Document:

EX-10.1

 Exhibit 10.1 

TAX RECEIVABLE AGREEMENT 

This AMENDED AND RESTATED TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of June 16, 2015, by and among Ltd Sub A
and Ltd Sub B (each as defined herein), both wholly owned indirect subsidiaries of Lazard Ltd, a Bermuda company (“Lazard”), LMDC Holdings LLC, a Delaware limited liability company formerly known as LFCM Holdings LLC
(“LMDC”), and LTBP Trust, a Delaware statutory trust (the “Trust”). 
 WHEREAS, on December 16, 2004,
Lazard, Lazard LLC, a Delaware limited liability company taxable as a partnership for U.S. Federal income tax purposes that was renamed “Lazard Group LLC” (“Lazard Group”), and LAZ-MD Holdings LLC, a Delaware limited
liability company (“LAZ-MD”), entered into that certain Class B-1 and Class C Members Transaction Agreement relating to Lazard Group (the “Buyout Agreement”); and 

WHEREAS, pursuant to the Buyout Agreement, certain interests of historical partners of Lazard Group (the “Historical
Partners”) were redeemed for cash (the “Redemption”); and 
 WHEREAS, pursuant to the Buyout Agreement, Lazard
Group and the Historical Partners agreed to treat a portion of the consideration paid to the Historical Partners in the Redemption as received in a sale or exchange pursuant to Section 707(a)(2)(B) of the Internal Revenue Code of 1986, as
amended (the “Code”), and the remainder of such consideration as received by the Historical Partners as a distribution; and 

WHEREAS, in connection with transactions contemplated by the Buyout Agreement, certain members of Lazard Group (each, an “Exchangeable
Holder”) were issued a class of exchangeable membership interests in LAZ-MD, which exchangeable interests were effectively exchangeable on a one-for-one basis for shares of Lazard (an “Exchange”); and 

WHEREAS, the Exchanges were effected via an Exchangeable Holder’s transfer of Lazard Group interests directly to Ltd Sub A and Ltd Sub B
(each, an “Ltd Exchanging Subsidiary”) in transactions that were intended to result in an Exchangeable Holder’s recognition of gain or loss for U.S. Federal income tax purposes (each, a “Taxable Exchange”), as
described herein; and 
 WHEREAS, Lazard Group had in effect an election under Section 754 of the Code for the Taxable Year (as defined
herein) in which the Redemption occurred, which election resulted in an adjustment to the Ltd Exchanging Subsidiaries’ share of the tax basis of the assets owned by Lazard Group as of the Redemption Date (such assets and any asset whose tax
basis is determined, in whole or in part, by reference to the adjusted basis of any such asset, the “Original Assets”) by reason of the Redemption; and 

WHEREAS, Lazard Group had in effect an election under Section 754 of the Code for each Taxable Year in which any Taxable Exchanges
occurred, which election resulted in an adjustment to the Ltd Exchanging Subsidiaries’ share of the tax basis of the assets owned by Lazard Group as of the date of any such Taxable Exchange; and 

WHEREAS, Lazard, through the Ltd Exchanging Subsidiaries, owns Lazard Group and the common membership interests in Lazard Group; and 

 WHEREAS, the income, gain, loss, expense and other Tax items of Lazard Group and the Relevant
Lazard Ltd Taxpayers (as defined herein) may be affected by the Basis Adjustment (as defined herein) and the Imputed Interest (as defined herein); and 

WHEREAS, Lazard and LMDC previously entered into that certain Tax Receivable Agreement (the “Original Agreement”), dated
May 10, 2005, in order to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed Interest on the actual liability for Covered Taxes of the Relevant Lazard Ltd Taxpayers (as defined herein); and 

WHEREAS, Lazard and LMDC amended the Original Agreement by that certain Amendment No. 1 to the Tax Receivable Agreement (as so amended,
the “First Amended Agreement”), dated as of April 24, 2015, to replace Schedule D to the Original Agreement with a revised Schedule D and to permit certain future amendments to Schedule D; and 

WHEREAS, LMDC wishes to contribute and assign all of its rights and obligations under this Agreement to the Trust and the Trust desires to
assume all of LMDC’s rights and obligations under this Agreement; and 
 WHEREAS, promptly following the date of this Agreement, LMDC
intends to distribute the beneficial interests in the Trust (the “Trust Interests”) to the Schedule D Persons in accordance with the percentages listed on Schedule D (the “Trust Interest Distribution”); and 

WHEREAS, the parties to this Agreement desire to amend and restate the First Amended Agreement, effective upon the consummation of the Trust
Interest Distribution, to reflect the Trust Interest Distribution and to reflect certain terms and conditions set forth herein. 
 NOW,
THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree, effective upon the consummation of the Trust Interest Distribution, to
amend and restate the First Amended Agreement in its entirety as follows: 
 ARTICLE I 

Definitions 

Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined). 
 “Advisory Firm” means an accounting or
law firm that is nationally recognized as being expert in Covered Tax matters, as determined by the Audit Committee. The Audit Committee shall select the Advisory Firm. 

“Advisory Firm Letter” shall mean a letter from the Advisory Firm stating that the relevant schedule, notice or other
information to be provided by the Ltd Exchanging Subsidiaries to the Trust and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to the extent not expressly provided in this
Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to the Trust. 

  
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 “Agreed Rate” means LIBOR plus 200 basis points. 

“Agreement” is defined in the preamble. 

“Aggregate Purchased Percentage” means the fraction, expressed as a percentage, the numerator of which is 85% minus the
Payment Percentage and the denominator of which is 85%. 
 “Amended Tax Benefit Schedule” is defined in
Section 2.05(b) of this Agreement. 
 “Applicable Treasury Rate” means a rate equal to the yield to maturity as of the
date an Early Termination Notice is delivered (the “delivery date”) of U.S. Treasury securities with a constant maturity (the “Applicable Maturity”) (as compiled and published in the most recent Federal Reserve Statistical
Release H 15 (519)) equal to (a) if the delivery date is on or after the fifth anniversary of the Redemption Date but prior to the fifteenth anniversary of the Redemption Date, the number of years from the delivery date through the
fifteenth anniversary of the Redemption Date, or (b) if the delivery date is on or after the fifteenth anniversary of the Redemption Date, two years after the delivery date. If there are no U.S. Treasury securities with a constant maturity
equal to the Applicable Maturity, the yield to maturity shall be interpolated from the U.S. Treasury securities with constant maturities that are most nearly longer than and shorter than the Applicable Maturity. 

“Audit Committee” means the audit committee of the board of directors of Lazard Ltd. 

“Bank” is defined in Section 7.12 of this Agreement. 

“Basis Adjustment” means the increase or decrease to the tax basis of, or any Relevant Lazard Ltd Taxpayer’s share of
the tax basis of, Lazard Group’s assets (i) under Sections 734(b), 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a result of the Redemption, (ii) under
Section 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a result of the Taxable Exchanges and (iii) under Sections 743(b) and 754 as a result of any payments under this
Agreement. For the avoidance of doubt, payments under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments relate to the Redemption or are treated as Imputed Interest. 

“Business Day” means any calendar day that is not a Saturday, Sunday or other calendar day on which banks are required or
authorized to be closed in the City of New York in the State of New York or the City of Wilmington in the State of Delaware. 

“Buyout Agreement” is defined in the recitals. 

“Change of Control Event” means the occurrence of any of the following events: 

(i) the consummation, through one or more related transactions, of (A) a merger, amalgamation, consolidation, statutory
share exchange or similar form of corporate 

  
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transaction involving Lazard or Lazard Group (a “Reorganization”) or (B) the sale or other disposition of all or substantially all the assets of Lazard or Lazard Group to an
entity that is not a controlled subsidiary of Lazard (a “Sale”) if such Reorganization or Sale requires the approval of Lazard’s stockholders under the law of Bermuda (whether such approval is required for such Reorganization
or Sale or for the issuance of securities of Lazard in such Reorganization or Sale or the rules and regulations of the principal trading exchange for Lazard’s Class A common shares), unless, immediately following such Reorganization or
Sale, (1) all or substantially all the individuals and entities who were the “beneficial owners” (as such term is defined in Rule 13d-3 under the Exchange Act (or a successor rule thereto)) of the shares of Lazard, or such other
securities of Lazard into which such shares shall be changed by reason of a Reorganization (the “Shares”) or other securities eligible to vote for the election of the Board (together, “Lazard Voting Securities”)
outstanding immediately prior to the consummation of such Reorganization or Sale beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the corporation resulting from such
Reorganization or Sale (including, without limitation, a corporation that as a result of such transaction owns Lazard or all or substantially all Lazard’s assets either directly or through one or more subsidiaries) (the “Continuing
Corporation”) in substantially the same proportions as their ownership, immediately prior to the consummation of such Reorganization or Sale, of the outstanding Lazard Voting Securities (excluding any outstanding voting securities of the
Continuing Corporation that such beneficial owners hold immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any company or other entity involved in or
forming part of such Reorganization or Sale other than Lazard); 
 (ii) the stockholders of Lazard approve a plan of complete
liquidation or dissolution of Lazard; or 
 (iii) any “person” (as such term is used in Section 13(d) of the
Exchange Act), corporation or other entity or “group” (as used in Section 14(d)(2) of the Exchange Act) (other than (A) Lazard, (B) any trustee or other fiduciary holding securities under an employee benefit plan of Lazard
or an affiliate of Lazard, (C) a person controlled by all or substantially all of the then-current managing directors of Lazard (provided no individual person controls more than 5% of any such person) or (D) any company owned, directly or
indirectly, by the stockholders of Lazard in substantially the same proportions as their ownership of the voting power of the Lazard Voting Securities) becomes the beneficial owner, directly or indirectly, of securities of Lazard representing 20% or
more of the combined voting power of the Lazard Voting Securities; provided, however, that for purposes of this subparagraph (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Lazard
or an affiliate of Lazard shall not constitute a Change of Control Event. 
 “Change of Control Termination Payment” is
defined in Section 4.03(c) of this Agreement. 
 “Change Notice” is defined in Section 3.03 of this Agreement.

  
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 “Code” is defined in the recitals. 

“Covered Taxable Year” means any Taxable Year of the Relevant Lazard Ltd Taxpayers ending after the Redemption Date and on or
before the end of the Taxable Year including the date which is the twentieth-fourth (24th) anniversary of the Redemption Date. 

“Covered Taxes” means U.S. Federal Income Taxes and U.S. state and local income and franchise Taxes. 

“Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of
state or local income or franchise Tax law, as applicable. 
 “Distribution” is defined in Section 2.01 of the
Agreement. 
 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 

“Early Termination Payment” is defined in Section 4.03(b) of this Agreement. 

“Early Termination Rate” means the Applicable Treasury Rate plus 300 basis points. 

“Escrow Account” means the account or accounts established by the Escrow Agent to hold any Tax Benefit Payments then held in
escrow, along with any interest earned on such funds, in accordance with the Escrow Agreement. 
 “Escrow Agent” is defined
in Section 3.01(a) of the Agreement. 
 “Escrow Agreement” means the escrow agreement dated August 23, 2007, by
and among the Ltd Exchanging Subsidiaries, LMDC and The Bank of New York Mellon, as Escrow Agent, as amended by the first amendment to the escrow agreement to be entered into by and among the Ltd Exchanging Subsidiaries, LMDC, the Trust and The Bank
of New York Mellon, as Escrow Agent. 
 “Exchange” is defined in the recitals. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto. 

“Exchange Assets” means the assets owned by Lazard Group as of an applicable Exchange Date (and any asset whose tax basis is
determined, in whole or in part, by reference to the adjusted basis of any such asset). 
 “Exchange Basis Schedule” is
defined in Section 2.04(a) of this Agreement. 
 “Exchange Date” means the date on which a Taxable Exchange is
effected. 
 “Exchangeable Holder” is defined in the recitals. 

“Federal Income Tax” means any tax imposed under Subtitle A of the Code or any other provision of U.S. Federal income tax law
(including, without limitation, the taxes imposed by Sections 11, 55, 59A, 881, 882, 884 and 1201(a) of the Code), and any interest, additions to tax or penalties applicable or related to such tax. 

  
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 “First Amended Agreement” is defined in the recitals. 

“Governmental Entity” means any federal, state, local, provincial or foreign government or any court of competent
jurisdiction, administrative agency or commission or other governmental authority or instrumentality, whether domestic or foreign. 

“Hypothetical Pro Rata Escrow Amount” means, at any time of determination and with respect to any Schedule D Person and
assuming the additional assumptions set forth in the second sentence of this definition were to apply, the amount that would be distributed to such Schedule D Person assuming the aggregate amount then in the Escrow Account were distributed to the
Schedule D Persons pro rata in accordance with their respective percentages set forth on Schedule D. For the purposes of the foregoing, it shall additionally be assumed that: (i) in connection with any Lazard Purchases occurring prior to such
time, such Trust Interests are not canceled or retired and Lazard Purchaser continues to hold such Trust Interests; (ii) the Trust Interests set forth on Schedule D were not reduced in connection with any Lazard Purchase occurring prior to such
time and instead, Schedule D reflects the transfer to Lazard Purchaser of any Trust Interests sold, transferred or otherwise disposed in a Lazard Purchase occurring prior to such time; and (iii) the amount of any Tax Benefit Payment and any
interest accrued thereon that would have otherwise been distributed from the Escrow Account in connection with any Lazard Escrow Release occurring prior to such time was not distributed and remains in the Escrow Account, except to the extent that
the distribution of such Tax Benefit Payment and any interest accrued thereon would not constitute a Lazard Escrow Release. 

“Hypothetical Tax Basis” means, with respect to any asset at any time, the tax basis that such asset would have at such time
if no Basis Adjustment had been made as a result of the Redemption or an applicable Taxable Exchange, as the case may be. 

“Hypothetical Tax Liability” means, with respect to any Covered Taxable Year, the liability for Covered Taxes of the Relevant
Lazard Ltd Taxpayers using the same methods, elections, conventions and similar practices used on the actual Tax Returns of such Relevant Lazard Ltd Taxpayers, but using the Hypothetical Tax Basis instead of the actual tax basis of each relevant
asset and excluding any deduction attributable to the Imputed Interest. 
 “Imputed Interest” shall mean any interest
imputed under Section 1272, 1274 or 483 or other provision of the Code (or any successor U.S. Federal income tax statute) and the similar section of the applicable U.S. state or local income or franchise Tax law with respect to the Ltd
Exchanging Subsidiaries’ payment obligations under this Agreement. 
 “IPO Proceeds” means the aggregate proceeds from
the sale of Lazard shares in Lazard’s initial public offering, net of underwriters’ discounts and commissions and directly allocated expenses. 

“IRS” means the U.S. Internal Revenue Service. 

“LAZ-MD” is defined in the recitals. 

  
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 “Lazard” is defined in the preamble. 

“Lazard Escrow Release” is defined in Section 3.04(d) of this Agreement. 

“Lazard Purchase” means any sale, transfer or other direct or indirect disposition of any Trust Interests to Lazard
Purchaser, whether through a negotiated transaction, offer to purchase or otherwise. 
 “Lazard Purchaser” has the meaning
ascribed to the term “Lazard” in the Trust Agreement. 
 “LMDC” is defined in the preamble. 

“LMDC Operating Agreement” means the Operating Agreement of LMDC dated as of May 10, 2005, as amended from time to time.

 “Ltd Exchanging Subsidiary” is defined in the recitals. 

“Ltd Exchanging Subsidiary Payment” is defined in Section 5.01 of this Agreement. 

“Ltd Sub A” and “Ltd Sub B” are defined in Schedule A to this Agreement. 

“LIBOR” means, for each month (or portion thereof) during any period, an interest rate per annum equal to the rate per annum
reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen page “LIBO” or by any other publicly available source of
such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
 “Ordinary
Course Trust Expenses” has the meaning ascribed to such term in the Trust Agreement. 
 “Original Agreement” is
defined in the recitals. 
 “Payment Percentage” means the percentage set forth on Schedule F to this Agreement, as updated
from time to time in accordance with Section 3.04. 
 “Person” means and includes any individual, firm, corporation,
partnership (including, without limitation, any limited, general or limited liability partnership), company, limited liability company, trust, joint venture, association, joint stock company, unincorporated organization or similar entity or
Governmental Entity. 
 “Potential Reduction” is defined in Section 3.03(a) of this Agreement. 

“Pro Rata Escrow Amount” means, at any time of determination and with respect to any Schedule D Person, the amount that would
be distributed to such Schedule D Person assuming the aggregate amount then in the Escrow Account were distributed to the Schedule D Persons pro rata in accordance with their respective percentages set forth on Schedule D. 

  
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 “Proceeding” is defined in Section 7.08 of this Agreement. 

“Purchased Percentage” means, with respect to any Lazard Purchase, the fraction, expressed as a percentage, the numerator of
which is the aggregate percentage, determined immediately prior to such Lazard Purchase, of all Trust Interests sold, transferred or otherwise disposed in such Lazard Purchase and the denominator of which is 100%. 

“Realized Tax Benefit” means, for a Covered Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the
actual liability for Covered Taxes of the Relevant Lazard Ltd Taxpayers for such Covered Taxable Year, less the fees, charges and expenses of the Advisory Firm and the expert described in Section 7.09 related to this Agreement paid by the
Relevant Lazard Ltd Taxpayers in the relevant Covered Taxable Year. For the avoidance of doubt, the “Realized Tax Benefit” shall take into account the difference, if any, in the ability of Ltd Sub B to use foreign tax credits to offset its
U.S. Federal income tax liability in calculating its Hypothetical Tax Liability and its actual liability for Covered Taxes in the Covered Taxable Year. If all or a portion of the actual tax liability for Covered Taxes for the Covered Taxable Year
arises as a result of an audit by a Taxing Authority of any Covered Taxable Year, such liability shall not be included in determining the Realized Tax Benefit or the Realized Tax Detriment unless and until there has been a Determination. 

“Realized Tax Detriment” means, for a Covered Taxable Year, the excess, if any, of the actual liability for Covered Taxes of
the Relevant Lazard Ltd Taxpayers over the Hypothetical Tax Liability for such Covered Taxable Year, plus the fees, charges and expenses of the Advisory Firm and the expert described in Section 7.09 related to this Agreement paid by the
Relevant Lazard Ltd Taxpayers in the relevant Covered Taxable Year. For the avoidance of doubt, the “Realized Tax Detriment” shall take into account the difference, if any, in the ability of Ltd Sub B to use foreign tax credits to offset
its U.S. Federal income tax liability in calculating its Hypothetical Tax Liability and its actual liability for Covered Taxes in the Covered Taxable Year. If all or a portion of the actual tax liability for Covered Taxes for the Covered Taxable
Year arises as a result of an audit by a Taxing Authority of any Covered Taxable Year, such liability shall not be included in determining the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a Determination. 

“Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 

“Redemption” is defined in the recitals. 

“Redemption Basis Schedule” is defined in Section 2.02 of this Agreement. 

“Redemption Date” means the date on which the Redemption is effected. 

“Relevant Lazard Ltd Taxpayer” means (i) Ltd Sub A (or its successors and assigns) or (ii) Ltd Sub B (or its
successors and assigns) and (iii) any consolidated, combined or unitary group containing either Ltd Sub A or Ltd Sub B, as the case may be, or any of their respective successors and/or assigns. 

“Sale” is defined in Section 2.01 of the Agreement. 

  
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 “Schedule D Person” means any Person listed on Schedule D, as amended from time
to time. 
 “Scheduled Termination Date” shall mean the date on which this Agreement would terminate in the absence of an
Early Termination Notice. 
 “Senior Obligations” is defined in Section 5.01 of this Agreement. 

“Subsidiary” means any entity in which Lazard, directly or indirectly, possesses fifty percent (50%) or more of the
total combined voting power of all classes of its stock, other than Lazard Group, Lazard Group Finance, LLC and their respective subsidiaries. 

“Tax Benefit Payment” is defined in Section 3.01(b) of this Agreement. 

“Tax Benefit Schedule” is defined in Section 2.05(a) of this Agreement. 

“Taxable Exchange” is defined in the recitals. 

“Taxable Year” means a taxable year as defined in Section 441(b) of the Code or comparable section of U.S. state or
local income or franchise Tax law, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made). 

“Taxes” means (i) all forms of taxation or duties imposed, or required to be collected or withheld, including, without
limitation, charges, together with any related interest, penalties or other additional amounts, (ii) liability for the payment of any amount of the type described in the preceding clause (i) as a result of being a member of an affiliated,
consolidated, combined or unitary group, and (iii) liability for the payment of any amounts as a result of being party to any tax sharing agreement (other than this Agreement) or as a result of any express or implied obligation to indemnify any
other person with respect to the payment of any amount described in the immediately preceding clauses (i) or (ii) (other than an obligation to indemnify under this Agreement). 

“Tax Return” means any return, filing, report, questionnaire, information statement or other document required to be filed,
including, without limitation, amended returns that may be filed, for any taxable period with any Taxing Authority (whether or not a payment is required to be made with respect to such filing). 

“Taxing Authority” means the IRS and any other state, local, foreign or other Governmental Entity responsible for the
administration of Taxes. 
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code
promulgated from time to time (including, without limitation, corresponding provisions of succeeding provisions) as in effect for the relevant taxable period. 

“Trust” is defined in the recitals. 

  
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 “Trust Agreement” means the Trust Agreement of LTBP Trust dated as of
June 16, 2015, as amended from time to time. 
 “Trust Interest Distribution” is defined in the recitals. 

“Trust Interests” is defined in the recitals. Each Trust Interest shall be expressed as a percentage, and all Trust Interests
outstanding at any time shall aggregate to 100%. 
 “Trustee” means the trustee or trustees, as applicable, of the Trust.

 “Valuation Assumptions” shall mean, as of any Valuation Date, the assumptions described in Schedule B to this Agreement.

 “Valuation Date” means the date of an Early Termination Notice for purposes of determining an Early Termination Payment
or Change of Control Termination Payment. 
 ARTICLE II 

Determination of Realized Tax Benefit or Realized Tax Detriment 

SECTION 2.01. Redemption Date Basis Adjustment. Pursuant to the Buyout Agreement, Lazard Group and the Historical Partners agreed to
treat the consideration paid to the Historical Partners in the Redemption (i) as a sale or exchange pursuant to Section 707(a)(2)(B) of the Code (the “Sale”) to the extent such consideration originated from IPO Proceeds
and (ii) as a distribution pursuant to Section 736(b)(1) and Section 731(b) of the Code (the “Distribution”) to the extent the total Redemption consideration exceeded the IPO Proceeds. The Historical Partners of
Lazard Group redeemed for cash in the Redemption recognized gain on the Redemption Date under Sections 741 and 731 of the Code, each Ltd Exchanging Subsidiary’s share of the basis in the Original Assets was increased by the excess of the Sale
proceeds over the Ltd Exchanging Subsidiary’s proportionate share of the basis of the Original Assets on the Redemption Date and the basis in the Original Assets was increased by the amount of gain recognized by the Historical Partners of
Lazard Group with respect to the Distribution. Such gain and Basis Adjustment shall be treated as occurring entirely on the Redemption Date unless there is a Determination to the contrary. For purposes of this Agreement, (i) the fair market
value of the right to receive payments under this Agreement shall not be taken into account in determining the amount of Sale proceeds or the amount of gain recognized by the Historical Partners on the Redemption Date and (ii) any payments made
under this Agreement with respect to the Redemption shall not be treated as resulting in a Basis Adjustment. 
 SECTION 2.02.
(a) Redemption Basis Schedule. The Ltd Exchanging Subsidiaries delivered to LMDC a schedule (the “Redemption Basis Schedule”) approved by the Audit Committee that showed, in reasonable detail, for purposes of Covered
Taxes, (i) the actual tax basis as of the Redemption Date of the Original Assets, (ii) the Basis Adjustment with respect to the Original Assets as a result of the Sale and the Distribution and (iii) the period or periods, if any, over
which the Original Assets are amortizable or depreciable for purposes of Covered Taxes. The Redemption Basis Schedule has become final and binding on the parties. 

  
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 (b) Amended Redemption Basis Schedule. The Redemption Basis Schedule may be amended from
time to time by the Ltd Exchanging Subsidiaries with the consent of the Audit Committee (i) in connection with a Determination or (ii) to correct inaccuracies to the original Redemption Basis Schedule identified after the Redemption Date
as a result of the receipt of additional information relating to facts or circumstances on or prior to the Redemption Date. At the time the Ltd Exchanging Subsidiaries deliver such amended Redemption Basis Schedule to the Trust, they shall
(x) deliver to the Trust schedules and work papers providing reasonable detail regarding the preparation of the amended Redemption Basis Schedule and an Advisory Firm Letter supporting such amended Redemption Basis Schedule and (y) allow
the Trust reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedule. The amended Redemption Basis Schedule shall become final and binding on
the parties unless the Trust, within 60 calendar days after receiving such amended Redemption Basis Schedule, provides the Ltd Exchanging Subsidiaries with notice of a material objection to such amended Redemption Basis Schedule made in good faith.
If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 120 calendar days after such amended Redemption Basis Schedule was delivered to the Trust, the Ltd Exchanging Subsidiaries and the
Trust shall employ the Reconciliation Procedures. 
 SECTION 2.03. Basis Adjustment Attributable to a Taxable Exchange. Pursuant to a
Taxable Exchange, (i) to the extent an Exchangeable Holder effected a Taxable Exchange and held its Lazard Group interests through LAZ-MD, LAZ-MD distributed to such Exchangeable Holder all or a portion of LAZ-MD’s Lazard Group interests
attributable to such Exchangeable Holder in redemption of all or a portion of the exchangeable interests of such Exchangeable Holder in LAZ-MD and (ii) the Exchangeable Holder transferred its interests in Lazard Group to the Ltd Exchanging
Subsidiaries in exchange for shares of Lazard. The number of Lazard shares transferred by each Ltd Exchanging Subsidiary to an Exchangeable Holder pursuant to a Taxable Exchange was determined in proportion to each such subsidiary’s respective
interests in Lazard Group on the applicable Exchange Date. An Exchangeable Holder that effected a Taxable Exchange recognized gain, if any, for U.S. Federal income tax purposes on the Exchange Date under Section 741 of the Code in an amount
equal to the excess of (i) the fair market value of the Lazard shares received in the Taxable Exchange over (ii) the Exchangeable Holder’s basis in its Lazard Group interests transferred to the Ltd Exchanging Subsidiaries pursuant to
the Taxable Exchange. For purposes of this Agreement, the fair market value of the Lazard shares received in the Taxable Exchange was the trading value of such shares at the close of business on the Exchange Date. With respect to each Taxable
Exchange, each Ltd Exchanging Subsidiary’s share of the basis in the Exchange Assets was increased by the excess, if any, of (i) the fair market value of the Lazard shares transferred to the Exchangeable Holder pursuant to the Taxable
Exchange over (ii) the Ltd Exchanging Subsidiary’s proportionate share of the basis of the Exchange Assets immediately after the Taxable Exchange attributable to the Lazard Group interests exchanged. The Ltd Exchanging Subsidiaries and the
Exchangeable Holders, pursuant to the LMDC Operating Agreement, shall treat such gain and Basis Adjustment as occurring entirely on the Exchange Date unless there is a Determination to the contrary. The Ltd Exchanging Subsidiaries and the
Exchangeable Holders, pursuant to the LMDC Operating Agreement, agreed that, for U.S. Federal income tax purposes, this Agreement is treated as additional consideration paid to the Exchangeable Holders in the Exchange (and immediately assigned by
the Exchangeable Holders to LMDC). By assigning this Agreement to LMDC, the 

  
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Exchangeable Holders relinquished all rights, title and interest under this Agreement. Notwithstanding any other provision of this Agreement, (i) the fair market value of the right to
receive payments under this Agreement shall not be taken into account in determining the Basis Adjustment resulting on any Exchange Date and (ii) the payments of principal under this Agreement related to any Taxable Exchange shall not be
treated as resulting in a Basis Adjustment until such payments are made. 
 SECTION 2.04. (a) Exchange Basis Schedule. The Ltd
Exchanging Subsidiaries delivered to LMDC a schedule (the “Exchange Basis Schedule”) approved by the Audit Committee that showed, in reasonable detail, for purposes of Covered Taxes, (i) the actual tax basis as of the first
applicable Exchange Date in such Covered Taxable Year of the Exchange Assets, (ii) the Basis Adjustment with respect to the Exchange Assets as a result of the Taxable Exchanges effected in such Covered Taxable Year, calculated in the aggregate,
and (iii) the period or periods, if any, over which the Exchange Assets were amortizable or depreciable. The Exchange Basis Schedule has become final and binding on the parties. 

(b) Amended Exchange Basis Schedule. The Exchange Basis Schedule may be amended from time to time by the Ltd Exchanging Subsidiaries
with the consent of the Audit Committee (i) in connection with a Determination or (ii) to correct inaccuracies to the original Exchange Basis Schedule identified after the date of the Taxable Exchange as a result of the receipt of
additional information. At the time the Ltd Exchanging Subsidiaries deliver such amended Exchange Basis Schedule to the Trust, they shall (x) deliver to the Trust schedules and work papers providing reasonable detail regarding the preparation
of the amended Exchange Basis Schedule and an Advisory Firm Letter supporting such amended Exchange Basis Schedule and (y) allow the Trust reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the
Advisory Firm in connection with its review of such schedule. The amended Exchange Basis Schedule shall become final and binding on the parties unless the Trust, within 60 calendar days after receiving such amended Exchange Basis Schedule, provides
the Ltd Exchanging Subsidiaries with notice of a material objection to such amended Exchange Basis Schedule made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 120
calendar days after such amended Exchange Basis Schedule was delivered to the Trust, the Ltd Exchanging Subsidiaries and the Trust shall employ the Reconciliation Procedures. 

SECTION 2.05. (a) Tax Benefit Schedule. Within 10 calendar days after filing the U.S. Federal Income Tax Return of the Relevant
Lazard Ltd Taxpayers for the relevant Covered Taxable Year, each Ltd Exchanging Subsidiary shall provide to the Trust a schedule approved by the Audit Committee showing, in reasonable detail, the calculation of each Relevant Lazard Ltd
Taxpayer’s Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year (the “Tax Benefit Schedule”). At the time the Ltd Exchanging Subsidiaries deliver the Tax Benefit Schedules to the Trust, they shall
(i) deliver to the Trust schedules and work papers providing reasonable detail regarding the preparation of the Tax Benefit Schedules (including, without limitation, information related to the amount of Ltd Sub A’s “effectively
connected income” with respect to the applicable Covered Taxable Year as determined for U.S. Federal income tax purposes) and an Advisory Firm Letter supporting such Tax Benefit Schedules and (ii) allow the Trust reasonable access to the
appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedules. The Tax Benefit 

  
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Schedules shall become final and binding on the parties unless the Trust, within 60 calendar days after receiving such Tax Benefit Schedules, provides the Ltd Exchanging Subsidiaries with notice
of a material objection to such Tax Benefit Schedules made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 120 calendar days after such Tax Benefit Schedules were
delivered to the Trust, the Ltd Exchanging Subsidiaries and the Trust shall employ the Reconciliation Procedures. 
 (b) Amended Tax
Benefit Schedule. A Tax Benefit Schedule for any Covered Taxable Year may be amended from time to time by the applicable Ltd Exchanging Subsidiary with the consent of the Audit Committee (i) in connection with a Determination affecting such
Tax Benefit Schedule, (ii) to correct inaccuracies in the original Tax Benefit Schedule identified as a result of the receipt of additional factual information relating to a Covered Taxable Year after the date the Tax Benefit Schedule was
provided to the Trustee, (iii) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Covered Taxable Year,
(iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year attributable to an amended tax return filed for such Covered Taxable Year (provided, however, that such a change
attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Tax Benefit Schedule unless and until there has been a Determination with respect to such change) or (v) to comply with the
expert’s determination under the Reconciliation Procedures. At the time a Ltd Exchanging Subsidiary delivers such an amended Tax Benefit Schedule pursuant to this Section 2.05(b) (an “Amended Tax Benefit Schedule”) to the
Trust, it shall (x) deliver to the Trust schedules and work papers providing reasonable detail regarding the preparation of the Amended Tax Benefit Schedule and an Advisory Firm Letter supporting such Amended Tax Benefit Schedule and
(y) allow the Trust reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedule. Such Amended Tax Benefit Schedule shall become final and
binding on the parties unless the Trust, within 60 calendar days after receiving such Amended Tax Benefit Schedule, provides the applicable Ltd Exchanging Subsidiary with notice of a material objection to such Amended Tax Benefit Schedule made in
good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 120 calendar days after such Amended Tax Benefit Schedule was delivered to the Trust, the Ltd Exchanging Subsidiary and
the Trust shall employ the Reconciliation Procedures. 
 (c) Applicable Principles. The Realized Tax Benefit or Realized Tax
Detriment for each Covered Taxable Year is intended to measure the decrease or increase in the actual Covered Tax liability of the Relevant Lazard Ltd Taxpayers for such Covered Taxable Year attributable to the Basis Adjustment and Imputed Interest,
determined using a “with and without” methodology. Carryovers or carrybacks of any tax item attributable to the Basis Adjustment and Imputed Interest (determined using such “with and without” methodology) shall be considered to
be subject to the rules of the Code (or any successor U.S. Federal income tax statute) and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise Tax law, as applicable, governing the use, limitation and
expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any tax item includes a portion that is attributable to the Basis Adjustment or Imputed Interest and another portion that is not, such portions shall be
considered to be used in the order determined using such “with and without” methodology. Schedule C to this Agreement provides illustrative examples of the applicable principles described in this Section 2.05(c) of this Agreement.

  
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 ARTICLE III 

Tax Benefit Payments 

SECTION 3.01. Payments. (a) Except as provided in Section 3.03, within 3 calendar days of the delivery of the Tax Benefit
Schedule to the Trust for any Covered Taxable Year the Ltd Exchanging Subsidiaries shall pay (i) to the Trust an amount equal to 80% of the Tax Benefit Payment (as defined below) for such Covered Taxable Year and (ii) to The Bank of New
York Mellon, or its successors or assigns, or any other Person mutually agreeable to the Ltd Exchanging Subsidiaries, the Audit Committee and the Trust (the “Escrow Agent”), an amount equal to 20% of the Tax Benefit Payment (as
defined below) for such Covered Taxable Year. The Escrow Agent shall hold each Tax Benefit Payment it receives in escrow pursuant to the Escrow Agreement until the expiration of the applicable statute of limitations attributable to the Covered
Taxable Year to which such Tax Benefit Payment relates, and upon expiration of the applicable statute of limitations attributable to the Covered Taxable Year to which such Tax Benefit Payment relates, such Tax Benefit Payment remaining in escrow,
and any interest accrued thereon, shall be distributed to the Trust, and the Ltd Exchanging Subsidiaries shall provide written instructions to the Escrow Agent in accordance with the Escrow Agreement that are necessary to cause the Escrow Agent to
so distribute such Tax Benefit Payment, and any interest accrued thereon, to the Trust. Each Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank accounts of the Trust and the Escrow Agent previously
designated by such parties to the Ltd Exchanging Subsidiaries. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, estimated Federal Income Tax payments. 

(b) A “Tax Benefit Payment” shall equal, with respect to each Ltd Exchanging Subsidiary, the Payment Percentage of the
applicable Ltd Exchanging Subsidiary’s Realized Tax Benefit, if any, for a Covered Taxable Year, 
 increased by: 

(1) interest calculated at the Agreed Rate from the due date (without extensions) for filing the Tax Return with respect to
Covered Taxes for such Covered Taxable Year); and 
 (2) the amount of the excess Realized Tax Benefit reflected on an
Amended Tax Benefit Schedule for a previous Covered Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Tax Benefit Schedule for such previous Covered Taxable Year; 

and decreased by: 

(3) an amount equal to the Ltd Exchanging Subsidiary’s Realized Tax Detriment (if any) for any previous Covered Taxable
Year; 
 (4) the amount of the excess Realized Tax Benefit reflected on the Tax Benefit Schedule for a previous Covered
Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Amended Tax Benefit Schedule for such previous Covered Taxable Year; 

  
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 provided, however, that the amounts described in Sections 3.01(b)(2), (3) and (4) shall not be
taken into account in determining a Tax Benefit Payment attributable to any Covered Taxable Year to the extent of such amounts taken into account in determining any Tax Benefit Payment in a preceding Covered Taxable Year. 

(c) Within 3 days of receiving any Tax Benefit Payment, the Trust shall distribute such Tax Benefit Payment in accordance with
Section 3.1 of the Trust Agreement and subject to the terms of Section 3.4 and 3.5 of the Trust Agreement. 
 SECTION 3.02. No
Duplicative Payments. No duplicative payment of any amount (including, without limitation, interest) will be required under this Agreement. 

SECTION 3.03. Suspension of Tax Benefit Payments Following Change Notice. 

(a) If Lazard, its Subsidiaries or Lazard Group receives a 30-day letter, a final audit report, a statutory notice of deficiency or similar
written notice from any Taxing Authority with respect to the Tax treatment of the Redemption or any Taxable Exchange (a “Change Notice”), which, if sustained, would result in (i) a reduction in the amount of Realized Tax
Benefit (or the increase in the amount of Realized Tax Detriment) with respect to a Covered Taxable Year preceding the taxable year in which the Change Notice is received or (ii) a reduction in the amount of Tax Benefit Payments the Ltd
Exchanging Subsidiaries will be required to pay to the Trust with respect to Covered Taxable Years after and including the taxable year in which the Change Notice is received (collectively, the “Potential Reduction”), prompt written
notice shall be given to the Trust. 
 (b) From and after the date such Change Notice is received until there is a final Determination with
respect to the adjustments proposed therein, 100% of any Tax Benefit Payments required to be made by the Ltd Exchanging Subsidiaries shall be paid by the Ltd Exchanging Subsidiaries to the Escrow Agent until such time as the amounts paid to the
Escrow Agent under Section 3.01(a)(ii) with respect to the Covered Taxable Year at issue in the Change Notice and this Section 3.03(b), in the aggregate, equal the amount of the Potential Reduction (or, if earlier, until a final
Determination is received with respect to the Change Notice). 
 (c) If a final Determination with respect to the Change Notice results in
no adjustment to any Tax Benefit Payment, then 80% of the amounts paid to the Escrow Agent pursuant to this Section 3.03 (along with interest earned on such funds) shall be distributed to the Trust in accordance with this Agreement and the
Escrow Agreement. If the final Determination results in an adjustment to any Tax Benefit Payment, then the lesser of (i) the amounts paid to the Escrow Agent pursuant to this Section 3.03 and (ii) the amount of the adjustment to the
Tax Benefit Payment, in each case, along with interest earned on such funds, shall be distributed to the Ltd Exchanging Subsidiaries in accordance with this Agreement and the Escrow Agreement. 

  
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 SECTION 3.04. Lazard Purchases; Adjustments to the Payment Percentage. 

(a) From time to time following the consummation of the Trust Interest Distribution, Lazard Purchaser may, but shall have no obligation to,
effect one or more Lazard Purchases, and the Ltd Exchanging Subsidiaries and the Trust each agree to perform such further administrative acts as may be reasonably required to effect any such Lazard Purchase. Any Trust Interests purchased by Lazard
Purchaser shall, without any action on the part of the Trust, the holder of such Trust Interests, Lazard Purchaser, be canceled, retired and shall cease to exist. For the avoidance of doubt, except for a Transferor Owner (as defined in the Trust
Agreement) pursuant to Section 7.4 of the Trust Agreement, no owner of the Trust Interests will be required to enter into a Lazard Purchase. 

(b) Following the consummation of any Lazard Purchase, the percentage set forth on Schedule F shall automatically be reduced by the percentage
equal to the product of (i) the percentage set forth on Schedule F immediately prior to such Lazard Purchase and (ii) the Purchased Percentage. Any reduction to the percentage set forth on Schedule F in accordance with this
Section 3.04 and any changes made to Schedule F to reflect such reduction shall not be deemed an amendment to this Agreement. Any reference in this Agreement to Schedule F shall be deemed to be a reference to Schedule F, as amended or revised
and in effect from time to time. 
 (c) Following the consummation of any Lazard Purchase, the Ltd Exchanging Subsidiaries shall deliver to
the Trust a schedule providing reasonable detail regarding the calculation of the automatic reduction to the percentage set forth on Schedule F. 

(d) Following the consummation of any Lazard Purchase, an amount equal to the product of (i) the Purchased Percentage and (ii) all
Tax Benefit Payments then held in the Escrow Account at the time of the relevant Lazard Purchase, along with interest earned on such funds (a “Lazard Escrow Release”), shall be distributed to the Ltd Exchanging Subsidiaries in
accordance with this Agreement and the Escrow Agreement; provided, however, if any quantified Ordinary Course Trust Expenses that are accrued but unpaid are then owed by the Trust to the Trustees, a portion of such Lazard Escrow
Release shall be withheld from the distribution to the Ltd Exchanging Subsidiaries in an amount equal to the lesser of the following: (x) the amount of the Lazard Escrow Release and (y) Lazard’s portion of such Ordinary Course Trust
Expenses (as determined and calculated in accordance with Section 4.6 of the Trust Agreement). Following the consummation of any Lazard Purchase, any amounts of a related Lazard Escrow Release withheld from the Ltd Exchanging Subsidiaries
pursuant to the immediately preceding sentence shall be distributed to the Trust in accordance with this Agreement and the Escrow Agreement, and, for the purposes of this Agreement, any such amount withheld shall be deemed a Lazard Escrow Release
for the purposes of Section 3.04(e) and the definition of Hypothetical Pro Rata Escrow Amount. In the event the amount set forth in clause (x) above is less than the amount calculated pursuant to clause (y) above, the Ltd Exchanging
Subsidiaries shall pay the difference to the Trust concurrently with the consummation of the related Lazard Purchase. In connection with the consummation of any Lazard Purchase, the Ltd Exchanging Subsidiaries shall deliver to the Trust a schedule
providing reasonable detail regarding the calculation of the amounts described in this Section 3.04(d). 

  
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 (e) Notwithstanding anything to the contrary in this Agreement, if, at any time following the
first occurrence of any Lazard Purchase and related Lazard Escrow Release, there is required to be distributed to the Ltd Exchanging Subsidiaries any amount from the Escrow Account (other than in respect of a Lazard Escrow Release), then the amount
to be distributed to the Ltd Exchanging Subsidiaries shall be reduced so that, immediately following such distribution and with respect to each Schedule D Person, the Pro Rata Escrow Amount of such Schedule D Person is equal to the Hypothetical Pro
Rata Escrow Amount of such Schedule D Person. In connection with any required distribution in respect of an adjustment pursuant to this Section 3.04(e), the Ltd Exchanging Subsidiaries shall deliver to the Trust a schedule providing reasonable
detail regarding the calculation of the amounts described in this Section 3.04(e). 
 SECTION 3.05. Potential Modifications to
Schedule D of this Agreement. Notwithstanding anything to the contrary in this Agreement, the names, addresses and Trust Interests set forth on Schedule D shall be automatically amended from time to time to reflect the consummation of any
Transfers in accordance with Article VII of the Trust Agreement. In the event of any Lazard Purchase, (i) first, each Trust Interest set forth on Schedule D automatically shall be reduced to the extent such Trust Interest is sold, transferred
or otherwise disposed in such Lazard Purchase (e.g., a sale of 45% of a Trust Interest shall reduce the percentage associated with such Trust Interest by 45%) and (ii) second, each Trust Interest (after giving effect to the adjustments
specified in clause (i) above) shall be increased by a factor equal to (A) one plus (B) the quotient obtained by dividing (x) the Purchased Percentage by (y) one minus the Purchased Percentage. 

ARTICLE IV 

Termination 

SECTION 4.01. Early Termination of Agreement. At any time, the Ltd Exchanging Subsidiaries may terminate this Agreement with the
consent of the Audit Committee by paying to the Trust the Early Termination Payment as of the date of the Early Termination Notice (as defined below). The Ltd Exchanging Subsidiaries may terminate this Agreement upon the occurrence of a Change of
Control Event by paying to the Trust the Change of Control Termination Payment as of the date of the Early Termination Notice. Upon payment of the Early Termination Payment or the Change of Control Termination Payment by the Ltd Exchanging
Subsidiaries, the Ltd Exchanging Subsidiaries shall have no further payment obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by the Ltd Exchanging Subsidiaries and the Trust as due and payable but unpaid as
of the Early Termination Notice and (b) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or (b) is
included in the Early Termination Payment or the Change of Control Termination Payment, as the case may be). 
 SECTION 4.02. Early
Termination Notice. If the Ltd Exchanging Subsidiaries choose to exercise their right of early termination under Section 4.01 above, the Ltd Exchanging Subsidiaries shall deliver to the Trust a notice (the “Early Termination
Notice”) specifying the Ltd Exchanging Subsidiaries’ intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment or the Change of Control Termination

  
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Payment, as the case may be. At the time the Ltd Exchanging Subsidiaries deliver the Early Termination Notice to the Trust, the Ltd Exchanging Subsidiaries shall (i) deliver to the Trust
schedules and work papers providing reasonable detail regarding the calculation of the Early Termination Payment or the Change of Control Termination Payment, as the case may be, in a manner consistent with the guidelines set forth in
Section 4.03 of this Agreement and an Advisory Firm Letter supporting such calculation and (ii) allow the Trust reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in
connection with its review of such calculation. The calculation contained in such Early Termination Notice shall become final and binding on the parties unless the Trust, within 60 calendar days after receiving such calculation, provides the Ltd
Exchanging Subsidiaries with notice of a material objection to such calculation made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such calculation within 120 calendar days after
such calculation was delivered to the Trust, the Ltd Exchanging Subsidiaries and the Trust shall employ the Reconciliation Procedures. 

SECTION 4.03. Payment upon Early Termination. (a) Within 3 calendar days of the delivery to the Trust of the Early Termination
Notice or any amendment to the Early Termination Notice, the Ltd Exchanging Subsidiaries shall pay to the Trust an amount equal to the Early Termination Payment or the Change of Control Termination Payment, as the case may be. Such payment shall be
made by wire transfer of immediately available funds to a bank account designated by the Trust. 
 (b) The Early Termination Payment as of
the Valuation Date shall equal the present value, discounted at the Early Termination Rate, of all Tax Benefit Payments that would be required to be paid by the Ltd Exchanging Subsidiaries to the Trust during the period from the date of the Early
Termination Notice through the Scheduled Termination Date assuming the Valuation Assumptions are applied. 
 (c) The Change of Control
Termination Payment as of the Valuation Date shall equal the Early Termination Payment as of such date multiplied by 80%. 
 SECTION 4.04.
No Other Right of Early Termination. For the avoidance of doubt, the Trust shall not be entitled to cause an early termination of this Agreement. 

ARTICLE V 

Subordination and Late Payments 

SECTION 5.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early
Termination Payment or Change of Control Termination Payment required to be made by the Ltd Exchanging Subsidiaries to the Trust under this Agreement (a “Ltd Exchanging Subsidiary Payment”) shall rank subordinate and junior in right
of payment to any principal, interest or other amounts due and payable in respect of any debt of the Ltd Exchanging Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of
the Ltd Exchanging Subsidiaries that are not Senior Obligations. 
 SECTION 5.02. Late Payments by the Ltd Exchanging Subsidiaries.
The amount of all or any portion of a Ltd Exchanging Subsidiary Payment not made to the Trust when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Agreed Rate and commencing from the date on
which such Ltd Exchanging Subsidiary Payment was due and payable. 

  
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 ARTICLE VI 

No Disputes; Consistency; Cooperation; Assignment; Distribution; Tax Treatment 

SECTION 6.01. The Trust Participation In Ltd Exchanging Subsidiary Tax Matters. Except as otherwise provided herein, the Ltd Exchanging
Subsidiaries shall have full responsibility for, and sole discretion over, all Tax matters concerning any Relevant Lazard Ltd Taxpayer, including, without limitation, the preparation, filing or amending of any Tax Return and defending, contesting or
settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Ltd Exchanging Subsidiaries shall notify the Trust of, and keep the Trust reasonably informed with respect to, and the Trust shall have the right to participate in and
monitor (but, for the avoidance of doubt, not to control) the portion of any audit of the Relevant Lazard Ltd Taxpayers by a Taxing Authority the outcome of which is reasonably expected to affect the Trust’s rights under this Agreement. The Ltd
Exchanging Subsidiaries shall provide to the Trust reasonable opportunity to provide information and other input to the Ltd Exchanging Subsidiaries and its advisors concerning the conduct of any such portion of such audits. No Relevant Lazard Ltd
Taxpayer shall settle or otherwise resolve any audit or other challenge by a Taxing Authority relating to the Basis Adjustment or the deduction of Imputed Interest without the consent of the Audit Committee and the Trust, which consent the Trust
shall not unreasonably withhold, condition or delay. 
 SECTION 6.02. Consistency. Unless there is a Determination to the contrary,
the Relevant Lazard Ltd Taxpayers, the Trust and the Exchangeable Holders, on their own behalf and on behalf of each of their affiliates, agree to report and cause to be reported for all U.S. purposes, including, without limitation, U.S. Federal,
state and local income and franchise Tax purposes and U.S. financial reporting purposes, all Tax-related items relating to this Agreement (including, without limitation, the Basis Adjustment and each Tax Benefit Payment) in a manner consistent with
that specified by the Ltd Exchanging Subsidiaries in any schedule, letter or certificate required to be provided by or on behalf of the Ltd Exchanging Subsidiaries under this Agreement. In the event that an Advisory Firm is replaced with another
firm acceptable to the Audit Committee, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless otherwise required by law or
the Ltd Exchanging Subsidiaries, the Audit Committee and the Trust agree to the use of other procedures and methodologies. 
 SECTION 6.03.
Cooperation. The Trust shall (a) furnish to the Ltd Exchanging Subsidiaries in a timely manner such information, documents and other materials as the Ltd Exchanging Subsidiaries may reasonably request for purposes of making any
determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make its employees available to the Ltd
Exchanging Subsidiaries and its representatives to 

  
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provide explanations of documents and materials and such other information as the Ltd Exchanging Subsidiaries or its representative may reasonably request in connection with any of the matters
described in clause (a) above, and (c) reasonably cooperate in connection with any such matter. 
 SECTION 6.04.
Assignment. LMDC hereby assigns all of its rights and obligations under this Agreement to the Trust and the Trust hereby assumes all of LMDC’s rights and obligations under this Agreement. Following the effectiveness of this
Agreement and the consummation of the Trust Interest Distribution, LMDC shall have no further rights or obligations under this Agreement. 

SECTION 6.05. Distribution. Immediately following the execution of this Agreement, LMDC shall effect the Trust Interest Distribution.

 SECTION 6.06. Tax Treatment. The parties agree that, for U.S. Federal income tax purposes, (i) the Trust is a grantor trust
pursuant to Section 671-679 of the Code and (ii) the Trust Interest Distribution is a distribution described in Section 732 of the Code in which no gain or loss is recognized. The parties shall not take any position that is
inconsistent with this treatment. 
 ARTICLE VII 

General Provisions 

SECTION 7.01. Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a Business Day (or otherwise on the next Business Day) or
(b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth in Schedule E, or pursuant to such other instructions as may be designated
in writing by the party to receive such notice. Any party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner set forth above. 

SECTION 7.02. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the
same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

SECTION 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior
agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and
permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

  
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 SECTION 7.04. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York without giving effect to applicable principles of conflict of laws. 
 SECTION 7.05.
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated
as originally contemplated to the greatest extent possible. 
 SECTION 7.06. Successors; Assignment; Amendments. The Trust may not
assign this Agreement to any person without the prior written consent of the Ltd Exchanging Subsidiaries and the Audit Committee, which consent shall not be unreasonably withheld, conditioned or delayed. The Ltd Exchanging Subsidiaries may not
assign any of their rights, interests or entitlements under this Agreement without the consent of the Trust, not to be unreasonably withheld or delayed. Subject to each of the two immediately preceding sentences, this Agreement will be binding upon,
inure to the benefit of and be enforceable by, the parties and their respective successors and assigns including, without limitation, any acquirer of all or substantially all of the assets of Lazard. Lazard shall cause the Ltd Exchanging
Subsidiaries to be the legal and beneficial owners of all of the direct or indirect interests held by Lazard or any of its Subsidiaries in Lazard Group. In the event that Lazard ceases to be the owner of the Ltd Exchanging Subsidiaries, the
successor to Lazard shall assume all of Lazard’s rights and obligations under this Agreement. 
 No amendment to this Agreement shall be effective
unless it is (i) in writing, (ii) signed by the Ltd Exchanging Subsidiaries and the Trust and (iii) approved by the Audit Committee. 

SECTION 7.07. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only
and are not to be considered in construing this Agreement. 
 SECTION 7.08. Submission to Jurisdiction; Waivers. With respect to any
suit, action or proceeding relating to this Agreement (collectively, a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the exclusive jurisdiction of the courts of the States of New York and
Delaware and any court of the U.S. located in the Borough of Manhattan in New York City or the State of Delaware; (b) waives any objection which such party may have at any time to the laying of venue of any Proceeding brought in any such court,
waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to object, with respect to such Proceeding, that such court does not have jurisdiction over such party; (c) consents to the service of
process at the address set forth for notices in Section 7.01 herein; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law; and
(d) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 

  
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 SECTION 7.09. Reconciliation. In the event that the Ltd Exchanging Subsidiaries and the
Trust are unable to resolve a disagreement within the relevant period designated in this Agreement, the matter shall be submitted for determination to a nationally recognized expert in the particular area of disagreement employed by a nationally
recognized accounting firm or a law firm (other than the Advisory Firm), which expert is mutually acceptable to all parties and the Audit Committee. If the matter is not resolved before any payment that is the subject of a disagreement is due or any
Tax Return reflecting the subject of a disagreement is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Ltd Exchanging Subsidiaries, subject to adjustment or amendment upon
resolution. The determinations of the expert pursuant to this Section 7.09 shall be binding on Lazard and its Subsidiaries, Lazard Group and the Trust absent manifest error. 

SECTION 7.10. Withholding. The Ltd Exchanging Subsidiaries and the Escrow Agent shall be entitled to deduct and withhold from any
payment payable pursuant to this Agreement such amounts as the Ltd Exchanging Subsidiaries and the Escrow Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or
foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate taxing authority by the Ltd Exchanging Subsidiaries or the Escrow Agent, such withheld amounts shall be treated for all purposes of this Agreement as having
been paid to the Trust. 
 SECTION 7.11. Effectiveness. The effectiveness of the amendments to the First Amended Agreement
contemplated hereby shall become effective upon the consummation of the Trust Interest Distribution, other than the amendments contemplated by Section 6.05, Section 6.06 and this Section 7.11 which shall be effective as of the date of
this Agreement. 
 SECTION 7.12. Limitation of Liability of Trustee. The Trust is a Delaware statutory trust and a separate legal
entity under the Delaware Statutory Trust Act and pursuant to such act a trustee, when acting in such capacity, is not personally liable to any person (other than the statutory trust or any beneficial owner thereof) for any act, omission or
obligation of a statutory trust. In furtherance thereof, the parties hereto are put on notice and hereby acknowledge and agree that (a) this Agreement is executed and delivered by The Bank of New York Mellon (“Bank”), not
individually or personally but solely as Trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and
intended not as personal representations, undertakings and agreements by Bank but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on Bank, individually or
personally, to perform any covenant either expressed or implied contained herein of the Trust, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Bank
has made no investigation as to the accuracy or completeness of any recitals, representations and warranties or statements made by the Trust in this Agreement and (e) under no circumstances shall Bank be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by 

  
 -22- 

 
the Trust under this Agreement or any other related documents. Further, any actions the Trustee takes with respect to the Trust will be taken only to the extent appropriate authorization or
direction is provided to the Trustee pursuant to the terms of the Trust Agreement of the Trust and absent appropriate direction the Trustee will have the express right to take no action on behalf of the Trust regardless of consequences. 

  
 -23- 

 IN WITNESS WHEREOF, the parties to this Agreement have duly executed this Agreement as of the
date first written above. 
  

					
	LTD SUB A
		
	By		 /s/ Matthieu Bucaille

			Name:		Matthieu Bucaille
			Title:		Manager
	
	LTD SUB B
		
	By		 /s/ Scott D. Hoffman

			Name:		Scott D. Hoffman
			Title:		Secretary
	
	LMDC HOLDINGS LLC
		
	By		 /s/ James V. Hansford

			Name:		James V. Hansford
			Title:		Chief Financial Officer
	
	LTBP TRUST
	
	By: The Bank of New York Mellon, not in its individual capacity but solely as trustee
		
	By		 /s/ Stacey B. Poindexter

			Name:		Stacey B. Poindexter
			Title:		Vice PresidentEX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 GM FINANCIAL AUTOMOBILE LEASING
TRUST 2015-2 
 CLASS A-1 0.40000% ASSET BACKED NOTES 

CLASS A-2-A 1.18% ASSET BACKED NOTES 

CLASS A-2-A FLOATING RATE ASSET BACKED NOTES 

CLASS A-3 1.68% ASSET BACKED NOTES 

CLASS A-4 1.85% ASSET BACKED NOTES 

CLASS B 2.42% ASSET BACKED NOTES 

CLASS C 2.99% ASSET BACKED NOTES 

CLASS D 3.34% ASSET BACKED NOTES 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2, 

as Issuer 
 GM FINANCIAL 

as Servicer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Indenture Trustee 
  

 
 INDENTURE 

Dated as of May 1, 2015 
  

 
  

 

 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
	  	 	4	  
	 SECTION 2.4.
	 	 Registration; Registration of Transfer and Exchange
	  	 	5	  
	 SECTION 2.5.
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	7	  
	 SECTION 2.6.
	 	 Persons Deemed Owner
	  	 	7	  
	 SECTION 2.7.
	 	 Payment of Principal and Interest
	  	 	8	  
	 SECTION 2.8.
	 	 Cancellation
	  	 	9	  
	 SECTION 2.9.
	 	 Tax Treatment
	  	 	9	  
	 SECTION 2.10.
	 	 Representations and Warranties as to the Security Interest of the Indenture Trustee in the Indenture Collateral
	  	 	9	  
	 SECTION 2.11.
	 	 Book-Entry Notes
	  	 	12	  
	 SECTION 2.12.
	 	 Notices to Clearing Agency
	  	 	13	  
	 SECTION 2.13.
	 	 Definitive Notes
	  	 	13	  
		
	 ARTICLE III COVENANTS
	  	 	14	  
			
	 SECTION 3.1.
	 	 Payment of Principal and Interest
	  	 	14	  
	 SECTION 3.2.
	 	 Maintenance of Office or Agency
	  	 	14	  
	 SECTION 3.3.
	 	 Money for Payments To Be Held in Trust
	  	 	14	  
	 SECTION 3.4.
	 	 Existence
	  	 	15	  
	 SECTION 3.5.
	 	 Protection of Issuer Trust Estate
	  	 	15	  
	 SECTION 3.6.
	 	 Opinions as to Issuer Trust Estate
	  	 	16	  
	 SECTION 3.7.
	 	 Performance of Issuer Obligations; Servicing of 2015-2 Designated Pool
	  	 	17	  
	 SECTION 3.8.
	 	 Certain Negative Covenants
	  	 	18	  
	 SECTION 3.9.
	 	 Annual Statement as to Compliance
	  	 	18	  
	 SECTION 3.10.
	 	 Payment of Taxes
	  	 	19	  
	 SECTION 3.11.
	 	 Limitation on Fundamental Changes and Sale of Assets
	  	 	19	  
	 SECTION 3.12.
	 	 No Other Business
	  	 	19	  
	 SECTION 3.13.
	 	 No Borrowing
	  	 	19	  
	 SECTION 3.14.
	 	 Issuer Obligations of Servicer
	  	 	19	  
	 SECTION 3.15.
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	20	  
	 SECTION 3.16.
	 	 Transactions With Affiliates
	  	 	20	  
	 SECTION 3.17.
	 	 Capital Expenditures and Payments
	  	 	20	  

  
 i 

							
	 SECTION 3.18.
		 Compliance with Laws
		 	20	  
	 SECTION 3.19.
		 Restricted Payments
		 	20	  
	 SECTION 3.20.
		 Notice of Events of Default
		 	21	  
	 SECTION 3.21.
		 Other Notices
		 	21	  
	 SECTION 3.22.
		 Further Instruments and Acts
		 	21	  
	 SECTION 3.23.
		 Delivery of the 2015-2 Exchange Note
		 	21	  
	 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
		 	24	  
	 SECTION 5.4.
		 Remedies; Priorities
		 	27	  
	 SECTION 5.5.
		 Optional Preservation of the Issuer Trust Estate
		 	28	  
	 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 Majority Noteholders
		 	29	  
	 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
		 	30	  
	 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
		 	32	  
	 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
		 	34	  
	 SECTION 6.6.
		 Compensation and Indemnity
		 	34	  
	 SECTION 6.7.
		 Replacement of Indenture Trustee
		 	35	  
	 SECTION 6.8.
		 Successor Indenture Trustee by Merger
		 	36	  
	 SECTION 6.9.
		 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
		 	36	  
	 SECTION 6.10.
		 Eligibility; Disqualification
		 	37	  
	 SECTION 6.11.
		 Representations and Warranties of Indenture Trustee
		 	38	  

  
 ii 

							
	 SECTION 6.12.
		Preferential Collection of Claims Against Issuer		 	39	  
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
		 	39	  
			
	 SECTION 7.1.
		 Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders
		 	39	  
	 SECTION 7.2.
		 Preservation of Information; Communications to Noteholders
		 	39	  
	 SECTION 7.3.
		 Reports by Issuer
		 	39	  
	 SECTION 7.4.
		 Reports by Indenture Trustee
		 	40	  
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS, RELEASES, REPORTS AND NOTICES
		 	40	  
			
	 SECTION 8.1.
		 Collection of Money
		 	40	  
	 SECTION 8.2.
		 Servicer Report
		 	41	  
	 SECTION 8.3.
		 Disbursement of Funds
		 	41	  
	 SECTION 8.4.
		 Release of Issuer Trust Estate
		 	44	  
	 SECTION 8.5.
		 Opinion of Counsel
		 	45	  
	 SECTION 8.6.
		 Reports and Notices to Noteholders
		 	45	  
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
		 	46	  
			
	 SECTION 9.1.
		 Supplemental Indentures Without Consent of Noteholders
		 	46	  
	 SECTION 9.2.
		 Supplemental Indentures with Consent of Noteholders
		 	48	  
	 SECTION 9.3.
		 Execution of Supplemental Indentures
		 	49	  
	 SECTION 9.4.
		 Effect of Supplemental Indenture
		 	49	  
	 SECTION 9.5.
		 Conformity With Trust Indenture Act
		 	49	  
	 SECTION 9.6.
		 Reference in Notes to Supplemental Indentures
		 	49	  
		
	 ARTICLE X REDEMPTION OF NOTES
		 	50	  
			
	 SECTION 10.1.
		 Redemption
		 	50	  
	 SECTION 10.2.
		 Form of Redemption Notice
		 	50	  
	 SECTION 10.3.
		 Notes Payable on Redemption Date
		 	51	  
		
	 ARTICLE XI MISCELLANEOUS
		 	51	  
			
	 SECTION 11.1.
		 Compliance Certificates and Opinions, etc
		 	51	  
	 SECTION 11.2.
		 Form of Documents Delivered to Indenture Trustee
		 	53	  
	 SECTION 11.3.
		 Acts of Noteholders
		 	53	  
	 SECTION 11.4.
		 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies
		 	54	  
	 SECTION 11.5.
		 Notices to Noteholders; Waiver
		 	55	  
	 SECTION 11.6.
		 Alternate Payment and Notice Provisions
		 	55	  
	 SECTION 11.7.
		 Conflict with Trust Indenture Act
		 	55	  
	 SECTION 11.8.
		 Effect of Headings and Table of Contents
		 	56	  
	 SECTION 11.9.
		 Successors and Assigns
		 	56	  
	 SECTION 11.10.
		 Separability
		 	56	  
	 SECTION 11.11.
		 Benefits of Indenture
		 	56	  
	 SECTION 11.12.
		 Legal Holidays
		 	56	  

  
 iii 

							
	 SECTION 11.13.
		 GOVERNING LAW
		 	56	  
	 SECTION 11.14.
		 Counterparts
		 	57	  
	 SECTION 11.15.
		 Recording of Indenture
		 	57	  
	 SECTION 11.16.
		 Trust Obligation
		 	57	  
	 SECTION 11.17.
		 No Petition the Issuer, Depositor, Settlor or Titling Trust
		 	58	  
	 SECTION 11.18.
		 No Recourse
		 	58	  
	 SECTION 11.19.
		 Execution of Financing Statements
		 	58	  
	 SECTION 11.20.
		 Determination of LIBOR
		 	59	  

 ANNEX A -Definitions 
 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 May 1, 2015 (as the same may be amended, restated, supplemented or
otherwise modified, this “Indenture” or this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2, 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 0.40000% Asset Backed Notes (the “Class A-1 Notes”), Class A-2-A 1.18% Asset Backed Notes (the “Class A-2-A
Notes”), Class A-2-B Floating Rate Asset Backed Notes (the “Class A-2-B Notes”),Class A-3 1.68% Asset Backed Notes (the “Class A-3 Notes”), Class A-4 1.85% 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 2.42% Asset Backed Notes (the “Class B Notes”), Class C 2.99%
Asset Backed Notes (the “Class C Notes”) and Class D 3.34% 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 2015-2 Secured Parties, all of the Issuer’s right, title and interest in and to (a) the 2015-2 Exchange Note, (b) the 2015-2
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 2015-2 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 2015-2 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 2015-2 Exchange Note Sale Agreement, (d) the rights of the Issuer, as transferee under the 2015-2 Exchange Note Transfer Agreement, (e) the
rights and benefits of the Issuer, as 2015-2 Exchange Noteholder under the 2015-2 Servicing Agreement, the 2015-2 Exchange Note Supplement and the Credit and Security Agreement, (f) the rights of the Issuer as a third-party beneficiary of the
2015-2 Servicing Agreement, the 2015-2 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 2015-2 Exchange Note Supplement, dated as of May 1, 2015 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “2015-2 Exchange Note Supplement”), 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 Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security
Agreement”), 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 2015-2 Exchange Note and/or the 2015-2 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-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 $119,000,000, Class A-2-A Notes for original issue in an aggregate principal amount of $77,000,000, Class A-2-B Notes for original issue in an aggregate principal amount of $273,000,000, Class A-3 Notes for original issue in
an aggregate principal amount of $321,000,000, Class A-4 Notes for original issue in an aggregate principal amount of $100,180,000, Class B Notes for original issue in an aggregate principal amount of $41,750,000, Class C Notes for original
issue in an aggregate principal amount of $38,490,000 and Class D Notes for original issue in an aggregate principal amount of $29,820,000. 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. 
 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. 

  
 4 

 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. 

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. 

  
 5 

 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. 

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 Notes, Class A-4 Note, Class B Note, Class C Note or Class D 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 Title I 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,
Class C Note or Class D 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 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. 

(c) 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 at the time of such sale or transfer
an 

  
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Opinion of Counsel is provided to the effect that either (i) 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 (ii) 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. 

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, 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 

  
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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 Notes,
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 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. 

  
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 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 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 2015-2 Designated Pool or the right to take deductions for depreciation or otherwise. 

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 2015-2 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 2015-2 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 2015-2 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. 

  
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 (d) All of the Indenture Collateral that constitutes securities entitlements (other than the
2015-2 Exchange Note to the extent the 2015-2 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: 

(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 

  
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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 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 

  
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 (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 2015-2 Exchange Note from the Lender to the Depositor under the 2015-2 Exchange Note
Sale Agreement, the transfer of the 2015-2 Exchange Note from the Depositor to the Issuer under the 2015-2 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 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; 

  
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 (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. 
 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. 

  
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 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 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 

  
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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 2015-2 Exchange Note Collections, all amounts collected with respect to the Issuer Collateral, 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; provided, however, that the Indenture Trustee, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in a
newspaper published in the English language, customarily published on each Business Day and of general circulation in the City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Issuer, any other
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 Collateral 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 2015-2 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 2015-2 Secured Parties, a first 

  
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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 2015-2 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. 
 SECTION 3.6. Opinions as to
Issuer Trust Estate. 
 (a) On the 2015-2 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 2015-2 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 2015-2 Secured Parties in the 2015-2 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. 

(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 

  
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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 2015-2 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 Indenture 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 2015-2 Servicing Agreement
with respect to the 2015-2 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 2015-2 Servicing Supplement, all of the rights and obligations of the Servicer with respect to the 2015-2 Exchange Note Assets only and the Indenture Trustee, at
the direction of the Majority Noteholders, shall appoint a Successor Servicer pursuant to the 2015-2 Servicing Supplement. 

  
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 (e) Upon any termination of the rights and powers of the Servicer or the resignation of the
Servicer pursuant to the 2015-2 Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as any Successor Servicer is appointed pursuant to the 2015-2 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 2015-2 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 2015-2 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 2015), 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: 
 (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 

  
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 (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 2015-2 Exchange Note and the underlying 2015-2 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 2015-2 Servicing Agreement. 

  
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 SECTION 3.15. Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by
the 2015-2 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 (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 personality), except as contemplated by the 2015-2 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 

  
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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. 

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 2015-2 Exchange Note. 

(a) On the 2015-2 Closing Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations
hereunder, the 2015-2 Exchange Note. The Indenture Trustee shall take possession of the 2015-2 Exchange Note in Minneapolis, Minnesota and shall at all times during the period of this Indenture maintain custody of the 2015-2 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
2015-2 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 2015-2 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 2015-2 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 2015-2 Designated Pool. 

  
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 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 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, an 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. 

  
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 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 2015-2
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; 

(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 2015-2 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 2015-2 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, 

  
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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 

(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 

  
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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 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; 

  
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 (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 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. 

  
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 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 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 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 without regard to any caps set forth in clause (i) of Section 8.3 (a);

  
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 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, the Class A-2-B Notes, the Class A-3 Notes and the 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; 

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; and 

TENTH: 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. 

  
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 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 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 Majority 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; provided, that: 

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

  
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 (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. 
 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. 

  
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 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 

(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: 

  
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 (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; and 

(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. 
 (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 2015-2 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, 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. 

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. 

  
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 (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. 
 (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
2015-2 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. 

  
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 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 shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and
it shall not be responsible for any statement of the Issuer in the 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. 

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. 

  
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 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 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. 

  
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 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. 
 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 

  
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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 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. 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. 

  
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 (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). 

(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. 

  
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 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). 

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 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). 

SECTION 7.3. Reports by Issuer. 

(a) The Issuer shall: 

(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 

  
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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, 2016, 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. 

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

  
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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) no later than the twenty-second
(22nd) day of each month, prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the Rating Agencies, a Servicer Report with respect to the next Payment Date
and the related Collection Period. 
 (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: 
 (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), and (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; 

(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; 

  
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 (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; 

(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; 

  
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 (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 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; 
 (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; 

  
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 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 reimburse the Indenture Trustee for any
out-of-pocket expenses (including legal fees and expenses) incurred. 
 (e) Distributions required to be made to 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 2015-2 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 

  
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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 2015-2 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 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; 

  
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 (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 2015-2 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 2015-2 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 2015-2 Exchange Note Transfer Agreement; 
 (g) as promptly as practicable after receipt,
a copy of any notice received by the Indenture Trustee pursuant to the 2015-2 Exchange Note Supplement, the 2015-2 Exchange Note Sale Agreement and the 2015-2 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 2015-2 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 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: 

  
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 (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 
 (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. 

  
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 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;” 
 (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. 

  
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 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. 

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. 

  
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 ARTICLE X 

REDEMPTION OF NOTES 
 SECTION
10.1. Redemption. The Servicer shall be permitted at its option to purchase the 2015-2 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 2015-2 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 2015-2 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 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). 

  
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 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; 
 (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. 

  
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 (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 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 2015-2 Exchange Note Collections Account as and to the
extent permitted or required by the Program Documents. 

  
 52 

 (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, 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 

  
 53 

 
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. 

(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 Moody’s, to 7 World Trade Center, 250 Greenwich Street, New York, New York 10007 or (ii) 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 Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
Business, 55 Water Street, 41st Floor, New York, New York 10041-0003, Attention: ABS Surveillance Group; or, as to each of the foregoing, at such other address as shall be designated by written notice to the parties hereto. 

  
 54 

 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. 

  
 55 

 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). 

  
 56 

 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. 

(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. 

  
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 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 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. 

  
 58 

 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 15, 2015, 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 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 major banks in New York City selected by the Calculation Agent 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 the banks selected by the Calculation Agent 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). 

[Remainder of Page Intentionally Left Blank] 

  
 59 

 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 2015-2
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee,
		
	By:		  /s/ Clarice Wright

	Name: Clarice Wright
	Title:   Assistant Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee,
		
	By:		  /s/ Marianna 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		$119,000,000

 No. A-1 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 38013G AA7 

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 2015-2 
 CLASS A-1 0.40000% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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 AND NINETEEN 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, 2016 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 0.40000% Asset Backed Notes (herein
called the “Class A-1 Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
 A-1-5 

 
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 A-1 Interest Rate to the extent lawful. 

As provided in the Indenture and the 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 

  
 A-1-6 

 
that either (a) it is not a Benefit Plan Entity or (b) it is 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. 
 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 

  
 A-1-7 

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

  
 A-1-8 

 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-1-9 

 EXHIBIT A-2-A 
  

			
	REGISTERED		$77,000,000

 No. A-2-A 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 38013G AB5 

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 2015-2 
 CLASS A-2-A 1.18% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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-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 April 20, 2018 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 1.18% Asset Backed Notes (herein called
the “Class A-2-A Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
 A-2-A-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 A-2-A Interest Rate to the extent lawful. 

As provided in the Indenture and the 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 

  
 A-2-A-6 

 
that either (a) it is not a Benefit Plan Entity or (b) it is 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. 
 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 

  
 A-2-A-7 

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

  
 A-2-A-8 

 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-9 

 EXHIBIT A-2-B 
  

			
	REGISTERED		$273,000,000

 No. A-2-B 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 38013G AH2 

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 2015-2 
 CLASS A-2-B FLOATING RATE ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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 TWO HUNDRED AND SEVENTY-THREE 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 April 20, 2018 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on
this Note at the rate of LIBOR + 0.42% 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 May 1, 2015 (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, 2015. 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 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 a Benefit Plan Entity or (b) it is 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. 
 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 

  
 A-2-B-7 

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

  
 A-2-B-8 

 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-9 

 EXHIBIT A-3 
  

			
	REGISTERED		$321,000,000

 No. A-3 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 38013G AC3 

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 2015-2 
 CLASS A-3 1.68% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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 AND TWENTY-ONE 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 December 20, 2018 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 1.68% Asset Backed Notes (herein called
the “Class A-3 Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
 A-3-5 

 
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 A-3 Interest Rate to the extent lawful. 

As provided in the Indenture and the 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 

  
 A-3-6 

 
that either (a) it is not a Benefit Plan Entity or (b) it is 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. 
 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 

  
 A-3-7 

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

  
 A-3-8 

 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-3-9 

 EXHIBIT A-4 
  

			
	REGISTERED		$100,180,000
		
	No. A-4		

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 38013G AD1 
 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 2015-2 

CLASS A-4 1.85% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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 MILLION, ONE HUNDRED AND EIGHTY 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 July 22, 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015		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 1.85% Asset Backed Notes (herein called
the “Class A-4 Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon 

  
 A-4-5 

 
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 A-4 Interest Rate to the extent lawful. 

As provided in the Indenture and the 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 

  
 A-4-6 

 
that either (a) it is not a Benefit Plan Entity or (b) it is 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. 
 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 

  
 A-4-7 

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

  
 A-4-8 

 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-4-9 

 EXHIBIT B 
  

			
	REGISTERED		$41,750,000

 No. B 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 38013G AE9 
 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 2015-2 

CLASS B 2.42% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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-ONE MILLION, SEVEN HUNDRED FIFTY 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 July 22, 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 2.42% Asset Backed Notes (herein called the
“Class B Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 a Benefit Plan Entity or (b) it is 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. 
 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 

  
 B-7 

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

  
 B-8 

 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-9 

 EXHIBIT C 
  

			
	REGISTERED		$38,490,000

 No. C 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 38013G AF6 
 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 2015-2 

CLASS C 2.99% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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 THIRTY-EIGHT MILLION, FOUR HUNDRED AND NINETY 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 July 22, 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 2.99% Asset Backed Notes (herein called the
“Class C Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 a Benefit Plan Entity or (b) it is 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. 
 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 

  
 C-7 

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

  
 C-8 

 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-9 

 EXHIBIT D 
  

			
	REGISTERED		$29,820,000

 No. D 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 38013G AG4 
 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 2015-2 

CLASS D 3.34% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2015-2, 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 TWENTY-NINE MILLION, EIGHT HUNDRED AND TWENTY 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 November 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 17, 2015. 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 17, 2015				GM FINANCIAL AUTOMOBILE LEASING TRUST 2015-2
				
					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 17, 2015				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 3.34% Asset Backed Notes (herein called the
“Class D Notes”), all issued under an Indenture dated as of May 1, 2015 (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, 2015. 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 

  
 D-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 D Interest Rate to the extent lawful. 

As provided in the Indenture and the 2015-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2015-2 Exchange
Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2015-2 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 2015-2 Closing Date. The purchase price for the 2015-2 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 2015-2 Exchange Note shall be discharged and released and the 2015-2
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 

  
 D-6 

 
that either (a) it is not a Benefit Plan Entity or (b) it is 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. 
 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 

  
 D-7 

 
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.

 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 at the time of such sale or transfer
an Opinion of Counsel is provided to the effect that either (i) 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 (ii) 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. 
 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 Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 D-8 

 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. 

  
 D-9

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