Document:

Series 2011-1 Indenture Supplement

 Exhibit 4.1 
 SERIES 2011-1 
 INDENTURE SUPPLEMENT 

BETWEEN 

ALLY MASTER OWNER TRUST 
 ISSUING ENTITY 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION 
 INDENTURE TRUSTEE 
 DATED AS OF JANUARY 20, 2011 

SERIES 2011-1 ASSET BACKED NOTES, 
 CLASS A-1, CLASS A-2, CLASS B, CLASS C AND CLASS D 
 AND 

SERIES 2011-1 ASSET BACKED EQUITY NOTES 
 CLASS E 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
		
	 ARTICLE I CREATION OF SERIES 2011-1 NOTES
	  	 	2	  
	 SECTION 1.01
	  	Designation	  	 	2	  
	 SECTION 1.02
	  	Reopening of Class or Tranche of Notes	  	 	3	  
		
	 ARTICLE II DEFINITIONS
	  	 	3	  
	 SECTION 2.01
	  	Definitions	  	 	3	  
	 SECTION 2.02
	  	Other Definitional Provisions	  	 	21	  
		
	 ARTICLE III SERVICING FEE
	  	 	21	  
	 SECTION 3.01
	  	Servicing Compensation	  	 	21	  
		
	ARTICLE IV RIGHTS OF SERIES 2011-1 NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS	  	 	22	  
	 SECTION 4.01
	  	Collections and Allocations	  	 	22	  
	 SECTION 4.02
	  	Determination of Monthly Interest	  	 	22	  
	 SECTION 4.03
	  	Determination of Monthly Principal Amount	  	 	23	  
	 SECTION 4.04
	  	Application of Available Funds on Deposit in Collection Account and Other Sources	  	 	24	  
	 SECTION 4.05
	  	Series Charge-Offs	  	 	28	  
	 SECTION 4.06
	  	Reallocated Principal Collections	  	 	29	  
	 SECTION 4.07
	  	Excess Interest Collections	  	 	30	  
	 SECTION 4.08
	  	Shared Principal Collections	  	 	30	  
	 SECTION 4.09
	  	Reinstatement of Invested Amount	  	 	31	  
	 SECTION 4.10
	  	Note Distribution Account	  	 	31	  
	 SECTION 4.11
	  	Reserve Fund	  	 	32	  
	 SECTION 4.12
	  	Determination of LIBOR	  	 	33	  
	 SECTION 4.13
	  	Accumulation Period Reserve Account	  	 	34	  
	 SECTION 4.14
	  	Transfer Restrictions	  	 	36	  
		
	ARTICLE V DELIVERY OF SERIES 2011-1 NOTES; DISTRIBUTIONS; REPORTS TO SERIES 2011-1 NOTEHOLDERS	  	 	38	  
	 SECTION 5.01
	  	Delivery and Payment for Series 2011-1 Notes	  	 	38	  
	 SECTION 5.02
	  	Distributions	  	 	38	  
	 SECTION 5.03
	  	Reports and Statements to Series 2011-1 Noteholders	  	 	40	  
		
	ARTICLE VI SERIES 2011-1 EARLY AMORTIZATION EVENTS AND SERIES 2011-1 EVENTS OF DEFAULT	  	 	40	  
	 SECTION 6.01
	  	Series 2011-1 Early Amortization Events	  	 	40	  
	 SECTION 6.02
	  	Series 2011-1 Events of Default	  	 	42	  
	 SECTION 6.03
	  	Acceleration of Maturity; Rescission and Annulment	  	 	44	  

  
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	ARTICLE VII REDEMPTION OF SERIES 2011-1 NOTES; SERIES LEGAL MATURITY; FINAL DISTRIBUTIONS	  	 	45	  
	 SECTION 7.01
	  	Optional Redemption of Series 2011-1 Notes	  	 	45	  
	 SECTION 7.02
	  	Series Legal Maturity	  	 	45	  
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	 	47	  
	 SECTION 8.01
	  	Ratification of Agreement	  	 	47	  
	 SECTION 8.02
	  	Form of Delivery of Series 2011-1 Notes	  	 	47	  
	 SECTION 8.03
	  	Counterparts	  	 	47	  
	 SECTION 8.04
	  	Governing Law	  	 	47	  
	 SECTION 8.05
	  	Effect of Headings and Table of Contents	  	 	47	  
	 SECTION 8.06
	  	Notices	  	 	47	  

  

									
	 EXHIBIT A
	  	Form of Note	  	 	A-1	  
	 EXHIBIT B
	  	Form of Monthly Statement	  	 	B-1	  

  
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 SERIES 2011-1 INDENTURE SUPPLEMENT, dated as of January 20, 2011, by and between ALLY
MASTER OWNER TRUST, a Delaware statutory trust, as Issuing Entity, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee. 
 RECITALS 
 A. Section 2.1 of the Indenture provides,
among other things, that the Issuing Entity and the Indenture Trustee may at any time and from time to time enter into an Indenture Supplement to authorize the issuance by the Issuing Entity of Notes in one or more Series. 

B. The parties to this Indenture Supplement, by executing and delivering this Indenture Supplement, are providing for the creation of the
Series 2011-1 Notes and specifying the Principal Terms thereof. 
 In consideration of the mutual covenants and agreements
contained in this Indenture Supplement, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

GRANTING CLAUSES 
 In addition to the grant of the Indenture, the Issuing Entity hereby grants to the Indenture Trustee, for the exclusive benefit of the Holders of the Series 2011-1 Notes, all of the Issuing Entity’s
right, title and interest (whether now owned or hereafter acquired) in, to and under the following (collectively, the “Series Collateral”) with respect to the Series 2011-1: 

(i) all Collections on the Receivables allocated to the Series 2011-1 Notes; 

(ii) all Eligible Investments and all monies, instruments, securities, security entitlements, documents, certificates of
deposit and other property from time to time on deposit in or credited to the Series Accounts (including any subaccount thereof) and in all interest, proceeds, earnings, income, revenue, dividends and other distributions thereof (including any
accrued discount realized on liquidation of any investment purchased at a discount); and 
 (iii) all present and
future claims, demands, causes of action and choses in action regarding any of the foregoing and all payments on any of the foregoing and all proceeds of any nature whatsoever regarding any of the foregoing, including all proceeds of the voluntary
or involuntary conversion thereof into cash or other liquid property and all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to
payment of any kind and other forms of obligations and receivables, instruments and other property that at any time constitute any part of or are included in the proceeds of any of the foregoing. 

 The foregoing grants are made in trust to secure (a) the Issuing Entity’s
obligations under the Series 2011-1 Notes equally and ratably without prejudice, priority or distinction between any Series 2011-1 Note and any other Series 2011-1 Notes, other than as expressly provided in this Indenture Supplement, (b) the
payment of all other sums payable under the Series 2011-1 Notes, the Indenture and this Indenture Supplement and (c) the compliance with the terms and conditions of the Series 2011-1 Notes, the Indenture and this Indenture Supplement, all as
provided herein or therein. 
 The Indenture Trustee, as indenture trustee on behalf of the Noteholders, hereby acknowledges the
foregoing grants, accepts the trusts under this Indenture Supplement in accordance with the provisions of this Indenture Supplement, and agrees to perform the duties herein required to the end that the interests of the Noteholders may be adequately
protected. 
 ARTICLE I 
 CREATION OF SERIES 2011-1 NOTES 
 SECTION 1.01
Designation. 
 (a) There is hereby created a Series of Notes to be issued by the Issuing Entity on the Closing
Date pursuant to the Indenture and this Indenture Supplement to be known as the “Series 2011-1 Asset Backed Notes” or the “Series 2011-1 Notes.” The Series 2011-1 Notes shall be issued in five Classes, the first
shall be known as the “Series 2011-1 Asset Backed Notes, Class A,” the second shall be known as the “Series 2011-1 Floating Rate Asset Backed Notes, Class B,” the third shall be known as the “Series 2011-1
Floating Rate Asset Backed Notes, Class C,” the fourth shall be known as the “Series 2011-1 Floating Rate Asset Backed Notes, Class D,” and the fifth shall be known as the “Series 2011-1 Asset Backed Equity Notes,
Class E.” The Series 2011-1 Asset Backed Notes, Class A, shall be issued in two Tranches, the first shall be known as the “Series 2011-1 Floating Rate Asset Backed Notes, Class A-1” and the second shall be known
as the “Series 2011-1 Fixed Rate Asset Backed Notes, Class A-2.” The Series 2011-1 Notes shall be due and payable on the Series 2011-1 Legal Maturity Date. 

(b) Series 2011-1 shall be a Nonoverconcentration Series. Series 2011-1 shall be in Excess Interest Sharing Group One and in Principal
Sharing Group One. Series 2011-1 shall not be a Shared Enhancement Series or in an Interest Reallocation Group. Series 2011-1 shall not be subordinated to any other Series. 
 (c) The Series 2011-1 Notes are “Notes” and this Indenture Supplement is an “Indenture Supplement” for all purposes under the Indenture. If any provision of the Series 2011-1 Notes or
this Indenture Supplement conflicts with or is inconsistent with any provision of the Indenture, the provisions of the Series 2011-1 Notes or this Indenture Supplement, as the case may be, control. 

(d) Each term defined in Section 2.01 of this Indenture Supplement relates only to Series 2011-1 and this Indenture
Supplement and to no other Series or Indenture Supplements. 
 (e) Notwithstanding anything to the contrary in the Indenture,
the Series 2011-1 Notes, other than the Class E Note, shall be issued in fully registered form in minimum amounts 

  
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of $100,000 and in integral multiples of $1,000 in excess thereof (except that one Note from each such class may be issued in a different amount so long as such amount exceeds $1,000); provided
that the minimum amounts of the Series 2011-1 Notes, other than the Class E Note, shall be subject to the restrictions set forth in Section 4.14. The Class E Note shall be issued in fully registered form in a principal amount equal to
the Class E Note Principal Balance. The Class E Note will be issuable in a minimum denomination of 100% of the Class E Note Principal Balance. 
 SECTION 1.02 Reopening of Class or Tranche of Notes. 
 The Depositor
may from time to time, with notice to the Rating Agencies but without notice to, or the consent of, the holders of a Class or Tranche of Series 2011-1 Notes, create and issue additional Series 2011-1 Notes equal in rank to any Class or Tranche of
Series 2011-1 Notes previously offered in all respects or in all respects, except for the payment of interest accruing prior to the Issuance Date of such additional Series 2011-1 Notes in a Class or Tranche of Series 2011-1 Notes or except for the
first payment of interest following the Issuance Date of such additional Series 2011-1 Notes in a Class or Tranche of Series 2011-1 Notes. This is called a “reopening.” When issued, the additional Series 2011-1 Notes of a Class or
Tranche shall be equally and ratably entitled to the benefits of the Indenture and this Indenture Supplement applicable to those Series 2011-1 Notes with the other Outstanding Notes of that Class or Tranche without preference, priority or
distinction. These additional Series 2011-1 Notes may be consolidated and form a single Class or Tranche with the previously issued Series 2011-1 Notes and shall have the same terms as to status, redemption or otherwise as the previously issued
Series 2011-1 Notes. 
 ARTICLE II 
 DEFINITIONS 
 SECTION 2.01 Definitions. 

Whenever used in this Indenture Supplement, the following words and phrases have the following meanings, and the definitions of such
terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
 Accumulation Period Factor: With respect to any Collection Period, a fraction: 
 (a) the numerator of which is equal to the sum of the invested amounts of all outstanding Series in Principal Sharing Group One (including the Invested Amount for Series 2011-1) as of the last day of the
Revolving Period; and 
 (b) the denominator of which is equal to the sum of (i) the Invested Amount as of
the last day of the Revolving Period, plus (ii) the invested amounts as of the last day of the Revolving Period of all outstanding Series in Principal Sharing Group One (other than the Invested Amount for Series 2011-1) that are expected to be
paying or accumulating principal during the period from such Collection Period to the Collection Period immediately preceding the Series 2011-1 Expected Maturity Date; 

  
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 provided, however, that this definition may be changed at any time upon
receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Accumulation Period Length: Has the meaning specified in Section 4.04(h). 
 Accumulation Period Reserve Account: Has the meaning specified in Section 4.13(a). 
 Accumulation Period Reserve Account Available Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the lesser of: 
 (a) the amounts on
deposit in the Accumulation Period Reserve Account on such Distribution Date (before giving effect to any (i) deposits made or to be made therein pursuant to Section 4.04(a)(xi) and Section 4.04(b)(i) on such
Distribution Date or (ii) any withdrawals made or to be made therefrom pursuant to Section 4.13(c) on such Distribution Date); and 
 (b) the Accumulation Period Reserve Account Required Amount for such Distribution Date. 
 Accumulation Period Reserve Account Deposit Amount: With respect to each Distribution Date beginning on the Accumulation Period Reserve Account Funding Date and until termination of the
Accumulation Period Reserve Account pursuant to Section 4.13(e), the excess of (a) the Accumulation Period Reserve Account Required Amount for such Distribution Date, over (b) the Accumulation Period Reserve Account Available
Amount for such Distribution Date. 
 Accumulation Period Reserve Account Funding Date: The Distribution Date occurring
in the third Collection Period preceding the scheduled commencement of the Controlled Accumulation Period (or such earlier or later date as may be directed by the Servicer; provided, however, that, if the Accumulation Period Reserve
Account Funding Date occurs on a later date, the Servicer expects the Accumulation Period Reserve Account to be fully funded by the commencement of the Controlled Accumulation Period). 

Accumulation Period Reserve Account Required Amount: With respect to each Distribution Date beginning on the Accumulation Period
Reserve Account Funding Date and until the Accumulation Period Reserve Account is terminated pursuant to Section 4.13(e), an amount equal to the product of (a) 0.0% (or a lower percentage upon satisfaction of the Series 2011-1
Rating Agency Condition with respect to the Series 2011-1 Notes) and (b) the Investor Note Principal Balance of the Investor Notes as of the Accumulation Period Reserve Account Funding Date. 

  
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 Accumulation Period Reserve Draw Amount: With respect to any Distribution Date
relating to the Controlled Accumulation Period or the first Distribution Date relating to the Early Amortization Period, the excess, if any, of (a) the Covered Amount determined as of such Distribution Date, over (b) the portion of the
Available Series Interest Collections for such Distribution Date constituting net investment earnings from the Note Distribution Account and the Accumulation Period Reserve Account. 

Additional Available Series Principal Collections: With respect to any Distribution Date and the related Collection Period, an
amount equal to the sum of (i) upon the termination of the Reserve Fund pursuant to Section 4.11(e), all remaining amounts on deposit in the Reserve Fund (excluding amounts relating to investment earnings and after giving effect to
Section 4.04(b)(ii)), plus (ii) any Available Series Interest Collections, Reserve Fund Available Amounts and Excess Interest Collections from other Series in the same Excess Interest Sharing Group as the Series 2011-1 Notes that,
as provided in Sections 4.04(a) and (b), are to be treated as Additional Available Series Principal Collections with respect to that Distribution Date. 
 Available Series Interest Collections: With respect to any Distribution Date, an amount equal to the sum of (a) the Series Interest Collections with respect to such Distribution Date, plus
(b) all interest and investment earnings on Eligible Investments credited to the Reserve Fund, the Note Distribution Account and the Accumulation Period Reserve Account (net of losses and investment expenses) during the related Collection
Period, plus (c) all withdrawals from the Accumulation Period Reserve Account pursuant to Section 4.13(c), plus (d) on the termination of the Accumulation Period Reserve Account pursuant to Section 4.13(e), all
remaining amounts on deposit in the Accumulation Period Reserve Account (excluding amounts relating to investment earnings and after giving effect to Section 4.13(c)). 

Available Series Principal Collections: With respect to any date, an amount equal to the sum of (i) the Series Principal
Collections for such date, plus (ii) any Shared Principal Collections with respect to other Series in Principal Sharing Group One (including any amounts on deposit in the Excess Funding Account that are allocated to Series 2011-1 pursuant to
the Indenture for application as Shared Principal Collections) for such date, plus (iii) if such date is also a Distribution Date, the amount of any Additional Available Series Principal Collections remaining after application thereof pursuant
to Section 4.04(f) being treated as Available Series Principal Collections on such date plus (iv) the amounts, if any, withdrawn from the Excess Funding Account and applied pursuant to Section 4.04(g), minus (v) the
amount of any Series Principal Collections being treated as Reallocated Principal Collections pursuant to Section 4.06. 
 Average Class A-1 Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class A-1 Note Principal Balance for each day during that period
divided by (b) the number of days in that period. 

  
 5 

 Average Class A-2 Note Principal Balance: For any period, an amount equal to the
result of (a) the aggregate of the Class A-2 Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Class B Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class B Note Principal Balance for each day during that period divided by
(b) the number of days in that period. 
 Average Class C Note Principal Balance: For any period, an amount equal to
the result of (a) the aggregate of the Class C Note Principal Balance for each day during that period divided by (b) the number of days in that period. 
 Average Class D Note Principal Balance: For any period, an amount equal to the result of (a) the aggregate of the Class D Note Principal Balance for each day during that period divided by
(b) the number of days in that period. 
 Average Net Invested Amount: For any period, an amount equal to the result
of (a) Net Invested Amount for each day during that period divided by (b) the number of days in that period. 

Back-up Servicing Fee Rate: 0.009% per annum or such other percentage (not to exceed 0.009% without satisfaction of the
Series 2011-1 Rating Agency Condition) as may be specified as such in the Back-up Servicing Agreement. 
 Bloomberg Screen
BTMM Page: The display page currently so designated on the Bloomberg Screen BTMM Page (or such other page as may replace such page in that service for the purpose of displaying comparable rates or prices). 

Class A Invested Amount: As of any date, an amount equal to (a) the Class A Note Principal Balance as of such date,
minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class A Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of
reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class A Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series
Charge-Offs allocable to the Class A Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited
to an amount that would reduce the Class A Invested Amount to zero. 
 Class A Monthly Interest: With respect
to any Interest Period and the related Distribution Date, the sum of the Class A-1 Monthly Interest and the Class A-2 Monthly Interest for such Interest Period and Distribution Date. 

Class A Note: Any one of the Class A-1 Notes or the Class A-2 Notes. 

Class A Note Initial Principal Balance: $1,250,000,000. 

  
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 Class A-1 Monthly Interest: Has the meaning specified in
Section 4.02(a). 
 Class A-1 Notes: Any one of the Series 2011-1 Floating Rate Asset Backed Notes,
Class A-1 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class A-1 Note Initial Principal Balance: $500,000,000. 

Class A-1 Note Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 0.87% per annum.

 Class A-1 Note Principal Balance: As of any date, the Class A-1 Note Initial Principal Balance, minus the
aggregate amount of any principal payments made to the Class A-1 Noteholders on or prior to such date. 
 Class A-2
Monthly Interest: Has the meaning specified in Section 4.02(b). 
 Class A-2 Notes: Any one of the
Series 2011-1 Fixed Rate Asset Backed Notes, Class A-2 executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 

Class A-2 Note Initial Principal Balance: $750,000,000. 

Class A-2 Note Interest Rate: With respect to any Interest Period, 2.15% per annum. 

Class A-2 Note Principal Balance: As of any date, the Class A-2 Note Initial Principal Balance, minus the aggregate
amount of any principal payments made to the Class A-2 Noteholders on or prior to such date. 
 Class A Note
Principal Balance: As of any date, the sum of the Class A-1 Note Principal Balance as of such date and the Class A-2 Note Principal Balance as of such date. 
 Class A Noteholder: The Person in whose name a Class A Note is registered in the Note Register. 
 Class B Invested Amount: As of any date, an amount equal to (a) the Class B Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class B Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class B Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class B Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class B Invested Amount to zero. 

  
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 Class B Monthly Interest: Has the meaning specified in Section 4.02(c).

 Class B Note: Any one of the Series 2011-1 Floating Rate Asset Backed Notes, Class B executed by the Issuing Entity
and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class B Note
Initial Principal Balance: $114,890,000. 
 Class B Note Interest Rate: With respect to any Interest Period, LIBOR
for such Interest Period plus 1.15% per annum. 
 Class B Note Principal Balance: As of any date, the Class B Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class B Noteholders on or prior to such date. 
 Class B Noteholder: The Person in whose name a Class B Note is registered in the Note Register. 
 Class C Invested Amount: As of any date, an amount equal to (a) the Class C Note Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of
Reallocated Principal Collections allocable to the Class C Notes immediately before such date pursuant to Section 4.06 over (ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date,
but limited to an amount that would reduce the Class C Invested Amount to zero, minus (c) the excess, if any, of (i) the cumulative amount of Series Charge-Offs allocable to the Class C Notes immediately before such date pursuant to
Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class C Invested Amount to zero. 

Class C Monthly Interest: Has the meaning specified in Section 4.02(d). 

Class C Note: Any one of the Series 2011-1 Floating Rate Asset Backed Notes, Class C executed by the Issuing Entity and
authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class C Note
Initial Principal Balance: $87,316,000. 
 Class C Note Interest Rate: With respect to any Interest Period, LIBOR for
such Interest Period plus 1.70% per annum. 
 Class C Note Principal Balance: As of any date, the Class C Note
Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class C Noteholders on or prior to such date. 
 Class C Noteholder: The Person in whose name a Class C Note is registered in the Note Register. 

  
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 Class D Invested Amount: As of any date, an amount equal to (a) the Class D Note
Principal Balance as of such date, minus (b) the excess, if any, of (i) the cumulative amount of Reallocated Principal Collections allocable to the Class D Notes immediately before such date pursuant to Section 4.06 over
(ii) the cumulative amount of reimbursements thereof pursuant to Section 4.09 before that date, but limited to an amount that would reduce the Class D Invested Amount to zero, minus (c) the excess, if any, of (i) the
cumulative amount of Series Charge-Offs allocable to the Class D Notes immediately before such date pursuant to Section 4.05(b) over (ii) the cumulative amounts of reimbursements thereof pursuant to Section 4.09 before
that date, but limited to an amount that would reduce the Class D Invested Amount to zero. 
 Class D Monthly Interest:
Has the meaning specified in Section 4.02(e). 
 Class D Note: Any one of the Series 2011-1 Floating Rate
Asset Backed Notes, Class D executed by the Issuing Entity and authenticated by or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class D Note Initial Principal Balance: $91,912,000. 
 Class D Note
Interest Rate: With respect to any Interest Period, LIBOR for such Interest Period plus 2.50% per annum. 
 Class D
Note Principal Balance: As of any date, the Class D Note Initial Principal Balance, minus the aggregate amount of any principal payments made to the Class D Noteholders on or prior to such date. 

Class D Noteholder: The Person in whose name a Class D Note is registered in the Note Register. 

Class E Invested Amount: 
 (a) With respect to the Closing Date, $294,117,295, and 
 (b) with respect to any
subsequent date, an amount equal to 
 (i) the Class E Invested Amount determined as of the immediately preceding
Distribution Date (or, with respect to the initial Distribution Date, the Class E Invested Amount as of the Closing Date); 
 (ii) minus (A) the amount of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.06, if any, since the Distribution Date immediately preceding
such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of reimbursements of Reallocated Principal Collections allocable to the Class E Notes pursuant to Section 4.09, if
any, since the Distribution Date immediately preceding such date; 

  
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 (iii) minus (A) the amount of Series Charge-Offs allocable to
the Class E Notes pursuant to Section 4.05(b), if any, since the Distribution Date immediately preceding such date, but limited to an amount that would reduce the Class E Invested Amount to zero, plus (B) the amount of
reimbursements of Series Charge-Offs allocable to the Class E Notes pursuant to Section 4.09, if any, since the Distribution Date immediately preceding such date; 

(iv) minus an amount equal to the product of (A) the Subordination Percentage and (B) the increase, if
any, in the Series 2011-1 Excess Funding Amount since the Distribution Date immediately preceding such date; 

(v) plus an amount equal to the product of (A) the Subordination Percentage and (B) the decrease, if any,
in the Series 2011-1 Excess Funding Amount since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to
become Class E Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vi) plus an amount equal to the increase, if any, in the Required Class E Invested Amount as a result of a change
in the Subordination Factor since the Distribution Date immediately preceding such date (to the extent that the Required Nonoverconcentration Pool Balance would not exceed the Nonoverconcentration Pool Balance, any such excess to become Class E
Invested Amount on the date and to the extent that such additions would not result in the Required Nonoverconcentration Pool Balance exceeding the Nonoverconcentration Pool Balance); 

(vii) minus an amount equal to the decrease, if any, in the Required Class E Invested Amount as a result of a
change in the Subordination Factor since the Distribution Date immediately preceding such date; 
 (viii)
plus the amount of any Available Series Interest Collections treated as Additional Available Series Principal Collections on such date to ensure that the Class E Invested Amount as of such date is not less than the Required Class E Invested
Amount pursuant to Section 4.04(a)(ix); 
 (ix) minus the aggregate amount of any principal
payments made to the Class E Noteholders since the Distribution Date immediately preceding such date; 
 provided, however, that
in no event shall the Class E Invested Amount as of any date be more than the Required Class E Invested Amount as of such date; provided that the Depositor may at any time and from time to time increase the Class E Invested Amount by allocating a
portion of the Nonoverconcentration Certificate Interest thereto; provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance

  
 10 

 
or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to
increase the Class E Invested Amount without satisfaction of the Series 2011-1 Rating Agency Condition with respect to each Class of Series 2011-1 Notes in connection therewith if such increase would result in the aggregate amount of all such
increase together with all amounts resulting from a discretionary increase in the Series 2011-1 Subordination Factor and the Reserve Fund exceeding 5.0% of the Note Principal Balance as of the date of such increase. 

Class E Note: Any one of the Series 2011-1 Asset Backed Equity Notes, Class E executed by the Issuing Entity and authenticated by
or on behalf of the Indenture Trustee, substantially in the form of Exhibit A. 
 Class E Note Initial Principal
Balance: $294,117,295. 
 Class E Note Principal Balance: As of any date, the Class E Note Initial Principal Balance,
minus the aggregate amount of any principal payments made to the Class E Noteholders before such date; provided, however, that the Depositor, at any time and from time to time, may (A) in connection with an increase in the Class E
Invested Amount increase the Class E Note Principal Balance, but not in excess of the increase in the Class E Invested Amount or (B) decrease the Class E Note Principal Balance upon satisfaction of the Series 2011-1 Rating Agency Condition and
obtaining written consent of all of the Class E Noteholders. 
 Class E Noteholder: The Person in whose name a Class E
Note is registered in the Note Register. 
 Closing Date: January 20, 2011. 

Controlled Accumulation Amount: The result of (a) the Note Principal Balance as of the last day of the Revolving Period (less
the amount, if any, already on deposit in the Note Distribution Account to pay principal of the Series 2011-1 Notes as of the close of business on the last day of the Revolving Period) divided by (b) the number of months in the Controlled
Accumulation Period. 
 Controlled Accumulation Period: Unless an Early Amortization Event has occurred prior thereto,
the period beginning on the first day of the July 2013 Collection Period or such later date as is determined in accordance with Section 4.04(h) and ending on the earlier to occur of (a) the close of business on the day immediately
preceding the commencement of the Early Amortization Period and (b) the end of the Collection Period immediately preceding the Distribution Date on which the Note Principal Balance shall be paid in full. 

Controlled Deposit Amount: For any Collection Period with respect to the Controlled Accumulation Period, an amount equal to the
sum of (a) the Controlled Accumulation Amount for such Collection Period and (b) any Deficit Controlled Accumulation Amount for the immediately preceding Collection Period. 

  
 11 

 Covered Amount: As of any Distribution Date on which the Servicer calculates the
Accumulation Period Reserve Draw Amount pursuant to Section 4.13(c), an amount equal to the product of (a) (i) the actual number of days in the related Collection Period divided by (ii) 360, times, (b) the product of
(i) the amounts on deposit in the Note Distribution Account being accumulated to pay the principal on the Series 2011-1 Notes as of the immediately preceding Distribution Date (excluding amounts relating to investment earnings and after giving
effect to any deposit or withdrawals therein on such preceding Distribution Date), times (ii) 0% (or a lower percentage upon satisfaction of the Series 2011-1 Rating Agency Condition with respect to the Series 2011-1 Notes). 

Deficit Controlled Accumulation Amount: (a) for the Collection Period immediately preceding the Controlled Accumulation
Period, zero, and (b) for any Collection Period in the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount for such Collection Period over the amount deposited into the Note Distribution Account with respect to
such Collection Period. 
 Determination Date: The tenth day of each calendar month, or if such tenth day is not a
Business Day, the next succeeding Business Day. 
 Distribution Date: February 15, 2011, and the 15th day of each
calendar month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 Early Amortization
Period: The period beginning on the first day on which an Early Amortization Event with respect to Series 2011-1 occurs and ending on the earlier to occur of (a) the end of the Collection Period immediately preceding the Distribution Date
on which the Note Principal Balance shall be paid in full and (b) the Series 2011-1 Legal Maturity Date. 
 Excess
Interest Collections: With respect to Series 2011-1, the meaning specified in Section 4.07. 
 Fixed Series
Percentage: With respect to any date, the percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Net Invested Amount as of such date or, if the Revolving Period is no longer in effect, as of the close of
business on the last day of the Revolving Period and (b) the denominator of which is the greater of (i) the Adjusted Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection
Period (or, in the case of the first Collection Period, the Closing Date) and (ii) the sum of the numerators used to calculate the applicable fixed series percentages for allocating Nonoverconcentration Principal Collections to all outstanding
Series (including Series 2011-1) with respect to such date. 
 Floating Series Percentage: With respect to any Collection
Period, the percentage equivalent (not to exceed 100%) of a fraction (a) the numerator of which is the Average Net Invested Amount for that Collection Period and (b) the denominator of which is the greater of (i) the average of the
Adjusted Nonoverconcentration Pool Balance for each day during such 

  
 12 

 
Collection Period and (ii) the sum of the numerators used to calculate the applicable floating series percentages for allocating Nonoverconcentration Interest Collections to all outstanding
Series (including Series 2011-1) with respect to such Collection Period. 
 Indenture: The Indenture, dated as of
February 12, 2010, between the Issuing Entity and the Indenture Trustee, as the same may be amended, supplemented or otherwise modified from time to time. 
 Indenture Supplement: This Series 2011-1 Indenture Supplement, as the same may be amended, supplemented or otherwise modified from time to time. 

Initial Invested Amount: With respect to the Series 2011-1 Notes, the Initial Note Principal Balance. 

Initial Note Principal Balance: The sum of (a) the Class A Note Initial Principal Balance, plus (b) the Class B
Note Initial Principal Balance, plus (c) the Class C Note Initial Principal Balance, plus (d) the Class D Note Initial Principal Balance, plus (e) the Class E Note Initial Principal Balance. 

Insolvency Event of Default: With respect to the Series 2011-1, any Event of Default specified in Sections 6.02(e) or
(f). 
 Interest Collections Shortfall: Has, with respect to Series 2011-1, the meaning specified in
Section 4.07. 
 Interest Period: With respect to any Distribution Date, the period from and including the
Distribution Date immediately preceding such Distribution Date (or, in the case of the first Distribution Date, from and including the Closing Date) to but excluding such Distribution Date. 

Invested Amount: The sum of the Investor Invested Amount and the Class E Invested Amount. 

Investor Invested Amount: As of any date, the sum of the Class A Invested Amount, the Class B Invested Amount, the Class C
Invested Amount and the Class D Invested Amount, in each case, as of such date. 
 Investor Note Principal Balance: As of
any date of determination, the sum of the Class A Note Principal Balance, the Class B Note Principal Balance, the Class C Note Principal Balance and the Class D Note Principal Balance, in each case, as of such date. 

Investor Notes: The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. 

  
 13 

 LIBOR: With respect to any Interest Period, the London interbank offered rate for
one-month United States dollar deposits determined by the Indenture Trustee for such Interest Period pursuant to Section 4.12. 
 LIBOR Determination Date: With respect to any Interest Period, the second London Business Day before the commencement of such Interest Period. 

London Business Day: Any day other than a Saturday, Sunday or any other day on which banks in London are required or authorized to
be closed for business. 
 Majority of Manufacturers: Two or more Manufacturers that the aggregate amount of all Eligible
Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufactured by one of those Manufacturers is 50.0% or more of the Pool Balance. 

Monthly Back-up Servicing Fee: With respect to any Distribution Date on which the Back-up Servicing Agreement is in effect, an
amount equal to the greater of (a) one-twelfth (or, with respect to the first Distribution Date, 60/360) of the product of (i) the Back-up Servicing Fee Rate, (ii) the Floating Series Percentage for the related Collection Period and
(iii) the Nonoverconcentration Pool Balance as of the close of business on the last day of the immediately preceding Collection Period and (b) $4,000. 
 Monthly Interest: With respect to any Distribution Date, the sum of (a) the Class A Monthly Interest for such Distribution Date, plus (b) the Class B Monthly Interest for such
Distribution Date, plus (c) the Class C Monthly Interest for such Distribution Date, plus (d) the Class D Monthly Interest for such Distribution Date. 
 Monthly Nonoverconcentration Defaulted Amount: With respect to any Collection Period, the aggregate of Nonoverconcentration Defaulted Amounts for each day in that Collection Period. 

Monthly Payment Rate: For any Collection Period, the percentage equivalent of a fraction (a) the numerator of which is the
Principal Collections for such Collection Period with respect to Principal Receivables arising under the Scheduled Accounts and (b) the denominator of which is the average daily aggregate principal balance of all Principal Receivables arising
under the Scheduled Accounts during such Collection Period. 
 Monthly Principal Amount: With respect to any Collection
Period, the amount required to be deposited into the Note Distribution Account with respect to that Collection Period in respect of the Series 2011-1 Notes as determined pursuant to Section 4.03. 

Monthly Servicing Fee: With respect to any Distribution Date, an amount equal to one-twelfth (or, with respect to the first
Distribution Date, 60/360) of the product of (a) the Servicing Fee Rate, (b) the Floating Series Percentage for the related Collection Period and (c) the Nonoverconcentration Pool Balance as of the close of business on the last day of
the immediately preceding Collection Period. 

  
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 Monthly Statement: Has the meaning specified in Section 5.03(b).

 Net Invested Amount: With respect to the Series 2011-1 Notes as of any date of determination, the sum of (a) the
Net Investor Invested Amount as of such date and (b) the excess, if any, of (i) the Class E Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to pay principal of the Class E Notes, if any, on
such date. 
 Net Investor Invested Amount: With respect to the Investor Notes as of any date of determination, the
excess, if any, of (i) the Investor Invested Amount as of such date over (ii) the Note Distribution Account Amount allocated to pay principal of the Investor Notes, if any, on such date. 

Note Distribution Account: Has the meaning specified in Section 4.10(a). 

Note Distribution Account Amount: On any date, an amount equal to the sum of (a) the amount on deposit in the Note
Distribution Account (excluding amounts related to investment earnings) on that date and (b) the aggregate amount of outstanding Permitted Delayed Remittances with respect to the Note Distribution Account. 

Note Principal Balance: As of any date of determination, the sum of the Investor Note Principal Balance on such date and the Class
E Note Principal Balance on such date. 
 Principal Sharing Group One: Series 2011-1 and each other Series specified in
the related Indenture Supplements to be included in Principal Sharing Group One. 
 Principal Shortfall: With respect to
Series 2011-1, the meaning specified in Section 4.08. 
 Rating Agency: Has the meaning set forth in the
Ratings Free Writing Prospectus. 
 Ratings Free Writing Prospectus: The issuer free writing prospectus, as defined in
Rule 433 of the Securities Act, filed by the Depositor on January 11, 2011, relating to the Series 2011-1 Notes. 

Reallocated Principal Collections: With respect to any Distribution Date, the amounts applied in accordance with
Section 4.06 in an amount not to exceed: 
 (a) with respect to amounts to be applied to pay Monthly
Servicing Fees, Monthly Back-up Servicing Fees, and Class A Monthly Interest, the sum of the Class A Invested Amount, the Class B Invested Amount, Class C Invested Amount, Class D Invested Amount and Class E Invested Amount for that
Distribution Date (in each case, after giving effect to any change in that amount on that date); 

  
 15 

 (b) with respect to amounts to be applied to pay Class B Monthly Interest,
the sum of the Class B Invested Amount, the Class C Invested Amount, the Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clause (a) above);

 (c) with respect to amounts to be applied to pay Class C Monthly Interest, the sum of the Class C Invested
Amount, the Class D Invested Amount and the Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a) and (b) above); and 

(d) with respect to amounts to be applied to pay Class D Monthly Interest, the sum of the Class D Invested Amount and the
Class E Invested Amount (in each case, after giving effect to any change in that amount on that date, including clauses (a), (b) and (c) above). 
 Reassignment Amount: With respect to any Distribution Date, after giving effect to any deposits and distributions otherwise to be made on such Distribution Date, the sum of (a) the Note
Principal Balance on such Distribution Date, plus (b) the Monthly Interest for such Distribution Date, together with any Monthly Interest previously due but not paid to the Series 2011-1 Noteholders on prior Distribution Dates. 

Required Accumulation Factor Number: A fraction, rounded upwards to the nearest whole number, the numerator of which is one and
the denominator of which is equal to the lowest Monthly Payment Rate on the Accounts, expressed as a decimal, for the 12 months preceding the date of such calculation; provided, however, that this definition may be changed at any time
upon receipt by the Indenture Trustee of an Officer’s Certificate from the Servicer that such change shall not have an Adverse Effect. 
 Required Class E Invested Amount: As of any Distribution Date, the product of (i) the Subordination Percentage and (ii) the excess, if any, of (A) (1) with respect to any
Distribution Date occurring during the Controlled Accumulation Period or the Early Amortization Period, the Net Investor Invested Amount as of the last day of the Revolving Period, and (2) with respect to any Distribution Date occurring during
the Revolving Period, the Net Investor Invested Amount as of such Distribution Date, over (B) the Series 2011-1 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date). 

Required Pool Percentage: 102%, except that the Depositor may reduce this percentage so long as the Series 2011-1 Rating Agency
Condition is satisfied with respect to the Series 2011-1 Notes, but without the consent of any Noteholder or any other Person. 

Reserve Fund: Has the meaning specified in Section 4.11(a). 

Reserve Fund Available Amount: With respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve
Fund on such date (excluding any net investment earnings 

  
 16 

 
on amounts on deposit therein and before giving effect to any (i) deposit made or to be made therein pursuant to Section 4.04(a) on such date or (ii) any withdrawal made or
to be made therefrom pursuant to Section 4.04(b)(ii) on such date) and (b) the Reserve Fund Required Amount for such Distribution Date. 
 Reserve Fund Deposit Amount: With respect to any Distribution Date, the excess, if any, of (a) the Reserve Fund Required Amount for such Distribution Date, over (b) the Reserve Fund
Available Amount for such Distribution Date. 
 Reserve Fund Initial Amount: $18,382,353. 

Reserve Fund Required Amount: With respect to any Distribution Date, an amount equal to the product of Reserve Fund Required
Percentage and the Invested Amount as of such Distribution Date (after giving effect to any changes therein on such Distribution Date); provided, however, that the Depositor may, in its discretion, increase or, upon satisfaction of the
Series 2011-1 Rating Agency Condition, decrease the Reserve Fund Required Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Reserve Fund Required Amount in its discretion without satisfaction of the Series
2011-1 Rating Agency Condition if such increase would result in the aggregate amount of all such increases together with all amounts added to the Class E Invested Amount and all amount resulting from a discretionary increase in the Class E Invested
Amount or in the Subordination Factor exceeding 5.0% of the Note Principal Balance as of the date of such increase 
 Reserve
Fund Required Percentage: As of any date, 1.00%; provided, however, that in the event the Subordination Factor would otherwise be required to increase as a result of a decrease in the Monthly Payment Rate in accordance with the definition of
Subordination Factor, the Depositor may by delivering an Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage in
an amount in percentage points equal to (i) an additional 2.20% rather than increasing the Subordination Factor by 2.72% pursuant to clause (i) of the first proviso of the definition of Subordination Factor, (ii) an additional 2.40%
rather than increasing the Subordination Factor by 2.97% pursuant to clause (ii) of the first proviso of the definition of Subordination Factor or (iii) an additional 2.65% rather than increasing the Subordination Factor by 3.28% pursuant
to clause (iii) of the first proviso of the definition of Subordination Factor. In the event that the Depositor shall elect to so increase the Reserve Fund Required Percentage rather than the Subordination Factor, any increase in the Monthly
Payment Rate that otherwise would have resulted in a decrease in the Subordination Factor will alternatively result in corresponding decrease in the Reserve Fund Required Percentage to the extent that the Reserve Fund Required Percentage had been
increased rather than making the corresponding increase in the Subordination Factor. The election of the Depositor to increase the Reserve Fund Required Percentage rather than increasing the Subordination Factor shall be deemed not to be a
discretionary increase. 

  
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 Reserve Fund Trigger Amount: As of any date, an amount equal to the product of 1.00%
and the Invested Amount on such date (after giving effect to any changes therein on such date); provided, however, that, if the Reserve Fund Required Amount has been increased solely as a result of the decrease in the Three Month Average Payment
Rate, then with respect to that Distribution Date and each Distribution Date thereafter until the amount on deposit in the Reserve Fund equals the Reserve Fund Required Amount, the Reserve Fund Trigger Amount will equal $0. 

Revolving Period: The period beginning on the Closing Date and ending on the earlier of the close of business on the day
immediately preceding the date on which the Controlled Accumulation Period or the Early Amortization Period commences. 

Series 2011-1: The Series of Notes, the Principal Terms of which are specified in this Indenture Supplement. 

Series 2011-1 Early Amortization Event: Has the meaning specified in Section 6.01. 

Series 2011-1 Excess Funding Amount: As of any date of determination, the product of (a) the amount on deposit in the Excess
Funding Account (excluding amounts relating to investment earnings) on such date, times (b) a fraction (i) the numerator of which is the Net Invested Amount as of such date and (ii) the denominator of which is the sum of the net
invested amounts of each outstanding Nonoverconcentration Series (including Series 2011-1) being allocated a portion of the funds on deposit in the Excess Funding Account. 
 Series 2011-1 Event of Default: Has the meaning specified in Section 6.02. 
 Series 2011-1 Expected Maturity Date: The January 2014 Distribution Date. 

Series 2011-1 Insolvency Event of Default: The Series 2011-1 Events of Default set forth in clauses (e) or
(f) of Section 6.02. 
 Series 2011-1 Issuing Entity Insolvency Event of Default: The Series
2011-1 Event of Default set forth in clause (f) of Section 6.02. 
 Series 2011-1 Legal Maturity
Date: The January 2016 Distribution Date. 
 Series 2011-1 Note: A Class A Note, a Class B Note, a Class C Note,
a Class D Note or a Class E Note. 
 Series 2011-1 Noteholder: A Class A Noteholder, a Class B Noteholder, a Class C
Noteholder, a Class D Noteholder or a Class E Noteholder. 
 Series 2011-1 Noteholders’ Collateral: The
Noteholders’ Collateral for the Series 2011-1. 

  
 18 

 Series 2011-1 Private Notes: The Series 2011-1 Class B Notes, the Series 2011-1 Class
C Notes, the Series 2011-1 Class D Notes and the Series 2011-1 Class E Notes. 
 Series 2011-1 Rating Agency Condition:
The condition that each of the Rating Agencies with respect to the Series 2011-1 Notes shall have notified the Depositor, the Servicer and the Issuing Entity in writing that such action shall not result in a downgrade, suspension or withdrawal of
the then current rating of the Series 2011-1 Notes then rated by such Rating Agency. 
 Series Accounts: With respect to
Series 2011-1, the Note Distribution Account, the Reserve Fund and the Accumulation Period Reserve Account. 
 Series
Charge-Offs: Has the meaning specified in Section 4.05. 
 Series Collateral: Has the meaning specified
in the granting clauses of this Indenture Supplement. 
 Series Cut-Off Date: The close of business on December 1,
2010. 
 Series Defaulted Amount: With respect to any Distribution Date, the amount of the Nonoverconcentration Defaulted
Amount for the related Collection Period allocated to the Series 2011-1 pursuant to Section 4.01(d). 
 Series
Defaulted Percentage: With respect to any Collection Period, the Floating Series Percentage. 
 Series Interest
Collections: With respect to any Distribution Date, the amount of Nonoverconcentration Interest Collections for the related Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) allocated to the
Series 2011-1 pursuant to Section 4.01(b). 
 Series Interest Percentage: With respect to any Collection
Period, the Floating Series Percentage. 
 Series Principal Collections: With respect to any date, the amount of the
Nonoverconcentration Principal Collections for that date allocated to the Series 2011-1 pursuant to Section 4.01(c). 
 Series Principal Percentage: For any date, the Fixed Series Percentage. 

Series Required Certificate Amount: On any date, the product of (a) the excess, if any, of (i) the Required Pool
Percentage over (ii) 100% and (b) the Net Invested Amount on that date. 
 Shared Principal Collections: With
respect to Series 2011-1, has the meaning specified in Section 4.08. 

  
 19 

 Significant Manufacturer: As of any date, a Manufacturer that the aggregate amount of
all Eligible Principal Receivables held by the Issuing Entity as of that date for which the related Vehicle Collateral Security is a Vehicle manufacturer by such Manufacturer is 35.0% (or, in the case of Chrysler, 25.0%) or more of the Pool Balance.

 Special Pass-Through Entity: A grantor trust, S corporation, or partnership where more than 50% of the value of a
beneficial owner’s interest in such pass through entity is attributable to the pass-through entity’s interest in the Class B Note, Class C Note, and/or Class D Note, as applicable. 

Subordination Factor: As of any date, 16.00%; provided, however, that if on any Distribution Date, the Three Month
Average Payment Rate is (i) less than 25.00% but greater than or equal to 22.50%, (ii) less than 22.50% but greater than or equal to 20.00%, or (iii) less than 20.00%, then on the next Distribution Date, the Subordination Factor shall
be increased by (i) 2.72% over what it would have been had the Three Month Average Payment Rate been greater than or equal to 25.00%, (ii) 2.97% over what it would have been had the Three Month Average Payment Rate been less than 25.00%
but greater than or equal to 22.50%, or (iii) 3.28% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater that or equal 20.00%, respectively; provided, however, that if after any
such increase in the Subordination Factor, on any Distribution Date the Three Month Average Payment Rate as of Distribution Date is, and the Three Month Average Payment Date with respect to each of the two prior Distribution Dates was,
(i) greater than or equal 20.00% but less than 22.50%, (ii) greater than or equal to 22.50% but less than 25.00% or (iii) greater than or equal to 25.00%, then on the next Distribution Date, the Subordination Factor shall be decreased
by (i) 3.28% over what it would have been had the Three Month Average Payment Rate been less than 20.00%, (ii) 2.97% over what it would have been had the Three Month Average Payment Rate been less than 22.50% but greater than or equal to
20.00% or (iii) 2.72% over what it would have been had the Three Month Average Payment Rate been less than 25.00% but greater than or equal to 22.50%, respectively; provided, further, that the Depositor may, by delivering an
Officer’s Certificate to the Indenture Trustee and the Rating Agencies prior to the date such increase was to become effective, elect to increase the Reserve Fund Required Percentage by an additional amount in percentage points equal to 2.20%,
2.40%, or 2.65%, as applicable, pursuant to the proviso in the definition of “Reserve Fund Required Percentage” rather than increasing the Subordination Factor by an additional 2.72%, 2.97%, or 3.28%, respectively. In addition, the
Depositor may (a) in its discretion increase the Subordination Factor, increasing the Subordination Percentage and thereby increasing the Class E Invested Amount and the Class E Principal Amount by an amount equal to the product of (i) the
increase in the Subordination Percentage and (ii) the excess, if any, of (A) the Net Invested Amount over (B) the Series 2011-1 Excess Funding Amount on such date (after giving effect to any changes in such amount on such date);
provided such increase shall not cause the Required Nonoverconcentration Pool Balance to exceed the Nonoverconcentration Pool Balance or cause the Nonoverconcentration Certificate Amount to be less than the Required Nonoverconcentration Certificate
Amount or (b) upon satisfaction of the Series 2011-1 Rating Agency Condition with 

  
 20 

 
respect to each Class of Series 2011-1 Notes in connection therewith, decrease the Subordination Factor, with corresponding decreases in the Subordination Percentage, the Class E Invested Amount
and the Class E Principal Amount. Notwithstanding the foregoing, the Depositor shall not be permitted to increase the Subordination Factor in its discretion without satisfaction of the Series 2011-1 Rating Agency Condition with respect to each Class
of Series 2011-1 Notes in connection therewith if such increase would result in the aggregate amount of all such increases together with discretionary increases in the Class E Invested Amount and the Reserve Fund exceeding 5.0% of the Note Principal
Balance as of the date of such increase. 
 Subordination Percentage: As of any date, an amount (expressed as a
percentage) equal to (a) the Subordination Factor divided by (b) the result of 100% minus the Subordination Factor. 

Three Month Average Payment Rate: As of any Distribution Date, the arithmetic average of the Monthly Payment Rate determined with
respect to each of the three Collection Periods immediately preceding such Distribution Date. 
 SECTION 2.02 Other
Definitional Provisions. 
 (a) Certain capitalized terms used but not otherwise defined in this Indenture Supplement shall
have the respective meanings assigned to them in Part I of the Appendix A to the Trust Sale and Servicing Agreement, dated as of February 12, 2010 (the “Trust Sale and Servicing Agreement”), among Ally Master
Owner Trust, Ally Wholesale Enterprises LLC, Ally Bank, and Ally Financial Inc. (formerly GMAC Inc.) (“Ally Financial”), as amended, supplemented, restated or otherwise modified from time to time. 

(b) All references herein to “this Indenture Supplement” are to this Indenture Supplement as it may be amended, supplemented or
modified from time to time, and all references herein to Articles, Sections, subsections and exhibits are to Articles, Sections, subsections and exhibits of this Indenture Supplement unless otherwise specified. 

(c) All terms defined in this Indenture Supplement shall have the defined meanings when used in any certificate, notice, Note or other
document made or delivered pursuant hereto unless otherwise defined therein. 
 (d) The rules of construction set forth in
Part II of Appendix A to the Trust Sale and Servicing Agreement shall be applicable to this Indenture Supplement. 

ARTICLE III 

SERVICING FEE 
 SECTION 3.01 Servicing Compensation. 
 The share of the Servicing Fee
and the Back-up Servicing Fee, respectively, allocable to the Series 2011-1 Noteholders with respect to any Distribution Date is equal to the Monthly Servicing Fee and the Monthly Back-up Servicing Fee, respectively. The portion of the Servicing Fee
and Back-up Servicing Fee that is not allocable to the Series 2011-1 Noteholders shall be 

  
 21 

 
paid by the holders of the Certificate Interest or the Noteholders of other Series (as provided in the related Indenture Supplements) and in no event shall the Issuing Entity, the Indenture
Trustee or the Series 2011-1 Noteholders be liable for the share of the Servicing Fee or the Back-up Servicing Fee to be paid by the holders of the Certificate Interest or the Noteholders of any other Series. 

ARTICLE IV 

RIGHTS OF SERIES 2011-1 NOTEHOLDERS 
 AND ALLOCATION AND APPLICATION OF COLLECTIONS 
 SECTION 4.01
Collections and Allocations. 
 (a) Allocations to Series 2011-1. As provided in Section 8.4(a) of the
Indenture, Nonoverconcentration Interest Collections, Nonoverconcentration Principal Collections and Nonoverconcentration Defaulted Amounts shall be allocated to Series 2011-1 and then applied in accordance with this Article IV. No
Overconcentration Interest Collections, Overconcentration Principal Collections or Overconcentration Defaulted Amounts shall be allocated to the Series 2011-1. 
 (b) On each Determination Date beginning on the Determination Date in February 2011, the Servicer shall allocate to the Series 2011-1 an amount of Nonoverconcentration Interest Collections for the related
Collection Period (and, in the case of the initial Distribution Date, the prior Collection Period) equal to the product of (i) the Series Interest Percentage for the related Collection Period, and (ii) the Nonoverconcentration Interest
Collections for such Collection Period; provided, however, that for purposes of calculating the Series Interest Percentage for this Section 4.01(b), the Series 2011-1 Notes shall be deemed to have been outstanding since the
Series Cut-Off Date. 
 (c) On each Business Day beginning on the Closing Date, the Servicer shall allocate to the Series 2011-1
an amount of Nonoverconcentration Principal Collections for that date equal to the product of (i) the Series Principal Percentage for that date and (ii) the Nonoverconcentration Principal Collections for such that date. 

(d) On each Determination Date beginning on the Determination Date in February 2011, the Servicer shall allocate to the Series 2011-1 an
amount of the Nonoverconcentration Defaulted Amount for the related Collection Period equal to the product of (i) the Series Defaulted Percentage for the related Collection Period and (ii) the Monthly Nonoverconcentration Defaulted Amount
for the related Collection Period. 
 SECTION 4.02 Determination of Monthly Interest. 

(a) The amount of monthly interest due with respect to the Class A-1 Notes for any Distribution Date and the related Interest Period
(the “Class A-1 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (ii) the Class A-1 Note Interest Rate, times (iii) the Average Class A-1 Note Principal Balance for the related Interest Period. 

  
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 (b) The amount of monthly interest due with respect to the Class A-2 Notes for any
Distribution Date and the related Interest Period (the “Class A-2 Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) one-twelfth (or, in the case of the February 2011
Distribution Date, a fraction, the numerator of which is 25 and the denominator of which is 360, times (ii) the Class A-2 Note Interest Rate, times (iii) the Average Class A-2 Note Principal Balance for the related Interest
Period. 
 (c) The amount of monthly interest due with respect to the Class B Notes for any Distribution Date and the related
Interest Period (the “Class B Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest
Period and the denominator of which is 360, times (ii) the Class B Note Interest Rate, times (iii) the Average Class B Note Principal Balance for the related Interest Period. 

(d) The amount of monthly interest due with respect to the Class C Notes for any Distribution Date and the related Interest Period (the
“Class C Monthly Interest”) shall be calculated by the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the
denominator of which is 360, times (ii) the Class C Note Interest Rate, times (iii) the Average Class C Note Principal Balance for the related Interest Period. 
 (e) The amount of monthly interest due with respect to the Class D Notes for any Distribution Date and the related Interest Period (the “Class D Monthly Interest”) shall be calculated by
the Servicer and shall be an amount equal to the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (ii) the Class D Note Interest Rate,
times (iii) the Average Class D Note Principal Balance for the related Interest Period. 
 SECTION 4.03
Determination of Monthly Principal Amount. 
 The amount of monthly principal to be deposited into the Note Distribution
Account with respect to any Collection Period in the Controlled Accumulation Period or, if earlier, any Collection Period or portion thereof in the Early Amortization Period (the “Monthly Principal Amount”), shall be equal to the
least of (a) the sum of (i) the Available Series Principal Collections for the related Distribution Date, (ii) Additional Available Series Principal Collections for the related Distribution Date and (iii) any Series 2011-1 Excess
Funding Amount with respect to such period, (b) for each Collection Period with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Collection Period, and (c) the Net Invested Amount (after taking into
account any adjustments to be made on the related Distribution Date pursuant to Sections 4.05 and 4.06). 

  
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 SECTION 4.04 Application of Available Funds on Deposit in Collection Account and
Other Sources. 
 (a) On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by
written instruction to the Indenture Trustee, Available Series Interest Collections with respect to such Distribution Date on deposit in the Collection Account to make the following distributions or deposits in the following priority: 

(i) first, an amount equal to the Monthly Servicing Fee for such Distribution Date, together with any Monthly Servicing
Fees previously due but not paid to the Servicer on prior Distribution Dates, shall be distributed to the Servicer (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the
Indenture); second, pro rata, an amount equal to the accrued and unpaid fees, expenses and indemnities owed to the Indenture Trustee, the Owner Trustee, the Administrator and any other fees or expenses of the Issuing Entity payable by the Servicer
or the Administrator (to the extent not paid by the Servicer or the Administrator) shall be distributed to the Indenture Trustee, the Owner Trustee, the Administrator, or the Person to whom such payment is owed, as applicable, provided that
the amount distributed pursuant to this clause second shall not exceed $150,000 in any calendar year; third, an amount equal to the Monthly Back-up Servicing Fee for such Distribution Date, together with any Monthly Back-up Servicing Fees previously
due but not paid to the Back-up Servicer on prior Distribution Dates, shall be distributed to the Back-up Servicer; 
 (ii) an amount equal to the Class A Monthly Interest for such Distribution Date, together with any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior
Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders; 

(iii) an amount equal to the Class B Monthly Interest for such Distribution Date, together with any Class B Monthly
Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class B Noteholders; 

(iv) an amount equal to the Class C Monthly Interest for such Distribution Date, together with any Class C Monthly
Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class C Noteholders; 

(v) an amount equal to the Class D Monthly Interest for such Distribution Date, together with any Class D Monthly Interest
previously due but not paid to the Class D Noteholders on prior Distribution Dates, shall be deposited into the Note Distribution Account for payment to the Class D Noteholders; 

(vi) an amount equal to the Series Defaulted Amount for such Distribution Date shall be treated as Additional Available
Series Principal Collections for such Distribution Date; 

  
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 (vii) an amount equal to the sum of Series Charge-Offs that have not been
previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (viii) the amount equal to the sum of Reallocated Principal Collections that have not been previously reimbursed shall be treated as Additional Available Series Principal Collections for such Distribution
Date; 
 (ix) the amount necessary to cause the Class E Invested Amount to not be less than the Required Class E
Invested Amount shall be treated as Additional Available Series Principal Collections for such Distribution Date; 
 (x) an amount equal to the Reserve Fund Deposit Amount for such Distribution Date shall be deposited into the Reserve Fund; 

(xi) beginning on the Accumulation Period Reserve Account Funding Date, an amount equal to the Accumulation Period Reserve
Account Deposit Amount for such Distribution Date shall be deposited into the Accumulation Period Reserve Account; 
 (xii) the amount required to repay the Servicer for all outstanding Servicer Advances made in respect of the Series 2011-1 Notes shall be distributed to the Servicer (unless such amount has been netted
against deposits into the Collection Account in accordance with Section 8.4 of the Indenture); 

(xiii) pro rata, the amounts required to pay any remaining fees, expenses, indemnities or other amounts required to be
paid pursuant to clause second of subsection (i) above but not paid as a result of the proviso thereto, the amount required to reimburse the Back-up Servicer for all unpaid Servicer Transition Costs in excess of the amounts reimbursed by funds
from the Servicer Termination Costs Reserve Account and the amount required to reimburse the Back-up Servicer for all unpaid amounts due to the Back-up Servicer pursuant to the Back-up Servicing Agreement shall be distributed to the applicable
person; 
 (xiv) an amount equal to the Interest Collections Shortfalls for other outstanding Series in Excess
Interest Sharing Group One shall be treated as Excess Interest Collections available from Series 2011-1 and applied to cover the Interest Collections Shortfalls for other outstanding Series in Excess Interest Sharing Group One; and 

(xv) all remaining Available Series Interest Collections for such Distribution Date shall be deposited in the Certificate
Distribution Account for distribution to the holders of the Certificate in accordance with the Trust Agreement (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4 of the Indenture),
but only to the extent that such remaining amount is not otherwise required to be deposited into the Excess Funding Account or the Cash Collateral Account pursuant to Section 8.3 of the Indenture. 

  
 25 

 (b) If Available Series Interest Collections with respect to any Distribution Date are
insufficient to distribute or deposit the full amounts required under Section 4.04(a), the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, on such Distribution Date
available funds from the following sources in the following order to make up any such shortfalls to the extent provided below: 
 (i) first, from Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One, but only to cover shortfalls in the distributions and deposits required under
clauses (i) through (xii) of Section 4.04(a) in that order; 
 (ii) second,
from the Reserve Fund Available Amount, but only to cover shortfalls in the distributions and deposits required under clauses (i) through (viii) of Section 4.04(a) in that order; 

(iii) third, from the Reallocated Principal Collections for such Distribution Date, but only to cover shortfalls in the
distributions required under clauses (i) through (v) of Section 4.04(a) in that order; and 
 (iv) fourth, from the Servicer to the extent that the Servicer, in its sole discretion, decides to make an advance, but only to cover shortfalls in the distributions and deposits required under clauses
(i) through (xi) of Section 4.04(a) in that order, and only to the extent that the Servicer expects to recover such advances (each, a “Servicer Advance”) pursuant to Section 4.04(a)(xii)
on subsequent Distribution Dates. 
 (c) On each Business Day with respect to the Revolving Period, the Servicer shall apply, or
direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date as Shared Principal Collections with respect to Principal Sharing Group One and applied in accordance with
Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (d) On each Business Day with respect to the
Controlled Accumulation Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series Principal Collections for such date to make the following distributions or deposits
in the following priority: 
 (i) first, an amount equal to the excess, if any, of (A) the Monthly Principal
Amount for the related Collection Period over (B) the amount previously deposited during that Collection Period for the payment of principal to the Noteholders shall be deposited into the Note Distribution Account for payment of principal to
the Noteholders; and 

  
 26 

 (ii) second, any remaining amounts shall be treated as Shared Principal
Collections with respect to Principal Sharing Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (e) On each Business Day with respect to the Early Amortization Period, the Servicer shall apply, or direct the Indenture Trustee to apply by written instruction to the Indenture Trustee, Available Series
Principal Collections for such date to make the following distributions or deposits in the following priority: 

(i) first, the amount necessary to reduce the Note Principal Balance to zero, but not more than the amount that would
reduce the Invested Amount to zero, shall be deposited into the Note Distribution Account for payment of principal to the Noteholders in accordance with Section 5.02(b); and 

(ii) second, any remaining amounts shall be treated as Shared Principal Collections with respect to Principal Sharing
Group One and applied in accordance with Section 4.08 hereof and Section 8.5(c) of the Indenture. 
 (f)
On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee to apply by written instructions to the Indenture Trustee, Additional Available Series Principal Collections, if any, (i) first, to make the applications of
Additional Available Series Principal Collections required pursuant to Section 4.06, (ii) second, to make the deposits and distributions required to be made during the related Collection Period pursuant to Sections 4.04(c),
(d) and (e) that have not otherwise been made as of such Distribution Date, and (iii) third, any remaining Additional Available Series Principal Collections shall be treated as Available Series Principal Collections for
such date. 
 (g) On the first Business Day of the earlier to occur of the Controlled Accumulation Period and the Early
Amortization Period, the Indenture Trustee, acting in accordance with written instructions from the Servicer, shall withdraw from the Excess Funding Account and apply in accordance with Sections 4.04(d) or (e), as applicable, an amount
equal to the lesser of (i) the Series 2011-1 Excess Funding Amount for such date and (ii) the amount required to be deposited or distributed on that date pursuant to Section 4.04(d)(i) or 4.04(e)(i), as applicable that
was not previously deposited or distributed on that date. 
 (h) The Controlled Accumulation Period is scheduled to commence on
the first day of the July 2013 Collection Period; provided, however, that, if the Accumulation Period Length (determined as described below) is less than six Collection Periods, the date on which the Controlled Accumulation Period
actually commences shall be delayed to the first day of the Collection Period that is the number of whole Collection Periods before the Series 2011-1 Expected Maturity Date at least equal to the Accumulation Period Length and, as a result, the
number of Collection Periods in the Controlled Accumulation Period shall at least equal the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the June 2013 Collection Period and ending when the
Controlled Accumulation Period begins, the Servicer shall determine the “Accumulation Period Length” as of such Determination Date, which shall equal the number of whole Collection Periods such that

  
 27 

 
the sum of the Accumulation Period Factors for each Collection Period during such period shall be equal to or greater than the Required Accumulation Factor Number; provided,
however, that the Accumulation Period Length shall not be determined to be less than one Collection Period. If the number of whole Collection Periods remaining after such Determination Date and before the Series 2011-1 Expected Maturity Date
is less than or equal to the Accumulation Period Length calculated as of such Determination Date, the Controlled Accumulation Period shall commence on the first day of the following Collection Period; provided, however, if such number
of Collection Periods is greater than such Accumulation Period Length, the commencement of the Controlled Accumulation Period shall be delayed until at least the next Determination Date, at which time the Accumulation Period Length shall be
recalculated as described above. 
 (i) All distributions that are deposited by the Indenture Trustee into the Certificate
Distribution Account for distribution to the holders of the Certificate pursuant to this Indenture Supplement shall be made in accordance with such written remittance instructions as may be provided to the Indenture Trustee by the Depositor from
time to time. 
 (j) Notwithstanding any other provision of this Indenture Supplement or the Indenture, if any amount is
required to be deposited into any Series Account or other account pursuant to this Indenture Supplement and all or part of the amount of such deposit is to be deposited into another account or otherwise distributed on that date, such amount may be
deposited directly into the applicable subsequent account or distributed directly to the applicable recipient without first being deposited into the initial Series Account or account. 

(k) If an increase in the Subordination Factor is to occur on the next Distribution Date, the Required Nonoverconcentration Pool Balance
for purposes of Section 8.3 of the Indenture as of such Distribution Date and on each subsequent date until the Distribution Date on which such increase takes effect shall be calculated as if the increase in the Subordination Factor has
already occurred. 
 SECTION 4.05 Series Charge-Offs. 

(a) On each Determination Date, the Servicer shall calculate the Series Defaulted Amount, if any, for the related Distribution Date. If
the Series Defaulted Amount for any Distribution Date exceeds the sum of: 
 (i) the Available Series Interest
Collections for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi); 
 (ii) the Excess Interest Collections available from other outstanding Series in Excess Interest Sharing Group One for such Distribution Date applied to fund such Series Defaulted Amount pursuant to
Section 4.04(a)(vi) in accordance with Section 4.04(b)(i); 
 (iii) the Reserve Fund
Available Amount for such Distribution Date applied to fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(ii) (after giving effect to the application of such amounts to items
(i) through (v) in Section 4.04(a)); and; 

  
 28 

 (iv) the amount of Servicer Advances for such Distribution Date applied to
fund such Series Defaulted Amount pursuant to Section 4.04(a)(vi) in accordance with Section 4.04(b)(iv); 
 then, a
“Series Charge-Off” in the amount of such excess shall exist for such Distribution Date and shall reduce the Invested Amount. 
 (b) The reduction in the Invested Amount for such Distribution Date due to such Series Charge-Off shall be allocated as follows: 

(i) first, the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount
is reduced to zero; then 
 (ii) second, the Class D Invested Amount shall be reduced by any remaining amount
until the Class D Invested Amount is reduced to zero; then 
 (iii) third, the Class C Invested Amount shall be
reduced by any remaining amount until the Class C Invested Amount is reduced to zero; then 
 (iv) fourth, the
Class B Invested Amount shall be reduced by any remaining amount until the Class B Invested Amount is reduced to zero; and then 
 (v) fifth, the Class A Invested Amount shall be reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 

SECTION 4.06 Reallocated Principal Collections. 
 On each Distribution Date, the Servicer shall apply, or direct the Indenture Trustee by written instruction to the Indenture Trustee to apply the portion of Reallocated Principal Collections specified in
Section 4.04(b)(iii) from the following sources and in the following order of priority, (i) first, Additional Available Series Principal Collections for that Distribution Date available in accordance with
Section 4.04(f), (ii) second, Series Principal Collections for that date, and (iii) third, amounts on deposit in the Note Distribution Account for the payment of principal (first for the Class E Notes, then for the Class D
Notes, then for the Class C Notes, then for the Class B Notes and then for the Class A Notes), but not in excess of the amounts specified in the definition of “Reallocated Principal Collections,” in accordance with
Section 4.04(b)(iii). If, on any Distribution Date, Reallocated Principal Collections for such Distribution Date are so applied, then, the Invested Amount shall be reduced by the amount of such application and, if such amounts are from
withdrawals from the Note Distribution Account, those amounts shall be deemed not to have been allocated or deposited into the Note Distribution Account for purposes of this Indenture Supplement. The reduction in the Invested Amount for such
Distribution Date due to the application of such Reallocated Principal Collections shall be allocated as follows: 
 (a) first,
the Class E Invested Amount shall be reduced by the amount of such reduction until the Class E Invested Amount is reduced to zero; then 

  
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 (b) second, the Class D Invested Amount shall be reduced by any remaining amount until the
Class D Invested Amount is reduced to zero; then 
 (c) third, the Class C Invested Amount shall be reduced by any remaining
amount until the Class C Invested Amount is reduced to zero; then 
 (d) fourth, the Class B Invested Amount shall be reduced by
any remaining amount until the Class B Invested Amount is reduced to zero; and then 
 (e) fifth, the Class A Invested
Amount shall be reduced by any remaining amount until the Class A Invested Amount is reduced to zero. 
 SECTION 4.07
Excess Interest Collections. 
 Subject to Section 8.05(b) of the Indenture, Excess Interest Collections with
respect to the Excess Interest Sharing Series in Excess Interest Sharing Group One for any Distribution Date shall be allocated to Series 2011-1 in an amount equal to the product of (i) the aggregate amount of Excess Interest Collections with
respect to all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date and (ii) a fraction, the numerator of which is the Interest Collections Shortfall for Series 2011-1 for such Distribution Date and
the denominator of which is the aggregate amount of Interest Collections Shortfalls for all the Excess Interest Sharing Series in Excess Interest Sharing Group One for such Distribution Date. The “Interest Collections Shortfall” for
Series 2011-1 for any Distribution Date shall equal the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to clauses (i) through (xii) of Section 4.04(a) on such
Distribution Date, over (b) the Available Series Interest Collections for such Distribution Date. The maximum amount of “Excess Interest Collections” with respect to Series 2011-1 for any Distribution Date available for other
Series in Excess Sharing Group One shall equal the excess, if any, of (a) the Available Series Interest Collections for such Distribution Date over (b) the full amount required to be distributed, without duplication, pursuant to clauses
(i) through (xii) of Section 4.04(a) on such Distribution Date. 
 SECTION 4.08 Shared
Principal Collections. 
 Subject to Section 8.5(c) of the Indenture, the aggregate amount of Shared Principal
Collections with respect to the Principal Sharing Series in Principal Sharing Group One for any date shall be allocated to Series 2011-1 in an amount equal to the product of (i) the aggregate amount of Shared Principal Collections, times
(ii) a fraction, the numerator of which is the Principal Shortfall for Series 2011-1 for such date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Principal Sharing Series in Principal Sharing Group One
for such date. The “Principal Shortfall” for Series 2011-1 shall equal (a) for any date in the Revolving Period, zero, (b) for any date in the Controlled Accumulation Period, the amount to be deposited or distributed
pursuant to Sections 4.04(d) over the amount previously deposited or distributed pursuant to that subsection, and (c) for any date in the Early Amortization Period, the amount to be deposited or distributed pursuant to
Section 4.04(e) over the amount previously deposited or distributed pursuant to that subsection. The “Shared Principal Collections” with 

  
 30 

 
respect to Series 2011-1 for any date shall equal the excess, if any, of (a) the Available Series Principal Collections for such date (without giving effect to clause (ii) of the
definition thereof) over (b) the full amount required to be deposited or distributed, without duplication, pursuant to Sections 4.04(c), (d) or (e) on such date. 

SECTION 4.09 Reinstatement of Invested Amount. 
 (a) The Invested Amount shall be reinstated on any Distribution Date by the amount of any Available Series Interest Collections that are applied pursuant to Section 4.04(a)(vi),
(vii), (viii) and (ix). This amount shall be applied as follows: 
 (i) first, if the
Class A Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class A Invested Amount until it equals the Class A Note Principal Balance minus the amount on deposit in the Note Distribution Account
(excluding amounts relating to investment earnings) allocated to it; then 
 (ii) second, if the Class B Invested
Amount has been reduced pursuant to Sections 4.05 or 4.06, to the Class B Invested Amount until it equals the Class B Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to
investment earnings) allocated to it; then 
 (iii) third, if the Class C Invested Amount has been reduced
pursuant to Sections 4.05 or 4.06, to the Class C Invested Amount until it equals the Class C Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings)
allocated to it; then 
 (iv) fourth, if the Class D Invested Amount has been reduced pursuant to Sections
4.05 or 4.06, to the Class D Invested Amount until it equals the Class D Note Principal Balance minus the amount on deposit in the Note Distribution Account (excluding amounts relating to investment earnings) allocated to it; and then

 (v) fifth, if the Class E Invested Amount has been reduced pursuant to Sections 4.05 or 4.06, to
the Class E Invested Amount until it equals the Required Class E Invested Amount. 
 SECTION 4.10 Note Distribution
Account. 
 (a) The Servicer, for the benefit of the Noteholders, shall establish and maintain with the Indenture Trustee in
the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly indicating that the funds and other property credited thereto are held for the benefit
of the Noteholders (the “Note Distribution Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents,
certificates of deposit and other property from time to time on deposit in or credited to the Note Distribution Account and in all interest, proceeds, earnings, income, 

  
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revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as
expressly provided in this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in
the Note Distribution Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits and withdrawals from
the Note Distribution Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 

(b) Funds on deposit in the Note Distribution Account shall, at the written direction of the Servicer, be invested by the Indenture
Trustee (including the Securities Intermediary) in Eligible Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall
cause each Eligible Investment to be delivered to it (including a securities intermediary) and shall be credited to the Note Distribution Account. Funds on deposit in the Note Distribution Account shall be invested in Eligible Investments. On each
Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Note Distribution Account shall be treated as Available Series Interest Collections with respect to the related
Collection Period. The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.10(b) nor for the selection of Eligible
Investments in accordance with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 SECTION 4.11 Reserve Fund. 
 (a) The Servicer, for the benefit of the
Series 2011-1 Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a
designation clearly indicating that the funds and other property credited thereto are held for the benefit of the Series 2011-1 Noteholders (the “Reserve Fund”). The Indenture Trustee shall possess all right, title and interest in
all Eligible Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Reserve Fund and in all interest, proceeds,
earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Series 2011-1 Noteholders. Except as expressly provided in
this Indenture Supplement and the Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in the Reserve Fund for
any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the written direction of the Servicer, shall make deposits to and withdrawals from the Reserve Fund from time to
time in the amounts and for the purposes set forth in this Indenture Supplement. 

  
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 (b) Funds on deposit in the Reserve Fund shall, at the written direction of the Servicer, be
invested by the Indenture Trustee or its nominee (including the Securities Intermediary) in Eligible Investments. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Series 2011-1 Noteholders.
The Indenture Trustee shall cause each Eligible Investment to be delivered to it or its nominee (including a securities intermediary) and shall be credited to the Reserve Fund. Funds on deposit in the Reserve Fund shall be invested in Eligible
Investments. On each Distribution Date, all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Reserve Fund shall be treated as Available Series Interest Collections for such Distribution Date.
The Indenture Trustee shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.11(b) nor for the selection of Eligible Investments in accordance
with the provisions of this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 (c) The Reserve
Fund initially shall be funded by the Depositor on the Closing Date in the amount of the Reserve Fund Initial Amount. After the Closing Date, funds shall be deposited into the Reserve Fund as provided in Section 4.04(a)(x). The Depositor
may at any time and from time to time make additional deposits into the Reserve Fund; provided, however, the Depositor shall not be permitted to make any such discretionary deposit without satisfaction of the Series 2011-1 Rating
Agency Condition with respect to each Class of Series 2011-1 Notes in connection therewith if such deposit together with any discretionary increases in the Subordination Factor and the Class E Invested Amount would result in the aggregate amount of
all such deposits and increases exceeding 5.0% of the Note Principal Balance as of the date of such deposit. 
 (d) If on any
Distribution Date, after giving effect to all withdrawals from and deposits to the Reserve Fund, the amount on deposit in the Reserve Fund (excluding amounts relating to investment earnings) exceeds the Reserve Fund Required Amount then in effect,
the Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

(e) Upon the earlier to occur of the date on which the Series 2011-1 Notes are paid in full and the Series 2011-1 Legal Maturity Date,
any funds remaining in the Reserve Fund, after giving effect to any deposits and withdrawals made therefrom on such date, shall be treated as Additional Available Series Principal Collections. The Reserve Fund shall thereafter be deemed to have
terminated for purposes of this Indenture Supplement. 
 SECTION 4.12 Determination of LIBOR. 

(a) On each LIBOR Determination Date, the Indenture Trustee shall determine LIBOR on the basis of the rate for deposits in United States
dollars for a one-month period which appears on Bloomberg Screen BTMM Page under the heading “LIBOR FIX BBAM” as of 11:00 a.m., London time, on such date. If such rate does not appear on such page (or such other

  
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page as may replace that page on that service, or if such service is no longer offered, such other service for displaying LIBOR or comparable rates as may be selected by the Indenture Trustee
after consultation with the Depositor), the rate shall be the One Month Reference Bank Rate. The “One Month Reference Bank Rate” shall be determined on the basis of the rates at which deposits in U.S. dollars are offered by the
reference banks (which shall be four major banks that are engaged in transactions in the London interbank market, selected by the Indenture Trustee after consultation with the Depositor) as of 11:00 a.m., London time, on the applicable LIBOR
Determination Date to prime banks in the London interbank market for a period of one month commencing on such preceding Distribution Date in amounts approximately equal to the principal balance of the Series 2011-1 Notes. The Indenture Trustee shall
request the principal London office of each of the reference banks to provide a quotation of its rate. If at least two such quotations are provided, the rate shall be the arithmetic mean of the quotations, rounded upwards to the nearest
one-sixteenth of one percent. If on any such date fewer than two quotations are provided as requested, the rate shall be the arithmetic mean, rounded upwards to the nearest one-sixteenth of one percent, of the rates quoted by one or more major banks
in New York, selected by the Indenture Trustee after consultation with the Depositor, as of 11:00 a.m., New York time, on such date to leading European banks for U.S. dollar deposits for a period of one month commencing on such applicable date in
amounts approximately equal to the then outstanding principal balance of the Series 2011-1 Notes. If no such quotation can be obtained, the rate shall be LIBOR for the prior Distribution Date. 

(b) On each LIBOR Determination Date, the Indenture Trustee shall send to the Servicer, the Issuing Entity and the Administrator by
facsimile or email transmission, notification of LIBOR for the following Interest Period. 
 (c) The Servicer shall provide, in
the Monthly Statement, the Class A Note Interest Rate, the Class B Note Interest Rate, the Class C Note Interest Rate and the Class D Note Interest Rate applicable to each Distribution Date. 

(d) Other than the determination of LIBOR as provided for herein, all other determinations and calculations provided for in this
Indenture Supplement shall be made by the Servicer. 
 SECTION 4.13 Accumulation Period Reserve Account. 

(a) If the Accumulation Period Reserve Account Required Amount is greater than zero ($0), the Servicer, for the benefit of the
Noteholders, shall establish and maintain with the Indenture Trustee or its nominee in the name of the Indenture Trustee, on behalf of the Issuing Entity, an Eligible Deposit Account (including any subaccounts thereof) bearing a designation clearly
indicating that the funds and other property credited thereto are held for the benefit of the Noteholders (the “Accumulation Period Reserve Account”). The Indenture Trustee shall possess all right, title and interest in all Eligible
Investments and all monies, cash, instruments, securities, securities entitlements, documents, certificates of deposit and other property from time to time on deposit in or credited to the Accumulation Period Reserve Account and in all interest,
proceeds, earnings, income, revenue, dividends and other distributions thereof (including any accrued discount realized on liquidation of any investment purchased at a discount) for the benefit of the Noteholders. Except as expressly provided in
this Indenture Supplement and the 

  
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Trust Sale and Servicing Agreement, the Servicer agrees that it has no right of setoff or banker’s lien against, and no right to otherwise deduct from, any funds and other property held in
the Accumulation Period Reserve Account for any amount owed to it by the Indenture Trustee, the Issuing Entity, any Noteholder or any Series Enhancer. The Indenture Trustee, at the direction of the Servicer, shall make deposits and withdrawals from
the Accumulation Period Reserve Account from time to time, in the amounts and for the purposes set forth in this Indenture Supplement. 
 (b) Funds on deposit in the Accumulation Period Reserve Account shall, at the written direction of the Servicer, be invested by the Indenture Trustee (including the Securities Intermediary) in Eligible
Investments selected by the Servicer. All such Eligible Investments shall be held by the Indenture Trustee or its nominee for the benefit of the Noteholders. The Indenture Trustee shall cause each Eligible Investment to be delivered to it (including
a securities intermediary) and shall be credited to the Accumulation Period Reserve Account. Funds on deposit in the Accumulation Period Reserve Account shall be invested in Eligible Investments. On each Distribution Date, all interest and other
investment earnings (net of losses and investment expenses) on funds on deposit in the Accumulation Period Reserve Account shall be treated as Available Series Interest Collections with respect to the related Collection Period. The Indenture Trustee
shall bear no responsibility or liability for any losses resulting from investment or reinvestment of any funds in accordance with this Section 4.13(b) nor for the selection of Eligible Investments in accordance with the provisions of
this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement. 
 (c) On or before each Distribution Date
with respect to the Controlled Accumulation Period and on or before the first Distribution Date with respect to the Early Amortization Period beginning after the commencement of the Controlled Accumulation Period, the Servicer shall calculate the
Accumulation Period Reserve Draw Amount; provided, however, that such amount shall be reduced to the extent that funds otherwise would be available for deposit into the Accumulation Period Reserve Account pursuant to Sections
4.04(a)(xi) and Section 4.04(b)(i) on such Distribution Date. If for any Distribution Date, the Accumulation Period Reserve Draw Amount is greater than zero, the Accumulation Period Reserve Draw Amount, up to the Available
Accumulation Period Reserve Account Amount, shall be withdrawn from the Accumulation Period Reserve Account on such Distribution Date by the Indenture Trustee (acting in accordance with the written instructions of the Servicer) and deposited into
the Collection Account for application as Available Series Interest Collections. 
 (d) If on any Distribution Date, after
giving effect to all withdrawals from and deposits to the Accumulation Period Reserve Account, the amount on deposit in the Accumulation Period Reserve Account exceeds the Accumulation Period Reserve Account Required Amount then in effect, the
Indenture Trustee shall, at the written direction of the Servicer, distribute such excess to the Owner Trustee for distribution to the holders of the Certificate Interest in accordance with the Trust Agreement. 

(e) Upon the earliest to occur of (i) the payment in full of the Series 2011-1 Notes, (ii) the first Distribution Date relating
to the Early Amortization Period and (iii) the Series 2011-1 Legal Maturity Date, any funds remaining in the Accumulation Period Reserve Account, after withdrawal of funds therefrom on such date in accordance with Section 4.13(c),
shall be treated as Available Series Interest Collections. The Accumulation Period Reserve Account shall thereafter be deemed to have terminated for purposes of this Indenture Supplement. 

  
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 SECTION 4.14 Transfer Restrictions. 

(a) The Class E Notes (or interests therein) may not be acquired by or for the account of (i) a Benefit Plan other than an insurance
company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for
and satisfied all conditions for relief under PTCE 95-60 or (ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt
prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class E Note (or interest therein), the Holder thereof and
any related Note Owner shall each be deemed to have represented and warranted that it is not, nor is it acquiring the Note for the account of either, (i) a Benefit Plan other than an insurance company general account (as defined in Prohibited
Transaction Class Exemption (“PTCE”) 95-60) whose underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class E Notes is eligible for and satisfied all conditions for relief under
PTCE 95-60 or (ii) an employee benefit plan or plan that is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt
violation of, any applicable law that is substantially similar to Title I of ERISA or Section 4975 of the Code. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein), the Holder thereof
and any related Note Owner shall be deemed to have represented and warranted that either (i) it is not, nor is it acquiring the Note for the account of, a Benefit Plan or any other plan that is subject to any law that is substantially similar
to Title I of ERISA or Section 4975 of the Code or (ii) the acquisition and holding of the Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a non-exempt
violation of substantially similar law. In addition, Benefit Plans may not acquire (i) a Class A Note, Class B Note, Class C Note, or Class D Note at any time that such Note would not be treated as indebtedness without substantial equity
features, or (ii) a Class B Note, Class C Note or Class D Note at any time that the ratings on such Note are below investment grade. By accepting and holding a Class A Note, Class B Note, Class C Note or Class D Note (or interest therein),
the Holder thereof and any related Note Owner shall each be deemed to have represented and warranted that its acquisition of such note is in compliance with the foregoing restriction. 

(b) The Series 2011-1 Private Notes will not be registered under the Securities Act or the securities or blue sky laws of any other
jurisdiction. Consequently, the Series 2011-1 Private Notes are not transferable other than pursuant to an exemption from the registration requirements of the Securities Act and satisfaction of certain other provisions specified herein. No sale,
pledge or other transfer of the Series 2011-1 Private Notes (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made to or by the Depositor, (ii) so long as the Series 2011-1 Private
Notes are eligible for resale pursuant to Rule 144A under the Securities Act, such sale, pledge or other transfer is made to a person whom the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a
“qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a 

  
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“Qualified Institutional Buyer”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified
Institutional Buyers) to whom notice is given that the sale, pledge or transfer is being made in reliance on Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the
registration requirements of the Securities Act, in which case (A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts
surrounding such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee shall require a written opinion of counsel (which will not be at the expense of
the Issuing Entity, the Seller, the Depositor, the Servicer or the Indenture Trustee) satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not violate the Securities Act. Neither the Depositor nor the
Indenture Trustee shall be obligated to register the Series 2011-1 Private Notes under the Securities Act, qualify the Series 2011-1 Private Notes under the securities laws of any state or provide registration rights to any purchaser or holder
thereof. 
 (c) Transfer of a Class E Note may only be made to a Person who is a United States Person (within the meaning of
Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring a Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in Section 2.14 of the Indenture and (ii) other than
the Depositor shall not acquire or hold such Class E Note or interest therein in the form of a Book Entry Note. 
 (d) No sale,
pledge or other transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(E) hereof (in order to prevent the Issuing Entity from being treated as a
“publicly traded partnership” under Section 7704 of the Code), and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as defined in Section 3(a)(2) of the Securities Act) acting in its
fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding restriction will be void ab initio and the purported
transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an opinion of independent counsel that the transfer will not cause
the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes. 
 (e) (i) A sale, pledge, or transfer of a Class B Note, a Class C Note or a Class D Note may only be made to a Person who is a United State Person (within the meaning of Section 7701(a)(30) of the
Internal Revenue Code). A Person other than the Depositor acquiring a Class B Note, a Class C Note or a Class D Note or an interest therein shall be deemed to have made the representations set forth in Section 2.14 of the Indenture; and
(ii) no sale, pledge, or transfer of a Class B Note, a Class C Note or a Class D Note shall be made (x) to any one person with a face amount of less than 100% of the Class B Note Principal Balance, Class C Note Principal Balance or Class D
Note Principal Balance, as applicable, or (y) to a Special Pass-Through Entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale, pledge, or transfer shall not cause the
Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and (B) the

  
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Depositor shall have provided prior written approval; provided, however, that the restrictions in this Section 4.14(e) shall not apply in the event counsel satisfactory
to the Indenture Trustee and the Depositor has rendered an opinion to the effect that the Class B Note, the Class C Note or the Class D Note, as applicable, to be sold, pledged, or transferred will be characterized as indebtedness for federal income
tax purposes. Any attempted transfer in contravention of this Section 4.14(e) will be void ab initio and the purported transferor will continue to be treated as the owner of, as applicable, the Class B Note, the Class C Note or
the Class D Note for all purposes. 
 ARTICLE V 
 DELIVERY OF SERIES 2011-1 NOTES; 
 DISTRIBUTIONS; REPORTS TO SERIES 2011-1
NOTEHOLDERS 
 SECTION 5.01 Delivery and Payment for Series 2011-1 Notes. 

The Indenture Trustee shall authenticate the Series 2011-1 Notes in accordance with Section 2.2 of the Indenture. The
Indenture Trustee shall deliver the Series 2011-1 Notes to the Issuing Entity when so authenticated. 
 SECTION 5.02
Distributions. 
 (a) On each Distribution Date, based solely on the information contained in the Monthly Statement, the
Indenture Trustee shall distribute to each Class A-1 Noteholder, Class A-2 Noteholder, Class B Noteholder, Class C Noteholder and Class D Noteholder of record on the related Record Date (other than as provided in Section 11.2
of the Indenture) such Class A-1 Noteholder’s, Class A-2 Noteholder’s, Class B Noteholder’s, Class C Noteholder’s and Class D Noteholder’s, respectively, pro rata share of the amounts allocated and available in the
Note Distribution Account on such Distribution Date to pay interest on the Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes, respectively, pursuant to this Indenture Supplement. 

(b) On the Series 2011-1 Expected Maturity Date and on each Distribution Date with respect to the Early Amortization Period, based solely
on the information contained in the Monthly Statement, from the amounts allocated during the related or any prior Collection Period or, with respect to Additional Available Series Principal Collections, on such or any prior Distribution Date and
available in the Note Distribution Account on such Distribution Date to pay principal of the Series 2011-1 Notes pursuant to this Indenture Supplement, the Indenture Trustee shall distribute: 

(i) first, pro rata to each Class A-1 Noteholder of record and Class A-2 Noteholder of record, as applicable, on
the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class A Notes (allocated pro rata between the Class A-1 Notes and the Class A-2 Notes), until the Class A Notes have
been paid in full, 

  
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 (ii) second, pro rata to each Class B Noteholder of record on the related
Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class B Notes until the Class B Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal
with respect to the Class B Notes unless the Class A Principal Balance is zero, 
 (iii) third, pro rata to
each Class C Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class C Notes until the Class C Notes have been paid in full, provided, however, that
in no event shall any amount be paid as principal with respect to the Class C Notes unless the Class A Principal Balance and the Class B Principal Balance are zero, 

(iv) fourth, pro rata to each Class D Noteholder of record on the related Record Date (other than as provided in
Section 11.2 of the Indenture), principal of the Class D Notes until the Class D Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class D Notes
unless the Class A Principal Balance, the Class B Principal Balance and the Class C Principal Balance are zero, and 
 (v) fifth, pro rata to each Class E Noteholder of record on the related Record Date (other than as provided in Section 11.2 of the Indenture), principal of the Class E Notes until the Class E
Notes have been paid in full, provided, however, that in no event shall any amount be paid as principal with respect to the Class E Notes unless the Class A Principal Balance, the Class B Principal Balance, the Class C Principal
Balance and the Class D Principal Balance are zero. 
 (c) The distributions to be made pursuant to this Section are subject to
the provisions of Sections 2.5 of the Trust Sale and Servicing Agreement, Section 11.2 of the Indenture and Section 7.01 of this Indenture Supplement. 

(d) Except as provided in Section 11.2 of the Indenture with respect to a final distribution, distributions to Series 2011-1
Noteholders hereunder shall be made by (i) wire transfer (to the account specified by the applicable Noteholder) or check mailed first class, postage prepaid to each Series 2011-1 Noteholder (at such Noteholder’s address as it appears in
the Note Register), except that with respect to any Series 2011-1 Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (ii) without presentation or surrender of any
Series 2011-1 Note or the making of any notation thereon. 
 (e) The amount of all distributions and deposits that are required
to be made by the Indenture Trustee on each Distribution Date pursuant to this Section 5.02 shall be set forth in written instructions (which may be in the form of the Monthly Statement) provided by the Servicer to the Indenture Trustee
no later than the second Business Day prior to the related Distribution Date. 

  
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 (f) The Indenture Trustee shall have no duty to make any deposits or distributions or any
other payments under this Indenture Supplement unless and until it has sufficient cash to make such payments and it has received written instructions from the Servicer as to such deposits, distributions and payments. 

SECTION 5.03 Reports and Statements to Series 2011-1 Noteholders. 

(a) The Indenture Trustee will make available each month to each Series 2011-1 Noteholder the statements referred to in
Section 5.03(b) below (and certain other documents, reports and information regarding the Receivables provided by the Servicer form time to time) via the Indenture Trustee’s internet website, with the use of a password provided by the
Indenture Trustee. The Indenture Trustee’s internet website will be located at www.CTSLink.com or at such other address as the Indenture Trustee shall notify the Series 2011-1 Noteholders from time to time. For assistance with regard to this
service, the Series 2011-1 Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the right to change the way the statements referred to in Section 5.03(b) below
are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements are only provided to the then current Series 2011-1 Noteholders. The Indenture
Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.4, Section 12.5 or Section 12.6 of the Indenture, as appropriate.

 (b) No later than the second Business Day preceding each Distribution Date, the Servicer shall deliver to the Owner Trustee,
the Indenture Trustee and, if Ally Financial or an Affiliate of Ally Financial is the Servicer, each Rating Agency (or, if Ally Financial or an Affiliate of Ally Financial is not the Servicer, to the Depositor, who shall promptly provide such
Monthly Statement to each Rating Agency) a statement substantially in the form of Exhibit B (the “Monthly Statement”) prepared by the Servicer; provided that the Servicer may amend the form of Exhibit B from time to
time. 
 (c) A copy of each statement or certificate provided pursuant to Section 5.03(a) or (b) may be
obtained by any Series 2011-1 Noteholder by a request in writing to the Servicer. 
 (d) Within the prescribed period of time
for tax reporting purposes after the end of each calendar year during the term of this Indenture Supplement, the Indenture Trustee and the Administrator shall furnish (or cause to be furnished), to each Person who at any time during such calendar
year shall have been a holder of record of Series 2011-1 Notes, and received any payment thereon, a statement containing such information as may be required by the Code and applicable Treasury Regulations to enable such Noteholder to prepare its
federal income tax returns. 
 ARTICLE VI 
 SERIES 2011-1 EARLY AMORTIZATION EVENTS AND SERIES 2011-1 
 EVENTS OF
DEFAULT 
 SECTION 6.01 Series 2011-1 Early Amortization Events. 

If any one of the following events occurs with respect to the Series 2011-1 Notes: 

(a) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to duly observe or perform in any material respect
any other covenants or agreements of the Depositor, the Servicer or the Seller, as the case may be, set forth in the Trust Sale and Servicing Agreement or the Pooling and Servicing Agreement, which failure continues unremedied for a period of 60
days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given by the Indenture Trustee or the Owner Trustee to the Depositor, provided, however, that no Early Amortization Event
shall be deemed to occur if such failure results in the creation of Warranty Receivables or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in
accordance with the Basic Documents; 

  
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 (b) any representation or warranty made by the Seller in the Pooling and Servicing Agreement
or the Depositor in the Trust Sale and Servicing Agreement or any information contained on the Schedule of Accounts, (i) shall prove to have been incorrect in any material respect when made or when delivered, and shall continue to be incorrect
in any material respect for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Depositor by the Indenture Trustee or the Owner Trustee and (ii) as a result
of such incorrectness the interests of the Noteholders are materially and adversely affected, provided, however, that no Early Amortization Event shall be deemed to occur if such failure results in the creation of Warranty Receivables
or Administrative Receivables and such Warranty Receivables or Administrative Receivables are purchased by the Seller, the Depositor or the Servicer in accordance with the Basic Documents; 

(c) failure on the part of the Depositor, the Servicer or the Seller, as applicable, to pay (or set aside for payment) all amounts
required to be paid as principal on any Series 2011-1 Notes on the Series 2011-1 Expected Maturity Date; 
 (d) on any
Distribution Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than 17.50%; 

(e) on any three consecutive Distribution Dates, the amount on deposit in the Reserve Fund is less than the Reserve Fund Required Amount;

 (f) on any Distribution Date, the Reserve Fund Required Amount for such Distribution Date exceeds the amount on deposit in
the Reserve Fund by more than the Reserve Fund Trigger Amount; 
 (g) the unpaid principal amount of Outstanding Series 2011-1
Notes (together with accrued and unpaid interest thereon) shall have become immediately due and payable as a result of an Event of Default pursuant to Section 6.03 of this Indenture Supplement; 

(h) an Insolvency Event with respect to the Seller, the Depositor or the Servicer (or Ally Financial, if Ally Financial is not the
Servicer); 
 (i) on any Distribution Date, the amount on deposit in the Excess Funding Account exceed 30.0% of the sum of the
Net Invested Amounts of all outstanding Series (including Series 2011-1), being determined as the average over the six Collection Periods immediately preceding the Distribution Date, or, if shorter, the period from the initial issuance date through
and including the last day of the immediately preceding Collection Period); 

  
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 (j) the Issuing Entity or the Depositor is required to register under the Investment Company
Act; 
 (k) a Liquidation Event occurs with respect to a Significant Manufacturer or with respect to a Majority of
Manufacturers; 
 (l) on any Distribution Date, the Required Class E Invested Amount for such Distribution Date exceeds the
Class E Invested Amount; 
 (m) a failure by the Depositor to transfer to the Issuing Entity Receivables arising in connection
with Additional Accounts within 15 Business Days after the date on which the Depositor is required to convey such Receivables pursuant to Section 2.7(a) of the Trust Sale and Servicing Agreement; or 

(n) on the first Distribution Date related to the Controlled Accumulation Period, the amount on deposit in the Accumulation Period
Reserve Account is less than the Accumulation Period Reserve Account Required Amount; 
 then, (i) in the case of any event
described in clauses (a) or (b) above, after any applicable grace period, either the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of Series 2011-1 Notes by notice then given in writing to the
Depositor and the Servicer (and to the Indenture Trustee if given by the Series 2011-1 Noteholders) may declare that an Early Amortization Event with respect to the Series 2011-1 Notes (a “Series 2011-1 Early Amortization Event”)
has occurred as of the date of such notice, and (ii) in the case of any event described in clauses (c) through (n) above, immediately and without any notice or other action on the part of the Indenture Trustee or the
Series 2011-1 Noteholders, a Series 2011-1 Early Amortization Event shall be deemed to have occurred. 
 SECTION 6.02
Series 2011-1 Events of Default. 
 For the purposes of this Indenture Supplement, “Event of Default”
wherever used herein, means any one of the following events: 
 (a) failure to pay any interest on any Investor Note as and when
the same becomes due and payable, and such default shall continue unremedied for a period of thirty-five (35) days; or 

(b) except as set forth in Section 6.02(c) below, failure to pay any installment of the principal of any Investor Note as and
when the same becomes due and payable, and such default continues unremedied for a period of thirty (30) days after there shall have been given, by registered or certified mail, written notice thereof to the Issuing Entity and the Servicer by
the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of not less than 25% of the Outstanding Amount of such Notes, a written notice specifying such default and demanding that it be remedied and
stating that such notice is a “Notice of Default” hereunder; or 

  
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 (c) failure to pay in full the Outstanding Amount attributable to the Series 2011-1 Notes on
or prior to the Series 2011-1 Legal Maturity Date for such Notes; 
 (d) default in the observance or performance in any
material respect of any covenant or agreement of the Issuing Entity made in the Indenture or this Indenture Supplement in respect of the Series 2011-1 Notes (other than a covenant or agreement in respect of the Series 2011-1 Notes a default in the
observance or performance which is specifically dealt with elsewhere in this Section 6.02), which failure materially and adversely affects the rights of the Noteholders, and such default shall continue or not be cured for a period of 30
days after there shall have been given, by registered or certified mail, to the Issuing Entity and the Servicer by the Indenture Trustee or to the Issuing Entity, the Servicer and the Indenture Trustee by the Holders of at least 25% of the
Outstanding Amount of the Series 2011-1 Notes, a written notice specifying such default and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(e) the filing of an order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under the Bankruptcy Code, and such order shall have continued undischarged or unstayed for a period of 90 days; or the filing of a decree or order by a court having jurisdiction in the premises
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuing Entity under any other Insolvency Law, and such decree or order shall have continued undischarged or unstayed for a period of 90
days; or the filing of a decree or order of a court having jurisdiction in the premises appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust
Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs, and such decree or order shall have continued undischarged and unstayed for a period of 90 consecutive days; or 

(f) the commencement by the Issuing Entity of a voluntary case under the Bankruptcy Code; or the filing of a petition or answer or
consent by the Issuing Entity seeking reorganization, arrangement, adjustment or composition under any other Insolvency Law, or consent to the filing of any such petition, answer or consent; or the consent by the Issuing Entity to the appointment or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the Issuing Entity of an assignment for the benefit
of creditors, or the admission in writing of its inability to pay its debts generally as such debts become due. 
 The Issuing
Entity shall deliver to the Indenture Trustee within five Business Days after learning of the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would
become an Event of Default under Section 6.02(d), its status and what action the Issuing Entity is taking or proposes to take with respect thereto. 

  
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 SECTION 6.03 Acceleration of Maturity; Rescission and Annulment. 

(a) If an Event of Default, other than an Event of Default as a result of an Insolvency Event with respect to the Issuing Entity, should
occur and is continuing, then the Indenture Trustee may, or shall, at the direction of the Holders of at least a majority of the Outstanding Amount of the Series 2011-1 Notes, declare all the Series 2011-1 Notes to be immediately due and payable, by
a notice in writing to the Issuing Entity and the Servicer (and to the Indenture Trustee if declared by such Noteholders) setting forth the Event or Events of Default. If an Insolvency Event of Default occurs and is continuing, then the Series
2011-1 Notes shall be immediately and without further action become due and payable, and the Indenture Trustee shall give a notice to such effect in writing to the Issuing Entity (although failure to give such notice shall not affect the immediate
acceleration of maturity). Upon any such declaration or automatic occurrence, the Revolving Period or the Controlled Accumulation Period, as applicable, with respect to the Series 2011-1 Notes shall terminate, an Early Amortization Period shall
commence and the unpaid principal amount of such Series 2011-1 Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

(b) At any time after such acceleration of maturity has occurred pursuant to Section 6.03(a) and before a judgment or decree
for payment of the money due has been obtained by the Indenture Trustee as provided in Article V of the Indenture, the Holders of at least a majority of the Outstanding Amount of the Series 2011-1 Notes, by written notice to the Issuing
Entity, the Servicer and the Indenture Trustee, may rescind and annul such acceleration and its consequences with respect to the Series 2011-1 Notes. No such rescission and annulment shall extend to or affect any subsequent Event of Default or
impair any right consequent thereto; and provided, further, that if the Indenture Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or abandoned because of such
rescission and annulment or for any other reason, or shall have been determined adversely to the Indenture Trustee, then and in every such case, the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall be restored to
their respective former positions and rights hereunder and under the Indenture, and all rights, remedies and powers of the Indenture Trustee, the Issuing Entity and the Noteholders, as the case may be, shall continue as though no such proceedings
had been commenced. 
 (c) If the Series 2011-1 Notes shall have been accelerated following an Event of Default, the Indenture
Trustee may exercise the remedies available to it as set forth in Article V the Indenture. 
 (d) Any money or property
collected by the Indenture Trustee pursuant to this Section 6.03 following the acceleration of the maturities of the Series 2011-1 Notes (so long as such acceleration has not been rescinded or annulled) shall be paid out or allocated in
accordance with Section 5.4(b) of the Indenture. 

  
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 ARTICLE VII 
 REDEMPTION OF SERIES 2011-1 NOTES; SERIES LEGAL MATURITY; FINAL 

DISTRIBUTIONS 
 SECTION 7.01 Optional Redemption of Series 2011-1 Notes. 
 (a) On any
day occurring on or after the date on which the Note Principal Balance is reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to
purchase the Series 2011-1 Noteholders’ Collateral and thereby cause a redemption of the Series 2011-1 Notes, at a purchase price equal to (i) if such day is a Distribution Date, the Reassignment Amount for such Distribution Date or
(ii) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 
 (b)
Upon any such election, the Servicer shall give the Depositor, the Indenture Trustee, the Issuing Entity and, if applicable, other holders of the Certificate Interest at least 30 days prior written notice of the date on which the Servicer intends to
exercise such optional redemption as well as the Reassignment Amount and the Indenture Trustee shall provide notice to Holders of the Series 2011-1 Notes that it has received such notice from the Servicer. No later than 11:00 a.m. (New York City
time) on such day the Servicer shall deposit the Reassignment Amount into the Collection Account in immediately available funds. Such redemption option is subject to payment in full of the Reassignment Amount. Following such deposit into the
Collection Amount in accordance with the foregoing, the Invested Amount of the Series 2011-1 Notes shall be deemed reduced to zero and the Series 2011-1 Noteholders shall be deemed to have no further interest in the Receivables. The Reassignment
Amount shall be distributed as set forth in Section 7.02. 
 SECTION 7.02 Series Legal Maturity.

 (a) The amount to be paid by the Depositor with respect to Series 2011-1 in connection with a reassignment of the
Noteholders’ Collateral pursuant to Section 2.5 of the Trust Sale and Servicing Agreement shall be the Reassignment Amount for the first Distribution Date following the Collection Period in which the reassignment obligation arises
under the Trust Sale and Servicing Agreement. With respect to the Reassignment Amount deposited into the Collection Account pursuant to Section 2.5 of the Trust Sale and Servicing Agreement or pursuant to Section 7.01 of this
Indenture Supplement or the proceeds from any Foreclosure Remedy pursuant to Section 5.4 of the Indenture, the Indenture Trustee shall, in accordance with the written direction of the Servicer, no later than 11:00 a.m. (New York City
time) on the related Distribution Date, make deposits or distributions of the following amounts (in the priority set forth below and, in each case after giving effect to any deposits and distributions otherwise to be made on such date) in
immediately available funds: 
 (i) (A) the Class A Note Principal Balance on such Distribution Date
shall be distributed to the Indenture Trustee for payment to the Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders, and (B) an amount equal to the sum of (1) the Class A
Monthly Interest for such Distribution Date and (2)

  
 45 

 
any Class A Monthly Interest previously due but not paid to the Class A Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the
Class A Noteholders, pro rata, between the Class A-1 Noteholders and the Class A-2 Noteholders, on such Distribution Date; 
 (ii) (A) the Class B Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment to the Class B Noteholders and (B) an amount equal to the sum of
(1) the Class B Monthly Interest for such Distribution Date and (2) any Class B Monthly Interest previously due but not paid to the Class B Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment
to the Class B Noteholders on such Distribution Date; 
 (iii) (A) the Class C Note Principal Balance on
such Distribution Date shall be distributed to the Indenture Trustee for payment to the Class C Noteholders and (B) an amount equal to the sum of (1) the Class C Monthly Interest for such Distribution Date and (2) any Class C Monthly
Interest previously due but not paid to the Class C Noteholders on prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class C Noteholders on such Distribution Date; 

(iv) (A) the Class D Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee
for payment to the Class D Noteholders and (B) an amount equal to the sum of (1) the Class D Monthly Interest for such Distribution Date and (2) any Class D Monthly Interest previously due but not paid to the Class D Noteholders on
prior Distribution Dates, shall be distributed to the Indenture Trustee for payment to the Class D Noteholders on such Distribution Date; and 
 (v) the Class E Note Principal Balance on such Distribution Date shall be distributed to the Indenture Trustee for payment to the Class E Noteholders on such Distribution Date. 

(b) Notwithstanding anything to the contrary in this Indenture Supplement, the Indenture or the Trust Sale and Servicing Agreement,
(i) all amounts distributed to the Indenture Trustee pursuant to Section 7.02(a) for payment to the Series 2011-1 Noteholders shall be deemed distributed in full to the Series 2011-1 Noteholders on the date on which such funds are
distributed to the Indenture Trustee pursuant to this Section and shall be deemed to be a final distribution pursuant to Section 11.2 of the Indenture and (ii) in the event that the amounts available for final distribution to the
Series 2011-1 Noteholders and to the Noteholders of any other Series on any Distribution Date are less than the full amount required to be so distributed, the available amounts shall be allocated to each Series based on the respective amounts
required to be distributed to each such Series (including Series 2011-1) on such Distribution Date. 

  
 46 

 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 
 SECTION 8.01 Ratification of
Agreement. 
 As supplemented by this Indenture Supplement, the Indenture is in all respects ratified and confirmed and the
Indenture as so supplemented by this Indenture Supplement is to be read, taken and construed as one and the same instrument. 

SECTION 8.02 Form of Delivery of Series 2011-1 Notes. 

The Series 2011-1 Notes shall be delivered as Registered Notes as provided in Section 2.2 of the Indenture. 

SECTION 8.03 Counterparts. 
 This Indenture Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all counterparts shall together constitute one and the same
instrument. 
 SECTION 8.04 Governing Law. 
 THIS INDENTURE SUPPLEMENT AND EACH SERIES 2011-1 NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE CONFLICT OF LAW PROVISIONS
THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 SECTION 8.05 Effect of Headings and Table of Contents. 

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

 SECTION 8.06 Notices. 
 (a) The Issuing Entity (or the Servicer or Administrator on its behalf) shall deliver all notices, requests, consents or other communications delivered to the Rating Agencies hereunder to
Standard & Poor’s concurrently with the delivery thereof to the Rating Agencies. 
 (b) All notices, requests,
reports, consents or other communications deliverable to the Rating Agencies hereunder or under any other Basic Document by the Owner Trustee, the Issuing Entity or the Indenture Trustee shall instead be delivered to the Depositor, which shall
promptly deliver such document to the Rating Agencies (which may be delivered by posting such document to the website maintained by the Depositor for notifications to nationally recognized statistical rating organizations). 

  
 47 

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

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By HSBC Bank USA, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	 /s/ Chi S. Le

		 	Name: Chi S. Le
		 	Title: Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee and Securities Intermediary
		
	By	 	 /s/ Marianna C. Stershic

		 	Name: Marianna C. Stershic
		 	Title: Vice President

  
 48 

 EXHIBIT A 
 FORM OF CLASS [A-1][A-2][B][C][D][E] NOTE 
 [Unless this Class [A-1][A-2][B][C][D]
Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuing Entity or its agent for registration of transfer, exchange or payment, and any Note issued is
registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of
DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 

[This Class [B][C][D][E] Note has not and will not be registered under the United States Securities Act of 1933, as amended (the
“Securities Act”), or under the securities or blue sky laws of any State in the United States or any foreign securities laws. By its acceptance of this Class [B][C][D][E] Note (or interest therein), the Holder of this Class
[B][C][D][E] Note (or such interest), if other than the Depositor, is deemed to represent and warrant to the Depositor and the Indenture Trustee that it is a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act
and is acquiring this Class [B][C][D][E] Note (or interest therein) for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Qualified Institutional Buyers) or has otherwise acquired an
interest in the Class [B][C][D][E] Note in a transaction that is exempt from the registration requirements of the Securities Act.] 
 [No sale, pledge or other transfer of this Class [B][C][D][E] Note (or interest therein) may be made by any Person unless either (i) such sale, pledge or other transfer is made by or to the
Depositor, (ii) at the time of such sale, pledge or other transfer, this Class [B][C][D][E] Note (A) is eligible for resale pursuant to Rule 144A under the Securities Act, and such sale, pledge or other transfer is made to a person whom
the transferor “reasonably believes” within the meaning of Rule 144A under the Securities Act is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act (a “Qualified Institutional
Buyer”) acting for its own account or the accounts of other Qualified Institutional Buyers, and (B) the transferee is aware that the transferor of this Class [B][C][D][E] Note intends to rely on the exemption from the registration
requirements of the Securities Act provided by Rule 144A under the Securities Act, or (iii) such sale, pledge or other transfer is otherwise made in a transaction exempt from the registration requirements of the Securities Act, in which case
(A) the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor, and (B) the Indenture Trustee 

 
shall require a written opinion of counsel (which will not be at the expense of the Seller, the Depositor, the Administrator the Issuing Entity, the Servicer or the Indenture Trustee)
satisfactory to the Depositor and the Indenture Trustee to the effect that such transfer will not violate the Securities Act and satisfaction of certain other provisions specified herein.] 

Each Noteholder or Note Owner, by acceptance of this Note (or interest therein), hereby covenant and agree that by accepting the benefits
of the Indenture such Noteholder or Note Owner shall not, prior to the date which is one year and one day after the termination of the Indenture with respect to the Issuing Entity and, with respect to the Depositor, the Securities issued by each
other trust formed by and each other financing by the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor or the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Depositor or the Issuing Entity under any Insolvency Law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or the Issuing Entity or any
substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Depositor or the Issuing Entity. 
 Each Noteholder, by acceptance of this Note (or interest therein), covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the
Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against: 

(i) the Indenture Trustee or the Owner Trustee in its individual capacity; 

(ii) the Depositor or any other owner of a beneficial interest in the Issuing Entity; or 

(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Except as expressly provided in the Basic Documents, none of the Seller, the Depositor, the Servicer, the Indenture Trustee nor the Owner Trustee in their respective

  
 Ex. A-2

 
individual capacities, any owner of a beneficial interest in the Issuing Entity, nor any of their respective partners, owners, beneficiaries, agents, officers, directors, employees or successors
or assigns, shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of [or interest on], or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made solely by the Issuing Entity. Each Noteholder by accepting this Note (or any interest therein) acknowledges that such
Noteholder’s Note (or interest therein) represents beneficial interests in the Issuing Entity only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or
any Affiliate thereof (other than the Issuing Entity) and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be expressly set forth or contemplated in the Basic Documents. Each Noteholder by
the acceptance of a Note (or beneficial interest therein) agrees that except as expressly provided in the Basic Documents, in the event of nonpayment of any amounts with respect to the Notes, it shall have no claim against any of Depositor, the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this Notes. 
 If any of the foregoing covenants of a Noteholder is prohibited by, or declared illegal or otherwise unenforceable against or with respect to any Noteholder under applicable law by any court or other
authority of competent jurisdiction, and, as a result, a Noteholder is deemed to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the Issuing Entity (“other assets”), each Noteholder or Note
Owner by the acceptance of this Note (or beneficial interest therein), agrees that (i) its claim against any such other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the
other assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (ii) the covenant set forth in the preceding clause (i) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 [The
holder of this Note, by acceptance of this Note, and each holder of a beneficial interest therein, unless otherwise required by the appropriate taxing authorities, agree to treat this Note as indebtedness of the Issuing Entity for applicable United
States federal, state and local income and franchise tax purposes and any other taxes imposed upon, measured by or based upon gross or net income.] 
 [Any holder of this Class [A-1][A-2][B][C][D] Note, by its acceptance of this Class [A-1][A-2][B][C][D] Note, shall be deemed to have represented that either (a) it is not acquiring the Class
[A-1][A-2][B][C][D] Note with the assets of (i) an employee 

  
 Ex. A-3

 
benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA,
(ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are treated under
regulations issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA, to include plan assets by reason of investment by an employee benefit plan or a plan in such entity or (iv) any other plan that is subject to any
law that is substantially similar to Title I of ERISA or Section 4975 of the Code; or (b) the acquisition and holding of the Class [A-1][A-2][B][C][D] Note will not give rise to a non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code or a non-exempt violation of any substantially similar applicable law. Employee benefit plans subject to the provisions of Title I of ERISA, plans subject to Section 4975 of the Code and entities whose
underlying assets include plan assets by reason of an employee benefit plan’s or plan’s investment in such entity may not acquire this Class [A-1][A-2][B][C][D] Note at any time that this Class [A][B][C][D] Note would not be treated as
indebtedness without substantial equity features [or the ratings on this Class [B][C][D] Note are below investment grade]. [Any holder of this Class [E] Note, by its acceptance of this Class [E] Note, shall be deemed to have represented that
(a) it is not acquiring the Class [E] Note with the plan assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject
to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) which is subject to Section 4975 of the Code, (iii) an entity whose
underlying assets include plan assets by reason of investment by an employee benefit plan or a plan in such entity other than an insurance company general account (as defined in Prohibited Transaction Class Exemption (“PTCE”) 95-60) whose
underlying assets include less than 25% “plan assets” and for which the purchase and holding of the Class [E] Notes is eligible for and satisfied all conditions for relief under PTCE 95-60 or (iv) an employee benefit plan or plan that
is not subject to the provisions of Title I of ERISA or Section 4975 of the Code if such acquisition would result in a non-exempt prohibited transaction under, or a non-exempt violation of, any applicable law that is substantially similar to
Title I of ERISA or Section 4975 of the Code.] 
 [Transfer of this Class E Note may only be made to a Person who is a
United States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code). Any Person acquiring this Class E Note or an interest therein (i) shall not be deemed to have made the representations set forth in
Section 2.14 of the Indenture and (ii) other than the Depositor shall not acquire or hold this Class E Note or interest herein in the form of a Book Entry Note.] 
 [No sale, pledge or other transfer may be made to any one person of a Class E Note with a face amount of less than the amount determined in accordance with Section 1.01(f) of the Indenture
Supplement (in order to prevent the Issuing Entity from being 

  
 Ex. A-4

 
treated as a “publicly traded partnership” under Section 7704 of the Code, and, in the case of any Person acting on behalf of one or more third parties (other than a bank (as
defined in Section 3(a)(2) of the Securities Act) acting in its fiduciary capacity), for a Class E Note with a face amount of less than such amount for each such third party. Any attempted transfer in contravention of the immediately preceding
restriction will be void ab initio and the purported transferor will continue to be treated as the owner of the Class E Notes for all purposes. No Class E Note may be transferred unless the transferor provides to the Indenture Trustee an
opinion of independent counsel that the transfer will not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes.] 

  
 Ex. A-5

			
	 Registered
	  	$                     1
	 No. R-    
	  	CUSIP No.                    
		  	ISIN No.                    
		  	Common Code                    

ALLY MASTER OWNER TRUST 
 SERIES 2011-1 [FLOATING][FIXED] RATE ASSET BACKED NOTE, CLASS 

[A-1][A-2][B][C][D][E] 
 Ally Master Owner Trust (herein referred to as the “Issuing Entity”), a Delaware statutory trust governed by the Trust Agreement, dated as of February 12, 2010, for value received,
hereby promises to pay to
                                        ,
or registered assigns, subject to the following provisions, the principal sum of
                                        
                     DOLLARS, or such greater or lesser amount as determined in accordance with the Indenture and the Indenture
Supplement (each referred to herein), on the January 2016 Distribution Date (the “Series 2011-1 Legal Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement. [Beginning on
February 15, 2011, and on each Distribution Date thereafter until the principal amount of this Note is paid in full, the Issuing Entity shall pay interest on the unpaid principal amount of this Note at an annual rate equal to the Class
[A-1][A-2][B][C][D] Note Interest Rate, as determined pursuant to the Indenture Supplement. Interest on this Note shall begin accruing from January [20], 2011 (the “Closing Date”) and shall be payable in arrears on each Distribution
Date, [computed on the basis of a 360-day year and the actual number of days elapsed][computed on the basis of a 360-day year and twelve 30-day months]. The principal of this Note shall be paid in the manner specified on the reverse hereof.

 The principal of [and interest] on this Note are payable in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. 
 Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Indenture Trustee, by manual signature, this
Note shall not be entitled to any benefit under the Indenture or the Indenture Supplement referred to on the reverse hereof, or be valid for any purpose. 

 

	1	[This Class [A-1][A-2][B][C][D] Note may be issued in denominations of $100,000 and integral multiples of $1,000 in excess thereof.][This Class E Note may be issued
only in denominations equal to the Class E Note Principal Balance.] 

  
 Ex. A-6

 IN WITNESS WHEREOF, the Issuing Entity has caused this Note to be duly executed. 

 

			
	ALLY MASTER OWNER TRUST, as Issuing Entity
	
	By HSBC Bank USA, National Association, not in its individual capacity, but solely as Owner Trustee
		
	By	 	  

		 	Name:
		 	Title:

 Dated: 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes described in the within-mentioned Indenture. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By	 	  

		 	Authorized Officer

  
 Ex. A-7

 ALLY MASTER OWNER TRUST 

SERIES 2011-1 [FLOATING][FIXED] RATE ASSET BACKED NOTES, CLASS 
 [A-1][A-2][B][C][D][E] 
 Summary of Terms and Conditions 

This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as the Series 2011-1 [Floating][Fixed] Rate Asset
Backed Notes (the “Notes”), issued under the Indenture, dated as of February 12, 2010 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association, as indenture trustee (the
“Indenture Trustee”), as supplemented by the Series 2011-1 Indenture Supplement, dated as of January [20], 2011 (the “Indenture Supplement” and, together with the Indenture, the “Series Agreement”),
and representing the right to receive certain payments from the Issuing Entity. The Notes are subject to all of the terms of the Series Agreement. All terms used in this Note that are defined in the Series Agreement have the meanings assigned to
them in or pursuant to the Series Agreement. In the event of any conflict or inconsistency between the Series Agreement and this Note, the Series Agreement controls. 
 The [Class A-1 Notes, the Class A-2 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Note] with initial principal amounts of $[    ],
$[    ], $[    ], $[    ], and $[    ], respectively, shall also be issued under the Series Agreement. [The rights of the holders of the [Class A Notes, the Class B
Notes, the Class C Notes, and the Class D Notes] to receive payments on [the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes] are senior to the rights of the holders of the Class [B][C][D][E] Notes to receive payments
as specified in the Series Agreement.] [The rights of the holders of [the Class B Notes, the Class C Notes, the Class D Notes, and the Class E Notes] to receive payments on [the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes] are subordinate to the rights of the holders of the Class [A][B][C][D] Notes to receive payments as specified in the Series Agreement.] 
 The Noteholder, by its acceptance of this Note, agrees that it shall look solely to the property of the Issuing Entity allocated to the payment of the Notes for payment hereunder and under the Series
Agreement and that the Indenture Trustee is not liable to the Noteholders for any amount payable under the Notes or the Series Agreement or, except as expressly provided in the Series Agreement, subject to any liability under the Series Agreement.

 This Note does not purport to summarize the Series Agreement and reference is made to the Series Agreement for the interests,
rights and limitations of rights, benefits, obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee. 

  
 Ex. A-8

 The Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance is
$[                    ]. The Class [A-1][A-2][B][C][D][E] Note Principal Balance on any date of determination shall be an amount equal to the
Class [A-1][A-2][B][C][D][E] Note Initial Principal Balance minus the aggregate amount of any principal payments made to the Class [A-1][A-2][B][C][D][E] Noteholders before such date. 

The Series 2011-1 Expected Maturity Date is the January 2014 Distribution Date, but principal with respect to the Class
[A-1][A-2][B][C][D][E] Notes may be paid earlier or later under certain circumstances described in the Series Agreement. If for one or more months during the Controlled Accumulation Period there are not sufficient funds to deposit the Controlled
Deposit Amount into the Note Distribution Account, then to the extent that excess funds are not available on subsequent Distribution Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment of
principal of the Notes shall occur later than the Series 2011-1 Expected Maturity Date. Payments of principal of the Notes shall be payable in accordance with the provisions of the Series Agreement. 

Subject to the terms and conditions of the Series Agreement, the Depositor may, from time to time, direct the Owner Trustee, on behalf of
the Issuing Entity, to issue one or more new Series of notes. 
 On each Distribution Date, the Indenture Trustee shall
distribute to each Class [A-1][A-2][B][C][D][E] Noteholder of record on the related Record Date (except for the final distribution in respect of this Note) such Class [A-1][A-2][B][C][D][E] Noteholder’s pro rata share of the amounts held by the
Indenture Trustee that are allocated and available on such Distribution Date to pay [interest and] principal on the Class [A-1][A-2][B][C][D][E] Notes pursuant to the Indenture Supplement. Except as provided in the Series Agreement with respect to a
final distribution, distributions to the Noteholders shall be made by (a) wire transfer (to the account specified by the applicable Noteholder) or check mailed to the applicable Noteholder (at such Noteholder’s address as it appears in the
Note Register), except that with respect to any Notes registered in the name of the nominee of a Clearing Agency, such distribution shall be made in immediately available funds and (b) without presentation or surrender of any Note or the making
of any notation thereon. Final payment of this Note shall be made only upon presentation and surrender of this Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Noteholders in
accordance with the Series Agreement. 
 On any day occurring on or after the date on which the Note Principal Balance is
reduced to 10% or less of the Initial Note Principal Balance, the Servicer (if Ally Financial or an Affiliate of Ally Financial is the Servicer) shall have the option to redeem the Notes, at a purchase price equal to (a) if such day is a
Distribution Date, the Reassignment Amount for such Distribution Date or (b) if such day is not a Distribution Date, the Reassignment Amount for the Distribution Date following such day. 

  
 Ex. A-9

 This Note does not represent an obligation of, or an interest in, Ally Bank, Ally Financial,
Ally Wholesale Enterprises LLC, the Indenture Trustee, the Owner Trustee or any Affiliate of any of them (other than the Issuing Entity) and is not insured or guaranteed by any governmental agency or instrumentality. 

The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate subject to the rights of the
Indenture Trustee and the Noteholders. 
 [Except as otherwise provided in the Indenture Supplement, the Class
[A-1][A-2][B][C][D] Notes are issuable only in minimum denominations of $100,000 and integral multiples of $1,000.][Except as otherwise provided in the Indenture Supplement, the Class E Notes are issuable only in a minimum denomination of 100% of
the Class E Note Principal Balance] The transfer of this Note shall be registered in the Note Register upon surrender of this Note for registration of transfer at any office or agency maintained by the Transfer Agent and Registrar accompanied by a
written instrument of transfer, in a form satisfactory to the Indenture Trustee or the Transfer Agent and Registrar, duly executed by the Noteholder or such Noteholder’s attorney, and duly authorized in writing with such signature guaranteed,
and thereupon one or more new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations of like aggregate principal amount shall be issued to the designated transferee or transferees. 

As provided in the Series Agreement and subject to certain limitations therein set forth, Class [A-1][A-2][B][C][D][E] Notes are
exchangeable for new Class [A-1][A-2][B][C][D][E] Notes in any authorized denominations and of like aggregate principal amount, upon surrender of such Notes to be exchanged at the office or agency of the Transfer Agent and Registrar. No service
charge may be imposed for any such exchange but the Issuing Entity or Transfer Agent and Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Issuing Entity, the Depositor, the Indenture Trustee and any agent of the Issuing Entity, the Depositor or the Indenture Trustee
shall treat the person in whose name this Note is registered as the owner hereof for all purposes, and none of the Issuing Entity, the Depositor, the Indenture Trustee or any agent of the Issuing Entity, the Depositor or the Indenture Trustee shall
be affected by notice to the contrary. 
 This Note is to be construed in accordance with the laws of the State of New York,
without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder are to be determined in accordance with such laws. 

  
 Ex. A-10

 ASSIGNMENT 
 Social Security or other identifying number of
assignee                                       
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto 
  

					
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
			
		  	  
	  	
		  	(name and address of assignee)	  	

 the within note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                         
                                         
      , attorney, to transfer said note on the books kept for registration thereof, with full power of substitution in the premises. 
  

							
	Dated:	 	  
	 		  	  2

				
		 		 		  	Signature Guaranteed:
				
		 		 		  	  

 

	2	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without
alteration, enlargement or any change whatsoever. 

  
 Ex. A-11

 EXHIBIT B 
 FORM OF MONTHLY STATEMENT 
  

 
 ALLY MASTER
OWNER TRUST 
 SERIES 2011-1 ASSET BACKED NOTESIndenture

 Exhibit 4.1 
 Execution Version 
  

 
  

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1 
 Class A-1 0.32163% Asset Backed Notes 
 Class A-2 0.84% Asset Backed Notes

 Class A-3 1.39% Asset Backed Notes 
 Class B 2.19% Asset Backed Notes 
 Class C 2.85% Asset Backed Notes 

Class D 4.26% Asset Backed Notes 
 Class E 6.23% Asset Backed Notes 
  

 
 INDENTURE

 Dated as of January 18, 2011 
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION 
 Trustee and Trust Collateral Agent 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I Definitions and Incorporation by Reference
	  	 	3	  
			
	 SECTION 1.1
	 	 Definitions
	  	 	3	  
	 SECTION 1.2
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	10	  
	 SECTION 1.3
	 	 Rules of Construction
	  	 	11	  
		
	 ARTICLE II The Notes
	  	 	11	  
			
	 SECTION 2.1
	 	 Form
	  	 	11	  
	 SECTION 2.2
	 	 Execution, Authentication and Delivery
	  	 	12	  
	 SECTION 2.3
	 	 Temporary Notes
	  	 	12	  
	 SECTION 2.4
	 	 Registration; Registration of Transfer and Exchange
	  	 	13	  
	 SECTION 2.5
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	15	  
	 SECTION 2.6
	 	 Persons Deemed Owner
	  	 	15	  
	 SECTION 2.7
	 	 Payment of Principal and Interest; Defaulted Interest
	  	 	16	  
	 SECTION 2.8
	 	 Cancellation
	  	 	17	  
	 SECTION 2.9
	 	 Release of Collateral
	  	 	17	  
	 SECTION 2.10
	 	 Book-Entry Notes
	  	 	17	  
	 SECTION 2.11
	 	 Notices to Clearing Agency
	  	 	18	  
	 SECTION 2.12
	 	 Definitive Notes
	  	 	18	  
		
	 ARTICLE III Covenants
	  	 	18	  
			
	 SECTION 3.1
	 	 Payment of Principal and Interest
	  	 	18	  
	 SECTION 3.2
	 	 Maintenance of Office or Agency
	  	 	19	  
	 SECTION 3.3
	 	 Money for Payments to be Held in Trust
	  	 	19	  
	 SECTION 3.4
	 	 Existence
	  	 	20	  
	 SECTION 3.5
	 	 Protection of Trust Estate
	  	 	21	  
	 SECTION 3.6
	 	 Opinions as to Trust Estate
	  	 	21	  
	 SECTION 3.7
	 	 Performance of Obligations; Servicing of Receivables
	  	 	22	  
	 SECTION 3.8
	 	 Negative Covenants
	  	 	23	  
	 SECTION 3.9
	 	 Annual Statement as to Compliance
	  	 	23	  
	 SECTION 3.10
	 	 Issuer May Consolidate, Etc. Only on Certain Terms
	  	 	24	  
	 SECTION 3.11
	 	 Successor or Transferee
	  	 	26	  
	 SECTION 3.12
	 	 No Other Business
	  	 	26	  
	 SECTION 3.13
	 	 No Borrowing
	  	 	26	  
	 SECTION 3.14
	 	 Servicer’s Obligations
	  	 	26	  
	 SECTION 3.15
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	 	26	  
	 SECTION 3.16
	 	 Capital Expenditures
	  	 	26	  
	 SECTION 3.17
	 	 Compliance with Laws
	  	 	27	  
	 SECTION 3.18
	 	 Restricted Payments
	  	 	27	  
	 SECTION 3.19
	 	 Notice of Events of Default
	  	 	27	  
	 SECTION 3.20
	 	 Further Instruments and Acts
	  	 	27	  
	 SECTION 3.21
	 	 Amendments of Sale and Servicing Agreement and Trust Agreement
	  	 	27	  
	 SECTION 3.22
	 	 Income Tax Characterization
	  	 	27	  

							
	 ARTICLE IV Satisfaction and Discharge
	  	 	27	  
			
	 SECTION 4.1
	 	 Satisfaction and Discharge of Indenture
	  	 	27	  
	 SECTION 4.2
	 	 Application of Trust Money
	  	 	29	  
	 SECTION 4.3
	 	 Repayment of Moneys Held by Note Paying Agent
	  	 	29	  
		
	 ARTICLE V Remedies
	  	 	29	  
			
	 SECTION 5.1
	 	 Events of Default
	  	 	29	  
	 SECTION 5.2
	 	 Rights Upon Event of Default
	  	 	30	  
	 SECTION 5.3
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	31	  
	 SECTION 5.4
	 	 Remedies
	  	 	34	  
	 SECTION 5.5
	 	 Optional Preservation of the Receivables
	  	 	34	  
	 SECTION 5.6
	 	 Priorities
	  	 	35	  
	 SECTION 5.7
	 	 Limitation of Suits
	  	 	36	  
	 SECTION 5.8
	 	 Unconditional Rights of Noteholders To Receive Principal and Interest
	  	 	37	  
	 SECTION 5.9
	 	 Restoration of Rights and Remedies
	  	 	37	  
	 SECTION 5.10
	 	 Rights and Remedies Cumulative
	  	 	37	  
	 SECTION 5.11
	 	 Delay or Omission Not a Waiver
	  	 	37	  
	 SECTION 5.12
	 	 Control by Noteholders
	  	 	38	  
	 SECTION 5.13
	 	 Waiver of Past Defaults
	  	 	38	  
	 SECTION 5.14
	 	 Undertaking for Costs
	  	 	38	  
	 SECTION 5.15
	 	 Waiver of Stay or Extension Laws
	  	 	39	  
	 SECTION 5.16
	 	 Action on Notes
	  	 	39	  
	 SECTION 5.17
	 	 Performance and Enforcement of Certain Obligations
	  	 	39	  
		
	 ARTICLE VI The Trustee and the Trust Collateral Agent
	  	 	40	  
			
	 SECTION 6.1
	 	 Duties of Trustee
	  	 	40	  
	 SECTION 6.2
	 	 Rights of Trustee
	  	 	41	  
	 SECTION 6.3
	 	 Individual Rights of Trustee
	  	 	42	  
	 SECTION 6.4
	 	 Trustee’s Disclaimer
	  	 	43	  
	 SECTION 6.5
	 	 Notice of Defaults
	  	 	43	  
	 SECTION 6.6
	 	 Reports by Trustee to Holders
	  	 	43	  
	 SECTION 6.7
	 	 Compensation and Indemnity
	  	 	43	  
	 SECTION 6.8
	 	 Replacement of Trustee
	  	 	44	  
	 SECTION 6.9
	 	 Successor Trustee by Merger
	  	 	45	  
	 SECTION 6.10
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 	46	  
	 SECTION 6.11
	 	 Eligibility: Disqualification
	  	 	47	  
	 SECTION 6.12
	 	 Preferential Collection of Claims Against Issuer
	  	 	48	  
	 SECTION 6.13
	 	 Appointment and Powers
	  	 	48	  
	 SECTION 6.14
	 	 Performance of Duties
	  	 	48	  
	 SECTION 6.15
	 	 Limitation on Liability
	  	 	48	  
	 SECTION 6.16
	 	 Reliance Upon Documents
	  	 	49	  
	 SECTION 6.17
	 	 Successor Trust Collateral Agent
	  	 	49	  
	 SECTION 6.18
	 	 Compensation
	  	 	50	  

  
 ii 

							
	 SECTION 6.19
	 	 Representations and Warranties of the Trust Collateral Agent and the Issuer
	  	 	51	  
	 SECTION 6.20
	 	 Waiver of Setoffs
	  	 	52	  
		
	 ARTICLE VII Noteholders’ Lists and Reports
	  	 	52	  
			
	 SECTION 7.1
	 	 Issuer To Furnish To Trustee Names and Addresses of Noteholders
	  	 	52	  
	 SECTION 7.2
	 	 Preservation of Information; Communications to Noteholders
	  	 	52	  
	 SECTION 7.3
	 	 Reports by Issuer
	  	 	52	  
	 SECTION 7.4
	 	 Reports by Trustee
	  	 	53	  
		
	 ARTICLE VIII Accounts, Disbursements and Releases
	  	 	53	  
			
	 SECTION 8.1
	 	 Collection of Money
	  	 	53	  
	 SECTION 8.2
	 	 Release of Trust Estate
	  	 	53	  
	 SECTION 8.3
	 	 Opinion of Counsel
	  	 	54	  
		
	 ARTICLE IX Supplemental Indentures
	  	 	54	  
			
	 SECTION 9.1
	 	 Supplemental Indentures Without Consent of Noteholders
	  	 	54	  
	 SECTION 9.2
	 	 Supplemental Indentures with Consent of Noteholders
	  	 	55	  
	 SECTION 9.3
	 	 Execution of Supplemental Indentures
	  	 	57	  
	 SECTION 9.4
	 	 Effect of Supplemental Indenture
	  	 	57	  
	 SECTION 9.5
	 	 Conformity With Trust Indenture Act
	  	 	57	  
	 SECTION 9.6
	 	 Reference in Notes to Supplemental Indentures
	  	 	57	  
		
	 ARTICLE X Redemption of Notes
	  	 	58	  
			
	 SECTION 10.1
	 	 Redemption
	  	 	58	  
	 SECTION 10.2
	 	 Form of Redemption
	  	 	58	  
	 SECTION 10.3
	 	 Notes Payable on Redemption Date
	  	 	59	  
		
	 ARTICLE XI Miscellaneous
	  	 	59	  
			
	 SECTION 11.1
	 	 Compliance Certificates and Opinions, etc.
	  	 	59	  
	 SECTION 11.2
	 	 Form of Documents Delivered to Trustee
	  	 	61	  
	 SECTION 11.3
	 	 Acts of Noteholders
	  	 	61	  
	 SECTION 11.4
	 	 Notices, etc., to Trustee, Issuer and Rating Agencies
	  	 	62	  
	 SECTION 11.5
	 	 Notices to Noteholders; Waiver
	  	 	63	  
	 SECTION 11.6
	 	 [Reserved]
	  	 	63	  
	 SECTION 11.7
	 	 Conflict with Trust Indenture Act
	  	 	63	  
	 SECTION 11.8
	 	 Effect of Headings and Table of Contents
	  	 	63	  
	 SECTION 11.9
	 	 Successors and Assigns
	  	 	64	  
	 SECTION 11.10
	 	 Separability
	  	 	64	  
	 SECTION 11.11
	 	 Benefits of Indenture
	  	 	64	  
	 SECTION 11.12
	 	 Legal Holidays
	  	 	64	  
	 SECTION 11.13
	 	 GOVERNING LAW
	  	 	64	  
	 SECTION 11.14
	 	 Counterparts
	  	 	64	  
	 SECTION 11.15
	 	 Recording of Indenture
	  	 	64	  

  
 iii

							
	 SECTION 11.16
	 	 Trust Obligation
	  	 	64	  
	 SECTION 11.17
	 	 No Petition
	  	 	65	  
	 SECTION 11.18
	 	 Inspection
	  	 	65	  

  

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

	 EXHIBIT A-2
	  	 Form of Class A-2 Note

	 EXHIBIT A-3
	  	 Form of Class A-3 Note

	 EXHIBIT B
	  	 Form of Class B Note

	 EXHIBIT C
	  	 Form of Class C Note

	 EXHIBIT D
	  	 Form of Class D Note

	 EXHIBIT E
	  	 Form of Class E Note

		
	 SCHEDULES
	  	
		
	 SCHEDULE A
	  	 Representations and Warranties of the Issuer

  
 iv 

 INDENTURE dated as of January 18, 2011, between AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2011-1, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and Trust Collateral Agent (as defined
below). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit
of the Holders of the Issuer’s Class A-1 0.32163% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 0.84% Asset Backed Notes (the “Class A-2 Notes”), the Class A-3 1.39% Asset Backed
Notes (the “Class A-3 Notes”, and together with the Class A-1 Notes and the Class A-2 Notes, the “Class A Notes”), the Class B 2.19% Asset Backed Notes (the “Class B Notes”), the Class C
2.85% Asset Backed Notes (the “Class C Notes”), the Class D 4.26% Asset Backed Notes (the “Class D Notes”) and the Class E 6.23% Asset Backed Notes (the “Class E Notes” and together with the
Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). 

As security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the
Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the Noteholders. 

 GRANTING CLAUSE 

The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer Secured
Parties, all of the Issuer’s right, title and interest in and to the following property, whether now existing or hereafter acquired or arising (a) the Receivables and all moneys received thereon after the Cutoff Date; (b) the security
interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer
Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement or repurchased by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale Agreement, as a result of a breach of representation or warranty in
the related Auto Loan Purchase and Sale Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; (f) the Trust Accounts and the Lockbox Account and all funds on deposit from time to time in the Trust Accounts and the Lockbox
Account, and in all investments and proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including
the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; (h) all items contained in the Receivable Files and any and all other documents that AmeriCredit
keeps on file in accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles; (i) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing
Agreement (including all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement); (j) all of the Issuer’s (i) Accounts, (ii) Chattel Paper, (iii) Documents,
(iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (i); and (k) all present and future claims, demands, causes and choses of action in respect of
any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). 

The foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the Trustee on behalf of the
Noteholders. The Trust Collateral Agent hereby acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the
interests of such parties, recognizing the priorities of their respective interests may be adequately and effectively protected. 

  
 2 

 ARTICLE I 
 Definitions and Incorporation by Reference 
 SECTION 1.1
Definitions. Except as otherwise specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture. 
 “Act” has the meaning specified in Section 11.3(a). 
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this
definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. A Person shall not be deemed to be an Affiliate of any person solely because such other Person has the contractual
right or obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise. 
 “Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant to a power of attorney of the Owner Trustee or the Servicer, as applicable,
who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee and the Servicer to the Trustee on the
Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 “Basic
Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, as amended, the Sale and Servicing Agreement, the Custodian Agreement, the Lockbox Account Agreement, the Lockbox Processing Agreement, the Underwriting
Agreement, the Note Purchase Agreement and other documents and certificates delivered in connection therewith. 

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

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

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

“Certificate” means a trust certificate evidencing the beneficial interest of a Certificateholder in the
Trust. 

  
 3 

 “Certificateholder” means the Person in whose name a
Certificate is registered on the Certificate Register. 
 “Certificate of Trust” means the
certificate of trust of the Issuer substantially in the form of Exhibit B to the Trust Agreement. 

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

 “Class A-1 Interest Rate” means 0.32163% per annum (computed on the basis of a 360-day
year and the actual number of days in the related Interest Period). 
 “Class A-1 Notes” means
the Class A-1 0.32163% Asset Backed Notes, substantially in the form of Exhibit A-1. 
 “Class A-2
Interest Rate” means 0.84% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class A-2 Notes” means the Class A-2 0.84% Asset Backed Notes, substantially in the form of Exhibit A-2. 

“Class A-3 Interest Rate” means 1.39% per annum (computed on the basis of a 360-day year consisting
of twelve 30-day months). 
 “Class A-3 Notes” means the Class A-3 1.39% Asset Backed
Notes, substantially in the form of Exhibit A-3. 
 “Class B Interest Rate” means
2.19% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 

“Class B Notes” means the Class B 2.19% Asset Backed Notes, substantially in the form of Exhibit B.

 “Class C Interest Rate” means 2.85% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months). 
 “Class C Notes” means the Class C 2.85% Asset Backed
Notes, substantially in the form of Exhibit C. 
 “Class D Interest Rate” means 4.26% per
annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
 “Class D
Notes” means the Class D 4.26% Asset Backed Notes, substantially in the form of Exhibit D. 

“Class E Interest Rate” means 6.23% per annum (computed on the basis of a 360-day year consisting
of twelve 30-day months). 

  
 4 

 “Class E Notes” means the Class E 6.23% Asset Backed Notes,
substantially in the form of Exhibit E. 
 “Clearing Agency” means an organization registered
as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency
Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” means February 2, 2011. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations
promulgated thereunder. 
 “Collateral” has the meaning specified in the Granting Clause of
this Indenture. 
 “Controlling Party” means the Trust Collateral Agent, acting on behalf of
the Noteholders. 
 “Corporate Trust Office” means the principal office of the Trustee at which
at any particular time its corporate trust business shall be administered which office at date of the execution of this Indenture is located at Sixth Street and Marquette Avenue, MAC N9311-161 Minneapolis, Minnesota 55479 (facsimile number
(612) 667-3464), Attention: Corporate Trust Office, or at such other address as the Trustee may designate from time to time by notice to the Noteholders, the Servicer and the Issuer, or the principal corporate trust office of any successor
Trustee (the address of which the successor Trustee will notify the Noteholders and the Issuer). 

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

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

 “ERISA” has the meaning specified in Section 2.4. 

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

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

“Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating
Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof.

  
 5 

 “Final Scheduled Distribution Date” means with respect to
(i) the Class A-1 Notes, the February 8, 2012 Distribution Date, (ii) the Class A-2 Notes, the June 9, 2014 Distribution Date, (iii) the Class A-3 Notes, the September 8, 2015 Distribution Date,
(iv) the Class B Notes, the February 8, 2016 Distribution Date, (v) the Class C Notes, the August 8, 2016 Distribution Date, (vi) the Class D Notes, the February 8, 2017 Distribution Date and (vii) the Class E
Notes, the July 9, 2018 Distribution Date. 
 “Grant” means mortgage, pledge, bargain,
warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other
agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and
interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name
of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto. 

“Holder” or “Noteholder” means the Person in whose name a Note is registered on the
Note Register. 
 “Indebtedness” means, with respect to any Person at any time,
(a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations);
(b) obligations of such Person as lessee under leases which should have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of
unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such Person; (e) obligations or liabilities of such Person arising under acceptance facilities;
(f) obligations of such Person under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in
any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such
Person under any interest rate or currency exchange agreement. 
 “Indenture” means this
Indenture as amended and supplemented from time to time. 
 “Independent” means, when used with
respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or
any material indirect financial interest in the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of
the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. 

  
 6 

 “Independent Certificate” means a certificate or opinion to
be delivered to the Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Trust Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the
meaning thereof. 
 “Interest Rate” means, with respect to the (i) Class A-1 Notes,
the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate, (iii) Class A-3 Notes, the Class A-3 Interest Rate, (iv) Class B Notes, the Class B Interest Rate, (v) Class C Notes, the
Class C Interest Rate, (vi) Class D Notes, the Class D Interest Rate and (vii) Class E Notes, the Class E Interest Rate. 
 “Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and
required by the TIA, each other obligor on the Notes. 
 “Issuer Order” and “Issuer
Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Trustee. 
 “Issuer Secured Parties” means the Trustee in respect of the Trustee Issuer Secured Obligations. 
 “Majority Noteholders” means the Holders of Notes representing a majority of the principal balance of the most senior Class of Notes then outstanding; provided, that neither
Holders of Notes who are employees or Affiliates of the Issuer, the Seller, the Servicer or General Motors Financial Company, Inc. nor the Notes held by such Holders shall be counted when calculating such majority of the related principal balance.

 “Note” means a Class A-1 Note, a Class A-2 Note, a Class A-3 Note, a Class B
Note, a Class C Note, a Class D Note or a Class E Note. 
 “Note Owner” means, with respect to
a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as
an indirect participant, in each case in accordance with the rules of such Clearing Agency). 
 “Note
Paying Agent” means the Trustee or any other Person that meets the eligibility standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account
and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer. 
 “Note Register” and “Note Registrar” have the respective meanings specified in Section 2.4. 

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

  
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 “Officer’s Certificate” means a certificate signed by
any Authorized Officer of the Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise specified, any
reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 
 “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who
shall be satisfactory to the Trustee, and which shall comply with any applicable requirements of Section 11.1, and shall be in form and substance satisfactory to the Trustee. 

“Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered
under this Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered
to the Note Registrar for cancellation; 
 (ii) Notes or portions thereof the payment for which
money in the necessary amount has been theretofore deposited with the Trustee or any Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor, satisfactory to the Trustee); and 
 (iii)
Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser; 

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

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

  
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 “Proceeding” means any suit in equity, action at law or
other judicial or administrative proceeding. 
 “Prohibited Transaction Class Exemption” means
U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor. 

“Rating Agency” means each of Moody’s and Standard & Poor’s so long as such Persons
maintain a rating on the Notes; and if any of Moody’s or Standard & Poor’s no longer maintains a rating on the Notes, such other nationally recognized statistical rating organization engaged by the Seller. 

“Rating Agency Condition” means, with respect to any action, that each of Moody’s and
Standard & Poor’s shall have been given 10 days’ (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof by AmeriCredit and that (a) with respect to Standard & Poor’s, such
Rating Agency has notified the Seller, the Servicer, the Trustee, the Owner Trustee and the Issuer in writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of Notes, and (b) with respect
to Moody’s, such Rating Agency has not notified the Seller, the Servicer, the Trustee, the Owner Trustee or the Issuer in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes.

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

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

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

“Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any officer
within the Corporate Trust Office of the Trustee, including any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Trustee or the Trust
Collateral Agent customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “Sale and Servicing Agreement”
means the Sale and Servicing Agreement, dated as of January 18, 2011, among the Issuer, the Seller, the Servicer, the Trust Collateral Agent and the Backup Servicer, as the same may be amended or supplemented from time to time. 

  
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 “Similar Law” has the meaning specified in
Section 2.4. 
 “State” means any one of the 50 states of the United States of America or
the District of Columbia. 
 “Statutory Exemption” means the statutory exemption under
Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code. 
 “Termination
Date” means the date on which the Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations. 
 “Trust Collateral Agent” means, initially, Wells Fargo Bank, National Association, in its capacity as collateral agent on behalf of the Issuer Secured Parties, including its
successors-in-interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such successor Person. 

“Trust Estate” means all money, instruments, rights and other property that are subject or intended to
be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as
in force on the date hereof, unless otherwise specifically provided. 
 “Trustee” means Wells
Fargo Bank, National Association, a national banking association, not in its individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture. 

“Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time
owe to or on behalf of the Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document. 
 “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time. 

Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and
Servicing Agreement or the Trust Agreement. 
 SECTION 1.2 Incorporation by Reference of Trust Indenture
Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

  
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 “indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the indenture securities means the Issuer. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or
defined by Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Rules of
Construction. Unless the context otherwise requires: 
 (i) a term has the meaning assigned
to it; 
 (ii) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles as in effect from time to time; 
 (iii)
“or” is not exclusive; 
 (iv) “including” means including
without limitation; and 
 (v) words in the singular include the plural and words in the plural
include the singular. 
 ARTICLE II 
 The Notes 
 SECTION 2.1 Form. The Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, in each case together with the Trustee’s certificate of authentication, shall be in substantially the form
set forth in Exhibits A-1, A-2, A-3, B, C, D and E, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The Definitive Notes
shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

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

  
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 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
 The Trustee shall, upon receipt of the Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $138,000,000, Class A-2 Notes for original
issue in the aggregate principal amount of $255,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $174,000,000, Class B Notes for original issue in an aggregate principal amount of $61,544,000, Class C Notes for
original issue in an aggregate principal amount of $76,393,000, Class D Notes for original issue in an aggregate principal amount of $75,119,000 and Class E Notes for original issue in an aggregate principal amount of $19,944,000. The Class A-1
Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D Notes and Class E Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes and Class D Notes
shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000) and the Class E Notes
shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $10,000 (except for one Note of the class which may be issued in a denomination other than an integral multiple of $10,000). 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3
Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed
or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their
execution of such Notes. 
 If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in
Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer 

  
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shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes
shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.4
Registration; Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the
registration of Notes and the registration of transfers of Notes. The Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 
 If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the Trustee prompt written notice of the appointment of such Note Registrar and of the location, and
any change in the location, of the Note Register, and the Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Trustee shall have the right to conclusively rely upon a certificate
executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of the Notes and the principal amounts and number of such Notes. 

Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any Note at the office or agency
of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the
Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 

At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same
class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of
Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

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

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be
accompanied by a written instrument of transfer in the form attached to Exhibits A-1, A-2, A-3, B, C, D and E duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an
“eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require. 

  
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 Notwithstanding the foregoing, in the case of any sale or other transfer of
a Class A Note, Class B Note, Class C Note or Class D Note that is a Definitive Note, the prospective transferee of such Definitive Note shall be required to represent and warrant in writing to the Note Registrar that either (a) it is not
(i) an employee benefit plan (as defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), that is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in
section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are deemed to be assets of a plan described in (i) or (ii) above by reason of such plan’s investment in
the entity or (iv) an employee benefit plan subject to any federal, state, local or non-U.S. laws or regulations substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (any such entity
described in clauses (i) through (iv), a “Benefit Plan Entity”) or (b) it is a Benefit Plan Entity and the acquisition and holding of the Definitive Note by such prospective transferee is covered by a Prohibited
Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). Each transferee of a Class A Note, Class B Note, Class C Note or Class D Note that
is a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of the Book Entry Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any
Similar Law, such acquisition and holding will not violate such Similar Law). 
 Notwithstanding the foregoing,
in the case of any sale or other transfer of a Class E Note that is a Definitive Note, the transferee of such Definitive Note shall be required to represent and warrant in writing to the Note Registrar that (a) it is not, and is not acting
on behalf of or investing the assets of, (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) a plan (within the meaning of Section 4975(e)(1) of the Code) that is
subject to Section 4975 of the Code or (iii) an entity whose underlying assets are deemed to be assets of a plan described in (i) or (ii) by reason of such plan’s investment in the entity (collectively a “Benefit
Plan Investor”) and (b) it is not, and is not acting on behalf of or investing the assets of, an employee benefit plan or similar arrangement that is not a Benefit Plan Investor unless such transferee’s acquisition and holding of
the Class E Note will not constitute or result in a non-exempt violation of any provision of Similar Law. Each transferee of a Class E Note that is a Book Entry Note shall be deemed to represent that it is not a Benefit Plan Entity. 

No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note
Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not
involving any transfer. 
 The preceding provisions of this section notwithstanding, the Issuer shall not be
required to make and the Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note. 

  
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 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee such security or indemnity as may be
required by it to hold the Issuer and the Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may
direct the Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note
pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Trustee shall be entitled to recover such
replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and
shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith. 

Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the Holder of such
Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee) connected therewith. 

Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note
shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer,
the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name any Note is registered (as of the Record Date) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such
Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. 

  
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 SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.

 (a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2
Note, the Class A-3 Note, the Class B Note, the Class C Note, the Class D Note and the Class E Note set forth in Exhibits A-1, A-2, A-3, B, C, D and E, respectively, and such interest shall be due and payable on each Distribution Date, as
specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or
more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued
pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available
funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.1(a)) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

(b) The principal of each Note shall be payable in installments on each Distribution Date as provided in the forms of the
Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class B Note, the Class C Note, the Class D Note and the Class E Note, set forth in Exhibits A-1, A-2, A-3, B, C, D and E, respectively. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Trustee or the Majority Noteholders have declared the Notes to be
immediately due and payable in the manner provided in Section 5.2. All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto. Upon written notice from the Issuer, the Trustee shall
notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such
notice shall be mailed or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may
be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

(c) If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party,
acting at the direction of the Majority Noteholders, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted
interest to the Persons who are Noteholders on the immediately following Distribution Date, and, if such amount is not paid on such following Distribution Date, then on a subsequent special record date, which date shall be at least five Business
Days prior to the payment date. The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder and the Trustee a notice
that states the special record date, the payment date and the amount of defaulted interest to be paid. 

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

SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on the earlier of (i) the Termination
Date or (ii) the Redemption Date (if the Notes are redeemed in full on such date), release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account any funds then on deposit in any
other Trust Account. 
 SECTION 2.10 Book-Entry Notes. The Class A Notes, Class B Notes, Class C
Notes, Class D Notes and Class E Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Issuer. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in
such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12: 

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

(ii) the Note Registrar and the Trustee shall be entitled to deal with the Clearing Agency for all
purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

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

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

 (vi) Note Owners may receive copies of any reports sent to Noteholders pursuant to this
Indenture, upon written request, together with a certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Trustee at the Corporate Trust Office. 

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required
under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing
Agency, and shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If
(i) the Servicer advises the Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Servicer is unable to locate a qualified successor or
(ii) after the occurrence of an Event of Default, the Majority Noteholders advise the Trustee through the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of
the Note Owners, then the Clearing Agency shall notify all Note Owners and the Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Trustee of the
typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Trustee shall authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. Additionally, the Holder of a Class E Note who is not eligible to hold such Class E Note through the Clearing Agency may instruct the Trustee to issue a Definitive Note in accordance with Section 2.4 hereof. None of the Issuer,
the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Trustee shall
recognize the Holders of the Definitive Notes as Noteholders. 
 ARTICLE III 

Covenants 
 SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture.
Without limiting the foregoing, the Issuer will cause to be distributed 

  
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all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes,
to Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to Class A-3 Noteholders, (iv) for the benefit of the Class B
Notes, to the Class B Noteholders, (v) for the benefit of the Class C Notes, to the Class C Noteholders, (vi) for the benefit of the Class D Notes, to the Class D Noteholders, and (vii) for the benefit of the Class E Notes, to the
Class E Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

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

The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument
in which such Note Paying Agent shall agree with the Trustee (and if the Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will: 

(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which
it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying Agent; 

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

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it
on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent to pay to the Trustee all
sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such a payment by any Note Paying Agent to the Trustee, such Note
Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable
laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable
shall be discharged from such trust and be paid to the Issuer on Issuer Request and shall be deposited by the Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer
for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Trustee or such
Note Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have
been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Trustee or of any Note Paying Agent, at the last address of record for each such
Holder). 
 SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10,
the Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or
of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

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

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

(ii) maintain or preserve the lien and security interest (and the priority thereof) in favor of the Trust
Collateral Agent for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof; 
 (iii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(iv) enforce any of the Collateral; 

(v) preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such
Trust Estate against the claims of all persons and parties; and 
 (vi) pay all taxes or
assessments levied or assessed upon the Trust Estate when due. 
 The Issuer hereby designates the Trust Collateral Agent its
agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required by the Trust Collateral Agent pursuant to this Section. 

SECTION 3.6 Opinions as to Trust Estate. 

(a) On the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent and the Backup Servicer an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to
the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust Collateral Agent, for the benefit of the Issuer
Secured Parties, created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

(b) Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than
six months after the Closing Date, the Issuer shall furnish to the Trustee, Trust Collateral Agent and the Backup Servicer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the
recording, filing, re-recording and refiling of this Indenture, any indentures 

  
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supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the lien
and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also
describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the
opinion of such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year. 
 SECTION 3.7 Performance of Obligations; Servicing of Receivables. 
 (a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or
obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or
agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or such other instrument or agreement. 

(b) The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person identified to the Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to assist the Issuer in
performing its duties under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all
UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise
expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee or the Majority Noteholders. 

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

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

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

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

(ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the
Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; or 

(iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in
favor of the Trust Collateral Agent created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden
the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an
action or omission of the related Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate or
(D) amend, modify or fail to comply with the provisions of the Basic Documents without the prior written consent of the Controlling Party. 
 SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Trustee and the Trust Collateral Agent, within 120 days after the end of each fiscal year of the Issuer (commencing
with the fiscal year ended December 31, 2011), and otherwise in compliance with the requirements of TIA Section 314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that

 (i) a review of the activities of the Issuer during such year and of performance under this
Indenture has been made under such Authorized Officer’s supervision; and 
 (ii) to the best
of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture and the other Basic Documents throughout such year, or, if there has been a default in the compliance
of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 

  
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 SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

 (a) The Issuer shall not consolidate or merge with or into any other Person, unless 

(i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a
Person organized and existing under the laws of the United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and
punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein; 

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Trustee) to the effect that such transaction will not for federal income tax purposes cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation, create a
reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 

(vi) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing
required by the Exchange Act); and 
 (vii) the Issuer or the Person (if other than the Issuer)
formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a) greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such
consolidation or merger. 

  
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 (b) The Issuer shall not convey or transfer all or substantially all of its
properties or assets, including those included in the Trust Estate, to any Person, unless 
 (i)
the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the
United States of America or any state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of and interest on all
Notes and the performance or observance of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such
supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agree to
indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a
group of persons, then one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Trustee) to the effect that such transaction will not for federal income tax purposes cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation, create a
reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 
 (v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; 

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

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

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the
Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), AmeriCredit Automobile Receivables Trust 2011-1 will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery
of written notice to the Trustee stating that AmeriCredit Automobile Receivables Trust 2011-1 is to be so released. 
 SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this
Indenture and the Basic Documents and activities incidental thereto. 
 SECTION 3.13 No Borrowing. The
Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes and (ii) any other Indebtedness permitted by or arising under the Basic Documents. The
proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Reserve Account and to pay the Issuer’s organizational,
transactional and start-up expenses. 
 SECTION 3.14 Servicer’s Obligations. The Issuer shall cause
the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement. 
 SECTION 3.15
Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty). 

  
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 SECTION 3.17 Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

 SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent funds are available
for such purpose under, the Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.

 SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner Trustee having
actual knowledge thereof, the Issuer agrees to give the Trustee and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and
Servicing Agreement. 
 SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee, the
Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

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

 SECTION 3.22 Income Tax Characterization. For purposes of federal income, state and local income and
franchise and any other income taxes, the Issuer will treat the Notes that are owned or beneficially owned by a Person other than the Seller or its Affiliates as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note
Owner) shall be deemed, by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 
 ARTICLE IV 
 Satisfaction and Discharge 

SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of 

  
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Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when

 (A) either 

(1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed,
lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer
or discharged from such trust, as provided in Section 3.3) have been delivered to the Trustee for cancellation; or 
 (2) all Notes not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, 
 (ii) will
become due and payable at their respective Final Scheduled Distribution Dates within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer,

 and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be
irrevocably deposited with the Trust Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount
sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption
pursuant to Section 10.1(a)) as the case may be; and 
 (B) the Issuer has paid or caused to
be paid all Trustee Issuer Secured Obligations. 
 (C) the Issuer has delivered to the Trustee
and the Trust Collateral Agent an Officer’s Certificate, an Opinion of Counsel and if required by the TIA, the Trustee or the Trust Collateral Agent an Independent Certificate from a firm of certified public accountants, each meeting the
applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein provided for 

  
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relating to the satisfaction and discharge of this Indenture have been complied with. If the Indenture has been satisfied and discharged in accordance with the provisions of
Section 4.1(A)(2) then such Opinion of Counsel shall also include an opinion that amounts deposited by the Issuer in accordance with Section 4.1(A)(2) would not be characterized as a voidable preference. 

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

 ARTICLE V 
 Remedies 
 SECTION 5.1 Events of Default.
“Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i) default in the payment of any interest outstanding when it becomes due and payable on (i) the Class A Notes, (ii) if no Class A Notes are outstanding, the Class B Notes,
(iii) if no Class A Notes or Class B Notes are outstanding, the Class C Notes, (iv) if no Class A Notes, Class B Notes or Class C Notes are outstanding, the Class D Notes or (v) if no Class A Notes, Class B Notes, Class
C Notes or Class D Notes are outstanding, the Class E Notes, and such default, in each case, shall continue for a period of five days; or 
 (ii) default in the payment of the Outstanding Amount of any Note on the applicable Final Scheduled Distribution Date; or 

(iii) default in the observance or performance of any covenant or agreement of the Issuer made in this
Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuer made in this Indenture, in any Basic

  
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Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall
have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days (or for
such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s
Certificate to the Trustee to the effect that such default is capable of remedy within 90 days or less and that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there
shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default or incorrect
representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (iv) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any
applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the
Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(v) the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by
the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing; or 
 (vi) the Issuer becoming taxable as an association or a publicly traded partnership taxable as a corporation for federal or state income tax purposes. 

The Issuer shall deliver to the Trustee, within five days after the occurrence thereof, written notice in the form of an
Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 5.2 Rights Upon Event of Default. 

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

  
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 (b) At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article V provided, the Majority Noteholders, by written notice to the Issuer and the Trustee, may rescind and annul such
declaration and its consequences if: 
 (i) the Issuer has paid or deposited with the Trustee a
sum sufficient to pay: 
 (A) all payments of principal of and interest on all Notes and all
other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (B) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due
solely by such acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission
shall affect any subsequent default or impair any right consequent thereto. 
 SECTION 5.3 Collection of
Indebtedness and Suits for Enforcement by Trustee. 
 (a) The Issuer covenants that if (i) default is
made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
 (b) Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured
Party is not the Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place
and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such Issuer Secured Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer
Secured Party could or 

  
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might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and,
without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate.

 (c) If an Event of Default occurs and is continuing, the Trustee may in its discretion, as more particularly
provided in Section 5.4, and shall, at the direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Trustee or the Trustee at the direction of such
Majority Noteholders shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 
 (d)
Notwithstanding anything to the contrary contained in this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Trustee
shall, at the written direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Trustee or the Majority Noteholders, shall deem most effective to protect
and enforce any such rights, whether for specific performance of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law. 
 (e) In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case
a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other
comparable Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise:

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

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

(iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; and 
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee or the Noteholders allowed in any Proceedings relative to the
Issuer, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any
such Proceeding is hereby authorized by each of such Noteholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be
sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor
Trustee except as a result of negligence or bad faith. 
 (f) Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 

(g) All rights of action and of asserting claims under this Indenture or under any of the Notes, may be enforced by the
Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or Proceedings instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes. 
 (h) In any Proceedings brought by the Trustee (and also any Proceedings involving the interpretation
of any provision of this Indenture), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings. 

  
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 SECTION 5.4 Remedies. 

(a) If an Event of Default shall have occurred and be continuing, the Trustee may do one or more of the following
(subject to Section 5.5): 
 (i) institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such
moneys adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial
foreclosure of this Indenture with respect to the Trust Estate; 
 (iii) exercise any remedies of
a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and 

(iv) direct the Trust Collateral Agent to sell the Trust Estate or any portion thereof or rights or
interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that, the Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default unless:

 (I) such Event of Default is of the type described in Section 5.1(i) or (ii), or

 (II) either 

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

(y) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge
in full all amounts then due and unpaid upon such Notes for principal and interest, or 
 (z) the
Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee
provides prior written notice to the Issuer (who shall deliver such notice to the Rating Agencies) and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes. 

In determining such sufficiency or insufficiency with respect to clauses (y) and (z), the Trustee may, but need not,
obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 

SECTION 5.5 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may, but need not, elect to direct the Trust Collateral Agent to maintain possession of the Trust Estate. It

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

(a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) the occurrence of an Event
of Default pursuant to Sections 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, the Available Funds, plus any amounts
on deposit in the Reserve Account, including any money or property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the related Distribution Date in the
following order of priority: 
 FIRST: amounts due and owing and required to be distributed to
the Servicer (provided there is no Servicer Termination Event), the Lockbox Bank, the Lockbox Processor, the Owner Trustee, the Trustee, the Trust Collateral Agent and Backup Servicer, respectively, pursuant to clauses (i) and (ii) of
Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed, ratably and without preference or priority of any kind without regard to any caps set forth in clauses (i) and (ii) of Section 5.7(a) of the Sale
and Servicing Agreement; 
 SECOND: to the Class A Noteholders for amounts due and unpaid on
the Class A Notes in respect of interest (including any premium), ratably, without preference or priority of any kind, according to the amounts due and payable on the Class A Notes in respect of interest (including any premium);

 THIRD: to Holders of the Class A Notes for amounts due and unpaid on the Class A
Notes in respect of principal, first, to the Holders of the Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero, and second, ratably, without preference or priority of any kind, according to the amounts
due and payable to the Holders of the Class A-2 Notes and the Class A-3 Notes, until the aggregate Outstanding Amount of the Class A-2 Notes and the Class A-3 Notes is reduced to zero; 

FOURTH: to the Class B Noteholders for amounts due and unpaid on the Class B Notes in respect of interest
(including any premium), according to the amounts due and payable on the Class B Notes in respect of interest (including any premium); 
 FIFTH: to Holders of the Class B Notes for amounts due and unpaid on the Class B Notes in respect of principal, according to the amounts due and payable on the Class B Notes in respect of principal, until
the Outstanding Amount of the Class B Notes is reduced to zero; 

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

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

EIGHTH: to the Class D Noteholders for amounts due and unpaid on the Class D Notes in respect of interest
(including any premium), according to the amounts due and payable on the Class D Notes in respect of interest (including any premium); 
 NINTH: to Holders of the Class D Notes for amounts due and unpaid on the Class D Notes in respect of principal, according to the amounts due and payable on the Class D Notes in respect of principal, until
the Outstanding Amount of the Class D Notes is reduced to zero; 
 TENTH: to the Class E
Noteholders for amounts due and unpaid on the Class E Notes in respect of interest (including any premium), according to the amounts due and payable on the Class E Notes in respect of interest (including any premium); 

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

TWELFTH: to the Certificateholder. 

Following the occurrence of an Event of Default pursuant to Section 5.1(iii) (unless the Notes have been accelerated), payments on
the Notes shall be made in the order and priority set forth in Section 5.7 of the Sale and Servicing Agreement. 
 (b) The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.6. At least 15 days before such record date the Issuer shall mail to each Noteholder
and the Trustee a notice that states the record date, the payment date and the amount to be paid. 
 SECTION 5.7
Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

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

  
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 (iii) such Holder or Holders have offered to the Trustee
indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 
 (iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and 

(v) no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Majority Noteholders; 
 it being understood and intended that no one or more Noteholders shall have any right in
any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce
any right under this Indenture, except in the manner herein provided. 
 SECTION 5.8 Unconditional Rights of
Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any,
on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder. 
 SECTION 5.9 Restoration of Rights and
Remedies. If the Controlling Party or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the
Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Controlling Party or to the Noteholders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the Trustee, the Controlling Party or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event
of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case may be. 

  
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 SECTION 5.12 Control by Noteholders. The Majority Noteholders shall
have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trust Collateral Agent, as Controlling Party, or the Trustee, as applicable, with respect to the Notes or exercising any trust or power
conferred on the Controlling Party or the Trustee, as applicable; provided that 
 (i) such
direction shall not be in conflict with any rule of law or with this Indenture; 
 (ii) subject
to the express terms of Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 

(iii) if the conditions set forth in Section 5.5 have been satisfied and the Trustee elects to retain
the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and 

(iv) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction; 
 provided, however, that, subject to Article VI, the Trustee need not take any action that it determines
might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such action. 

SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as
provided in Section 5.4, the Majority Noteholders may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
 Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to
have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 

SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such
Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or 

  
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omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs and
expenses, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall
not apply to (a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit
instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 
 SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may
lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.16 Action on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other
relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer. 

SECTION 5.17 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the Issuer agrees to take
all such lawful action as the Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing
Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner
directed by the Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the
Servicer of each of their obligations under the Sale and Servicing Agreement. 
 (b) If an Event of Default has
occurred and is continuing, the Controlling Party may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the
Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their
obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 

  
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 ARTICLE VI 
 The Trustee and the Trust Collateral Agent 
 SECTION 6.1
Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall
exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a party and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; however, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its
own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph
(b) of this Section; 
 (ii) the Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12. 

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

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

(f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it against such risk
or liability is not assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 
 (h) The Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and Servicing Agreement. 

(i) Without limiting the generality of this Section 6.1, the Trustee shall have no duty (i) to see to any
recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance of any such recording or filing or depositing or
to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any tax, assessment or
other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust, (iv) to confirm or verify the contents of any reports or certificates delivered to the Trustee pursuant to
this Indenture or the Sale and Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the
performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the
Sale and Servicing Agreement. 
 (j) In no event shall Wells Fargo Bank, National Association, in any of its
capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
 SECTION 6.2 Rights of Trustee. 
 (a) The Trustee may
conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

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

  
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 (c) The Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, AmeriCredit Financial Services,
Inc., or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
 (d)
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful
misconduct, negligence or bad faith. 
 (e) The Trustee may consult with counsel, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance
with the advice or opinion of such counsel. 
 (f) The Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction of any of the Noteholders, pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the
Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured),
exercise the rights and powers vested in it by this Indenture with reasonable care and skill. 
 (g) The Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in
writing to do so by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by
it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture or the Sale and Servicing Agreement, the Trustee may require reasonable
indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by the Trustee, shall be reimbursed by the Person making
such request upon demand. 
 (h) The Trustee shall not be liable for any losses on investments except for losses
resulting from the failure of the Trustee to make an investment in accordance with instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the rights and protections afforded to the Trustee shall
be afforded to the Note Paying Agent and Note Registrar. 
 SECTION 6.3 Individual Rights of Trustee. The
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent, Note Registrar,
co-registrar or co-Note Paying Agent may do the same with like rights. However, the Trustee must comply with Sections 6.11 and 6.12. 

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

SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and if it is either known by, or
written notice of the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs. Except in the case of a
Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice to the Noteholder if and so long as it in good faith determines that
withholding the notice is in the interests of Noteholders. 
 SECTION 6.6 Reports by Trustee to Holders.
At the end of each calendar year, the Trustee shall deliver to each person who at any time during the calendar year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder to the extent required by
the Code and any other information as may be reasonably required to enable such Holder to prepare its federal and state income tax returns. 
 SECTION 6.7 Compensation and Indemnity. 
 (a) Pursuant to
Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall, or shall cause the Servicer to, pay to the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) from time to time compensation for its
services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to reimburse the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to
any applicable caps) for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s, the Trust Collateral Agent’s and the Backup Servicer’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent,
the Backup Servicer and their respective officers, directors, employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the
administration of this Trust and the performance of its duties hereunder. The Trustee, the Trust Collateral Agent or the Backup Servicer shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the
Trustee, the Trust Collateral Agent or the Backup Servicer to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement.
The Issuer shall cause the Servicer to defend the claim, and the Trustee, the Trust Collateral Agent or the Backup 

  
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Servicer may have separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need to reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee, the Trust Collateral Agent or the Backup Servicer through the Trustee’s, the Trust Collateral Agent’s or the Backup Servicer’s own willful misconduct,
negligence or bad faith. 
 (b) The Issuer’s payment obligations to the Trustee, the Trust Collateral Agent
or the Backup Servicer pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the Backup Servicer. When the Trustee, the Trust Collateral Agent or
the Backup Servicer incurs expenses after the occurrence of a Default specified in Section 5.1(iv) or (v) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States
Code or any other applicable federal or State bankruptcy, insolvency or similar law. Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Trustee agrees that the obligations of the Issuer (but not the Servicer) to
the Trustee hereunder and under the Basic Documents shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of the Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the
Issuer, the Trust Estate and the Seller shall be limited to the right to receive the distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement. 

SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuer. The Issuer may
and shall, remove the Trustee, if: 
 (i) the Trustee fails to comply with Section 6.11;

 (ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary
case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or
appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the
Trustee’s affairs; 
 (iii) an involuntary case under the federal bankruptcy laws, as now or
hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; 

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

  
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 (v) the Trustee otherwise becomes incapable of acting.

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the
Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective,
and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to the
Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Majority Noteholders may petition any court of
competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with
Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the
successor Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Trustee. 
 Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring
Trustee. 
 SECTION 6.9 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association, without any further act shall be the
successor Trustee. The Trustee shall provide prior written notice of any such transaction to the Issuer (who shall deliver such notice to the Rating Agencies). 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any
successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes
or in this Indenture provided that the certificate of the Trustee shall have. 

  
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 SECTION 6.10 Appointment of Co-Trustee or Separate Trustee.

 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal
requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or
separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the
other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof. 

(b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act
separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in
which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely
at the direction of the Trustee; 
 (ii) no trustee hereunder shall be personally liable by
reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 
 (iii) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the
conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee. 

  
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 (d) Any separate trustee or co-trustee may at any time constitute the
Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die,
dissolve, become insolvent, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee. 
 (e) Any and all amounts relating to the fees and expenses of the co-trustee or
separate trustee will be borne by the Trust Estate. 
 SECTION 6.11 Eligibility: Disqualification. The
Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a
long-term debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA
§ 310(b)(1) are met. 
 Within 90 days after ascertaining the occurrence of an Event of Default which
shall not have been cured or waived, unless authorized by the Commission, the Trustee shall resign with respect to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and/or the Class E Notes in
accordance with Section 6.8 of this Indenture, and the Issuer shall appoint a successor Trustee for each of such Classes, as applicable, so that there will be separate Trustees for the Class A Notes, the Class B Notes, the
Class C Notes, the Class D Notes and the Class E Notes. In the event the Trustee fails to comply with the terms of the preceding sentence, the Trustee shall comply with clauses (ii) and (iii) of TIA Section 310(b).

 In the case of the appointment hereunder of a successor Trustee with respect to any Class of Notes pursuant
to this Section 6.11, the Issuer, the retiring Trustee and the successor Trustee with respect to such Class of Notes shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and
which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, the successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of the
Class to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Classes of Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of each Class as to which the retiring Trustee is not retiring shall continue to be vested in the Trustee and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be a trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the removal of the retiring
Trustee shall become effective to the extent provided herein. 

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

SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured
Parties hereby appoints Wells Fargo Bank, National Association, as the Trust Collateral Agent with respect to the Collateral, and Wells Fargo Bank, National Association hereby accepts such appointment and agrees to act as Trust Collateral Agent with
respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the provisions
of this Indenture and the other Basic Documents. Each Issuer Secured Party hereby authorizes the Trust Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Trustee may
direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the
execution of any powers of attorney. The Trust Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions;
provided that neither the Trustee nor the Trust Collateral Agent shall act upon its own accord or in accordance with any instructions (i) if such actions are not authorized by, or in violation of the provisions of, this Indenture, (ii) if
such actions are in violation of any applicable law, rule or regulation or (iii) with respect to actions for which the Trustee has been directed to act but for which the Trustee has not received reasonable indemnity. Receipt of such
instructions shall not be a condition to the exercise by the Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to act only following and in accordance with such
instructions. 
 SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have no duties or
responsibilities except those expressly set forth in this Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in accordance with this Indenture. The Trust Collateral Agent
shall not be required to take any discretionary actions hereunder except at the written direction and with reasonable security and indemnity satisfactory to the Trust Collateral Agent. The Trust Collateral Agent shall, and hereby agrees that it
will, subject to this Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement. 
 SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent nor any of its directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them
hereunder, or in connection herewith, except that the Trust Collateral Agent shall be liable for its negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency
or enforceability against the Issuer of this Indenture or any of the Collateral (or any part thereof). Notwithstanding any term or provision of this Indenture, the Trust Collateral Agent shall incur no liability to the Issuer

  
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or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the Collateral, except for the negligence, bad faith or willful misconduct on the
part of the Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Trust Collateral Agent
shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably
believed by the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Trust Collateral Agent) the Trust Collateral Agent shall
not be required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the
existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust Collateral Agent may consult with counsel, and shall not be liable for any action
taken or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust Collateral Agent shall not be under any obligation to exercise any of the remedial rights or powers vested in it by this
Indenture or to follow any direction from the Trustee or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder unless it shall have received reasonable security or indemnity satisfactory to the
Trust Collateral Agent against the costs, expenses and liabilities which might be incurred by it. 
 SECTION
6.16 Reliance Upon Documents. In the absence of negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably
believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or
opinion contained in any such document or instrument. 
 SECTION 6.17 Successor Trust Collateral Agent.

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

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

(c) Removal. The Trust Collateral Agent may be removed by the Trustee at any time (and should be removed at any
time that the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer. A temporary successor may be removed at any
time to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the
effective date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the
provisions hereof, and (ii) receipt by the Trustee of an Opinion of Counsel to the effect described in Section 3.6. 
 (d) Acceptance by Successor. The Trustee shall have the sole right to appoint each successor Trust Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed
hereunder shall execute, acknowledge and deliver to its predecessor and to the Trustee, each Issuer Secured Party and the Issuer an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge
and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Trust Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the
estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of either Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such
successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Issuer or an Issuer Secured Party is reasonably required by a successor Trust Collateral Agent to more fully
and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary
or permanent successor Trust Collateral Agent, be forthwith executed, acknowledged and delivered by the Trustee or the Issuer, as the case may be. The designation of any successor Trust Collateral Agent and the instrument or instruments removing any
Trust Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by
the successor Trust Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Trust Collateral Agent or to protect or continue the perfection of the security interests
granted hereunder. 
 SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any
compensation for the performance of its duties hereunder other than the compensation it is entitled to receive in its capacity as Trustee. 

  
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 SECTION 6.19 Representations and Warranties of the Trust Collateral Agent
and the Issuer. (a) The Trust Collateral Agent represents and warrants to the Issuer and to each Issuer Secured Party as follows: 
 (i) Due Organization. The Trust Collateral Agent is a national banking association and is duly authorized and licensed under applicable law to conduct its business as presently conducted.

 (ii) Corporate Power. The Trust Collateral Agent has all requisite right, power and
authority to execute and deliver this Indenture and to perform all of its duties as Trust Collateral Agent hereunder. 
 (iii) Due Authorization. The execution and delivery by the Trust Collateral Agent of this Indenture and the other Transaction Documents to which it is a party, and the performance by the Trust
Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by
the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such other Basic Documents. 
 (iv) Valid and Binding Indenture. The Trust Collateral Agent has duly executed and delivered this Indenture and each other Basic Document to which it is a party, and each of this Indenture and each
such other Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral Agent, enforceable against the Trust Collateral Agent in accordance with its terms, except as (i) such enforceability may be limited by
bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general
applicability. 
 (v) No Conflicts. The execution and delivery of each Basic Document to
which it is a party by the Trust Collateral Agent and the performance by the Trust Collateral Agent of its obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict with or result in any violation of
(i) any law or regulation of the United States of America governing the banking or trust powers of the Trust Collateral Agent or (ii) the articles of incorporation and by-laws of the Trust Collateral Agent. 

(vi) No Actions. To the best of the Trust Collateral Agent’s knowledge, there are no actions,
proceedings or investigations known to the Trust Collateral Agent, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which would, if adversely
determined, affect in any material respect the consummation, validity or enforceability against the Trust Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of any Basic Document. 

(b) The Issuer hereby represents and warrants that each of the representations and warranties set forth on the Schedule
of Representations attached hereto as Schedule A is true and correct. Such representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the
Trust Collateral Agent and shall not be waived. 

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

Noteholders’ Lists and Reports 
 SECTION 7.1 Issuer To Furnish To Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause to be furnished to the Trustee (a) not more than five days after the earlier of
(i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the
Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; provided, however, that so long as
the Trustee is the Note Registrar, no such list shall be required to be furnished. 
 SECTION 7.2
Preservation of Information; Communications to Noteholders. 
 (a) The Trustee shall preserve, in as
current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its
capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

(c) The Issuer, the Trustee and the Note Registrar shall have the protection of TIA § 312(c). 

SECTION 7.3 Reports by Issuer. 

(a) The Issuer shall: 

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

  
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 (ii) file with the Trustee and the Commission in accordance
with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to
time by such rules and regulations; and 
 (iii) supply to the Trustee (and the Trustee shall
transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the Commission. 
 (b) Unless the Issuer
otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 
 SECTION 7.4
Reports by Trustee. If required by TIA § 313(a), within 60 days after each May 31, beginning with May 31, 2011, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of
such date that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b). 

A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the Commission and
each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange. 
 ARTICLE VIII 
 Accounts, Disbursements and Releases 

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

 (a) Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7, the Trust
Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, 

  
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in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trust Collateral Agent as provided in this
Article VIII shall be bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. 

(b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all sums due the Trustee
pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the
Trust Accounts. 
 SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least
seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a condition to such action, an Opinion of Counsel in
form and substance satisfactory to the Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with.
Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action. 

ARTICLE IX 

Supplemental Indentures 
 SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 
 (a) Without the consent of the Holders of any Notes and with prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the Trustee, when authorized by an Issuer Order,
at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Trustee,
for any of the following purposes: 
 (i) to correct or amplify the description of any property
at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture
additional property; 
 (ii) to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 

  
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 (iii) to add to the covenants of the Issuer, for the benefit
of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent; 

(v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture
which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that such
action shall not adversely affect the interests of the Holders of the Notes; 
 (vi) to evidence
and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee, pursuant to the requirements of Article VI; or 
 (vii) to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such
other provisions as may be expressly required by the TIA. 
 The Trustee is hereby authorized to join in the
execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained. 
 (b) The Issuer and the Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer, as
evidenced to the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder. 

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Trustee, when authorized by an
Issuer Order, also may, with prior notice to the Rating Agencies by the Issuer, and with the consent of the Majority Noteholders, by Act of such Holders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto,
change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency
in which, any Note or the interest thereon is payable; 

  
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 (ii) impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on
or after the Redemption Date); 
 (iii) reduce the percentage of the Outstanding Amount of the
Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and
their consequences provided for in this Indenture; 
 (iv) modify or alter the provisions of the
proviso to the definition of the term “Outstanding” or the term “Majority Noteholders”; 
 (v) reduce the percentage of the Outstanding Amount of the Notes required to direct the Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4; 

(vi) modify any provision of this Section except to increase any percentage specified herein or to provide
that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 

(vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the
amount of any payment of interest or principal due on any Note on any Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions
for the mandatory redemption of the Notes contained herein; or 
 (viii) permit the creation of
any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on
any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
 The Trustee may determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or
thereafter authenticated and delivered hereunder. The Trustee shall not be liable for any such determination made in good faith. 

  
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 It shall not be necessary for any Act of Noteholders under this Section to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Holders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture. 
 SECTION 9.3 Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive and shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that
affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities
under this Indenture of the Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the
Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
 SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by
the Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and
the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

  
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 ARTICLE X 
 Redemption of Notes 
 SECTION 10.1 Redemption.

 (a) The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which the Servicer or
Seller exercises its option to purchase the Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however, that no such redemption may be effected
unless the Issuer has available funds sufficient to pay the Redemption Price on such Distribution Date. The Servicer or the Issuer shall furnish the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this
Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date and the Issuer shall deposit with the Trustee in the Collection Account the amount required to
be so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing of a notice complying with Section 10.2 to each
Holder of Notes. 
 (b) In the event that the assets of the Trust are distributed pursuant to Section 8.1
of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon. If amounts are to be paid to Noteholders pursuant
to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date whereupon all such amounts shall be payable on the Redemption
Date. 
 SECTION 10.2 Form of Redemption. (a) Notice of redemption under Section 10.1(a) shall
be given by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption
Date, at such Holder’s address appearing in the Note Register. 
 All notices of redemption shall state:

 (i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that
payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.2); and 
 (iv) that interest on the Notes shall cease to accrue on the Redemption
Date. 

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

(c) Prior notice of redemption under Section 10.1(b) is not required to be given to the Noteholders. 

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption, as
required by Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no
interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI 
 Miscellaneous 

SECTION 11.1 Compliance Certificates and Opinions, etc. 

(a) Upon any application or request by the Issuer to the Trustee or the Trust Collateral Agent to take any action under
any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating
to the proposed action have been complied with, (2) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (3) (if required by the TIA) an Independent
Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any
provision of this Indenture, no additional certificate or opinion need be furnished. 
 Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 

  
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 (iv) a statement as to whether, in the opinion of each such
signatory such condition or covenant has been complied with. 
 (b) (i) Prior to the deposit of any
Collateral or other property or securities with the Trust Collateral Agent that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in
Section 11.1(a) or elsewhere in this Indenture, furnish to the Trust Collateral Agent an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit)
to the Issuer of the Collateral or other property or securities to be so deposited. 
 (ii)
Whenever the Issuer is required to furnish to the Trust Collateral Agent an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the
Trust Collateral Agent an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement
of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished
with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes. 

(iii) Other than with respect to the release of any Purchased Receivables, Sold Receivables or Liquidated
Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent an Officer’s Certificate certifying or stating the opinion of each person signing
such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in
contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the
Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trust Collateral Agent an Independent Certificate as to the
same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, or securities released from the lien of this Indenture since the commencement of the
then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release
of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes. 

  
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 (v) Notwithstanding Section 2.9 or any other provision
of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent
permitted or required by the Basic Documents. 
 SECTION 11.2 Form of Documents Delivered to Trustee. In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Servicer, the Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in
the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be
consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or
certificate or report to the Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth
and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of
the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion
contained in any such document as provided in Article VI. 
 SECTION 11.3 Acts of Noteholders.

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

  
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instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.1) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders,
each representing less than a majority of the Outstanding Amount of the Notes or the Majority Noteholders, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any
customary manner of the Trustee. 
 (c) The ownership of Notes shall be proved by the Note Register. 

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

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

(b) The Issuer by the Trustee or by any Noteholder shall be sufficient for every purpose hereunder if personally
delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: AmeriCredit Automobile Receivables Trust 2011-1, in care of Wilmington
Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, with a copy to AmeriCredit Automobile Receivables Trust 2011-1, c/o AmeriCredit Financial Services, Inc., 801
Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Trustee by Issuer. The Issuer shall promptly transmit any notice received by it from the
Noteholders to the Trustee. 
 (c) Notices required to be given to the Rating Agencies shall
be provided by the Issuer in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of Moody’s, at the following address: Moody’s
Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th floor, New York, New York 10007; and (ii) in the case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any

  
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information not available in electronic format, send hard copies to: Standard & Poor’s Ratings Services, 55 Water Street, 42nd floor, New York, New York 10041, Attention: ABS
Surveillance Group; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to
other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 

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

SECTION 11.6 [Reserved] 
 SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the
provisions of the Trust Indenture Act, such required provision shall control. 
 The provisions of TIA
§§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically
contained herein. 
 SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

  
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 SECTION 11.9 Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Trust Collateral Agent in this Indenture
shall bind its successors. 
 SECTION 11.10 Separability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to
any Person, other than the parties hereto and their successors hereunder, the Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable
right, remedy or claim under this Indenture. 
 SECTION 11.12 Legal Holidays. In any case where the date
on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY
THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense
accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any other counsel reasonably acceptable to the Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other person
secured hereunder or for the enforcement of any right or remedy granted to the Trustee or the Trust Collateral Agent under this Indenture. 
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee,
the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Backup
Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, 

  
 64 

 
employee or agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in
the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent, the Backup Servicer and the Owner Trustee have no such obligations in their individual
capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of
the Trust Agreement. 
 SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by
entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any
of the Basic Documents. 
 SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice,
it will permit any representative of the Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be
audited by independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often
as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all
information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or
that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate or an officer, director, employer
or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved in advance by the Servicer or the
Issuer or (E) to any independent or internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being disclosed, or
(iii) any other disclosure authorized by the Servicer or the Issuer. 
 [SIGNATURE PAGE FOLLOWS] 

  
 65 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2011-1,
		
	By:	 	WILMINGTON TRUST COMPANY, not in its
individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Jessica L. Williams
		 	 Name: Jessica L. Williams

Title:   Authorized Signer

 

			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity but
solely as Trustee and Trust Collateral Agent
		
	By:	 	/s/ Cheryl Zimmerman
		 	 Name: Cheryl Zimmerman

Title:   Vice President

  
 [Indenture]

 EXHIBIT A-1 

 

 REGISTERED

 $138,000,000        

 No. RB A-1 
 SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03064M AA6 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1 
 CLASS A-1 0.32163% ASSET BACKED
NOTE 
 AmeriCredit Automobile Receivables Trust 2011-1, a statutory trust organized and existing under the laws
of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED THIRTY-EIGHT MILLION DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $138,000,000 and the denominator of which is $138,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account and Collection Account in respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
February 8, 2012 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or
made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from
February 2, 2011. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred
to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-1-2

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

									
		 		 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2011-1
			
		 		 	by
			
		 		 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement
				
		 		 	by	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	

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

  

									
	Date: February 2, 2011	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in
its individual capacity but solely as Trustee
				
		 		 	by	 	 
		 		 		 	Authorized Signer

  
 A-1-3

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 0.32163% Asset
Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer
and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes
any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount described on the face
hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the
distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable
in the manner provided in the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto. 

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

  
 A-1-4

 
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the
Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 A-1-5

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 A-1-6

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 A-1-7

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                     

(name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in
the premises. 
  

									
	Dated
	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
					
		 	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 A-1-8

 EXHIBIT A-2 
  

			
	REGISTERED	 	$255,000,000            
		
	No. RB A-2	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 03064M AB4 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT
OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1

 CLASS A-2 0.84% ASSET BACKED NOTE 
 AmeriCredit Automobile Receivables Trust 2011-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED FIFTY-FIVE MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $255,000,000 and the denominator of which is $255,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-2 Notes pursuant
to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 9, 2014 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay
interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution
Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 2, 2011. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

 The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred
to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 A-2-2

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

									
		 		 	 AMERICREDIT AUTOMOBILE RECEIVABLES

 TRUST 2011-1

					
		 		 		 	by	 	
		 		 		 		 	
		 		 		 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement
					
		 		 		 	by	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	 Date: February 2, 2011
	 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
not in its individual capacity but solely as Trustee

				
		 		 	 by
	 	 
		 		 	 Authorized Signer

  
 A-2-3

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 0.84% Asset Backed
Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and
Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any
successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described on the face
hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the
distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable
in the manner provided in the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto. 

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

  
 A-2-4

 
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the
Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 A-2-5

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 A-2-6

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 A-2-7

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
     
             (name and
address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

									
		 		 	
					
	Dated
	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
				
	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 A-2-8

 EXHIBIT A-3 
  

			
	REGISTERED	 	$174,000,000            
		
	No. RB A-3	 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 03064M AC2 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT
OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1

 CLASS A-3 1.39% ASSET BACKED NOTE 
 AmeriCredit Automobile Receivables Trust 2011-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED SEVENTY-FOUR MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $174,000,000 and the denominator of which is $174,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-3 Notes pursuant
to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the September 8, 2015 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay
interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution
Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 2, 2011. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note
shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

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

  
 A-3-2

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2011-1
		
	by	 	
	
	 WILMINGTON TRUST COMPANY, not in its
 individual capacity but solely as Owner Trustee under the Trust Agreement

		
	by	 	 
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

											
	Date: February 2, 2011	 		 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION, not
in its individual capacity but

solely as Trustee

						
		 		 		 		 	by	 	 
		 		 		 		 	Authorized Signer

  
 A-3-3

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 1.39% Asset Backed
Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and
Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any
successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The
Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-3 Notes will be payable on each Distribution Date in an amount described on the face
hereof. “Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the
distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable
in the manner provided in the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto. 

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

  
 A-3-4

 
be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the
Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 
 The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful. 

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 A-3-5

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 A-3-6

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 A-3-7

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                     

            (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books
kept for registration thereof, with full power of substitution in the premises. 
  

									
	Dated
	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
					
		 	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 A-3-8

 EXHIBIT B 
  

									
	REGISTERED	 		 	$61,544,000            
			
	No. RB B	 		 	

 SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 03064M AD0 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer,
exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT
OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1

 CLASS B 2.19% ASSET BACKED NOTE 
 AmeriCredit Automobile Receivables Trust 2011-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SIXTY-ONE MILLION, FIVE HUNDRED FORTY-FOUR THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $61,544,000 and the denominator of which is $61,544,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class B
Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the February 8, 2016 Distribution Date (the “Final Scheduled Distribution Date”). The
Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most
recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 2, 2011. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

 The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred
to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 B-2

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

							
		 		 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1
				
		 		 	by	 	
			
		 		 	WILMINGTON TRUST COMPANY, not in its individual capacity
but solely as Owner Trustee under the Trust Agreement
				
		 		 	by	 	 
		 		 	Name:	 	
		 		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

									
	Date: February 2, 2011	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Trustee
				
		 		 	by	 	 
		 		 	Authorized Signer

  
 B-3

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 2.19% Asset Backed Notes
(herein called the “Class B Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo
Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class B Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the
Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on
the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class B Notes
shall be made pro rata to the Class B Noteholders entitled thereto. 
 Payments of interest on this Note due and
payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall

  
 B-4

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

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 B-5

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 B-6

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 B-7

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
        

                (name and address of
assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

											
	Dated	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
				
	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 B-8

 EXHIBIT C 
  

			
	 REGISTERED
  

No. RB C
	  	$76,393,000            

SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03064M AE8 
 Unless this Note is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1 
 CLASS C 2.85% ASSET BACKED NOTE 
 AmeriCredit Automobile
Receivables Trust 2011-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of SEVENTY-SIX MILLION, THREE HUNDRED NINETY-THREE THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $76,393,000 and
the denominator of which is $76,393,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class C Notes pursuant to the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the August 8, 2016 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum
shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, if no interest has yet been paid, from February 2, 2011. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof. 

 The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred
to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 C-2

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

									
		 		 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2011-1
					
		 		 		 	by	 	
			
		 		 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement
					
		 		 		 	by	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

									
	Date: February 2, 2011	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in
its individual capacity but solely as Trustee
					
		 		 		 	 by
	 	 
		 		 		 	Authorized Signer

  
 C-3

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C 2.85% Asset Backed Notes
(herein called the “Class C Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo
Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class C Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the
Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on
the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class C Notes
shall be made pro rata to the Class C Noteholders entitled thereto. 
 Payments of interest on this Note due and
payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall

  
 C-4

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

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 C-5

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 C-6

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 C-7

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

					
	
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
	 	 	 	
		 	(name and address of assignee)	 	

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

											
	Dated	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
				
	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 C-8

 EXHIBIT D 
  

			
	 REGISTERED
  

No. RB D
	  	 $75,119,000

 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03064M AF5 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE
IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1 
 CLASS D 4.26% ASSET BACKED NOTE

 AmeriCredit Automobile Receivables Trust 2011-1, a statutory trust organized and existing under the laws of
the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SEVENTY-FIVE MILLION, ONE HUNDRED NINETEEN THOUSAND DOLLARS
payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $75,119,000 and the denominator of which is $75,119,000 by (ii) the aggregate amount, if any, payable from
the Note Distribution Account and Collection Account in respect of principal on the Class D Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
February 8, 2017 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or
made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from
February 2, 2011. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

 The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of
this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred
to on the reverse hereof, or be valid or obligatory for any purpose. 

  
 D-2

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

									
		 		 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1
					
		 		 		 	by	 	
			
		 		 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
					
		 		 		 	by	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	 This is one of the Notes designated above and referred to in the within-mentioned Indenture.

			
	Date: February 2, 2011	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
					
		 		 		 	 by
	 	 
		 		 		 		 	Authorized Signer

  
 D-3

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D 4.26% Asset Backed Notes
(herein called the “Class D Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo
Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class D Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the
Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on
the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class D Notes
shall be made pro rata to the Class D Noteholders entitled thereto. 
 Payments of interest on this Note due and
payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall

  
 D-4

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

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 D-5

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 D-6

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 D-7

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
            
 (name and address of
assignee)           
 the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 

											
					
	Dated	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
				
	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 D-8

 EXHIBIT E 
  

			
	 REGISTERED
  

No. RB E
	  	$19,944,000            

SEE REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 03064M AG3 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF
THIS NOTE IS DEEMED TO REPRESENT TO AFS SENSUB CORP. (THE “SELLER”) AND THE OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A
“QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A OR (II) IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS) OR (III) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE SECURITIES ACT.

 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS MADE TO THE SELLER, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY
IS A QIB ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (III) SUCH
SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN WHICH CASE (A) THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE
TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE SELLER, AND (B) THE OWNER TRUSTEE SHALL REQUIRE
A WRITTEN OPINION OF 

 
COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR THE OWNER TRUSTEE) SATISFACTORY TO THE SELLER AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES
ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL
PURPOSES. 
 EACH PURCHASER OR TRANSFEREE OF A BENEFICIAL INTEREST IN THIS NOTE SHALL BE DEEMED TO REPRESENT
THAT (I) IT IS NOT, AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, (A) AN “EMPLOYEE BENEFIT PLAN” (WITHIN THE MEANING OF SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A “PLAN” (WITHIN THE MEANING OF SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)) THAT IS SUBJECT TO SECTION 4975 OF
THE CODE OR (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED IN (A) OR (B) BY REASON OF SUCH PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”) AND (II) IT
IS NOT, AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A BENEFIT PLAN INVESTOR UNLESS SUCH PURCHASER OR TRANSFEREE’S ACQUISITION AND HOLDING OF THE CLASS E NOTE WILL
NOT CONSTITUTE OR RESULT IN A NON-EXEMPT VIOLATION OF ANY PROVISION OF FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE. 

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

  
 E-2

 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2011-1 

CLASS E 6.23% ASSET BACKED NOTE 
 AmeriCredit Automobile Receivables Trust 2011-1, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received,
hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of NINETEEN MILLION, NINE HUNDRED FORTY-FOUR THOUSAND DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $19,944,000 and the denominator of which is $19,944,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class E
Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 9, 2018 Distribution Date (the “Final Scheduled Distribution Date”). The
Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most
recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from February 2, 2011. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

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

  
 E-3

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

									
		 		 	 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
 2011-1

					
		 		 		 	by	 	
			
		 		 	 WILMINGTON TRUST COMPANY, not in its individual
 capacity but solely as Owner Trustee under the Trust Agreement

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

			
	Date: February 2, 2011	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION, not in
 its individual capacity but solely as Trustee

					
		 		 		 	 by
	 	 
		 		 		 	Authorized Signer

  
 E-4

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class E 6.23% Asset Backed Notes
(herein called the “Class E Notes”), all issued under an Indenture dated as of January 18, 2011 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo
Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor
Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are
subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes, the
Class D Notes and the Class E Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class E Notes will be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the eighth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing February 8, 2011. If AmeriCredit is no longer acting as Servicer, the distribution
date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the
Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on
the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class E Notes
shall be made pro rata to the Class E Noteholders entitled thereto. 
 Payments of interest on this Note due and
payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall

  
 E-5

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

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

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note
covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer,
director or employee of the Seller, the Servicer, the Trustee or the 

  
 E-6

 
Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the
Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity)
and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such
entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income
taxes. 
 Prior to the due presentment for registration of transfer of this Note, the Issuer and the Trustee and
any agent of the Issuer or the Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not
this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to
the rights of the Trustee and the Noteholders under the Indenture. 
 The Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This
Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined
in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

  
 E-7

 Anything herein to the contrary notwithstanding, except as expressly
provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors,
employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in
the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim
against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note. 

  
 E-8

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

					
	
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
	 	 	 	
		 	(name and address of assignee)	 	

 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints,
attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

											
					
	Dated	 	 	 	1	 		 	 
		 		 		 		 	Signature Guaranteed:
				
	 	 		 		 	 

  

	1	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  
 E-9

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

2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security
interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the
State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder. All financing statements filed or to be filed against the Issuer in favor of the Trust Collateral
Agent in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or a security interest in any collateral described in this financing statement will violate the rights of the Trust Collateral
Agent.” 
 3. No Impairment. The Issuer has not done anything to convey any right to any Person that
would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security
interest granted to the Trust Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is
not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that
has been terminated. The Issuer is not aware of any judgment or tax lien filings against it. 
 4. Chattel
Paper. The Receivables constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware. 

5. Good Title. Immediately prior to the pledge of the Receivables to the Trust Collateral Agent pursuant to this
Indenture, the Issuer was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such
Receivables, free of any Lien. No Dealer or Third-Party Lender has a 

  
 Sch.A-1

 
participation in, or other right to receive, proceeds of any Receivable. The Issuer has not taken any action to convey any right to any Person that would result in such Person having a right to
payments received under the related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 

6. Possession of Original Copy. The Servicer, as Custodian on behalf of the Issuer, has in its possession or
control the original contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable. 
 7. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts that are
“electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Trust Collateral Agent in the case of an addition or amendment of an identified assignee and
other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by
or on behalf of the Custodian. 
 8. Not an Authoritative Copy. With respect to Contracts that are
“electronic chattel paper”, the Seller has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an authoritative copy.” 

9. Revisions. With respect to Contracts that are “electronic chattel paper”, the related Receivables have
been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Trust Collateral Agent and (b) all
revisions of the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 
 10. Pledge or Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or notations
indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. 

  
 Sch.A-2

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