Document:

EX-10.4

 Exhibit 10.4 
  

 
 ACAR LEASING LTD., 

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

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent and Indenture Trustee 
  

 

20    -   SERVICING SUPPLEMENT 

Dated as of             , 20     

 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND INTERPRETIVE PROVISIONS	  	 	1	 
			
	 SECTION 1.1.
	 	General Definitions	  	 	1	 
		
	ARTICLE II SERVICING OF 20    -   DESIGNATED POOL	  	 	2	 
			
	 SECTION 2.1.
	 	Servicing of 20    -   Designated Pool	  	 	2	 
	 SECTION 2.2.
	 	Identification of 20    -   Lease Agreements and 20    -   Leased Vehicles; Securitization Value	  	 	2	 
	 SECTION 2.3.
	 	Accounts	  	 	2	 
	 SECTION 2.4.
	 	General Provisions Regarding Accounts	  	 	5	 
	 SECTION 2.5.
	 	 Reallocation and Repurchase of 20    -   Lease Agreements and 20    -  
Leased Vehicles; Purchase of Matured Vehicles
	  	 	6	 
	 SECTION 2.6.
	 	20    -   Designated Pool Collections.	  	 	8	 
	 SECTION 2.7.
	 	Servicing Compensation; Expenses	  	 	8	 
	 SECTION 2.8.
	 	Third Party Claims	  	 	9	 
	 SECTION 2.9.
	 	Reporting by the Servicer; Delivery of Certain Documentation; Inspection	  	 	9	 
	 SECTION 2.10.
	 	Servicer Defaults; Termination of the Servicer	  	 	10	 
	 SECTION 2.11.
	 	Representations and Warranties	  	 	12	 
	 SECTION 2.12.
	 	Custody of Lease Documents	  	 	13	 
	 SECTION 2.13.
	 	Reserve Account	  	 	13	 
	 SECTION 2.14.
	 	Liability of Successor Servicer	  	 	13	 
	 SECTION 2.15.
	 	Merger or Consolidation of, or Assumption of Obligations of the Servicer	  	 	14	 
	 SECTION 2.16.
	 	[Reserved]	  	 	14	 
	 SECTION 2.17.
	 	Resignation of the Servicer	  	 	15	 
	 SECTION 2.18.
	 	Separate Existence	  	 	15	 
	 SECTION 2.19.
	 	Like Kind Exchange Program; Pull Ahead Program	  	 	16	 
		
	ARTICLE III MISCELLANEOUS	  	 	16	 
			
	 SECTION 3.1.
	 	Termination of 20    -   Servicing Supplement	  	 	16	 
	 SECTION 3.2.
	 	Amendment	  	 	17	 
	 SECTION 3.3.
	 	GOVERNING LAW	  	 	17	 
	 SECTION 3.4.
	 	Relationship of 20    -   Servicing Supplement to Other Trust Documents	  	 	17	 
	 SECTION 3.5.
	 	[Reserved]	  	 	17	 
	 SECTION 3.6.
	 	Notices	  	 	17	 
	 SECTION 3.7.
	 	Severability of Provisions	  	 	17	 
	 SECTION 3.8.
	 	Binding Effect	  	 	18	 
	 SECTION 3.9.
	 	Table of Contents and Headings	  	 	18	 

  
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	 SECTION 3.10.
		Counterparts		 	18	 
	 SECTION 3.11.
		Further Assurances		 	18	 
	 SECTION 3.12.
		Third-Party Beneficiaries		 	18	 
	 SECTION 3.13.
		No Petition		 	18	 
	 SECTION 3.14.
		Limitation of Liability		 	18	 
	 SECTION 3.15.
		[Determination of LIBOR]		 	19	 
			
	 EXHIBITS
						
		
	 Exhibit A – Form of Servicer Report
		 	A-1	  

  
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 20    -   SERVICING SUPPLEMENT, dated as of
            , 20    (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “20    -  
Servicing Supplement” or this “Agreement”), among ACAR Leasing Ltd., a Delaware statutory trust (the “Titling Trust”), AmeriCredit Financial Services, Inc. d/b/a GM Financial, a Delaware corporation
(“GM Financial”), as servicer (in such capacity, the “Servicer”), APGO Trust (“APGO”), a Delaware statutory trust, as settlor of the Titling Trust (in such capacity, the “Settlor”),
and Wells Fargo Bank, National Association (“Wells Fargo”), a national banking association, as collateral agent (in such capacity, the “Collateral Agent”) and indenture trustee (the “Indenture
Trustee”). 
 RECITALS 

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust
Agreement”), between the Settlor and [Owner Trustee], as Owner Trustee, Administrative Trustee and Delaware Trustee, the Titling Trust was created to, among other things, take assignments and conveyances of and hold in trust various assets
(the “Trust Assets”); 
 WHEREAS, the Titling Trust, the Servicer, the Settlor and the Collateral Agent,
have entered into a Second Amended and Restated Servicing Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing
Agreement”), which provides for, among other things, the servicing of the Trust Assets by the Servicer; and 

WHEREAS, the parties hereto acknowledge that in connection with the execution of the 20    -  
Exchange Note Supplement, dated as of             , 20    (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“20    -   Exchange Note Supplement”) to the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise
modified from time to time, the “Credit and Security Agreement”), each among the Titling Trust, as borrower, GM Financial, as lender and Servicer, and Wells Fargo, as Administrative Agent and Collateral Agent, pursuant to which an
Exchange Note (the “20    -   Exchange Note”) will be created, it is necessary and desirable to enter into a supplement to the Basic Servicing Agreement to provide for, among other things, the servicing
of the Trust Assets allocated to the 20    -   Designated Pool. 
 NOW, THEREFORE, in
consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS AND
INTERPRETIVE PROVISIONS 
 SECTION 1.1. General Definitions. Capitalized terms used in this
20    -   Servicing Supplement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 20    -   Exchange Note Supplement or, if not defined
therein, in Appendix A 

 
to the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Basic Servicing Agreement are incorporated by reference into this
20    -   Servicing Supplement. 
 ARTICLE II 

SERVICING OF 20    -   DESIGNATED POOL 

SECTION 2.1. Servicing of 20    -   Designated Pool. The parties hereto agree that the
Servicer shall service, administer and make collections on the 20    -   Designated Pool in accordance with the terms and provisions of the Basic Servicing Agreement, as amended and supplemented by the terms and
provisions of this 20    -   Servicing Supplement. 
 SECTION 2.2. Identification of
20    -   Lease Agreements and 20    -   Leased Vehicles; Securitization Value. On the Closing Date, the Servicer shall identify as 20    -   Exchange Note
Assets the Lease Agreements and the Leased Vehicles relating to such Lease Agreements listed on the Schedule of 20    -   Lease Agreements and 20    -   Leased Vehicles attached as Schedule
A to the 20    -   Exchange Note Supplement. The Servicer shall calculate the Securitization Value for each 20    -   Lease Agreement as of the Cutoff Date. 

SECTION 2.3. Accounts. 

(a) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an Eligible Deposit
Account in the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “20    -   Exchange Note Collections Account” and being initially
identified as “GM Financial 20    -   Exchange Note Collections Account” account no.             ). Deposits to and withdrawals from the
20    -   Exchange Note Collections Account shall be made as set forth in the 20    -   Servicing Agreement, the 20    -   Exchange Note Supplement and the
Indenture. 
 (b) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an
Eligible Deposit Account in the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Indenture Collections Account” and being initially identified as “GM
Financial 20    -   Indenture Collections Account” account no.             ). Deposits to and withdrawals from the 20    -  
Indenture Collections Account shall be made as set forth in the 20    -   Exchange Note Supplement and the Indenture. 

(c) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an Eligible Deposit
Account in the name of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Note Payment Account” and being initially identified as “GM Financial
20    -   Note Payment Account” account no.             ). Deposits to and withdrawals from the Note Payment Account shall be made as set forth in the
Indenture and the Note Purchase Agreement. 
 (d) The Indenture Trustee shall establish and maintain, at all times during
the term of the Indenture, an Eligible Deposit Account in the name of and under control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Reserve Account” and being initially identified as
“GM Financial 20    -   Reserve Account” account no.             ). 

  
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 (e) [Upon receipt by the Issuer of a Swap Termination Payment, the Indenture
Trustee, on behalf of the Noteholders, shall establish and maintain an Eligible Deposit Account (the “Swap Termination Account”), bearing a designation clearly indicating that funds deposited therein are held for the benefit of the
Indenture Trustee on behalf of the Noteholders.] 
 (f) All monies deposited from time to time in the Accounts pursuant to
this 20    -   Servicing Supplement and the other Program Documents and the Accounts shall be held by the Indenture Trustee as part of the Indenture Collateral and shall be applied to the purposes herein and therein
provided. If any Account shall cease to be an Eligible Deposit Account, the Indenture Trustee shall, as necessary, assist the Servicer in causing such Account to be moved to an institution at which it shall be an Eligible Deposit Account. 

(g) Notwithstanding Section 3.1(f) of the Basic Servicing Agreement, if, at any time, any of the Accounts ceases to be an
Eligible Deposit Account, the Servicer shall within thirty (30) days (or such longer period as to which the Rating Agencies rating any securities backed by the related Exchange Note may consent) establish a new Account as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new Account. 
 (h) The Indenture Trustee or other Person
holding the Accounts shall be the “Securities Intermediary” with respect to the Accounts. If the Securities Intermediary in respect of the Accounts is not the Indenture Trustee, the Servicer shall obtain the express agreement of
such Person to the obligations of the Securities Intermediary set forth in this Section 2.3[(g)]/[(h)]. The Securities Intermediary agrees that: 

(i) Each of the Accounts is an account to which “financial assets” within the meaning of
Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York will be credited; 

(ii) All securities or other property underlying any Financial Assets credited to any Account shall be
registered in the name of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset
credited to an Account be registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer; 

(iii) All property delivered to the Securities Intermediary pursuant to the
20    -   Servicing Agreement and the Indenture will be promptly credited to the applicable Account; 

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

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

(vi) Each Account shall be governed by the laws of the State of New York, regardless of any provision of any
other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the UCC)
related thereto) shall be governed by the laws of the State of New York; 
 (vii) The Securities Intermediary
has not entered into, and until termination of the Indenture, will not enter into, any agreement with any other Person relating to the Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement
orders (as defined in Section 8-102(a)(8) of the UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of the Indenture will not enter into, any agreement with the Issuer purporting to limit
or condition the obligation of the Securities Intermediary to comply with entitlement orders as set forth in Section 2.4; and 

(viii) Except for the claims and interest of the Indenture Trustee and the Issuer in the Accounts, the
Securities Intermediary knows of no claim to, or interest in, the Accounts or in any Financial Asset credited thereto. If any other Person asserts any Lien, encumbrance, or adverse claim (including any writ, garnishment, judgment, warrant of
attachment, execution or similar process) against the Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee, the Noteholders and the Issuer thereof. 

The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Accounts
and in all proceeds thereof, and shall be the only Person authorized to originate entitlement orders in respect of the Accounts. 

(i) [The Collateral Agent acknowledges that, pursuant to the provisions of the Swap Agreement, the Swap Provider may be
required to post collateral with the Collateral Agent to secure the Swap Provider’s obligations under the Swap Agreement. The Collateral Agent agrees to establish and maintain an Eligible Deposit Account (the “Swap Account”) to
hold such collateral, at the direction of the Servicer or the Controlling Swap Party if the Swap Provider is required to post Collateral to secure the obligations under the Swap Agreement. The Collateral Agent further agrees to follow such written
instructions relating to the administration of, and transfers from such account, as may be delivered by (i) the Servicer (with the consent of the Controlling Swap Party) or (ii) the Controlling Swap Party, in each case subject to and in
accordance with the terms of the Swap Agreement.] 
 (j) [To the extent that (i) the funds available in the Swap
Termination Account exceed the costs of entering into a Replacement Swap Agreement, or (ii) the Issuer determines not to replace the Swap Agreement and the Rating Agency Condition is met with respect to such determination, the amounts in the
Swap Termination Account (other than funds used to pay the 

  
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costs of entering into a Replacement Swap Agreement, if applicable) shall be included in Available Funds and allocated in accordance with the priorities set forth in Section 8.3(a) of the
Indenture on the following Distribution Date. In any other situation, amounts on deposit in the Swap Termination Account at any time shall be invested pursuant to Section 2.4(a) and on each Distribution Date after the creation of a Swap
Termination Account, the funds therein shall be used to cover any shortfalls in the amounts payable under clauses (    ) through (    ) of Section 8.3(a) of the Indenture, provided that in no event will
the amount withdrawn from the Swap Termination Account on such Distribution Date exceed the amount of net swap payments that would have been required to be paid on such Distribution Date under the terminated Swap Agreement had there been no
termination of such transaction. Any amounts remaining in the Swap Termination Account after payment in full of the Class A-2-B Notes shall be included in Available Funds and allocated in accordance with the order of priority specified in
Section 8.3(a) of the Indenture on the following Distribution Date.] 
 SECTION 2.4. General Provisions Regarding
Accounts. 
 (a) So long as no Event of Default shall have occurred and be continuing, all or a portion of the funds in
the 20    -   Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account [, the Swap Termination Account] and the Reserve Account shall be invested at the direction of the Servicer in
Permitted Investments that mature no later than the Business Day prior to the next Payment Date in the Collection Period following the Collection Period during which the investment is made. All income or other gain from investments of monies
deposited in the 20    -   Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account during a Collection Period shall be deposited into the 20    -  
Exchange Note Collections Account, the Indenture Collections Account or the Reserve Account, as applicable, on the related Payment Date, and any loss resulting from such investments shall be charged to 20    -  
Exchange Note Collections Account, the Indenture Collections Account or the Reserve Account, as applicable. The Titling Trust will be the tax owner of the 20    -   Exchange Note Collections Account and all investment
earnings on the 20    -   Exchange Note Collections Account will be taxable to the Titling Trust. The Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder will be the tax
owner of the Indenture Collections Account and all investment earnings on the Indenture Collections Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. The Issuer or, if there is a single Issuer Trust
Certificateholder, such Issuer Trust Certificateholder will be the tax owner of the Reserve Account and all investment earnings on the Reserve Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. 

The Indenture Trustee will not be directed to make any investment of any funds or to sell any Permitted Investment held in the
20    -   Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account unless the security interest Granted and perfected in the 20    -   Exchange Note
Collections Account, the Indenture Collections Account and the Reserve Account will continue to be perfected in such Permitted Investment or the proceeds of such sale, in either case without any further action by any Person. Except as directed by
the Note Purchaser after the occurrence and during the continuance of an Event of Default, no such Permitted Investment shall be sold prior to maturity. 

  
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 (b) If (i) the Servicer shall have failed to give investment directions for
funds on deposit in the 20    -   Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account to the Indenture Trustee by 12:00 noon, New York City time (or such other time as may be
agreed by the Indenture Trustee), on any Business Day, (ii) an Event of Default shall have occurred and be continuing but the Notes shall not have been declared due and payable pursuant to Section 5.2 of the Indenture, or (iii) if the
Notes shall have been declared due and payable following an Event of Default but amounts collected or receivable from the Issuer Trust Estate are being applied as if there had not been such a declaration, then the Indenture Trustee shall hold funds
on deposit in the 20    -   Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account uninvested. 

(c) Subject to Section 6.1(c) of the Indenture, the Indenture Trustee shall not in any way be held liable by reason of
any insufficiency in the 20    -   Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account resulting from any loss on any Permitted Investment included therein except for losses
attributable to the Indenture Trustee as obligor as a result of the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms. 
 (d) [Net payments received from the Swap Provider, if any, shall be deposited by the
Collateral Agent in the Collection Account.] 
 SECTION 2.5. Reallocation and Repurchase of
20    -   Lease Agreements and 20    -   Leased Vehicles; Purchase of Matured Vehicles. 

(a) In the event the Servicer (i) grants an extension with respect to any 20    -   Lease
Agreement that is inconsistent with the Customary Servicing Practices or that extends the term of such 20    -   Lease Agreement past the Exchange Note Final Scheduled Payment Date, (ii) modifies any
20    -   Lease Agreement to change the related Contract Residual Value or Monthly Payment, or (iii) is notified the Titling Trust no longer owns any 20    -   Leased Vehicle, except
to the extent that any such modification listed in clauses (i) and (ii) of this subsection 2.5(a) is required by law or court order, the Servicer shall, on the Deposit Date related to the Collection Period in which such extension was
granted or modification was made, as applicable, cause the reallocation of the affected 20    -   Lease Agreement and the related 20    -   Leased Vehicle to the Lending Facility Pool by
depositing to the 20    -   Exchange Note Collections Account an amount equal to the Repurchase Payment with respect to such 20    -   Lease Agreement and the related
20    -   Leased Vehicle. 
 (b) Upon discovery by the Servicer, the Owner Trustee, the
Indenture Trustee or the Depositor that any representation or warranty contained in Section 2.11 was incorrect in respect of any 20    -   Lease Agreement or the related 20    -  
Leased Vehicle as of the Cutoff Date in a manner that materially adversely affects the interest of the Issuer or the Noteholders in such 20    -   Lease Agreement or such 20    -   Leased
Vehicle, the entity discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. By no later than the end of the Collection Period including the date that is two (2) months after the date on
which the Servicer discovers or is notified of such incorrectness, the Servicer shall cure in all material respects the circumstance or condition with respect to which the representation or 

  
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warranty was incorrect as of the Cutoff Date. If the Servicer does not cure such circumstance or condition by such date, then the Servicer shall cause the reallocation of the affected
20    -   Lease Agreement and the related 20    -   Leased Vehicle to the Lending Facility Pool by depositing to the 20    -   Exchange Note Collections
Account on the Deposit Date relating to the next succeeding Payment Date an amount equal to the Repurchase Payment with respect to such 20    -   Lease Agreement and the related 20    -  
Leased Vehicle. The Indenture Trustee will (i) notify the Servicer, GM Financial and the Depositor, as soon as practicable and in any event within five (5) Business Days and in the manner set forth for providing notices hereunder, of all
demands or requests communicated (in writing or orally) to the Trustee for the reallocation of any 20    -   Lease Agreement and the related 20    -   Leased Vehicle pursuant to this clause
(b), (ii) promptly upon request by the Servicer, GM Financial or the Depositor, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act and Items 1104(e) and 1121(c) of
Regulation AB, and (iii) if requested by the Servicer, GM Financial or the Depositor, provide a written certification no later than fifteen (15) days following any calendar quarter or calendar year that the Trustee has not received any
reallocation demands for such period, or if reallocation demands have been received during such period, that the Trustee has provided all the information reasonably requested under clause (ii) above with respect to such demands. In no event
will the Trustee or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

(c) Notwithstanding the provisions of Section 2.6(b) of the Basic Servicing Agreement, if the Servicer discovers a
breach, or is provided with any notice of a breach pursuant to such section, regarding a Lease Agreement or Leased Vehicle that is a 20    -   Lease Agreement or 20    -   Leased Vehicle on
the date that such breach is discovered or such notice is provided, the Servicer shall be obligated to take the actions described in such Section 2.6(b) by no later than the Payment Date following the Collection Period in which the related
breach is discovered or the related notice is provided (rather than by the Payment Date following the Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such breach). 

(d) The Servicer shall provide written notice to the Indenture Trustee and the Noteholders of each reallocation to the Lending
Facility Pool of a 20    -   Lease Agreement and the related 20    -   Leased Vehicle pursuant to Section 2.5(a) or (b) that was made during a Collection Period in the Servicer
Report that is delivered for such Collection Period. 
 (e) The Servicer may purchase any
20    -   Leased Vehicle that becomes a Matured Vehicle pursuant to Section 2.6(f) of the Basic Servicing Agreement for a purchase price equal to the Contract Residual Value of the related
20    -   Lease Agreement. 
 (f) The obligation of the Servicer under this Section 2.5
shall survive any termination of the Servicer hereunder. 
 (g) For so long as the Notes are Outstanding, the Servicer will
not be permitted to reallocate any 20    -   Lease Agreements and related 20    -   Leased Vehicles from the 20    -   Designated Pool to the Lending Facility
Pool except in accordance with the terms of this Section 2.5 and Section 3.1 of the 20    -   Exchange Note Supplement. 

  
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 (h) If a Lessee changes its domicile and such change would reasonably be expected
to result in the Titling Trust doing business in a jurisdiction in which it is not licensed and authorized to conduct business in the manner contemplated by the Program Documents, then on the Payment Date related to the Collection Period that ends
at least thirty (30) days after the Servicer discovers or is notified of such change, the Servicer shall purchase such 20    -   Lease Agreement and the related 20    -   Leased
Vehicle by either (i) depositing to the Indenture Collections Account an amount equal to the Repurchase Payment, or (ii) appropriately segregating and designating an amount equal to the Repurchase Payment on its records, pending
application thereof pursuant to 20    -   Servicing Agreement. 
 SECTION 2.6.
20    -   Designated Pool Collections. 
 (a) The Servicer shall, with respect to all
20    -   Designated Pool Collections, from time to time determine the amount of such 20    -   Designated Pool Collections and during each Collection Period shall deposit all such
20    -   Designated Pool Collections in the 20    -   Exchange Note Collections Account when required pursuant to clause (b). 

(b) Notwithstanding Section 2.7(b) of the Basic Servicing Agreement, the Servicer shall remit, or shall cause its agent
to remit, all 20    -   Designated Pool Collections to the 20    -   Exchange Note Collections Account by the close of business on the second
(2nd) Business Day after receipt thereof or, in the case of any 20    -   Designated Pool Collections received by the Servicer or such agent for which the
Servicer or such agent, as applicable, does not have all Payment Information by the close of business on such second (2nd) Business Day, by the close of business on the day on which all such
Payment Information is received. Pending deposit into the 20    -   Exchange Note Collections Account, 20    -   Designated Pool Collections may be employed by the Servicer at its own risk
and for its own benefit and need not be segregated from its own funds. 
 SECTION 2.7. Servicing Compensation;
Expenses. As compensation for the performance of its obligations under the 20    -   Servicing Agreement, on each Payment Date the Servicer shall be entitled to receive a fee for its performance during the
immediately preceding Collection Period or, with respect to the first Payment Date, the period from the 20    -   Cutoff Date to such Payment Date (the “Designated Pool Servicing Fee”) in accordance
with Article V of the 20    -   Exchange Note Supplement in an amount equal the sum of (x) to the product of (i) one-twelfth (1/12th) (or, with respect
to the first Payment Date,     /360), times (ii) the Servicing Fee Rate, times (iii) the Aggregate Securitization Value as of the opening of business on the first day of such Collection Period, plus
(y) any Administrative Charges collected on the 20    -   Lease Agreements and 20    -   Leased Vehicles and any other expenses reimbursable to the Servicer. 

  
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 SECTION 2.8. Third Party Claims. In addition to the requirements set forth
in Section 2.14 of the Basic Servicing Agreement, upon learning of a Claim or Lien of whatever kind of a third party that would be likely to have a material adverse effect on the interests of the Depositor or the Issuer with respect to the
20    -   Exchange Note Assets, the Servicer shall immediately notify the Depositor, the Indenture Trustee and the Noteholders of any such Claim or Lien. 

SECTION 2.9. Reporting by the Servicer; Delivery of Certain Documentation; Inspection. 

(a) (i) On each Determination Date, prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the
Indenture Trustee, [the Swap Provider,] the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period, and (ii) no later than the twenty-second (22nd) day of each month (or the preceding Business Day), prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the Rating Agencies, a Servicer Report with respect to
the next Payment Date and the related Collection Period. Notwithstanding Section 3.2(a) of the Basic Servicing Agreement, the Servicer shall deliver such Servicer Reports in accordance with this Section 2.9 until the date on which the
Notes are no longer Outstanding. 
 (b) The Servicer shall cause the Independent Accountants to deliver to the Depositor,
the Indenture Trustee, the Issuer and the Titling Trust, on or before April 30 (or one-hundred and twenty (120) days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on
            , 20    with respect to the twelve (12) months ended the immediately preceding December 31 (or other applicable date) (or such other period as
shall have elapsed from the 20    -   Closing Date to the date of such certificate (which period shall not be less than six (6) months)), a statement (the “Accountants’ Report”) addressed to
the Board of Directors of the Servicer, to the effect that such firm has audited the books and records of GM Financial, in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report
on the consolidated financial statements of GM Financial and that (i) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures
as such firm considered necessary in the circumstances, and (ii) the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 

(c) In addition to the report with respect to the 20    -   Exchange Note which the Servicer is
obligated to deliver pursuant to Section 3.1(c) of the Basic Servicing Agreement, the Servicer shall deliver to the Depositor, the Indenture Trustee and the Titling Trust, on or before March 31 (or ninety (90) days after the end of
the Servicer’s fiscal year, if other than December 31) of each year, beginning             , 20    , an Officer’s Certificate, dated as of March 31
(or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding twelve (12) month period (or such other period in the case of the first such report) as shall have elapsed from the
Closing Date to the date of the first such Officer’s Certificate and of its performance under the 20    -   Servicing Agreement has been made under such officer’s supervision, and (ii) to such
officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under the 20    -   Servicing Agreement throughout such period, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officer and the nature and status thereof. 

  
 9 

 (d) The Servicer shall deliver copies of all reports, notices and certificates
delivered by it pursuant to the 20    -   Servicing Agreement to the Depositor, the Indenture Trustee and the Titling Trust on the date or dates due, including any notice of material failure given pursuant to
Section 2.2(a) of the Basic Servicing Agreement and the Officer’s Certificate relating to the 20    -   Exchange Note delivered by it pursuant to Section 2.9(c) of this
20    -   Servicing Supplement. 
 SECTION 2.10. Servicer Defaults; Termination of the
Servicer. 
 (a) Each of the following acts or occurrences constitutes a “Servicer Default” under the
20    -   Servicing Agreement with respect to the 20    -   Exchange Note: 

(i) any failure by the Servicer to deposit in the 20    -   Exchange Note
Collections Account any required payment, any failure by the Servicer to make or cause the Titling Trust to make any required payments from the 20    -   Exchange Note Collections Account on account of the
20    -   Exchange Note or any failure of the Servicer to make any required payment under any other Program Document, which failure continues unremedied for a period of five (5) Business Days after the earlier of
the date on which (1) notice of such failure is given to the Servicer by the Indenture Trustee, or (2) an Authorized Officer of the Servicer has actual knowledge of such failure; 

(ii) any failure by the Servicer duly to observe or to perform in any material respect any covenants or
agreements of the Servicer set forth in the 20    -   Servicing Agreement or any other Program Document (other than a covenant or agreement a default in the observance or performance of which is elsewhere in this
Section specifically dealt with), which failure shall materially and adversely affects the interests of the 20    -   Secured Parties and shall continue unremedied for a period of sixty (60) days after written
notice of such failure is received by the Servicer from the Indenture Trustee or after discovery of such failure by the Servicer; 

(iii) any representation or warranty made or deemed made by the Servicer in the
20    -   Servicing Agreement or in any other Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection herewith or therewith shall
prove to have been incorrect in any material respect, and such incorrectness has a material adverse effect on the interests of the 20    -   Secured Parties or the Issuer which failure, if capable of being cured, has
not been cured for a period of sixty (60) days after written notice of such breach is received by the Servicer from the Indenture Trustee or after discovery of such breach by the Servicer; or 

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

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

  
 10 

 (c) In addition to the provisions of Section 4.1(d) of the Basic Servicing
Agreement, if a Servicer Default shall have occurred and be continuing with respect to the 20    -   Exchange Note, the Titling Trust shall, acting at the written direction of the Majority Noteholders, or, if there are
no Notes Outstanding, the Titling Trust, acting at the direction of Issuer Trust Certificateholder, by notice given to the Servicer, terminate the rights and obligations of the Servicer under the 20    -   Servicing
Agreement in accordance with such Section and the Indenture Trustee, acting at the written direction of the Majority Noteholders, shall appoint a Successor Servicer to fulfill the obligations of the Servicer hereunder in respect of the
20    -   Lease Agreements and 20    -   Leased Vehicles. Any such Person shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event
the Servicer is removed as servicer of the 20    -   Exchange Note Assets, (i) the Servicer shall deliver or cause to be delivered to or at the direction of the Successor Servicer all Lease Documents with respect
to the 20    -   Lease Agreements and the 20    -   Leased Vehicles that are then in the possession of the Servicer, (ii) the Servicer shall deliver or cause to be delivered to or at
the direction of the Successor Servicer all Security Deposits held by the Servicer with respect to the 20    -   Exchange Note Assets, and (iii) the Servicer shall deliver to the Successor Servicer all servicing
records directly maintained by the Servicer, containing as of the close of business on the date of demand all of the data maintained by the Servicer, in computer format in connection with servicing the 20    -  
Exchange Note Assets. If no Person has accepted its appointment as Successor Servicer when the predecessor Servicer ceases to act as Servicer in accordance with this Section 2.10, the Indenture Trustee, will, without further action, be
automatically appointed the Successor Servicer. Notwithstanding the above, if the Indenture Trustee is unwilling or legally unable to act as Successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution
whose business includes the servicing of lease agreements and the related lease assets, as Successor Servicer. The Indenture Trustee will be released from its duties and obligations as Successor Servicer on the date that a new servicer agrees to
appointment as Successor Servicer hereunder. Any Successor Servicer shall be entitled to such compensation as the Servicer would have been entitled to under this 20    -   Servicing Supplement if the Servicer had not
resigned or been terminated hereunder or such additional compensation as the Majority Noteholders and such Successor Servicer may agree on. 

(d) Notwithstanding the provisions of Section 4.1(f) of the Basic Servicing Agreement, with respect to any Servicer
Default related to the 20    -   Exchange Note Assets, only the Indenture Trustee, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the
direction of the Issuer Trust Certificateholder, may waive any default of the Servicer in the performance of its obligations under the 20    -   Servicing Agreement and its consequences with respect to the
20    -   Exchange Note and, upon any such waiver, such default shall cease to exist and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of the
20    -   Exchange Note Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 

  
 11 

 SECTION 2.11. Representations and Warranties. The Servicer makes the
following representations and warranties to the Depositor, the Indenture Trustee and the Noteholders as of the 20    -   Closing Date: 

(a) The representations and warranties contained in Section 2.6(a) of the Basic Servicing Agreement as to each
20    -   Lease Agreement and the related 20    -   Leased Vehicle were true and correct as of the 20    -   Cutoff Date with respect to such
20    -   Lease Agreements; 
 (b) The representations and warranties set forth in
Section 5.1 of the Basic Servicing Agreement are true and correct as of the date hereof; 
 (c) Each
20    -   Lease Agreement and 20    -   Leased Vehicle is an Eligible Collateral Asset as of the date hereof; 

(d) All information heretofore furnished by the Servicer or any of its Affiliates to the Indenture Trustee or the Owner
Trustee for purposes of or in connection with the 20    -   Servicing Agreement or any of the other Program Documents or any transaction contemplated hereby or thereby is, and all information hereafter furnished by the
Servicer or any of its Affiliates to the Indenture Trustee, the Owner Trustee or any of the Noteholders will be, (i) true and accurate in every material respect on the date such information is stated or certified, and (ii) does not and
will not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein misleading, in the case of each of (i) and (ii) when taken together with all other
information provided on or prior to the date hereof; and 
 (e) No Servicer Default or event which with the giving of notice
or lapse of time, or both, would become a Servicer Default has occurred and is continuing as of the 20    -   Closing Date. 

(f) With respect to any 20    -   Lease Agreement that constitutes “electronic chattel
paper” under the UCC, the Servicer, as initial custodian of the Lease Documents relating to the 20    -   Designated Pool, maintains control of a single electronically authenticated authoritative copy of the
related 20    -   Lease Agreement. 

  
 12 

 SECTION 2.12. Custody of Lease Documents. 

(a) Pursuant to Section 2.3 of the Basic Servicing Agreement, the Servicer, either directly or through an agent, will act
as initial custodian of the Lease Documents relating to the 20    -   Designated Pool, as agent and bailee for the benefit of the Issuer and the Indenture Trustee. All Lease Documents relating to the
20    -   Designated Pool shall be identified and maintained in such a manner so as to permit retrieval and access. If a Successor Servicer has been appointed hereunder, the Servicer shall promptly deliver all such
Lease Documents to the Successor Servicer. If the Servicer is terminated under the 20    -   Servicing Agreement upon the occurrence of a Servicer Default, the costs associated with transferring all such Lease Documents
shall be paid by the Servicer. 
 (b) With respect to any 20    -   Lease Agreement that
constitutes “electronic chattel paper” under the UCC, the Servicer, as initial custodian of the Lease Documents relating to the 20    -   Designated Pool, shall at all times maintain control of a single
electronically authenticated authoritative copy of the related 20    -   Lease Agreement. 

(c) In accordance with Section 2.10(h)(ii) of the Indenture and with respect to any Indenture Collateral that constitutes
an instrument or tangible chattel paper, the Servicer, as initial custodian of the Lease Documents relating to the 20    -   Designated Pool, acknowledges that it is holding such instruments or tangible chattel paper
solely on behalf and for the benefit of the Indenture Trustee. 
 SECTION 2.13. Reserve Account. 

(a) On the 20    -   Closing Date, GMF Leasing LLC shall deposit the Specified Reserve Balance
into the Reserve Account. Amounts held from time to time in the Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders. 

(b) On each Payment Date (i) if the amount on deposit in the Reserve Account (without taking into account any amount on
deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, then the Indenture Trustee shall, after payment of any amounts required to be distributed pursuant to clauses (i) through
(xiv) of Section 8.3(a) of the Indenture, deposit in the Reserve Account the Reserve Account Required Amount pursuant to Section 8.3(a)(xv) of the Indenture, and (ii) if the amount on deposit in the Reserve Account, after giving
effect to all other deposits thereto and withdrawals therefrom to be made on such Payment Date is greater than the Specified Reserve Balance, in which case the Indenture Trustee shall distribute the amount of such excess as part of Available Funds
on such Payment Date. 
 (c) On each Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw the Reserve
Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Indenture Collections Account to be included as Total Available Funds for that Payment Date. 

SECTION 2.14. Liability of Successor Servicer. No Successor Servicer will have any responsibility and will not be in
default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their duties under this Supplement if such failure 

  
 13 

 
or delay results from such Successor Servicer acting in accordance with information prepared or supplied by any Person other than the Successor Servicer or the failure of any such other Person to
prepare or provide such information. No Successor Servicer will have any responsibility for and will not be in default and will incur no liability for, (a) any act or failure to act of any third party, including the Servicer, (b) any
inaccuracy or omission in a notice or communication received by such Successor Servicer from any third party, (c) the invalidity or unenforceability of any 20    -   Lease Agreement under applicable law,
(d) the breach or inaccuracy of any representation or warranty made with respect to any 20    -   Lease Agreement or 20    -   Leased Vehicle, or (e) the acts or omissions of any
successor to it as Successor Servicer. 
 SECTION 2.15. Merger or Consolidation of, or Assumption of Obligations of the
Servicer. Notwithstanding the provisions of Section 5.3 of the Basic Servicing Agreement, GM Financial shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another
Person, or permit any other Person to become the successor to GM Financial’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the
duties of GM Financial contained in this Agreement and shall be an eligible servicer. Any corporation (a) into which GM Financial may be merged or consolidated, (b) resulting from any merger or consolidation to which GM Financial shall be
a party, (c) which acquires by conveyance, transfer, or lease substantially all of the assets of GM Financial, or (d) succeeding to the business of GM Financial, in any of the foregoing cases shall execute an agreement of assumption to
perform every obligation of GM Financial under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to GM Financial under this Agreement without the execution or filing of any paper or any further act on
the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release GM Financial from any obligation. GM Financial
shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Indenture Trustee and the Noteholders. Notwithstanding the foregoing, GM Financial shall not merge or consolidate with any other
Person or permit any other Person to become a successor to GM Financial’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.11 shall have been breached
(for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction), (y) GM Financial shall have delivered to the Owner Trustee, the Indenture Trustee and the Noteholders an
Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, and (z) GM Financial shall have delivered to the Owner Trustee, the Collateral Agent and the Indenture Trustee an Opinion of Counsel stating, in the opinion of such counsel, either that
(i) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the 20    -   Exchange Note and
the Other Conveyed Property (and reciting the details of the filings), or (ii) no such action shall be necessary to preserve and protect such interest. 

SECTION 2.16. [Reserved]. 

  
 14 

 SECTION 2.17. Resignation of the Servicer. Notwithstanding
Section 5.4 of the Basic Servicing Agreement, the Servicer shall not resign as Servicer under the 20    -   Servicing Agreement except if it is prohibited by law from performing its obligations in respect of the
20    -   Exchange Note Assets under the Basic Servicing Agreement or hereunder and delivers to the Trustee, the Indenture Trustee and the Noteholders an Opinion of Counsel to such effect concurrently with the delivery
of any notice of resignation pursuant to Section 5.4 of the Basic Servicing Agreement. 
 SECTION 2.18. Separate
Existence. The Servicer shall take all reasonable steps to maintain the Titling Trust’s, the Settlor’s, the Depositor’s and the Issuer’s identities as separate legal entities, and shall make it manifest to third parties that
each of the Titling Trust, the Settlor, the Depositor and the Issuer is an entity with assets and liabilities distinct from those of the Servicer and not a division of the Servicer. All transactions and dealings between the Servicer, on the one
hand, and the Settlor, the Titling Trust, the Depositor and the Issuer, on the other hand, will be conducted on an arm’s-length basis. The Servicer shall take all other actions necessary on its part to ensure that the Depositor complies with
Section 2.5(d) of the Exchange Note Certificate Transfer Agreement and, to the extent within its control, take all action necessary to ensure that the Issuer complies with Section 3.16 of the Indenture. The Servicer shall take all action
necessary to ensure that the Titling Trust shall not take any of the following actions: 
 (a) engage in any business other
than that contemplated by the Titling Trust Agreement or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by
the Titling Trust Documents; and 
 (b) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly,
for any obligations, liabilities or responsibilities other than as set forth in the Titling Trust Documents. 

  
 15 

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

(a) Notwithstanding the provisions of the Basic Servicing Agreement, a 20    -   Leased Vehicle
may be reallocated from the 20    -   Designated Pool to the Lending Facility Pool in connection with a Like Kind Exchange if the full Base Residual Value of the related 20    -   Leased
Vehicle is deposited to the 20    -   Exchange Note Collections Account by no later than the second (2nd) Business Day following the date of such reallocation;
provided, that if the Net Liquidation Proceeds with respect to such 20    -   Leased Vehicle are determined prior to the deposit of such Base Residual Value to the 20    -   Exchange
Note Collections Account, then such Net Liquidation Proceeds may instead be deposited to the 20    -   Exchange Note Collections Account in full satisfaction of this Section 2.19(a). If the Servicer has deposited
the full Base Residual Value of a 20    -   Leased Vehicle to the 20    -   Exchange Note Collections Account in connection with a Like Kind Exchange and (i) the related Net
Liquidation Proceeds are determined thereafter to be less than such Base Residual Value, then the Servicer shall be permitted to withdraw the excess of the related Base Residual Value so deposited over the related Net Liquidation Proceeds from the
20    -   Exchange Note Collections Account for its own account, and (ii) the related Net Liquidation Proceeds are determined thereafter to be greater than such Base Residual Value, then the Servicer shall be
obligated to deposit the excess of the related Net Liquidation Proceeds over the Base Residual Value to the 20    -   Exchange Note Collections Account from its own funds by no later than the second (2nd) Business Day following the date on which such Net Liquidation Proceeds are determined. 

(b) Notwithstanding the provisions of the Basic Servicing Agreement, a 20    -   Lease Agreement
may be a Pull Ahead Lease Agreement pursuant to a Pull Ahead Program if all amounts due and payable under the related 20    -   Lease Agreement (other than (i) Excess Mileage/Wear and Tear Fees, which shall be
charged to such Lessee to the extent applicable in accordance with the terms of such 20    -   Lease Agreement and the Servicer’s Customary Servicing Practices, and (ii) Monthly Payments that are waived in
connection with such Lessee’s participation in the Pull Ahead Program and in connection with which a Pull Ahead Payment is received by the Titling Trust or by the Servicer on its behalf and allocated to the
20    -   Exchange Note Collections Account) are deposited to the 20    -   Exchange Note Collections Account by no later than the second
(2nd) Business Day following the date that such 20    -   Lease Agreement would terminate pursuant to the Pull Ahead Program. The Servicer will not be entitled
to reimbursement from any 20    -   Designated Pool Collections for any amounts that it deposits to the 20    -   Collections Account from its own funds in connection with any Pull Ahead
Lease Agreement. 
 ARTICLE III 

MISCELLANEOUS 

SECTION 3.1. Termination of 20    -   Servicing Supplement. This
20    -   Servicing Supplement (and, accordingly, the Basic Servicing Agreement insofar as it relates to the 20    -   Exchange Note) will be terminated in the event that the Basic
Servicing Agreement is terminated in accordance therewith and may also be terminated at the option of the Servicer or the Titling Trust at any time following the payment in full of the 20    -   Exchange Note. 

  
 16 

 SECTION 3.2. Amendment. 

(a) This 20    -   Servicing Supplement (and, accordingly, the Basic Servicing Agreement,
insofar as it relates to the 20    -   Exchange Note) may be amended by the parties hereto with the consent of the Majority Noteholders [and with the written consent of the Swap Provider (unless such amendment could not
reasonably be expected to have a material adverse effect on the Swap Provider)]; provided, that to the extent that any such amendment materially affects any Other Exchange Note, such amendment shall require the consent of the
Certificateholders thereof affected thereby. 
 (b) The parties hereto acknowledge and agree that the right of the Indenture
Trustee to consent to any amendment of this 20    -   Servicing Supplement is subject to the terms and provisions of Section 3.7(g) of the Indenture and that any consent provided by the Indenture Trustee in
violation of such terms and provisions shall be of no force or effect hereunder. 
 SECTION 3.3. GOVERNING LAW.
THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW). 
 SECTION 3.4. Relationship of 20    -   Servicing Supplement to
Other Trust Documents. Unless the context otherwise requires, this 20    -   Servicing Supplement and the other Trust Documents shall be interpreted so as to give full effect to all provisions hereof and thereof. In
the event of any actual conflict between the provisions of this 20    -   Servicing Supplement and the Basic Servicing Agreement, with respect to the servicing of any 20    -   Exchange
Note Assets, the provisions of this 20    -   Servicing Supplement shall prevail. This 20    -   Servicing Supplement shall supplement the Basic Servicing Agreement as it relates to the
20    -   Exchange Note and the 20    -   Designated Pool and not to any other Exchange Note or Designated Pool or the Lending Facility Pool. 

SECTION 3.5. [Reserved]. 

SECTION 3.6. Notices. For purposes of the 20    -   Servicing Agreement, all demands,
notices, directions, requests and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or facsimile
transmission, and addressed in each case as follows: (a) if to the Servicer, GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas, 76102, Attention: Chief Financial Officer, and (b) if to the Indenture Trustee, Wells Fargo Bank,
National Association, Sixth and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479. Notices to the other parties to this 20    -   Servicing Supplement shall be delivered as provided in Section 6.5 of
the Basic Servicing Agreement. 
 SECTION 3.7. Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this 20    -   Servicing Supplement or the 20    -   Servicing Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, 

  
 17 

 
provisions and terms of this 20    -   Servicing Supplement or the 20    -   Servicing Agreement, as applicable, and shall in no way
affect the validity or enforceability of the other covenants, agreements, provisions and terms of this 20    -   Servicing Supplement or the 20    -   Servicing Agreement. 

SECTION 3.8. Binding Effect. The provisions of this 20    -   Servicing Supplement and
the 20    -   Servicing Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns. 

SECTION 3.9. Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 3.10.
Counterparts. This 20    -   Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall
together constitute but one and the same instrument. 
 SECTION 3.11. Further Assurances. Each party shall take such
acts, and execute and deliver to any other party such additional documents or instruments as may be reasonably requested in order to effect the purposes of this 20    -   Servicing Supplement and the
20    -   Servicing Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder. 

SECTION 3.12. Third-Party Beneficiaries. The Issuer, the Depositor and each Noteholder shall be third-party
beneficiaries of the 20    -   Servicing Agreement. Except as otherwise provided in the 20    -   Servicing Agreement, no other Person shall have any rights hereunder. 

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

SECTION 3.14. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this
20    -   Servicing Supplement is executed and delivered by [Owner Trustee], not individually or personally but solely as owner trustee of the Titling Trust and the Settlor, in the exercise of the powers and authority
conferred and vested in it under the Titling Trust Agreement and Settlor Trust Agreement, as applicable, (b) each of the representations, undertakings and agreements herein made on the part of the Titling Trust and the Settlor is made and
intended not as personal representations, undertakings and agreements by [Owner Trustee] but is made and intended for the purpose for binding only the Titling Trust and the Settlor, (c) nothing herein contained shall be construed as creating
any liability on [Owner Trustee], individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under
the parties hereto, and (d) under no circumstances shall [Owner Trustee] be 

  
 18 

 
personally liable for the payment of any indebtedness or expenses of the Titling Trust and the Settlor or be liable for the breach or failure of any obligation, representation, warranty or
covenant made or undertaken by the Titling Trust and the Settlor under this 20    -   Servicing Supplement or the other related documents. 

SECTION 3.15. [Determination of LIBOR]. 

[The Collateral Agent, as calculation agent (in such capacity, the “Calculation Agent”), will determine LIBOR
for purposes of calculating the Interest Rate for the Class A-2-B Notes (a) on             , 20    , for the period from the Closing Date to the first Payment
Date, and (b) for each given Interest Accrual Period thereafter, on the second London Business Day prior to the Payment Date on which such Interest Accrual Period begins (each, a “LIBOR Determination Date”). For purposes of
calculating LIBOR, a “London Business Day” means a day on which banking institutions in the City of London, England are not required or authorized by law to be closed.] 

[”LIBOR” means, the rate for deposits in U.S. Dollars, for a period equal to one month, which appears on the
Reuters Screen LIBOR01 Page (or any replacement page) as of 11:00 a.m., London time, on the related LIBOR Determination Date. If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate for that Interest Accrual Period will be
determined on the basis of the rates at which deposits in U.S. Dollars are offered by any four major banks in the London interbank market selected by the Calculation Agent to provide such bank’s offered quotation of such rates at approximately
11:00 a.m., London time, on the related LIBOR Determination Date to prime banks in the London interbank market for a period of one month, commencing on the first day of such Interest Accrual Period and in a principal amount of at least
U.S.$1,000,000. The Calculation Agent, will request the principal London office of each of those four banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that Interest Accrual Period will be the
arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that Interest Accrual Period will be the arithmetic mean of the rates quoted by major banks in New York City selected by the Calculation Agent at
approximately 11:00 a.m., New York City time, on the LIBOR Determination Date with respect to such Interest Accrual Period for loans in U.S. Dollars to leading European banks for a period equal to one month, commencing on the first day of such
Interest Accrual Period and in a principal amount of at least U.S.$1,000,000; provided, however, that if the banks selected by the Calculation Agent are not quoting rates as mentioned in this sentence, LIBOR for such interest period
will be the same as LIBOR for the immediately preceding Interest Accrual Period.] 
 [”Reuters Screen LIBOR01
Page” is the display designated on the Reuters service (or the successor display page, other published source, information vendor or provider that has been officially designated by Reuters).] 

[Remainder of Page Intentionally Left Blank] 

  
 19 

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

 

			
	 ACAR LEASING LTD.,

		
	 By:
		[OWNER TRUSTEE], not in its individual capacity but solely as Owner Trustee
		
	 By:
		  

	 Name:
		
	 Title:
		
	
	 AMERICREDIT FINANCIAL SERVICES, INC.

d/b/a GM Financial, as Servicer

		
	By:		  

	Name:		
	Title:		
	
	 APGO TRUST, as Settlor

		
	 By:
		[OWNER TRUSTEE], not in its individual capacity but solely as Owner Trustee
		
	By:		  

	Name:		
	Title:		
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee and as Collateral Agent
		
	By:		  

	Name:		
	Title:		

 [Signature Page to the 20    -   Servicing Supplement] 

 EXHIBIT A 

FORM OF SERVICER REPORT 
 GMF
Automobile Leasing Trust 20    -     
     % Exchange Note

 Class A-1     % Asset Backed Notes 

Class A-2[-A]     % Asset Backed Notes 

[Class A-2-B     % Asset Backed Notes] 

Class A-3     % Asset Backed Notes 

Class A-4     % Asset Backed Notes 

Class B     % Asset Backed Notes 

Class C     % Asset Backed Notes 

Class D     % Asset Backed Notes 

Servicer’s Certificate 

 

	
	 Beginning of Period:

	 End of Period:

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

	 Number of days in Collection Period:

	 Report Due Date:

	 Distribution Date:

	 Transaction Month:

 

									
	 20    -    

Designated
Pool
	  	Units	  	Start Date	  	Closing Date	  	Original Agg.
Securitization Value
		  		  		  		  	
		  		  		  		  	
		  	  
	  	  
	  	  
	  	  

	 Total
								
		  	  
	  	  
	  	  
	  	  

 

  

																			
	RECONCILIATION OF 20    -     DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
	 	 	 	 	 	 	 	 	 	 	 	Number of Leases	 	 	 	 	 	 
		 	 {1}
	 		 	 Beginning of period Aggregate Securitization Value
	 				 		 		 	{1}	 	
		 		 		 		 				 	  
	 		 		 	  

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

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

									
			 {8}
				 Pool Factor
										{8}		
		 		 		 		 				 		 		 		 	  

	
	RECONCILIATION OF 20    -     EXCHANGE NOTE
		 	 {9}
	 		 	Original Exchange Note Balance	 				 		 		 	{9}	 	
		 		 		 		 				 		 		 		 	  

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

									
			 {11}
				Exchange Note Principal Payment Amount										{11}		
		 		 		 		 				 		 		 		 	  

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

									
			 {13}
				Note Pool Factor										{13}		
		 		 		 		 				 		 		 		 	  

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

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

								
			 {21}
				 Note Pool Factor
		 	{21}	  						
		 		 		 		 				 	  
	 	  

									
	 	 	 	 	 	 	 	 	 	 	 	 Class B
	 	 Class C
	 	 Class D
	 	 TOTAL

		 	 {22}
	 		 	Original Note Balance	 	 	{22}	  	 		 		 		 	
									
		 	 {23}
	 		 	 Beginning of period Note Balance
	 	 	{23}	  	 		 		 		 	
									
		 	 {24}
	 		 	 Noteholders’ Principal Distributable Amount
	 	 	{24}	  	 		 		 		 	
		 	 {25}
	 		 	 Noteholders’ Accelerated Principal Amount
	 	 	{25}	  	 		 		 		 	
		 	 {26}
	 		 	 Aggregate Principal Parity Amount
	 	 	{26}	  	 		 		 		 	
		 	 {27}
	 		 	 Matured Principal Shortfall
	 	 	{27}	  	 		 		 		 	
									
		 	 {28}
	 		 	 End of period Note Balance
	 	 	{28}	  	 		 		 		 	
		 		 		 		 				 	  
	 	  
	 	  
	 	  

									
			 {29}
				 Note Pool Factor
		 	{29}	  								
		 		 		 		 				 	  
	 	  
	 	  
	 	  

  
 A-1 

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

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

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

  

															
					 Interest calculation:

								
	 	 	 	  	 Beg Note Balance
	    	 Interest Carryover
	    	 Interest Rate
	    	 Days
	    	 Days Basis
	    	 Interest

		 	 {35}
	  		    		    		    		    		    	

  

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

						
					Distributions:						
			 {42}
		 To the Servicer, Designated Pool Servicing Fee
		{42}				
			 {43}
		 To the 20    -     Exchange Noteholder, the Exchange Note Interest Payment
Amount
		{43}				
			 {44}
		 To the 20    -     Exchange Noteholder, the Exchange Note Principal Payment
Amount
		{44}				
			 {45}
		 To the 20    -     Exchange Noteholder, any funds available to pay obligations
pursuant to Indenture Section 8.3 (a)(i) through (xvii)
		{45}				
			 {46}
		 To the Lending Facility Pool, all remaining funds to be applied as Collections on Residual Pool
		{46}				
						
			 {47}
		 Total Distributions:
				{47}		
		 		 		 		 		 	  

  

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

							
			 {53}
		 Noteholders’ Principal Carryover Amount
						{53}		
		 		 		 		 		 		 	  

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

 

 

																	
					Noteholders’ Interest Distributable calculation:
									
	 	 	 	  	 Class
	    	 Beg Note Balance
	    	 Interest Carryover
	    	 Interest Rate
	    	 Days
	    	 Days Basis
	    	 Interest

		 	 {55}
	  	Class A-1	    		    		    		    		    		    	
		 	 {56}
	  	Class A-2[-A]	    		    		    		    		    		    	
		 	 {57}
	  	[ClassA-2-B]	    		    		    		    		    		    	
		 	 {58}
	  	Class A-3	    		    		    		    		    		    	
		 	 {59}
	  	Class A-4	    		    		    		    		    		    	
		 	 {60}
	  	 Class B
	    		    		    		    		    		    	
		 	 {61}
	  	 Class C
	    		    		    		    		    		    	

  

											
	RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
						
		 		 	 Available Funds:
	 		 		 	
		 	 {62}
	 	 20    -     Exchange Note Collections
	 	{62}	 		 	
		 		 		 		 	  
	 	
			 {63}
		 Investment Earnings
		{63}				
		 		 		 		 	  
	 	
			 {64}
		 Investment Earnings - transferred from Exchange Note Collection Account
		{64}				
		 		 		 		 	  
	 	
			 {65}
		 Investment Earnings - and amounts released from Reserve Account
		{65}				
		 		 		 		 	  
	 	
			 {66}
		 Optional Purchase Price
		{66}				
		 		 		 		 	  
	 	
			 {67}
		 Indenture Section 5.4 disposition of Collateral
		{67}				
		 		 		 		 	  
	 	
			 {68}
		 Reserve Account Withdrawal Amount
		{68}				
		 		 		 		 	  
	 	
						
			 {69}
		 Total Available Funds:
				{69}		
		 		 		 		 		 	  

						
					 Distributions:
						
			 {70}
		 To the Successor Servicer, unpaid transition expenses, pro rata
		{70}				
		 		 		 		 	  
	 	
			 {71}
		 To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata
		{71}				
		 		 		 		 	  
	 	
			 {72}
		 To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata
		{72}				
		 		 		 		 	  
	 	
			 {73}
		 Class A-1 Noteholders’ Interest Distributable Amount pari passu
		{73}				
		 		 		 		 	  
	 	
			 {74}
		 Class A-2[-A] Noteholders’ Interest Distributable Amount pari passu
		{74}				
		 		 		 		 	  
	 	
					 [Class A-2-B Noteholders’ Interest Distributable Amount pari passu]
						
		 		 		 		 	  
	 	
			 {75}
		 Class A-3 Noteholders’ Interest Distributable Amount pari passu
		{75}				
		 		 		 		 	  
	 	
			 {76}
		 Class A-4 Noteholders’ Interest Distributable Amount pari passu
		{76}				
		 		 		 		 	  
	 	
			 {77}
		 Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall
		{77}				
		 		 		 		 	  
	 	
			 {78}
		 Class B Noteholders’ Interest Distributable Amount
		{78}				
		 		 		 		 	  
	 	
			 {79}
		 Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall
		{79}				
		 		 		 		 	  
	 	
			 {80}
		 Class C Noteholders’ Interest Distributable Amount
		{80}				
		 		 		 		 	  
	 	
			 {81}
		 Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall
		{81}				
		 		 		 		 	  
	 	
			 {82}
		 Class D Noteholders’ Interest Distributable Amount
		{82}				
		 		 		 		 	  
	 	
			 {83}
		 Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall
		{83}				
		 		 		 		 	  
	 	
			 {84}
		 Noteholders’ Principal Distributable Amount
		{84}				
		 		 		 		 	  
	 	
			 {85}
		 To the Reserve Account, the Reserve Amount Required Amount
		{85}				
		 		 		 		 	  
	 	
			 {86}
		 To the Noteholders, the Accelerated Principal Amount (as calculated below)
		{86}				
		 		 		 		 	  
	 	
			 {87}
		 To the Successor Servicer, any amounts in excess of the caps set forth, pro rata
		{87}				
		 		 		 		 	  
	 	
			 {88}
		 To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata
		{88}				
		 		 		 		 	  
	 	
			 {89}
		 To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata
		{89}				
		 		 		 		 	  
	 	
			 {90}
		 To the Issuer Trust Certificateholders, the aggregate amount remaining
		{90}				
		 		 		 		 	  
	 	  

			 {91}
		 Total Distributions:
				{91}		

  
 A-2 

															
	 PRINCIPAL PARITY AMOUNT CALCULATION

 

	 	 	 	 	 Class
	  	 (X)

Cumulative

Note Balance
	  	 (Y) Aggregate
Securitization Value
	  	 (I) Excess

of (X) - (Y)
	  	 (II)

Total Available Funds
in Indenture Collection Account
	  	 Lesser of

(I) or (II)

		 	   {92}
	 	Class A	  		  		  		  		  	
		 	   {93}
	 	Class B	  		  		  		  		  	
		 	   {94}
	 	Class C	  		  		  		  		  	
		 	   {95}
	 	Class D	  		  		  		  		  	

  

															
	ACCELERATED PRINCIPAL AMOUNT CALCULATION
								
		 	 {96}
	 	 Excess Total Available Funds
	 		 		 	{96}	 		 	
		 		 		 		 		 		 	  
	 	
								
			 {97}
		 Beginning Note Balance
		{97}								
		 		 		 		 	  
	 		 		 	
			 {98}
		 Principal payments through Indenture Section 8.3 (i) through (xv)
		{98}								
		 		 		 		 	  
	 		 		 	
			 {99}
		 Pro-Forma Note Balance
				{99}						
		 		 		 		 		 	  
	 		 	
								
			 {100}
		 Ending Aggregate Securitization Value
		{100}								
		 		 		 		 	  
	 		 		 	
			 {101}
		 12% of Aggregate Securitization Value as of Cutoff Date ($92,976,950)
		{101}								
		 		 		 		 	  
	 		 		 	
			 {102}
		 Required Pro Forma Note Balance {100} - {101}
				{102}						
		 		 		 		 		 	  
	 		 	
								
			 {103}
		 Excess of Pro Forma Balance minus Required Pro Forma Balance {99} - {102}
						{103}				
		 		 		 		 		 		 	  
	 	
								
			 {104}
		 Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance
								{104}		
		 		 		 		 		 		 		 	  

  

															
	OVERCOLLATERALIZATION CALCULATIONS
								
		 		 	Exchange Note:	  		 		 		 		 	
		 	 {105}
	 	 Ending Aggregate Securitization Value
	  		 		 	{105}	 		 	
		 		 		  		 		 		 	  
	 	
			 {106}
		 End of Period Note Balance
						{106}				
		 		 		  		 		 		 	  
	 	
			 {107}
		 Overcollateralization
						{107}				
		 		 		  		 		 		 	  
	 	
			 {108}
		 Overcollateralization %
								{108}		
		 		 		  		 		 		 		 	  

								
					Asset Backed Notes:										
			 {109}
		 Ending Aggregate Securitization Value
						{109}				
			 {110}
		 End of Period Note Balance
						{110}				
			 {111}
		 Overcollateralization
						{111}				
			 {112}
		 Overcollateralization %
								{112}		
		 		 		  		 		 		 		 	  

  

											
	RECONCILIATION OF 20    -     CASH RESERVE ACCOUNT
		 	 {113}
	 	Specified Reserve Balance	 		 	{113}	 	
		 		 		 		 		 	  

						
			 {114}
		Beginning of Period Reserve Account balance				{114}		
		 		 		 		 		 	  

			 {115}
		Investment Earnings		{115}				
			 {116}
		From the Indenture Collection Account, the Reserve Account Required Amount		{116}				
			 {117}
		To the Indenture Collection Account, the Reserve Account Withdrawal Amount		{117}				
			 {118}
		Total Reserve balance available:				{118}		
		 		 		 		 		 	  

						
			 {119}
		Specified Reserve Balance				{119}		
		 		 		 		 		 	  

						
			 {120}
		Release Excess Cash to Indenture Collection Available Funds				{120}		
		 		 		 		 		 	  

						
			 {121}
		End of period Reserve Account balance				{121}		
		 		 		 		 		 	  

  

									
	EVENTS OF DEFAULT AND ACCELERATION OF MATURITY OF NOTE
					
		 	 {122}
	  	 With respect to the Program Documents, I,
                    , do hereby certify that no Event of Default has occurred.
	 	{122}	 	
		 		  		 		 	  

			 {123}
		 With respect to the Program Documents, I,
                    , do hereby certify that an Acceleration of Maturity has not occurred.
		{123}		
		 		  		 		 	  

  
 A-3Exhibit 10.15__RSUAwardAgreement

Exhibit 10.15

RESTRICTED STOCK UNIT AWARD AGREEMENT
PURSUANT TO AFFILIATED MANAGERS GROUP, INC.
2013 INCENTIVE STOCK AWARD PLAN

Pursuant to the Affiliated Managers Group, Inc. 2013 Incentive Stock Award Plan, as amended and/or restated from time to time (the “Plan”), and subject to the terms of this agreement (the “Agreement”), Affiliated Managers Group, Inc. (the “Company”) hereby grants to the grantee named on Exhibit A hereto (the “Grantee”) an Award (the “Award”) of restricted stock units (each a “Unit, and together, the “Units”), consisting of the right to receive a distribution of the number of shares of common stock, par value $0.01 per share of the Company (the “Shares”) specified on Exhibit A, to be issued and distributed to the Grantee according to the terms set forth herein and in the Plan, and the vesting schedule and performance requirements (if any) set forth herein. 
    
1.Vesting and Performance Measure.     

(a)Vesting. Subject to the discretion of the Administrator to accelerate the vesting schedule, the Units shall vest in the amounts and on the dates indicated on Exhibit A; provided that, Grantee’s Employment is through the applicable vesting date set forth in Exhibit A. In addition, if this Award is subject to a Performance Measure (but not otherwise), Section 1(b) shall apply. 

(b)Performance Measure.  The Units, if subject to a Performance Measure (as defined herein), shall be eligible to vest in accordance with Section 1(a) only if the Compensation Committee has certified the attainment of the Performance Measure with respect to all or any portion thereof (unless the Performance Measure is of no further force or effect with respect to all or any portion of the Units, as provided in Sections 1(c) and 3(a) hereof).  If such Performance Measure remains in effect and the Compensation Committee certifies that it has not been attained with respect to all or any portion of the Units, this Award shall terminate immediately and be of no further force or effect with respect to all of the Units or such portion thereof, as applicable.     

(c)Change of Control.  Notwithstanding anything to the contrary herein or in the Plan, in the event of termination of Grantee’s Employment (i) by the Company without Cause or (ii) by the Grantee for Good Reason, in either case occurring within the two-year period following a Change of Control, the Units subject to this Award shall automatically fully vest at the time of such termination; provided that, if subject to a Performance Measure, the Units subject to this Award shall only vest pursuant to this Section 1(c) if (x) the Compensation Committee has certified that the Performance Measure has been attained on or before the date of termination with respect to all or any portion thereof or (y) the attainment of the Performance Measure is not yet determinable as of such date with respect to all or any portion thereof (in which case such Performance Measure shall be of no further force or effect with respect to such portion).  (For the avoidance of doubt, if all or any portion of the Units subject to this Award are subject to a Performance Measure that the Compensation Committee (on or before the occurrence of a Change of Control) has certified has not been attained, this Award shall terminate with respect to all of the Units or such portion thereof, as applicable, in accordance with Section 1(b) hereof.)  

2.Definitions.  Except as otherwise expressly provided, all terms used herein shall have the same meaning as in the Plan, as applicable and as may be amended from time to time.  For purposes of this Agreement, as applicable, the following terms shall have the following meanings:

(a)“Administrator” shall be defined as the Compensation Committee and, as applicable, any permitted delegate thereof.

(b)“Cause” means any of the following:  

(i)the Grantee’s engagement in any criminal act which is or involves a serious felony offense, a violation of federal or state securities laws (or equivalent laws of any country or political 

1

subdivision thereof), embezzlement, fraud, wrongful taking or misappropriation of property, or theft or any other crime involving dishonesty; 

(ii)the Grantee’s willful or grossly negligent failure to perform duties owed to the Company or an Affiliate; 

(iii)the Grantee’s willful violation of any securities or commodities laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange or association of which the Company or any of its subsidiaries or Affiliates is a member; or 

(iv)the Grantee’s willful violation of any Company policy or any applicable policy of any of its subsidiaries or Affiliates concerning confidential or proprietary information, or material violation of any other Company or applicable subsidiary or Affiliate policy or written agreement as in effect from time to time.  

The determination as to whether “Cause” has occurred shall be made by the Administrator.  The Administrator shall also have the authority to waive the consequences under the Plan of the existence or occurrence of any of the events, acts or omissions constituting “Cause”.  If, subsequent to the Grantee’s termination of Employment for other than Cause, it is determined that the Grantee’s Employment could have been terminated for Cause, the Grantee’s Employment shall be deemed to have been terminated for Cause retroactively to the date the events giving rise to such Cause occurred.  Notwithstanding the foregoing, if Grantee is party to an employment, severance-benefit, change of control or similar agreement with the Company that contains a definition of “Cause” (or a correlative term), such definition will apply (in the case of such Grantee for purposes of this Agreement) in lieu of the definition set forth above during the term of such agreement.  

(c)“Client” shall mean all Past Clients, Present Clients and Potential Clients, subject to the following general rules:  

i.    with respect to each Client, the term “Client” shall also include any Persons who are Affiliates of such Client and, to the extent known by the Grantee to have such connection with such Client (and the Grantee shall be deemed to have such knowledge if the Grantee would reasonably have been expected to have such knowledge in the ordinary course of the Grantee’s duties while the Grantee was employed by the Company and its subsidiaries and Affiliates), directors, officers or employees of such Client or any such subsidiaries or Affiliates thereof, or Persons who are members of the immediate family of such Client or any of the other foregoing Persons or Affiliates of any of them;  
ii.    with respect to any Present Client or Past Client (as applicable) that is a Fund, the term “Client” shall also include (x) the sponsor of such Client, and any other Fund sponsored by such Person or its Affiliates, and (y) any investor in such Client (provided that, except to the extent the Grantee had knowledge of the identity of an investor therein while the Grantee was employed by the Company and its subsidiaries and Affiliates (and the Grantee shall be deemed to have had such knowledge if the Grantee would reasonably have been expected to have had such knowledge in the ordinary course of the Grantee’s duties while the Grantee was employed by the Company and its subsidiaries and Affiliates), in the case of any Fund, an investor therein shall not be deemed a Present Client or Past Client (as applicable) hereunder);  
iii.    with respect to any Client that is a trust or similar entity, the term “Client” shall include the settlor and, to the extent such beneficiary is known to the Grantee to be such a beneficiary (and the Grantee shall be deemed to have had such knowledge if the Grantee would reasonably have been expected to have had such knowledge in the ordinary course of the Grantee’s duties while the Grantee was employed by the Company and its subsidiaries and Affiliates), any Person who is a beneficiary of such Client and the Affiliates and immediate family members of any such Persons; 
iv.    with respect to so-called “wrap programs,” “SMA programs” or similar programs, the term “Client” shall include (x) the sponsor of such program, and (y) the underlying participants in 

2

such program (provided that, except to the extent the Grantee had knowledge of the identity of a participant therein while the Grantee was employed by the Company and its subsidiaries and Affiliates (and the Grantee shall be deemed to have had such knowledge if the Grantee would reasonably have been expected to have had such knowledge in the ordinary course of the Grantee’s duties while the Grantee was employed by the Company and its subsidiaries and Affiliates), a participant therein shall not be deemed a Present Client or Past Client (as applicable) hereunder); and

v.    with respect to each Client, the term “Client” shall also include any Persons who (x) in U.S. retail markets, serve as intermediaries, including, but not limited to, broker-dealers and financial advisers and, (y) in all other markets, serve as an intermediary with discretion as to whether or not to make Affiliate products available to their underlying clients.

(d)“Fund” shall mean any collective investment vehicle (whether open-ended or closed-ended), including, without limitation, an investment company (whether or not registered under the 1940 Act), a general or limited partnership, a trust or a commingled fund, in any such case organized (or otherwise formed) in any jurisdiction.

(e)“Good Reason” shall mean any of the following events or conditions occurring without the Grantee’s express written consent, provided that the Grantee shall have given notice of such event or condition within 90 days of the initial existence of such event or condition and the Company shall not have remedied such event or condition within 30 days after receipt of such notice: 

(i)a materially adverse alteration in the nature or status of the Grantee’s duties or responsibilities; 

(ii)a material reduction in the Grantee’s annual base salary or any target bonus, other than an across-the-board reduction that applies to the Grantee and similarly-situated employees; or 

(iii)a change of 50 miles or more in the Grantee’s principal place of Employment, except for required travel on business to an extent substantially consistent with the Grantee’s business travel obligations.  

Notwithstanding the foregoing, if the Grantee is party to an employment, severance-benefit, change of control or similar agreement with the Company that contains a definition of “Good Reason” (or a correlative term), such definition will apply (in the case of the Grantee for purposes of this Agreement) in lieu of the definition set forth above during the term of such agreement.  

(f)“Investment Management Services” shall mean any services which involve: (i) the management of an investment account or Fund (or portions thereof or a group of investment accounts or Funds); (ii) the giving of advice with respect to the investment and/or reinvestment of assets or funds (or any group of assets or funds); or (iii) otherwise acting as an “investment adviser” within the meaning of the Advisers Act, including, without limitation, in each of the foregoing cases, performing activities related or incidental thereto.

(g)“Past Client” shall mean, subject to the general rules under the definition of Client, at any particular time of determination, any Person (i) who at any point prior to such time of determination had been, directly or indirectly (and including, without limitation, through one or more intermediaries such as a wrap sponsor or as an investor in a Fund for which the Company or any subsidiary or Affiliate thereof acts (or acted) as a sponsor, adviser or sub-adviser or in a similar capacity), an advisee or investment advisory customer or client of, or otherwise a recipient of Investment Management Services from, (x) the Company or any subsidiary or Affiliate thereof, and/or (y) any owner, part owner, shareholder, partner, member, director, officer, trustee, employee, agent or consultant of the Company or any subsidiary or Affiliate thereof acting on behalf of the Company or any of its subsidiaries or Affiliates, but at such time is not an advisee or investment advisory customer or client of (or otherwise a direct or indirect recipient of Investment Management Services from) the Company or any subsidiary or Affiliate thereof (or any of the foregoing Persons acting on their behalf), and (ii) with which Grantee or his 

3

department had material, direct interaction with and/or with respect to which Grantee had access to proprietary or confidential information; provided, however, that, from and after the termination of Grantee’s Employment, the term “Past Client” shall thereafter be limited (solely with respect to the Grantee) to those Past Clients who were (directly or indirectly) advisees or investment advisory customers or clients of, or recipients of Investment Management Services from, the Company or any subsidiary or Affiliate thereof, or any owner, part owner, shareholder, partner, member, director, officer, trustee, employee, agent or consultant (or persons acting in any similar capacity) of the Company or any subsidiary or Affiliate thereof, at any time during the two (2) years immediately preceding the date of such termination.

(h)“Performance Measure” (a Performance Criteria under the Plan) shall mean the target for the Performance Period (each as set forth on Exhibit A, as applicable), as established by the Compensation Committee.  

(i)“Person” shall mean any individual, partnership (limited or general), corporation, limited liability company, limited liability partnership, association, trust, joint venture, unincorporated organization or other entity.

(j)“Potential Client” shall mean, subject to the general rules under the definition of Client, at any particular time of determination, any Person (i) to whom (x) the Company or any subsidiary or Affiliate thereof, and/or (y) any owner, part owner, shareholder, partner, member, director, officer, trustee, employee, agent or consultant (or persons acting in any similar capacity) of the Company or any subsidiary or Affiliate thereof, acting on behalf of the Company or any subsidiary or Affiliate thereof in any such case has within one (1) year prior to such time of determination offered (whether by means of a personal meeting, telephone call, letter, written proposal or otherwise) to serve as investment adviser or otherwise provide Investment Management Services, but who is not at such time an advisee or investment advisory customer or client of (or otherwise a direct or indirect recipient of Investment Management Services from) the Company or any subsidiary or Affiliate thereof (or any of the foregoing Persons acting on their behalf), and (ii) with which Grantee or his department had material, direct interaction with and/or with respect to which Grantee had access to proprietary or confidential information; provided, however, that, from and after the termination of Grantee’s Employment, the term “Potential Client” shall thereafter be limited (solely with respect to the Grantee) to those Potential Clients to whom such an offer to provide Investment Management Services was made at any time during the one (1) year immediately preceding the date of such termination.  The preceding sentence is meant to exclude advertising, if any, through mass media in which the offer, if any, is available to the general public, such as magazines, newspapers and sponsorships of public events.

(k)“Present Client” shall mean, subject to the general rules under the definition of Client, at any particular time of determination, any Person (i) who is at such time of determination, directly or indirectly (and including, without limitation, through one or more intermediaries such as a wrap sponsor, or as an investor in a Fund for which the Company or any subsidiary or Affiliate thereof acts as a sponsor, adviser or sub-adviser or in a similar capacity), an advisee or investment advisory customer or client of (or otherwise a direct or indirect recipient of Investment Management Services from) (x) the Company or any subsidiary or Affiliate thereof and/or (y) any owner, part owner, shareholder, partner, member, director, officer, trustee, employee, agent or consultant (or persons acting in any similar capacity) of the Company or any subsidiary or Affiliate thereof acting on behalf of the Company or any subsidiary or Affiliate thereof, and (ii) with which Grantee or his department had material, direct interaction with and/or with respect to which Grantee had access to proprietary or confidential information.

3.Termination of Service.  If the Grantee’s Employment terminates, this Award may be subject to earlier termination or accelerated vesting as set forth below.  

(a)Termination by Reason of Death or Disability.  If the Grantee’s Employment terminates by reason of death or disability, the Units subject to this Award shall become fully vested at the time of such termination; provided that, if subject to a Performance Measure, the Units subject to this Award shall only vest pursuant to this Section 3(a) if (i) the Compensation Committee has certified that the Performance Measure has been attained as of the date of termination with respect to all or any portion thereof or (ii) the attainment of the 

4

Performance Measure is not yet determinable as of such date with respect to all or any portion thereof (in which case such Performance Measure shall be of no further force or effect with respect to such portion). (For the avoidance of doubt, if all or any portion of the Units subject to this Award are subject to a Performance Measure that the Compensation Committee (on or before the date of such termination) has certified has not been attained, this Award shall terminate with respect to all of the Units or any portion thereof, as applicable, in accordance with Section 1(b) hereof.)  

(b)Other Termination.  If the Grantee’s Employment terminates for any reason other than death or disability, this Award shall, to the extent not already vested pursuant to Section 1(a) above, terminate immediately and be of no further force or effect.  

The Administrator’s determination of the reason that the Grantee’s Employment has terminated shall be conclusive and binding on the Grantee and his or her representatives, legal guardians or legatees.

4.Vesting and Distribution.  The Units shall be distributed only in Shares, such that the Grantee shall be entitled to receive one Share for each vested Unit.  The Shares shall be issued and distributed to the Grantee pursuant to the vesting schedule and, if applicable, performance requirements set forth in Exhibit A, with such issuance and distribution of the Shares (whether the Shares are to be held by the Company on the Grantee’s behalf pursuant to Section 13(b) hereof or issued directly to the Grantee) to occur, in all cases, no later than March 15 of the year following the year in which the Units vest, in accordance with the short-term deferral exception under Code Section 409A and the regulations and guidance thereunder.

5.Dividends; Other Rights.  This Award shall not be interpreted to bestow upon the Grantee any equity interest or ownership in the Company or any subsidiary or Affiliate prior to the dates on which the Company delivers Shares to the Grantee. The Grantee is not entitled to vote any Shares by reason of the granting of this Award or to receive or be credited with any dividends declared and payable on any Share prior to the payment date with respect to such Share.  The Grantee shall have no rights as a shareholder with respect to the Units, and shall have the rights of a shareholder only as to those Shares, if any, that are actually delivered under this Award.  
       
		
	6.
	Noncompetition, Intellectual Property and Confidentiality.  

(a)During the term of the Grantee’s Employment (or other applicable service relationship) with the Company or any of its subsidiaries or Affiliates and for two (2) years thereafter, the Grantee:  (i) will not, directly or indirectly, whether as owner, partner, shareholder, member, consultant, agent, employee, co-venturer or otherwise, engage, participate or invest in any Competing Business (as hereinafter defined) (provided, however, that nothing in this clause (i) shall prohibit the Grantee from acting as an agent for a Competing Business in the course of his or her employment (or other applicable service relationship) for a business which is not a Competing Business); (ii) will not, directly or indirectly, take any action to negotiate or discuss with any person or entity or solicit or entertain from any person or entity, any investment, purchase, proposal, offer or indication of interest regarding (A) any investment in any entity in which the Company or any of its subsidiaries or Affiliates holds any securities or other investment interests or (B) any investment in any other entity with whom the Company or any of its subsidiaries or Affiliates is or was discussing or negotiating any possible investment therein at any time during the one (1) year preceding the termination (if any) of the Grantee’s Employment (or other applicable service relationship) with the Company or any of its subsidiaries or Affiliates; and (iii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave Employment with the Company and its subsidiaries or Affiliates (other than terminations of Employment of subordinate employees undertaken in the course of the Grantee’s Employment with the Company or any of its subsidiaries or Affiliates).  For purposes of this Agreement, the term “Competing Business” shall mean a business or a division of a business, conducted anywhere in the world which, as a material part of its business, invests in or acquires boutique or specialist investment managers and advisers. Notwithstanding the foregoing, the Grantee may own up to five percent (5%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business.

(b)In addition to (and not in limitation of) the provisions of Section 6(a) of this 

5

Agreement, the Grantee agrees, for the benefit of the Company and its subsidiaries and Affiliates, that the Grantee shall not, during the term of his or her Employment (or other applicable service relationship) with the Company or any of its subsidiaries or Affiliates and for one (1) year thereafter, directly or indirectly (whether individually or as owner, part owner, shareholder, partner, member, director, officer, trustee, employee, agent, consultant or in any other capacity, on behalf of himself or any other Person (other than the Company or a subsidiary or Affiliate thereof while employed by the Company)):  
i.Provide Investment Management Services to any Person that is a Client (which includes Past Clients, Present Clients, and Potential Clients);

ii.Solicit or induce (whether directly or indirectly) any Person for the purpose (which need not be the sole or primary purpose) of (A) causing any funds or accounts with respect to which the Company or any of its subsidiaries or Affiliates provides Investment Management Services to be withdrawn from such management or other services, or (B) causing any Client (including any Potential Client) not to engage the Company or any of its subsidiaries or Affiliates to provide Investment Management Services for any additional funds or accounts (or otherwise attempt to cause any of the foregoing to occur);     

iii.Otherwise divert or take away (or seek to divert or take away) any funds or investment accounts with respect to which the Company or any subsidiary or Affiliate thereof provides Investment Management Services; or

iv.Contact or communicate with, whether directly or indirectly, any Past Clients, Present Clients or Potential Clients in connection with providing Investment Management Services to such Persons;

provided, however, that this Section 6(b) shall not be applicable to Clients (including Potential Clients) who are also immediate family members of the Grantee.

(c)The Grantee understands that the restrictions set forth in Sections 6(a) and 6(b) of this Agreement are intended to protect the Company’s and its subsidiaries’ and Affiliates’ interest in its confidential information and established employee and client relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose.  

(d)The Grantee agrees and acknowledges that any and all presently existing business of the Company and its subsidiaries and Affiliates and all business developed by the Company, any of its subsidiaries or Affiliates, the Grantee and/or any other employee (or other service provider) of the Company and its subsidiaries and Affiliates, including without limitation all client lists, the Company’s deal structures (as represented by the transactions it has completed, attempted or actually proposed), compensation records, agreements, and any other incident of any business developed by the Company or carried on by the Company and all trade names, service marks and logos under which the Company, its subsidiaries and its and their Affiliates do business, including without limitation “Affiliated Managers Group” and any combinations or variations thereof and all related logos, are and shall be the exclusive property of the Company or such subsidiary or Affiliate, as applicable, for its or their sole use, and (where applicable) amounts received in respect of the foregoing shall be payable directly to the Company or such subsidiary or Affiliate.  The Grantee acknowledges that, in the course of performing services for the Company and otherwise, the Grantee will from time to time have access to information concerning the Company’s, its subsidiaries’ or its Affiliates’ current or proposed businesses, technologies, business relationships, clients, personnel, processes, operations, strategies, plans, methods, investment recommendations, investment processes,  investment methodologies, products, confidential records, manuals, data, client and contact lists, trade secrets or financial, corporate, marketing or personnel affairs, which the Company or such subsidiary or Affiliate has not released to the general public and all memoranda, notes, papers, items and tangible media related to thereto (collectively, “Proprietary Information”).  The Grantee agrees that Proprietary Information of the Company or any subsidiary or Affiliate thereof is and will be the exclusive property of the Company or such subsidiary or Affiliate, as the case may be, and further agrees to always keep secret and never (during the term of this Agreement or thereafter) publish, divulge, furnish, use or make accessible to anyone (other than in the regular business of the Company or any subsidiary or Affiliate thereof or otherwise at the Company’s request) such Proprietary Information.  Anything 

6

contained herein to the contrary notwithstanding, this Section 6(d) shall not apply to any knowledge, information or property which (i) is generally known or available to the public or in the public domain, (ii) has been previously disclosed or made available to the public, unless the Grantee knows or has reason to know that such disclosure or availability was the direct or indirect result of the violation or breach of a confidentiality or non-disclosure obligation, or (iii) is required to be disclosed or delivered by any court, agency or other governmental authority or is otherwise required to be disclosed by law.  

(e)The Grantee will make full and prompt disclosure to the Company of all inventions, discoveries, designs, developments, methods, modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques, trade secrets and other works of authorship (collectively, “Developments”), whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice by the Grantee (alone or jointly with others) or under Grantee’s direction during Grantee’s Employment. The Grantee acknowledges and confirms that the Grantee hereby assigns and transfers, and will assign and transfer, to the Company and its successors and assigns all the Grantee’s right, title and interest in all Developments that (i) relate to the business of the Company, any subsidiary or Affiliate or any customer of or supplier to the Company or any of the products or services being researched, developed, manufactured, serviced, licensed or sold by the Company or which may be used with such products or services; or (ii) result from tasks assigned to the Grantee by the Company, a subsidiary or an Affiliate; or (iii) result from the use of premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company, a subsidiary or an Affiliate (“Company-Related Developments”), and all related patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual property rights in all countries and territories worldwide and under any international conventions (“Intellectual Property Rights”). 

(f)Upon termination of the Grantee’s Employment for any reason, all Proprietary Information in the Grantee’s possession or control shall be returned to the Company and remain in its possession.  The Grantee will cooperate fully with the Company and its subsidiaries and Affiliates, both during Employment and following termination of Employment for any reason, in order for the Company and its subsidiaries and Affiliates to enforce and protect any of their rights and interests with respect to Proprietary Information, Company-Related Developments, and Intellectual Property Rights in Company-Related Developments, including without limitation whatsoever, signing all papers, copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney which the Company may deem necessary or desirable in order to protect such rights and interests.

7.Remedies Upon Breach.  In the event that the Grantee breaches any of the provisions of Section 6 of this Agreement, including without limitation following the termination of the Grantee’s Employment, the entire value of the vested Award (as of the date Grantee’s Employment is terminated, whether or not paid, settled or distributed by the Company), shall be paid to or retained by the Company, as applicable, as liquidated damages (the “Liquidated Damages”).  The parties agree that in the event of such breach by the Grantee it will be difficult to ascertain with certainty the amount of damages suffered by the Company and its subsidiaries and Affiliates. The amount of the Liquidated Damages represents a reasonable estimate of the damages expected to be suffered by the Company and its subsidiaries and Affiliates as a result of the Grantee’s default and, in any such event, in addition to (and not in limitation of) such other remedies as the Company may have against the Grantee, until the Liquidated Damages are recovered in their entirety, (x) the Company shall be entitled to withhold any payments to which the Grantee otherwise would be entitled (whether pursuant to this Agreement or any other agreement, plan or policy, including without limitation distributions hereunder), and (y) the Grantee, at the request of the Company, shall return all or some incentive compensation (which shall include any compensation distributed or awarded to the Grantee other than base compensation); provided that, any amounts so withheld or returned shall be promptly released to the original payee to the extent it is determined (whether by settlement, judgment or arbitral decision) that such amounts are required to be so released, together with interest thereon as may be agreed or determined in connection with such settlement, judgment or decision.  The Grantee agrees that the remedies provided in this Section 7 are reasonably related to anticipated losses that the Company and/or any of its subsidiaries or Affiliates would suffer upon a breach of such provisions by the Grantee.  The Grantee recognizes and agrees that the Company’s remedies at law for any breach, or threatened breach, of the provisions of this Agreement would be inadequate, and that for any breach or threatened breach of such provisions by the Grantee, the Company shall, in addition to such other remedies as may 

7

be available to it at law or in equity or as provided in this Agreement, be entitled to injunctive relief and enforcement of its rights by an action for specific performance to the extent permitted by law (and without having to post bond), and to an award of reasonable attorney’s fees and costs incurred in connection with securing any of its rights hereunder.

8.Notice of Termination.  

(a)    Grantee’s Employment may be terminated at any time by the Company or the Grantee; provided that, the Grantee shall be required to provide at least six (6) months advance written notice of such termination.  For the avoidance of doubt, for purposes of Section 6 of this Agreement, termination of Employment shall be deemed to occur upon delivery of notice of termination by the Grantee.  
(b)    Where notice of termination has been delivered by the Grantee, the Company shall be under no obligation to provide any activities to Grantee to carry out on behalf of the Company or its subsidiaries or Affiliates, and may require him or her (i) not to attend any premises of the Company or any subsidiary or Affiliate thereof, (ii) to resign with immediate effect from any offices he or she holds with the Company or any subsidiary or Affiliate thereof (or any Client thereof), (iii) to refrain from any business contact with any Clients, partners or employees of the Company or any subsidiary or Affiliate thereof, and (iv) to take any leave time he or she has accrued under the policies of the Company or any subsidiary or Affiliate thereof.
(c)    In connection with the termination of Grantee’s Employment, the Grantee shall reasonably cooperate with the Company to prepare a communication plan regarding Grantee’s departure, and Grantee shall not make any other public statement regarding his or her departure without the prior written consent of the Company.
9.Nondisparagement.  In exchange for the consideration herein, the Grantee agrees that he/she will not make any disparaging, derogatory, damaging, and/or critical statements concerning the Company or any subsidiaries or any of their respective affiliates, partners, officers, directors, employees, services, products and/or activities.

10.Third-Party Agreements and Rights.  The Grantee hereby confirms that he or she is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Grantee’s use or disclosure of information or the Grantee’s engagement in any business.  In the Grantee’s work for the Company or any of its subsidiaries or Affiliates, the Grantee will not disclose or use any information in violation of any rights of any such previous employer or other party.

11.Transferability.  This Agreement is personal to the Grantee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution or as permitted by the Administrator.  The Grantee may transfer, without consideration for the transfer, the Award to members of his or her immediate family, to trusts for the benefit of such family members, or to partnerships in which such family members are the only partners, provided that the transferee (and, as required by the Administrator, the beneficiaries or members of such transferee) agrees in writing with the Company to be bound by all of the terms and conditions of the Plan and this Agreement.  

12.Certain Tax Matters.  To the extent permitted by law, the Company, the Grantee’s employing company or its agents shall have the right to withhold or deduct from any distributions (including any Shares acquired or otherwise deliverable and the payment of dividends with respect to such Shares) or payments to the Grantee the minimum amount of taxes required to be withheld or deducted by federal, state or local governments.  The Grantee expressly acknowledges and agrees that his or her rights hereunder are subject to his or her promptly paying to the Company in cash (or by such other means as may be acceptable to the Company in its discretion, including, if the Administrator so determines, by the delivery of previously acquired Shares or Shares acquired hereunder or by the withholding of amounts from any payment hereunder) the minimum amount of taxes required to be withheld in connection with such award, vesting or payment.  Such payment by the Grantee shall be 

8

made no later than the date as of which any Shares or other amounts provided hereunder first become includable in the gross income of the Grantee for U.S. federal income tax purposes.

13.Miscellaneous.

(a)The Units are subject to adjustment in accordance with the provisions of Section 7 of the Plan.

(b)The Company shall maintain an account on its books in the name of the Grantee which shall reflect the number of Units awarded to the Grantee and the number of Shares the Grantee is eligible to receive thereunder.  The Grantee acknowledges and agrees that the Company will (i) hold all vested Units and all Shares issued and distributed in respect thereof pursuant to this Award on behalf of the Grantee, until such time as the Grantee submits a request for delivery, and (ii) exercise voting rights and take all other corporate actions for any Shares issued pursuant to this Award for such time as such Shares may be held by the Company on behalf of the Grantee, unless the Grantee provides written notice to the Vice President of Human Resources to the contrary.   

(c)Notice hereunder shall be given (i) to the Company at its principal place of business, and (ii) to the Grantee at the address on file in the Company’s records, or in either case at such other address as one party may subsequently furnish to the other party in writing.

(d)This Award does not confer upon the Grantee any rights with respect to continuance as an employee (or other service provider) of the Company or any of its subsidiaries or Affiliates.

(e)Pursuant to Section 10 of the Plan, the Administrator may at any time amend or cancel any outstanding portion of this Award for any purpose that may at the time be permitted by law, but no such action may be taken that materially and adversely affects the Grantee’s rights under this Agreement without the Grantee’s consent.

(f)Notwithstanding anything herein to the contrary, this Award shall be, and the Grantee hereby acknowledges that it is, subject to and governed by all the terms and conditions of the Plan.

[Remainder of this page is intentionally left blank]

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IN WITNESS WHEREOF, this Agreement has been executed and delivered by the parties hereto as of the Grant Date.

AFFILIATED MANAGERS GROUP, INC.

By:  __________________________
        David M. Billings
        General Counsel and Secretary

  

Please execute this Agreement and return it to the Vice President of Human Resources.

_______________________________
Grantee 

[Form of Award Agreement]

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