence of any default under any Loan Document or any other agreement between Borrower,
any Lender and Agent or (b) (i) the guaranty set forth in Section 12 of this Agreement ceases to be in full force and effect
for any reason whatsoever, including, without limitation, a determination by any governmental authority that this Agreement is
invalid, void or unenforceable or (ii) any Subsidiary Guarantor or any Person acting on behalf of such Subsidiary Guarantor shall
contest in any manner the validity, binding nature or enforceability of this Agreement or (iii) the obligations of any Subsidiary
Guarantor under any Loan Document are not or cease to be legal, valid, binding and enforceable in accordance with the terms of
such Loan Document.

 

SECTION
10. REMEDIES

 

10.1         
General. Upon and during the continuance of any one or more Events of Default, (i) Agent may, at its option, accelerate
and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately
due and payable (provided, that upon the occurrence of an Event of Default of the type described in Section 9.5, all of
the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or
act), (ii) Agent may, at its option, sign and file in Borrower’s name any and all collateral assignments, notices, control
agreements, security agreements and other documents it deems necessary or appropriate to perfect or protect the repayment of the
Secured Obligations, and in furtherance thereof, Borrower hereby grants Agent an irrevocable power of attorney coupled with an
interest, and (iii) Agent may notify any of Borrower’s account debtors to make payment directly to Agent, compromise the
amount of any such account on Borrower’s behalf and endorse Agent’s name without recourse on any such payment for deposit
directly to Agent’s account. Agent may exercise all rights and remedies with respect to the Collateral under the Loan Documents
or otherwise available to it under the UCC and other applicable law, including the right to release, hold, sell, lease, liquidate,
collect, realize upon, or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and
commingle the Collateral. All Agent’s rights and remedies shall be cumulative and not exclusive.

 

10.2         
Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default, Agent may, at any
time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the
Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Agent may
elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any
such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Agent may require Borrower
to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent
and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied
by Agent in the following order of priorities:

 

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First, to Agent and Lender in an amount sufficient to
pay in full Agent’s and Lender’s costs and professionals’ and advisors’ fees and expenses as described
in Section 11.11;

 

Second, to Lender in an amount equal to the then unpaid
amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as
Agent may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured
Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent
jurisdiction may direct.

 

Agent shall be deemed to have acted reasonably in the custody, preservation
and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.

 

10.3         
No Waiver. Agent shall be under no obligation to marshal any of the Collateral for the benefit of Borrower or any
other Person, and Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral.

 

10.4         
Cumulative Remedies. The rights, powers and remedies of Agent hereunder shall be in addition to all rights, powers
and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies
provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers and remedies
of Agent.

 

SECTION
11. MISCELLANEOUS

 

11.1         
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision
shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

 

11.2         
Notice. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service
of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted
under the Loan Documents or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly
served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery or delivery
by an overnight express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United
States mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows:

 

	 	(a)	If to Agent:
	 	 	 
	 	 	GACP Finance CO., LLC
	 	 	Attention: Cameron Izadi
	 	 	11100 Santa Monica Blvd., Suite 800
	 	 	Los Angeles, CA  90025

 

 

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	 	(b)	If to Borrower:
	 	 	 
	 	 	AMYRIS, INC.
	 	 	Attention: General Counsel
	 	 	5885 Hollis Street, Suite 100
	 	 	Emeryville, CA 94608

 

or to such other address as each party may designate
for itself by like notice.

 

11.3         
Entire Agreement; Amendments.

 

(a)               
This Agreement and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in respect
of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure
or confidentiality agreements, letters, negotiations or other documents or agreements, whether written or oral, with respect to
the subject matter hereof or thereof.

 

(b)              
Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified
except in accordance with the provisions of this Section 11.3(b). The Required Lenders and Borrower party to the relevant
Loan Document may, or, with the written consent of the Required Lenders, the Agent and the Borrower party to the relevant Loan
Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan
Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the
rights of the Lender or of the Borrower hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lender
or the Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents
or any default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement
or modification shall (A) forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled
date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder)
or extend the scheduled date of any payment thereof, , in each case without the written consent of each Lender directly affected
thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b) without the written consent
of such Lender; (C) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer
by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially
all of the Collateral or release a Borrower from its obligations under the Loan Documents, in each case without the written consent
of the Lender; or (D) amend, modify or waive any provision of Section 11.17 without the written consent of the Agent. Any
such waiver and any such amendment, supplement or modification shall apply equally to each Lender and shall be binding upon Borrower,
the Lender, the Agent and all future holders of the Loans.

 

11.4         
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement.
In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship
of any provisions of this Agreement.

 

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11.5         
No Waiver. The powers conferred upon Agent and Lender by this Agreement are solely to protect its rights hereunder
and under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or Lender to exercise
any such powers. No omission or delay by Agent or Lender at any time to enforce any right or remedy reserved to it, or to require
performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such
right or remedy to which Agent or Lender is entitled, nor shall it in any way affect the right of Agent or Lender to enforce such
provisions thereafter.

 

11.6         
Survival. All agreements, representations and warranties contained in this Agreement and the other Loan Documents
or in any document delivered pursuant hereto or thereto shall be for the benefit of Agent and Lender and shall survive the execution
and delivery of this Agreement and the expiration or other termination of this Agreement.

 

11.7         
Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit
of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement
or any of the other Loan Documents without Agent’s express prior written consent, and any such attempted assignment shall
be void and of no effect. Agent and Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents
without prior notice to Borrower, and all of such rights shall inure to the benefit of Agent’s and Lender’s successors
and permitted assigns, provided, that, except during the continuance of an Event of Default, neither Agent nor any Lender shall
assign, transfer or endorse its rights hereunder or under any other Loan Document to (i) any entity which is a direct a competitor
of Borrower, (ii) an entity which operates a business in the same industry as Borrower or (iii) an affiliate of any entity meeting
the criteria set forth in the preceding clause (i) or (ii), excluding, in each case, any entities which, together with their consolidated
affiliates, at the time of assignment have equity investments in such a competitor, business or affiliate of Borrower not in excess
of 10.0% of the total equity investments owned by such entities and their consolidated affiliates.

 

11.8         
Governing Law. This Agreement and the other Loan Documents have been negotiated and delivered to Agent and Lender
in the State of California, and shall have been accepted by Agent and Lender in the State of California. Payment to Agent and Lender
by Borrower of the Secured Obligations is due in the State of California. This Agreement and the other Loan Documents shall be
governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles
that would cause the application of laws of any other jurisdiction.

 

11.9         
Consent to Jurisdiction and Venue. All judicial proceedings (to the extent that the reference requirement of Section
11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought
in any state or federal court located in the State of California. By execution and delivery of this Agreement, each party hereto
generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b)
waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense
based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered
thereby in connection with this Agreement or the other Loan Documents. Service of process on any party hereto in any action arising
out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 11.2,
and shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve
process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction.

 

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11.10     
Mutual Waiver of Jury Trial / Judicial Reference.

 

(a)               
Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by
an experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules),
the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER, AGENT AND LENDER
SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY
CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST AGENT, LENDER OR THEIR RESPECTIVE
ASSIGNEE OR BY AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims
that involve Persons other than Agent, Borrower and Lender; Claims that arise out of or are in any way connected to the relationship
among Borrower, Agent and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable
or legal relief of any kind, arising out of this Agreement, any other Loan Document.

 

(b)              
If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable, the parties agree that
all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section
638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of the Santa
Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence
and discovery applicable to such proceeding.

 

(c)               
In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in Section
11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest
extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial reference.

 

11.11     
Professional Fees. Borrower promises to pay Agent’s and Lender’s fees and expenses necessary to finalize
the loan documentation, including but not limited to reasonable attorneys’ fees, UCC searches, filing costs, and other miscellaneous
expenses, all as set forth on a summary invoice provided to Borrower. In addition, Borrower promises to pay any and all reasonable
attorneys’ and other professionals’ fees and expenses (including fees and expenses of in-house counsel) incurred by
Agent and Lender after the Closing Date in connection with or related to: (a) the Loan; (b) the administration, collection, or
enforcement of the Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination
under the Loan Documents; (e) the protection, preservation, audit, field exam, sale, lease, liquidation, or disposition of Collateral
or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court
proceeding in connection with or related to Borrower or the Collateral, and any appeal or review thereof; and (g) any bankruptcy,
restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower,
the Collateral, the Loan Documents, including representing Agent or Lender in any adversary proceeding or contested matter commenced
or continued by or on behalf of Borrower’s estate, and any appeal or review thereof.

 

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11.12     
Confidentiality. Agent and Lender acknowledge that certain items of Collateral and information provided to Agent
and Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x)
is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably be understood to be confidential (the
“Confidential Information”). Accordingly, Agent and Lender agree that any Confidential Information it may obtain
pursuant to Section 7.1 of this Agreement, in the course of acquiring, administering, or perfecting Agent’s security
interest in the Collateral or otherwise shall not be disclosed to any other Person or entity in any manner whatsoever, in whole
or in part, without the prior written consent of Borrower, except that Agent and Lender may disclose any such information: (a)
to its own directors, officers, employees, accountants, counsel and other professional advisors and to its affiliates if Agent
or Lender in their sole discretion determines that any such party should have access to such information in connection with such
party’s responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential
Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise subject to confidentiality
restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available
to the public (other than as a result of Agent or Lender’s breach of their respective obligations under this Section 11.12);
(c) if required or appropriate in any report, statement or testimony submitted to any governmental authority having or claiming
to have jurisdiction over Agent or Lender; (d) if required or appropriate in response to any summons or subpoena or in connection
with any litigation, to the extent permitted or deemed advisable by Agent’s or Lender’s counsel; (e) to comply with
any legal requirement or law applicable to Agent or Lender; (f) to the extent reasonably necessary in connection with the exercise
of any right or remedy under any Loan Document, including Agent’s sale, lease, or other disposition of Collateral after default;
(g) to any participant or assignee of Agent or Lender or any prospective participant or assignee; provided, that such participant
or assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to disclosure; or (h) otherwise
with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations
of Borrower or any of its affiliates or any guarantor under this Agreement or the other Loan Documents.

 

11.13     
Assignment of Rights. Borrower acknowledges and understands that Agent or Lender may sell and assign all or part
of its interest hereunder and under the Loan Documents to any Person or entity (an “Assignee”), subject to the
restrictions set forth in Section 11.7. After such a permitted assignment the term “Agent” or “Lender”
as used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and
remedies of Agent and Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so transferred,
Agent and Lender shall retain all rights, powers and remedies hereby given. No such assignment by Agent or Lender shall relieve
Borrower of any of its obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s)(if any), it
will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such
transfer and as to the date to which interest shall have been last paid thereon.

 

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11.14     
Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force and effect and continue
to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent
or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s
assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations
and Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment
and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or
avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Agent, Lender or by any obligee
of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise,
all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part
thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations
shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full,
final, and indefeasible payment to Agent or Lender in Cash.

 

11.15     
Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number
of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original,
but all of which counterparts shall constitute but one and the same instrument.

 

11.16     
No Third-Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be interpreted, to provide
or create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, Lender and Borrower
unless specifically provided otherwise herein, and, except as otherwise so provided, all provisions of the Loan Documents will
be personal and solely among Agent, the Lender and the Borrower.

 

11.17     
Agency.

 

(a)               
Lender hereby irrevocably appoints GACP Finance Co., LLC to act on its behalf as the Agent hereunder and under the other
Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the
Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.

 

(b)              
Lender agrees to indemnify the Agent in its capacity as such (to the extent not reimbursed by Borrower and without limiting
the obligation of Borrower to do so), according to its respective Term Commitment percentages (based upon the total outstanding
Term Loan Commitments) in effect on the date on which indemnification is sought under this Section 11.17, from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of
any kind whatsoever that may at any time be imposed on, incurred by or asserted against the Agent in any way relating to or arising
out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the
transactions contemplated hereby or thereby or any action taken or omitted by the Agent under or in connection with any of the
foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder.

 

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(c)               
Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender”
shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving as Agent
hereunder in its individual capacity.

 

(d)              
Exculpatory Provisions. The Agent shall have no duties or obligations except those expressly set forth herein and
in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not:

 

(i)                
be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default has occurred
and is continuing;

 

(ii)              
have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the
Lender, provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may
expose the Agent to liability or that is contrary to any Loan Document or applicable law; and

 

(iii)            
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent shall not
be liable for the failure to disclose, any information relating to the Borrower or any of its affiliates that is communicated to
or obtained by any Person serving as the Agent or any of its affiliates in any capacity.

 

(e)               
The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Lender or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own
gross negligence or willful misconduct.

 

(f)               
The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of
the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of
Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other
agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other
than to confirm receipt of items expressly required to be delivered to the Agent.

 

    	38

    

    

 

(g)              
Reliance by Agent. Agent may rely, and shall be fully protected in acting, or refraining to act, upon, any resolution,
statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has
no reason to believe to be other than genuine and to have been signed or presented by the proper party or parties or, in the case
of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or
willful misconduct, Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to Agent and conforming to the requirements of this Agreement or any of the
other Loan Documents. Agent may consult with counsel, and any opinion or legal advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, not taken or suffered by Agent hereunder or under any Loan Documents
in accordance therewith. Agent shall have the right at any time to seek instructions concerning the administration of the Collateral
from any court of competent jurisdiction. Agent shall not be under any obligation to exercise any of the rights or powers granted
to Agent by this Agreement and the other Loan Documents at the request or direction of Lender unless Agent shall have been provided
by Lender with adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance
with such request or direction.

 

11.18     
Publicity.

 

(a)               
So long as Agent or Lender provides Borrower prior written notice and a reasonable opportunity to review, Borrower consents
to the publication and use by Agent or Lender and any of its member businesses and Affiliates of (i) Borrower’s name (including
a brief description of the relationship among Borrower, Agent and Lender) and logo and a hyperlink to Borrower’s web site,
separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public
relations materials or on its web site (together, the “Lender Publicity Materials”); (ii) the names of officers
of Borrower in the Lender Publicity Materials; and (iii) Borrower’s name, trademarks or servicemarks in any news release
concerning Agent or Lender.

 

(b)              
Neither Borrower nor any of its member businesses and Affiliates shall, without Agent’s and Lender’s consent
(which shall not be unreasonably withheld or delayed), publicize or use (i) Agent’s or Lender’s name (including a brief
description of the relationship among Borrower, Agent and Lender), logo or hyperlink to Agent’s or Lender’s web site,
separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public
relations materials or on its web site (together, the “Borrower Publicity Materials”); (ii) the names of officers
of Agent or Lender in the Borrower Publicity Materials; and (iii) Agent’s or Lender’s name, trademarks, servicemarks
in any news release concerning Borrower.

 

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SECTION
12. Guaranty; Waivers.

 

(a)               
Guaranty. Each Subsidiary Guarantor unconditionally and irrevocably guarantees to the Agent and Lender the full and
prompt payment when due (whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise) and
performance of the Secured Obligations (the “Guaranteed Obligations”). The Guaranteed Obligations include interest
that, but for a proceeding under any Insolvency Proceeding, would have accrued on such Guaranteed Obligations, whether or not a
claim is allowed against Borrower for such interest in any such proceeding.

 

(b)              
Separate Obligation. Each Subsidiary Guarantor acknowledges and agrees that: (i) the Guaranteed Obligations are separate
and distinct from any Indebtedness arising under or in connection with any other document, including under any provision of this
Agreement other than this Section 12, executed at any time by such Subsidiary Guarantor in favor of Agent and Lender; and
(ii) such Subsidiary Guarantor shall pay and perform all of the Guaranteed Obligations as required under this Section 12,
and Agent may enforce any and all of their respective rights and remedies hereunder, without regard to any other document, including
any provision of this Agreement other than this Section 12, at any time executed by such Subsidiary Guarantor in favor of
Agent and any Lender, irrespective of whether any such other document, or any provision thereof or hereof, shall for any reason
become unenforceable or any of the Indebtedness thereunder shall have been discharged, whether by performance, avoidance or otherwise.
Each Subsidiary Guarantor acknowledges that, in providing benefits to Borrower, Agent and each Lender is relying upon the enforceability
of this Section 12 and the Guaranteed Obligations as separate and distinct Indebtedness of such Subsidiary Guarantor, and
each Subsidiary Guarantor agrees that Agent and each Lender would be denied the full benefit of their bargain if at any time this
Section 12 or the Guaranteed Obligations were treated any differently. The fact that the guaranty is set forth in this Agreement
rather than in a separate guaranty document is for the convenience of Borrower and Subsidiary Guarantors and shall in no way impair
or adversely affect the rights or benefits of Agent and any Lender under this Section 12. Each Subsidiary Guarantor agrees
to execute and deliver a separate document, immediately upon request at any time of Agent, evidencing such Subsidiary Guarantor’s
obligations under this Section 12. Upon the occurrence of any Event of Default, a separate action or actions may be brought
against such Subsidiary Guarantor, whether or not Borrower, any other Subsidiary Guarantor or any other Person is joined therein
or a separate action or actions are brought against Borrower, any such other Subsidiary Guarantor or any such other Person.

 

(c)               
Limitation of Guaranty. To the extent that any court of competent jurisdiction shall impose by final judgment under
applicable Laws (including sections 544 and 548 of the Bankruptcy Code) any limitations on the amount of any Subsidiary Guarantor’s
liability with respect to the Guaranteed Obligations that Agent can enforce under this Section 12, Agent and each Lender
by their acceptance hereof accept such limitation on the amount of such Subsidiary Guarantor’s liability hereunder to the
extent needed to make this Section 12 fully enforceable and nonavoidable.

 

    	40

    

    

 

(d)              
Liability of Subsidiary Guarantors. The liability of any Subsidiary Guarantor under this Section 12 shall
be irrevocable, absolute, independent and unconditional, and shall not be affected by any circumstance that might constitute a
discharge of a surety or guarantor other than the indefeasible payment and performance in full of all Guaranteed Obligations. In
furtherance of the foregoing and without limiting the generality thereof, each Subsidiary Guarantor agrees as follows:

 

(i)                
such Subsidiary Guarantor’s liability hereunder shall be the immediate, direct, and primary obligation of such Subsidiary
Guarantor and shall not be contingent upon Agent’s exercise or enforcement of any remedy it may have against Borrower or
any other Person, or against any collateral or other security for any Guaranteed Obligations;

 

(ii)              
this Guaranty is a guaranty of payment when due and not merely of collectability;

 

(iii)            
Lender may enforce this Section 12 upon the occurrence of an Event of Default notwithstanding the existence of any
dispute among Agent and Lender, on the one hand, and Borrower or any other Person, on the other hand, with respect to the existence
of such Event of Default;

 

(iv)            
such Subsidiary Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations shall in no way limit,
affect, modify or abridge such Subsidiary Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied;
and

 

(v)              
such Subsidiary Guarantor’s liability with respect to the Guaranteed Obligations shall remain in full force and effect
without regard to, and shall not be impaired or affected by, nor shall such Subsidiary Guarantor be exonerated or discharged by,
any of the following events:

 

(A)            
any proceeding under any Insolvency Proceeding;

 

(B)             
any limitation, discharge, or cessation of the liability of Borrower or any other Person for any Guaranteed Obligations
due to any statute, regulation or rule of law, or any invalidity or unenforceability in whole or in part of any of the Guaranteed
Obligations or the Loan Documents;

 

(C)             
any merger, acquisition, consolidation or change in structure of Borrower or any Subsidiary Guarantor or any other guarantor
or Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of Borrower or any other Person;

 

(D)            
any assignment or other transfer, in whole or in part, of Agent and Lender’s interests in and rights under this Agreement
(including this Section 12) or the other Loan Documents;

 

    	41

    

    

 

(E)             
any claim, defense, counterclaim or setoff, other than that of prior performance, that Borrower, such Subsidiary Guarantor,
any other Guarantor or any other Person may have or assert, including any defense of incapacity or lack of corporate or other authority
to execute any of the Loan Documents;

 

(F)              
Agent or any Lender’s amendment, modification, renewal, extension, cancellation or surrender of any Loan Document
or any Guaranteed Obligations;

 

(G)            
Agent or any Lender’s exercise or non-exercise of any power, right or remedy with respect to any Guaranteed Obligations
or any collateral;

 

(H)            
Agent or any Lender’s vote, claim, distribution, election, acceptance, action or inaction in any proceeding under
any Bankruptcy Law; or

 

(I)               
any other guaranty, whether by such Subsidiary Guarantor or any other Person, of all or any part of the Guaranteed Obligations
or any other indebtedness, obligations or liabilities of Borrower to Agent or any Lender.

 

(e)               
Consents of Subsidiary Guarantors. Each Subsidiary Guarantor hereby unconditionally consents and agrees that, without
notice to or further assent from such Subsidiary Guarantor:

 

(i)                
the principal amount of the Guaranteed Obligations may be increased or decreased and additional indebtedness or obligations
of Borrower under the Loan Documents may be incurred and the time, manner, place or terms of any payment under any Loan Document
may be extended or changed, by one or more amendments, modifications, renewals or extensions of any Loan Document or otherwise;

 

(ii)              
the time for Borrower’s (or any other Person’s) performance of or compliance with any term, covenant or agreement
on its part to be performed or observed under any Loan Document may be extended, or such performance or compliance waived, or failure
in or departure from such performance or compliance consented to, all in such manner and upon such terms as Agent (as applicable
under the relevant Loan Documents) may deem proper;

 

(iii)            
Agent may request and accept other guaranties and may take and hold security as collateral for the Guaranteed Obligations,
and may, from time to time, in whole or in part, exchange, sell, surrender, release, subordinate, modify, waive, rescind, compromise
or extend such other guaranties or security and may permit or consent to any such action or the result of any such action, and
may apply such security and direct the order or manner of sale thereof; and (iv) Agent may exercise, or waive or otherwise refrain
from exercising, any other right, remedy, power or privilege even if the exercise thereof affects or eliminates any right of subrogation
or any other right of such Subsidiary Guarantor against Borrower.

 

    	42

    

    

 

(f)               
Subsidiary Guarantor’s Waivers. Each Subsidiary Guarantor waives and agrees not to assert:

 

(i)                
any right to require Agent and the Lender to proceed against Borrower, any other Guarantor or any other Person, or to pursue
any other right, remedy, power or privilege of Agent or the Lender whatsoever;

 

(ii)              
the defense of the statute of limitations in any action hereunder or for the collection or performance of the Guaranteed
Obligations;

 

(iii)            
any defense arising by reason of any lack of corporate or other authority or any other defense of Borrower, such Guarantor
or any other Person;

 

(iv)            
any defense based upon Agent’s or Lender’s errors or omissions in the administration of the Guaranteed Obligations;

 

(v)              
any rights to set offs and counterclaims;

 

(vi)            
without limiting the generality of the foregoing, to the fullest extent permitted by law, any defenses or benefits that
may be derived from or afforded by applicable laws limiting the liability of or exonerating guarantors or sureties, or that may
conflict with the terms of this Section 12; and

 

(vii)          
any and all notice of the acceptance of this guaranty, and any and all notice of the creation, renewal, modification, extension
or accrual of the Guaranteed Obligations, or the reliance by Agent and Lender upon this Guaranty, or the exercise of any right,
power or privilege hereunder.

 

The Guaranteed Obligations shall conclusively
be deemed to have been created, contracted, incurred and permitted to exist in reliance upon this Guaranty. Each Subsidiary Guarantor
waives promptness, diligence, presentment, protest, demand for payment, notice of default, dishonor or nonpayment and all other
notices to or upon Borrower, each Guarantor or any other Person with respect to the Guaranteed Obligations.

 

(g)              
Financial Condition of Borrower. No Subsidiary Guarantor shall have any right to require Agent or any Lender to obtain
or disclose any information with respect to: the financial condition or character of Borrower or the ability of Borrower to pay
and perform the Guaranteed Obligations; the Guaranteed Obligations; any collateral or other security for any or all of the Guaranteed
Obligations; the existence or nonexistence of any other guarantees of all or any part of the Guaranteed Obligations; any action
or inaction on the part of Agent, any Lender or any other Person; or any other matter, fact or occurrence whatsoever. Each Subsidiary
Guarantor hereby acknowledges that it has undertaken its own independent investigation of the financial condition of Borrower and
all other matters pertaining to this Guaranty and further acknowledges that it is not relying in any manner upon any representation
or statement of Agent or any Lender with respect thereto.

 

    	43

    

    

 

(h)              
Subrogation. Until the Guaranteed Obligations shall be satisfied in full and the Aggregate Commitments shall be terminated,
each Subsidiary Guarantor shall not have, and shall not directly or indirectly exercise: (i) any rights that it may acquire by
way of subrogation under this Section 12, by any payment hereunder or otherwise; (ii) any rights of contribution, indemnification,
reimbursement or similar suretyship claims arising out of this Section 12; or (iii) any other right that it might otherwise
have or acquire (in any way whatsoever) that could entitle it at any time to share or participate in any right, remedy or security
of Agent or a Lender as against any Borrower or other Guarantors or any other Person, whether in connection with this Section
12, any of the other Loan Documents or otherwise. If any amount shall be paid to any Subsidiary Guarantor on account of the
foregoing rights at any time when all the Guaranteed Obligations shall not have been paid in full, such amount shall be held in
trust for the benefit of Agent and shall forthwith be paid to Agent to be credited and applied to the Guaranteed Obligations, whether
matured or unmatured, in accordance with the terms of the Loan Documents.

 

(i)                
Subordination. All payments on account of all indebtedness, liabilities and other obligations of Borrower to any
Subsidiary Guarantor, whether now existing or hereafter arising, and whether due or to become due, absolute or contingent, liquidated
or unliquidated, determined or undetermined (the “Subsidiary Guarantor Subordinated Indebtedness”) shall be
subject, subordinate and junior in right of payment and exercise of remedies, to the extent and in the manner set forth herein,
to the prior payment in full in Cash or Cash Equivalents of the Guaranteed Obligations. As long as any of the Guaranteed Obligations
(other than unasserted contingent indemnification obligations) shall remain outstanding and unpaid, each Subsidiary Guarantor shall
not accept or receive any payment or distribution by or on behalf of Borrower or any other Subsidiary Guarantor, directly or indirectly,
or assets of Borrower or any other Subsidiary Guarantor, of any kind or character, whether in cash, property or securities, including
on account of the purchase, redemption or other acquisition of Subsidiary Guarantor Subordinated Indebtedness, as a result of any
collection, sale or other disposition of collateral, or by setoff, exchange or in any other manner, for or on account of the Subsidiary
Guarantor Subordinated Indebtedness (“Subsidiary Guarantor Subordinated Indebtedness Payments”), except that,
so long as an Event of Default does not then exist, any Subsidiary Guarantor shall be entitled to accept and receive payments on
its Subsidiary Guarantor Subordinated Indebtedness, in accordance with past business practices of such Subsidiary Guarantor and
Borrower (or any other applicable Subsidiary Guarantor) and not in contravention of any law or the terms of the Loan Documents.

 

If any Subsidiary Guarantor Subordinated Indebtedness Payments shall
be received in contravention of this Section 12, such Subsidiary Guarantor Subordinated Indebtedness Payments shall be held
in trust for the benefit of Agent and shall be paid over or delivered to Agent for application to the payment in full in Cash or
Cash Equivalents of all Guaranteed Obligations remaining unpaid to the extent necessary to give effect to this Section 12
after giving effect to any concurrent payments or distributions to Lender in respect of the Guaranteed Obligations.

 

(j)                
Continuing Guaranty. This Guaranty is a continuing guaranty and agreement of subordination and shall continue in
effect and be binding upon each Subsidiary Guarantor until termination of the Term Commitment and payment and performance in full
of the Guaranteed Obligations, including Guaranteed Obligations which may exist continuously or which may arise from time to time
under successive transactions, and each Subsidiary Guarantor expressly acknowledges that this guaranty shall remain in full force
and effect notwithstanding that there may be periods in which no Guaranteed Obligations exist. This Guaranty shall continue in
effect and be binding upon each Subsidiary Guarantor until actual receipt by Agent of written notice from such Subsidiary Guarantor
of its intention to discontinue this Guaranty as to future transactions (which notice shall not be effective until noon on the
day that is five Business Days following such receipt); provided that no revocation or termination of this guaranty shall affect
in any way any rights of Agent or any Lender hereunder with respect to any Guaranteed Obligations arising or outstanding on the
date of receipt of such notice, including any subsequent continuation, extension, or renewal thereof, or change in the terms or
conditions thereof, or any Guaranteed Obligations made or created after such date to the extent made or created pursuant to a legally
binding commitment of Lender in existence as of the date of such revocation (collectively, “Existing Guaranteed Obligations”),
and the sole effect of such notice shall be to exclude from this Guaranty Guaranteed Obligations thereafter arising which are unconnected
to any Existing Guaranteed Obligations.

 

    	44

    

    

 

(k)              
Reinstatement. This Guaranty shall continue to be effective or shall be reinstated and revived, as the case may be,
if, for any reason, any payment of the Guaranteed Obligations by or on behalf of Borrower (or receipt of any proceeds of collateral)
shall be rescinded, invalidated, declared to be fraudulent or preferential, set aside, voided or otherwise required to be repaid
to Borrower, its estate, trustee, receiver or any other Person (including under any Bankruptcy Law), or must otherwise be restored
by Lender, whether as a result of proceedings under any bankruptcy law or otherwise. All losses, damages, costs and expenses that
Agent or any Lender may suffer or incur as a result of any voided or otherwise set aside payments shall be specifically covered
by the indemnity in favor of Agent and the Lender contained in Section 12.

 

(l)                
Substantial Benefits. The Advances provided to or for the benefit of Borrower hereunder by Lender have been and are
to be contemporaneously used for the benefit of Borrower and each Subsidiary Guarantor and their respective Subsidiaries. It is
the position, intent and expectation of the parties that Borrower and each Subsidiary Guarantor have derived and will derive significant
and substantial benefits from the Advances to be made available by Lender under the Loan Documents. Each Subsidiary Guarantor has
received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in
comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder in
respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Subsidiary Guarantor’s
obligations under this Guaranty, such Subsidiary Guarantor will be solvent and will not be subject to any Insolvency Proceedings.

 

(m)            
KNOWING AND EXPLICIT WAIVERS. EACH SUBSIDIARY GUARANTOR ACKNOWLEDGES THAT IT EITHER HAS OBTAINED THE ADVICE OF LEGAL
COUNSEL OR HAS HAD THE OPPORTUNITY TO OBTAIN SUCH ADVICE IN CONNECTION WITH THE TERMS AND PROVISIONS OF THIS SECTION 12.
EACH SUBSIDIARY GUARANTOR ACKNOWLEDGES AND AGREES THAT EACH OF THE WAIVERS AND CONSENTS SET FORTH HEREIN IS MADE WITH FULL KNOWLEDGE
OF ITS SIGNIFICANCE AND CONSEQUENCES, THAT ALL SUCH WAIVERS AND CONSENTS HEREIN ARE EXPLICIT AND KNOWING AND THAT EACH SUBSIDIARY
GUARANTOR EXPECTS SUCH WAIVERS AND CONSENTS TO BE FULLY ENFORCEABLE.

 

    	45

    

    

 

If, while any Subsidiary Guarantor Subordinated Indebtedness
is outstanding, any proceeding under any Bankruptcy Law is commenced by or against Borrower or its property, Agent, when so instructed
by Lender, is hereby irrevocably authorized and empowered (in the name of Borrower or in the name of any Subsidiary Guarantor or
otherwise), but shall have no obligation, to demand, sue for, collect and receive every payment or distribution in respect of all
Subsidiary Guarantor Subordinated Indebtedness and give acquittances therefor and to file claims and proofs of claim and take such
other action (including voting the Subsidiary Guarantor Subordinated Indebtedness) as it may deem necessary or advisable for the
exercise or enforcement of any of the rights or interests of Lender; and each Subsidiary Guarantor shall promptly take such action
as Lender may reasonably request: (A) to collect the Subsidiary Guarantor Subordinated Indebtedness for the account of the Borrower
and any Subsidiary Guarantor and to file appropriate claims or proofs of claim in respect of the Subsidiary Guarantor Subordinated
Indebtedness; (B) to execute and deliver to Agent such powers of attorney, assignments and other instruments as it may request
to enable it to enforce any and all claims with respect to the Subsidiary Guarantor Subordinated Indebtedness; and (C) to collect
and receive any and all Subsidiary Guarantor Subordinated Indebtedness Payments.

 

(n)              
Any payment on account of an amount that is payable hereunder or under any other Loan Document must be made in United States
Dollars.

 

(SIGNATURES TO FOLLOW)

 

 

 

 

 

 

 

    	46

    

    

 

IN WITNESS WHEREOF, Borrower, Agent and Lender
have duly executed and delivered this Loan and Security Agreement as of the day and year first above written.

 

	 	 	BORROWER:
	 	 	 
	 	 	AMYRIS, INC.
	 	 	 
	 	 	Signature:   	/s/ Kathleen Valiasek
	 	 	 	 
	 	 	Print Name:  	Kathleen Valiasek
	 	 	 	 
	 	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	Accepted in Los Angeles, California:	 	 
	 	 	 
	 	 	AGENT:
	 	 	 
	 	 	GACP Finance CO., LLC
	 	 	 
	 	 	Signature: 	/s/ John Ahn
	 	 	 	 
	 	 	Print Name: 	John Ahn
	 	 	 	 
	 	 	Title: 	President
	 	 	 
	 	 	 
	 	 	LENDER:
	 	 	 
	 	 	GACP Finance CO., LLC
	 	 	 
	 	 	Signature: 	/s/ John Ahn
	 	 	 	 
	 	 	Print Name:  	John Ahn
	 	 	 	 
	 	 	Title: 	PresidentEX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2 
 CLASS A-1 2.37343% ASSET BACKED NOTES 

CLASS A-2-A 2.83% ASSET BACKED NOTES 

CLASS A-2-B FLOATING RATE ASSET BACKED NOTES 

CLASS A-3 3.06% ASSET BACKED NOTES 

CLASS A-4 3.16% ASSET BACKED NOTES 

CLASS B 3.31% ASSET BACKED NOTES 

CLASS C 3.50% ASSET BACKED NOTES 

CLASS D 3.60% ASSET BACKED NOTES 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2, 

as Issuer 
 GM FINANCIAL, 

as Servicer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE 

Dated as of April 30, 2018 
  

 
  

 

 TABLE OF CONTENTS 
  

							
		  		  	 	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 SECTION 1.1.
	  	Definitions	  	 	2	 
	 SECTION 1.2.
	  	Incorporation by Reference of the Trust Indenture Act	  	 	2	 
	 SECTION 1.3.
	  	Rules of Construction	  	 	3	 
		
	 ARTICLE II THE NOTES
	  	 	3	 
			
	 SECTION 2.1.
	  	Form	  	 	3	 
	 SECTION 2.2.
	  	Execution, Authentication and Delivery	  	 	4	 
	 SECTION 2.3.
	  	Temporary Notes	  	 	5	 
	 SECTION 2.4.
	  	Registration; Registration of Transfer and Exchange	  	 	5	 
	 SECTION 2.5.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	8	 
	 SECTION 2.6.
	  	Persons Deemed Owner	  	 	9	 
	 SECTION 2.7.
	  	Payment of Principal and Interest	  	 	9	 
	 SECTION 2.8.
	  	Cancellation	  	 	10	 
	 SECTION 2.9.
	  	Tax Treatment	  	 	10	 
	 SECTION 2.10.
	  	Representations and Warranties as to the Security Interest of the Indenture Trustee in the Indenture Collateral	  	 	11	 
	 SECTION 2.11.
	  	Book-Entry Notes	  	 	14	 
	 SECTION 2.12.
	  	Notices to Clearing Agency	  	 	14	 
	 SECTION 2.13.
	  	Definitive Notes	  	 	15	 
		
	 ARTICLE III COVENANTS
	  	 	15	 
			
	 SECTION 3.1.
	  	Payment of Principal and Interest	  	 	15	 
	 SECTION 3.2.
	  	Maintenance of Office or Agency	  	 	15	 
	 SECTION 3.3.
	  	Money for Payments To Be Held in Trust	  	 	16	 
	 SECTION 3.4.
	  	Existence	  	 	16	 
	 SECTION 3.5.
	  	Protection of Issuer Trust Estate	  	 	16	 
	 SECTION 3.6.
	  	Opinions as to Issuer Trust Estate	  	 	17	 
	 SECTION 3.7.
	  	Performance of Issuer Obligations; Servicing of 2018-2 Designated Pool	  	 	18	 
	 SECTION 3.8.
	  	Certain Negative Covenants	  	 	19	 
	 SECTION 3.9.
	  	Annual Statement as to Compliance	  	 	19	 
	 SECTION 3.10.
	  	Payment of Taxes	  	 	20	 
	 SECTION 3.11.
	  	Limitation on Fundamental Changes and Sale of Assets	  	 	20	 
	 SECTION 3.12.
	  	No Other Business	  	 	20	 
	 SECTION 3.13.
	  	No Borrowing	  	 	20	 
	 SECTION 3.14.
	  	Issuer Obligations of Servicer	  	 	20	 
	 SECTION 3.15.
	  	Guarantees, Loans, Advances and Other Liabilities	  	 	20	 
	 SECTION 3.16.
	  	Transactions With Affiliates	  	 	21	 
	 SECTION 3.17.
	  	Capital Expenditures and Payments	  	 	21	 

  
 i 

							
	 SECTION 3.18.
	  	Compliance with Laws	  	 	21	 
	 SECTION 3.19.
	  	Restricted Payments	  	 	21	 
	 SECTION 3.20.
	  	Notice of Events of Default	  	 	21	 
	 SECTION 3.21.
	  	Other Notices	  	 	21	 
	 SECTION 3.22.
	  	Further Instruments and Acts	  	 	22	 
	 SECTION 3.23.
	  	Delivery of the 2018-2 Exchange Note	  	 	22	 
	 SECTION 3.24.
	  	Books and Records	  	 	22	 
	 SECTION 3.25.
	  	Income Tax Characterization	  	 	22	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	22	 
			
	 SECTION 4.1.
	  	Satisfaction and Discharge of the Indenture	  	 	22	 
	 SECTION 4.2.
	  	Application of Trust Money	  	 	23	 
		
	 ARTICLE V REMEDIES
	  	 	23	 
			
	 SECTION 5.1.
	  	Events of Default	  	 	23	 
	 SECTION 5.2.
	  	Acceleration of Maturity; Rescission and Annulment	  	 	24	 
	 SECTION 5.3.
	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	25	 
	 SECTION 5.4.
	  	Remedies; Priorities	  	 	27	 
	 SECTION 5.5.
	  	Optional Preservation of the Issuer Trust Estate	  	 	29	 
	 SECTION 5.6.
	  	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	29	 
	 SECTION 5.7.
	  	Restoration of Rights and Remedies	  	 	29	 
	 SECTION 5.8.
	  	Rights and Remedies Cumulative	  	 	29	 
	 SECTION 5.9.
	  	Delay or Omission Not a Waiver	  	 	29	 
	 SECTION 5.10.
	  	Control by Noteholders	  	 	30	 
	 SECTION 5.11.
	  	Waiver of Past Events of Default	  	 	30	 
	 SECTION 5.12.
	  	Waiver of Stay or Extension Laws	  	 	30	 
	 SECTION 5.13.
	  	Action on Notes	  	 	31	 
	 SECTION 5.14.
	  	Performance and Enforcement of Certain Issuer Obligations	  	 	31	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	31	 
			
	 SECTION 6.1.
	  	Duties of Indenture Trustee	  	 	31	 
	 SECTION 6.2.
	  	Rights of Indenture Trustee	  	 	33	 
	 SECTION 6.3.
	  	Individual Rights of Indenture Trustee	  	 	34	 
	 SECTION 6.4.
	  	Indenture Trustee’s Disclaimer	  	 	34	 
	 SECTION 6.5.
	  	Reports by Indenture Trustee to Noteholders	  	 	35	 
	 SECTION 6.6.
	  	Compensation and Indemnity	  	 	35	 
	 SECTION 6.7.
	  	Replacement of Indenture Trustee	  	 	36	 
	 SECTION 6.8.
	  	Successor Indenture Trustee by Merger	  	 	37	 
	 SECTION 6.9.
	  	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	37	 
	 SECTION 6.10.
	  	Eligibility; Disqualification	  	 	38	 
	 SECTION 6.11.
	  	Representations and Warranties of Indenture Trustee	  	 	39	 

  
 ii 

							
	 SECTION 6.12.
	  	Preferential Collection of Claims Against Issuer	  	 	39	 
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	40	 
			
	 SECTION 7.1.
	  	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	40	 
	 SECTION 7.2.
	  	Preservation of Information; Communications to Noteholders	  	 	40	 
	 SECTION 7.3.
	  	Reports by Issuer	  	 	41	 
	 SECTION 7.4.
	  	Reports by Indenture Trustee	  	 	42	 
	 SECTION 7.5.
	  	Review Reports	  	 	42	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS, RELEASES, REPORTS AND NOTICES
	  	 	43	 
			
	 SECTION 8.1.
	  	Collection of Money	  	 	43	 
	 SECTION 8.2.
	  	Servicer Report	  	 	43	 
	 SECTION 8.3.
	  	Disbursement of Funds	  	 	43	 
	 SECTION 8.4.
	  	Release of Issuer Trust Estate	  	 	47	 
	 SECTION 8.5.
	  	Opinion of Counsel	  	 	47	 
	 SECTION 8.6.
	  	Reports and Notices to Noteholders	  	 	48	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	49	 
			
	 SECTION 9.1.
	  	Supplemental Indentures Without Consent of Noteholders	  	 	49	 
	 SECTION 9.2.
	  	Supplemental Indentures with Consent of Noteholders	  	 	50	 
	 SECTION 9.3.
	  	Execution of Supplemental Indentures	  	 	51	 
	 SECTION 9.4.
	  	Effect of Supplemental Indenture	  	 	51	 
	 SECTION 9.5.
	  	Conformity With Trust Indenture Act	  	 	52	 
	 SECTION 9.6.
	  	Reference in Notes to Supplemental Indentures	  	 	52	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	52	 
			
	 SECTION 10.1.
	  	Redemption	  	 	52	 
	 SECTION 10.2.
	  	Form of Redemption Notice	  	 	52	 
	 SECTION 10.3.
	  	Notes Payable on Redemption Date	  	 	53	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	53	 
			
	 SECTION 11.1.
	  	Compliance Certificates and Opinions, etc	  	 	53	 
	 SECTION 11.2.
	  	Form of Documents Delivered to Indenture Trustee	  	 	55	 
	 SECTION 11.3.
	  	Acts of Noteholders	  	 	56	 
	 SECTION 11.4.
	  	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	56	 
	 SECTION 11.5.
	  	Notices to Noteholders; Waiver	  	 	57	 
	 SECTION 11.6.
	  	Alternate Payment and Notice Provisions	  	 	57	 
	 SECTION 11.7.
	  	Conflict with Trust Indenture Act	  	 	57	 
	 SECTION 11.8.
	  	Effect of Headings and Table of Contents	  	 	58	 
	 SECTION 11.9.
	  	Successors and Assigns	  	 	58	 
	 SECTION 11.10.
	  	Separability	  	 	58	 
	 SECTION 11.11.
	  	Benefits of Indenture	  	 	58	 

  
 iii 

							
	 SECTION 11.12.
	 	Legal Holidays	  	 	58	 
	 SECTION 11.13.
	 	GOVERNING LAW	  	 	58	 
	 SECTION 11.14.
	 	Counterparts	  	 	58	 
	 SECTION 11.15.
	 	Recording of Indenture	  	 	58	 
	 SECTION 11.16.
	 	Trust Obligation	  	 	58	 
	 SECTION 11.17.
	 	No Petition the Issuer, Depositor, Settlor or Titling Trust	  	 	59	 
	 SECTION 11.18.
	 	No Recourse	  	 	59	 
	 SECTION 11.19.
	 	Execution of Financing Statements	  	 	60	 
	 SECTION 11.20.
	 	Determination of LIBOR	  	 	60	 
	 SECTION 11.21.
	 	Indemnification	  	 	61	 

 EXHIBIT A-1 - Form of Class A-1 Note 

EXHIBIT A-2-A - Form of Class A-2-A Note 
 EXHIBIT
A-2-B - Form of Class A-2-B Note 

EXHIBIT A-3 - Form of Class A-3 Note 

EXHIBIT A-4 - Form of Class A-4 Note 

EXHIBIT B - Form of Class B Note 
 EXHIBIT C - Form of
Class C Note 
 EXHIBIT D - Form of Class D Note 

  
 iv 

 INDENTURE dated as of April 30, 2018 (as the same may be amended, restated,
supplemented or otherwise modified, this “Indenture” or this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2, a Delaware statutory trust (the
“Issuer”), AMERICREDIT FINANCIAL SERVICES, INC. D/B/A GM FINANCIAL, a Delaware corporation (“GM Financial”), as servicer (the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national
banking association (“Wells Fargo”), as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the
Issuer’s Class A-1 2.37343% Asset Backed Notes (the “Class A-1 Notes”),
Class A-2-A 2.83% Asset Backed Notes (the “Class A-2-A Notes”), Class A-2-B Floating Rate Asset Backed Notes (the “Class A-2-B Notes” and
together with the Class A-2-A Notes, the “Class A-2 Notes”),
Class A-3 3.06% Asset Backed Notes (the “Class A-3 Notes”), Class A-4 3.16% 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 3.31% Asset Backed Notes (the “Class B Notes”), Class C 3.50% Asset Backed Notes (the “Class C Notes”)
and Class D 3.60% Asset Backed Notes (the “Class D Notes” and together with the Class A Notes, the Class B Notes and the Class C Notes, the “Notes”). 

GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee on the Closing Date, as Indenture Trustee for the benefit of the 2018-2 Secured Parties, all of the Issuer’s right, title and interest in and to (a) the 2018-2 Exchange Note, (b) the
2018-2 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account and the rights of the Issuer to the funds on deposit from time to time in the 2018-2 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account and any other account or accounts established pursuant to the 2018-2 Servicing Agreement and all cash, investment property and other property from time to time credited thereto and all proceeds thereof, (c) the rights of the Depositor, as transferee under the 2018-2 Exchange Note Sale Agreement, (d) the rights of the Issuer, as transferee under the 2018-2 Exchange Note Transfer Agreement, (e) the rights and benefits of
the Issuer, as 2018-2 Exchange Noteholder under the 2018-2 Servicing Agreement, the 2018-2 Exchange Note Supplement and the
Credit and Security Agreement, (f) the rights of the Issuer as a third-party beneficiary of the 2018-2 Servicing Agreement, the 2018-2 Exchange Note Supplement and
the Credit Security Agreement, and (g) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper,
checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in
the proceeds of any of the foregoing (collectively, the “Indenture Collateral”), in each case as such terms are defined herein. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in
respect of, the Notes, equally and ratably without prejudice, 
  

 
priority or distinction, except as otherwise provided in this Indenture and to secure all other Issuer Obligations and to secure compliance with the provisions of this Indenture, all as provided
in this Indenture. 
 The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges such Grant, accepts the
trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders of the Notes may be adequately
and effectively protected. 
 ARTICLE I 

DEFINITIONS 

SECTION 1.1.      Definitions. Capitalized terms used in this Indenture that are
not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2018-2 Exchange Note Supplement, dated as of April 30, 2018 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “2018-2 Exchange Note Supplement”), among ACAR Leasing Ltd., as Borrower (the “Borrower”), GM Financial, as Lender (in such
capacity, the “Lender”) and as Servicer and Wells Fargo, as Administrative Agent (in such capacity, the “Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”) or, if
not defined therein, in Appendix A to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the
“Credit and Security Agreement”), among the Borrower, the Lender, the Servicer, the Administrative Agent and the Collateral Agent. 

SECTION 1.2.      Incorporation by Reference of the Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the indenture securities means the Issuer. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined
by Commission rule have the meaning assigned to them by such definitions. 

  
 2 

 SECTION 1.3.      Rules of
Construction. 
 (a)        For all purposes of this Indenture, except as
otherwise expressly provided or unless the context otherwise requires, (i) terms used in this Indenture include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “this
Indenture”, “herein”, “hereof” and the like shall refer to this Indenture as a whole and not to any particular part, Article or Section within this Indenture, (iii) references to an Article, Section or Exhibit such as
“Article One”, “Section 1.1” or Exhibit A shall refer to the applicable Article, Section or Exhibit of this Indenture, (iv) the term “include” and all variations thereof means “include without
limitation”, (v) the term “or” shall include “and/or”, (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) 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, restated, modified, supplemented or replaced (in the case of a statute) and includes (in the case of
agreements or instruments) references to all attachments, annexes, exhibits and schedules thereto and instruments incorporated therein, except that references to the Credit and Servicing Agreement and the Basic Servicing Agreement include only such
items as relate to the 2018-2 Exchange Note and/or the 2018-2 Designated Pool, as applicable, and (viii) any defined term which relates to a Person shall include
within its definition the successors and permitted assigns of such Person. 

(b)        As used in this Indenture and in any certificate or other document made or
delivered pursuant hereto, accounting terms not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture 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. To the extent that the definitions of accounting terms in this Indenture 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 Indenture or in any such certificate or other document shall control. 

ARTICLE II 
 THE NOTES 

SECTION 2.1.      Form. 

The Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes, in each case, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the forms set
forth in Exhibit A-1, Exhibit A-2-A, Exhibit
A-2-B, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D, respectively, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the Authorized Officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on
the face of the Note. 

  
 3 

 The Definitive Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2-A, A-2-B,
A-3, A-4, B, C and D are part of the terms of this Indenture. 

SECTION 2.2.      Execution, Authentication and Delivery. 

The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized
Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the
date of such Notes. 
 The Indenture Trustee shall upon Issuer Order authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of $177,000,000, Class A-2-A Notes for original
issue in an aggregate principal amount of $360,000,000, Class A-2-B Notes for original issue in an aggregate principal amount of $75,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $399,000,000, Class A-4 Notes for original issue in an aggregate principal amount of
$79,830,000, Class B Notes for original issue in an aggregate principal amount of $49,060,000, Class C Notes for original issue in an aggregate principal amount of $52,470,000 and Class D Notes for original issue in an aggregate
principal amount of $49,730,000. The Class A Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

The Class A-1 Notes, Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples of $1,000. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears
on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 The Issuer
represents that its indebtedness issued hereunder is a debt instrument that is excluded from the definition of “covered security” under Treasury Regulation 1.6045-1(a)(15) because such indebtedness
is subject to Internal Revenue Code Section 1272(a)(6). 

  
 4 

 SECTION 2.3.      Temporary
Notes.  Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten,
mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes. 
 If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in
Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4.      Registration; Registration of Transfer and Exchange. 

(a)        The Issuer shall cause to be kept a register (the “Note
Register”) in which, subject to reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee initially shall be the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume
the duties of Note Registrar. 
 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar,
the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note
Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the
Noteholders and the principal amounts and number of such Notes. 

(b)        Subject to Sections 2.11 and 2.13 hereof, upon surrender for registration
of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of the UCC are met the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations of the same Class and of a like
aggregate principal amount. 
 At the option of a Noteholder, Notes may be exchanged for other Notes in any authorized
denominations, of the same Class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to Sections 2.11 and 2.13 hereof, if the
requirements of Section 8-401(a) of the UCC are met the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the
Noteholder making the exchange is entitled to receive. 

  
 5 

 All Notes issued upon any registration of transfer or exchange of Notes shall be
the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note 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 Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. 

(c)        Notwithstanding the foregoing, in the case of any sale or other transfer of
a Class A-1 Note, Class A-2-A Note,
Class A-2-B Note, Class A-3 Note, Class A-4 Note, Class B Note or
Class C Note that is a Definitive Note, the prospective transferee of such Definitive Note shall be required to represent and warrant in writing to the Note Registrar that it is not, and is not acting on behalf of or investing the assets of,
(a) 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, (b) a “plan” (as defined in Section 4975(e)(1) of the Code),
that is subject to Section 4975 of the Code, (c) an entity whose underlying assets are deemed to 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 substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), unless such purchaser’s or transferee’s
acquisition, holding and disposition of such Definitive Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law (each of (a) – (d) a “Benefit Plan Entity”). Each transferee of a Class A-1 Note, Class A-2-A Note, Class A-2-B Note,
Class A-3 Note, Class A-4 Note, Class B Note or Class C Note that is a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent
that its acquisition, holding and disposition of the Book Entry Note (or a beneficial interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. No Benefit Plan Entity may acquire a Class D Note unless the Opinion of Counsel described in clause (A) in the first
sentence of Section 2.4(d) has been delivered. 
 Each purchaser of a
Class A-1 Note, Class A-2-A Note,
Class A-2-B Note, Class A-3 Note, Class A-4 Note, Class B Note or
Class C Note (the “Offered Notes”) that is a Benefit Plan Investor, including any fiduciary purchasing the Offered Notes on behalf of a Benefit Plan Investor (“Plan Fiduciary”) that is a Definitive Note will be
required to represent (or, in the case of Book Entry Note, be deemed to have represented) by its purchase of the Offered Notes that: 

(i)            if any of the issuing entity,
depositor, underwriters or any of their respective affiliated entities (the “Transaction Parties”), has provided or will provide advice with respect to the acquisition of the Offered Notes by the Benefit Plan Investor,

  
 6 

 
other than to the Plan Fiduciary of such which is independent of the Transaction Parties, and the Plan Fiduciary is one of the following: 

(1)            a bank as defined in
Section 202 of the Investment Advisers Act of 1940 (the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination by a state or federal agency; 

(2)            an insurance carrier which is
qualified under the laws of more than one state to perform the services of managing, acquiring or disposing of assets of an Benefit Plan Investor; 

(3)            an investment adviser registered
under the Advisers Act, or, if not registered an as investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state in which it
maintains its principal office and place of business; 

(4)            is a broker-dealer registered
under the Exchange Act; or 
 (5)            a
fiduciary, that at all times that the Benefit Plan Investor is invested in the Offered Notes will have, total assets of at least U.S. $50,000,000 under its management or control (provided that this clause (5) shall not be satisfied if the Plan
Fiduciary is either (I) the owner or a relative of the owner of an investing IRA or (II) a participant or beneficiary or relative of such participant or beneficiary of the Benefit Plan Investor investing in the Offered Notes in such
capacity); 
 (ii)            the Plan Fiduciary
is capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies, including the acquisition by the Benefit Plan Investor of the Offered Notes; 

(iii)            the Plan Fiduciary is a
“fiduciary” with respect to the Benefit Plan Investor within the meaning of Section 3(21) of ERISA, Section 4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the Benefit Plan
Investor’s acquisition of the Offered Notes; 

(iv)            none of the Transaction Parties
has exercised any authority to cause the Benefit Plan Entity to invest in the Offered Notes or to negotiate the terms of the Benefit Plan Investor’s investment in the Offered Notes; 

(v)            neither the plan nor the Plan
Fiduciary is paying or has paid any fee or other compensation directly to any of the Transaction Parties for investment advice (as opposed to other services) in connection with its acquisition or holding of the notes; and 

(vi)            the Plan Fiduciary has been
informed by the Transaction Parties: 

(1)            that none of the Transaction
Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity, and that no 

  
 7 

 
such entity has given investment advice or otherwise made a recommendation, in connection with the Benefit Plan Investor’s acquisition of the Offered Notes; and 

(2)            of the existence and nature of the
Transaction Parties’ financial interests in the Benefit Plan Investor’s acquisition of the Offered Notes as disclosed in the prospectus. 

The representations in 2.4(c)(i)-(vi) above are intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R.
2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997). If these regulations are revoked, repealed or no longer effective, these representations shall be deemed to not be in effect.

 No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.4 not
involving any transfer. 
 The preceding provisions of this Section notwithstanding, the Issuer shall not be required to
make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment with respect to the Note. 

(d)        No sale or transfer of a beneficial interest in a Class D Note shall
be permitted (including, without limitation, by pledge or hypothecation) to a person other than the Depositor (or a person disregarded as separate from the Depositor for U.S. federal income tax purposes), and such sale or transfer shall be void
ab initio, unless (i) the Class D Note has been registered under the Securities Act or, as evidenced by an Opinion of Counsel, such sale or transfer is otherwise exempt from the Securities Act, and (ii) at the time of such sale
or transfer an Opinion of Counsel is provided to the effect that either (A) as of the date of such sale or transfer the Class D Notes will be treated as indebtedness for U.S. federal income tax purposes, or (B) such transfer will not
cause the Issuer to be a publicly traded partnership treated as association taxable as a corporation for U.S. federal income tax purposes and will not cause the Class D Notes to be subject to U.S. withholding tax. 

SECTION 2.5.      Mutilated, Destroyed, Lost or Stolen Notes.  If
(a) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Indenture Trustee such security
or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a Protected Purchaser, and
provided that the requirements of Sections 8-405 and 8-406 of the UCC are met, the Issuer shall execute, and upon receipt of an Issuer Request the Indenture Trustee
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall
have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, 

  
 8 

 
after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Note in lieu of
which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking
such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Upon the issuance
of any replacement Note under this Section, the Issuer may require the payment by the Noteholder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses
(including the fees and expenses of the Indenture Trustee) connected therewith. 
 Every replacement Note issued pursuant to
this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION
2.6.      Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee will treat the
Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

SECTION 2.7.      Payment of Principal and Interest . 

(a)        The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2-A Note,
Class A-2-B Note, Class A-3 Note, the Class A-4 Note, the Class B
Note, the Class C Note and the Class D Note set forth in Exhibits A-1, A-2-A, A-2-B, A-3, A-4, B, C and D, respectively, and such interest shall be due and payable on each Payment Date. Any installment of
interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record
Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee, and
except for the final installment of principal payable with respect to such Note on a Payment Date (and except for the 

  
 9 

 
Redemption Price for any Note called for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be
held in accordance with Section 3.3. 
 (b)        The principal of each Note
shall be payable in installments on each Payment Date as provided herein and in the forms of the Class A-1 Note, the
Class A-2-A Note, the Class A-2-B Note, the
Class A-3 Note, the Class A-4 Note, the Class B Note, the Class C Note and the Class D Note set forth in Exhibits
A-1, A-2-A, A-2-B,
A-3, A-4, B, C and D, respectively. The entire unpaid principal amount of each Note shall be due and payable on its Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee, at the written direction of the
Majority Noteholders, has declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each Class of Notes shall be made pro rata to the related Noteholders. The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date, as the case may be, on which the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

SECTION 2.8.      Cancellation.  All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with
its standard retention or disposal policy as in effect at the time unless the Issuer shall direct by an Issuer Order that they be returned to it; provided, that such Issuer Order is timely and the Notes have not been previously disposed of by
the Indenture Trustee. 
 SECTION 2.9.      Tax Treatment.  The Issuer
has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes, including federal, State and local income, single business and franchise tax purposes, the Notes that are owned or beneficially owned by a
Person other than the Depositor or its Affiliates will qualify as indebtedness secured by the Issuer Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note, agree (a) to treat the Notes for
all purposes, including federal, State and local income, single business and franchise tax purposes, as indebtedness, and (b) not to take any action inconsistent with the agreement in clause (a), including claiming ownership of any assets
comprising the 2018-2 Designated Pool or the right to take deductions for depreciation or otherwise. 

  
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 SECTION 2.10.    Representations and Warranties as to the
Security Interest of the Indenture Trustee in the Indenture Collateral.  The Issuer makes the following representations and warranties to the Indenture Trustee. The representations and warranties speak as of the 2018-2 Closing Date, and shall survive the sale of the Issuer Trust Estate to the Issuer and the pledge thereof to the Indenture Trustee pursuant to this Indenture. 

(a)        This Indenture creates a valid and continuing security interest (as defined
in the UCC) in the 2018-2 Exchange Note and the other Indenture Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against
creditors of and purchasers from the Issuer. 
 (b)        The 2018-2 Exchange Note constitutes a “certificated security” within the meaning of the UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts or securities accounts. 

(c)        The Issuer owns and has good and marketable title to the Indenture
Collateral free and clear of any Liens, claim or encumbrance of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to
which any applicable grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not
imminent and the use and value of the property to which the Liens attaches is not impaired during the pendency of such proceeding. 

(d)        All of the Indenture Collateral that constitutes securities entitlements
(other than the 2018-2 Exchange Note to the extent the 2018-2 Exchange Note constitutes a certificated security) has been or will have been credited to one of the
Accounts. The securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of the applicable UCC. 

(e)        The Issuer has received all consents and approvals to the grant of the
security interest in the Indenture Collateral hereunder to the Indenture Trustee required by the terms of the Indenture Collateral that constitutes instruments or payment intangibles. 

(f)        The Issuer has received all consents and approvals required by the terms of
the Indenture Collateral that constitutes securities entitlements, certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Indenture Collateral hereunder. 

(g)        The Issuer has caused or will have caused, within ten (10) days after
the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Indenture Collateral granted
to the Indenture Trustee hereunder. 
 (h)        With respect to Indenture
Collateral that constitutes an instrument or tangible chattel paper, either: 

  
 11 

(i)            All original executed copies of each
such instrument or tangible chattel paper have been delivered to the Indenture Trustee; 

(ii)            Such instruments or tangible
chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of
the Indenture Trustee; or 
 (iii)            A
custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 

(i)        With respect to Indenture Collateral that constitutes electronic chattel
paper: 
 (i)            Only one authoritative
copy (within the meaning of the UCC) of each item of Indenture Collateral that constitutes or evidences electronic chattel paper exists; 

(ii)            Each such authoritative copy
(a) is unique, identifiable and unalterable (other than with the participation of the custodian thereof on behalf of the Indenture Trustee 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), and (b) has been communicated to and is maintained by or on behalf of the custodian thereof for the benefit of the Indenture Trustee. The Issuer has confirmed that the
authoritative copy of each contract that constitutes or evidences electronic chattel paper does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee; 

(iii)            The Issuer has marked all copies
of each item of Indenture Collateral that constitutes or evidences electronic chattel paper other than the authoritative copy with a legend to the following effect: “View of Authoritative Copy;” 

(iv)            Each item of Indenture Collateral
which is electronic chattel paper has 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 contract that constitutes or evidences Indenture Collateral
must be made with the participation of the custodian thereof on behalf of the Indenture Trustee, and (B) all revisions of the authoritative copy of each contract that constitutes or evidences Indenture Collateral must be readily identifiable as
an authorized or unauthorized revision; and 

(v)            The Issuer has received a written
acknowledgement from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee with respect to the Indenture Collateral which is electronic chattel paper. 

(j)        With respect to the Accounts and all subaccounts thereof that constitute
deposit accounts, either: 
 (i)            The
Issuer has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to 

  
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comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent by the Issuer; or 

(ii)        The Issuer has taken all steps necessary to cause the
Indenture Trustee to become the account holder of the Accounts. 
 (k)        With
respect to Indenture Collateral or Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either: 

(i)          The Issuer has caused or will have caused,
within ten (10) days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest
granted in the Indenture Collateral to the Indenture Trustee; or 

(ii)        The Issuer has delivered to the Indenture Trustee a fully
executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuer; or 

(iii)      The Issuer has taken all steps necessary to cause the securities
intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the Accounts. 

(l)        With respect to Indenture Collateral that constitutes certificated
securities (other than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the Indenture Collateral have been delivered to the Indenture Trustee, and each such security certificate either
(i) is in bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. Other than the transfer of the 2018-2 Exchange Note from the Lender to the Depositor under the 2018-2 Exchange Note Sale Agreement, the transfer of the 2018-2
Exchange Note from the Depositor to the Issuer under the 2018-2 Exchange Note Transfer Agreement and the security interest in the Indenture Collateral granted to the Indenture Trustee pursuant to the
Indenture, none of the Lender, the Depositor or the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Indenture Collateral or the Accounts or any subaccounts thereof. The Issuer has not authorized
the filing of, and is not aware of any financing statements against the Issuer that include a description of collateral covering the Indenture Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the
security interest granted to the Indenture Trustee hereunder or that has been terminated. 

(m)        Neither the Accounts nor any subaccounts thereof are in the name of any
person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any Account to comply with entitlement orders of any person other than the Indenture Trustee. 

(n)        None of the instruments, certificated securities or tangible chattel paper
that constitute or evidence the Indenture Collateral has any marks or notations indicating that they 

  
 13 

 
have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee or the Collateral Agent, as applicable. 

SECTION 2.11.    Book-Entry Notes.    The Class A Notes, Class B
Notes, Class C Notes and Class D Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on
behalf of, the Issuer. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.13. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.13: 

(a)        the provisions of this Section shall be in full force and effect; 

(b)        the Note Registrar and the Indenture Trustee shall be entitled to deal with
the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note
Owners; 
 (c)        to the extent that the provisions of this Section conflict
with any other provisions of this Indenture, the provisions of this Section shall control; 

(d)        the rights of Note Owners shall be exercised only through the Clearing
Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; 

(e)        whenever this Indenture requires or permits actions to be taken based upon
instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect
from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee; and 

(f)        Note Owners may receive copies of any reports sent to Noteholders pursuant
to this Indenture, upon written request, together with a certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Indenture Trustee at the Corporate Trust
Office. 
 SECTION 2.12.    Notices to Clearing
Agency.      Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13, the
Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 

  
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 SECTION 2.13.    Definitive Notes.  If
(a) the Servicer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes representing the Book Entry Notes, and the Servicer is unable
to locate a qualified successor, or (b) after the occurrence of an Event of Default, the Majority Noteholders advise the Indenture Trustee through the Clearing Agency in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting
the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

ARTICLE III 
 COVENANTS 

SECTION 3.1.      Payment of Principal and Interest.  The Issuer will
duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note
Distribution Account on a Payment Date deposited therein (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (b) for the
benefit of the Class A-2-A Notes, to the Class A-2-A Noteholders, (c) for
the benefit of the Class A-2-B Notes, to the Class A-2-B Noteholders,
(d) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (e) for the benefit of the
Class A-4 Notes, to the Class A-4 Noteholders, (f) for the benefit of the Class B Notes, to the Class B Noteholders, (g) for the benefit of
the Class C Notes, to the Class C Noteholders, and (h) for the benefit of the Class D Notes, to the Class D Noteholders. If any withholding tax is imposed with respect to any payment by the Issuer under the Notes to any
Noteholder, such tax shall reduce the amount otherwise payable to such Noteholder. The Indenture Trustee is hereby authorized and directed by the Issuer to retain from amounts otherwise payable to any Noteholder sufficient funds for the payment of
any tax that is legally required to be withheld (but such authorization shall not prevent the Indenture Trustee 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 any Noteholder shall be treated as having been paid to such Noteholder at the time it is withheld by the Indenture Trustee and remitted to the appropriate taxing authority.
If there is a possibility that withholding tax is payable with respect to a payment, the Indenture Trustee may in its sole discretion withhold such tax. If any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture
Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket
expenses incurred. 
 SECTION 3.2.      Maintenance of Office or
Agency.    The Issuer will maintain in Minneapolis, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect
of the 

  
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Notes and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to
the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address
thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

SECTION 3.3.      Money for Payments To Be Held in Trust.  As provided
in Section 8.3, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note Payment Account pursuant to Section 8.3 shall be made on behalf of the Issuer by the Indenture
Trustee, and no amounts so withdrawn from the Note Payment Account for payments of Notes shall be paid over to the Issuer except as provided in this Section. 

The Issuer shall allocate or deposit, or cause to be allocated or deposited, to the Indenture Collections Account all 2018-2 Exchange Note Collections, all amounts collected with respect to the Issuer Trust Estate, such amounts to be held in trust for the benefit of the Persons entitled thereto, and shall promptly notify the
Indenture Trustee of its action or failure so to act. 
 Subject to applicable laws with respect to escheat of funds, any
money held by the Indenture Trustee in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer
on Issuer Request; and the related Noteholder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the
Indenture Trustee with respect to such trust money shall thereupon cease. The Indenture Trustee shall adopt and employ, at the expense and direction of the Issuer, any reasonable means of notification of such repayment (including, but not limited
to, mailing notice of such repayment to Noteholders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture
Trustee, at the last address of record for each such Noteholder). 
 SECTION
3.4.      Existence.  The Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) 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 Indenture, the Notes, the Issuer Trust Estate and each other
instrument or agreement included in the Issuer Trust Estate. 
 SECTION
3.5.      Protection of Issuer Trust Estate. 

(a)        The Issuer intends the security interest Granted pursuant to this Indenture
in favor of the Indenture Trustee on behalf of the 2018-2 Secured Parties to be prior to all other liens in respect of the Issuer Trust Estate, and the Issuer shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on behalf of the 2018-2 Secured Parties, a first 

  
 16 

 
lien on and a first priority, perfected security interest in the Issuer Trust Estate. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

(i)            Grant more effectively all or any
portion of the Issuer Trust Estate; 

(ii)            maintain or preserve the lien and
security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

(iii)            perfect, publish notice of or
protect the validity of any Grant made or to be made by this Indenture; 

(iv)            enforce any of the Indenture
Collateral; 
 (v)            preserve and
defend title to the Issuer Trust Estate and the rights of the Indenture Trustee and the 2018-2 Secured Parties in such Issuer Trust Estate against the claims of all Persons; and 

(vi)            pay all taxes and assessments
levied or assessed upon the Issuer Trust Estate when due. 
 (b)        The Issuer
hereby authorizes the Indenture Trustee to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.5. If the Indenture Trustee prepares or files any such financing
statement, continuation statement or amendment thereto, the Indenture Trustee’s responsibility with respect to such financing statement, continuation statement or amendment shall be subject to the provisions of Section 6.1 hereof. 

(c)        Except in the case of continuation statements prepared or filed by the
Indenture Trustee, the Indenture Trustee shall not be responsible or liable for the preparation, filing, correctness, or accuracy of any UCC financing statement(s), or the existence, validity, or perfection of any lien or security interest created
by this Indenture, or to monitor the status of any such lien or security interest. 
 SECTION
3.6.      Opinions as to Issuer Trust Estate. 

(a)        On the 2018-2 Closing Date, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, the execution and delivery of the Indenture and the delivery for value to and taking of physical possession in the State of
Minnesota by the Indenture Trustee of the 2018-2 Exchange Note, endorsed or registered in the name of the Indenture Trustee, will create a valid first priority perfected security interest, for the benefit of
the Indenture Trustee on behalf of the 2018-2 Secured Parties in the 2018-2 Exchange Note and all such other action has been taken with respect to the recording and
filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the
lien and security interest of this Indenture in the remainder of the Indenture Collateral and reciting the details of such action. 

  
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 (b)        Within one-hundred and twenty (120) days after the beginning of each calendar year, beginning with the first calendar year beginning more than six (6) months after the Closing Date, the Issuer shall furnish to
the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture and
reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in
the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until the one-hundred and twentieth (120th) day in the following calendar year. 

SECTION 3.7.      Performance of Issuer Obligations; Servicing of 2018-2 Designated Pool. 

(a)        The Issuer will not take any action and will use its best efforts not to
permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Issuer Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Program Documents or such other instrument or
agreement. 
 (b)        The Issuer may contract with other Persons to assist it in
performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 

(c)        The Issuer will punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Program Documents and in the instruments and agreements included in the Issuer Trust Estate, including but not limited to filing or causing to be filed all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture and the other Program Documents, in accordance with and within the time periods provided for herein and therein. 

(d)        If the Issuer shall have knowledge of the occurrence of a Servicer Default,
the Issuer shall promptly notify the Indenture Trustee, and shall specify in such notice the action, if any, the Issuer is taking with respect to such event. If a Servicer Default shall arise from the failure of the Servicer to perform any of its
duties or obligations under the 2018-2 Servicing Agreement with respect to the 2018-2 Exchange Note Assets, the Issuer shall take all reasonable steps available to it to
remedy such failure. Upon the occurrence of a Servicer Default, the Indenture Trustee, at the direction of the Majority Noteholders, shall in turn direct the Titling Trust to terminate, pursuant to Section 2.11(c) of the 2018-2 Servicing Supplement, all of the 

  
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rights and obligations of the Servicer with respect to the 2018-2 Exchange Note Assets only and the Indenture Trustee, at the direction of the Majority
Noteholders, shall appoint a Successor Servicer pursuant to the 2018-2 Servicing Supplement. 

(e)        Upon any termination of the rights and powers of the Servicer or the
resignation of the Servicer pursuant to the 2018-2 Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as any Successor Servicer is appointed pursuant to the 2018-2 Servicing Agreement, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Servicer. 

SECTION 3.8.      Certain Negative Covenants.    Until the
date on which all Issuer Obligations are paid in full, the Issuer shall not directly or indirectly: 

(a)        engage in any activities other than financing, acquiring, pledging and
managing the 2018-2 Exchange Note as contemplated by this Indenture and the other Program Documents; 

(b)        except as expressly permitted by this Indenture or the other Program
Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Issuer Trust Estate, unless directed to do so by the Indenture Trustee (acting at the direction of the
Majority Noteholders); 
 (c)        claim any credit on, or make any deduction from
the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments pursuant to Section 3.1) or assert any claim against any present or former Noteholder by reason of the payment of the taxes
levied or assessed upon any part of the Issuer Trust Estate; 
 (d)        dissolve
or liquidate in whole or in part; or 
 (e)        (i) permit the validity or
effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes
under this Indenture except as may be expressly permitted hereby, (ii) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the Issuer Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the 2018-2 Leased Vehicles and arising solely as a result of an action or omission of the related Lessee), or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest in
the Issuer Trust Estate. 
 SECTION 3.9.      Annual Statement as to
Compliance.  The Issuer will deliver to the Indenture Trustee and the Noteholders, within ninety (90) days after the end of each fiscal year of the Issuer (commencing with the fiscal year 2018), and otherwise in compliance
with the requirements of TIA Section 314(a)(4), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

  
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 (a)        a review of the activities of
the Issuer during such year and of its performance under this Indenture and the other Program Documents to which it is a party has been made under such Authorized Officer’s supervision; and 

(b)        to the best of such Authorized Officer’s knowledge, based on such
review, the Issuer has complied with all conditions and covenants under this Indenture and the other Program Documents to which it is a party throughout such year or, if there has been a default in its compliance with any such condition or covenant,
specifying each such default known to such Authorized Officer and the nature and status thereof. 
 SECTION
3.10.    Payment of Taxes.  The Issuer will file (or cause to be filed on its behalf as a member of a consolidated group) all tax returns required by law to be filed by it and pay all taxes, assessments
and governmental charges shown to be owing by it, except for any such taxes, assessments or charges which are not yet delinquent or that are being diligently contested in good faith by appropriate proceedings, for which adequate reserves in
accordance with GAAP shall have been set aside on its books and that have not given rise to any liens. 
 SECTION
3.11.    Limitation on Fundamental Changes and Sale of Assets. 

(a)        The Issuer will not enter into any merger, consolidation or amalgamation,
or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, any of its property, business or assets except as contemplated by this Indenture. 

(b)        The Issuer will not make any change to its name or use any trade names,
fictitious names, assumed names or “doing business as” names or change the jurisdiction under the laws of which it is organized. 

SECTION 3.12.    No Other Business.  The Issuer will not engage in any business
other than financing, purchasing, owning, selling and managing the 2018-2 Exchange Note and the underlying 2018-2 Exchange Note Assets and the other components of the
Issuer Trust Estate, issuing the Issuer Trust Certificates and issuing and selling the Notes in the manner contemplated by this Indenture and the other Program Documents or enter into any transaction or indenture, mortgage, instrument, agreement,
contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by the Program Documents. 

SECTION 3.13.    No Borrowing.  The Issuer will not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any Indebtedness other than the Notes. 
 SECTION
3.14.    Issuer Obligations of Servicer.  The Issuer will cause the Servicer to comply with its obligations under the 2018-2 Servicing Agreement. 

SECTION 3.15.    Guarantees, Loans, Advances and Other
Liabilities.    Except as contemplated by the 2018-2 Servicing Agreement or this Indenture, the Issuer will not make any loan or advance or credit to, or guarantee (directly or
indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with
the obligations, stocks or dividends of, or own, purchase, repurchase or acquire 

  
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(or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.16.    Transactions With Affiliates.  The Issuer will not enter into, or
be a party to any transaction with any Affiliate of the Issuer, except for (a) the transactions contemplated by the Program Documents, and (b) to the extent not otherwise prohibited under this Indenture, other transactions in the nature of
employment contracts and directors’ fees, upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s-length transaction with a Person not
an Affiliate. The Issuer will do all things necessary to continue to be readily distinguishable from GM Financial and its Affiliates (other than the Depositor) and maintain its statutory trust existence separate and apart from that of GM Financial
and each of its Affiliates. 
 SECTION 3.17.    Capital Expenditures and
Payments.  The Issuer will not make any payments to any Person (including, without limitation, any salaries or bonuses) or make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
personalty), except as contemplated by the 2018-2 Servicing Agreement and the other Program Documents. 

SECTION 3.18.    Compliance with Laws.  The Issuer will comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes,
this Indenture or any Program Document. 
 SECTION 3.19.    Restricted
Payments.  The Issuer will not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Issuer
Owner Trustee (provided, that any payment of fees, expenses and indemnities to the Issuer Owner Trustee in the manner specified herein shall not be prohibited by this Section) or any owner of a beneficial interest in the Issuer or otherwise
with respect to any ownership or equity interest or security in or of the Issuer, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security, or (c) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that so long as no Event of Default has occurred and is continuing or would result therefrom, the Issuer may make, or cause to be made, distributions as contemplated by, and to the
extent funds are available for such purpose under, this Indenture or the Issuer Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Indenture Collections Account or the Note Payment Account except
in accordance with this Indenture and the other Program Documents. 
 SECTION 3.20.    Notice of
Events of Default.    The Issuer will give the Indenture Trustee and the Issuer Owner Trustee prompt written notice of each Event of Default and Servicer Default of which an Authorized Officer of the Issuer has
knowledge. 
 SECTION 3.21.    Other Notices.  The Issuer will promptly give
notice to the Indenture Trustee and the Issuer Owner Trustee of any default or event of default under any Contractual Obligation of the Issuer or any litigation, investigation or proceeding which may exist at any time with respect to the Issuer.

  
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 Each notice pursuant to this Section 3.21 shall be accompanied by a statement of an
Authorized Officer of the Issuer setting forth details of the occurrence referred to therein and stating what action the Issuer proposes to take with respect thereto. 

SECTION 3.22.    Further Instruments and Acts.  Upon request of the Indenture
Trustee or any Agent, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.23.    Delivery of the 2018-2 Exchange
Note. 
 (a)        On the 2018-2
Closing Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 2018-2 Exchange Note. The Indenture Trustee shall take possession of the 2018-2 Exchange Note in Minneapolis, Minnesota and shall at all times during the period of this Indenture maintain custody of the 2018-2 Exchange Note in Minneapolis,
Minnesota. 
 (b)        For the benefit of any holder, assignee or pledgee from
time to time of any Exchange Note other than the 2018-2 Exchange Note and the Lender, as a Secured Party under the Credit and Security Agreement, the Indenture Trustee, as grantee of the interest in the 2018-2 Exchange Note hereunder, hereby releases all claims to the assets of the Titling Trust allocated to the Lending Facility Pool and each Designated Pool other than the
2018-2 Designated Pool and, in the event that such release is not given effect, the Indenture Trustee hereby fully subordinates all claims it may be deemed to have against the assets of the Titling Trust
allocated to the Lending Facility or any Designated Pool other than the 2018-2 Designated Pool. 

SECTION 3.24.    Books and Records.  The Issuer will keep proper books and records of
account in which full, true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its business and activities. 

SECTION 3.25.    Income Tax Characterization.  For purposes of federal income, state and
local income and franchise and any other income taxes, the Issuer will treat the Notes that are owned or beneficially owned by a Person other than the Depositor or its Affiliates as indebtedness and hereby instructs the Indenture Trustee and each
Noteholder (or beneficial Note Owner) shall be deemed, by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 

ARTICLE IV 
 SATISFACTION AND
DISCHARGE 
 SECTION 4.1.      Satisfaction and Discharge of the
Indenture.    This Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or
stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.12, 3.13, 3.14, 3.17, 3.23, and 3.25, (e) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section 6.6 and the obligations of the Indenture Trustee under Section 4.2). and (f) the rights of Noteholders as 

  
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beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(i)            All Notes theretofore authenticated
and delivered (other than (A) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5, and (B) Notes for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; 

(ii)            The Issuer has paid or caused to
be paid all Issuer Obligations; and 

(iii)            the Issuer has delivered to the
Indenture Trustee and the Noteholders an Officer’s Certificate and Opinion of Counsel and if required by the TIA or the Indenture Trustee an Independent Certificate from a firm of certified public accountants, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

SECTION 4.2.      Application of Trust Money.  All moneys deposited with
the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment to the Noteholders of the particular Notes for the payment or redemption
of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal and interest; provided, that such moneys need not be segregated from other funds except to the extent required herein
or in the 2018-2 Servicing Agreement or required by law. 
 ARTICLE V 

REMEDIES 

SECTION 5.1.      Events of Default.  “Event of Default,”
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body): 

(a)        default in the payment of any interest when it becomes due and payable on
(i) the Class A Notes, (ii) if no Class A Notes are 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 and such default, in each case, shall continue for a period of five (5) days; 

(b)        default in the payment of the Outstanding Amount of any Note on the
applicable Final Scheduled Payment Date; 

  
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 (c)        failure to observe or perform
in any material respect any covenant or agreement of (i) the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is specifically dealt with elsewhere in this Section 5.1),
or (ii) the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial (in any capacity) in any other Program Document relating to the issuance of and payment of the Notes or the servicing of the
2018-2 Exchange Note Assets and, in each case, such failure shall continue for a period of sixty (60) days after the date on which a written notice stating that such notice is a Notice of Event of Default
requiring the same to be remedied shall have been given to the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial, as the case may be, by the Indenture Trustee acting on behalf of the Holders of Notes representing at least 25% of
the principal balance of the most senior Class of Notes specifying such failure; 

(d)        any representation or warranty made by the Issuer in this Indenture or by
the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial (in any capacity) in any other Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection
herewith or therewith shall prove to have been incorrect in any manner that is materially adverse to any 2018-2 Secured Party on or as of the date made or deemed made which failure, if capable of being cured,
has not been cured for a period of sixty (60) days after the date on which a written notice stating that such notice is a Notice of Event of Default requiring the same to be remedied shall have been given to the Issuer, the Depositor, the
Settlor, the Titling Trust or GM Financial, as the case may be, by the Indenture Trustee or the Holders of Notes representing at least 25% of the principal balance of the most senior Class of Notes specifying such incorrectness; and 

(e)        an Insolvency Event shall have occurred with respect to the Issuer or the
Titling Trust. 
 SECTION 5.2.      Acceleration of Maturity; Rescission and
Annulment.  If an Event of Default specified in Section 5.1(e) shall have occurred and be continuing, the Notes shall become immediately due and payable, together with accrued and unpaid interest thereon through the date of
acceleration. If any other Event of Default should occur and be continuing, then and in every such case the Indenture Trustee shall, if directed to do so in writing by the Majority Noteholders, declare all the Notes to be immediately due and
payable, by a notice in writing to the Issuer and to the Indenture Trustee, and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable. 
 At any time after such declaration of acceleration of maturity has been made and before a
judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Majority Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such
declaration and its consequences if: 
 (a)        the Issuer has paid or deposited
with the Indenture Trustee a sum sufficient to pay: 

(i)            all payments of principal of and
interest on all Notes and all other amounts that would then be due hereunder or upon such Notes (including Monthly Costs and Expenses) if the Event of Default giving rise to such acceleration had not occurred; and 

  
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(ii)            all sums paid or advanced by the
Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

(b)        all Events of Default, other than the nonpayment of the principal of the
Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.11. 
 No such rescission
shall affect any subsequent default or impair any right consequent thereto. 
 SECTION
5.3.      Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 

(a)        The Issuer covenants that if (i) there is an Event of Default relating
to the payment of any interest or fees payable to any Noteholders when the same becomes due and payable, and such default continues for a period of five (5) days, or (ii) there is an Event of Default relating to the payment of principal
payable to any Noteholders, and such default continues for a period of one (1) day, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole amount then due and payable on such Notes, with
interest on any overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the Note Interest Rate and, in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

(b)        In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same
against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 

(c)        If an Event of Default occurs and is continuing, the Indenture Trustee may,
as more particularly provided in Section 5.4, and shall at the direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the
Majority Noteholders, as the case may be, shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or
to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

(d)        In case there shall be pending, relative to the Issuer or any other obligor
upon the Notes or any Person having or claiming an ownership interest in the Issuer Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuer or other obligor upon 

  
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the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 

(i)            to file and prove a claim or claims
for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for
reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 

(ii)            unless prohibited by applicable
law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; 

(iii)            to collect and receive any moneys
or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(iv)            to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such
Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of the Indenture Trustee’s or any predecessor Indenture Trustee’s negligence or bad faith. 

(e)        Nothing herein contained shall be deemed to authorize the Indenture Trustee
to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholders or to authorize the Indenture Trustee to
vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)        All rights of action and of asserting claims under this Indenture, or under
any of the Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or

  
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Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Noteholders. 

(g)        In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder
a party to any such Proceedings. 
 SECTION 5.4.      Remedies; Priorities. 

(a)        If an Event of Default shall have occurred and be continuing, the Indenture
Trustee, if so requested in writing by the Majority Noteholders, shall do one or more of the following: 

(i)            institute Proceedings in its own
name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any
other obligor upon such Notes moneys adjudged due; 

(ii)            institute Proceedings from time to
time for the complete or partial foreclosure of this Indenture with respect to the Issuer Trust Estate; 

(iii)            exercise any remedies of a
secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv)            sell the Issuer Trust Estate or
any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Issuer
Trust Estate following an Event of Default, other than an Event of Default described in Section 5.1(a) or (b), unless (A) all Noteholders consent thereto, (B) the Majority Noteholders consent thereto and all amounts due and owing
under the Notes and the other Program Documents to the Noteholders shall be paid in full with the proceeds of such sale or liquidation, or (C) the Issuer Trust Estate will not continue to provide sufficient funds for the payment of principal of
and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee provides prior written notice to the Issuer (who shall deliver such notice to the Rating Agencies) and obtains the
consent of the Required Noteholders. 
 (b)        If the Indenture Trustee collects
any money or property pursuant to this Article V, it shall apply such money or property to (i) first, reimburse itself for any amounts due under Section 6.6, (ii) second, pay the Issuer Owner Trustee for unpaid fees, indemnities and
expenses owing to it under the Issuer Trust Agreement, and (iii) third, pay to the Servicer any due and unpaid Servicing Fee and then apply the remainder of such money or property in accordance with Section 5.4(c). The Indenture Trustee
may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record 

  
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date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 

(c)        Following (i) the acceleration of the Notes pursuant to
Section 5.2, or (ii) the occurrence of an Event of Default pursuant to Section 5.1 of this Indenture (other than an Event of Default pursuant to Sections 5.1(c) or (d)), or (3) the Issuer Trust Estate is liquidated, in full or in
part, pursuant to Section 5.4(a)(iv), the Available Funds, plus any amounts on deposit in the Reserve Account, including any money or property collected pursuant to Section 5.4 of this Indenture, shall be applied by the Indenture Trustee
on the related Payment Date in the following order of priority: 
 FIRST: amounts due and owing and required
to be distributed to the Successor Servicer, the Issuer Owner Trustee and the Indenture Trustee, respectively, pursuant to clause (i) of Section 8.3 and not previously distributed, ratably and without preference or priority of any kind and
without regard to any caps set forth in clause (i) of Section 8.3 (a); 
 SECOND: to the
Class A Noteholders for amounts due and unpaid on the Class A Notes in respect of interest (including any premium), ratably by principal balance of such Class A Notes, without preference or priority of any kind, according to the
amounts due and payable on the Class A Notes in respect of interest (including any premium); 
 THIRD:
to Holders of the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero, and second, ratably, without preference or priority
of any kind, according to the amounts due and payable to the Holders of the Class A-2-A Notes, the
Class A-2-B Notes, the Class A-3 Notes and the Class A-4 Notes, until the
aggregate Outstanding Amount of the Class A-2-A Notes, Class A-2-B Notes, Class A-3 Notes and Class A-4 Notes is reduced to zero; 

FOURTH: to the Class B Noteholders for amounts due and unpaid on the Class B Notes in respect of
interest (including any premium), according to the amounts due and payable on the Class B Notes in respect of interest (including any premium); 

FIFTH: to Holders of the Class B Notes for amounts due and unpaid on the Class B Notes in respect of
principal, according to the amounts due and payable on the Class B Notes in respect of principal, until the Outstanding Amount of the Class B Notes is reduced to zero; 

SIXTH: to the Class C Noteholders for amounts due and unpaid on the Class C Notes in respect of
interest (including any premium), according to the amounts due and payable on the Class C Notes in respect of interest (including any premium); 

SEVENTH: to Holders of the Class C Notes for amounts due and unpaid on the Class C Notes in respect
of principal, according to the amounts due and payable on the Class C Notes in respect of principal, until the Outstanding Amount of the Class C Notes is reduced to zero; 

  
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 EIGHTH: to the Class D Noteholders for amounts due and
unpaid on the Class D Notes in respect of interest (including any premium), according to the amounts due and payable on the Class D Notes in respect of interest (including any premium); 

NINTH: to Holders of the Class D Notes for amounts due and unpaid on the Class D Notes in respect of
principal, according to the amounts due and payable on the Class D Notes in respect of principal, until the Outstanding Amount of the Class D Notes is reduced to zero; 

TENTH: any other amount due and owing and required to be distributed to the Noteholders pursuant to the
Program Documents and not previously distributed; and 
 ELEVENTH: to the Issuer Trust Certificateholder.

 SECTION 5.5.      Optional Preservation of the Issuer Trust
Estate.  If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may
nonetheless, at the direction of the Majority Noteholders, elect to maintain possession of the Issuer Trust Estate. 

SECTION 5.6.      Unconditional Rights of Noteholders To Receive Principal and
Interest.  Notwithstanding any other provisions in this Indenture, any such Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on its Note on or
after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Noteholder. 
 SECTION 5.7.      Restoration of Rights and
Remedies.  If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined
adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their
former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

SECTION 5.8.      Rights and Remedies Cumulative.  No right or remedy
herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 
 SECTION 5.9.      Delay or Omission Not a
Waiver.  No delay or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of
Default 

  
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or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be
deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION
5.10.    Control by Noteholders.  The Majority Noteholders shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture Trustee. Furthermore, if any Noteholders have directed the Indenture Trustee to participate in dispute resolution pursuant to Section 2.20 of the 2018-2 Servicing Supplement, such Noteholders shall have the right to direct the time, method and place of conducting such dispute resolution, in accordance with Section 2.20 of the 2018-2 Servicing Supplement. Notwithstanding the foregoing: 

(a)        no such direction shall be in conflict with any rule of law or with this
Indenture; and 
 (b)        the Indenture Trustee may take any other action deemed
proper by the Indenture Trustee that is not inconsistent with such direction. 
 Notwithstanding the rights of Noteholders set forth in this
Section, subject to Section 6.1, the Indenture Trustee need not take any action that it determines might involve it in liability without receiving indemnity reasonably satisfactory to it. 

SECTION 5.11.    Waiver of Past Events of Default.  Prior to the declaration of
the acceleration of the maturity of the Notes as provided in Section 5.2, the Majority Noteholders may waive any past Event of Default and its consequences except an Event of Default resulting from a default (a) in payment of principal of
or interest on any of the Notes, or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder. Any waiver of a Default or an Event of Default of a type set forth in (a) or
(b) of the preceding sentence shall require the consent of all Noteholders. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively;
provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 

Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred,
for every purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 

SECTION 5.12.    Waiver of Stay or Extension Laws.  The Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 SECTION 5.13.    Action on Notes.  The
Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this
Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of
the Issuer Trust Estate or upon any of the assets of the Issuer. 
 SECTION 5.14.    Performance and
Enforcement of Certain Issuer Obligations. 
 (a)        Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer, of
each of its obligations to the Issuer under or in connection with any of the Program Documents, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Program Documents to
the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure
performance by the Servicer of its obligations under the Program Documents. 

(b)        If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Majority Noteholders shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against
the Servicer under or in connection with the Program Documents, including the right or power to take any action to compel or secure performance or observance by the Servicer, of its obligations to the Issuer thereunder and to give any consent,
request, notice, direction, approval, extension or waiver under the Program Documents and any right of the Issuer to take such action shall be suspended. 

ARTICLE VI 
 THE INDENTURE TRUSTEE

 SECTION 6.1.      Duties of Indenture Trustee. 

(a)        If an Event of Default has occurred and is continuing, the Indenture
Trustee shall exercise the rights and powers vested in it by this Indenture and the other Program Documents and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs. 
 (b)        Except during the continuance of an
Event of Default: 
 (i)            the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the other Program Documents and no implied covenants or obligations shall be read into this Indenture or the other Program
Documents against the Indenture Trustee, and any discretion, permissive right, or privilege shall not be deemed to be or otherwise construed as a duty or obligation; and 

  
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(ii)            in the absence of bad faith on its
part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this
Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

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

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

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

(iii)            the Indenture Trustee shall not
be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.10; and 

(iv)            only in the event the Indenture
Trustee has acted negligently, the Indenture Trustee shall not be liable for special, consequential or indirect damages (including, among other things, lost profits). 

(d)        The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the Issuer. 

(e)        Money held in trust by the Indenture Trustee need not be segregated from
other funds except to the extent required by law or the terms of this Indenture or the 2018-2 Servicing Agreement. 

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

(g)        Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

(h)        The Indenture Trustee shall (i) not be charged with knowledge of any
event, default or Event of Default or be required to act based on any other event unless either (A) a Responsible Officer shall have actual knowledge of such event or (B) written notice of such event shall have been given to a Responsible
Officer of the Indenture Trustee in accordance with the provisions of this Indenture and the other Program Documents and (ii) shall have no duty to take any action to determine whether any such event, default or Event of Default has occurred.
Publicly available information by itself shall not constitute actual or constructive knowledge 

  
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unless a Responsible Officer shall have actual knowledge or has received written notice of such publicly available information. 

(i)        The Indenture Trustee shall, upon two (2) Business Days’ prior
notice to the Indenture Trustee, permit any representative of the Noteholders at the expense of the Issuer, during the Indenture Trustee’s normal business hours, to examine all books of account, records, reports and other papers of the
Indenture Trustee relating to the Notes, to make copies and extracts therefrom and to discuss the Indenture Trustee’s affairs and actions, as such affairs and actions relate to the Indenture Trustee’s duties with respect to the Notes, with
the Indenture Trustee’s officers and employees responsible for carrying out the Indenture Trustee’s duties with respect to the Notes. 

(j)        Subject to Sections 6.1(a) and (c), in no event shall the Indenture Trustee
be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, provided such failure or delay in performance could not have been prevented by the taking of
commercially reasonable precautions such as the implementation and execution of disaster recovery plans. Notwithstanding the occurrence of a foregoing event, the Indenture Trustee shall perform its obligations hereunder to the extent it is able to
do so under such event. The Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to prevent any failure or delay in performance and to resume performance as soon as practicable under the
circumstances. 
 SECTION 6.2.      Rights of Indenture Trustee. 

(a)        The Indenture Trustee may conclusively rely on any document believed by it
to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document. Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, directions, consents, requests, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture,
shall examine them to determine whether they comply as to form to the requirements of this Indenture. 

(b)        Before the Indenture Trustee acts or refrains from acting, it may require
an Officer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c)        The Indenture Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such
agent, attorney, custodian or nominee appointed with due care by it hereunder. 

  
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 (d)        The Indenture Trustee shall
not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or
bad faith. 
 (e)        The Indenture Trustee may consult with counsel, and the
advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel. 

(f)        The Indenture Trustee shall, for so long as any Notes are Outstanding, be
entitled to exercise all the rights and powers of the registered 2018-2 Exchange Noteholder under the Program Documents. 

(g)        The Indenture Trustee will not be responsible for filing any financing
statements or continuation statements in connection with the Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or continuation statements. 

(h)        In no event shall the Indenture 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 Indenture Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action. 

(i)        The rights, privileges, protections, immunities and benefits given to the
Indenture Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder. 

(j)        In no event shall the Indenture Trustee be liable for the selection of
investments or for investment losses incurred thereon. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any such investment prior to its stated maturity or the failure of any party
directing such investment to provide timely written investment direction. The Indenture Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction. 

SECTION 6.3.      Individual Rights of Indenture Trustee.  The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Registrar or co-registrar may do the same with like rights. However, the Indenture Trustee must comply with Section 6.10. 

SECTION 6.4.      Indenture Trustee’s Disclaimer.  The Indenture
Trustee (i) shall not be responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Issuer’s use of the proceeds from the Notes or responsible for
any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication, (iii) shall not be required to investigate
claims of any breach of a representation or warranty made in the 2018-2 

  
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Exchange Note Sale Agreement, the 2018-2 Exchange Note Transfer Agreement or the 2018-2 Servicing Supplement,
(iv) shall not be responsible or liable for the acts or omissions of any other party, including the Servicer, the Titling Trust and the Depositor, and may assume each other party’s performance of its obligations under the Trust Agreement,
the 2018-2 Exchange Note Sale Agreement, the 2018-2 Exchange Note Transfer Agreement and the 2018-2 Servicing Supplement absent
written notice or actual knowledge of a Responsible Officer of the Indenture Trustee to the contrary. 
 SECTION
6.5.      Reports by Indenture Trustee to Noteholders.  The Indenture Trustee shall deliver such information that is either required by applicable law or is requested in writing by a Noteholder
in order to enable such Noteholder to prepare its federal and State income tax returns. 
 SECTION
6.6.      Compensation and Indemnity.  The Issuer shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a
fee agreement between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Administrator to,
reimburse the Indenture Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition
to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall, or shall cause the
Administrator to, indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other than taxes based on the income of the Indenture Trustee) or
expense (including attorneys’ fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad faith on their part, arising out of or in connection with the
acceptance or administration of the transactions contemplated by this Indenture, including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers
or duties under this Indenture or under any of the other Program Documents. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the
Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall, or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the
Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee
through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 
 The Issuer’s payment
obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) with respect to the Issuer,
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. 

Notwithstanding anything else set forth in this Indenture or the other Program Documents, the Indenture Trustee agrees that
the obligations of the Issuer to the Indenture 

  
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Trustee hereunder and under the other Program Documents shall be recourse to the Issuer Trust Estate only. In addition, the Indenture Trustee agrees that its recourse to the Issuer and the Issuer
Trust Estate shall be limited to the right to receive amounts available pursuant to Sections 5.4(b) and 8.3. 
 SECTION
6.7.      Replacement of Indenture Trustee.  No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of
appointment by the successor Indenture Trustee pursuant to this Section 6.7. The Indenture Trustee may resign at any time by so notifying the Issuer. The Issuer, at the direction of the Majority Noteholders, shall remove the Indenture Trustee
if: 
 (a)        the Indenture Trustee fails to comply with Section 6.10; 

(b)        the Indenture Trustee is adjudged bankrupt or insolvent; 

(c)        a receiver or other public officer takes charge of the Indenture Trustee or
its property; or 
 (d)        the Indenture Trustee otherwise becomes incapable of
acting. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the
Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee acceptable to the Majority Noteholders. 

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the
Noteholders and the Issuer. Thereupon, subject to satisfaction of the Rating Agency Condition, the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers
and duties of the retiring Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture
Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within sixty
(60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Majority Noteholders may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 If the Indenture Trustee fails to comply with Section 6.10, any Noteholder may petition any court of competent
jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the
Administrator’s obligations under Section 6.6 shall continue for the benefit of the retiring Indenture Trustee. 

The Issuer shall pay any costs and expenses associated with the replacement of the Indenture Trustee. To the extent the Issuer
fails to pay any such costs or expenses on or before 

  
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the Payment Date following the replacement of the Indenture Trustee, the Administrator shall pay such amount then-outstanding. 

SECTION 6.8.      Successor Indenture Trustee by Merger.  If the
Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any
further act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.10. The Indenture Trustee shall provide the Issuer prior written
notice of any such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation
to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any
predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall
have. 
 SECTION 6.9.      Appointment of
Co-Indenture Trustee or Separate Indenture Trustee. 

(a)        Notwithstanding any other provisions of this Indenture, at any time, for
the purpose of meeting any legal requirement of any jurisdiction in which any part of the Issuer Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more
Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Issuer Trust Estate, and to vest in such Person or
Persons, in such capacity and for the benefit of the Noteholders, such title to the Issuer Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture
Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.10 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.7. 

(b)        Every separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i)            all rights, powers, duties and
obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture 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 Indenture 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 Indenture 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 Issuer Trust
Estate or any portion thereof in any such jurisdiction) shall be exercised and performed 

  
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singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)            no trustee hereunder shall be
personally liable by reason of any act or omission of any other trustee hereunder; and 

(iii)            the Indenture Trustee may at any
time accept the resignation of or remove any separate trustee or co-trustee. 

(c)        Any notice, request or other writing given to the Indenture 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 Indenture and the conditions of this Article VI. 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 Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d)        Any separate trustee or co-trustee
may at any time constitute the Indenture 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 Indenture 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 Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

SECTION 6.10.    Eligibility; Disqualification. 

(a)        The Indenture Trustee shall at all times satisfy the requirements of TIA
§ 310(a). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of
BBB-, or an equivalent rating, or better by Standard & Poor’s and Moody’s and, if rated by Fitch, Fitch’s equivalent rating. The Indenture Trustee shall comply with TIA § 310(b),
including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

(b)        Within ninety (90) days after the occurrence of an Event of Default
which shall not have been cured or waived, unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes and/or the Class D Notes in accordance
with Section 6.7 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for each of such Classes, as applicable, so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the
Class C Notes and the Class D Notes. In the event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b). 

  
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 (c)        In the case of the appointment
hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant to this Section 6.10, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of Notes shall
execute and deliver an indenture supplemental to this Indenture which shall contain: 

(i)            provisions by which each successor
Indenture Trustee shall accept such appointment; 

(ii)            provisions necessary or desirable
to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the appointment of such successor Indenture
Trustee relates; 
 (iii)            if the
retiring Indenture Trustee is not retiring with respect to all Classes of Notes, provisions deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each
Class as to which the retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture Trustee; and 

(iv)            provisions necessary to provide
for or facilitate the administration of the trusts under this Indenture by more than one Indenture Trustee. 
 Nothing in this Indenture or
in such supplemental indenture shall constitute such Indenture Trustees co-trustees of the same trust and each such Indenture Trustee shall be a trustee of a trust or trusts under this Indenture separate and
apart from any trust or trusts under this Indenture administered by any other such Indenture Trustee. The indenture supplement will become effective on the removal of the retiring Indenture Trustee. 

SECTION 6.11.    Representations and Warranties of Indenture Trustee.  The
Indenture Trustee hereby makes the following representations and warranties on which the Issuer and Noteholders shall rely: 

(a)        the Indenture Trustee is a national banking association duly organized,
validly existing and in good standing under the laws of the United States; and 

(b)        the Indenture Trustee has full power, authority and legal right to execute,
deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

SECTION 6.12.    Preferential Collection of Claims Against
Issuer.    The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be
subject to TIA § 311(a). 

  
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 ARTICLE VII 

NOTEHOLDERS’ LISTS AND REPORTS 

SECTION 7.1.      Issuer to Furnish Indenture Trustee Names and Addresses of
Noteholders.  The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of
the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form
and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. Upon
the request of the Noteholders, the Indenture Trustee or, if the Indenture Trustee is not the Note Registrar, the Issuer, shall furnish a copy of the list of the names and addresses of the Noteholders to the Noteholders. 

SECTION 7.2.      Preservation of Information; Communications to Noteholders. 

(a)        The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity
as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

(b)        Noteholders may communicate pursuant to TIA § 312(b) with other
Noteholders with respect to their rights under this Indenture or under the Notes. 

(c)        The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 
 (d)        A Noteholder (if the Notes are
represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and provide notices and make requests and demands and give directions to the Indenture Trustee through the
procedures of the Clearing Agency and by notice to the Indenture Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade
confirmation, an account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response to requests, demands or
directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to an asset representations review demand pursuant to Section 7.2(f), unless the Noteholder or Note Owner has offered reasonable security or
indemnity reasonably satisfactory to the Indenture Trustee to protect it against the costs and expenses that it may incur in complying with the request, demand or direction. 

(e)        A Noteholder (if the Notes are represented by Definitive Notes) or a Note
Owner (if the Notes are represented by Book-Entry Notes) that wishes to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this 

  
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Indenture or the other Program Documents may send a request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Securities and Exchange Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which other Noteholders or
Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing its
ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7.2(e) will be deemed to have
certified to the Issuer and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates solely to a possible exercise of rights under this Indenture or the other Program Documents, and will not be used
for other purposes. The Issuer will promptly deliver any such request to the Servicer. On receipt of a request, the Servicer will include, or will cause the Depositor (at the Servicer’s expense) to include, in the Form 10-D filed by the Issuer with the Securities and Exchange Commission for the Collection Period in which the request was received (A) a statement that the Issuer has received a request from a Noteholder or Note
Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the other Program Documents, (B) the name of the requesting Noteholder
or Note Owner, (C) the date the request was received and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner. 

(f)        If a Delinquency Trigger occurs, a Noteholder (if the Notes are represented
by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations
Reviewer to conduct an Asset Review of the Asset Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner, together
with at least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. If Noteholders and Note Owners, as applicable, of at least 5% of the
aggregate Note Balance of the Notes as of the date on which such Delinquency Trigger occurred (exclusive of Notes held by the Sponsor or any of its Affiliates) demand a vote within 90 days of the filing of the Form
10-D reporting the occurrence of the Delinquency Trigger, the Indenture Trustee will promptly request such a vote of the Noteholders through the Clearing Agency, which vote will remain open until the 150th day after the filing of the related Form 10-D. If (i) a voting quorum of Noteholders holding at least 5% of the aggregate Note Balance (exclusive of
Notes held by the Sponsor or any of its Affiliates) participate in the related vote and (ii) Noteholders of a majority of the Note Balance of Notes voted agree to an Asset Review, then the Indenture Trustee will send an Asset Review Notice to
the Asset Representations Reviewer and the Servicer under the Asset Representations Review Agreement directing the Asset Representations Reviewer to conduct the Asset Review. 

SECTION 7.3.      Reports by Issuer. 

(a)        The Issuer shall: 

  
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(i)            file with the Indenture Trustee,
within fifteen (15) days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

(ii)            file with the Indenture Trustee
and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; and 

(iii)            supply to the Indenture Trustee
(and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this
Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission. 

(b)        Unless the Issuer otherwise determines, the fiscal year of the Issuer shall
end on December 31 of each year. 
 SECTION 7.4.      Reports by Indenture
Trustee. 
 (a)        If required by TIA § 313(a), within
sixty (60) days after each May 31, beginning with May 31, 2018, the Indenture Trustee shall mail to each Noteholder if required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a).
The Indenture Trustee also shall comply with TIA § 313(b). 
 (b)        A
copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the
Notes are listed on any stock exchange. 
 SECTION 7.5.      Review Reports.

 Upon the request of any Noteholder to the Indenture Trustee for a copy of any Review Report (as defined in the Asset
Representations Review Agreement), the Indenture Trustee 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 Indenture
Trustee 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 Indenture Trustee delivers such Review Report to such Noteholder; provided, further, that the Indenture Trustee shall provide the Servicer with notice of such request before delivering the
related Review Report to the requesting Noteholder and if such Review Report contains personally identifiable information regarding Lessees, and if the Servicer provides notice to the Indenture Trustee, then the Servicer may condition the Indenture
Trustee’s delivery of that 

  
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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 VIII 
 ACCOUNTS,
DISBURSEMENTS, RELEASES, REPORTS AND NOTICES 
 SECTION 8.1.      Collection of
Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all
money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Issuer Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim an Event of Default under this Indenture and any right to proceed thereafter as provided in Article
V. 
 SECTION 8.2.      Servicer Report. 

(a)        (i) On each Determination Date, prior to 12:00 p.m. (Central time), the
Issuer shall cause the Servicer to deliver to the Indenture Trustee, the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period, and (ii) the Issuer shall also cause the
Servicer to deliver a Servicer Report to each Rating Agency on the same date the Servicer’s Report is publicly available (provided that if the Servicer’s Report is not made publicly available, the Servicer will deliver it to each Rating
Agency, no later than the twenty-second (22nd) of each month (or if not a Business Day, the next succeeding Business Day)). 

(b)        The Indenture Trustee shall have no duty or obligation to verify or confirm
the accuracy of any of the information or numbers set forth in the Servicer Report delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in conclusively relying upon such Servicer
Report. 
 SECTION 8.3.      Disbursement of Funds. 

(a)        On each Payment Date, other than any Payment Date on which amounts are
required to be distributed pursuant to Section 5.4(c), prior to 12:00 p.m. (Central time), in accordance with the related Servicer Report and pursuant to the instructions of the Servicer, the Indenture Trustee shall transfer from the Indenture
Collections Account the sum of (i) the Available Funds for such Payment Date, plus (ii) the Reserve Account Withdrawal Amount for such payment Date (such sum, “Total Available Funds”) and shall apply the Total
Available Funds for such Payment Date in accordance with the following priorities: 

  
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(i)            from the Total Available Funds, on a
pro rata basis (A) to the Successor Servicer, an amount equal to any unpaid transition expenses that were required to be paid pursuant to Section 4.1(d) of the Servicing Agreement but not so paid in an amount not to exceed $200,000,
(B) to the Indenture Trustee, any accrued and unpaid amounts, including fees, expenses and indemnities (to the extent such amounts have not been previously paid by the Administrator) in an amount not to exceed $100,000 in any consecutive twelve
(12) month period (provided, however, that, such cap will not be applicable any time that an Event of Default has occurred and is continuing), (C) to the Issuer Owner Trustee, any accrued and unpaid amounts, including fees,
expenses and indemnities (in each case, to the extent such amounts have not been previously paid by the Administrator) in an amount not to exceed $100,000 in any consecutive twelve (12) month period, and (D) to the Asset Representations
Reviewer, any accrued and unpaid amounts, including fees, expenses, indemnities and, with respect to any successor Asset Representations Reviewer, transition expenses (in each case, to the extent such amounts have not been previously paid by the
Servicer) in an amount not to exceed $200,000 in any calendar year. 

(ii)            from the Total Available Funds, to
the Note Payment Account for payment to the Class A Noteholders, pari passu, the Noteholders’ Interest Distributable Amount for the Class A Notes for such Payment Date; 

(iii)            from the Total Available Funds,
to the Note Payment Account for distribution as provided in paragraph (b) below, the Class A Principal Parity Amount; 

(iv)            from the Total Available Funds, to
the Note Payment Account for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class A Notes; 

(v)            from the Total Available Funds, to
the Note Payment Account for payment to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Payment Date; 

(vi)            from the Total Available Funds, to
the Note Payment Account for distribution as provided in paragraph (b) below, the Class B Principal Parity Amount; 

(vii)            from the Total Available Funds,
to the Note Payment Account for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class B Notes; 

(viii)            from the Total Available Funds,
to the Note Payment Account for payment to the Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Payment Date; 

(ix)            from the Total Available Funds, to
the Note Payment Account for distribution as provided in paragraph (b) below, the Class C Principal Parity Amount; 

  
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(x)            from the Total Available Funds, to
the Note Payment Account for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class C Notes; 

(xi)            from the Total Available Funds, to
the Note Payment Account for payment to the Class D Noteholders, the Noteholders’ Interest Distributable Amount for the Class D Notes for such Payment Date; 

(xii)            from the Total Available Funds,
to the Note Payment Account for distribution as provided in paragraph (b) below, the Class D Principal Parity Amount; 

(xiii)            from the Total Available Funds,
to the Note Payment Account for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class D Notes; 

(xiv)            from the Total Available Funds,
to the Note Payment Account for distribution as provided in paragraph (b) below, the Noteholders’ Principal Distributable Amount; 

(xv)            from the Total Available Funds, to
the Reserve Account, the Reserve Account Required Amount for such Payment Date; 

(xvi)            from the Total Available Funds,
to the Note Payment Account for distribution as provided in paragraph (b) below, the Accelerated Principal Amount; 

(xvii)        from the Total Available Funds, on a pro rata
basis to the Successor Servicer, the Indenture Trustee, the Asset Representations Reviewer and the Issuer Owner Trustee any amounts due to such parties in excess of the caps set forth in clause (i); and 

(xviii)            from the Total Available Funds,
to the Issuer Trust Certificateholders the aggregate amount remaining in the Indenture Collections Account. 
 On any
Payment Date with respect to which no Servicer Report was delivered, to the extent there are Available Funds in the Indenture Collections Account, the Indenture Trustee will make payments of the Noteholders’ Interest Distributable Amounts
described in (ii), (v), (viii) and (xi) above as well as any Matured Principal Shortfalls described in (iv), (vii), (x) and (xiii) above. 

(b)        On each Payment Date, the Indenture Trustee shall apply or cause to be
applied the aggregate of the amounts described in clause (iii), (iv), (vi), (vii), (ix), (x), (xii), (xiii), (xiv) and (xvi) of paragraph (a) above on that Payment Date in the listed 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; 

  
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(ii)            to the Class A-2-A Noteholders and the Class A-2-B Noteholders, pro rata, based on
the respective outstanding principal balances of the Class A-2-A Notes and the
Class A-2-B Notes, until the outstanding principal balances of the Class A-2-A
Notes and the Class A-2-B Notes have 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; 

provided, however, that, (A) following an acceleration of the Notes pursuant to Section 5.2, or
(B) the occurrence of an Event of Default pursuant to Section 5.1, amounts deposited in the Note Distribution Account shall be paid to the Noteholders pursuant to Section 5.4(c). 

(c)        In the event that the Indenture Collections Account is maintained with an
institution other than the Indenture Trustee, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Section 8.3(a) on the related Payment Date. 

(d)        In the event that any withholding tax is imposed on the Issuer’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. The Indenture Trustee 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 Issuer (but such authorization shall not prevent the Indenture Trustee 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 Issuer 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 Indenture Trustee
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 Indenture Trustee shall reasonably cooperate with such Noteholder in
making such claim so long as such Noteholder agrees to 

  
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reimburse the Indenture Trustee for any out-of-pocket expenses (including legal fees and expenses) incurred. 

(e)        Notwithstanding Sections 5.4(c)(SECOND) – (TENTH) and 8.3(a)(ii)
– (xiv) and (xvi), distributions required to be made to the Noteholders on any Payment 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 Business Days prior to such Payment 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 Payment 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 2.3. 
 (f)        Subject to Section 2.5(h) of the 2018-2 Servicing Supplement and this section, monies received by the Indenture Trustee 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 Indenture Trustee shall not be liable for any interest thereon. 
 SECTION
8.4.      Release of Issuer Trust Estate. 

(a)        Subject to the payment of its fees and expenses pursuant to
Section 6.6, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a
manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 

(b)        The Indenture Trustee shall, at such time as there are no Notes
Outstanding, all Issuer Obligations have been paid in full and all sums due the Indenture Trustee pursuant to Section 6.6 have been paid, release any remaining portion of the Issuer Trust Estate that secured the Notes from the lien of this
Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the 2018-2 Exchange Note Collections Account, the Indenture Collections Account or the Note Payment
Account. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate and an Opinion of Counsel. 

SECTION 8.5.      Opinion of Counsel.  The Indenture Trustee shall
receive at least seven (7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and adversely impair the security for the 

  
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Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Issuer Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in
connection with any such action. 
 SECTION 8.6.      Reports and Notices to
Noteholders.  The Indenture Trustee shall make available to each Noteholder, to the extent not already provided in accordance with the Program Documents, the following reports and notices received by the Indenture Trustee
pursuant to the Program Documents: 
 (a)        on each Payment Date, a copy of the
Servicer Report with respect to such Payment Date and the related Collection Period; 

(b)        if an Event of Default or a Servicer Default occurs and is continuing and
it is known to a Trust Officer of the Indenture Trustee, as promptly as practicable after obtaining such knowledge, written notice of such Event of Default or Servicer Default; 

(c)        as promptly as practicable after receipt, a copy of each Officer’s
Certificate delivered by the Issuer to the Indenture Trustee pursuant to Section 3.9; 

(d)        as promptly as practicable after receipt, a copy of each report, notice or
certificate delivered by the Servicer to the Indenture Trustee pursuant to the 2018-2 Servicing Supplement; 

(e)        as promptly as practicable after receipt, a copy of any notice of a breach
of representation or warranty by GM Financial or the Depositor delivered to the Indenture Trustee pursuant to the 2018-2 Exchange Note Sale Agreement; 

(f)        as promptly as practicable after receipt, a copy of any notice of a breach
of representation or warranty by the Depositor or the Issuer delivered to the Indenture Trustee pursuant to the 2018-2 Exchange Note Transfer Agreement; 

(g)        as promptly as practicable after receipt, a copy of any notice received by
the Indenture Trustee pursuant to the 2018-2 Exchange Note Supplement, the 2018-2 Exchange Note Sale Agreement and the 2018-2
Exchange Note Transfer Agreement; 
 (h)        as promptly as practicable after
receipt, any Officer’s Certificate or Opinion of Counsel provided by GM Financial to the Indenture Trustee pursuant to the 2018-2 Servicing Supplement; and 

(i)        as promptly as practicable after receipt, a copy of each notice delivered
by the Issuer to the Indenture Trustee pursuant to Section 3.7(e). 
 The Indenture Trustee will make available each
month to each Noteholder the statements referred to in Sections 8.2 and 8.6 above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Indenture Trustee’s internet
website, with the use of a password provided by the Indenture Trustee. The Indenture Trustee’s internet website will be located at CTSLink.com or at such other address as the 

  
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Indenture Trustee shall notify the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the right to change the way the statements referred to in Sections 8.2 and 8.6 above are distributed in order to make such distributions 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 Indenture Trustee shall provide notification of any such change to all parties entitled to receive such
statements in the manner described in Sections 11.4 and 11.5, as appropriate. 
 ARTICLE IX 

SUPPLEMENTAL INDENTURES 

SECTION 9.1.      Supplemental Indentures Without Consent of Noteholders. 

(a)        Without the consent of the Holders of any Notes and with prior notice to
the Rating Agencies by the Issuer, as evidenced to the Indenture Trustee, the Issuer, the Servicer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

(i)            to correct or amplify the
description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property; 

(ii)            to evidence the succession, in
compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 

(iii)            to add to the covenants of the
Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 

(iv)            to convey, transfer, assign,
mortgage or pledge any property to or with the Indenture Trustee; 

(v)            to cure any ambiguity, to correct
or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this
Indenture or in any supplemental indenture; provided, that such action shall not adversely affect the interests of the Holders of the Notes; 

(vi)            to evidence and provide for the
acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or 

  
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 (vii)        to modify,
eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other
provisions as may be expressly required by the TIA. 
 The Indenture Trustee is hereby authorized to join in the execution
of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 

(b)        The Issuer, the Servicer and the Indenture Trustee, when authorized by an
Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer, as evidenced to the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 

SECTION 9.2.      Supplemental Indentures with Consent of
Noteholders.  The Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies by the Issuer, and with the consent of the Majority Noteholders, by Act of such
Noteholders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Noteholder of each Outstanding Note affected thereby: 

(a)        change the date of payment of any installment of principal of or interest
on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the
Issuer Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on
or after the Redemption Date); 
 (b)        change the definition of Majority
Noteholders or Required Noteholders or otherwise reduce the percentage of the outstanding principal amount of the Notes, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of
which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 

(c)        modify or alter the provisions of the proviso to the definition of the term
“Outstanding;” 

  
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 (d)        modify any provision of this
Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Program Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note
affected thereby; 
 (e)        modify any of the provisions of this Indenture in
such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the
Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or 

(f)        permit the creation of any lien ranking prior to or on a parity with the
lien of this Indenture with respect to any part of the Issuer Trust Estate or, except as otherwise permitted or contemplated herein or in any Program Document, terminate the lien of this Indenture on any property at any time subject hereto or
deprive Noteholders of any Noteholder of the security provided by the lien of this Indenture. 
 It shall not be necessary
for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section,
the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 9.3.      Execution of Supplemental Indentures.  In executing,
or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections
6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into
any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4.      Effect of Supplemental Indenture.    Upon
the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

  
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 SECTION 9.5.      Conformity With Trust
Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then
be qualified under the Trust Indenture Act. 
 SECTION 9.6.      Reference in Notes to
Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by
the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such
supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

ARTICLE X 
 REDEMPTION OF NOTES

 SECTION 10.1.    Redemption.  The Servicer shall be permitted at its option
to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate from the Issuer on a Payment Date if, either before or after giving effect to any payment of principal required to be made
on such Payment Date, the Note Principal Balance is less than or equal to 10% of the Note Principal Balance as of the Closing Date (the exercise of such option is referred to as an “Optional Purchase”). In connection with the
exercise of an Optional Purchase, the Servicer will deposit an amount equal to the Exchange Note Balance into the Indenture Collections Account on the Payment Date relating to the Redemption Date; provided, that the Servicer will be permitted
to purchase the 2018-2 Exchange Note only if the related Exchange Note Balance is at least equal to the sum of (a) the Note Principal Balance plus accrued and unpaid interest thereon to and excluding the
Payment Date on which the Notes will be redeemed, and (b) all other outstanding Issuer Obligations payable by the Issuer under the Program Documents (the “Optional Purchase Price”); provided, further, that if the
Optional Purchase Price is less than such Exchange Note Balance, the Servicer may deposit only the Optional Purchase Price to the Indenture Collections Account in full satisfaction of its obligations to deposit the Exchange Note Balance therein. In
connection with an Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be
discharged and released. If the outstanding Notes are to be redeemed pursuant to this Section, the Administrator or the Issuer shall furnish notice of such election to the Indenture Trustee and the Noteholders not later than twenty (20) days
prior to the Redemption Date. In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to 10:00 a.m. (Eastern time), the Indenture Trustee shall transfer the Optional Purchase Price as part of Available Funds from the
Indenture Collections and use such funds to pay the Redemption Price. 
 SECTION 10.2.    Form of
Redemption Notice.  Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile and mailed or transmitted not later than ten (10) days prior to
the applicable Redemption Date to each 

  
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Noteholder, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or facsimile number appearing in the Note Register. 

All notices of redemption shall state: 

(a)        the Redemption Date; 

(b)        the Redemption Price; and 

(c)        the place where such Notes are to be surrendered for payment of the
Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2). 
 Notice of
redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of
any other Note. 
 SECTION 10.3.    Notes Payable on Redemption Date.  The Notes
or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.2, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption
Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI 
 MISCELLANEOUS 

SECTION 11.1.    Compliance Certificates and Opinions, etc. 

(a)        Upon any application or request by the Issuer to the Indenture Trustee to
take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) (if required by the TIA) an Independent Certificate from a firm of
certified public accountants meeting the applicable requirements of this Section except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no
additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 

(i)            a statement that each signatory of
such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

  
 53 

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

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

(iv)            a statement as to whether, in the
opinion of each such signatory, such condition or covenant has been complied with. 

(b)        (i) Prior to the deposit of any Indenture Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in
this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days of such deposit) to the Issuer of the
Indenture Collateral or other property or securities to be so deposited. 

(ii)            Whenever the Issuer is required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent
Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the
Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so
deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Amount of the Notes. 

(iii)            Whenever any property or
securities are to be released from the Lien of this Indenture, the Issuer shall furnish to the Indenture Trustee and the Noteholders an Officer’s Certificate of the Issuer certifying or stating the opinion of each person signing such
certificate as to the fair value (within ninety (90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 

(iv)            Whenever the Issuer is required to
furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent
Certificate as to the same matters if the fair value of the property or securities and of all other property, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release

  
 54 

 
of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the then Outstanding Amount of the Notes. 

(v)            Notwithstanding any other provision
of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of the Indenture Collateral as and to the extent permitted or required by the Program Documents and (B) make cash payments out of the 2018-2 Exchange Note Collections Account as and to the extent permitted or required by the Program Documents. 

(vi)            If the Commission issues an
exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of this Indenture only in accordance
with the Program Documents and the conditions and procedures set forth in the exemptive order. 
 SECTION
11.2.    Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s
certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Issuer or the Administrator stating that the information with respect to such factual matters is in the possession of the Servicer, Issuer or the Administrator, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or
to the sufficiency of such certificate or report. The foregoing shall not, 

  
 55 

 
however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

SECTION 11.3.    Acts of Noteholders. 

(a)        Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and
except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

(b)        The fact and date of the execution by any person of any such instrument or
writing may be proved in any manner that the Indenture Trustee deems sufficient. 

(c)        The ownership of Notes shall be proved by the Note Register. 

(d)        Any request, demand, authorization, direction, notice, consent, waiver or
other action by any Noteholder shall bind the Noteholder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 
 SECTION
11.4.    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.  Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or
permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with: 

(a)        the Indenture Trustee by any Noteholder or by the Issuer shall be
sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office, or 

(b)        the Issuer by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: Issuer, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Servicer; with a copy to the Administrator addressed to: 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102,
Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Indenture Trustee by the Administrator. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.

  
 56 

 (c)        Notices required to be given
to the Rating Agencies shall be provided by the Issuer in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested, to (i) in the case of S&P via electronic
delivery to Servicer_reports@sandp.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 10041-0003, Attention: ABS Surveillance Group or (ii) in the case of Fitch, to 33 Whitehall Street, New York, New York 10004; or, as to each of the foregoing, at such other address
as shall be designated by written notice to the parties hereto. 
 SECTION 11.5.    Notices to
Noteholders; Waiver.  Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage
prepaid to each Noteholder affected by such event, at such Noteholder’s address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case
where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
 Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall
be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it
shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be
deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to the Rating Agencies, failure
to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 

SECTION 11.6.    Alternate Payment and Notice
Provisions.    Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the
Indenture Trustee to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause
payments to be made and notices to be given in accordance with such agreements. 
 SECTION
11.7.    Conflict with Trust Indenture Act.    If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the
provisions of the Trust Indenture Act, such required provision shall control. 

  
 57 

 The provisions of TIA §§ 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

SECTION 11.8.    Effect of Headings and Table of Contents.  The Article and
Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.9.    Successors and Assigns.  All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

SECTION 11.10.  Separability.  In case any provision in this Indenture or in the Notes shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11.  Benefits of Indenture.   Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Issuer Trust
Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION
11.12.  Legal Holidays.  In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

SECTION 11.13.  GOVERNING LAW.  THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATION LAW). 
 SECTION 11.14.  Counterparts.  This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.15.  Recording of Indenture.  If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture
Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.16.  Trust Obligation. 

  
 58 

 (a)        No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity, (ii) any Issuer Certificateholder, (iii) any other owner of a beneficial interest in the Issuer, or (iv) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any Issuer Trust Certificateholder, the Issuer Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such
obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay
any installment or call owing to such entity. 
 (b)        It is expressly
understood and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Issuer Owner Trustee of the Issuer, in the exercise of the powers and
authority conferred and vested in it under the Issuer Trust Agreement, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and
agreements by Wilmington Trust Company but is made and intended for the purpose for 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 express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust Company has made no
investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (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 the other related documents. 

SECTION 11.17.  No Petition the Issuer, Depositor, Settlor or Titling Trust.   The
Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceeding, or other proceeding under any United States, federal or state bankruptcy or similar law for a period of one year and a day after: 

(a)        termination of the Titling Trust Agreement, against the Settlor or the
Titling Trust; and 
 (b)        payment in full of the Notes, against the Depositor
or the Issuer. 
 SECTION 11.18.  No Recourse.  The Notes represent obligations of the
Issuer only and do not represent an interest in or obligations of the Titling Trust, the Servicer, the Settlor, GM Financial, the Depositor, the Issuer Owner Trustee (as such or in its individual capacity) or any 

  
 59 

 
of their respective Affiliates, and no recourse may be had against such parties or their assets, except as may be set forth in this Indenture and the other Program Documents. Each Noteholder, by
acceptance of a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate
or other writing delivered in connection therewith against (a) the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity, (b) any owner of a beneficial interest in the Issuer, or (c) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity or any holder of a beneficial interest in the Issuer, the Issuer Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Issuer Owner Trustee, as such or in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable,
to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

SECTION 11.19.  Execution of Financing Statements.  Pursuant to any applicable law, the
Indenture Trustee is authorized to file or record financing statements and other filing or recording documents or instruments with respect to the Indenture Collateral without the signature of the Issuer in such form and in such offices as the
Indenture Trustee determines appropriate to perfect the security interests of the Indenture Trustee under this Indenture. The Issuer hereby authorizes the Indenture Trustee to use the collateral description “all personal property”
or “all assets” in any such financing statements. The Issuer hereby ratifies and authorizes the filing by the Indenture Trustee of any financing statement with respect to the Indenture Collateral made prior to the date hereof;
provided that, at the request of the Issuer, the Indenture Trustee shall amend any such statement (and any other financing statement filed by the Indenture Trustee in connection with this Indenture) to exclude any property that is released from, or
otherwise not included in, the Indenture Collateral. 
 SECTION 11.20.  Determination of
LIBOR.  The Indenture Trustee, as calculation agent (in such capacity, the “Calculation Agent”), will determine LIBOR for purposes of calculating the Interest Rate for the Class A-2-B Notes (a) on June 25, 2018, for the period from the Closing Date to the first Payment Date, and (b) for each given Interest Accrual Period thereafter, on the second London
Business Day prior to the Payment Date on which such Interest Accrual Period begins (each, a “LIBOR Determination Date”). For purposes of calculating LIBOR, a “London Business Day” means a day on which banking
institutions in the City of London, England are not required or authorized by law to be closed. 
 “LIBOR”
means, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the Reuters Screen LIBOR01 Page (or any replacement page) as of 11:00 a.m., London time, on the related LIBOR Determination Date. If such rate does not
appear on the Reuters Screen LIBOR01 Page, the rate for that Interest Accrual Period will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by any four major banks in the London interbank market selected by the
Calculation Agent to provide such bank’s offered quotation of such rates at approximately 11:00 a.m., London time, on the related LIBOR Determination Date to prime banks in the London interbank market for a period of one month, commencing on
the first day of such Interest Accrual Period and in a principal amount of at least U.S.$1,000,000. The Calculation Agent, will request the principal London office of each of 

  
 60 

 
those four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Interest Accrual Period will be the arithmetic mean of the quotations. If
fewer than two quotations are provided as requested, the rate for that Interest Accrual Period will be the arithmetic mean of the rates quoted by four major banks with branch offices in New York City selected by the Calculation Agent, with the
approval of the Servicer, at approximately 11:00 a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Accrual Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing
on the first day of such Interest Accrual Period and in a principal amount of at least U.S.$1,000,000; provided, however, that if fewer than two of the banks selected by the Calculation Agent, with the approval of the Servicer, are not
quoting rates as mentioned in this sentence, LIBOR for such interest period will be the same as LIBOR for the immediately preceding Interest Accrual Period. 

“Reuters Screen LIBOR01 Page” is the display designated on the Reuters service (or the successor display
page, other published source, information vendor or provider that has been officially designated by Reuters). 
 SECTION
11.21.  Indemnification.   The indemnification provided by any party under any Program Document shall include all reasonable legal fees and expenses and court costs incurred by any respective indemnified party in
connection with any proceeding to enforce such indemnification obligation. 
 [Remainder of Page Intentionally Left Blank] 

 

  
 61 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written. 
  

			
	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
		
	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee,
	
	
By:       /s/ Drew Davis           
                       

	 Name:
	 	 Drew Davis

	 Title:
	 	 Vice President

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
	
	
By:       /s/ Marianna C. Stershic         
           

	 Name:
	 	 Marianna C. Stershic

	 Title:
	 	 Vice President

	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Servicer
	
	
By:       /s/ Jeffrey Fish           
                         

	 Name:
	 	 Jeffrey Fish

	 Title:
	 	 Vice President, Corporate Treasury

  
  
  

  
 [Signature Page to the
Indenture] 

 EXHIBIT A-1 

 

			
	 REGISTERED
	  	$177,000,000

 No. A-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36255K AA9 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS A-1 2.37343% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED SEVENTY-SEVEN MILLION DOLLARS
payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 20, 2019 Payment Date (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a
360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-1-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	By:  	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-1-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 A-1-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-1 2.37343% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of April 30, 2018 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class A-1
Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a
Business Day, the next succeeding Business Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to
include the Final Scheduled Payment Date. 
 As described above, the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the Final Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption
Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes
to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the
Class A-1 Noteholders entitled thereto. 
 Payments of interest on this Note
due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more 

  
 A-1-5 

 
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2018-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2018-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2018-2 Closing Date. The purchase price for the 2018-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and the 2018-2 Exchange Note shall be returned to or upon the order of the Servicer. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

  
 A-1-6 

 If this Note has been issued as a Definitive Note, the Note Registrar shall not
register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or
is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest
herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of
the Indenture intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and
warranted in writing (or if this Note has been issued as a Book Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations
in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or
beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-1-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 A-1-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 A-1-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-1-10 

 EXHIBIT A-2-A 

 

			
	 REGISTERED
	  	$360,000,000

 No. A-2-A 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36255K AB7 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS A-2-A 2.83% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED SIXTY MILLION DOLLARS payable
on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 20, 2020 Payment Date (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-2-A-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 A-2-A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	 Authorized Signatory

  
 A-2-A-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 A-2-A-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2-A 2.83% Asset Backed Notes (herein called the “Class A-2-A Notes”), all issued under an
Indenture dated as of April 30, 2018 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”),
as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class A-2-A Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth
(20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment
Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-2-A Notes shall be made pro rata to the Class A-2-A Noteholders entitled thereto. 
 Payments of interest on this Note
due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more 

  
 A-2-A-5 

 
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2-A Interest Rate to the extent lawful. 
 As provided in the
Indenture and the 2018-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust
Estate and to terminate the pledge of the 2018-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the
Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2018-2 Closing Date. The purchase price for the
2018-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount
shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the
Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and the 2018-2 Exchange Note shall be returned to or upon the
order of the Servicer. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

  
 A-2-A-6 

 If this Note has been issued as a Definitive Note, the Note Registrar shall not
register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or
is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest
herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of
the Indenture intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and
warranted in writing (or if this Note has been issued as a Book Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations
in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or
beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-2-A-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 A-2-A-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 A-2-A-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-2-A-10 

 EXHIBIT A-2-B 

 

			
	 REGISTERED
	  	$75,000,000

 No. A-2-B 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36255K AC5 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS A-2-B FLOATING RATE ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SEVENTY-FIVE MILLION DOLLARS payable on
each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 20, 2020 Payment Date (the “Final Scheduled Payment Date”).
The Issuer will pay interest on this Note at the rate of the greater of (i) LIBOR + 0.22% and (ii) 0.00% per annum on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue
for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-2-B-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 A-2-B-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	 Authorized Signatory

  
 A-2-B-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 A-2-B-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2-B Floating Rate Asset Backed Notes (herein called the “Class A-2-B Notes”), all issued under an
Indenture dated as of April 30, 2018 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”),
as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class A-2-B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth
(20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment
Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-2-B Notes shall be made pro rata to the Class A-2-B Noteholders entitled thereto. 
 Payments of interest on this Note
due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more 

  
 A-2-B-5 

 
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2-B Interest Rate to the extent lawful. 
 As provided in the
Indenture and the 2018-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust
Estate and to terminate the pledge of the 2018-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the
Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2018-2 Closing Date. The purchase price for the
2018-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount
shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the
Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and the 2018-2 Exchange Note shall be returned to or upon the
order of the Servicer. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the
Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

  
 A-2-B-6 

 If this Note has been issued as a Definitive Note, the Note Registrar shall not
register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or
is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest
herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of
the Indenture intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and
warranted in writing (or if this Note has been issued as a Book Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations
in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or
beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-2-B-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 A-2-B-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 A-2-B-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-2-B-10 

 EXHIBIT A-3 

 

			
	 REGISTERED
	  	$399,000,000

 No. A-3 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36255K AD3 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS A-3 3.06% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED NINETY-NINE MILLION DOLLARS
payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 21, 2021 Payment Date (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-3-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	 Authorized Signatory

  
 A-3-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	Date: June 27, 2018	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 A-3-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-3 3.06% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of April 30, 2018 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class A-3
Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a
Business Day, the next succeeding Business Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to
include the Final Scheduled Payment Date. 
 As described above, the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the Final Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption
Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes
to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the
Class A-3 Noteholders entitled thereto. 
 Payments of interest on this Note
due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more 

  
 A-3-5 

 
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2018-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2018-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2018-2 Closing Date. The purchase price for the 2018-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and the 2018-2 Exchange Note shall be returned to or upon the order of the Servicer. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

  
 A-3-6 

 If this Note has been issued as a Definitive Note, the Note Registrar shall not
register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or
is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest
herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of
the Indenture intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and
warranted in writing (or if this Note has been issued as a Book Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations
in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or
beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-3-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 A-3-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 A-3-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-3-10 

 EXHIBIT A-4 

 

			
	 REGISTERED
	  	$79,830,000

 No. A-4 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36255K AE1 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS A-4 3.16% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SEVENTY-NINE MILLION EIGHT HUNDRED THIRTY
THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the April 20, 2022 Payment Date (the “Final
Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-4-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 A-4-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	 GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2

				
		 		 	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	 Authorized Signatory

  
 A-4-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 A-4-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-4 3.16% Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture dated as of April 30, 2018 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National
Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class A-4
Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a
Business Day, the next succeeding Business Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to
include the Final Scheduled Payment Date. 
 As described above, the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the Final Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption
Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes
to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the
Class A-4 Noteholders entitled thereto. 
 Payments of interest on this Note
due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more 

  
 A-4-5 

 
Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2018-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2018-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2018-2 Closing Date. The purchase price for the 2018-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and the 2018-2 Exchange Note shall be returned to or upon the order of the Servicer. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

  
 A-4-6 

 If this Note has been issued as a Definitive Note, the Note Registrar shall not
register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or
is acting on behalf of or investing the assets of, a Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest
herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of
the Indenture intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and
warranted in writing (or if this Note has been issued as a Book Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations
in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the
case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes
or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a
beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or
beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-4-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 A-4-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 A-4-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-4-10 

 EXHIBIT B 
  

			
	 REGISTERED
	  	$49,060,000

 No. B 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 36255K AF8 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS B 3.31% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY-NINE MILLION SIXTY THOUSAND DOLLARS
payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the April 20, 2022 Payment Date (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 B-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 B-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	 Authorized Signatory

  
 B-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 B-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 3.31% Asset Backed Notes
(herein called the “Class B Notes”), all issued under an Indenture dated as of April 30, 2018 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit
Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture
Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class B Notes will be payable on each Payment Date
in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business
Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto. 

Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
 B-5 

 
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the
Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s
principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class B Interest Rate to the extent lawful. 

As provided in the Indenture and the 2018-2 Servicing Agreement, the Servicer will be
permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2018-2 Exchange Note on
any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on
the 2018-2 Closing Date. The purchase price for the 2018-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued
interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an
Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and
the 2018-2 Exchange Note shall be returned to or upon the order of the Servicer. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this
Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing 

  
 B-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of the Indenture intended to comply with the Department of
Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and warranted in writing (or if this Note has been issued as a Book
Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner,
owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer,
the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its
Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 B-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 B-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 B-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 B-10 

 EXHIBIT C 
  

			
	 REGISTERED
	  	$52,470,000

 No. C 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 36255K AG6 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS C 3.50% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
FIFTY-TWO MILLION FOUR HUNDRED SEVENTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the April 20, 2022 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27,
2018. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided
above and then to the unpaid principal of this Note. 

  
 C-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 C-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	 Authorized Signatory

  
 C-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 C-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C 3.50% Asset Backed Notes
(herein called the “Class C Notes”), all issued under an Indenture dated as of April 30, 2018 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit
Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture
Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class C Notes will be payable on each Payment Date
in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business
Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class C Notes shall be made pro rata to the Class C Noteholders entitled thereto. 

Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
 C-5 

 
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the
Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s
principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class C Interest Rate to the extent lawful. 

As provided in the Indenture and the 2018-2 Servicing Agreement, the Servicer will be
permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2018-2 Exchange Note on
any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on
the 2018-2 Closing Date. The purchase price for the 2018-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued
interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an
Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and
the 2018-2 Exchange Note shall be returned to or upon the order of the Servicer. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this
Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing 

  
 C-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. In addition, the representations set forth in Section 2.4(c)(i)-(vi) of the Indenture intended to comply with the Department of
Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as promulgated on April 8, 2016 (81 Fed. Reg. 20,997), must be represented and warranted in writing (or if this Note has been issued as a Book
Entry Note, a deemed representation by the Benefit Plan Investor). If the regulations referenced in the prior sentence are revoked, repealed or no longer effective, the representations in 2.4(c)(i)-(vi) shall be deemed to not be in effect. 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other
writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner,
owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer,
the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law,
for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its
Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

  
 C-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

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

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained
in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the 

  
 C-8 

 
Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 C-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 C-10 

 EXHIBIT D 
  

			
	 REGISTERED
	  	$49,730,000

 No. D 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 36255K AH4 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN
INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

GM FINANCIAL AUTOMOBILE LEASE TRUST 2018-2 

CLASS D 3.60% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2018-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY-NINE MILLION SEVEN HUNDRED THIRTY
THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the September 20, 2022 Payment Date (the “Final
Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from June 27, 2018. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 D-1 

 Reference is made to the further provisions of this Note set forth on the reverse
hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any
purpose. 

  
 D-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually
or in facsimile, by its Authorized Officer, as of the date set forth below. 
  

							
	 Date: June 27, 2018
	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2018-2
				
		 		 	 By:
	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 D-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	 Date: June 27, 2018
	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
				
		 		 	 By:
	 	  

		 		 		 	Authorized Signatory

  
 D-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D 3.60% Asset Backed Notes
(herein called the “Class D Notes”), all issued under an Indenture dated as of April 30, 2018 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit
Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture
Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2-A Notes, the Class A-2-B Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as
security therefor as provided in the Indenture. 
 Principal of the Class D Notes will be payable on each Payment Date
in an amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business
Day, commencing July 20, 2018. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class D Notes shall be made pro rata to the Class D Noteholders entitled thereto. 

Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
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all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the
Holder hereof as of the Record Date preceding such Payment Date by notice mailed prior to such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s
principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

The Issuer shall pay interest on overdue installments of interest at the Class D Interest Rate to the extent lawful. 

As provided in the Indenture and the 2018-2 Servicing Agreement, the Servicer will be
permitted at its option to purchase the 2018-2 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2018-2 Exchange Note on
any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on
the 2018-2 Closing Date. The purchase price for the 2018-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued
interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an
Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2018-2 Exchange Note shall be discharged and released and
the 2018-2 Exchange Note shall be returned to or upon the order of the Servicer. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered
on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar
which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate
principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
 If this
Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing 

  
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that it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity. If this Note has been issued as a Book Entry Note, each transferee of this Note or any
beneficial interest herein shall be deemed to represent that it is not a Benefit Plan Entity. 
 Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner
Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its
individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any
such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to
treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder. 

  
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 No sale or transfer of a beneficial interest in a Class D Note shall be
permitted (including, without limitation, by pledge or hypothecation) to a person other than the Depositor (or a person disregarded as separate from the Depositor for U.S. federal income tax purposes), and such sale or transfer shall be void ab
initio, unless (i) this Class D Note has been registered under the Securities Act or, as evidenced by an Opinion of Counsel, such sale or transfer is otherwise exempt from the Securities Act, and (ii) at the time of such sale or
transfer an Opinion of Counsel is provided to the effect that either (A) as of the date of such sale or transfer the Class D Notes will be treated as indebtedness for U.S. federal income tax purposes, or (B) such transfer will not
cause the Issuer to be a publicly traded partnership treated as association taxable as a corporation for U.S. federal income tax purposes and will not cause the Class D Notes to be subject to U.S. withholding tax. No Benefit Plan Entity may
acquire a Class D Note unless the Opinion of Counsel described in clause (A) in the immediately preceding sentence has been delivered. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS NOTE AND THE INDENTURE
SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or
currency herein prescribed. 
 Anything herein to the contrary notwithstanding, except as expressly provided in the Program
Documents, none of Wilmington Trust Company in its individual capacity, Wells Fargo Bank, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants,
obligations or indemnifications contained in the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the

  
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Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

  
 D-9 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee: 

 
  

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

 
  

name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
_________________________________________________________________ , attorney, to transfer said Note on the books kept for registration thereof, 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 Note 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 Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
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