Document:

Exhibit 10.6

 

FORM OF COMMERCIAL LEASE AGREEMENT

 

This Commercial Lease Agreement (“Agreement”
or “Lease”) is entered into as of the undersigned date by and between the undersigned “Landlord” and “Tenant.”
The undersigned “Guarantor”, if any, is acknowledging this Agreement and agreeing to be bound to the terms of this Agreement
in accordance with the personal guarantee provided hereunder. Landlord, Tenant, and Guarantor may hereinafter collectively be referred
to – from time to time – as the “Parties” or individually referred to as a “Party”.

 

FUNDAMENTAL LEASE PROVISIONS

 

	1.	LANDLORD:	MDW Management, LLC

 

		NOTICE ADDRESS:	24710
Creek Loop 

San Antonio, Texas 78266

 

	 	WITH A MANDATORY COPY TO:	Tiwari, PLLC

11844 Bandera Rd #725

Helotes, TX 78023

 

	 	PAYMENT ADDRESS:	24710 Creek Loop

San Antonio, Texas 78266

 

	2.	TENANT:	Mobile Tint, LLC d/b/a A-1 Glass

 

	 	TRADE NAME:	A-1
Glass

 

	 	NOTICE ADDRESS:	2029
                                          Pat Booker Rd

Universal City, TX 78148

 

		3.	LEASED PREMISES: The “Building” and Grounds (additionally defined below)
or land and improvements thereon being commonly known as 2029 Pat Booker Rd., Universal City, TX 78148, as additionally described in this
Lease and as shown on Exhibit “A.” The Leased Premises may also be referred to simply as the “Premises” or as
the “demised premises.”

 

	4.	LEASE TERM:	60 Months (“Primary Lease Term”) 
	 	 	 
	 	COMMENCEMENT DATE:	The date of Execution hereof.
	 	 	 
	 	RENT COMMENCEMENT:	Month 1 of the Lease as set forth in Section 5 of these Fundamental Lease Provisions.
	 	 	 
	 	RENEWAL OPTIONS:	Tenant shall be provided two (2) Five year options to renew (extend)
    the Primary Lease Term as additionally set forth in the Lease.

 

     

     

    

 

		5.	MINIMUM RENT:

 

			Primary Lease Term:

 

	Lease Months	 	 	Monthly Minimum Rent $	 
	 	1-60	 	 	$	5,600.00	 

 

			Renewal Option:

 

	Months 	 	Monthly Minimum Rent
	61-120	 	Primary Lease Rent (Months 1-60) plus 2% escalation
	121-180	 	Renewal Option 1 Rent (Months 61-120) plus 2% escalation

 

“Renewal Option One/1”
and the “First Option,” or “Renewal Option Two/2” and “Second Option,” shall be synonymous, whether
capitalized or not, wherever used in this Lease.

 

	6.	PERMITTED USE:	For the operation of a commercial business involving glass coatings and related operations. No other use is permitted without the
express written consent of Landlord.

 

	7.	SECURITY DEPOSIT:	None.

 

	8.	PREPAID RENT:	None.

 

	9.	ADDITIONAL RENT:	Additional Rent shall commence on and become payable on Month 1 of the Lease.

 

	 	TAX PAYMENT:	$819.85 [$9,838.20 annually as of 2021].
	 	 	 
	 	INSURANCE PAYMENT:	____TBD_____________.
	 	 	 
	Total Additional Rent (*subject to adjustment): ______TBD_______/month or ___TBD___/sf annual, estimated*

 

		10.	GUARANTORS:C-Bond Systems, Inc.

 

THE SUBMISSION OF THIS LEASE FOR EXAMINATION BY
TENANT AND/OR EXECUTION THEREOF BY TENANT DOES NOT CONSTITUTE A RESERVATION OF OR OPTION FOR THE LEASED PREMISES AND THIS LEASE SHALL
BECOME EFFECTIVE ONLY UPON EXECUTION BY ALL PARTIES HERETO AND DELIVERY OF A FULLY EXECUTED COUNTERPART HEREOF BY LANDLORD TO TENANT.

 

    2

     

    

 

		I.	Leased Premises, Building, and Grounds.

 

		a.	Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Leased Premises.

 

		b.	The Leased Premises is the “Building” and the “Grounds” on which the Building
is located, both terms being additionally described on Exhibit “A” of this Lease. Exhibit “A” shows, among other
things, the principal improvements comprising the Leased Premises.

 

		c.	Landlord shall have the right at its sole discretion to place in, under, over or through the Leased Premises
pipes, wires, lines, and other facilities. Landlord reserves the right to make similar installations under or over the Leased Premises.

 

		d.	This Lease is made by Landlord and accepted by Tenant subject to any and all matters of record affecting
the Leased Premises including declarations or other covenants affecting the Leased Premises. Tenant must conduct its own due diligence
regarding applicable restrictions, and Landlord shall not be responsible for issues preventing or restricting Tenant’s use arising
from zoning or other municipal laws, restrictive covenants, or any other items filed for record or reasonably discoverable affecting the
Leased Premises.

 

		e.	The Leased Premises is leased on a pre-determined monthly rental amount, not a measurable square foot
basis or guaranteed land area basis. Similarly, Additional Charges or Additional Rents are based on fixed sums for the Leased Premises
as a whole as determined by the Landlord.

 

		f.	Certain areas of this Lease may require adjustment by Landlord or the insertion of additional information
to be determined later to correct or adjust items marked as “_________,” “***” or “TBD,” among other
things. So long as any such modifications to the Lease to not materially alter the business terms or Tenant’s obligations under
the Lease, the Parties agree to execute an amendment to this Lease reflecting the same or a revised Lease when such information is available
but no later than the Commencement Date. Tenant’s failure to execute such non-material revision within ten (10) days after written
notice thereof shall be deemed a default under this Lease.

 

		II.	Term

 

		a.	The term of this Lease shall commence on the Commencement Date and shall terminate at the end of the Primary
Lease Term, unless renewed or sooner terminated as set forth herein.

 

		b.	This Lease shall be fully binding and in full force and effect from and after execution by Landlord and
Tenant regardless of whether the Commencement Date or Rent commencement dates are intended to begin later.

 

		c.	Optional Renewal.

 

		i.	Tenant is granted the option to extend the term of this Lease for two terms of five years provided: (a)
Tenant is not in default at the time of exercise of the option; (b) Tenant was not in default under the Primary Lease Term or first renewal
more than three (3) times during either the Primary Lease Term or first renewal; and (c) Tenant gives written notice of its exercise of
the renewal option to Landlord at least one hundred twenty (120) days prior to the expiration of the original term (or first renewed term,
if applicable). Each extension term shall be upon the same terms and conditions as this Lease except: (a) Tenant shall have no further
right of renewal after using the last renewal option shown on the Fundamental Lease Provisions; (b) the monthly Minimum Rent applicable
during the extension term shall be as set forth under the Fundamental Lease Provisions for the applicable renewal term; and (c) Additional
Charges / Additional Rents will be consistent with the rates then assessable in accordance with this Lease. Tenant’s failure to
timely exercise either renewal option shall constitute a waiver of Tenant’s renewal option.

 

    3

     

    

 

		ii.	The term “Market Rate” shall mean the greater of the annual Minimum Rent being marketed to
other potential Tenants for the Building or the annual Minimum Rent that a willing tenant would pay, and that a willing landlord would
accept, at arm’s length, for space comparable to the Premises within other comparable buildings in the San Antonio, Texas area (the
“Comparable Buildings”), based upon binding lease transactions for tenants in Comparable Buildings (“Comparable Leases”).
Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another
tenant’s expansion rights. Rent rates payable under Comparable Leases shall be adjusted to account for variations between this Lease
and the Comparable Leases with respect to: (a) the length of the Extension Term compared to the lease term of the Comparable Leases;
(b) the rental structure, including, without limitation, rental rates per rentable square foot (including whether gross or net, and
if gross, adjusting for base year or expense stop), additional rental, all other payments and escalations; (c) the size of the Premises
compared to the size of the premises of the Comparable Leases; (d) the location, floor levels and efficiencies of the floor(s) of
the Premises compared to the premises of the Comparable Lease; (e) free rent, moving expenses and other cash payments, allowances
or other monetary concessions affecting the rental rate; (f) the age and quality of construction of the Building compared to the
Comparable Building; (g) the leasehold improvements and/or allowances, including the amounts thereof in renewal leases, and taking
into account, in the case of renewal leases (including this Lease), the value of existing leasehold improvements to the renewal tenant,
(h) access and proximity to major roads or thoroughfares, (i) the amenities available to tenants in the Building compared to
amenities available to tenants in Comparable Buildings; (j) the energy efficiencies and environmental elements of the Building compared
to Comparable Buildings (k) the brokerage commissions, (l) the availability of parking, the parking ratio and parking charges
if any, and (m) the relative market rent rates within the geographic area referenced in the definition of Comparable Buildings.

 

		d.	Definition of Lease Year.

 

		i.	Where used herein, the term “Lease Year” means:

 

		a.	in the case of the first Lease Year, the period which commences with the Commencement Date and terminates
on the last day of the twelfth (12th) full calendar month after the Commencement Date. Such first Lease Year shall include
the partial month, if any, at the beginning of the lease term if the Commencement Date is not the first day of a calendar month.

 

    4

     

    

 

		b.	Each subsequent “Lease Year” shall mean a period of twelve (12) full calendar months commencing
with the date following the last day of the first Lease Year, and commencing with each subsequent annual anniversary of such day.

 

		c.	The last Lease Year of the lease term shall be the period which commences on the day immediately following
the last day of the preceding Lease Year and terminates on the last day of the applicable lease term. Accordingly, such last Lease Year
may be less than twelve (12) full calendar months, depending upon the date of termination of the lease term.

 

		II.	Rent and Failure to Pay Rent.

 

		a.	The Minimum Rent and Additional Rent together may simply be referred to in this Lease as the “Rent.”

 

		b.	Tenant covenants and agrees to pay Landlord the Rent at the Payment Address or at such other address as
Landlord may from time to time designate in writing. All Rent payments shall be made in advance on the first day of each calendar month
during the Term of this Lease.

 

		c.	Beginning on the Rent Commencement date, Tenant shall pay Landlord Minimum Rent for the first full calendar
month of the Lease Term. Tenant covenants and agrees to pay Landlord the Additional Rent beginning on the Commencement Date if the Rent
Commencement Date and Commencement Date differ.

 

		d.	Landlord agrees to prorate the first payment of Minimum Rent or Additional Rent if the first date on which
either is due does not fall on the first day of a calendar month.

 

		e.	All other sums and charges required to be paid by Tenant to Landlord pursuant to the terms of this Lease
constitute additional rent (whether or not specifically designated as “Additional Rent”) and Tenant’s failure to timely
pay such other sums or charges due under this Lease may be treated by Landlord as a failure by Tenant to pay Minimum Rent. All rent and
other sums Tenant owes under this Lease shall be due and payable by without demand, deduction, abatement or setoff unless otherwise expressly
provided herein. Past due Rent and other past due payments shall bear interest from maturity at twelve percent (12%) per annum commencing
five (5) days after the date due until paid.

 

		f.	If any payment due under this Lease from Tenant to Landlord is returned or rejected for insufficient funds,
a stop payment, or similar cause, Tenant agrees to pay Landlord the greater of: Landlord’s actual bank and other charges assessed
for returned items; or $30.00 per returned item/instrument or such greater amount permitted by applicable law. If Tenant’s payment
of Minimum Rent or Additional Rent is returned or rejected for insufficient funds more than two (2) times during the applicable Lease
Term, on Landlord’s demand, Tenant agrees that Tenant must pay future Minimum Rent and Additional Rent payments via readily available
funds (cashier’s check, money order, cash, or similar methods whereby funds for settlement are immediately available).

 

		III.	Utilities

 

		a.	Commencing upon the sooner to occur of the Delivery Date (if applicable) or tender of possession of the
Leased Premises to Tenant, Tenant shall obtain all utilities and related services in Tenant’s name. Tenant shall at its own cost
and expense pay for all gas, electricity and other utilities used in the Leased Premises and will save and hold Landlord harmless from
any charge or liability for same. Such payments shall be made directly to the supplier of any utility separately metered (or submetered)
to the Leased Premises. These costs include all costs associated with providing utility access to the Leased Premises including, but not
limited to, connection costs, impact fees and other costs associated with installing or improving connections for utilities.

 

    5

     

    

 

		b.	An interruption or malfunction of any utility services shall NOT, regardless of the cause:

 

		i.	constitute an eviction or disturbance of Tenant’s use and possession of the Leased Premises;

 

		ii.	constitute a breach by Landlord of any of its obligations hereunder;

 

		iii.	render Landlord liable for any damages;

 

		iv.	relieve Tenant from any of its obligations hereunder; or

 

		v.	grant Tenant any right of off-set or recoupment.

 

		IV.	Use and Use Restrictions

 

		a.	Tenant’s Permitted Use is as stated under the Fundamental Lease Provisions. Tenant agrees to operate
in conformance with best commercial practices/standards for similar operations engaged in the Permitted Use operating in the county where
the Leased Premises is located (“Similar Services”). Tenant agrees to only advertise as and operate under Tenant’s name
or Trade Name shown on the Fundamental Lease Provisions or such other name approved by Landlord in writing.

 

		b.	Tenant’s use of the Leased Premises shall not constitute a nuisance, either public or private. Without
limiting the foregoing, Tenant shall not permit the storage of any items which could create a public or private nuisance, or which would
violate applicable law, including but not limited to any ordinances regarding construction materials, recycling materials, and/or waste.
Without limitation on what may constitute a nuisance, and with Landlord reserving the right to determine what constitutes a disturbing
level of any item below, Tenant further shall not cause or allow and shall take affirmative action to prevent:

 

		i.	Noise emanating from the Leased Premises that offends neighboring properties or that exceeds noise levels
allowable under applicable ordinances, whether caused by Tenant or any of Tenant’s employees, agents, contractors, guests, invitees,
patrons, licensees, or otherwise;

 

		ii.	fumes, odors, or smoke that is noxious, irritating, or objected to by Landlord or a third party; or

 

		iii.	Unlawful activities by patrons, invitees, guests, or trespassers at the Leased Premises of any kind.

 

		c.	Tenant will use the Leased Premises solely for the Permitted Use and no other purpose without the express
written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. Tenant, at its own expense, shall:

 

		i.	promptly comply with all present and future laws, ordinances, orders, rules, recorded restrictions/covenants,
regulations and requirements of all governmental authorities having jurisdiction over the Leased Premises, Property, Tenant, or Tenant’s
business, the Permitted Use, and observe and comply with all covenants and restrictions of record and all notices from Landlord's mortgagee,
affecting or applicable to the Leased Premises or affecting or applicable to the Leased Premises or the cleanliness, safety, occupancy
and use of the same, whether or not any such law, ordinance, order, rule, regulation, covenant, restriction or other requirement is substantial,
or foreseen or unforeseen, or ordinary or extraordinary, or shall necessitate structural changes or improvements, shall interfere with
the use or enjoyment of the Leased Premises, or shall be directed to or imposed upon Tenant or Landlord, and Tenant shall hold Landlord
harmless from any and all cost or expense on account thereof;

 

    6

     

    

 

		ii.	not permit any person to use the Leased Premises or any part thereof for conducting a resale store (except
that, if approved as part of the Permitted Use, Tenant may sell refurbished items), or any auction or bankruptcy or fire or “lost-our-lease”
or “going-out-of-business” or similar sale; and

 

		iii.	comply with such rules or regulations as Landlord may promulgate for the Leased Premises including but
not limited to rules regarding sanitation, cleanliness and other matters, including without limitation removal of garbage, trash and other
waste.

 

		d.	Without the Landlord’s advance written permission (which Landlord may withhold at its sole discretion),
Tenant shall not place or permit any radio, screen, television, loudspeaker or amplifier on the roof or outside the Leased Premises or
where the same can be seen or heard from outside the building; nor place any antenna, equipment, awning or other projection on the exterior
of the Leased Premises; nor permit any immoral practice to be carried on or committed on the Leased Premises based on morality laws for
the State, county and/or city in which the Leased Premises is located; nor do anything which would tend to injure the reputation of the
Landlord or Property.

 

		e.	Tenant shall not use any septic system or plumbing facilities upon the Leased Premises for any purpose
other than that for which they were constructed, nor dispose of any foreign substances therein that are not designed for use within standard
plumbing or septic systems. As additionally set forth below, Tenant shall be responsible at its own cost and expense for all maintenance
associated with any such septic or plumbing systems.

 

		f.	Tenant must not interfere with the use of other leased areas by another tenant to the extent applicable.

 

		g.	Tenant shall not offer massage, spa, or similar services at the Leased Premises unless Landlord otherwise
agrees in writing.

 

		h.	Tenant shall not permit any "adult" entertainment or nudity upon the Property, and shall not
sell, distribute or display any paraphernalia commonly used in the use or ingestion of illicit drugs, or any x-rated, pornographic or
so-called "adult" newspaper, book, magazine, film, picture, video or other similar representation or merchandise of any kind.
Tenant shall not permit any electronic device housed within the Leased Premises to distribute such material.

 

		i.	Tenant must place all of its trash from the normal operation of its business activities at the Leased
Premises (excluding construction of any kind) into such refuse receptacles as are provided by Landlord if applicable (as set forth below),
Tenant’s contractor for dumpster services, or the municipal government providing such services.

 

    7

     

    

 

		i.	Tenant shall be responsible, at its sole cost and expense, for all costs associated with the removal of
its trash and rubbish from the Leased Premises and any janitorial services for the Leased Premises.

 

		ii.	Landlord may, at Landlord’s sole option and in Landlord’s sole discretion, contract for the
supplying of one or more “dumpsters” for Tenant’s use for the placement of rubbish originating from the Leased Premises.
If Landlord provides one or more dumpsters, then Tenant shall place all of its trash from the normal operation of its business activities
at the Leased Premises (excluding any construction) into the dumpster(s) made available by Landlord. In consideration for Landlord’s
supplying such dumpster and contracting for that service, Tenant shall reimburse Landlord for the costs/fees of the dumpster service with
payments of Additional Rent. Once initiated, upon ten (10) days written notice to Tenant, Landlord may terminate Tenant’s right
to use Landlord’s dumpster service program and require that Tenant contract separately for trash disposal services. Thereafter,
Tenant shall be responsible, at its sole cost and expense, for the removal of its trash and rubbish, and Additional Rent shall not include
fees for such services.

 

		j.	Tenant binds and obligates itself to occupy and use the entire Leased Premises continuously during the
entire term of this Lease for a minimum of four (4) days per week during reasonable business hours for Similar Services. Notwithstanding
the foregoing, Tenant may close temporarily in connection with the following circumstances (“Temporary Closures”):

 

		1.	for taking inventory, performing major cleaning or similar minor occurrences; provided, however, the aggregate
number of days Tenant may close for such purposes shall not exceed three (3) days in any calendar Lease Year;

 

		2.	for performing repairs, alterations, redecorating, or remodeling approved by Landlord in writing; provided,
however, the aggregate number of days Tenant may close for such purposes shall not exceed thirty (30) days during any five (5) year period.
If a major remodel is required and expected to take longer than thirty (30) days to complete, Tenant may close for up to sixty (60) days
subject to Landlord’s prior written approval;

 

		3.	for legal holidays observed by other business providing Similar Services; and/or

 

		4.	for events of Force Majeure (as defined in this Lease)

 

		k.	Absent the express written permission of Landlord, Tenant shall not alter any locking system on or in
the Leased Premises or Building.

 

		l.	Tenant shall not use or obstruct any sidewalks, service drives, or driveways on the Leased Premises or
other area outside the Leased Premises unless Tenant has received Landlord’s prior written approval to do so.

 

		m.	In addition to other portions of this Lease concerning taxes and fees, Tenant shall pay before delinquency
any and all taxes, assessments and public charges levied, assessed or imposed upon Tenant's business, or upon Tenant's fixtures, furnishings
or equipment in the Leased Premises, or upon any leasehold interest or personal property of any kind, owned by or placed in, on or about
the Leased Premises by Tenant, including without limitation any transfer taxes and service payments in lieu of taxes, and pay when and
as due all license fees, permit fees and charges of a similar nature relating to the conduct by Tenant or any subtenant or concessionaire
of any business or undertaking authorized hereunder to be conducted in, on or from the Leased Premise. Within thirty (30) days after notice
from Landlord, Tenant shall furnish Landlord a true copy of receipts evidencing such payment by Tenant from the governmental authority
or other taxing authority assessing such charges.

 

    8

     

    

		V.	Rules

 

		a.	Tenant must comply with any zoning rules and restrictive covenants affecting the Leased Premises, which
Tenant shall investigate and comply with at Tenant’s own cost and expense. Tenant shall reimburse Landlord on demand for any fines
or other charges assessed against Landlord arising from or relating to Tenant’s direct or indirect violation of any covenants of
record, laws/regulations, or zoning rules affecting the Leased Premises.

 

		b.	Landlord shall have the right, from time to time, to establish, modify and enforce additional non-discriminatory
rules and regulations with respect to the Building or Grounds and may enforce the same. Landlord agrees to provide Tenant with written
notice of any such rules and regulations prior to attempting to enforce them against Tenant. Tenant is solely responsible for Tenant’s
employees’, customers’ and invitees’ compliance with such rules.

 

		VI.	Assignment and Subletting

 

		a.	Landlord shall have the right to sell, transfer, and/or assign this Lease and the Property (that is, the
Grounds and/or Leased Premises, without limitation). Landlord may subdivide and lease the Grounds, thereby reducing the size of the Grounds
and without reducing the Minimum Rent hereunder, provided that the Building remains intact and sums for Additional Rent are adjusted pro
rata. In the event of the transfer and assignment by Landlord of its interest in this Lease (or such other aspects of the Property) and/or
Leased Premises to a person assuming Landlord's obligations under this Lease, Landlord shall thereby be released from any further obligations
hereunder, and Tenant agrees to look solely to such successor in interest of the Landlord for performance of such obligations. Any security
given by Tenant to secure performance of Tenant's obligations hereunder may be assigned and transferred by Landlord to such successor
in interest, and Landlord shall thereby be discharged of any further obligation relating thereto.

 

		b.	Tenant shall not assign this Lease or sublease the Leased Premises without Landlord’s written approval,
which shall be at Landlord’s reasonable discretion and will not be unnecessarily conditioned or delayed, or any part thereof or
mortgage, pledge or hypothecate its leasehold interest or grant any concession or license within the Leased Premises or Property or sublease
any operating department therein, and any attempt to do any of the foregoing without prior Landlord approval in writing shall be void
and of no effect. Without limiting the scenarios in which reasonable consent to an assignment may be withheld, it shall be reasonable
for Landlord to withhold consent to an assignment of this Lease if the proposed assignee is not as creditworthy as Tenant or the Guarantor,
if the proposed assignee’s potential use of the Leased Premises differs from the Permitted Use, if the proposed assignment would
increase Landlord’s costs associated with the Leased Space, or if Landlord’s lender /mortgagee does not approve of such assignment.
This prohibition against assigning or subletting shall be construed to include a prohibition against any assignment or subletting by operation
of law.

 

		c.	If Tenant is a corporation, limited liability company, partnership, series or other type of entity, business
organization or trust, then any transfer of this Lease from Tenant by merger, consolidation, conversion or dissolution or any change in
ownership or power to vote fifty one percent (51%) or more of the voting interests in Tenant outstanding at the time of execution of this
Agreement (or at any future time) or any removal of a Guarantor who is an owner of Tenant from Tenant shall constitute an assignment for
the purpose of this Lease. For purposes of this Section, the phrase “voting interests” shall refer to shares, membership interest(s),
units, or other instruments of entity ownership regularly entitled to vote on matters pertaining to the relevant entity as specified in
any applicable law or the entity’s governing documents.

 

    9

     

    

 

		d.	If this Lease is assigned or if the Leased Premises or Property is subleased (whether in whole or in part)
or in the event of the mortgage, pledge or hypothecation of the leasehold interest or grant of any concession or license within the Leased
Premises or if the Leased Premises is occupied in whole or in part by anyone other than Tenant, Landlord may nevertheless collect rent
from the assignee, sublessee, pledgee, mortgagee, party to whom the leasehold interest was hypothecated, concessionee or licensee or other
occupant and apply the net amount collected to the rent payable hereunder, but no such transaction or collection of rent or application
thereof by Landlord shall be deemed a waiver of these provisions or a release of Tenant from the further performance by Tenant of its
covenants, duties and obligations hereunder.

 

		VII.	Repair and Maintenance

 

		a.	It is intended that this Lease be a “net lease” such that Landlord shall have no obligation
for maintenance or repair of any portion of the Leased Premises. TENANT IS SOLELY RESPONSIBLE FOR ALL DAMAGE OF ANY KIND THAT OCCURS TO
THE LEASED PREMISES. TENANT IS SOLELY RESPONSIBLE FOR ALL MAINTENANCE AND REPAIR OF THE PROPERTY AT TENANT’S SOLE COST AND EXPENSE.
Landlord shall not have any repair obligations regarding the Leased Premises whatsoever (except for any items that Landlord elects to
perform because of Tenant’s default under this Lease).

 

		b.	Unless Landlord otherwise agrees in writing, Tenant must at all times use contractors approved by Landlord
for the provision of such maintenance and repairs. Without limiting the generality of Section VII(a), Tenant shall be responsible for,
without limitation:

 

		i.	re-surfacing and re-paving paved, concrete or asphalted areas serving the Leased Premises that are damaged
or in disrepair;

 

		ii.	promptly fixing any potholes or similar abnormalities that arise on or about the Grounds;

 

		iii.	keeping the Leased Premises reasonably free of pests and vermin, including but not limited to any termite
control or other wood/paper destroying insect control;

 

		iv.	maintaining service drives and service areas, driveways servicing the Leased Premises, landscaped areas,
sidewalks not maintained by any municipality, roofs, gutters and downspouts, pylon signs/ billboard within the Leased Premises, plate
glass, plumbing, closets, electrical, heating, air conditioning, parking lot, walls, pipes and fixtures belonging thereto and the signs
and fascias;

 

		v.	the repair, replacement and maintenance in good and tenantable condition the Leased Premises and every
part thereof, and including without limitation, the roof, exterior walls, structural parts of the Leased Premises and foundation floor
covering (including carpeting, tile, terrazzo or other special flooring installed by or at the request of Tenant), utility meters, pipes
and conduits, all fixtures, air-conditioning and heating equipment serving the Leased Premises and other equipment therein, the store
front or store fronts, Tenant’s signs, locks and closing devices, and window sashes, casements or frames, door and door frames and
to do all such items of repair, maintenance and improvement or reconstruction as may at any time or from time to time be required by a
governmental agency having jurisdiction thereof.

 

    10

     

    

 

		c.	Tenant shall further be responsible for the cost of repairing all damages to the exterior and other portions
of the building of which the Leased Premises are a part, including the roof and other interior lease spaces, which are caused by Tenant,
Tenant’s employees, invitees and guests, regardless of whether the cause of the damage was known or unknown by Tenant. All glass,
both exterior and interior, is at the sole risk of Tenant, and any glass broken shall be promptly replaced by Tenant with glass of the
same kind, size and quality. Tenant shall also repair any damage to the Leased Premises in connection with any burglary, graffiti, acts
of vandalism, or forcible entry into the Leased Premises at Tenant’s sole expense.

 

		d.	Upon any surrender of the Leased Premises, Tenant shall deliver the Leased Premises to Landlord in good
order, condition and state of repair, ordinary wear and tear excepted.

 

		e.	If the Building or Leased Premises contains air conditioning and/or heating equipment (“HVAC”)
dedicated to servicing the Leased Premises, on or before the Commencement Date of this Lease or within thirty (30) days of the installation
of the HVAC system, Tenant shall enter into a maintenance contract (“Contract”) with an air conditioning maintenance contractor
(“HVAC Contractor”) approved by Landlord for the maintenance and service of the HVAC system. Such Contract shall provide for
maintenance of the HVAC system not less than quarterly and changing of the air filters not less than monthly. Tenant shall be responsible
for the total cost of the basic charge of the Contract and shall have total responsibility for HVAC maintenance, repair and replacement
in accordance with the preceding provisions.

 

		f.	Tenant shall not commit waste but shall maintain the Leased Premises in a clean, attractive condition
and in good repair. Tenant shall also keep all storefront glass clean. Upon termination, Tenant shall surrender to Landlord all keys and
other access devices to the Leased Premises and Building, if applicable. Tenant shall be responsible for any damage to the Leased Premises
or Property caused by Tenant’s removal of Tenant’s equipment and furnishings or any fixtures from the Leased Premises.

 

		g.	If Tenant fails, refuses or neglects to properly maintain the Leased Premises after five (5) days notice
and an opportunity to cure the same, or to commence or to complete repairs promptly and adequately, or if Landlord finds it necessary
to make any repairs or replacements otherwise required to be made by Tenant, then Landlord may, without further notice to Tenant, in addition
to all other remedies, but without obligation to do so, enter the Leased Premises and proceed forthwith to have such maintenance, repairs
or replacements made, and Tenant shall pay to Landlord, on demand, the cost and expenses therefor as Additional Rent plus a charge of
twenty percent (20%) of such costs and expenses to compensate Landlord for its administrative and overhead costs.

 

		h.	Landlord shall have a right to enter and inspect the Grounds and any portion the Building open to the
general public at any time and without advance notice to Tenant. Upon 24-hour prior notice to Tenant, Landlord shall have a right to enter
the Building and any portion of the Leased Premises not open to the public at any reasonable time (including during Tenant’s business
hours) to inspect the condition thereof, to make necessary repairs or to repair or maintain pipes, wires, and other facilities serving
other premises in the Property (such repairs being made at Landlord’s discretion and solely if Tenant has failed to maintain the
same in accordance with Tenant’s complete maintenance and repair obligations under this Lease). Notwithstanding the foregoing, in
case of an emergency, Landlord shall have the right to enter the Leased Premises at any time without having given Tenant prior written
notice. In any instance where Landlord exercises its rights to enter the Leased Premises, Landlord shall use reasonable efforts to not
interfere with Tenant’s business operations at the Leased Premises. Landlord shall not be liable for any damage or injury to persons
or property caused by any act, failure to act, or grossly negligent, willful, or wanton act or omission of Landlord, its agents, employees
or contractors resulting from their entry onto the Leased Premises or repair or any other work performed in the Leased Premises.

 

    11

     

    

 

		i.	Tenant shall not permit the filing of any mechanic’s liens or other liens or affidavits claiming
liens to be filed against the Leased Premises or Property. Tenant is not an agent of Landlord, and Landlord shall not be responsible for
any costs of labor or materials furnished by Tenant or Tenant’s contractors or employees. Should any mechanic’s liens or other
liens or affidavits claiming liens be filed against the Leased Premises or the Property for any reason whatsoever incident to the acts
or omissions of Tenant, its agents or contractors, Tenant shall cause the same to be immediately cancelled and discharged of record by
payment, bonding or otherwise. If Tenant fails to cause the aforesaid lien to be cancelled and discharged, Landlord shall have the right
to do so by any manner the Landlord deems fit – including but not limited to paying the lien without inquiring as to its validity
- and Landlord’s cost incurred in doing so plus twenty-five percent (25%) shall be payable to Landlord by Tenant upon Landlord’s
demand or invoice for the same. If Landlord requests, Tenant must file a bond to secure the release, satisfaction, or discharge of any
lien filed against the Leased Premises within seventy-two (72) hours of Landlord’s request for the same or must replace Landlord’s
posted bond discharging such lien within the same time period. Landlord shall further have the right to setoff and deduct from any allowance
funds provided under Exhibit “C” hereunder such sums, costs, fees, and other expenses Landlord incurs to challenge, resolve,
or release any lien Tenant has permitted to be filed against the Property or Leased Premises.

 

		VIII.	Improvements, Additions, and Fixtures

 

		a.	Tenant shall not make any Tenant improvements or exterior or structural alterations or additions to the
Leased Premises without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed.
At such time as Tenant requests the written consent of Landlord, Tenant shall submit plans and specifications for any proposed improvement
or alterations or additions to Landlord. Tenant agrees to provide Landlord with a copy of any check paid for plans, drawings, and other
items within three (3) days of issuing the same and agrees to provide Landlord with a copy of any contract with a design professional
of Tenant’s choice. Tenant is solely responsible for compliance with all municipal, State and Federal rules, regulations, and laws
which govern Tenant’s construction and occupancy of the Leased Premises (including, without limitation, compliance with the requirements
of The Americans with Disabilities Act [hereinafter referred to as the “ADA”] within the Building or on the
Grounds). Except as set forth in Landlord’s and Tenant’s Work letter, Tenant acknowledges and agrees that Landlord has not
undertaken to perform any modifications, alterations or improvements to the Leased Premises. Landlord’s approval of Tenant’s
plans and specifications is to satisfy a condition precedent to the commencement of Tenant’s construction and should not be relied
upon by Tenant as a representation or express or implied warranty by Landlord of any kind or nature, all of which are hereby disclaimed.
In approving any such plans, Landlord is not making any representation or warranty that Tenant’s proposed construction is structurally
sound, is in compliance with the above-mentioned rules, regulations, or laws, or is sufficient to obtain all required permits. If and
when structural alterations are approved by Landlord, Tenant must obtain and submit an all bills paid affidavit and provide a copy of
the same within 5 days of issuing a draw payment or final payment to any contractor retained for such structural work.

 

    12

     

    

 

		b.	If Tenant makes any alterations, repairs, additions or improvements in or to the Leased Premises, Tenant
agrees to carry, or cause its contractor to carry, "Builder's All Risk" insurance in an amount reasonably approved by Landlord
covering the performance of the same, workers' compensation coverage where required by law, and such other insurance Landlord may reasonably
require.

 

		c.	Subject to the lien and security interest and other rights of Landlord referred to in this Lease, Tenant
shall remove only “Removable Trade Fixtures”, as hereinafter defined, (excluding all components of the HVAC system, pipes,
paneling or other wall covering or floor covering, items for which utility connections or roof penetrations were made, and any other item
considered a “fixture” by law). The phrase “Removable Trade Fixtures” includes: moveable cabinetry that is not
permanently installed, computers, monitors, signs, tables, chairs, desks, wall brackets, hang-rods, shelves, mirrors, marking equipment,
non-affixed business machines, electronic equipment, telephones, and other removable equipment. Removable Trade Fixtures excludes
any leased or other items not solely owned by Tenant including items provided by vendors for Landlords or Tenant’s use. In addition
to other applicable provisions of this Lease regarding such removal, the following shall apply:

 

		i.	such removal must be made prior to the termination of the term of this Lease;

 

		ii.	such removal must be effected without damage to the Leased Premises and Tenant must promptly repair all
damage caused by such removal;

 

		iii.	all plumbing or electrical wiring connections exposed as a result of the removal of Tenant’s Removable
Trade Fixtures, or other alterations, additions, fixtures, equipment and property installed or placed by it in the Leased Premises (if
such removal is so requested by Landlord in relation to Tenant’s vacation of the Leased Premises) shall be capped by Tenant in a
safe and workmanlike manner.

 

		d.	Before undertaking any alterations, additions, improvements or construction permitted hereunder, Tenant
or Tenant's contractor must obtain at its expense a commercial general liability insurance policy insuring Tenant and Landlord against
any liability which may arise on account of such proposed alterations, additions, improvements or construction, on an occurrence basis,
with the minimum limits set forth in this Section. The commercial general liability policy maintained by Tenant’s contractor shall
name Landlord (and any designees of Landlord, including any mortgagees of Landlord) as an additional insured, shall include completed
operations coverage, and shall be primary to any insurance or self-insurance maintained by Landlord (with no “other insurance”
provision to be applicable to Landlord or its affiliates, subsidiaries or related entities). All insurance carried by Tenant’s contractor
shall be maintained in full force and effect during the term of construction and shall not be cancelled, altered or amended unless thirty
(30) days prior written notice is furnished to Landlord.

 

    13

     

    

 

		IX.	Casualty Losses and Destruction of Premises.

 

		a.	Tenant shall give immediate written notice to
Landlord of any damage caused to the Leased Premises by fire or other casualty. 

 

		b.	Tenant shall be solely responsible for all costs
associated with damage or destruction to/of the Leased Premises (for the avoidance of doubt, the Building and Grounds) by any casualty
arising from Tenant’s negligence, gross negligence, or other acts or omissions.

 

		c.	Except as set forth for casualties caused by
Tenant, if the Leased Premises are damaged or destroyed by fire or other casualty insurable under standard fire and extended coverage
insurance and Landlord does not elect to terminate this Lease as hereinafter provided, Landlord shall proceed with reasonable diligence
and at its cost and expense to rebuild and repair the Leased Premises, except that Tenant shall pay any deductible applicable under Landlord's
insurance with respect to any casualty. Landlord shall have no obligation to repair or reconstruct the Leased Premises or Building if
the Leased Premises (i) are destroyed or substantially damaged by a casualty not covered by Landlord's insurance; or (ii) are destroyed
or rendered untenantable by a casualty covered by Landlord's insurance; or (iii) are damaged to such extent that the remaining Term of
this Lease is not sufficient to amortize the cost of reconstruction in Landlord’s sole opinion. Should Landlord elect to terminate
this Lease, it shall give written Notice of such election to Tenant within thirty (30) days after the occurrence of such casualty or within
thirty (30) days of discovery of conditions that make it unsuitable to repair or rebuild the Leased Premises, whichever occurs later.
If Landlord does not elect to terminate this Lease, Landlord shall proceed with reasonable diligence to rebuild and repair the Leased
Premises, subject to matters of force majeure and other matters outside Landlord’s control. In the event of any damage or destruction
to the Leased Premises, Tenant shall, upon notice from Landlord, promptly remove, at Tenant's sole cost and expense, such portion or all
of Tenant's equipment and Removable Trade Fixtures and all other property belonging to Tenant or Tenant's licensees from such portion
or all of the Leased Premises as Landlord requests.

 

		d.	Tenant agrees that during any period of reconstruction
or repair of the Leased Premises it will continue the operation of its business within the Leased Premises to the extent practicable.
There shall be no abatement or other reduction in rent during such time period, unless Tenant is unable to operate its business in the
Leased Premises due to the inability to occupy at least 50% of the Leased Premises, in which event Tenant shall receive an abatement of
Minimum Rent as may be fair and reasonable under the circumstances provided however that Tenant shall continue to be responsible for Additional
Rent.

 

		e.	Notwithstanding anything herein to the contrary,
in the event the holder of any indebtedness secured by a mortgage or deed of trust covering the Property requires that the insurance proceeds
be applied to such indebtedness, then Landlord shall have the right to terminate this Lease by delivering written Notice of termination
to Tenant within fifteen (15) days after such requirement is made by any such holder, whereupon all rights and obligations hereunder shall
cease and terminate.

 

		f.	Each of the Landlord and Tenant hereby releases
the other from any and all liability or responsibility to the other or anyone claiming through or under them by way of subrogation or
otherwise from any loss or damage to property caused by fire or any other perils insured in policies of insurance covering such property,
even if such loss or damage shall have been caused by the fault or negligence of the other party, or anyone for whom such party may be
responsible; provided, however, that this release shall be applicable and in force and effect only to the extent that such release shall
be lawful at that time and in any event only with respect to loss or damage occurring during such times as the releasor's policies shall
contain a clause or endorsement to the effect that any such release shall not adversely affect or impair said policies or prejudice the
right of the releaser to recover thereunder and then only to the extent of the insurance proceeds payable under such policies. Each of
Landlord and Tenant agrees that it will request its insurance carriers to include in its policies such a clause or endorsement. 

 

    14

     

    

 

		X.	Liability and Indemnity

 

		a.	Tenant shall be solely responsible for the safety and personal wellbeing of Tenant’s employees within
the Leased Premises and anywhere else upon the Property.

 

		b.	Tenant agrees to indemnify, defend, and hold Landlord and Landlord’s
AFFILIATES, OWNERS, AGENTS AND employees (“LANDLORD PARTIES”) harmless from AND AGAINST all losses, claims (INCLUDING BUT
NOT LIMITED TO CLAIMS UNDER THE AMERICANS WITH DISABILITY ACT), suits, actions, damages, and liability (including costs and expenses of
defending against all of the aforesaid) RELATING TO OR arising (or alleged to arise) from any act or omission of Tenant or Tenant’s
agents, employees, assignees, subTenants, contractors, customers/PATIENTS or invitees, or arising from any injury to or death of any person
or persons or damage to or destruction of the leased premises AND/OR PROPERTY of any person or persons occurring in the Leased Premises
AND/OR PROPERTY and Tenant assumes responsibility for the condition of the Leased Premises AND PROPERTY.

 

		c.	EXCEPT FOR MATTERS ARISING FROM THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF THE LANDLORD PARTIES, TENANT agrees to indemnify, defend, and hold LANDLORD PARTIES harmless from AND AGAINST all losses,
claims, suits, actions, damages, and liability (including costs and expenses of defending against all of the aforesaid) RELATING TO OR
arising (or alleged to arise) from any act or omission of Landlord or Landlord’s agents, employees, assignees, subTenants, contractors,
customers/PATIENTS or invitees, or arising from any injury to or death of any person or persons or damage to or destruction of the property
of any person or persons occurring in or about the leased premises AND/OR PROPERTY.

 

		d.	UNLESS CAUSED BY THE GROSS NEGLIGENCE (BUT NOT ORDINARY NEGLIGENCE) OR WILLFUL MISCONDUCT OF LANDLORD
PARTIES, AND WITHOUT LIMITING THE MUTUAL WAIVER OF SUBROGATION RIGHTS IN THIS LEASE, LANDLORD SHALL NOT BE LIABLE TO TENANT FOR ANY CLAIMS,
ACTIONS, DEMANDS, COSTS, EXPENSES, DAMAGE OR LIABILITY OF ANY KIND (i) arising out of the use, occupancy or enjoyment of the Leased Premises
by Tenant or any person therein or holding under Tenant or by or through the acts or omissions of any of their respective employees, officers,
agents, invitees or contractors, (ii) occasioned by act of God, strike, insurrection, war, court order, requisition, or order of governmental
body or authority, (iii) which may arise through repair or alteration of any part of the Property or the Leased Premises, or failure to
make any such repairs, (iv) caused by or arising out of fire, explosion, falling sheetrock, gas, electricity, water, rain, snow or dampness,
or leaks in any part of the Leased Premises, (v) caused by or arising out of damage to the roof, pipes, appliances or plumbing works or
any damage to or malfunction of heating, HVAC or ventilation or air conditioning equipment, (vi) caused by tenants or any persons either
in the Leased Premises or elsewhere in the Property or by occupants of property adjacent to the Grounds or by the public or by the construction
of any private, public or quasi-public work or (vii) caused by any act, neglect or negligence of Tenant. In no event shall Landlord be
liable to Tenant for any loss of or damage to property of Tenant or of others located in the Leased Premises or any other part of the
Property by reason of theft or burglary.

 

    15

     

    

 

		e.	Any liability of Landlord to Tenant under this Lease shall be limited to only direct, actual damages,
and shall not extend to any claim for loss of profits or any other consequential damages.

 

		f.	Tenant will take out and maintain, at its own cost and expense:

 

		i.	Commercial General Liability Insurance, with premises operations, products & completed operations,
broad form property damage and contractual liability endorsements and replacement cost endorsements, relating to the Leased Premises and
all of Tenant’s property therein and any appurtenances on an occurrence basis with a minimum single limit of Two Million Dollars
($2,000,000.00), Two Million Dollars ($2,000,000.00) in the aggregate.

 

		ii.	If Tenant owns or maintains ‘company’ automobiles for employee use, Automobile Liability Insurance
with minimum occurrence single limit of no less than Two Hundred Fifty Thousand Dollars ($250,000.00), Two Hundred Fifty Thousand Dollars
($250,000.00) in the aggregate;

 

		iii.	Fire and Lightning, Extended Coverage, Vandalism and Malicious Mischief, loss by fire, windstorm, flood,
water damage and all the risks and perils insured against in an “all risk” of physical loss insurance policy, and any other
potential losses not otherwise addressed with specificity in this Lease (and such other risks as Landlord may reasonably elect to require)
in an amount adequate to cover the full replacement cost of all of Tenant’s personal property, decorations, trade fixtures, furnishings,
equipment, and contents in the Leased Premises;

 

		iv.	Business Interruption Insurance covering risks referred to above in an amount equal to all Minimum Rent
and other sums payable under this Lease for a period of Twelve (12) months commencing with the date of loss;

 

		v.	Workers' Compensation Insurance covering all persons employed, directly or indirectly, in connection with
any finish work performed by Tenant or any repair or alteration authorized by this Lease or consented to by Landlord, and all employees
and agents of Tenant with respect to whom death or bodily injury claims could be asserted against Landlord or Tenant, to the extent required
by the law of the State of Texas. Employers liability insurance must be at least One Million Dollars ($1,000,000.00); and

 

		vi.	Such other insurance as Landlord may reasonably require by written notice that is usual and customary
in the geographic region of the Leased Premises, within commercially reasonable amounts.

 

    16

     

    

 

		g.	The policies of insurance required to be maintained by Tenant under the terms of this Lease may be referred
to in this Section in the singular as a “Required Policy” and in the plural as “Required Policies.” All Required
Policies shall be in a form and with a company acceptable to Landlord and shall not be subject to material change except upon thirty (30)
days prior written notice to Landlord given in the manner set forth in this Lease. Tenant agrees to initially deliver to Landlord a duplicate
original or certificate of each Required Policy upon tender of possession of the Leased Premises to Tenant and at all times during the
lease term, to maintain a duplicate original or a certificate of all Required Policies on deposit with Landlord.

 

		h.	All insurance shall name Landlord (and any designees of Landlord, including any mortgagees of Landlord)
as an additional insured (other than the Worker’s Compensation insurance) and shall be written by one or more insurance companies
licensed or approved to sell insurance in Texas and rated A-/VI or better in the current Best's Rating Guide at the time such policies
are issued or renewed. All insurance must contain a waiver of rights of subrogation in favor of Landlord. All insurance provided by Tenant
and naming Landlord as an additional insured shall be primary to any insurance or self-insurance maintained by Landlord. In the event
of payment of any loss covered by such policy, Landlord (or its designees) shall be paid first by the insurance company for Landlord's
loss. The minimum limits of the commercial general liability policy of insurance shall in no way limit or diminish Tenant's liability
hereunder. If Tenant fails to obtain and provide any of the insurance required, then Landlord may, but shall not be required to, purchase
such insurance on behalf of Tenant and add the cost of such insurance as additional rent payable with the next installment of Minimum
Rent.

 

		i.	Landlord shall not be liable for any damage includable in the coverage afforded by the standard forms
of insurance policies (whether or not such coverage is in effect), no matter how caused, it being understood that Tenant will look solely
to its insurer for reimbursement.

 

		j.	Tenant will comply with all of the rules and regulations of all fire insurance rating organizations having
jurisdiction over the Leased Premises. If, as a result of or in connection with any failure by Tenant to comply with such rules and regulations
or any act or omission or commission by Tenant, its employees, agents, contractors or licensees, or as a result of or in connection with
the use to which the Leased Premises are put (notwithstanding that such use may be for the purposes hereinbefore permitted or that such
use may have been consented to by Landlord), the insurance rates applicable to the Leased Premises, or the Building in which same are
located, or any other premises in said building, or any adjacent property owned or controlled by Landlord, or the contents in any or all
of the aforesaid properties (including rent insurance relating thereto) shall be higher than that which would be applicable for a typical
tenant in the building or Property, Tenant agrees that it will pay to Landlord, on demand, as Additional Rent, such portion of the premiums
for all insurance policies in force as shall be attributable to such higher rates as determined by the insurance rating organization having
jurisdiction. If Tenant installs any electrical equipment that overloads the wiring in the Leased Premises or the building in which the
Leased Premises are located, Tenant shall, at its own cost and expense, promptly make whatever changes are necessary to remedy such condition
and to comply with all requirements of the Landlord and the insurance rating organization and any similar body and any governmental authority
having jurisdiction thereof. For the purpose of this Section, any finding or schedule of the insurance rating organization having jurisdiction
shall be deemed to be conclusive.

 

    17

     

    

 

		XI.	Security Deposit, Attornment, and Estoppel Certificate.

 

		a.	Tenant will, promptly upon execution of this instrument, pay to Landlord the Security Deposit. Landlord
may commingle the Security Deposit with its other funds.

 

		b.	The Security Deposit shall be received and held by Landlord, without liability for interest, as security
for the faithful performance of all of the terms and provisions of this Lease by Tenant, including the obligation to pay rent. If Tenant
defaults on any covenant, duty or obligation of Tenant hereunder, then the Security Deposit, or any part thereof, may be applied by Landlord
on the damages sustained by Landlord arising from that default or on any indebtedness owing by reason of any failure of Tenant to make
any required monetary payment hereunder. At any time or times when Landlord has made any such application of all or any portion of the
Security Deposit, Landlord shall have the right at any time thereafter to request that Tenant pay to Landlord a sum equal to the amount(s)
so applied by Landlord so that Landlord will always be in possession of a sum equal to the amount of the Security Deposit stated above.

 

		c.	In the event any proceedings are brought for the foreclosure of, or in the event of the conveyance by
deed in lieu of foreclosure to, or in the event of exercise of the power of sale under, any mortgage and/or deed of trust or other security
instrument made by Landlord affecting the Property or any portion thereof, or in the event Landlord sells, conveys or otherwise transfers
its interest in the Leased Premises or Property or any portion thereof, this Lease shall remain in full force and effect and Tenant hereby
attorns to, and covenants and agrees to execute an instrument in writing reasonably satisfactory to the new owner whereby Tenant attorns
to, such successor-in-interest and recognizes such successor-in-interest as the Landlord under this Lease Payment by or performance of
this Lease by any person, firm or corporation claiming an interest in this Lease or the Leased Premises by, through or under Tenant without
Landlord's consent in writing shall not constitute an attornment or create any interest in this Lease or the Leased Premises.

 

		d.	Tenant shall, at its own cost and expense, at any time and from time to time, within seven (7) days after
Landlord’s request, execute, acknowledge and deliver to Landlord a written estoppel certificate, in a form specified by Landlord,
certifying to Landlord, any mortgagee, or any purchaser of any portion of the Property or any other person designated by Landlord, as
of the date of such estoppel certificate:

 

		i.	that Tenant is in possession of the Leased Premises and has unconditionally accepted the same;

 

		ii.	that this Lease is unmodified and in full force and effect (or if there have been modifications, that
the same is in full force and effect as modified and setting forth such modifications);

 

		iii.	whether or not there are then existing any set-offs or defenses against the enforcement of any right or
remedy of Landlord, or any duty or obligation of Tenant, hereunder (and, if so, specifying the same in detail and, if none are stated,
that none are presumed to exist);

 

		iv.	that rent is paid currently without any offset or defense thereto;

 

    18

     

    

	 	 	 
		v.	the dates, if any, to which any rent has been paid in advance;

 

		vi.	whether or not there is then existing any claim of Landlord's default under this Lease and, if so, specifying
the same in detail, with the lack of any such statement meaning that none exist;

 

		vii.	that Tenant has no knowledge of any event having occurred that authorized the termination of this Lease
by Tenant (or if Tenant has such knowledge, specifying the same in detail); and

 

		viii.	any other matters relating to the status of this Lease that Landlord or its mortgagee may request be confirmed,
provided that such facts are accurate and ascertainable.

 

		e.	In addition to Landlord’s other remedies under this Lease, Tenant’s failure to execute any
certificate, statement or instrument in accordance with the foregoing provisions of this Lease, within the time period provided, shall
constitute an irrevocable power of attorney appointing and designating Landlord or its successors or assigns as attorney-in-fact for Tenant
to execute and deliver any such certificate, statement or instrument.

 

		XII.	Disposition of Possessions

 

		a.	If Landlord takes possession of the Leased Premises in accordance with this Agreement for an Event of
Default (or for any other lawful reason) and provided that Landlord has first given Tenant fifteen (15) days written notice to remove
all of Tenant’s furniture, fixtures, equipment, inventory and other property located in the Leased Premises (“Tenant’s
Possessions”), Landlord shall have the right to:

 

		i.	remove from the Leased Premises and Property as a whole (without the necessity of obtaining a distress
warrant, writ of sequestration or other legal process) all or any portion of Tenant’s Possessions;

 

		ii.	place Tenant’s Possessions in storage at any premises within the county in which the Leased Premises
is located; and/or

 

		iii.	dispose of Tenant’s Possessions in a commercially reasonable manner including, but not limited to,
donating or otherwise discarding Tenant’s Possessions where applicable.

 

		b.	Tenant shall be liable to Landlord for actual costs incurred by Landlord in connection with removal, storage
and/or disposal of Tenant’s Possessions and shall indemnify and hold Landlord harmless from all loss, damage, actual cost and expense
and liability in connection with such removal, storage and/or disposal. The cost to Tenant for the removal, storage and/or disposal of
Tenant’s furniture, fixtures and equipment shall not exceed the competitive rate for such work. Tenant stipulates and agrees that
the rights herein granted Landlord are commercially reasonable.

 

		c.	This Lease shall constitute a lien on all furniture, fixtures, and equipment in the Leased Premises. Upon
Tenant’s written request and where such subordination is a condition of Tenant’s receipt of such financing, Landlord shall
subordinate its lien to Tenant’s financing obtained by Tenant in Tenant’s ordinary course of business and further provided
that such financing is used solely for the benefit of Tenant’s operations at the Leased Premises but not another location. Notwithstanding
the foregoing, Landlord’s statutory lien for unpaid rent may become superior to other liens pursuant to the Texas Property Code.

 

    19

     

    

 

		d.	If any of Tenant’s Possessions include files, documents, medical records or similar confidential
printed or electronic materials of third parties protected from disclosure by applicable law such as the Health Insurance Portability
and Accountability Act (“Protected Records”), Tenant agrees to abide by all laws regarding the proper safeguarding and protection
of such Protected Records. Tenant shall indemnify and hold Landlord harmless from and against any disclosure or inadvertent disclosure
of such Protected Materials arising from Tenant’s action, inaction, or failure to comply with this Lease. The following shall also
apply where the Tenant has Protected Records:

 

		i.	In the event Landlord exercises any of its remedies for Default under this Lease, Landlord may provide
Tenant with notice and an opportunity to retrieve and remove any Protected Records from the Leased Premises while in the presence of a
designated representative for Landlord and;

 

		ii.	If the Protected Records are not removed in the manner set forth above, then Landlord may dispose of such
Protected Records in the same manner as set forth in Section XIII above for Tenant’s Possessions.

 

		XIII.	Default, Remedies and Determination of Damages

 

		a.	Each of the following acts or omissions of Tenant or occurrences shall constitute an “Event of Default”:

 

		i.	Failure or refusal by Tenant to timely pay Minimum Rent, Additional Rent, or any other sum within five
(5) calendar days of its due date;

 

		ii.	Failure or refusal by Tenant to comply with the Permitted Use restrictions and/or the obligations of Tenant
set forth in this Lease regarding assignment/subletting and such failure or refusal continues for a period of three (3) days after written
notice thereof to Tenant; provided, however, if such failure to comply cannot reasonably be cured in three (3) days, it shall not be an
Event of Default hereunder so long as Tenant commences to cure within such three (3) day period and diligently pursues such cure to completion;

 

		iii.	Tenant’s or Tenant’s guests, invitees, or licensee’s violations of rules/Landlord Rules
for use of the Property where such violation continues after three (3) days notice to Tenant of such violation provided, however, if such
failure to comply cannot reasonably be cured in three (3) days, it shall not be an Event of Default hereunder so long as Tenant commences
to cure within such three (3) day period and diligently pursues such cure to completion; provided further, however that such violation
shall be an Event of Default without notice to Tenant if Tenant or Tenant’s or Tenant’s guests, invitees, or licensee’s
have previously violated the same rule more than two (2) times during any Lease Year;

 

		iv.	Failure or refusal by Tenant to timely perform or observe any other covenant, duty or obligation under
this Lease, without regard for whether such failure is expressly defined as an Event of Default in such other provision of this Lease
after notice and an opportunity to cure the same within seven (7) days; provided, however, if such failure to comply cannot reasonably
be cured in seven (7) days, it shall not be an Event of Default hereunder so long as Tenant commences to cure within such seven (7) day
period and diligently pursues such cure to completion;

 

		v.	Except for Temporary Closures, abandonment or vacating of the Leased Premises for three (3) or more days;

 

    20

     

    

 

		vi.	The entry of a decree or order for relief by a court having jurisdiction over Tenant or any guarantor
of Tenant’s obligations hereunder in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or
any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Tenant or any guarantor of Tenant’s obligations hereunder or for any substantial
part of either of said parties’ property, or ordering the winding-up or liquidation of either of said parties’ affairs; or

 

		vii.	The commencement by Tenant of a voluntary case under the federal bankruptcy laws, as now constituted or
hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law.

 

		b.	In addition to all other remedies provided in this Lease, and after providing appropriate notice if required
under this Lease, Landlord may, at its option:

 

		i.	Terminate this Lease or Tenant’s right to possession of the Leased Premises (in either event, Tenant
shall immediately surrender possession of the Leased Premises to Landlord);

 

		ii.	Enter upon and take possession of the Leased Premises and expel or remove Tenant and any other occupant
therefrom, with or without having terminated the Lease (including removing Tenant’s equipment and/or vehicles) without incurring
liability for the same;

 

		iii.	Alter locks and other security devices at the Leased Premises as provided under Section 93.002 of the
Texas Property Code (as amended from time to time). If Landlord exercises its rights to alter the locks at the Leased Premises, Landlord
shall only be required to provide Tenant with a new key during Landlord’s regular business hours, provided that Landlord SHALL NOT
be required to provide Tenant a new key until such time as Tenant cures all defaults under the Lease and, if required by Landlord, Tenant
pays to Landlord as a Security Deposit an amount equal to twice the monthly Minimum Rent and Additional Charges due hereunder as a Security
Deposit;

 

		c.	Landlord’s exercise of any one or more remedies under this Lease or otherwise available shall not
be deemed to be an acceptance of surrender of the Leased Premises by Tenant, whether by agreement or by operation of law, it being understood
that such surrender can be effected only by the written agreement of Landlord and Tenant.

 

		d.	Upon the occurrence of an Event of Default and the provision of any notice required under this Lease,
Landlord shall not be obligated to give any additional notice (written or oral) regarding Landlord’s exercise of any remedies hereunder.
Tenant hereby waives (to the extent legally permissible) any and all notices otherwise required under statutory or common law. To the
extent of any inconsistency between this Lease and any statutory or common law and to the extent permitted under applicable law, it is
the agreement of the parties that this Lease shall prevail;

 

		e.	If Tenant fails to make any payment or cure any default within the time permitted under this Lease, Landlord,
without being under any obligation to do so and without thereby waiving such default, may make such payment and/or remedy such other default
for the account of Tenant (and enter the Leased Premises for such purpose), and Tenant shall be obligated to and agrees to pay Landlord,
upon demand, all actual costs, expenses and disbursements incurred by Landlord in taking such remedial action plus, except as otherwise
set forth herein, an additional twelve percent (12%) of such sums to compensate Landlord for its overhead and administrative costs (unless
a greater cost for administrative tasks is provided elsewhere in this Lease).

 

    21

     

    

 

		f.	In the event Landlord elects to terminate this Lease because of an Event of Default, or in the event Landlord
elects to terminate Tenant’s right to possession of the Leased Premises without terminating this Lease, Landlord may hold Tenant
liable for all rent and other indebtedness accrued to the date of such termination plus such future rent and other indebtedness as would
otherwise have been required to be paid by Tenant to Landlord during the balance of the term of the Lease. Landlord may bring actions
to collect amounts due by Tenant from time to time without the necessity of Landlord’s waiting until expiration of such period.

 

		g.	In an Event of Default, Tenant shall also be liable for and shall pay to Landlord, in addition to any
sum provided to be paid above: broker’s fees incurred by Landlord in connection with reletting the whole or any part of the Leased
Premises; the costs of removing and storing Tenant’s or other occupant’s property; the costs of repairing, altering, remodeling
or otherwise putting the Leased Premises into condition acceptable to a new tenant or tenants, and all reasonable expenses incurred by
Landlord in enforcing Landlord’s remedies.

 

		h.	No termination of this Lease, or summary proceedings, abandonment or vacation, shall relieve Tenant of
its liability and obligation under this Lease, whether or not the Leased Premises shall be relet. In any such event Tenant shall pay Landlord
the rent and all other charges required to be paid by Tenant up to the time of such event. Thereafter, in addition to any other damages
to which Landlord may be entitled, Tenant, until the end of the Lease Term, or what would have been such term in the absence of any such
event, shall be liable to Landlord as damages for Tenant’s default the equivalent of the amount of rent and other charges which
would be payable under this Lease by Tenant if this Lease were still in effect, less the net proceeds of any reletting effected pursuant
to the provisions of this Lease, after deducting all of Landlord’s reasonable expenses in connection with such reletting, including,
without limitation, all repossession costs, brokerage and management commissions, operating expenses, legal expenses, repairs and alterations
costs, and expenses of preparation for such reletting. Tenant shall pay such current damages (herein called “deficiency”)
to Landlord on the days on which the rent would have been payable under this Lease if this Lease were still in effect, and Landlord shall
be entitled to recover from Tenant each deficiency as the same shall arise. Alternatively, at the option of Landlord, Landlord may recover
from Tenant all damages incurred by reason of such termination of the excess, if any, of the amount of rent and charges reserved in this
Lease for the remainder of the Lease Term over the then reasonable rental value of the Leased Premises for the remainder of the Lease
Term, all of which amount shall be immediately due and payable from Tenant to Landlord. In determining the rent that would be payable
under this Lease subsequent to any default, the annual rental for each year of the remainder of the Lease Term shall be equal to the average
of the total Minimum Rent, Additional Rent, and the charges equivalent to rent paid by Tenant from the Commencement Date to the time of
default or during the preceding two (2) full calendar years, whichever period is shorter.

 

		i.	Tenant and Landlord agree that Landlord shall make a “reasonable attempt” to relet the Leased
Premises if the Leased Premises becomes vacant due to an Event of Default by Tenant. Tenant agrees that Landlord shall not be liable for,
nor shall Tenant’s obligations hereunder be diminished because of Landlord’s failure to actually relet the Leased Premises
or collect rent due as long as Landlord has fulfilled its duty to make a “reasonable attempt” to relet.

 

    22

     

    

 

		i.	Landlord and Tenant agree that Landlord shall be conclusively deemed to have made a “reasonable
attempt” to relet the Leased Premises by doing the following: (a) posting a “For Lease” sign on the Leased Premises,
and (b) advising Landlord’s in-house marketing team or at least one realtor or commercial brokerage entity familiar with the market
in which the Leased Premises is located of the availability of the Leased Premises.

 

		ii.	Landlord shall not be required to:

 

		1.	give any preference or priority to the leasing of the Leased Premises over any other space that Landlord
may have available in the Property;

 

		2.	take any instruction or advice given by Tenant regarding reletting the Leased Premises; accept any proposed
tenant unless such tenant has a credit-worthiness reasonably acceptable to Landlord in its sole discretion; accept any proposed tenant
unless such tenant leases the entire Leased Premises upon terms and conditions satisfactory to Landlord in its sole discretion (after
giving consideration to all expenditures by Landlord for tenant improvements, realtor/broker's commissions and other leasing costs); or

 

		3.	consent to any assignment or sublease for a period which extends beyond the expiration of the current
term or which Landlord would not otherwise be required to consent to under the provisions of this Lease.

 

		iii.	If Landlord receives any payments from the reletting of the Leased Premises, any such payments shall first
be applied to any costs or expenses incurred by Landlord as a result of Tenant's Event of Default under the Lease, including but not limited
to leasing and brokerage fees (including expenses to third party brokers, to Landlord's affiliates and employees of Landlord and its affiliates),
reasonable attorneys’ fees, and construction expenses relating to reletting the Leased Premises (whether paid to a third party contractor
or to the Tenant as a construction allowance) and in no event shall Tenant be entitled to any excess of rent (or rent plus other sums)
obtained by reletting over and above the rent herein reserved.

 

		j.	In recovery under an Event of Default under this Lease, the non-defaulting party shall be entitled to
recover and the defaulting party shall be responsible for the non-defaulting party’s reasonable attorney’s fees and costs
of collection incurred including mediator’s fees and collection agency fees, if any. For the purposes of such recovery, the “non-defaulting”
party must also meet the criteria for a “prevailing party” under applicable law in order to recover reasonable attorney’s
fees under this clause.

 

		k.	In addition to the general provisions for reasonable attorney’s fees set forth in this Lease, if
Landlord hires an attorney to provide any notice to Tenant under this Lease as a result of Tenant’s breach of this Lease or commission
of an Event of Default, Tenant shall reimburse Landlord for Landlord’s costs and reasonable attorney’s fees incurred upon
Landlord’s demand. This recovery includes, without limitation, attorney’s fees and costs arising from any Tenant bankruptcy
proceeding or receivership that Landlord files a claim in.

 

    23

     

    

 

		l.	Unless otherwise provided in this Lease, in the event of any default by Landlord, Tenant’s exclusive
remedy shall be an action for damages or an action for specific performance in connection with a default by Landlord, but prior to any
such action Tenant will give Landlord written notice specifying such default with particularity, and Landlord shall have a reasonable
period of no less than thirty (30) days in which to cure any such default; provided, however, in the event such default reasonably requires
more than thirty (30) days to cure, such failure to cure shall not be deemed to be an “Event of Default” if Landlord shall
have commenced the curing process within the thirty (30) day period. Unless and until Landlord fails to commence to cure any default after
notice or, having commenced the curing process thereafter fails to exercise reasonable diligence to complete such curing, Tenant shall
not have any remedy or cause of action by reason thereof. All obligations of Landlord hereunder will be construed as independent covenants,
not conditions, and all such obligations will be binding upon Landlord only during the period of its possession of the Leased Premises
and not thereafter. Without limiting the foregoing in any way, Tenant expressly acknowledges, understands and agrees that Landlord shall
have no liability or obligation whatsoever for damage to the Leased Premises where caused by another tenant or occupant of the Building
or that tenant/occupant’s facilities such as pipes, wiring, and ducts, including but not limited to damage arising from flooding
or other water damage in the Leased Premises.

 

		m.	If, by reason of inability to obtain and utilize labor, materials, or supplies, or by reason of circumstances
directly or indirectly the result of any state of war or national or local emergency, or by reason of any laws, rules, orders, regulations
or requirements of any governmental authority now or hereafter in force, or by reason of strikes or riots, or by reason of accidents in,
damage to or the making of repairs, replacements or improvements to, the Leased Premises or any of the equipment thereof, or by reason
of force majeure, Acts of God or any other cause beyond the reasonable control of the Landlord, the Landlord shall be unable to perform
or shall be delayed in the performance of any of its obligations hereunder, such nonperformance or delay in performance shall not give
rise to any claim against the Landlord for damages or constitute a total or partial eviction, constructive or otherwise;, or, except as
specifically provided herein, relieve Tenant of any of its obligations hereunder.

 

		n.	Tenant hereby acknowledges that late payment by Tenant to Landlord of rent or any other sums due under
this Lease will cause Landlord to incur various expenses not contemplated by this Lease, the exact amount of which are presently difficult
to ascertain. Accordingly, if any payment of Rent or any other sum due from Tenant under this Lease is not received by Landlord when due,
then in addition to such required payment and other assessments due under this Lease, Tenant shall also pay to Landlord a “Late
Charge” equal to $150.00.

 

		i.	Landlord and Tenant agree that the Late Charge represents a fair and reasonable estimate of the expenses
that Landlord will incur by reason of any late payment by Tenant. Acceptance of the Late Charge by Landlord shall not constitute a waiver
of Tenant’s default with respect to any past due amounts, nor shall it prevent Landlord from exercising any other rights and remedies
granted to Landlord under this Lease, at law, or in equity. The Late Charge shall constitute additional rental payable by Tenant under
this Lease and is in addition to, and separate from, the Minimum Rent and other charges payable under this Lease by Tenant.

 

    24

     

    

 

		o.	The exercise of any remedy by Landlord shall not be deemed an election of remedies or preclude Landlord
from exercising any other remedies in the future. Additionally, Tenant shall defend, indemnify and hold harmless Landlord, Landlord’s
Mortgagee and their respective representatives and agents from and against all claims, demands, liabilities, causes of action, suits,
judgments, damages and expenses (including reasonable attorneys’ fees) arising from Tenant’s failure to perform its obligations
under this Lease. Any and all remedies set forth in this Lease:

 

		i.	shall be in addition to any and all other remedies Landlord may have at law or in equity,

 

		ii.	shall be cumulative, and

 

		iii.	may be pursued successively or concurrently as Landlord may elect.

 

		p.	Neither Tenant's interest in this Lease, any guarantor of this Lease, any estate hereby created in Tenant
nor any interest herein or therein, shall pass to any trustee or receiver or assignee for the benefit of creditors or otherwise by operation
of law, except as may specifically be provided pursuant to the Bankruptcy Code (11 USC §101 et. seq.), as the same
may be amended from time to time.

 

		q.	It is understood and agreed that this Lease is a lease of real property. Upon the filing of a petition
by or against Tenant or any guarantor of this Lease under the Bankruptcy Code, Tenant or any guarantor of this Lease, as debtor and as
debtor-in-possession, and any trustee who may be appointed with respect to the assets of or estate in bankruptcy of Tenant or any guarantor
of this Lease, agree to pay monthly in advance on the first day of each month, as reasonable compensation for the use and occupancy of
the Leased Premises, an amount equal to all Minimum Rent, additional rent and other charges otherwise due pursuant to this Lease. Included
within and in addition to any other conditions or obligations imposed upon Tenant or its successor in the event of the assumption and/or
assignment of this Lease are the following:

 

		i.	the cure of any monetary defaults and reimbursement of pecuniary loss within not more than thirty (30)
days of assumption and/or assignment;

 

		ii.	the deposit of a sum equal to not less than three (3) months' Minimum Rent and additional rent, which
sum shall be determined by Landlord, in its sole discretion, to be a necessary deposit to secure the future performance under this Lease
of Tenant or its assignee;

 

		iii.	the use of the Leased Premises as set forth in this Lease, and the quality, quantity and/or lines of merchandise,
goods or services required to be offered for sale being unchanged; and

 

		iv.	the prior written consent of any mortgagee to which this Lease has been assigned as collateral security.

 

		r.	Should Tenant be in default for the same cause three (3) or more times during any Lease Year, regardless
of whether Tenant has cured previous defaults, Landlord may elect to terminate this Lease and whether or not this Lease is terminated,
re-enter the Leased Premises and take possession thereof, and remove all persons therefrom, without liability therefore, and Tenant shall
have no further claim therein or hereunder.

 

    25

     

    

 

		XIV.	Landlord’s Mortgagee

 

		a.	Tenant agrees that its interest under this Lease shall be subordinate to any mortgage, deed of trust or
similar device now or hereafter placed upon the Leased Premises by Landlord. Tenant agrees to execute any instruments required to evidence
such subordination; provided, however, any such subordination instruments shall provide that, in the event of foreclosure or conveyance
in lieu of foreclosure, Tenant’s rights under this Lease shall not be disturbed by the mortgagee or beneficiary so long as Tenant
is not in default of any of its obligations under this Lease.

 

		b.	Tenant shall not seek to enforce any remedy it may have for any default on the part of Landlord without
first giving written notice by certified mail, return receipt requested, specifying the default in reasonable detail, to any Landlord’s
Mortgagee whose address has been given to Tenant or who is shown of record in a deed of trust, and affording such Landlord’s Mortgagee
a reasonable opportunity to perform Landlord’s obligations hereunder for a period of no less than sixty (60)
days in length (from the date of such notice).

 

		c.	If any current or prospective mortgagee or a mortgagee or beneficiary of a deed of trust encumbering all
or any portion of the Property requires, as a condition to financing, modifications to this Lease, then, provided such modifications do
not increase the rent to be paid hereunder, Landlord shall submit to Tenant a written amendment with such required modifications and if
Tenant fails to execute and return the same within thirty (30) days after the amendment has been submitted Landlord shall be entitled
to its remedies as specified in this Lease for an Event of Default. Nothing herein shall require Tenant to execute an amendment or amendments
to accomplish changes which would change:

 

		i.	the Minimum Rent payable by Tenant;

 

		ii.	the permitted use;

 

		iii.	the size, dimensions or location of the Leased Premises; or

 

		iv.	the length of the Lease Term.

 

		XV.	Non-waiver

 

		a.	Neither Landlord’s acceptance of rent or any other sums payable by Tenant nor failure by Landlord
to complain of any action, non-action or default of the other shall constitute a waiver as to any breach of any covenant or condition
contained herein nor a waiver of any of Landlord’s or Tenant’s rights hereunder. Waiver by Landlord of any right for any default
shall not constitute a waiver of any right for either a prior or subsequent default of the same obligation or for any prior or subsequent
default of any other obligation. No right or remedy of Landlord or covenant, duty or obligation of Tenant hereunder shall be deemed waived
unless such waiver is in writing, and signed by Landlord.

 

		XVI.	Landlord-Tenant Relation

 

		a.	The relation created by this Lease Contract is that of landlord and tenant. No provision of this Lease
shall be construed in such a way as to constitute Landlord and Tenant joint venturers or co-partners or to make Tenant the agent of Landlord
or to make Landlord liable for the debts of Tenant.

 

    26

     

    

 

		XVII.	Eminent Domain

 

		a.	If one hundred percent (100%) of the Property,
or any portion of the Leased Premises that exceeds twenty-five percent (25%), is taken for any public or quasi-public use under any governmental
law, ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, this Lease shall terminate and the
rent shall be abated during the unexpired portion of this Lease, effective on the date physical possession is taken by the condemning
authority. However, if any portion of the Leased Premises is taken for public or quasi-public use that is less than or equal to twenty-five
percent (25%), this Lease shall continue in full force and effect. If this Lease remains in effect but the leasable Floor Area of the
Leased Premises is reduced by eminent domain, Landlord agrees to reduce the Minimum Rent and Additional Rent as may be fair and reasonable
based on such reduction provided however, that Landlord shall not be required to reduce the rates at which Minimum Rent is assessed. 

 

		b.	Landlord, at Landlord’s sole discretion,
may also terminate this Lease upon Notice to Tenant if twenty-five percent (25%) or more of the Grounds but not the Building are taken
for public or quasi-public use as set forth above and below. 

 

		c.	All sums awarded or agreed upon between Landlord
and the condemning authority for the taking of the fee or the leasehold interest, whether as damages or as compensation, will be the property
of Landlord. Tenant hereby assigns to Landlord all proceeds, whether by way of compensation or damages, otherwise payable to Tenant for
the leasehold interest by reason of such taking.

 

		i.	If this Lease is terminated due to a complete or partial taking of the Leased Premises, and to the extent
(and only to the extent) then compensable under Texas law, Tenant may apply to the condemning authority for (i) the value of any non-removable
personal property and equipment, or the unamortized cost of leasehold improvements installed or made by Tenant in the Leased Premises,
(ii) interruption or damage to Tenant’s business; and (iii) moving and relocation expenses; provided, however, in no event whatsoever
shall compensation to Tenant for any of the foregoing reduce (and Tenant shall have no interest in) the award to Landlord provided in
this Section.

 

		d.	If this Lease is terminated under any provision
of this Section, rental and other sums due and payable by Tenant hereunder shall be payable up to the date that possession is taken by
the taking authority, and Landlord will refund to Tenant an equitable portion of any such rental and other sums paid in advance but not
yet earned by such date, and Landlord will refund any Security Deposit (subject to deductions set forth in this Lease, if any).

 

		e.	If any authority having the power of eminent
domain requests that Landlord convey to such authority all or any portion of the Leased Premises or Property, Landlord shall have the
right to make a voluntary conveyance to such authority of all or any portion of the Property whether or not proceedings have been filed
by such authority; and in the event of any such voluntary conveyance, it shall nevertheless for all purposes hereunder be deemed that
there has been a taking by such authority of the property voluntarily conveyed by Landlord. 

 

		f.	If all or any portion of the Property becomes
subject to a taking by eminent domain or a similar law for a limited period of time (“Temporary Taking”), this Lease shall
remain in full force and effect and Tenant shall continue to perform all of the terms, conditions and covenants of this Lease, including
the payment of rent and all other amounts required hereunder. If any such Temporary Taking terminates prior to the expiration of the Term,
Tenant shall restore the Leased Premises as nearly as possible to the condition prior to such Temporary Taking, at Tenant’s sole
cost and expense. Landlord shall be entitled to receive the entire award for any such Temporary Taking, except that Tenant shall be entitled
to receive the portion of such award which:

 

		i.	compensates Tenant for its loss of use of the Leased Premises within the applicable Lease Term; and

 

    27

     

    

 

		ii.	reimburses Tenant for the reasonable out-of-pocket costs actually incurred by Tenant to restore the Leased
Premises as required by this Section.

 

		g.	Landlord shall not be liable to Tenant for –
and Tenant will hold Landlord harmless form and against - any interruptions in Tenants business or losses suffered by Tenant for any temporary
road closures, impairments of access to the Property, or other interruptions in access to the Leased Premises caused by any third party,
including but not limited to a governmental authority.

 

		XVIII.	Holding Over

 

		a.	If Tenant should remain in possession of the Leased Premises after the expiration of the term of this
Lease, without the execution of a new lease, then Tenant shall be deemed to be occupying the Leased Premises as a tenant from month-to-month,
subject to all the covenants and obligations of this Lease, except that as liquidated damages by reason of such holding over, the monthly
amounts payable by Tenant under this Lease shall be increased to one hundred fifty percent (150%) of the monthly amounts payable in the
last month of the stated term.

 

		b.	The above-described tenancy from month-to-month may be terminated by either party upon thirty (30) days
notice to the other.

 

		c.	Any rent due after notice has been given shall be calculated on a prorated basis as provided in this Lease.
If upon notice of termination by Landlord, Tenant tenders rent in excess of the amount due and payable and Landlord accepts such payment,
the acceptance of such payment will not operate as a waiver by Landlord of the notice of termination, unless such waiver is in writing
and signed by Landlord. Any such excess amounts tendered and accepted will be promptly refunded by Landlord, after deducting any amounts
owed Landlord.

 

		d.	The Tenant shall also be liable to Landlord for all damage which Landlord suffers because of any holding
over by Tenant, and Tenant shall indemnify Landlord against all claims made by any other tenant or prospective tenant against Landlord
resulting from the delay by Landlord in delivering possession of the Leased Premises or a portion thereof to such other tenant or prospective
tenant.

 

		XIX.	Additional Rent

 

		a.	Tenant shall pay to Landlord as Additional Rent a “Tax Payment” and “Insurance Payment”
in the amounts provided in this Lease, subject to adjustment as hereinafter set forth.

 

    28

     

    

 

		i.	“Taxes”, as used herein, shall mean all taxes, assessments, impositions, levies, charges,
excises, fees, licenses and other sums levied, assessed, charged or imposed by any governmental authority or other taxing authority or
which accrue on the Leased Premises (Building and Grounds) for each calendar year (or portion thereof) during the term of this Lease.,
including, without limitation, professional fees and expenses incurred by Landlord for ad valorem tax consultants or tax-rendering services
and all penalties, interest and other charges (with respect to Taxes) payable by reason of any delay in or failure or refusal of Tenant
to make timely payment as required under this Lease. The term “Taxes” includes all amounts collected by any taxing authority,
whether classified as ad valorem taxes or non-ad valorem assessments and shall include, without limitation, any tax attributable to operation
of the Property and payable by Landlord pursuant to Texas Tax Code, Section 171.001, et seq., as such statute may be amended or recodified
from time to time. Tenant waives any rights it may have pursuant to statutory or common law to protest the appraised value of the Property
or to appeal the same (and all rights to receive notices of reappraisal as set forth in Sections 41.413 and 42.015 of the Texas Tax Code).
Taxes shall not include local, state or federal net income taxes assessed against Landlord. Also, Taxes will not include late payment
charges, interest, or penalties incurred by Landlord due to Landlord’s acts or omissions. In the event Landlord secures a reduction
in Taxes for any tax year for which Tenant has paid its pro rata share of Taxes as provided herein, Tenant shall be entitled to a refund
equal to Tenant’s share or pro rata share of the actual net amount of any such reduction received by Landlord from the taxing authority.
In such event, Landlord will, at Landlord’s sole option, either credit the amount of such refund against the next ensuing installment(s)
of Taxes, or refund such amount to Tenant. If any Taxes or special assessment may, at Landlord’s option, be paid in installments,
Landlord may exercise such option so as to maximize the number of installments regardless of whether interest or additional sums will
become due.

 

		1.	Tenant has no right to protest the real property tax rate applicable to the Property and/or Leased Premises,
or the appraised value of the Property and/or Leased Premises determined by any appraisal review board or other taxing entity with authority
to determine tax rates and/or appraised values (each a “Taxing Authority”). Tenant hereby knowingly, voluntarily and intentionally
waives and releases any right, whether created by law or otherwise, to do any of the following: (1) to file or otherwise protest before
any Taxing Authority any such rate or value determination even though Landlord may elect not to file any such protest; (2) to appeal any
order of a Taxing Authority which determines any such protest; and (3) to receive, or otherwise require that Landlord deliver to Tenant,
a copy of any reappraisal notice received by Landlord from any Taxing Authority. The foregoing waiver and release covers and includes
any and all rights, remedies and recourse of Tenant, now or at any time hereafter, under Section 41.413 and Section 42.015 of the Texas
Tax Code (as currently enacted or hereafter modified) together with any other or further laws, rules or regulations covering the subject
matter thereof. Tenant acknowledges and agrees that the foregoing waiver and release was bargained for by Landlord and Landlord would
not have agreed to enter into this Lease in the absence of this waiver and release.

 

		ii.	“Insurance Premiums” shall mean the total annual insurance premiums which accrue on all fire
and extended coverage insurance, boiler insurance, public liability and property damage insurance, rent insurance and other insurance
which, from time to time, may at Landlord’s election be carried by Landlord with respect to the Property during any applicable calendar
year (or portion thereof) occurring during the term of this Lease; provided, however that, if during any such calendar year all or any
part of such coverage is written under a “blanket policy” or otherwise in such manner that Landlord was not charged a specific
insurance premium applicable solely to the Property, then in such event, the amount considered to be the Insurance Premium with respect
to such coverage for such calendar year shall be that amount which would have been the annual insurance premium payable under the rates
in effect on the first day of such applicable calendar year for a separate Texas Standard Form insurance policy generally providing such
type and amount of coverage (without any deductible amount) with respect to the Property (considering the type of construction and other
relevant matters) irrespective of the fact that Landlord did not actually carry such type policy.

 

    29

     

    

 

		b.	Unless and until there is an adjustment in amounts paid by Landlord for Taxes and and/or Insurance Premiums,
Tenant shall pay the Tax Payment and Insurance Payment monthly in advance for each and every month during the term of this Lease (charges
for any partial month to be pro-rated).

 

		c.	Landlord shall have the right, exercisable by written notice not more than one time per Lease Year, to
adjust amounts payable by Tenant for the Tax Payment and/or Insurance Payment to reflect cost increases incurred by Landlord and any of
the aforesaid items as to which Landlord shall have given such notice are collectively referred to in this Section as “Changed Costs.”

 

		i.	If Landlord gives notice to Tenant as provided in the preceding Section, then (with respect to any costs
as to which Landlord shall have so given notice) the following shall apply:

 

		1.	Landlord may give notice to Tenant of Landlord’s estimate of Tenant’s responsibility for any
Changed Costs, and thereafter Tenant shall pay Landlord on the first day of each month, monthly in advance, one-twelfth (1/12th) of the
amount(s) so estimated by Landlord.

 

		2.	At the end of each calendar year, including the calendar year during which this Lease terminates, Landlord
will give Tenant notice of (a) the total amount(s) paid by Tenant for such calendar year and (b) the actual amount of any Changed Costs
for such calendar year. If the actual amount of any Changed Costs exceeds the aggregate amount(s) paid by Tenant, Tenant shall pay to
Landlord the deficiency within thirty (30) days following notice from Landlord. If the aggregate amount(s) previously paid by Tenant with
respect thereto exceeds any Changed Costs, then Landlord will either credit the surplus (net of any amounts then owing by Tenant to Landlord)
against the next ensuing installment(s) of any of Changed Costs payable by Tenant, or refund the net surplus to Tenant within sixty (60)
days after the aforesaid statement.

 

		d.	If there is presently in effect or hereafter adopted any nature of sales tax, franchise tax, use tax or
other tax on rents or other sums received by Landlord under this Lease (herein referred to as “Rent Sales Tax”), then in addition
to all rent and other payments to be made by Tenant as provided above, Tenant will also pay Landlord a sum equal to the amount of such
Rent Sales Tax. The term “Rent Sales Tax” shall not include any income taxes applicable to Landlord.

 

    30

     

    

 

		e.	Tenant shall have the right to audit the foregoing costs no more than once during any Lease Year at Tenant’s
own cost and expense. If such audit fails to reveal an overcharge by Landlord in excess of five percent (5%), Tenant shall also reimburse
Landlords’ costs incurred during such audit within five (5) days of written request from Landlord not to exceed $5,000.00; otherwise,
Landlord shall bear its own costs. If such audit reveals an overcharge by Landlord in excess of five percent (5%), Landlord shall reimburse
Tenants’ costs incurred in connection with such audit in an amount not to exceed $5,000.00 within five (5) days of written request
from Tenant. Any credit or debit arising from such audit shall be applied to the next installment(s) of Additional Rent then due.

 

		XX.	Notice

 

		a.	Any notice which may or shall be given under the terms of this Lease shall be in writing and shall be
either delivered to the Notice Address of either Landlord or Tenant, by hand, or by national or regional overnight courier service that
provides written confirmation of delivery (“Courier Service”) or sent by United States Registered or Certified Mail, adequate
postage prepaid, return receipt requested. The initial Notice addresses are set forth on the Fundamental Lease Provisions. Either party’s
address may be changed from time to time by such party by giving notice as provided above. No change of address of either party shall
be binding on the other party until notice of such change of address is given as herein provided. A post office receipt for registration
of such notice or signed return receipt shall be conclusive that such notice was delivered in due course of mail if mailed as provided
above. For purposes of the calculation of various time periods referred to herein, notice delivered by hand or by Courier Service shall
be deemed received when delivered to the place for giving notice to a party referred to above (or on the date delivery is refused) and
notice mailed in the manner provided above shall be deemed completed upon the earlier to occur of (i) actual receipt as indicated on the
signed return receipt, or (ii) three (3) days after mailing as herein provided. Finally, any written notice addressed as provided hereinabove
and actually received by the addressee, shall constitute sufficient notice for all purposes under this Lease. Unless otherwise expressly
stated in another provision of this Lease, the term “notice” or “Notice” as between Landlord and Tenant or for
notices to Landlord’s mortgagee or the beneficiary of a deed of trust for the Property means notice submitted in accordance with
this Lease provision.

 

		b.	Notices may also be sent by electronic mail to the maximum extent permitted by applicable law as set forth
in the Miscellaneous terms hereunder.

 

		XXI.	Tenant’s Signs

 

		a.	The design, size, specifications, graphics, materials, manner of affixing, exact location, colors and
lighting (if applicable) of the exterior signage of the Leased Premises, shall be subject to Landlord’s approval, which shall not
be unreasonably withheld, conditioned or delayed. Tenant shall install, maintain, and repair the exterior signage at Tenant’s sole
cost and expenses. The signage rights granted to Tenant under this Lease may only be exercised by the named Tenant hereunder executing
this Lease and may not be exercised or used by or assigned to any other person or entity other than a transferee pursuant to a permitted
transfer or transferee approved by Landlord.

 

    31

     

    

 

		XXII.  	Terminology and Additional Terms

 

		a.	With respect to terminology in this Lease, each number (singular or plural) shall include all numbers,
and each gender (male, female or neuter) shall include all genders.

 

		b.	This Lease shall be binding upon and shall accrue to the benefit of Landlord, its successors and assigns.

 

		c.	In all instances where either Landlord or Tenant is required hereunder to pay any sum or do any act at
a particular indicated time or within an indicated period, it is understood that time is of the essence.

 

		d.	The obligation of Tenant to pay all rent and other sums hereunder provided to be paid by Tenant and the
obligation of Tenant to perform Tenant’s other covenants and duties hereunder constitute independent, unconditional obligations
to be performed at all times provided for hereunder. Tenant waives and relinquishes all rights which Tenant might have to claim any nature
of lien against or withhold, or deduct from or off-set against any rent and other sums provided hereunder to be paid Landlord by Tenant,
except as explicitly allowed in this Lease; provided, however, if Tenant obtains a final judgment against Landlord in a court of competent
jurisdiction, the lien evidenced by said judgment may be attached to or encumber the Leased Premises.

 

		e.	Under no circumstances whatsoever shall Landlord ever be liable hereunder for consequential damages or
special damages; and all liability of Landlord for damages for breach of any covenant, duty or obligation of Landlord hereunder may be
satisfied only out of the interest of Landlord in the Leased Premises (including rents, profits and proceeds therefrom) existing at the
time any such liability is adjudicated in a proceeding as to which the judgment adjudicating such liability is non-appealable and not
subject to further review. The term “Landlord” shall mean only the owner, of the Leased Premises, and in the event of the
transfer by such owner of its interest in the Leased Premises, such owner shall thereupon be released and discharged from all covenants
and obligations of Landlord thereafter accruing, but such covenants and obligations shall be binding during the lease term upon each new
owner for the duration of such owner’s ownership.

 

		f.	All monetary obligations of Landlord and Tenant (including, without limitation, any monetary obligation
of Landlord or Tenant for damages for any breach of the respective covenants, duties or obligations of Landlord or Tenant hereunder) are
performable exclusively in the county in which the Leased Premises is located.

 

		g.	The doctrine of independent covenants will apply in all matters relating to this Lease including, without
limitation, all obligations of Landlord and Tenant to perform their respective obligations under this Lease.

 

		h.	Tenant hereby acknowledges and agrees that Landlord is not bound to perform or liable for the non-performance
of any implied covenant or implied duty of Landlord not expressly set forth herein. Tenant acknowledges and agrees that Landlord
has made no warranty (either express or implied) that the Leased Premises are suitable for their intended commercial purpose.
Tenant agrees to perform all of its Lease obligations (including without limitation, the obligation to pay rent), notwithstanding an alleged
breach by Landlord of any such implied warranty. Tenant agrees that Landlord shall incur no liability to Tenant by reason of any defect
in the Leased Premises, whether apparent or latent.

 

		i.	If this Lease is executed by more than one person or entity as “Tenant,” each such person
or entity shall be jointly and severally liable hereunder. It is expressly understood that any one of the parties who have executed this
Lease as “Tenant” (herein individually referred to as “Signatory”) shall be empowered to execute any modification,
amendment, exhibit, floor plan, or other document (“Future Instrument”) and bind each of the Signatories who has executed
this Lease regardless of whether each Signatory, in fact, executes such Future Instrument.

 

    32

     

    

 

		j.	Upon written request, Tenant shall provide to Landlord, within forty-five (45) days of such request, a
copy of its most recent financial statement including both a balance sheet and income statement and, if requested by Landlord, tax returns.
Such request may be made by Landlord from time to time during the Lease.

 

		k.	If during the term of this Lease Tenant requests that Landlord prepare, review, or negotiate legal documentation
for any reason (except in connection with an agreement solely between Landlord and Tenant), then Landlord reserves the right to charge
Tenant a reasonable fee for the preparation, review and/or negotiation of such documentation. Such fee shall not exceed TWO THOUSAND FIVE
HUNDRED AND 00/100 DOLLARS ($2,500.00) per occurrence and shall be due and payable to Landlord on demand. Tenant represents and warrants
to Landlord that Tenant is currently in compliance with, and Tenant further covenants to Landlord that Tenant shall at all times during
the term of the Lease (including any extension thereof) remain in compliance with, the regulations of the Office of Foreign Assets Control
(“OFAC”) of the U.S. Department of Treasury (including those named on OFAC’s Specially Designated Nationals and Blocked
Persons List) and any statute, executive order (including, but not limited to, Executive Order 13224, dated September 24, 2001 and entitled
“Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism”), or other
governmental, regulatory, or administrative action relating thereto.

 

		XXIII.  	Special Terms.

 

		a.	Hazardous Material.

 

		i.	Tenant hereby covenants that during its possession and use of the Leased Premises or Property:

 

		1.	Tenant shall not transport, store, treat or dispose, nor allow or arrange for any third parties to transport,
store, treat or dispose of Hazardous Substances (as defined herein) or other waste upon the Leased Premises or Property, except as permitted
by law. The term “Hazardous Substances” shall mean any pollutant, toxic material, contaminant, hazardous waste, hazardous
substance, or other controlled item under any applicable Environmental Law and, for the purposes of this Lease, also includes asbestos,
polychlorinated biphenyls, and any substance that requires investigation, removal, or remediation under any Environmental Law (except
for routine items kept as inventory, packaging, or janitorial supplies in accordance with Environmental Law). “Environmental Law”
or “Environmental Laws” mean and include the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C.
Sections 9601 et seq.), Hazardous Materials Transportation Act 49 U.S.C., Section 1801 et seq, Resource Conservation and Recovery Act,
Clean Air Act, Clean Water Act, Toxic Substances, regulations promulgated by the Texas Commission on Environmental Quality, or any similar
municipal/local, state or federal law.

 

    33

     

    

 

		2.	Tenant shall not allow the storage or a Release of any Hazardous Substance on, into or beneath the surface
of any parcel of the Leased Premises or Property. The term “Release” shall mean releasing, spilling, leaking, pumping, pouring,
emitting, emptying, discharging, injecting, escaping, leaching, disposing or dumping of substances that require remedial action under
Environmental Law.

 

		3.	Tenant shall be responsible for obtaining any required permits and paying any fees and providing any testing
required by any governmental agency.

 

		4.	Tenant will not allow any surface or subsurface conditions to exist or come into existence that constitute,
or with the passage of time may constitute a public or private nuisance.

 

		5.	Prior to any Hazardous Substance being brought upon or into the Leased Premises or Property, whether with
Landlord’s written permission or not, Tenant will provide to Landlord any applicable material safety data sheets regarding said
Hazardous Substance as well as a written description of the amount of such substance to be brought upon or into the Leased Premises or
Property and the common and recognized chemical name of such Hazardous Substance.

 

		6.	Landlord or Landlord’s representative shall have the right, but not the obligation to enter the
Leased Premises for the purpose of inspecting the storage, use and disposal of Hazardous Substances to ensure compliance with all relevant
state and federal environmental laws and regulations. If it is determined, in Landlord’s sole opinion, that said Hazardous Substances
are being improperly stored, used, or disposed of, then Tenant shall immediately take such corrective action as requested by Landlord.
Should Tenant fail to take such corrective action within twenty-four (24) hours, Landlord shall have the right to perform such work and
Tenant shall promptly reimburse Landlord for any and all costs associated with said work. If at any time during or after the term of the
lease, the Property are found to be contaminated or subject to conditions in violation of applicable Environmental Laws, Tenant shall
diligently institute proper and through cleanup procedures at Tenant’s sole cost. In either event, such failure by Tenant shall
constitute an Event of Default giving rise to Landlord’s rights and remedies under this Agreement for an Event of Default.

 

		7.	TENANT BY ANY ACT OR OMISSION DIRECTLY OR INDIRECTLY THROUGH A CONTRACTOR, EMPLOYEE, SHALL NOT CAUSE THE
RELEASE OF HAZARDOUS MATERIALS INTO ANY PIPES, DRAINS, OR WATER/SEWER DRAINAGE SYSTEMS WITHIN OR SERVICING THE LEASED PREMISES.

 

		ii.	Tenant agrees to indemnify and hold harmless Landlord from any
and all claims, damages, fines, judgments, penalties, costs, liabilities or losses (including, without limitation, any and all sums paid
for settlement of claims, reasonable attorney’s fees, consultant and expert fees) arising during the Lease Term in connection with
the presence or suspected presence of Hazardous Substances in or on the LEASED PREMISES OR Property, which are present as a result of
negligence, breach of this Lease, willful misconduct or other acts of Tenant, Tenant’s agents, employees, contractors or invitees.
Without limitation of the foregoing, this indemnification shall include any and all costs incurred due to any investigation of the site
or any cleanup, removal or restoration mandated by a federal, state or local agency or political subdivision, which are present as a result
of negligence, breach of this Lease, willful misconduct or other acts of Tenant, Tenant’s agents, employees, contractors or invitees.
This indemnification shall specifically include any and all costs due to Hazardous Substances which flow, diffuse, migrate or percolate
into, onto or under the Leased Premises or Property after the Lease Term commences.

 

    34

     

    

 

		XXIV.  	Condition of Lease

 

		a.	Notwithstanding anything to the contrary contained in this Lease, Tenant shall obtain all governmental,
regulatory authority and other licenses and permits authorizing Tenant to use the Leased Premises for the Permitted Use (the “Permits”).
In connection with said Permits, Tenant agrees that: (i) Tenant shall be responsible for all costs and expenses in connection with said
Permits; (ii) Tenant shall make application for its Permits as soon as commercially practicable following the execution date hereof and
exercise diligent efforts to obtain said Permits within at least 90 days after the date of execution of this Lease; and (iii) Tenant agrees
to give Landlord written notice immediately upon satisfaction of the foregoing condition.

 

		b.	Tenant understands and acknowledges that utility services to the Leased Premises and the Building housing
the Leased Premises may be limited in availability, quantity, capacity, or by other restrictions, including but not limited to limitations
on electrical service, water/plumbing-related connections, the lack of gas connections and other items.  In addition to any language
conveying the Leased Premises "as-is" and "with all faults" or other disclaimers of warranty contained in this Lease,
Tenant further understands and agrees that it is Tenant's sole responsibility to determine whether the utility services and connections
are adequate for Tenant's intended use, and Tenant agrees to release and hold Landlord harmless from and against any claims of any kind
arising from or relating to utility services or connections at the Leased Premises being unavailable, inadequate, of the wrong capacity,
in the wrong quantity, or otherwise unsuitable for Tenant's intended use.  To the extent Tenant requires additional or different
utility services than that which is made available with Leased Premises, Tenant shall solely bear the cost and expense of any such addition/alteration,
and any construction, installation, or other work required to satisfy Tenant's needs remains subject to Landlord’s right to pre-approve
the same pursuant to this Lease and must be in strict compliance with the utility provider's guidelines/rules; declarations, restrictions,
covenants, or other items recorded against or applicable to the Property; and applicable law.

 

		c.	Tenant stipulates that they have examined the Building and Grounds, and any other improvements comprising
or adjacent to the Leased Premises, and they are all, at the date of the lease, in good order and repair and in a safe and clean condition.
EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS LEASE, LANDLORD HAS NOT MADE, IS NOT MAKING AND SPECIFICALLY DISCLAIMS
ANY WARRANTIES, REPRESENTATIONS, GUARANTEES OR ASSURANCE, EXPRESS OR IMPLIED, REGARDING THE PROPERTY AND EQUIPMENT, INCLUDING, BUT NOT
LIMITED TO, WARRANTIES, REPRESENTATIONS, GUARANTEES AND ASSURANCES REGARDING (1)ENVIRONMENTAL CONDITION, (2) QUALITY, NATURE, ADEQUACY
OR PHYSICAL CONDITION, (3)VALUE, PROFITABILITY, SUITABILITY, MERCHANTABILITY, MARKETABILITY, FAIRNESS FOR A PARTICULAR PURPOSE, OR AGAINST
INFRINGEMENTS; OR (4) COMPLIANCE, WITH ANY GOVERNMENTAL CONSTITUTION, STATUE, LAW, ORDINANCE, CODE, REGULATION, RULE, ORDER RULING, DECREES
OR JUDGMENT OR ANY COVENANT, CONDITION, RESTRICTION OR OTHER ENCUMBRANCE. TENANT (1) AGREES TO THE DISCLAIMER SET FORTH IN THIS PARAGRAPH,
AND (2) ACCEPTS THE LEASED PREMISES AND PROPERTY “AS-IS. WHERE-IS”, WITH ALL FAULTS AND DEFECTS (LATENT OR PATENT). IF THE
WARRANTY OF GOOD AND WORKMANLIKE REPAIR IS IMPOSED ON LANDLORD FOR ANY REASON DESPITE THE DISCLAIMERS STATED ABOVE, LANDLORD AND TENANT
AGREE THAT SUCH WARRANTY SHALL BE: LIMITED TO LANDLORD’S REPAIR OBLIGATIONS SET FORTH IN THIS LEASE; SOLELY FOR THOSE ITEMS FOR
WHICH LANDLORD IS RESPONSIBLE FOR REPAIRING PURSUANT TO THIS LEASE; AND FURTHER LIMITED TO LANDLORD REQUESTING WARRANTY SERVICES FROM
SUCH CONTRACTOR RETAINED BY LANDLORD TO PERFORM SUCH WORK.

 

    35

     

    

 

		XXV.  	Landlord’s Lien.

 

		a.	Tenant hereby grants to Landlord a valid first security interest on all the goods, inventory, chattels,
furniture, trade fixtures, and property that Tenant may own and have on the Property at any time or times during the term of this Lease,
as well as on the proceeds of any insurance accruing to Tenant by reason of any destruction of or damage to any such property, to secure
all rents and other sums due or to become due Landlord under this Lease, any and all exemption laws being expressly waived in favor of
the security interest. It is agreed that this express security interest shall not be construed as a waiver of any statutory or other liens
given or that may be given to Landlord, but shall be in addition to any such statutory or other lien. It is agreed that in the event of
default by Tenant under this Lease, Landlord shall have and be entitled to exercise all right and remedies provided or granted to a secured
party after default under the Uniform Commercial Code with respect to any and all personal property on the premises, including, without
limitation, the right to take and retain possession of any or all such property and to sell or otherwise utilize such property at public
or private sale or in any other manner authorized or provided in the Uniform Commercial Code. On request by Landlord, Tenant agrees to
execute and deliver to Landlord from time to time such UCC Financing Statements as Landlord may deem necessary to perfect the security
interest of Landlord in the property described above and the proceeds of such property under the provisions of the Uniform Commercial
Code in force in the State of Texas.

 

		XXVI.  	DTPA and Security Waiver

 

		a.	Tenant acknowledges and agrees on its own behalf and on behalf of any permitted assigns and successors
of Tenant hereafter, that the Texas Deceptive Trade Practices-Consumer Protection Act, Subchapter E of Chapter 17 of the Texas Business
and Commerce Code (the “DTPA”), is not applicable to this transaction. Accordingly, Tenant's rights and remedies with respect
to any transaction contemplated under this Lease, and with respect to all acts or practices of Landlord, past, present or future, in connection
with such transactions, shall be governed by legal principles other than the DTPA.

 

    36

     

    

 

		b.	Waiver of Consumer Rights.

 

		i.	Tenant waives its rights under the Texas Deceptive Trade Practices Consumer Protection Act, Section
17.41 et seq., Texas Business & Commerce Code, a law that gives consumers special rights and protections. After consultation with
an attorney of its own selection (or after waiving the right to such consultation), Tenant voluntarily consents to this waiver.

 

		c.	LANDLORD MAKES NO REPRESENTATION OR WARRANTY, WRITTEN OR ORAL, EXPRESS OR IMPLIED, THAT ANY SECURITY WILL
BE PROVIDED TO THE PROPERTY. TENANT HEREBY ACKNOWLEDGES AND AGREES THAT IT SHALL BE RESPONSIBLE AT ITS COST AND EXPENSE FOR THE INSTALLATION,
MAINTENANCE, AND OPERATION OF ANY AND ALL SURVEILLANCE EQUIPMENT AND /OR SECURITY MEASURES AT THE LEASED PREMISES OR PROPERTY TO THE EXTENT
THAT THE SAME IS DEEMED NECESSARY BY TENANT. SUCH SECURITY MEASURES SHOULD BE MAINTAINED AS DEEMED REASONABLE AND NECESSARY BY THE TENANT,
IN A MANNER AS TO PROVIDE A SAFE AND SECURE PREMISES FOR TENANT’S AGENTS, EMPLOYEE, INVITEES, LICENSEES, AND CUSTOMERS. LANDLORD
SHALL NOT BE LIABLE FOR, AND TENANT HEREBY WAIVES ANY RIGHT TO ANY CLAIM AGAINST LANDLORD FOR (1) ANY UNAUTHORIZED OR CRIMINAL ENTRY OF
THIRD PARTY INTO THE PROPERTY, (2)ANY DAMAGE TO PERSONS OR PROPERTY, OR (3) ANY LOSS OF PROPERTY IN AND ABOUT PROPERTY, BY AND FROM ANY
UNAUTHORIZED OR CRIMINAL ACT OF THIRD PARTIES, REGARDLESS OF ANY ACTION, INACTION, FAILURE, BREAKDOWN, MALFUNCTION OR INSUFFICIENCY OF
THE SECURITY SERVICES PROVIDED BY LANDLORD, IF ANY. LANDLORD DOES NOT GUARANTEE ANY LEVEL OF SECURITY AND TENANT RELEASES LANDLORD FROM
ANY RESPONSIBILITY FOR ANY CLAIMS BASED UPON ASSERTIONS THAT LANDLORD FAILED TO PROVIDE ADEQUATE SECURITY TO THE PROPERTY.

 

		XXVII.	Additional Miscellaneous Terms

 

		a.	Brokers.

 

		i.	No brokers or sales agents were used to negotiate or obtain this Lease.

 

		b.	Advice of Counsel; Due Diligence.

 

		i.	Each Party acknowledges that they are familiar with the business matters to be achieved pursuant to this
Agreement and have read and understood the terms of this agreement and are signing under their own free will. Each party represents and
warrants that it has entered into this agreement after seeking advice from its own attorney or after choosing not to obtain said consultation.

 

		ii.	Tenant has performed its due diligence regarding the Landlord, this Lease, the Leased Premise (Building
and the Grounds) and Property. Tenant therefore releases Landlord from any claims for FRAUD, fraud
in the inducement, or misrepresentation regarding the entry of this Lease.

 

    37

     

    

 

		c.	Severability.

 

		i.	If one or more provisions of this Agreement are held to be unenforceable under applicable law, then:

 

		1.	such provision shall be excluded from this Agreement;

 

		2.	the balance of the Agreement shall be interpreted as if such provision were so excluded; and

 

		3.	the balance of the Agreement shall be enforceable in accordance with its terms.

 

		d.	Amendments.

 

		i.	Landlord must consent to any amendment of this Lease in writing and only in a written amendment specifically
intended to alter the terms of this Lease.

 

		e.	Governing Law.

 

		i.	This Agreement and the legal relations between the Parties shall be governed by and construed in accordance
with the laws of the State of Texas.

 

		f.	Electronic Mail Notices.

 

		i.	Where Notice is required under this Lease, except as otherwise provided by law, the Parties may send and
receive notice under this Agreement by electronic mail to the electronic mail address designated on the signature page of this Agreement
(as updated from time to time by written Notice to the other Party) provided that at least one other permitted method of Notice hereunder
is also used. Electronic mail correspondence sent after 5:00PM (CST) on a given day shall be deemed received on the next calendar day.
In the event of a conflict between the timing of the electronic Notice and another form of Notice for the purposes of calculating deadlines
under this Lease, the timing of the electronic notice shall be used.

 

		g.	Descriptive Headings.

 

		i.	The descriptive headings of any section of this Agreement are inserted for convenience only and shall
not control or affect the meaning or construction of any provision hereof.

 

		ii.	Examples, where used, are for illustrative purposes only and, while not intended to provide contractual
language, are intended to aid a court, arbiter, decision maker, or other reviewer in understanding the intent of the Parties.

 

		h.	Dispute Resolution and Forum Selection; Jury Waiver.

 

		i.	In the event of a dispute or claim arising out of or in connection with any provision of this Agreement,
the Parties agree to submit themselves to the jurisdiction of a Texas court in the county in which the Leased Premises is located.

 

		ii.	The Parties agree that the State of Texas shall be the sole forum for filing any causes of action in a
court of law or seeking injunctive or similar equitable relief without regard for any conflicts of laws provisions. The Parties hereby
expressly waive any rights to contest the power of the courts of the State of Texas to exercise personal jurisdiction over them.

 

    38

     

    

 

		iii.	The parties hereby waive trial by jury in any action, proceeding
or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected
with this Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the Leased Premises, and/or any claim of
injury or damage. 

 

		i.	Entire Agreement

 

		i.	This instrument (including all riders and exhibits) constitutes the entire agreement between Landlord
and Tenant; no prior written or prior or contemporaneous oral promises or representations shall be binding. This Lease shall not be amended,
changed or extended except by written instrument signed by both parties hereto.

 

		j.	Force Majeure.

 

		i.	Where used in this Lease, the term “force majeure,” whether capitalized or not, refers to:

 

		1.	Natural disasters or other disruptive events caused by nature or manmade events including but not limited
to hurricanes, tornados, greater than average/excessive rainfall, flood, drought, and/or fire;

 

		2.	“Acts of God”;

 

		3.	Acts of terrorism or war (whether war is declared or undeclared);

 

		4.	Insurrection, riots, or strike;

 

		5.	Disease/pandemic and related enforcement actions by government agencies or private entites;

 

		6.	Unavailability of, or shortages in the supply of, materials or labor; or

 

		7.	Legal prohibition, embargo, government action, or government inaction (including but not limited to delays
in permit issuance, plat certification or acceptance, or infrastructure approval)

 

[SIGNATURE PAGE TO FOLLOW]

 

    39

     

    

 

IN WITNESS WHEREOF, the Parties hereto have executed
the foregoing Commercial Lease as of this the 21st day of July, 2021.

 

	LANDLORD: 	 	 
	 	 	 
		 	 
	MDW Management, LLC	 	 
	By: Denise Wanke	 	 
	 	 	 
	Email Notice Address:	mike@a1glasscoating.com	 
	With a copy to:	atiwari@texaslegalpros.com	 
	 	 	 
	TENANT(S):	 	 
	 	 	 
	Mobile Tint, LLC 	 	 
	 	 	 
		 	 
	Signature	 	 
	 	 	 
	Michael Wanke, Sole Member	 	 
		 	 
	Printed Name and Title	 	 
		 	 
	Email Notice Address:	mike@a1glasscoating.com  	 
	 	 	 
	 	 	 

 

    40

     

    

 

Exhibit “A”

 

		Building:	4,000 sqft +/- metal building located upon the Grounds, w/ approximately 800 sqft office space, 800 sqft
of storage space, and 3400 sqft of open bays/mechanical areas. Approximately 1600 sqft of heated/cooled space.

 

		Grounds:	0.673 acres of land, more or less, out of Lot 25, Block 1, Universal Heights Subdivision, City of San
Antonio, Bexar County, Texas, a subdivision recorded in Volume 6400, Page 23, Map and Plat Records of Bexar County, Texas, being that
same tract of land described by Warranty Deed with Vendor’s Lien recorded in Volume 12138, Page 565, Official Public Records of
Bexar County, Texas, and also in that certain Warranty Deed with Vendor’s Lien filed under Document Number 20200130385, Official
Public Records of Bexar County, Texas.

 

 

    41

     

    

 

Exhibit A-1

GUARANTY

 

In order to induce MDW Management, LLC (“Landlord”)
to execute the foregoing Commercial Lease (the “Lease”) with Mobile Tint, LLC (“Tenant”), for a
certain tract of real property with improvements thereon owned by Landlord in Bexar County Texas and commonly known as 2029 Pat Booker
Rd, Universal City, TX 78148 the undersigned (“Guarantor”) (whether one or more than one) has guaranteed and by this
instrument does hereby guarantee the payment and performance of all liabilities, obligations and duties (including, but not limited to,
payment of rent) imposed upon Tenant under the terms of the Lease, as if Guarantor has executed the Lease as Tenant thereunder.

 

Guarantor hereby waives notice of acceptance of
this Guaranty and all other notices in connection herewith or in connection with the liabilities, obligations and duties guaranteed hereby,
including notices of default by Tenant under the Lease, and waives diligence, presentment and suit on the part of Landlord in the enforcement
of any liability, obligation or duty guaranteed hereby.

 

Guarantor further agrees that Landlord shall not
be first required to enforce against Tenant or any other person any liability, obligation or duty guaranteed hereby before seeking enforcement
thereof against Guarantor. Suit may be brought and maintained against Guarantor by Landlord to enforce any liability, obligation or duty
guaranteed hereby without joinder of Tenant or any other person. The liability of Guarantor shall not be affected by any indulgence, compromise,
settlement or variation of terms which may be extended to Tenant by Landlord or agreed upon by Landlord and Tenant, and shall not be impaired,
modified, changed, released or limited in any manner whatsoever by any impairment, modification, change, release, or limitation of the
liability of Tenant or its estate in bankruptcy, or of any remedy for the enforcement thereof, resulting from the operation of any present
or future provision of the Federal Bankruptcy Code, or any similar law or statute of the United States or any State thereof. Landlord
and Tenant, without notice or consent by Guarantor, may at any time or times enter into such extensions, amendments, assignments, subleases,
or other covenants respecting the Lease as they may deem appropriate; and Guarantor shall not be released thereby, but shall continue
to be fully liable for the payment and performance of all liabilities, obligations and duties of Tenant under the Lease as so extended,
amended, assigned or otherwise modified including, without limitation, any period of time during which Tenant continues to occupy the
Leased Premises in excess of the Lease Term. Landlord shall not be required to make any demand on Tenant, apply any security deposit or
Prepaid Rent being held by Landlord on behalf of Tenant or any other credit in favor of Tenant, or otherwise pursue or exhaust its remedies
against Tenant before, simultaneously with, or after enforcing its rights and remedies hereunder against Guarantor.

 

The validity of this Guaranty and the liability
of Guarantor hereunder shall in no way be terminated, affected or impaired by the modification, limitation, release or discharge of Tenant
in any bankruptcy or other proceeding, the rejection or disaffirmance of the Lease in any such proceeding or any disability of Tenant,
the assumption and assignment or transfer of the Lease by Tenant or Tenant’s bankruptcy trustee, or any other relief of Tenant from
any of Tenant’s obligations under the Lease by operation of law, Guarantor hereby waiving all suretyship defenses.

 

    42

     

    

 

It is understood that other agreements similar
to this Guaranty may, at Landlord’s sole option and discretion, be executed by other persons with respect to the Lease. This Guaranty
shall be cumulative of any such agreements and the liabilities and obligations of Guarantor hereunder shall in no event be affected or
diminished by reason of such other agreements. Moreover, in the event Landlord obtains another signature of more than one guarantor on
this page or by obtaining additional guaranty agreements, or both, Guarantor agrees that Landlord, in Landlord’s sole discretion,
may (i) bring suit against all guarantors of the Lease jointly and severally or against any one or more of them, (ii) compound or settle
with any one or more of the guarantors for such consideration as Landlord may deem proper, and (iii) release one or more of the guarantors
from liability. Guarantor further agrees that no such action shall impair the rights of Landlord to enforce the Lease against any remaining
guarantor or guarantors, including Guarantor. Notwithstanding the above, until such time as all of Tenant’s obligations under the
Lease are fully performed, Guarantor waives any rights that Guarantor may have against Tenant by reason of any one or more payments or
acts in compliance with the obligations of Guarantor under this Guaranty, and subordinates any liability or indebtedness of Tenant held
by Guarantor to the obligations of Tenant to Landlord under the Lease.

 

Guarantor agrees that if Landlord shall employ
an attorney to present, enforce or defend all of Landlord’s rights or remedies hereunder, Guarantor shall pay any reasonable attorney’s
fees incurred by Landlord in such connection. This Guaranty is a guaranty of payment and performance, not a guaranty of collection. This
Guaranty shall be binding upon Guarantor and the successors, heirs, executors and administrators of Guarantor, and shall inure to the
benefit of Landlord and Landlord’s heirs, executors, administrators, and assigns. Guarantor waives the benefit of any statute of
limitations affecting Guarantor’s liability hereunder to the maximum extent permitted under applicable law.

 

This Guaranty shall be governed by and construed
in accordance with the laws of the State of Texas, applicable to agreements made and to be wholly performed within the State of Texas.
Guarantor hereby consents to the jurisdiction of any competent court within Bexar County, Texas.

 

The signatory executing this Guaranty warrants
that such signatory is duly authorized to bind the undersigned Guarantor to this Guaranty, and both the undersigned signatory and Guarantor
warrant and represent to Landlord that that the form and entry of this Guaranty was duly approved and authorized in accordance with any
governing documents for the Guarantor or applicable law.

 

Notwithstanding the foregoing, this Guaranty shall
terminate upon the occurrence of earlier of the following: (i) the date of Guarantor’s acquisition of 100% of the ownership interests
of the Tenant; (ii) the date that Guarantor beneficially owns less than an eighty percent (80%) ownership interest in Tenant; or (iii)
two (2) years from and after the effective date of this Guaranty.

 

EXECUTED, THIS 21st day of July,
2021 to be effective the same day as the effective day of the Lease.

 

	GUARANTOR: C-Bond Systems, Inc.	 
	 	 
		 
	Signature	 
	 	 
	Scott Silverman, Chief Executive Officer	 
		 
	Printed Name & Title	 
	 	 
	6035 South Loop East	 
	Street Address:	 
	 	 
	Houston, TX 77033	 
	 	 
	City, State, Zip
	 
	
    

    ssilverman@cbondsystems.com
	 

    

	
	Email Address for Notice

 

 

43EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 

Class A-1 0.08613% Asset Backed Notes 

Class A-2 0.21% Asset Backed Notes 

Class A-3 0.48% Asset Backed Notes 

Class A-4 0.73% Asset Backed Notes 

Class B 0.97% Asset Backed Notes 

Class C 1.07% Asset Backed Notes 

Class D 0.00% Asset Backed Notes 

------------------------------------------ 

INDENTURE 
 Dated as of
July 21, 2021 
 ------------------------------------------ 

THE BANK OF NEW YORK MELLON, 
 as
Trustee and Trust Collateral Agent 
  
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I Definitions and Incorporation by Reference
	  	 	3	 
			
	 SECTION 1.1
	 	 Definitions
	  	 	3	 
	 SECTION 1.2
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	11	 
	 SECTION 1.3
	 	 Rules of Construction
	  	 	11	 
		
	 ARTICLE II The Notes
	  	 	11	 
			
	 SECTION 2.1
	 	 Form
	  	 	11	 
	 SECTION 2.2
	 	 Execution, Authentication and Delivery
	  	 	12	 
	 SECTION 2.3
	 	 Temporary Notes
	  	 	12	 
	 SECTION 2.4
	 	 Registration; Registration of Transfer and Exchange
	  	 	13	 
	 SECTION 2.5
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	15	 
	 SECTION 2.6
	 	 Persons Deemed Owner
	  	 	15	 
	 SECTION 2.7
	 	 Payment of Principal and Interest; Defaulted Interest
	  	 	16	 
	 SECTION 2.8
	 	 Cancellation
	  	 	17	 
	 SECTION 2.9
	 	 Release of Collateral
	  	 	17	 
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	17	 
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	18	 
	 SECTION 2.12
	 	 Definitive Notes
	  	 	18	 
		
	 ARTICLE III Covenants
	  	 	18	 
			
	 SECTION 3.1
	 	 Payment of Principal and Interest
	  	 	18	 
	 SECTION 3.2
	 	 Maintenance of Office or Agency
	  	 	19	 
	 SECTION 3.3
	 	 Money for Payments to be Held in Trust
	  	 	19	 
	 SECTION 3.4
	 	 Existence
	  	 	20	 
	 SECTION 3.5
	 	 Protection of Trust Estate
	  	 	20	 
	 SECTION 3.6
	 	 Opinions as to Trust Estate
	  	 	21	 
	 SECTION 3.7
	 	 Performance of Obligations; Servicing of Receivables
	  	 	22	 
	 SECTION 3.8
	 	 Negative Covenants
	  	 	22	 
	 SECTION 3.9
	 	 Annual Statement as to Compliance
	  	 	23	 
	 SECTION 3.10
	 	 Issuer May Consolidate, Etc. Only on Certain Terms
	  	 	23	 
	 SECTION 3.11
	 	 Successor or Transferee
	  	 	25	 
	 SECTION 3.12
	 	 No Other Business
	  	 	25	 
	 SECTION 3.13
	 	 No Borrowing
	  	 	26	 
	 SECTION 3.14
	 	 Servicer’s Obligations
	  	 	26	 
	 SECTION 3.15
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	26	 
	 SECTION 3.16
	 	 Capital Expenditures
	  	 	26	 
	 SECTION 3.17
	 	 Compliance with Laws
	  	 	26	 
	 SECTION 3.18
	 	 Restricted Payments
	  	 	26	 
	 SECTION 3.19
	 	 Notice of Events of Default
	  	 	26	 
	 SECTION 3.20
	 	 Further Instruments and Acts
	  	 	27	 
	 SECTION 3.21
	 	 Amendments of Sale and Servicing Agreement and Trust Agreement
	  	 	27	 

							
	 SECTION 3.22
	 	Income Tax Characterization	  	 	27	 
		
	 ARTICLE IV Satisfaction and Discharge
	  	 	27	 
			
	 SECTION 4.1
	 	Satisfaction and Discharge of Indenture	  	 	27	 
	 SECTION 4.2
	 	Application of Trust Money	  	 	28	 
	 SECTION 4.3
	 	Repayment of Moneys Held by Note Paying Agent	  	 	28	 
		
	 ARTICLE V Remedies
	  	 	29	 
			
	 SECTION 5.1
	 	Events of Default	  	 	29	 
	 SECTION 5.2
	 	Rights Upon Event of Default	  	 	29	 
	 SECTION 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	30	 
	 SECTION 5.4
	 	Remedies	  	 	32	 
	 SECTION 5.5
	 	Optional Preservation of the Receivables	  	 	33	 
	 SECTION 5.6
	 	Priorities	  	 	33	 
	 SECTION 5.7
	 	Limitation of Suits	  	 	35	 
	 SECTION 5.8
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	35	 
	 SECTION 5.9
	 	Restoration of Rights and Remedies	  	 	36	 
	 SECTION 5.10
	 	Rights and Remedies Cumulative	  	 	36	 
	 SECTION 5.11
	 	Delay or Omission Not a Waiver	  	 	36	 
	 SECTION 5.12
	 	Control by Noteholders	  	 	36	 
	 SECTION 5.13
	 	Waiver of Past Defaults	  	 	37	 
	 SECTION 5.14
	 	Undertaking for Costs	  	 	37	 
	 SECTION 5.15
	 	Waiver of Stay or Extension Laws	  	 	37	 
	 SECTION 5.16
	 	Action on Notes	  	 	37	 
	 SECTION 5.17
	 	Performance and Enforcement of Certain Obligations	  	 	38	 
		
	 ARTICLE VI The Trustee and the Trust Collateral Agent
	  	 	38	 
			
	 SECTION 6.1
	 	Duties of Trustee	  	 	38	 
	 SECTION 6.2
	 	Rights of Trustee	  	 	40	 
	 SECTION 6.3
	 	Individual Rights of Trustee	  	 	43	 
	 SECTION 6.4
	 	Trustee’s Disclaimer	  	 	43	 
	 SECTION 6.5
	 	Notice of Defaults	  	 	43	 
	 SECTION 6.6
	 	Reports by Trustee to Holders	  	 	43	 
	 SECTION 6.7
	 	Compensation and Indemnity	  	 	44	 
	 SECTION 6.8
	 	Replacement of Trustee	  	 	45	 
	 SECTION 6.9
	 	Successor Trustee by Merger	  	 	46	 
	 SECTION 6.10
	 	Appointment of Co-Trustee or Separate Trustee	  	 	46	 
	 SECTION 6.11
	 	Eligibility: Disqualification	  	 	47	 
	 SECTION 6.12
	 	Preferential Collection of Claims Against Issuer	  	 	48	 
	 SECTION 6.13
	 	Appointment and Powers	  	 	48	 
	 SECTION 6.14
	 	Performance of Duties	  	 	49	 
	 SECTION 6.15
	 	Limitation on Liability	  	 	49	 
	 SECTION 6.16
	 	Reliance Upon Documents	  	 	50	 

  
 ii 

							
	 SECTION 6.17
	 	Successor Trust Collateral Agent	  	 	50	 
	 SECTION 6.18
	 	Compensation	  	 	51	 
	 SECTION 6.19
	 	Representations and Warranties of the Trust Collateral Agent and the Issuer	  	 	51	 
	 SECTION 6.20
	 	Waiver of Setoffs	  	 	52	 
		
	 ARTICLE VII Noteholders’ Communications and Reports
	  	 	53	 
			
	 SECTION 7.1
	 	Issuer to Furnish to Trustee Names and Addresses of Noteholders	  	 	53	 
	 SECTION 7.2
	 	Preservation of Information; Communications to Noteholders	  	 	53	 
	 SECTION 7.3
	 	Reports by Issuer	  	 	54	 
	 SECTION 7.4
	 	Reports by Trustee	  	 	55	 
	 SECTION 7.5
	 	Review Reports	  	 	55	 
		
	 ARTICLE VIII Accounts, Disbursements and Releases
	  	 	56	 
			
	 SECTION 8.1
	 	Collection of Money	  	 	56	 
	 SECTION 8.2
	 	Release of Trust Estate	  	 	56	 
	 SECTION 8.3
	 	Opinion of Counsel	  	 	56	 
		
	 ARTICLE IX Supplemental Indentures
	  	 	57	 
			
	 SECTION 9.1
	 	Supplemental Indentures Without Consent of Noteholders	  	 	57	 
	 SECTION 9.2
	 	Supplemental Indentures with Consent of Noteholders	  	 	58	 
	 SECTION 9.3
	 	Execution of Supplemental Indentures	  	 	59	 
	 SECTION 9.4
	 	Effect of Supplemental Indenture	  	 	59	 
	 SECTION 9.5
	 	Conformity with Trust Indenture Act	  	 	59	 
	 SECTION 9.6
	 	Reference in Notes to Supplemental Indentures	  	 	60	 
		
	 ARTICLE X Redemption of Notes
	  	 	60	 
			
	 SECTION 10.1
	 	Redemption	  	 	60	 
	 SECTION 10.2
	 	Form of Redemption.	  	 	60	 
	 SECTION 10.3
	 	Notes Payable on Redemption Date	  	 	61	 
		
	 ARTICLE XI Miscellaneous
	  	 	61	 
			
	 SECTION 11.1
	 	Compliance Certificates and Opinions, etc.	  	 	61	 
	 SECTION 11.2
	 	Form of Documents Delivered to Trustee	  	 	63	 
	 SECTION 11.3
	 	Acts of Noteholders	  	 	63	 
	 SECTION 11.4
	 	Notices, etc., to Trustee, Issuer and Rating Agencies	  	 	64	 
	 SECTION 11.5
	 	Notices to Noteholders; Waiver	  	 	65	 
	 SECTION 11.6
	 	[Reserved]	  	 	65	 
	 SECTION 11.7
	 	Conflict with Trust Indenture Act	  	 	65	 
	 SECTION 11.8
	 	Effect of Headings and Table of Contents	  	 	66	 
	 SECTION 11.9
	 	Successors and Assigns	  	 	66	 
	 SECTION 11.10
	 	Separability	  	 	66	 
	 SECTION 11.11
	 	Benefits of Indenture	  	 	66	 

  
 iii 

							
	 SECTION 11.12
	 	Legal Holidays	  	 	66	 
	 SECTION 11.13
	 	GOVERNING LAW	  	 	66	 
	 SECTION 11.14
	 	Counterparts and Consent to do Business Electronically	  	 	66	 
	 SECTION 11.15
	 	Recording of Indenture	  	 	67	 
	 SECTION 11.16
	 	Trust Obligation	  	 	67	 
	 SECTION 11.17
	 	No Petition	  	 	67	 
	 SECTION 11.18
	 	Inspection	  	 	67	 
	 SECTION 11.19
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	68	 
	 SECTION 11.20
	 	No Partnership or Joint Venture	  	 	68	 
	 SECTION 11.21
	 	Limitation of Liability of the Owner Trustee	  	 	68	 
	 SECTION 11.22
	 	Third Party Beneficiary	  	 	68	 

  

					
	 EXHIBITS

		
	 EXHIBIT A-1    
	 	Form of Class A-1 Note
	 EXHIBIT A-2
	 	Form of Class A-2 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
	
	 SCHEDULES

		
	 SCHEDULE A
	 	Representations and Warranties of the Issuer

  
 iv 

 INDENTURE, dated as of July 21, 2021, between GM FINANCIAL CONSUMER
AUTOMOBILE RECEIVABLES TRUST 2021-3, a Delaware statutory trust (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee (in such capacity, the
“Trustee”) and Trust Collateral Agent (in such capacity, the “Trust Collateral Agent”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Issuer’s Class A-1 0.08613% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 0.21%
Asset Backed Notes (the “Class A-2 Notes”), Class A-3 0.48% Asset Backed Notes (the “Class
A-3 Notes”), Class A-4 0.73% Asset Backed Notes (the “Class A-4 Notes”, and together
with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”),
Class B 0.97% Asset Backed Notes (the “Class B Notes”), Class C 1.07% Asset Backed Notes (the “Class C Notes”) and Class D 0.00% 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”). 
 As
security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the
Trustee on behalf of the Noteholders. 

 GRANTING CLAUSE 

The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer Secured Parties, all
of the Issuer’s right, title and interest in and to the following property, whether now existing or hereafter acquired or arising (a) the Receivables and all moneys received thereon after the Cutoff Date; (b) the security interests in
the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a
result of a breach of representation or warranty in the related Dealer Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any proceeds with respect to the Receivables from claims on any physical
damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; (f) the Trust Accounts and all funds on deposit from time to time in the Trust Accounts, and
in all investments and proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery
requirements, representations and warranties and the cure and repurchase obligations of GM Financial under the Purchase Agreement; (h) all items contained in the Receivable Files and any and all other documents that GM Financial keeps on file
in accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles; (i) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement (including
all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement); (j) all of the Issuer’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and
(v) General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (i); and (k) all present and future claims, demands, causes and choses of 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, 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 “Collateral”). 

The foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the Trustee on behalf of the
Noteholders. The Trust Collateral Agent hereby 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 end that the
interests of such parties, recognizing the priorities of their respective interests may be adequately and effectively protected. 

  
 2 

 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.1 Definitions. Except as otherwise specified herein, the following terms have the respective meanings set
forth below for all purposes of this Indenture. 
 “Act” has the meaning specified in Section 11.3(a).

 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by
or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. A Person shall not be deemed to be
an Affiliate of any person solely because such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise. 

“Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant
to a power of attorney of the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers
delivered by each of the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 

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

“Benefit Plan Entity” has the meaning specified in Section 2.4. 

“Benefit Plan Investor” has the meaning specified in Section 2.4. 

“Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made
through book entries by a Clearing Agency as described in Section 2.10. 
 “Business Day” means any
day other than a Saturday, a Sunday, legal holiday or other day on which commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, New York, New York, or any other location of any successor Servicer, successor Owner Trustee
or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 

“Certificate” means a trust certificate evidencing the beneficial interest of a Certificateholder in the
Trust. 
 “Certificate of Trust” means the certificate of trust of the Issuer substantially in the form of
Exhibit B to the Trust Agreement. 

  
 3 

 “Certificateholder” means the Person in whose name a
Certificate is registered on the Certificate Register. 
 “Class A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes. 
 “Class A-1 Interest Rate” means 0.08613% per annum
(computed on the basis of a 360-day year and the actual number of days in the related Interest Period). 

“Class A-1 Notes” means the
Class A-1 Asset Backed Notes, substantially in the form of Exhibit A-1. 

“Class A-2 Interest Rate” means 0.21% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months). 

“Class A-2 Notes” means the
Class A-2 Asset Backed Notes, substantially in the form of Exhibit A-2. 

“Class A-3 Interest Rate” means 0.48% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months). 

“Class A-3 Notes” means the
Class A-3 Asset Backed Notes, substantially in the form of Exhibit A-3. 

“Class A-4 Interest Rate” means 0.73% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months). 

“Class A-4 Notes” means the
Class A-4 Asset Backed Notes, substantially in the form of Exhibit A-4. 

“Class B Interest Rate” means 0.97% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months). 

“Class B Notes” means the Class B Asset Backed Notes, substantially in the form of Exhibit B. 

“Class C Interest Rate” means 1.07% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months). 

“Class C Notes” means the Class C Asset Backed Notes, substantially in the form of Exhibit C. 

“Class D Interest Rate” means 0.00% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months). 

“Class D Notes” means the Class D Asset Backed Notes, substantially in the form of Exhibit D. 

  
 4 

 “Clearing Agency” means an organization registered as a
“clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency
Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” means July 21, 2021. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder. 
 “Collateral” has the meaning specified in the Granting Clause of this Indenture.

 “Controlling Class” means, (i) the Class A Notes so long as any class of the Class A
Notes are Outstanding, (ii) if no class of Class A Notes 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. 
 “Controlling Party”
means the Trust Collateral Agent, acting on behalf of the Noteholders and solely at the prior written direction of the Majority Noteholders. 

“Corporate Trust Office” means (i) solely with respect to the transfer, surrender, exchange or
presentation for final payment of the Notes, 2001 Bryan Street, 9th Floor, Dallas, Texas 75201, Attention: Transfer Unit – GMCAR 2021-3 and (ii) for all other purposes, the principal office of the
Trustee at which at any particular time its corporate trust business shall be administered, which on the date of execution of this Indenture is located at 240 Greenwich Street, New York, New York 10286, Attention: Corporate Trust Administration
– GMCAR 2021-3, or at such other address as the Trustee may designate from time to time by notice to the Noteholders, the Servicer and the Issuer, or the principal corporate trust office of any successor
Trustee (the address of which the successor Trustee will notify the Noteholders and the Issuer). 

“Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of
Default. 
 “Definitive Notes” has the meaning specified in Section 2.10. 

“Distribution Date” has the meaning specified in the Sale and Servicing Agreement. 

“ERISA” has the meaning specified in Section 2.4. 

“Event of Default” has the meaning specified in Section 5.1. 

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

“Executive Officer” means, with respect to any corporation, limited liability company or national
association, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the 

  
 5 

 
Secretary or the Treasurer of such corporation, limited liability company or national association; and with respect to any partnership, any general partner thereof. 

“Final Scheduled Distribution Date” means with respect to (i) the
Class A-1 Notes, the July 18, 2022 Distribution Date, (ii) the Class A-2 Notes, the August 16, 2024 Distribution Date, (iii) the Class A-3 Notes, the June 16, 2026 Distribution Date, (iv) the Class A-4 Notes, the August 16, 2027 Distribution Date, (v) the Class B
Notes, the August 16, 2027 Distribution Date, (vi) the Class C Notes, the August 16, 2027 Distribution Date and (vii) the Class D Notes, the February 16, 2029 Distribution Date. 

“GAAP” means, at any particular time, U.S. generally accepted accounting principles as in effect at such
time, consistently applied. 
 “Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release,
convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and
interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name
of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note
Register. 
 “Indebtedness” means, with respect to any Person as of any day, (i) all indebtedness of
such Person for borrowed money or for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (ii) any other
indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (iii) all obligations of such Person under each lease of property, real or personal, the obligations of the lessee in respect of which are required
in accordance with GAAP to be capitalized on a balance sheet of the lessee, (iv) all obligations of such Person in respect of letters of credit, acceptances or similar obligations issued or created for the account of such person, (v) all
guarantee obligations of such Person and (vi) all obligations and liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, each as of such
day. 
 “Indenture” means this Indenture as amended and supplemented from time to time. 

“Independent” means, when used with respect to any specified Person, that the Person (a) is in fact
independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other
obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller 

  
 6 

 
or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 

“Independent Certificate” means a certificate or opinion to be delivered to the Trust Collateral Agent under
the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Trust Collateral Agent in the
exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof. 

“Interest Rate” means, with respect to the (i) Class A-1
Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3 Notes, the Class A-3 Interest Rate, (iv) Class A-4 Notes, the
Class A-4 Interest Rate, (v) Class B Notes, the Class B Interest Rate, (vi) Class C Notes, the Class C Interest Rate and (vii) Class D Notes, the Class D
Interest Rate. 
 “Issuer” means the party named as such in this Indenture until a successor replaces it
and, thereafter, means the successor and, for purposes of any provision contained herein and as required by the TIA, each other obligor on the Notes. 

“Issuer Order” and “Issuer Request” means a written order or request signed in the name of
the Issuer by any one of its Authorized Officers and delivered to the Trustee, the Trust Collateral Agent or the Note Paying Agent. 

“Issuer Secured Parties” means the Trustee in respect of the Trustee Issuer Secured Obligations. 

“Majority Noteholders” means the Holders of Notes representing a majority of the principal balance of the
Controlling Class; provided, that neither Holders of Notes who are employees or Affiliates of the Issuer, the Seller, the Servicer or General Motors Financial Company, Inc. nor the Notes held by such Holders shall be counted when calculating
such majority of the related principal balance. 
 “Note” means a
Class A-1 Note, a Class A-2 Note, a Class A-3 Note, a Class A-4 Note,
a Class B Note, a Class C Note or a Class D Note. 
 “Note Owner” means, with respect to a
Book Entry Note, the person who is the owner of such Book Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing Agency). 
 “Note Paying
Agent” means the Trustee or any other Person that meets the eligibility standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the
Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer. 

“Note Register” and “Note Registrar” have the respective meanings specified in
Section 2.4. 

  
 7 

 “Notice of Default” has the meaning set forth in
Section 5.1 hereof. 
 “Offered Notes” has the meaning set forth in Section 2.4 hereof. 

“Officer’s Certificate” means a certificate signed by any Authorized Officer of the Issuer, under the
circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee or the Trust Collateral Agent. Unless otherwise specified, any reference in this Indenture to
an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 

“Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly
provided in this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Trustee, and which shall comply with any applicable requirements of Section 11.1, and shall be in form and substance satisfactory to the
Trustee. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and
delivered under this Indenture except: 

(i)          Notes theretofore canceled by the Note
Registrar or delivered to the Note Registrar for cancellation; 

(ii)         Notes or portions thereof the payment for which
money in the necessary amount has been theretofore deposited with the Trustee or any Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor, satisfactory to the Trustee); and 

(iii)        Notes in exchange for or in lieu of other Notes which
have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser; 

provided, however, that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee or the Trust Collateral Agent, as applicable, shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes
that a Responsible Officer of the Trustee or the Trust Collateral Agent, as applicable, either actually knows to be so owned or has received written notice thereof shall be so disregarded. Notes so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate
of any of the foregoing Persons. 
 “Outstanding Amount” means the aggregate principal amount of all Notes,
or class of Notes, as applicable, Outstanding at the date of determination. 

  
 8 

 “Predecessor Note” means, with respect to any particular
Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Prohibited Transaction Class Exemption” means U.S. Department of Labor prohibited
transaction class exemption 84-14, 90-1, 91-38, 95-60 or
96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor. 

“Prospectus” means the prospectus, dated as of July 13, 2021, relating to the offering of the
Class A Notes, the Class B Notes and the Class C Notes, as filed with the Commission. 
 “Rating
Agency” means each of Fitch and Standard & Poor’s so long as such Persons maintain a rating on the Notes; and if any of Fitch and Standard & Poor’s no longer maintains a rating on the Notes, such other nationally
recognized statistical rating organization engaged by the Seller. 
 “Rating Agency Condition” means, with
respect to any action, that each Rating Agency shall have been given ten (10) days’ (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof by GM Financial and such Rating Agency has not notified the
Seller, the Servicer, the Owner Trustee and the Trust Collateral Agent (or the Trustee, as applicable) in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes. 

“Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the
Business Day immediately preceding such Distribution Date or Redemption Date, unless otherwise specified in this Indenture. 

“Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1(a) or a
payment to Noteholders pursuant to Section 10.1(b), the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable. 

“Redemption Price” means (a) in the case of a redemption of the Notes pursuant to Section 10.1(a),
an amount equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date, or (b) in the case of a payment made to
Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in excess of the amount specified in clause (a) above. 

“Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any officer within
the Corporate Trust Office of the Trustee, including any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Trustee or the Trust Collateral
Agent customarily performing functions similar to those performed by any of the above designated officers and also, with respect 

  
 9 

 
to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, in each case having direct
responsibility for the administration of this Indenture. 
 “Sale and Servicing Agreement” means the Sale
and Servicing Agreement, dated as of July 21, 2021, among the Issuer, the Seller, the Servicer and the Trust Collateral Agent, as the same may be amended or supplemented from time to time. 

“Schedule of Representations” means the Schedule of Representations and Warranties attached hereto as
Schedule A. 
 “Similar Law” has the meaning specified in Section 2.4. 

“STAMP” has the meaning specified in Section 2.4. 

“State” means any one of the 50 states of the United States of America or the District of Columbia. 

“Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA and
Section 4975(d)(20) of the Code. 
 “Termination Date” means the date on which the Trustee shall have
received payment and performance of all Trustee Issuer Secured Obligations. 
 “Trust Collateral Agent”
means, initially, The Bank of New York Mellon, a New York banking corporation, in its capacity as collateral agent on behalf of the Issuer Secured Parties, including its
successors-in-interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter “Trust
Collateral Agent” shall mean such successor Person. 
 “Trust Estate” means all money, instruments,
rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all
proceeds thereof. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939,
as amended and as in force on the date hereof, unless otherwise specifically provided. 
 “Trustee” means
The Bank of New York Mellon, a New York banking corporation, not in its individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture. 

“Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe
to or on behalf of the Trustee or the Trust Collateral Agent for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document. 

“UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant
jurisdiction, as amended from time to time. 

  
 10 

 Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to them in the Sale and Servicing Agreement or the Trust Agreement. 
 SECTION 1.2 Incorporation by
Reference of 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: 

“Commission” means the Securities and Exchange Commission. 

“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. 
 SECTION 1.3 Rules of
Construction. Unless the context otherwise requires: 
 (a)          a
term has the meaning assigned to it; 
 (b)          an accounting term
not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time; 

(c)          “or” is not exclusive; 

(d)          “including” means including without
limitation; and 
 (e)          words in the singular include the plural
and words in the plural include the singular. 
 ARTICLE II 

The Notes 

SECTION 2.1 Form. The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the
Class D Notes, in each case together with the Trustee’s certificate of authentication, shall be in substantially the forms set forth in Exhibits A-1, A-2, A-3, A-4, B, C and 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 

  
 11 

 
as may, consistently herewith, be determined by the 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. 
 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 Trustee shall, upon receipt of an
Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $230,400,000, Class A-2 Notes for original issue
in an aggregate principal amount of $425,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $425,000,000, Class A-4 Notes for
original issue in an aggregate principal amount of $114,690,000, Class B Notes for original issue in an aggregate principal amount of $20,310,000, Class C Notes for original issue in an aggregate principal amount of $19,030,000 and
Class D Notes for original issue in an aggregate principal amount of $15,870,000. The Class A-1 Notes, Class A-2 Notes,
Class A-3 Notes, Class A-4 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 Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and
in integral multiples of $1,000 (except for one Note of each class which may be issued in a denomination other than an integral multiple 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 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 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. 

  
 12 

 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 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 such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee shall be “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 Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the
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 Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Trustee shall have the right to conclusively 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 of the Notes and the
principal amounts and number of such Notes. 
 (b)          Subject to
Sections 2.10 and 2.12 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(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, in the name of the designated transferee
or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 

At the option of the 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 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the 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. 

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be
accompanied by a written instrument of transfer in the forms attached to 

  
 13 

 
Exhibits A-1, A-2, A-3, A-4, B, C
and D duly executed by, the Holder thereof or such Holder’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 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 Trustee may require. 

(c)          Notwithstanding the foregoing, in the case of any sale or other
transfer of a Class A Note or Class B Note (the “Offered Notes”) that is a Definitive Note, the prospective transferee of a Definitive Note shall be required to represent and warrant in writing (or in the case of a Book
Entry Note, shall be deemed to have represented) 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 the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)), that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) a “plan” (as defined in section 4975(e)(1) of the Code), that is
subject to Section 4975 of the Code, (c) any 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 that are substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”) (Benefit Plan Investors and plans subject to
Similar Law, collectively, a “Benefit Plan Entity”), unless such purchaser’s or transferee’s acquisition, holding and disposition of such Offered Note is covered by a Prohibited Transaction Class Exemption or the
Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law,
such acquisition, holding and disposition will not violate such Similar Law). No Benefit Plan Entity may acquire a Class C Note or a Class D Note unless the Opinion of Counsel described in clause (ii)(A) in the first sentence of
Section 2.4(d) hereof has been delivered. 
 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 9.6 not involving any transfer. 
 The preceding provisions of this section
notwithstanding, the Issuer shall not be required to make and the Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment
with respect to the Note. 
 (d)          The initial holder of the
Class C Notes and the Class D Notes shall be the Depositor (or a person disregarded as separate from the Depositor for U.S. federal income tax purposes). No sale or transfer of a beneficial interest in a Class C Note or a Class D
Note shall be permitted (including, without limitation, by pledge or hypothecation) to a person other than the Depositor (or a person disregarded as separate from the Depositor for U.S. federal income tax purposes), and such sale or transfer shall
be void ab initio, unless (i) the Class C Note or Class D Note has been registered under the Securities Act or, as evidenced by an Opinion of Counsel, such sale or transfer 

  
 14 

 
is otherwise exempt from the Securities Act, and (ii) at the time of such sale or transfer an Opinion of Counsel is provided to the effect that either (A) as of the date of such sale or
transfer the Class C Note or Class D Notes will be treated as indebtedness for U.S. federal income tax purposes, or (B) such transfer will not cause the Issuer to be treated as an association (or a publicly traded partnership) taxable
as a corporation for U.S. federal income tax purposes and will not cause the Class C Note or Class D Notes to be subject to U.S. withholding tax. 

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (a) any mutilated Note is surrendered to the Trustee,
or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Trustee such security or indemnity as may be required by it to hold the Issuer, the Trust Collateral Agent and
the Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the 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 direct the Trustee, in writing, to 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 bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note,
the Issuer and the 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 bona fide 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 Trustee in connection
therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder
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 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
Trustee, the Trust Collateral Agent and any agent of the Issuer, the Trustee or the Trust Collateral Agent may treat the Person in whose name any Note is registered 

  
 15 

 
(as of the Record Date) 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 Trustee, the Trust Collateral Agent nor any agent of the Issuer, the Trustee or the Trust Collateral Agent shall be affected by notice to the contrary. 

SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 

(a)          The Notes shall accrue interest as provided in the forms of the
Class A-1 Note, the Class A-2 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-3, A-4, B, C and D, respectively, and such interest shall be due and payable on each Distribution Date, as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually
paid or duly provided for by the Issuer on the applicable Distribution 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 Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1(a)) 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 Distribution Date as provided in the forms of the Class A-1 Note, the Class A-2 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-3, A-4, B, C and D, respectively. 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 Trustee or the Majority Noteholders have 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 Noteholders of such class entitled thereto. Upon written notice from the Issuer, the Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date
preceding the Distribution Date 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 Distribution 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. 

(c)          If the Issuer defaults in a payment of interest on the Notes,
and such default is waived by the Controlling Party, acting at the direction of the Majority Noteholders, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any
lawful manner. The Issuer may pay such defaulted interest to the Persons who are Noteholders on the immediately following Distribution Date, and, if such amount is not paid on such following Distribution Date, then on a subsequent special record
date, which 

  
 16 

 
date shall be at least five (5) Business Days prior to the payment date. The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least fifteen
(15) days before any such special record date, the Issuer shall mail to each Noteholder and the Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

SECTION 2.8 Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by the Trustee. The Issuer may at any time deliver to the 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 canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this
Section, except as expressly permitted by this Indenture. All canceled Notes may be held or disposed of by the Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall timely direct by an
Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Trustee. 

SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on the earlier of (a) the Termination Date or
(b) the Redemption Date (if the Notes are redeemed in full on such date), in either case, so long as any amounts due to the Trustee or the Trust Collateral Agent pursuant to the Basic Documents have been paid in full, execute such documents as
are reasonably provided to it by the Seller (which documents shall be prepared at the Seller’s expense) in order to release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account
any funds then on deposit in any other Trust Account. 
 SECTION 2.10        
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 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note
Owners pursuant to Section 2.12: 
 (a)          the provisions of
this Section shall be in full force and effect; 
 (b)          the Note
Registrar and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole
Holder of the Notes, and shall have no obligation to the Note Owners; 

(c)          to the extent that the provisions of this Section conflict with
any other provisions of this Indenture, the provisions of this Section shall control; 

(d)          the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are

  
 17 

 
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 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 Trustee at the
Corporate Trust Office. 
 SECTION 2.11          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 2.12, the 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 2.12          Definitive Notes. If (a) the Servicer
advises the 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 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 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 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 Trustee shall authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. Additionally, the Holder of a Class C Note or a Class D Note who is not eligible to hold such Class C Note or Class D Note through the Clearing Agency may instruct the Trustee to issue a Definitive Note in
accordance with Section 2.4 hereof. None of the Issuer, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such
instructions. Upon the issuance of Definitive Notes, the Trustee and the Trust Collateral Agent shall recognize the Holders of the Definitive Notes as Noteholders. 

ARTICLE III 
 Covenants

 SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and
interest on the Notes in accordance with the terms of the Notes and this 

  
 18 

 
Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the
Sale and Servicing Agreement (a) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (b) for the benefit of the Class A-2 Notes, to Class A-2 Noteholders, (c) for the benefit of the Class A-3 Notes, to Class A-3 Noteholders, (d) for the benefit of the Class A-4 Notes, to Class A-4 Noteholders, (e) for the
benefit of the Class B Notes, to the Class B Noteholders, (f) for the benefit of the Class C Notes, to the Class C Noteholders and (g) for the benefit of the Class D Notes, to the Class D Noteholders. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in Dallas, Texas, an office or agency where Notes
may be surrendered for registration of transfer or exchange, and an office in New York, New York 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
Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the 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 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 Trustee as its agent to receive all
such surrenders, notices and demands. 
 SECTION 3.3 Money for Payments to be Held in Trust. On or before each
Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be
held in trust for the benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act. 

The Issuer will cause each Note Paying Agent other than the Trustee or the Trust Collateral Agent to execute and deliver to
the Trustee an instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee or the Trust Collateral Agent acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note
Paying Agent will: 
 (a)          hold all sums held by it for the
payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

 (b)          give the Trustee (unless it is the same entity) written
notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 

(c)          at any time during the continuance of any such default, upon
the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying Agent; 

  
 19 

 (d)          immediately
resign as a Note Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and 

(e)          comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, by Issuer Order direct any Note Paying Agent to pay to the Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent;
and upon such a payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all further liability with respect to such money. 

Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee, the Trust Collateral Agent or
any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two (2) 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 shall be deposited by the Trustee in the Collection Account; and the Holder 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 Trustee, the Trust Collateral Agent or such Note Paying Agent with respect to such trust money shall thereupon cease. The Trustee or the Trust Collateral Agent shall adopt and employ, at the expense of
the Issuer, any reasonable means of notification of such repayment it chooses, if any (including, but not limited to, mailing notice of such repayment to Holders 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 Trustee or of any Note Paying Agent, at the last address of record for each such Holder). 

SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, 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 Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Trust Estate. The Issuer intends the security interest Granted pursuant to this Indenture in
favor of the Issuer Secured Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured
Parties, a first lien on and a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments

  
 20 

 
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: 

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

 (b)          maintain or preserve the lien and security interest (and
the priority thereof) in favor of the Trust Collateral Agent for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof; 

(c)          perfect, publish notice of or protect the validity of any Grant
made or to be made by this Indenture; 
 (d)          enforce any of the
Collateral; 
 (e)          preserve and defend title to the Trust Estate
and the rights of the Trust Collateral Agent in such Trust Estate against the claims of all persons and parties; and 

(f)          pay all taxes or assessments levied or assessed upon the Trust
Estate when due. 
 If at the time the Servicer ceases to act as Servicer, in accordance with Section 9.2 or Section 8.6 of the
Sale and Servicing Agreement, no Person has accepted its appointment as successor Servicer, the Issuer hereby designates the Trust Collateral Agent its agent and
attorney-in-fact to execute any financing statement, continuation statement or other instrument required by the Trust Collateral Agent pursuant to this Section. 

SECTION 3.6 Opinions as to Trust Estate. 

(a)          On the Closing Date, the Issuer shall furnish to the Trustee
and the Trust Collateral Agent an Opinion of Counsel either stating that, in the opinion of such counsel, such 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 filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust Collateral Agent, for the
benefit of the Issuer Secured Parties, 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 make such lien and security interest effective. 

(b)          Within one hundred 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 Trustee and Trust Collateral Agent an Opinion of Counsel either stating that, in the
opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and
with respect to the filing of any financing statements and continuation statements as are 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 filing of any financing statements and 

  
 21 

 
continuation statements that will, in the opinion of such counsel, be required to maintain the lien and perfected security interest of this Indenture until January 31 in the following
calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(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 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 ordered by any bankruptcy or other court or as expressly provided in this Indenture, the
Basic 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 Trustee in an Officer’s Certificate of the Issuer shall be deemed to be actions
taken by the Issuer. Initially, the Issuer has contracted with the Servicer 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 Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and 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 Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise
expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee or the Majority Noteholders. 

(d)          If a Responsible Officer (as defined in the Trust Agreement) of
the Owner Trustee shall have actual knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee and the Rating Agencies thereof in accordance with
Section 11.4, and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under
the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure. 

(e)          The Issuer agrees that it will not waive timely performance or
observance by the Servicer, GM Financial or the Seller of their respective duties under the Basic Documents if the effect thereof would adversely affect the Holders of the Notes. 

SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not: 

(a)          except as expressly permitted by this Indenture or the Basic
Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Controlling Party; 

  
 22 

 (b)          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 under the Code) 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 Trust Estate; or 

(c)          (i) permit the validity or effectiveness of this Indenture to
be impaired, or permit the lien in favor of the Trust Collateral Agent created by 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 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 a Financed Vehicle
and arising solely as a result of an action or omission of the related Obligor), (iii) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security
interest in the Trust Estate, or (iv) except as otherwise expressly provided therein, amend, modify or fail to comply with the provisions of the Basic Documents without the prior written consent of the Controlling Party. 

SECTION 3.9 Annual Statement as to Compliance. An Authorized Officer of the Servicer, on behalf of the Issuer, will
deliver to the Trustee and the Trust Collateral Agent, within one hundred twenty (120) days after the end of each fiscal year of the Issuer (commencing with the fiscal year ended December 31, 2021), 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 performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(b)          to the best of such Authorized Officer’s knowledge, based
on such review, the Issuer has complied with all conditions and covenants under this Indenture and the Basic Documents throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such
default known to such Authorized Officer and the nature and status thereof. 
 SECTION
3.10          Issuer May Consolidate, Etc. Only on Certain Terms. 

(a)          The Issuer shall not consolidate or merge with or into any
other Person, unless: 
 (i)          the Person (if other
than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer
to be performed or observed, all as provided herein; 

  
 23 

(ii)         immediately after giving effect to such transaction,
no Default or Event of Default shall have occurred and be continuing; 

(iii)        the Rating Agency Condition shall have been satisfied
with respect to such transaction; 
 (iv)        the Issuer shall
have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee) to the effect that such transaction will not for federal income tax purposes cause the Issuer to be treated as an association (or publicly traded
partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 

(v)         any action as is necessary to maintain the lien and
security interest created by this Indenture shall have been taken; 

(vi)        the Issuer shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act); and 

(vii)       the Issuer or the Person (if other than the Issuer) formed by
or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (A) greater than zero and (B) not less than the net worth of the Issuer immediately prior to giving effect to such
consolidation or merger. 
 (b)          The Issuer shall not convey or
transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless 

(i)          the Person that acquires by conveyance or
transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any State,
(B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance
of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title
and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer
against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person)
shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

  
 24 

(ii)        immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; 

(iii)       the Rating Agency Condition shall have been satisfied with
respect to such transaction; 
 (iv)       the Issuer shall have received
an Opinion of Counsel (and shall have delivered copies thereof to the Trustee) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to be treated as an association (or publicly traded partnership) taxable as
a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 

(v)        any action as is necessary to maintain the lien and
security interest created by this Indenture shall have been taken; 

(vi)        the Issuer shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act); and 

(vii)      the Issuer or the Person (if other than the Issuer) formed by or
surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (A) greater than zero and (B) not less than the net worth of the Issuer immediately prior to giving effect to such conveyance or
transfer. 
 SECTION 3.11          Successor or Transferee. 

(a)          Upon any consolidation or merger of the Issuer in accordance
with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same
effect as if such Person had been named as the Issuer herein. 

(b)          Upon a conveyance or transfer of all the assets and properties
of the Issuer pursuant to Section 3.10(b), GM Financial Consumer Automobile Receivables Trust 2021-3 will be released from every covenant and agreement of this Indenture to be observed or performed on the
part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Trustee stating that GM Financial Consumer Automobile Receivables Trust 2021-3 is to be so released. 

SECTION 3.12          No Other Business. The Issuer shall not engage
in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto. 

  
 25 

 SECTION
3.13          No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (a) the Notes and
(b) any other Indebtedness permitted by or arising under the Basic Documents. The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing
Agreement, to fund the Reserve Account and to pay the Issuer’s organizational, transactional and start-up expenses. 

SECTION 3.14          Servicer’s Obligations. The Issuer shall
cause the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement. 
 SECTION
3.15          Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall 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          Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 

SECTION 3.17          Compliance with Laws. The Issuer shall 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 Basic
Document. 
 SECTION 3.18          Restricted Payments. The Issuer
shall 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 Owner Trustee 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 or to the Servicer, (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 the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholder as permitted
by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in
accordance with this Indenture and the Basic Documents. 
 SECTION
3.19          Notice of Events of Default. The Issuer agrees to give the Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder and each Servicer Termination
Event under the Sale and Servicing Agreement, of which an Authorized Officer of the Issuer has actual knowledge. Notwithstanding the foregoing, the Owner Trustee will have no liability with regard to any Authorized Officer’s failure to comply
with this provision. 

  
 26 

 SECTION
3.20          Further Instruments and Acts. Upon request of the Trustee, 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
3.21          Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or
Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Trustee or the Holders of the Notes consent to amendments thereto as provided therein. 

SECTION 3.22          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 Seller or its Affiliates as indebtedness. The Issuer hereby instructs
the Trustee and the Trust Collateral Agent to treat the Notes as indebtedness for all applicable tax reporting purposes, 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 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, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (e) the rights and immunities of the Trustee and the Trust Collateral Agent hereunder (including, without limitation, the rights of the Trustee and the Trust Collateral
Agent under Section 6.7) and the obligations of the Trustee under Section 4.2 and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and the
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)          either: 

(A)          all Notes theretofore authenticated and
delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (2) 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 Trustee for cancellation; or 

(B)          all Notes not theretofore delivered to the
Trustee for cancellation 
 (1)          have become due
and payable, 
 (2)          will become due and payable
at their respective Final Scheduled Distribution Dates within one year, or 

  
 27 

(3)          are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, 

and the Issuer, in the case of (B)(1), (B)(2) or (B)(3) above, has irrevocably deposited or caused to be irrevocably
deposited with the Trust Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to
pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.1(a)) as the case may be; 

(ii)          the Issuer has paid or caused to be paid all
amounts owed to the Trustee and the Trust Collateral Agent, including the Trustee Issuer Secured Obligations; and 

(iii)          the Issuer has delivered to the Trustee and
the Trust Collateral Agent an Officer’s Certificate, an Opinion of Counsel and if required by the TIA, the Trustee or the Trust Collateral Agent an Independent Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. If this Indenture has been satisfied and discharged in
accordance with the provisions of Section 4.1(i)(B) then such Opinion of Counsel shall also include an opinion that amounts deposited by the Issuer in accordance with Section 4.1(i)(B) would not be characterized as a voidable preference.

 SECTION 4.2 Application of Trust Money. All moneys deposited with the Trustee pursuant to Section 4.1 hereof
shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the Basic Documents, to the payment, either directly or through any Note Paying Agent, as the Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by law. 
 SECTION 4.3 Repayment of Moneys Held
by Note Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Note Paying Agent other than the Trustee or the Trust Collateral Agent under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such
moneys. 

  
 28 

 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 the Controlling Class, and such default, in each case, shall continue for a period of five Business Days; or 

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

(c)          failure to observe or perform any covenant or agreement of the
Issuer made in this Indenture (other than a covenant or agreement, the failure to observe or perform for which is elsewhere in this Section specifically dealt with), which failure materially and adversely affects the rights of the Noteholders, or
any representation or warranty of the Issuer made in this Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proves to have been incorrect in any material respect as of the
time when the same shall have been made, and such failure to observe or perform shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or
otherwise cured, for a period of sixty (60) days after there shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% of the Outstanding Amount of the
Notes, a written notice specifying such failure to observe or perform any covenant or agreement or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or 
 (d)          an Insolvency Event shall have occurred with respect to
the Issuer. 
 The Issuer shall deliver to the Trustee, within five days after the occurrence thereof, written notice in the
form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (c), its status and what action the Issuer is taking or proposes to take with respect thereto.

 SECTION 5.2 Rights Upon Event of Default. 

(a)          If an Event of Default shall have occurred and be continuing,
the Trustee in its discretion may, or if so requested in writing by the Majority Noteholders shall, declare by written notice to the Issuer that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued
interest thereon. 
 (b)          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 Trustee as 

  
 29 

 
hereinafter in this Article V provided, the Majority Noteholders, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: 

(i)          the Issuer has paid or deposited with the
Trustee a sum sufficient to pay: 
 (A)          all
payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; 

(B)          all sums paid or advanced by the Trustee or
the Trust Collateral Agent hereunder and the reasonable compensation, expenses, disbursements, advances and indemnities of the Trustee, the Trust Collateral Agent and their respective agents and counsel; and 

(C)          all other outstanding fees and expenses of the
Issuer; and 
 (ii)          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 5.13. 

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 Trustee. 

(a)          The Issuer covenants that if (i) a default is made in the
payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five (5) days, or (ii) a default is made in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable 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, advances and indemnities of the Trustee, the Trust Collateral Agent and their respective agents and counsel. 

(b)          Each Issuer Secured Party hereby irrevocably and
unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured Party is not the
Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such
Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such Issuer Secured Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer Secured Party
could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an
Event of Default, exercise full right, power and authority to take, or defer from 

  
 30 

 
taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate. 

(c)          If an Event of Default occurs and is continuing, the Trustee
may in its discretion, 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
Trustee or the Trustee at the direction of such Majority Noteholders 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 Trustee by this Indenture or by law. 

(d)          Notwithstanding anything to the contrary contained in this
Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Trustee shall, at the written direction of the Majority
Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Trustee or the Majority Noteholders, shall deem most effective to protect and enforce any such rights, whether for
specific performance 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 Trustee by this Indenture or by law. 

(e)          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 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, 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 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 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 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 Trustee (including any claim for reasonable
compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except
as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 

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

  
 31 

(iii)          to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the 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 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 Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the
Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith.

 (f)          Nothing herein contained shall be deemed to authorize the
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 Holder thereof or to authorize the 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. 

(g)          All rights of action and of asserting claims under this
Indenture or under any of the Notes, may be enforced by the 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 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 Trustee, each predecessor Trustee and their respective agents and attorneys,
shall be for the ratable benefit of the Holders of the Notes. 

(h)          In any Proceedings brought by the Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings. 

SECTION 5.4 Remedies. 

(a)          If an Event of Default shall have occurred and be continuing,
the Trustee may, or at the direction of the Majority Noteholders shall, do one or more of the following (subject to Section 5.5): 

(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 moneys adjudged due; 

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

  
 32 

(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 Trustee and the Holders of the Notes; and 

(iv)          direct the Trust Collateral Agent to sell the
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 Trustee may not sell or otherwise liquidate the Trust
Estate following an Event of Default unless: 

(A)          such Event of Default is of the type described
in Section 5.1(a) or (b), or 
 (B)          either:

 (1)          the Holders of 100% of the Outstanding
Amount of the Notes consent thereto, or 

(2)          the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest, or 

(3)          the 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 Trustee provides prior written notice to the Issuer (who shall deliver such notice
to the Rating Agencies) and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. 

(b)          In determining such sufficiency or insufficiency with respect
to clauses (2) and (3) above, the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation (which expense shall be reimbursable pursuant to
Section 5.6(a)) as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

SECTION 5.5 Optional Preservation of the Receivables. 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 Trustee may, but need not, elect to direct the Trust Collateral Agent to maintain possession of the Trust Estate. It
is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Trustee shall take such desire into account when determining whether or not to
direct the Trust Collateral Agent to maintain possession of the Trust Estate. In determining whether to direct the Trust Collateral Agent to maintain possession of the Trust Estate, the Trustee may, but need not, obtain and conclusively rely upon an
opinion of an Independent investment banking or accounting firm of national reputation (which expense shall be reimbursable pursuant to Section 5.6(a)) as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate
for such purpose. 
 SECTION 5.6 Priorities. 

  
 33 

 (a)          Following
(i) the acceleration of the Notes pursuant to Section 5.2, (ii) the occurrence of an Event of Default pursuant to Sections 5.1(a), 5.1(b) or 5.1(d) of this Indenture or (iii) the receipt of Insolvency Proceeds pursuant to
Section 10.1(b) of the Sale and Servicing Agreement, 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 and any such Insolvency
Proceeds, shall be applied by the Trust Collateral Agent on the related Distribution Date in the following order of priority: 

FIRST: amounts due and owing and required to be distributed to the Servicer (provided there is no Servicer
Termination Event), the Asset Representations Reviewer, the Owner Trustee, the Trustee and the Trust Collateral Agent, respectively, pursuant to clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement and not previously
distributed, ratably and without preference or priority of any kind without regard to any caps set forth in clause (ii) of Section 5.7(a) of the Sale and Servicing Agreement; 

SECOND: to the Class A Noteholders for amounts due and unpaid on the Class A Notes in respect of
interest, ratably by outstanding 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; 

THIRD: to Holders of the Class A Notes for amounts due and unpaid on the Class A Notes in respect of
principal, first, to the 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 outstanding principal balance, to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, until the aggregate Outstanding Amount of the Class A-2 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, according to the amounts due and payable on the Class B Notes in respect of interest; 

FIFTH: to Holders of the Class B Notes for amounts due and unpaid 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, according to the amounts due and payable on the Class C Notes in respect of interest; 

SEVENTH: to Holders of the Class C Notes for amounts due and unpaid 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, according to the amounts due and payable on the Class D Notes in respect of interest; 

  
 34 

 NINTH: to Holders of the Class D Notes for amounts due
and unpaid 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 Certificateholder. 

Following the occurrence of an Event of Default pursuant to Section 5.1(c) (unless the Notes have been accelerated), payments on the
Notes shall be made in the order and priority set forth in Section 5.7 of the Sale and Servicing Agreement. 

(b)          The Trustee may fix a record date and payment date for any
payment to Noteholders pursuant to this Section 5.6. At least fifteen (15) days before such record date the Issuer shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the amount to be
paid. 
 SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a)          such Holder has previously given written notice to the Trustee
of a continuing Event of Default; 
 (b)          the Holders of not less
than 25% of the Outstanding Amount of the Notes have made written request to the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder; 

(c)          such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 

(d)          the Trustee for sixty (60) days after its receipt of such
notice, request and offer of indemnity has failed to institute such Proceedings; and 

(e)          no direction inconsistent with such written request has been
given to the Trustee during such sixty (60) day period by the Majority Noteholders; 
 it being understood and intended that no one or
more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or
preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided. 

SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions
in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such 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 

  
 35 

 
enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. 

SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party 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 Trustee or to such Noteholder, then and in every such case the Issuer, the
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 Trustee and the Noteholders shall continue
as though no such Proceeding had been instituted. 
 SECTION
5.10          Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Controlling Party 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 5.11          Delay or Omission Not a Waiver. No delay or
omission of the Trustee, the Trust Collateral Agent, the Controlling Party or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such
Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Trustee, the Trust Collateral Agent, the Controlling Party or the Noteholders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee, the Trust Collateral Agent, the Controlling Party or the Noteholders, as the case may be. 

SECTION 5.12          Control by Noteholders. The Majority
Noteholders shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trust Collateral Agent, as Controlling Party, or the Trustee, as applicable, with respect to the Notes or exercising
any trust or power conferred on the Controlling Party or the Trustee, as applicable; provided, that; 

(a)          such direction shall not be in conflict with any rule of law or
with this Indenture; 
 (b)          subject to the express terms of
Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 

(c)          if the conditions set forth in Section 5.5 have been
satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be
of no force and effect; and 
 (d)          the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with such direction; 

  
 36 

 provided, however, that, subject to Article VI, neither the Trustee nor the Trust
Collateral Agent need take any action that it determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such
action. 
 SECTION 5.13          Waiver of Past Defaults. 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 Default or Event of Default and its consequences except 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 the Holder of each Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of the
Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any
Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereto. 
 SECTION 5.14          Undertaking for Costs.
All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs and expenses, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions
of this Section shall not apply to (a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or
(c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after
the Redemption Date). 
 SECTION 5.15          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 Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.16          Action on Notes. The 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 Trustee or the Noteholders shall be impaired by the recovery of any 

  
 37 

 
judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 

SECTION 5.17          Performance and Enforcement of Certain
Obligations. 
 (a)          Promptly following a request from the
Trustee to do so and at the Servicer’s expense, the Issuer agrees to take all such lawful action as the Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their
obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed by the Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative
actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement. 

(b)          If an Event of Default has occurred and is continuing, the
Controlling Party may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims
of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of
their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 

ARTICLE VI 
 The Trustee and
the Trust Collateral Agent 
 SECTION 6.1 Duties of Trustee. 

(a)          If an Event of Default has occurred and is continuing, the
Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a party 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 Trustee undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture and no implied duties, covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)          in the absence of bad faith on its part, the
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 Trustee and conforming to the requirements of this Indenture; however, the Trustee
shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 

  
 38 

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

(i)          this paragraph does not limit the effect of
paragraph (b) of this Section; 
 (ii)          the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii)          the 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 5.12. 

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

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

(f)          No provision of this Indenture shall require the 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
indemnity reasonably satisfactory to it against such risk or liability is not assured to it. 

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

(h)          The Trustee shall, and hereby agrees that it will, perform all
of the obligations and duties required of it under the Sale and Servicing Agreement. 

(i)          Without limiting the generality of this Section 6.1, the
Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance
of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the
payment or discharge of any tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust, (iv) to confirm or verify the contents of any reports or
certificates delivered to the Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed
Vehicles at any time or ascertain or inquire as to the performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer
and as custodian of the Receivable Files under the Sale and Servicing Agreement. 

(j)          In no event shall The Bank of New York Mellon, in any of its
capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust 

  
 39 

 
Act, common law, or the Trust Agreement or of the Servicer under the Sale and Servicing Agreement (unless it is acting as successor Servicer thereunder or is recording, registering, filing, re-recording, re-filing, or re-registering any financing statement, continuation statement or other instrument required by the Trust
Collateral Agent pursuant to Section 3.5 hereof or is taking any action to perfect or re-perfect the security interests in the financed vehicles pursuant to Section 4.5(b) of the Sale and Servicing
Agreement). 
 SECTION 6.2 Rights of Trustee. 

(a)          The 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 Trustee need not investigate any fact or matter stated in the document and shall not be responsible for determining whether a document defect or breach of representation
or warranty has occurred (including, whether such defect or breach is material). 

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

(c)          The 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 Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, GM Financial, or any
other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 

(d)          The 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, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e)          The 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
Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture,
unless such Noteholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby (including, without limitation, the reasonable fees and expenses of its
counsel); provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill. 

(g)          The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Noteholders evidencing not
less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely 

  
 40 

 
to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture or
the Sale and Servicing Agreement, the Trustee may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person
making such request, or, if paid by the Trustee, shall be reimbursed by the Person making such request upon demand. 

(h)          The Trustee shall not be liable for any losses on investments
except for losses resulting from the failure of the Trustee to make an investment in accordance with instructions given in accordance hereunder. 

(i)          If the Trustee acts as the Note Paying Agent or Note Registrar,
the rights, privileges, immunities, benefits and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note Registrar as if they were expressly set forth herein for the benefit of the Trustee in such capacity, mutatis
mutandis. 
 (j)          The Trustee shall not (i) be required to
take notice or be deemed to have notice or knowledge of any default or Event of Default unless a Responsible Officer of the Trustee shall have received written notice or obtained actual knowledge thereof and (ii) have any duty to take any
action to determine whether any such default or Event of Default has occurred. In the absence of receipt of such notice or actual knowledge, the Trustee may conclusively assume that there is no default or Event of Default. 

(k)          The Trustee shall not be responsible for delays or failures in
performance resulting directly or indirectly from forces beyond its control (including, without limitation, acts of God, strikes, work stoppages, accidents, severe weather, floods, nuclear or natural catastrophes, lockouts, riots, civil or military
disturbances, acts of war or terrorism, any provision of any present or future law or regulation or any act of any governmental authority, and any interruption, loss or malfunction of utilities, communications, computer services (software or
hardware) or Federal Reserve Bank wire service) provided such default or delay could not have been prevented by the taking of commercially reasonable precautions such as the implementation and execution of disaster recovery plans. 

(l)          Anything in this Indenture to the contrary notwithstanding, in
no event shall the Trustee be liable for special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not any such damages were foreseeable or contemplated,
even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(m)          No provision of this Indenture or any Basic Document shall be
deemed to impose any duty or obligation on the Trustee to take or omit to take any action, or suffer any action to be taken or omitted, in the performance of its duties or obligations under the Basic Documents, or to exercise any right or power
thereunder, to the extent that taking or omitting to take such action or suffering such action to be taken or omitted would violate applicable law binding upon it (which determination may be based on the advice or opinion of its counsel). 

  
 41 

 (n)          The rights,
privileges, protections, immunities and benefits provided to the Trustee hereunder (including but not limited to its right to be indemnified) are extended to, and shall be enforceable by, both the Trustee and the Trust Collateral Agent in each of
their capacities hereunder and to each of their officers, directors, and other Persons duly employed by the Trustee or the Trust Collateral Agent as if they were each expressly set forth herein for the benefit of the Trustee and the Trust Collateral
Agent in each such capacity, their officers, their directors or their employees, mutatis mutandis. 

(o)          The Trustee may conclusively rely and shall be fully protected
in acting or refraining from acting upon any resolution, Officer’s Certificate, opinion of counsel, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, direction, order, appraisal,
bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties, and the Trustee need not investigate any statement, representation or warranty or any fact or matter stated in any such
document and may conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein. 

(p)          The right of the Trustee to perform any discretionary act
enumerated in this Indenture shall not be construed as a duty, and the Trustee shall not be answerable for other than its willful misconduct, negligence or bad faith in the performance or omission of such act. 

(q)          The Trustee shall not be required to give any bond or surety.

 (r)          In making or disposing of any investment permitted by this
Indenture, the Trustee is authorized to deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard market terms, whether
it or such Affiliate is acting as a subagent of the Trustee or for any third person or dealing as principal for its own account. 

(s)          Delivery of reports, information and documents to the Trustee
shall not constitute constructive notice of any information contained therein or determinable from information contained therein (other than any written notices of an Event of Default delivered to a Responsible Officer of the Trustee pursuant to
Section 6.2(j)), including the Issuer’s or any other entity’s compliance with any covenants under this Indenture, the Notes or any other related documents. The Trustee shall not be obligated to monitor or confirm, on a continuing
basis or otherwise, the Issuer’s or any other entity’s compliance with the covenants described herein or with respect to any reports or other documents filed under this Indenture, the Notes or any other related document. 

(t)          The Trustee shall have the right to require that any
directions, instructions or notices provided to it be signed by an Authorized Person (as hereinafter defined), contain such evidence as may be reasonably requested by the Trustee to establish the identity and/or signatures thereon. The identity of
such Authorized Persons, as well as their specimen signatures and title, shall be delivered to the Trustee in the list of authorized signers and shall remain in effect until the applicable party, or an entity acting on its behalf, notifies the
Trustee of any change thereto (the person(s) so designated from time to time, the “Authorized Persons”). 

  
 42 

 (u)          To help the
U.S. government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When an account is opened,
the Trustee will ask for information that will allow the Trustee to identify relevant parties. The parties hereto hereby acknowledge such information disclosure requirements and agree to comply with all such information disclosure requests from time
to time from the Trustee. 
 (v)          For certain payments made
pursuant to this Indenture, the Trustee may be required to make a “reportable payment” or “withholdable payment” and in such cases the Trustee shall have the duty to act as a payor or withholding agent, respectively, that is
responsible for any tax withholding and reporting required under Chapters 3, 4 and 61 of the Code. The Trustee shall have the sole right to make the determination as to which payments are “reportable payments” or “withholdable
payments.” All parties to this Indenture shall provide an executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Trustee
prior to closing, and shall promptly update any such form to the extent such form becomes obsolete or inaccurate in any respect. The Trustee shall have the right to request from any party to this Indenture, or any other person entitled to payment
hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Trustee to satisfy its reporting and withholding obligations under the Code. To the extent any such forms to be delivered under this
Section 6.2(v) are not provided prior to or by the time the related payment is required to be made or are determined by the Trustee to be incomplete and/or inaccurate in any respect, the Trustee shall be entitled to withhold on any such
payments hereunder to the extent withholding is required under Chapters 3, 4 or 61 of the Code, and shall have no obligation to gross up any such payment. 

SECTION 6.3 Individual Rights of Trustee. The 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 Trustee. Any Trust Collateral Agent, Note Paying Agent, Note Registrar, co-registrar
or co-Note Paying Agent may do the same with like rights. However, the Trustee must comply with Sections 6.11 and 6.12. 

SECTION 6.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Trust Estate 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 this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and if it is either known by, or
written notice of the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default within ninety (90) days after such knowledge or notice occurs. Except in the
case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice to the Noteholder if and so long as it in good faith
determines that withholding the notice is in the interests of Noteholders. 
 SECTION 6.6 Reports by Trustee to
Holders. At the end of each calendar year, the Trustee shall deliver to each Person who at any time during the calendar year was a Noteholder that 

  
 43 

 
requests it in writing, a statement as to the aggregate amounts of interest and principal paid to the Noteholder to the extent required by the Code, and any other information as may be reasonably
required to enable such Holder to prepare its federal and State income tax returns. 
 SECTION 6.7 Compensation and
Indemnity. 
 (a)          Pursuant to Section 5.7(a) of the Sale
and Servicing Agreement or Section 5.6(a) of this Indenture, as applicable, the Issuer shall, or shall cause the Servicer to, pay to the Trustee and the Trust Collateral Agent from time to time compensation for its services. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to reimburse the Trustee and the Trust Collateral Agent (subject to any applicable caps) for all reasonable out-of-pocket expenses 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 Trustee’s and the Trust Collateral Agent’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent and
their respective officers, directors, employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses, and court costs) incurred by each of them in connection with the acceptance or the administration
of the Trust and the performance of its duties under the Basic Documents (including any expenses and costs (including attorneys’ fees and expenses and court costs) incurred in connection with any action or suit brought by the Trustee or Trust
Collateral Agent to enforce any indemnification or other obligation of the Issuer or Servicer). The Trustee or the Trust Collateral Agent shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the
Trustee or the Trust Collateral Agent to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement. The Issuer shall cause
the Servicer to defend the claim, and the Trustee or the Trust Collateral Agent may have separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need to reimburse any
expense or indemnify against any loss, liability or expense incurred by the Trustee or the Trust Collateral Agent through the Trustee’s or the Trust Collateral Agent’s own willful misconduct, negligence or bad faith. 

(b)          The Issuer’s payment obligations to the Trustee or the
Trust Collateral Agent pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent. When the Trustee or the Trust Collateral Agent 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 Basic Documents, the Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under the Basic Documents shall be
recourse to the Trust Estate only and specifically shall not be recourse to the assets of the Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the Trust Estate and the Seller shall be limited to
the right to receive the distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement or Section 5.6(a) of this Indenture, as applicable. 

  
 44 

 SECTION 6.8 Replacement of Trustee. The Trustee may resign at any
time by so notifying the Issuer. The Issuer may and shall, remove the Trustee, if: 

(a)          the Trustee fails to comply with Section 6.11; 

(b)          a court having jurisdiction in the premises in respect of the
Trustee in an involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or
order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the Trustee’s affairs; 

(c)          an involuntary case under the federal bankruptcy laws, as now
or hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within sixty (60) days; 

(d)          the Trustee commences a voluntary case under any federal or
State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such
debts become due or takes any action in furtherance of any of the foregoing; or 

(e)          the Trustee otherwise becomes incapable of acting. 

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

If the Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee. 
 Any resignation or removal of the Trustee and
appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee pursuant to Section 6.8, the appointment of a successor Trust Collateral

  
 45 

 
Agent pursuant to Section 6.17 and payment of all fees, expenses and indemnities owed to the outgoing Trustee and Trust Collateral Agent. 

Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations
under Section 6.7 shall continue for the benefit of the retiring Trustee. 
 The Issuer shall pay any costs and
expenses associated with the replacement of the Trustee. To the extent the Issuer fails to pay such costs and expenses on or before the Distribution Date following the replacement of the Trustee, the Depositor shall pay such amount then outstanding.

 SECTION 6.9 Successor Trustee by Merger. If the 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 or banking association, without any further act shall be the successor Trustee. The
Trustee shall provide prior written notice of any such transaction to the Issuer (who shall deliver such notice to the Rating Agencies). 

In case at the time such successor or successors by merger, conversion or consolidation to the 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 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 Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the 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 Trustee shall have. 

SECTION 6.10          Appointment of
Co-Trustee or Separate 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 Trust Estate may at the time be located, the 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 Trust Estate, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the 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 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof. 

(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 Trustee shall be conferred or imposed upon and exercised or performed by the 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 Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are

  
 46 

 
to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the
Trust 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 Trustee; 

(ii)          no trustee hereunder shall be personally
liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

(iii)          the 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 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 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 Trustee. Every such instrument shall be filed with the Trustee. 

(d)          Any separate trustee or
co-trustee may at any time constitute the 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, dissolve, become insolvent, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

(e)          Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be borne by the Trust Estate. 
 SECTION
6.11          Eligibility: Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The 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 the Rating Agencies. The 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. 

Within ninety (90) days after ascertaining the occurrence of an Event of Default which shall not have been cured or
waived, unless authorized by the Commission, the 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 6.8 of this Indenture, and the
Issuer shall appoint a successor Trustee 

  
 47 

 
for each of such Classes, as applicable, so that there will be separate Trustees for the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. In the
event the Trustee fails to comply with the terms of the preceding sentence, the Trustee shall comply with clauses (ii) and (iii) of TIA §310(b). 

In the case of the appointment hereunder of a successor Trustee with respect to any Class of Notes pursuant to this
Section 6.11, the Issuer, the retiring Trustee and the successor Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of the
Class to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of each Class as to which the retiring Trustee is not retiring shall continue to be vested in the Trustee and (iii) shall add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be a trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee;
and upon the removal of the retiring Trustee shall become effective to the extent provided herein. 
 SECTION
6.12          Preferential Collection of Claims Against Issuer. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a). 
 SECTION
6.13          Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured Parties hereby appoints The Bank of New York Mellon, as the Trust Collateral Agent
with respect to the Collateral, and The Bank of New York Mellon hereby accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such
Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the provisions of this Indenture and the Basic Documents. Each Issuer Secured Party hereby authorizes the Trust
Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Trustee may direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the terms
hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any powers of attorney. The Trust Collateral Agent shall act upon and in compliance
with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions; provided that neither the Trustee nor the Trust Collateral Agent shall act upon its own accord or in
accordance with any instructions (a) if such actions are not authorized by, or in violation of the provisions of, this Indenture, (b) if such actions are in violation of any applicable law, rule or regulation or (c) with respect to
actions for which the Trustee has been directed to act but for which the Trustee has not received indemnity reasonably satisfactory to it. Receipt of such instructions shall not be a condition to the exercise by the Trust Collateral Agent of its
express duties hereunder, except 

  
 48 

 
where this Indenture provides that the Trust Collateral Agent is permitted to act only following and in accordance with such instructions. 

SECTION 6.14          Performance of Duties. 

(a)          Neither the Trust Collateral Agent nor the Trustee shall have
any duties or responsibilities except those expressly set forth in this Indenture and the Basic Documents to which the Trust Collateral Agent or the Trustee is a party or as directed by the Controlling Party in accordance with this Indenture.
Neither the Trust Collateral Agent nor the Trustee shall be required to take any discretionary actions hereunder except at the written direction and with reasonable security and indemnity satisfactory to the Trust Collateral Agent or the Trustee, as
applicable. The Trust Collateral Agent and the Trustee shall, and hereby agree that each will, subject to this Article, perform all of their respective duties and obligations required of it under the Sale and Servicing Agreement. 

(b)          Each of the Trust Collateral Agent and the Trustee hereby
covenants that it will provide prompt written notice to the Seller and the Servicer upon actual knowledge by a Responsible Officer of such Person of any instances of non-compliance by the Trust Collateral
Agent or the Trustee, as applicable, with this Indenture or the Basic Documents to which the Trust Collateral Agent or the Trustee, as applicable, is a party. 

SECTION 6.15          Limitation on Liability. None of the Trustee,
the Trust Collateral Agent or any of their respective directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trustee and the Trust Collateral
Agent shall be liable for its own negligence, bad faith or willful misconduct; nor shall the Trustee or the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this
Indenture or any of the Collateral (or any part thereof). Further, neither the Trustee nor the Trust Collateral Agent shall have any duty, responsibility or obligation to (or liability for failing to) monitor, supervise, confirm, verify, notify
regarding or otherwise enforce the requirements or commitments applicable to any Person arising under, related to or otherwise in connection with any provision of this Indenture. Notwithstanding any term or provision of this Indenture, neither the
Trustee nor the Trust Collateral Agent shall incur any liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Trustee or the Trust Collateral Agent in connection with the Collateral, except for the negligence,
bad faith or willful misconduct on the part of the Trustee or the Trust Collateral Agent, and, further, neither the Trustee nor the Trust Collateral Agent shall incur any liability to the Issuer Secured Parties except for negligence, bad faith or
willful misconduct in carrying out its duties to the Issuer Secured Parties. The Trustee and the Trust Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the
contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed by the Trustee or the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate
signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Trustee or the Trust Collateral Agent) neither the Trustee nor the Trust Collateral Agent shall be required to make any independent investigation with respect
thereto. The Trustee and the Trust Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts that are a condition to

  
 49 

 
the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trustee and the Trust Collateral Agent may consult with counsel, and shall not be liable for
any action taken or omitted to be taken by it hereunder in good faith and in accordance with the advice or opinion of such counsel. Neither the Trustee nor the Trust Collateral Agent shall be under any obligation to exercise any of the remedial
rights or powers vested in it by this Indenture or to follow any direction from the Trustee (at the direction of the Noteholders) or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder unless
it shall have received reasonable security or indemnity satisfactory to the Trustee or the Trust Collateral Agent, as applicable, against the costs, expenses and liabilities which might be incurred by it. 

SECTION 6.16          Reliance Upon Documents. In the absence of
negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been
signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument. 

SECTION 6.17          Successor Trust Collateral Agent. 

(a)          Merger. Any Person into which the Trust Collateral Agent
may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale
or transfer to which the Trust Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with all of the title to
and interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of
the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Issuer Secured Parties in the Collateral;
provided that any such successor shall also be the successor Trustee under Section 6.9. 

(b)          Resignation. The Trust Collateral Agent and any
successor Trust Collateral Agent may resign at any time by so notifying the Issuer; provided, that the Trust Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder. 

(c)          Removal. The Trust Collateral Agent shall automatically
be removed at any time that the Trustee has resigned or has been removed in accordance with Section 6.8; provided, however, if at any time the Trust Collateral Agent and the Trustee are separate entities, the Trust Collateral
Agent may be removed by the Trustee at any time, with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, any other Issuer Secured Party and the Issuer. A temporary successor may be
removed at any time to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of
(i) the effective date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment and of its 

  
 50 

 
obligation to perform its duties hereunder in accordance with the provisions hereof, and (ii) receipt by the Trustee of an Opinion of Counsel to the effect described in Section 3.6.

 (d)          Acceptance by Successor. The Issuer shall have the
sole right to appoint each successor Trust Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Trustee, each Issuer Secured Party
and the Issuer an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor
Trust Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall,
nevertheless, on the written request of either Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any
instrument in writing from the Issuer or an Issuer Secured Party is reasonably required by a successor Trust Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested
or intended to be vested hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Trust Collateral Agent, be forthwith executed, acknowledged and delivered by the
Trustee or the Issuer, as the case may be. The designation of any successor Trust Collateral Agent and the instrument or instruments removing any Trust Collateral Agent and appointing a successor hereunder, together with all other instruments
provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Trust Collateral Agent in each place where such filing or recording is necessary
to effect the transfer of the Collateral to the successor Trust Collateral Agent or to protect or continue the perfection of the security interests granted hereunder. 

SECTION 6.18          Compensation. The Trust Collateral Agent shall
not be entitled to any compensation for the performance of its duties hereunder other than the compensation it is entitled to receive in its capacity as Trustee. 

SECTION 6.19          Representations and Warranties of the Trust
Collateral Agent and the Issuer.  
 (a)          The Trust
Collateral Agent represents and warrants to the Issuer and to each Issuer Secured Party as follows: 

(i)          Due Organization. The Trust Collateral
Agent is a New York banking corporation and is duly authorized and licensed under applicable law to conduct its business as presently conducted. 

(ii)          Corporate Power. The Trust Collateral
Agent has all requisite right, power and authority to execute and deliver this Indenture and to perform all of its duties as Trust Collateral Agent hereunder. 

(iii)          Due Authorization. The execution and
delivery by the Trust Collateral Agent of this Indenture and the Basic Documents to which it is a party, and the performance 

  
 51 

 
by the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any
governmental approvals, are required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such Basic Documents. 

(iv)          Valid and Binding Indenture. The Trust
Collateral Agent has duly executed and delivered this Indenture and each Basic Document to which it is a party, and each of this Indenture and each such Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral
Agent, enforceable against the Trust Collateral Agent in accordance with its terms, except as (A) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of
creditors’ rights generally and (B) the availability of equitable remedies may be limited by equitable principles of general applicability. 

(v)          No Conflicts. The execution and delivery
of each Basic Document to which it is a party by the Trust Collateral Agent and the performance by the Trust Collateral Agent of its obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict with or result in
any violation of (A) any law or regulation of the United States of America governing the banking or trust powers of the Trust Collateral Agent or (B) the articles of incorporation and by-laws of the
Trust Collateral Agent. 
 (vi)          No
Actions. To the best of the Trust Collateral Agent’s knowledge, there are no actions, proceedings or investigations known to the Trust Collateral Agent, either pending or threatened in writing, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality which would, if adversely determined, affect in any material respect the consummation, validity or enforceability against the Trust Collateral Agent, in its capacity as Trust
Collateral Agent or otherwise, of any Basic Document. 
 (b)          The
Issuer represents and warrants that the representations and warranties set forth on the attached Schedule of Representations with respect to the Receivables as of the Cutoff Date, and as of the Closing Date, are true and correct. Such
representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent and shall not be waived. 

SECTION 6.20          Waiver of Setoffs. The Trust Collateral Agent
hereby expressly waives any and all rights of setoff that the Trust Collateral Agent may otherwise at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and
applied solely in accordance with the provisions hereof and the Sale and Servicing Agreement. 

  
 52 

 ARTICLE VII 

Noteholders’ Communications and Reports 

SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause to be
furnished to the Trustee and the Trust Collateral Agent (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee or the Trust Collateral Agent 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 Trustee is the Note Registrar, no such list shall be required to be
furnished. The Trustee and the Trust Collateral Agent shall each be fully protected and have no liability for relying on any such list furnished by the Issuer. 

SECTION 7.2 Preservation of Information; Communications to Noteholders. 

(a)          The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Note
Registrar. The 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 Trustee and the Note Registrar shall have the
protection of TIA § 312(c). 
 (d)          A Noteholder (if the
Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may communicate with the Trustee and provide notices and make requests and demands and give directions to the Trustee through the
procedures of the Clearing Agency and by notice to the Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together with supporting documentation such as a trade confirmation, an
account statement, a letter from a broker or dealer verifying ownership or another similar document evidencing ownership of a Note. The Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a
Note Owner, other than requests, demands or directions relating to an asset representations review demand pursuant to Section 7.2(f), unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to
the Trustee to protect it against the costs and expenses that it may incur in complying with the request, demand or direction. 

(e)          A Noteholder (if the Notes are represented by Definitive Notes)
or a Note Owner (if the Notes are represented by Book-Entry Notes) that wishes to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or the Basic Documents may send a request to
the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with 

  
 53 

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

(f)        If a Delinquency Trigger occurs, a Noteholder (if the Notes are represented
by Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to
conduct an Asset Review of the Asset Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner, together with at
least one form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. If Noteholders and Note Owners, as applicable, of at least 5% of the aggregate
Outstanding Amount of the Notes demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger, the Trustee will promptly request such a vote of the Noteholders
through the Clearing Agency, which vote will remain open until the 150th day after the filing of the related Form 10-D. If (i) a voting quorum of Noteholders holding at least 5% of the aggregate
Outstanding Amount participate in the related vote and (ii) Noteholders of a majority of the Outstanding Amount of Notes that voted agree to an Asset Review, then the Trustee will send an Asset Review Notice to the Asset Representations
Reviewer and the Servicer to the notice addresses set forth in Section 12.3(a) of the Sale and Servicing Agreement directing the Asset Representations Reviewer to conduct the Asset Review. 

SECTION 7.3 Reports by Issuer. 

(a)          The Issuer shall: 

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

  
 54 

 
may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

(ii)          file with the 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 Trustee (and the 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 Trustee. 

(a)          If required by TIA § 313(a), within sixty (60) days
after each May 31, beginning with May 31, 2022, the 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 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 Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.5 Review Reports. Upon the request of any Noteholder to the Trustee for a copy of any Review Report (as
defined in the Asset Representations Review Agreement), the Trustee shall promptly provide a copy of such Review Report to such Noteholder; provided, that if the requesting Noteholder is not a Noteholder of record, such Noteholder must provide the
Trustee with a written certification stating that it is a beneficial owner of a Note, together with supporting documentation supporting that statement (which may include, but is not limited to, a trade confirmation, an account statement or a letter
from a broker or dealer verifying ownership) before the Trustee delivers such Review Report to such Noteholder; provided, further, that the Trustee shall provide the Servicer with notice of such request before delivering the related Review Report to
the requesting Noteholder and if such Review Report contains personally identifiable information regarding Obligors, and if the Servicer provides notice to the Trustee, then the Servicer may condition the Trustee’s delivery of that portion of
the Review Report to the requesting Noteholder on such Noteholder’s delivery to the Servicer of an agreement acknowledging that such Noteholder may use such information only for the limited purpose of assessing the nature of the related
breaches of representations and warranties and may not use that information for any other purpose. 

  
 55 

 ARTICLE VIII 

Accounts, Disbursements and Releases 

SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the 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 Trust Collateral Agent pursuant to this Indenture and
the Sale and Servicing Agreement. The Trustee shall apply all such money received by it, or cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise
expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Trustee may take such action as
may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and
any right to proceed thereafter as provided in Article V. 
 SECTION 8.2 Release of Trust Estate. 

(a)          Subject to the payment of its fees and expenses and other
amounts pursuant to Section 6.7, the Trust Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments prepared by and at the expense of the Seller to release property from the lien of this Indenture,
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 Trust Collateral Agent as provided in this Article VIII shall be bound to ascertain the Trust
Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 

(b)          The Trust Collateral Agent shall, at such time as there are no
Notes outstanding and all sums due the Trustee and the Trust Collateral Agent pursuant to the Basic Documents have been paid, execute such documents as are reasonably provided to it by the Seller (which documents shall be prepared at the
Seller’s expense) in order to release any remaining portion of the Trust 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 Trust
Accounts. 
 SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least seven
(7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a condition to such action, an Opinion of Counsel in
form and substance satisfactory to the 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.
Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action. 

  
 56 

 ARTICLE IX 

Supplemental Indentures 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a)          Without the consent of the Majority Noteholders and with prior
notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the 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 Trustee, for any of the following purposes: 

(i)          to correct or amplify the description of any
property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Trust Collateral Agent 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 Trust Collateral Agent; 

(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 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. 

  
 57 

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

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the 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 Holders delivered to the Issuer and the 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 no such supplemental indenture shall, without the consent of the Holder 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 provision of this Indenture relating to the application of collections on, or the proceeds of the
sale of, the 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; 

(b)          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); 
 (c)          reduce the percentage of the
Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders 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; 

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

(e)          reduce the percentage of the Outstanding Amount of the Notes
required to direct the Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4; 

(f)          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 Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 

(g)          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 Distribution Date (including, in all cases, the calculation of any of the individual components of

  
 58 

 
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 

(h)          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 Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto
or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
 The Trustee may determine
whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be
liable for any such determination made in good faith. 
 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 Trustee of any supplemental indenture pursuant to this Section, the Trustee
shall mail to the Holders of the Notes 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 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 amendments or modifications thereby of the trusts created by this Indenture,
the Trustee and the Trust Collateral Agent shall be entitled to receive and 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
Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the 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 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 Trustee, the Issuer and the Holders of the Notes 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. 

  
 59 

 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 Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

Redemption of Notes 

SECTION 10.1           Redemption. 

(a)          The Notes shall be redeemed in whole, but not in part, on any
Distribution Date on which the Servicer or Seller exercises its option to purchase the Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however,
that no such redemption may be effected unless the Issuer has available funds sufficient to pay the Redemption Price on such Distribution Date. The Servicer or the Issuer shall furnish the Rating Agencies notice of such redemption. If the Notes are
to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Trustee not later than twenty-five (25) days prior to the Redemption Date and the Issuer shall deposit with the
Trustee in the Collection Account the amount required to be so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing
of a notice complying with Section 10.2 to each Holder of Notes. 

(b)          In the event that the assets of the Trust are distributed
pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon. If amounts are to be
paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish notice of such event to the Trustee not later than forty-five (45) days prior to the Redemption Date whereupon all
such amounts shall be payable on the Redemption Date. 
 SECTION
10.2           Form of Redemption.  

(a)          Notice of redemption under Section 10.1(a) shall be given
by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at
such Holder’s address appearing in the Note Register. 
 All notices of redemption shall state: 

(i)          the Redemption Date; 

(ii)          the Redemption Price; 

  
 60 

(iii)          that the Record Date otherwise applicable to
such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and 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); and 

(iv)          that interest on the Notes shall cease to
accrue on the Redemption Date. 
 (b)          Notice of redemption of the
Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 (c)          Prior notice of redemption under Section 10.1(b) is
not required to be given to the Noteholders. 
 SECTION
10.3          Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption, as required by Section 10.2 (in the case of redemption pursuant to
Section 10.1(a)), 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
Trustee or the Trust Collateral Agent to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, (1) an Officer’s Certificate signed by an Authorized
Officer of the Servicer stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (2) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (3) (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; 

  
 61 

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

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

(i)          Prior to the deposit of any Collateral or other
property or securities with the Trust Collateral Agent 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 Trust Collateral Agent an Officer’s Certificate signed by an Authorized Officer of the Servicer 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 Collateral or other property or securities to be so deposited. 

(ii)          Whenever the Issuer is required to furnish to
the Trust Collateral Agent 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 Trust Collateral Agent 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% percent of the Outstanding Amount of the Notes. 

(iii)          Other than with respect to the release of any
Purchased Receivables, Sold Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent an Officer’s Certificate
signed by an Authorized Officer of the Servicer 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 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 Trust Collateral Agent an Independent Certificate as to
the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, 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) 

  
 62 

 
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 percent of the then Outstanding Amount of the Notes. 

(v)          Notwithstanding Section 2.9 or any other
provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Basic Documents. 
 SECTION
11.2          Form of Documents Delivered to 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 his or her 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 Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, 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 (2) 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 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 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 

  
 63 

 
evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are delivered to the 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 Trustee and the Issuer, if made in the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more
groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes or the Majority Noteholders, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
 (b)          The fact and date of the
execution by any person of any such instrument or writing may be proved in any customary manner of the Trustee. 

(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 the Holder of any Notes shall bind the Holder 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
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 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 to be made upon, given or furnished to or filed with: 

(a)          The Trustee by any Noteholder or by the Issuer shall be
personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt to the Trustee at its applicable Corporate Trust Office, or 

(b)          The Issuer by the Trustee or by any Noteholder shall be
personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: GM Financial Consumer Automobile Receivables Trust 2021-3, in care of Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, with a copy to GM Financial Consumer Automobile
Receivables Trust 2021-3, c/o GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Trustee by
Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the 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 Standard & Poor’s, via electronic

  
 64 

 
delivery to servicer_reports@spglobal.com; for any information not available in electronic format, hard copies should be sent to S&P Global Ratings, 55 Water Street, 41st Floor, New York, New
York 10004, Attention: Asset Backed Surveillance Group; or (ii) in the case of Fitch, to Fitch Ratings, Inc., 33 Whitehall Street, New York, New York 10004, Attention: Asset Backed Surveillance; or as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties. 
 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 his 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 here in 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 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 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          [Reserved] 

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. 

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. 

  
 65 

 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 Trustee in this Indenture shall bind its successors. All agreements
of the Trust Collateral Agent in this Indenture shall bind its successors. 
 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, the
Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the 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
CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 11.14          Counterparts and Consent to do Business
Electronically. This Indenture may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and
binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Indenture and any documents to be delivered in connection with this
Indenture may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic
signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Indenture and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. 

  
 66 

 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 Trustee or any other counsel reasonably acceptable to the 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 Trustee or the Trust Collateral Agent under this Indenture. 

SECTION 11.16          Trust Obligation. No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any Basic Document or any certificate or other
writing delivered in connection herewith or therewith, against (a) the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the 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, employee or agent of the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except
as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and the 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. 

SECTION 11.17          No Petition. The Trustee and the Trust
Collateral Agent, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the
Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this
Indenture or any of the Basic Documents. 
 SECTION
11.18          Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Trustee, during the Issuer’s normal business hours, to examine all
the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the Issuer’s affairs, finances and
accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be
construed to prohibit (a) disclosure of any and all information that is or becomes publicly known, (b) disclosure of any and all information (i) if required to do so by any applicable statute, law, rule or regulation, (ii) to any
government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its affiliates, (iii) pursuant to any subpoena, civil investigative demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate or an officer, director, employer or shareholder thereof is a party, (iv) in any preliminary or final offering circular, registration
statement or contract or other document pertaining to the transactions contemplated by this Indenture approved in advance by the Servicer or the Issuer or (v) to any independent or 

  
 67 

 
internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being
disclosed, or (c) any other disclosure authorized by the Servicer or the Issuer. 
 SECTION
11.19          Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

(a)          submits for itself and its property in any legal action
relating to this Indenture, the Basic Documents or any other documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of
the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

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

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

SECTION 11.20          No Partnership or Joint Venture. Nothing
herein contained shall constitute a partnership between or joint venture by the parties hereto or constitute either party the agent of the other. Neither party shall hold itself out contrary to the terms of this Section and neither party shall
become liable by any representation, act or omission of the other contrary to the provisions hereof. 
 SECTION
11.21          Limitation of Liability of the Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Indenture is executed and delivered by Wilmington
Trust Company, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the
part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Indenture and (e) 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 Indenture or any other related documents. 
 SECTION
11.22          Third Party Beneficiary. The Owner Trustee is an express third party beneficiary of this Indenture. 

[Remainder of Page Intentionally Left Blank] 

  
 68 

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

	
	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3,

 

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

  

			
	By:	 	 /s/ Clarice Wright

	Name:	 	Clarice Wright
	Title:	 	Vice President

  

	
	 THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee and Trust Collateral
Agent

  

			
	By:	 	 /s/ Rita Duggan

	Name:	 	Rita Duggan
	Title:	 	Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A-1 

 

			
	 REGISTERED
	 	$230,400,000

 No. RB A-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AA1 

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 CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS A-1 0.08613% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 THIRTY MILLION
FOUR HUNDRED THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $230,400,000 and the denominator of which is $230,400,000 times (ii) the aggregate amount,
if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the Distribution Date occurring on July 18, 2022 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such
Distribution Date or, if no interest has yet been paid, from July 21, 2021. 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. 
 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 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. 
  

							
		 		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
				
		 		 		 	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

				
		 		 		 	
By:                      
                                         
                    

		 		 		 	 Name:

		 		 		 	 Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	 Date: July 21, 2021
	 		 		 	 THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee

				
		 		 		 	
By:                      
                                         
                  

		 		 		 	 Authorized Signer

  
 A-1-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-1 0.08613% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of July 21, 2021 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust Collateral Agent) 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 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 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 Distribution Date in an
amount described on the face hereof. “Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no
longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Distribution 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 Distribution Date shall be binding upon all future 

  
 A-1-4 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 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 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 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 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 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 is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such
Similar Law). If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein shall be deemed to represent that 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 or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such 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 Owner Trustee, the Trust Collateral 

  
 A-1-5 

 
Agent or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the 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 Seller, the Servicer, the Trustee,
the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, State and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and 

  
 A-1-6 

 
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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-1-7 

 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                      
                                         
     1
	 	
                       
                                         
                        
	 	
		 	 Signature Guaranteed:
	 	
			
	
                       
                                         
             
	 	
                       
                                         
                        
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 A-1-8 

 EXHIBIT A-2 

 

			
	 REGISTERED
	  	$425,000,000

 No. RB A-2 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AB9 

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 CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS A-2 0.21% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 FOUR HUNDRED TWENTY-FIVE
MILLION DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $425,000,000 and the denominator of which is $425,000,000 times (ii) the aggregate amount, if any,
payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-2 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on the Distribution Date occurring on August 16, 2024 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such
Distribution Date or, if no interest has yet been paid, from July 21, 2021. 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. 

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
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-2-2 

 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. 
  

							
		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
			
		 		 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 		 	By:                                   
                                         
     
		 		 	Name:	 	
		 		 	Title:	 	
	  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
  
 This is one of the
Notes designated above and referred to in the within-mentioned Indenture.
  

	Date: July 21, 2021	 		 	THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee
			
	 	 	 	 	By:                               
                                         
         

		 		 	Authorized Signer

  
 A-2-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-2 0.21% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of July 21, 2021 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust Collateral Agent) 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 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 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 Notes will be payable on each Distribution Date in an
amount described on the face hereof. “Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no longer
acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

 Payments of interest on this Note due and payable on each Distribution 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 Distribution Date shall be binding upon all future 

  
 A-2-4 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 The Issuer
shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful. 

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 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 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 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 is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such
Similar Law). If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein shall be deemed to represent that 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 or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such 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 Owner Trustee, the Trust Collateral 

  
 A-2-5 

 
Agent or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the 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 Seller, the Servicer, the Trustee,
the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, State and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and 

  
 A-2-6 

 
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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-2-7 

 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                      
                                         
     1
	 	
                       
                                         
                        
	 	
		 	 Signature Guaranteed:
	 	
			
	
                       
                                         
             
	 	
                       
                                         
                        
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 A-2-8 

 EXHIBIT A-3 

 

			
	 REGISTERED
	  	$425,000,000

 No. RB A-3 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AC7 

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 CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS A-3 0.48% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 FOUR HUNDRED TWENTY-FIVE
MILLION DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $425,000,000 and the denominator of which is $425,000,000 times (ii) the aggregate amount, if any,
payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-3 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on the Distribution Date occurring on June 16, 2026 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution
Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date
or, if no interest has yet been paid, from July 21, 2021. 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. 
 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 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. 
  

							
		 		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
				
		 		 		 	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

				
		 		 		 	 By:
                                         
                                         
  

		 		 		 	 Name:

		 		 		 	 Title:

	  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
  
 This is one of the
Notes designated above and referred to in the within-mentioned Indenture.
  

	 Date: July 21, 2021
	 		 		 	 THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee

				
		 		 		 	 By:
                                         
                                         
  

		 		 		 	 Authorized Signer

  
 A-3-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-3 0.48% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of July 21, 2021 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust Collateral Agent) 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 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 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 Distribution Date in an
amount described on the face hereof. “Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no longer
acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Distribution 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 Distribution Date shall be binding upon all future 

  
 A-3-4 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 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 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 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 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 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 is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such Similar Law). If this Note has been issued as a Book
Entry Note, each transferee of this Note or any beneficial interest herein shall be deemed to represent that 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 or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such 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 Owner Trustee, the Trust Collateral 

  
 A-3-5 

 
Agent or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the 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 Seller, the Servicer, the Trustee,
the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, State and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and 

  
 A-3-6 

 
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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-3-7 

 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                      
                                         
     1
	 	
                       
                                         
                        
	 	
		 	 Signature Guaranteed:
	 	
			
	
                       
                                         
             
	 	
                       
                                         
                        
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 A-3-8 

 EXHIBIT A-4 

 

			
	 REGISTERED
	  	$114,690,000

 No. RB A-4 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AD5 

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 CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS A-4 0.73% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 FOURTEEN MILLION
SIX HUNDRED NINETY THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $114,690,000 and the denominator of which is $114,690,000 times (ii) the aggregate
amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-4 Notes pursuant to the Indenture; provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the Distribution Date occurring on August 16, 2027 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above
on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding
such Distribution Date or, if no interest has yet been paid, from July 21, 2021. 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. 
 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 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. 
  

							
		 		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
				
		 		 		 	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

				
		 		 		 	By:                                     
                                         
       
		 		 		 	Name:
		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: July 21, 2021	 		 		 	 THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee

				
		 		 		 	By:                                     
                                         
       
		 		 		 	Authorized Signer

  
 A-4-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-4 0.73% Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture dated as of July 21, 2021 (such
indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust Collateral Agent) 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 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 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 Distribution Date in an
amount described on the face hereof. “Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no longer
acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Distribution 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 Distribution Date shall be binding upon all future 

  
 A-4-4 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 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 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 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 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 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 is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such Similar Law). If this Note has been issued as a Book
Entry Note, each transferee of this Note or any beneficial interest herein shall be deemed to represent that 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 or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code (or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such 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 Owner Trustee, the Trust Collateral 

  
 A-4-5 

 
Agent or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the 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 Seller, the Servicer, the Trustee,
the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, State and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and 

  
 A-4-6 

 
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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-4-7 

 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                      
                                         
     1
	 	
                       
                                         
                        
	 	
		 	 Signature Guaranteed:
	 	
			
	
                       
                                         
             
	 	
                       
                                         
                        
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 A-4-8 

 EXHIBIT B 
  

			
	 REGISTERED
	  	$20,310,000
		
	 No. RB B
	  	

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AE3 

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 CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS B 0.97% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 MILLION THREE HUNDRED
TEN THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $20,310,000 and the denominator of which is $20,310,000 times (ii) the aggregate amount, if any,
payable from the Note Distribution Account and Collection Account in respect of principal on the Class B Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
Distribution Date occurring on August 16, 2027 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid,
from July 21, 2021. 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. 
 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 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. 
  

							
		 		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
				
		 		 		 	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust
Agreement

				
		 		 		 	By:                                     
                                         
       
		 		 		 	Name:
		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: July 21, 2021	 		 		 	 THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee

				
		 		 		 	By:                                     
                                         
       
		 		 		 	Authorized Signer

  
 B-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 0.97% Asset Backed Notes
(herein called the “Class B Notes”), all issued under an Indenture dated as of July 21, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of
New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust
Collateral Agent) 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 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
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 Distribution Date in an amount described on the face hereof.
“Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Distribution 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 Distribution Date shall be binding upon all future 

  
 B-4 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 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 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 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 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 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 is covered by a Prohibited
Transaction Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
(or, if it is subject to any Similar Law, such acquisition, holding and disposition will not violate such Similar Law). If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein shall be deemed
to represent that 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 or any beneficial interest herein is covered by a Prohibited Transaction
Class Exemption or the Statutory Exemption or otherwise will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, if it is
subject to any Similar Law, such acquisition, holding and disposition will not violate such 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 Owner
Trustee, the Trust Collateral 

  
 B-5 

 
Agent or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the 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 Seller, the Servicer, the Trustee,
the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of
the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, State and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and 

  
 B-6 

 
remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 

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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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-7 

 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                      
                                         
     1
	 	
                       
                                         
                        
	 	
		 	 Signature Guaranteed:
	 	
			
	
                       
                                         
             
	 	
                       
                                         
                        
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 B-8 

 EXHIBIT C 
  

			
	 REGISTERED
	  	$19,030,000

 No. RB C 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AF0 

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. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS
DEEMED TO REPRESENT TO AFS SENSUB CORP. (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) AND IS ACQUIRING SUCH
NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) IS AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO
ARE ACCREDITED INVESTORS) OR (III) IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE SECURITIES ACT. 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER
IS MADE TO THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (III) SUCH
SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH 

 
CASE (A) THE ISSUER SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE ISSUER AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER,
WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER AND THE SELLER, AND (B) THE ISSUER SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE ISSUER, THE SELLER OR THE OWNER TRUSTEE)
SATISFACTORY TO THE SELLER AND THE ISSUER TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB
INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES. 
 EACH
PURCHASER OR TRANSFEREE OF A BENEFICIAL INTEREST IN THIS NOTE SHALL BE DEEMED TO REPRESENT 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 THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) BY REASON
OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”) OR (D) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A BENEFIT PLAN INVESTOR BUT IS
SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 

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. 

  
 C-2 

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS C 1.07% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 NINETEEN MILLION THIRTY
THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $19,030,000 and the denominator of which is $19,030,000 times (ii) the aggregate amount, if any,
payable from the Note Distribution Account and Collection Account in respect of principal on the Class C Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
Distribution Date occurring on August 16, 2027 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid,
from July 21, 2021. 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. 
 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 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-3 

 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. 
  

							
		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
			
		 		 	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
			
		 		 	By:                               
                                         
         
		 		 	Name:
		 		 	Title:
	  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
  
 This is one of the
Notes designated above and referred to in the within-mentioned Indenture.
  

	Date: July 21, 2021	 		 	THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee
			
	 	 	 	 	By:                                   
                                         
     

	 	 	 	 	Authorized Signer

  
 C-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C 1.07% Asset Backed Notes
(herein called the “Class C Notes”), all issued under an Indenture dated as of July 21, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of
New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust
Collateral Agent) 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 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
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 Distribution Date in an amount described on the face hereof.
“Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Distribution 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 Distribution Date shall be binding upon all future 

  
 C-5 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 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 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 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 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 either has (a) represented and warranted in writing that it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) delivered the Opinion of Counsel described in clause
(ii)(A) in the first sentence of Section 2.4(d) of the Indenture. 
 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 Owner Trustee, the Trust Collateral Agent
or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the 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 Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the 

  
 C-6 

 
Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, State and local income and franchise and any other income taxes. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee
and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, 

  
 C-7 

 
any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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                      
                                         
     1
	 	
                       
                                         
                        
	 	
		 	 Signature Guaranteed:
	 	
			
	
                       
                                         
             
	 	
                       
                                         
                        
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 C-9 

 EXHIBIT D 
  

			
	 REGISTERED
	  	$15,870,000

 No. RB D 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 380140 AG8 

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. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS
DEEMED TO REPRESENT TO AFS SENSUB CORP. (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) AND IS ACQUIRING SUCH
NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) IS AN “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO
ARE ACCREDITED INVESTORS) OR (III) IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE SECURITIES ACT. 

NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER
IS MADE TO THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB
ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (III) SUCH
SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH 

  
 D-1 

 
CASE (A) THE ISSUER SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE ISSUER AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER,
WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER AND THE SELLER, AND (B) THE ISSUER SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE ISSUER, THE SELLER OR THE OWNER TRUSTEE)
SATISFACTORY TO THE SELLER AND THE ISSUER TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB
INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES. 
 EACH
PURCHASER OR TRANSFEREE OF A BENEFICIAL INTEREST IN THIS NOTE SHALL BE DEEMED TO REPRESENT 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 THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE ASSETS OF AN EMPLOYEE BENEFIT PLAN OR PLAN DESCRIBED IN (A) OR (B) BY REASON
OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”) OR (D) AN EMPLOYEE BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A BENEFIT PLAN INVESTOR BUT IS
SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 

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. 

  
 D-2 

 GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3 
 CLASS D 0.00% ASSET BACKED NOTE 

GM Financial Consumer Automobile Receivables Trust 2021-3, 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 FIFTEEN MILLION EIGHT HUNDRED
SEVENTY THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the product of (i) a fraction the numerator of which is $15,870,000 and the denominator of which is $15,870,000 times (ii) the aggregate amount, if
any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class D Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the Distribution Date occurring on February 16, 2029 (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this
Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been
paid, from July 21, 2021. 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. 
 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 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-3 

 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. 
  

							
		 		 		 	GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-3
				
		 		 		 	 By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

				
		 		 		 	By:                                     
                                         
       
		 		 		 	Name:
		 		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: July 21, 2021	 		 		 	THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee
				
		 		 		 	By:                                     
                                         
       
		 		 		 	Authorized Signer

  
 D-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D 0.00% Asset Backed Notes
(herein called the “Class D Notes”), all issued under an Indenture dated as of July 21, 2021 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and The Bank of
New York Mellon, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”, which term includes any successor Trust
Collateral Agent) 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 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
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 Distribution Date in an amount described on the face hereof.
“Distribution Date” means the sixteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing August 16, 2021. If GM Financial is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution 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 Distribution 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 Distribution Date shall be binding upon all future 

  
 D-5 

 
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 Distribution Date, then the 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 Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust
Office or at the office of the Trustee’s agent appointed for such purposes located in Dallas, Texas. 
 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 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 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 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 either has (a) represented and warranted in writing that it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) delivered the Opinion of Counsel described in clause
(ii)(A) in the first sentence of Section 2.4(d) of the Indenture. 
 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 Owner Trustee, the Trust Collateral Agent
or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee, the Trust Collateral Agent or the 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 Seller, the Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee, the Trust
Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the 

  
 D-6 

 
Trust Collateral Agent and the 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 AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, State and local income and franchise and any other income taxes. 

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trust Collateral Agent and the Trustee
and any agent of the Issuer, the Trust Collateral Agent or the 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 Trust Collateral Agent, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the 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 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 construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 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 Indenture or the Basic Documents, neither
Wilmington Trust Company in its individual capacity, 

  
 D-7 

 
any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable
for, nor 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 this Note or the Indenture, it being
expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole purposes of binding the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the
Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder 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                      
                                         
     1
	 	
                      
                                         
                         

Signature Guaranteed:
	 	
			
	
                      
                                         
              
	 	
                      
                                         
                         
	 	

  
  
  

 
 1  NOTE: 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 whatsoever. 

  
 D-9 

 SCHEDULE A 

REPRESENTATIONS AND WARRANTIES OF THE ISSUER 

Representations and Warranties Regarding the Receivables: 

1.          Security Interest in Financed Vehicle. This Indenture
creates a valid and continuing Security Interest (as defined in the applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is enforceable as such as against creditors of
and purchasers from the Seller. The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 

2.          Perfection of Security Interest. Each Receivable is
secured by a first priority validly perfected security interest in the related Financed Vehicle or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related
Financed Vehicle in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Party. 

3.          All Filings Made. The Issuer has taken all steps
necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of all
appropriate financing statements in the proper filing office in the State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder. All financing statements filed
or to be filed against the Issuer in favor of the Trust Collateral Agent in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or a security interest in any collateral described in this
financing statement will violate the rights of the Trust Collateral Agent.” 

4.          No Impairment. The Issuer has not done anything to convey
any right to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof.
Other than the security interest granted to the Trust Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. 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 Receivables other than any financing statement relating to the security interest granted to the Trust
Collateral Agent hereunder or that has been terminated. The Issuer is not aware of any judgment, ERISA or tax lien filings against it. 

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

6.          Good Title. Immediately prior to the pledge of the
Receivables to the Trust Collateral Agent pursuant to this Indenture, the Issuer was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of

  
 Sch.A-1 

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

7.          Possession of Original Copy. The Servicer, as Custodian
on behalf of the Issuer, has in its possession or control the original contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable. 

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

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

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

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

  
 Sch.A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00331-of-00352.parquet"}]]