Document:

EX-10.4

 Exhibit 10.4 

Execution Version 
  

 
 ACAR LEASING LTD., 

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

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent and Indenture Trustee 
  

 
 2015-1 SERVICING
SUPPLEMENT 
 Dated as of February 1, 2015 
  

 
  

 

 Exhibit 10.4 

TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND INTERPRETIVE PROVISIONS	  	 	1	  
			
	 SECTION 1.1.
	 	 General Definitions
	  	 	1	  
		
	ARTICLE II SERVICING OF 2015-1 DESIGNATED POOL	  	 	2	  
			
	 SECTION 2.1.
	 	 Servicing of 2015-1 Designated Pool
	  	 	2	  
	 SECTION 2.2.
	 	 Identification of 2015-1 Lease Agreements and 2015-1 Leased Vehicles; Securitization Value
	  	 	2	  
	 SECTION 2.3.
	 	 Accounts
	  	 	2	  
	 SECTION 2.4.
	 	 General Provisions Regarding Accounts
	  	 	4	  
	 SECTION 2.5.
	 	 Reallocation and Repurchase of 2015-1 Lease Agreements and 2015-1 Leased Vehicles; Purchase of Matured Vehicles
	  	 	5	  
	 SECTION 2.6.
	 	 2015-1 Designated Pool Collections
	  	 	7	  
	 SECTION 2.7.
	 	 Servicing Compensation; Expenses
	  	 	7	  
	 SECTION 2.8.
	 	 Third Party Claims
	  	 	8	  
	 SECTION 2.9.
	 	 Reporting by the Servicer; Delivery of Certain Documentation; Inspection
	  	 	8	  
	 SECTION 2.10.
	 	 Annual Independent Accountant’s Report
	  	 	9	  
	 SECTION 2.11.
	 	 Servicer Defaults; Termination of the Servicer
	  	 	10	  
	 SECTION 2.12.
	 	 Representations and Warranties
	  	 	12	  
	 SECTION 2.13.
	 	 Custody of Lease Documents
	  	 	13	  
	 SECTION 2.14.
	 	 Reserve Account
	  	 	13	  
	 SECTION 2.15.
	 	 Liability of Successor Servicer
	  	 	13	  
	 SECTION 2.16.
	 	 Merger or Consolidation of, or Assumption of Obligations of the Servicer
	  	 	14	  
	 SECTION 2.17.
	 	 Resignation of the Servicer
	  	 	14	  
	 SECTION 2.18.
	 	 Separate Existence
	  	 	15	  
	 SECTION 2.19.
	 	 Like Kind Exchange Program; Pull Ahead Program
	  	 	16	  
		
	ARTICLE III MISCELLANEOUS	  	 	16	  
			
	 SECTION 3.1.
	 	 Termination of 2015-1 Servicing Supplement
	  	 	16	  
	 SECTION 3.2.
	 	 Amendment
	  	 	17	  
	 SECTION 3.3.
	 	 GOVERNING LAW
	  	 	17	  
	 SECTION 3.4.
	 	 Relationship of 2015-1 Servicing Supplement to Other Trust Documents
	  	 	17	  
	 SECTION 3.5.
	 	 [Reserved]
	  	 	17	  
	 SECTION 3.6.
	 	 Notices
	  	 	17	  
	 SECTION 3.7.
	 	 Severability of Provisions
	  	 	17	  
	 SECTION 3.8.
	 	 Binding Effect
	  	 	18	  
	 SECTION 3.9.
	 	 Table of Contents and Headings
	  	 	18	  

  
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	 SECTION 3.10.
		 Counterparts
		 	18	  
	 SECTION 3.11.
		 Further Assurances
		 	18	  
	 SECTION 3.12.
		 Third-Party Beneficiaries
		 	18	  
	 SECTION 3.13.
		 No Petition
		 	18	  
	 SECTION 3.14.
		 Limitation of Liability
		 	18	  
	 SECTION 3.15.
		 Execution of Securities and Exchange Commission Filings
		 	19	  

 EXHIBITS 
  

					
	 Exhibit A – Form of Servicer Report
		 	A-1	  

  
 ii 

 Exhibit 10.4 

2015-1 SERVICING SUPPLEMENT, dated as of February 1, 2015 (as the same may be amended, restated, supplemented or otherwise modified from
time to time, this “2015-1 Servicing Supplement” or this “Agreement”), among ACAR Leasing Ltd., a Delaware statutory trust (the “Titling Trust”), AmeriCredit Financial Services, Inc. d/b/a GM
Financial, a Delaware corporation (“GM Financial”), as servicer (in such capacity, the “Servicer”), APGO Trust (“APGO”), a Delaware statutory trust, as settlor of the Titling Trust (in such
capacity, the “Settlor”), and Wells Fargo Bank, National Association (“Wells Fargo”), a national banking association, as collateral agent (in such capacity, the “Collateral Agent”) and indenture
trustee (the “Indenture Trustee”). 
 RECITALS 

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of January 31, 2011 (the “Titling Trust
Agreement”), between the Settlor and Wilmington Trust Company, as Owner Trustee, Administrative Trustee and Delaware Trustee, the Titling Trust was created to, among other things, take assignments and conveyances of and hold in trust
various assets (the “Trust Assets”); 
 WHEREAS, the Titling Trust, the Servicer, the Settlor and the Collateral Agent,
have entered into a Second Amended and Restated Servicing Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Basic Servicing
Agreement”), which provides for, among other things, the servicing of the Trust Assets by the Servicer; and 
 WHEREAS, the parties
hereto acknowledge that in connection with the execution of the 2015-1 Exchange Note Supplement, dated as of February 1, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “2015-1
Exchange Note Supplement”) to the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and
Security Agreement”), each among the Titling Trust, as borrower, GM Financial, as lender and Servicer, and Wells Fargo, as Administrative Agent and Collateral Agent, pursuant to which an Exchange Note (the “2015-1 Exchange
Note”) will be created, it is necessary and desirable to enter into a supplement to the Basic Servicing Agreement to provide for, among other things, the servicing of the Trust Assets allocated to the 2015-1 Designated Pool. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETIVE PROVISIONS 

SECTION 1.1. General Definitions. Capitalized terms used in this 2015-1 Servicing Supplement that are not otherwise defined herein
shall have the meanings assigned to them in Appendix 1 to the 2015-1 Exchange Note Supplement or, if not defined therein, in Appendix A 

 
to the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Basic Servicing Agreement are incorporated by reference into this 2015-1
Servicing Supplement. 
 ARTICLE II 

SERVICING OF 2015-1 DESIGNATED POOL 

SECTION 2.1. Servicing of 2015-1 Designated Pool. The parties hereto agree that the Servicer shall service, administer and make
collections on the 2015-1 Designated Pool in accordance with the terms and provisions of the Basic Servicing Agreement, as amended and supplemented by the terms and provisions of this 2015-1 Servicing Supplement. 

SECTION 2.2. Identification of 2015-1 Lease Agreements and 2015-1 Leased Vehicles; Securitization Value. On the Closing Date, the
Servicer shall identify as 2015-1 Exchange Note Assets the Lease Agreements and the Leased Vehicles relating to such Lease Agreements listed on the Schedule of 2015-1 Lease Agreements and 2015-1 Leased Vehicles attached as Schedule A to the 2015-1
Exchange Note Supplement. The Servicer shall calculate the Securitization Value for each 2015-1 Lease Agreement as of the Cutoff Date. 

SECTION 2.3. Accounts. 

(a) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an Eligible Deposit Account in the name
of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “2015-1 Exchange Note Collections Account” and being initially identified as “GM Financial 2015-1 Exchange Note
Collections Account”). Deposits to and withdrawals from the 2015-1 Exchange Note Collections Account shall be made as set forth in the 2015-1 Servicing Agreement, the 2015-1 Exchange Note Supplement and the Indenture. 

(b) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an Eligible Deposit Account in the name
of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Indenture Collections Account” and being initially identified as “GM Financial 2015-1 Indenture Collections
Account”). Deposits to and withdrawals from the 2015-1 Indenture Collections Account shall be made as set forth in the 2015-1 Exchange Note Supplement and the Indenture. 

(c) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an Eligible Deposit Account in the name
of and under the control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Note Payment Account” and being initially identified as “GM Financial 2015-1 Note Payment Account”).
Deposits to and withdrawals from the Note Payment Account shall be made as set forth in the Indenture and the Note Purchase Agreement. 

(d) The Indenture Trustee shall establish and maintain, at all times during the term of the Indenture, an Eligible Deposit Account in the name
of and under control of the Indenture Trustee for the benefit of the Noteholders (said account being called the “Reserve Account” and being initially identified as “GM Financial 2015-1 Reserve Account”). 

  
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 (e) All monies deposited from time to time in the Accounts pursuant to this 2015-1 Servicing
Supplement and the other Program Documents and the Accounts shall be held by the Indenture Trustee as part of the Indenture Collateral and shall be applied to the purposes herein and therein provided. If any Account shall cease to be an Eligible
Deposit Account, the Indenture Trustee shall, as necessary, assist the Servicer in causing such Account to be moved to an institution at which it shall be an Eligible Deposit Account. 

(f) Notwithstanding Section 3.1(f) of the Basic Servicing Agreement, if, at any time, any of the Accounts ceases to be an Eligible
Deposit Account, the Servicer shall within thirty (30) days (or such longer period as to which the Rating Agencies rating any securities backed by the related Exchange Note may consent) establish a new Account as an Eligible Deposit Account and
shall transfer any cash and/or any investments to such new Account. 
 (g) The Indenture Trustee or other Person holding the Accounts shall
be the “Securities Intermediary” with respect to the Accounts. If the Securities Intermediary in respect of the Accounts is not the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the obligations
of the Securities Intermediary set forth in this Section 2.3(g). The Securities Intermediary agrees that: 
 (i) Each of
the Accounts is an account to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial Assets”) of the UCC in effect in the State of New York will be credited; 

(ii) All securities or other property underlying any Financial Assets credited to any Account shall be registered in the name
of the Securities Intermediary, endorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to an Account be
registered in the name of the Issuer, payable to the order of the Issuer or specially endorsed to the Issuer; 
 (iii) All
property delivered to the Securities Intermediary pursuant to the 2015-1 Servicing Agreement and the Indenture will be promptly credited to the applicable Account; 

(iv) Each item of property (whether investment property, security, instrument or cash) credited to an Account shall be treated
as a Financial Asset; 
 (v) If at any time the Securities Intermediary shall receive any order from the Indenture Trustee
directing transfer or redemption of any Financial Asset relating to an Account, the Securities Intermediary shall comply with such entitlement order without further consent by the Issuer or the Servicer; 

(vi) Each Account shall be governed by the laws of the State of New York, regardless of any provision of any other agreement.
For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Accounts (as well as the “securities entitlements” (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall
be governed by the laws of the State of New York; 

  
 3 

 (vii) The Securities Intermediary has not entered into, and until termination of
the Indenture, will not enter into, any agreement with any other Person relating to the Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8)
of the UCC) of such other Person and the Securities Intermediary has not entered into, and until the termination of the Indenture will not enter into, any agreement with the Issuer purporting to limit or condition the obligation of the Securities
Intermediary to comply with entitlement orders as set forth in Section 2.4; and 
 (viii) Except for the claims and
interest of the Indenture Trustee and the Issuer in the Accounts, the Securities Intermediary knows of no claim to, or interest in, the Accounts or in any Financial Asset credited thereto. If any other Person asserts any Lien, encumbrance, or
adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee,
the Noteholders and the Issuer thereof. 
 The Indenture Trustee shall possess all right, title and interest in all funds on deposit from
time to time in the Accounts and in all proceeds thereof, and shall be the only Person authorized to originate entitlement orders in respect of the Accounts. 

SECTION 2.4. General Provisions Regarding Accounts. 

(a) So long as no Event of Default shall have occurred and be continuing, all or a portion of the funds in the 2015-1 Exchange Note
Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account shall be invested at the direction of the Servicer in Permitted Investments that mature no later than the Business Day prior to the next Payment
Date in the Collection Period following the Collection Period during which the investment is made. All income or other gain from investments of monies deposited in the 2015-1 Exchange Note Collections Account, the Indenture Collections Account and
the Reserve Account during a Collection Period shall be deposited into the 2015-1 Exchange Note Collections Account, the Indenture Collections Account or the Reserve Account, as applicable, on the related Payment Date, and any loss resulting from
such investments shall be charged to 2015-1 Exchange Note Collections Account, the Indenture Collections Account or the Reserve Account, as applicable. The Titling Trust will be the tax owner of the 2015-1 Exchange Note Collections Account and all
investment earnings on the 2015-1 Exchange Note Collections Account will be taxable to the Titling Trust. The Issuer or, if there is a single Issuer Trust Certificateholder, such Issuer Trust Certificateholder will be the tax owner of the Indenture
Collections Account and all investment earnings on the Indenture Collections Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. The Issuer or, if there is a single Issuer Trust Certificateholder, such
Issuer Trust Certificateholder will be the tax owner of the Reserve Account and all investment earnings on the Reserve Account will be taxable to the Issuer or such Issuer Trust Certificateholder, as the case may be. 

The Indenture Trustee will not be directed to make any investment of any funds or to sell any Permitted Investment held in the 2015-1 Exchange
Note Collections Account, the Indenture Collections Account and the Reserve Account unless the security interest Granted and perfected 

  
 4 

 
in the 2015-1 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account will continue to be perfected in such Permitted Investment or the proceeds of such sale,
in either case without any further action by any Person. Except as directed by the Note Purchaser after the occurrence and during the continuance of an Event of Default, no such Permitted Investment shall be sold prior to maturity. 

(b) If (i) the Servicer shall have failed to give investment directions for funds on deposit in the 2015-1 Exchange Note Collections
Account, the Indenture Collections Account and the Reserve Account to the Indenture Trustee by 12:00 noon, New York City time (or such other time as may be agreed by the Indenture Trustee), on any Business Day, (ii) an Event of Default shall
have occurred and be continuing but the Notes shall not have been declared due and payable pursuant to Section 5.2 of the Indenture, or (iii) if the Notes shall have been declared due and payable following an Event of Default but amounts
collected or receivable from the Issuer Trust Estate are being applied as if there had not been such a declaration, then the Indenture Trustee shall hold funds on deposit in the 2015-1 Exchange Note Collections Account, the Indenture Collections
Account and the Reserve Account uninvested. 
 (c) Subject to Section 6.1(c) of the Indenture, the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in the 2015-1 Exchange Note Collections Account, the Indenture Collections Account and the Reserve Account resulting from any loss on any Permitted Investment included therein except for losses
attributable to the Indenture Trustee as obligor as a result of the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee,
in accordance with their terms. 
 SECTION 2.5. Reallocation and Repurchase of 2015-1 Lease Agreements and 2015-1 Leased Vehicles;
Purchase of Matured Vehicles. 
 (a) In the event the Servicer (i) grants an extension with respect to any 2015-1 Lease Agreement
that is inconsistent with the Customary Servicing Practices or that extends the term of such 2015-1 Lease Agreement past the Exchange Note Final Scheduled Payment Date, (ii) modifies any 2015-1 Lease Agreement to change the related Contract
Residual Value or Monthly Payment, or (iii) is notified the Titling Trust no longer owns any 2015-1 Leased Vehicle, except to the extent that any such modification listed in clauses (i) and (ii) of this subsection 2.5(a) is required
by law or court order, the Servicer shall, on the Deposit Date related to the Collection Period in which such extension was granted or modification was made, as applicable, cause the reallocation of the affected 2015-1 Lease Agreement and the
related 2015-1 Leased Vehicle to the Lending Facility Pool by depositing to the 2015-1 Exchange Note Collections Account an amount equal to the Repurchase Payment with respect to such 2015-1 Lease Agreement and the related 2015-1 Leased Vehicle.

 (b) Upon discovery by the Servicer, the Owner Trustee, the Indenture Trustee or the Depositor that any representation or warranty
contained in Section 2.12 was incorrect in respect of any 2015-1 Lease Agreement or the related 2015-1 Leased Vehicle as of the Cutoff Date in a manner that materially adversely affects the interest of the Issuer or the Noteholders in such
2015-1 Lease Agreement or such 2015-1 Leased Vehicle, the entity discovering such incorrectness (if other than the Servicer) shall give prompt written notice to the Servicer. By no 

  
 5 

 
later than the end of the Collection Period including the date that is two (2) months after the date on which the Servicer discovers or is notified of such incorrectness, the Servicer shall
cure in all material respects the circumstance or condition with respect to which the representation or warranty was incorrect as of the Cutoff Date. If the Servicer does not cure such circumstance or condition by such date, then the Servicer shall
cause the reallocation of the affected 2015-1 Lease Agreement and the related 2015-1 Leased Vehicle to the Lending Facility Pool by depositing to the 2015-1 Exchange Note Collections Account on the Deposit Date relating to the next succeeding
Payment Date an amount equal to the Repurchase Payment with respect to such 2015-1 Lease Agreement and the related 2015-1 Leased Vehicle. The Indenture Trustee will (i) notify the Servicer, GM Financial and the Depositor, as soon as practicable
and in any event within five (5) Business Days and in the manner set forth for providing notices hereunder, of all demands or requests communicated (in writing or orally) to the Trustee for the reallocation of any 2015-1 Lease Agreement and the
related 2015-1 Leased Vehicle pursuant to this clause (b), (ii) promptly upon request by the Servicer, GM Financial or the Depositor, provide to them any other information reasonably requested to facilitate compliance by them with Rule 15Ga-1
under the Exchange Act and Items 1104(e) and 1121(c) of Regulation AB, and (iii) if requested by the Servicer, GM Financial or the Depositor, provide a written certification no later than fifteen (15) days following any calendar quarter or
calendar year that the Trustee has not received any reallocation demands for such period, or if reallocation demands have been received during such period, that the Trustee has provided all the information reasonably requested under clause
(ii) above with respect to such demands. In no event will the Trustee or the Issuer have any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB. 

(c) Notwithstanding the provisions of Section 2.6(b) of the Basic Servicing Agreement, if the Servicer discovers a breach, or is provided
with any notice of a breach pursuant to such section, regarding a Lease Agreement or Leased Vehicle that is a 2015-1 Lease Agreement or 2015-1 Leased Vehicle on the date that such breach is discovered or such notice is provided, the Servicer shall
be obligated to take the actions described in such Section 2.6(b) by no later than the Payment Date following the Collection Period in which the related breach is discovered or the related notice is provided (rather than by the Payment Date
following the Collection Period that ends at least thirty (30) days after the Servicer discovers or is notified of such breach). 
 (d)
The Servicer shall provide written notice to the Indenture Trustee and the Noteholders of each reallocation to the Lending Facility Pool of a 2015-1 Lease Agreement and the related 2015-1 Leased Vehicle pursuant to Section 2.5(a) or
(b) that was made during a Collection Period in the Servicer Report that is delivered for such Collection Period. 
 (e) The Servicer
may purchase any 2015-1 Leased Vehicle that becomes a Matured Vehicle pursuant to Section 2.6(f) of the Basic Servicing Agreement for a purchase price equal to the Contract Residual Value of the related 2015-1 Lease Agreement. 

(f) The obligation of the Servicer under this Section 2.5 shall survive any termination of the Servicer hereunder. 

  
 6 

 (g) For so long as the Notes are Outstanding, the Servicer will not be permitted to reallocate
any 2015-1 Lease Agreements and related 2015-1 Leased Vehicles from the 2015-1 Designated Pool to the Lending Facility Pool except in accordance with the terms of this Section 2.5 and Section 3.1 of the 2015-1 Exchange Note Supplement.

 (h) If a Lessee changes its domicile and such change would reasonably be expected to result in the Titling Trust doing business in a
jurisdiction in which it is not licensed and authorized to conduct business in the manner contemplated by the Program Documents, then on the Payment Date related to the Collection Period that ends at least thirty (30) days after the Servicer
discovers or is notified of such change, the Servicer shall purchase such 2015-1 Lease Agreement and the related 2015-1 Leased Vehicle by either (i) depositing to the Indenture Collections Account an amount equal to the Repurchase Payment, or
(ii) appropriately segregating and designating an amount equal to the Repurchase Payment on its records, pending application thereof pursuant to 2015-1 Servicing Agreement. 

SECTION 2.6. 2015-1 Designated Pool Collections. 

(a) The Servicer shall, with respect to all 2015-1 Designated Pool Collections, from time to time determine the amount of such 2015-1
Designated Pool Collections and during each Collection Period shall deposit all such 2015-1 Designated Pool Collections in the 2015-1 Exchange Note Collections Account when required pursuant to clause (b). 

(b) Notwithstanding Section 2.7(b) of the Basic Servicing Agreement, the Servicer shall remit, or shall cause its agent to remit, all
2015-1 Designated Pool Collections to the 2015-1 Exchange Note Collections Account by the close of business on the second (2nd) Business Day after receipt thereof or, in the case of any
2015-1 Designated Pool Collections received by the Servicer or such agent for which the Servicer or such agent, as applicable, does not have all Payment Information by the close of business on such second (2nd) Business Day, by the close of business on the day on which all such Payment Information is received. Pending deposit into the 2015-1 Exchange Note Collections Account, 2015-1 Designated Pool
Collections may be employed by the Servicer at its own risk and for its own benefit and need not be segregated from its own funds. 

SECTION 2.7. Servicing Compensation; Expenses. As compensation for the performance of its obligations under the 2015-1 Servicing
Agreement, on each Payment Date the Servicer shall be entitled to receive a fee for its performance during the immediately preceding Collection Period or, with respect to the first Payment Date, the period from the 2015-1 Cutoff Date to such Payment
Date (the “Designated Pool Servicing Fee”) in accordance with Article V of the 2015-1 Exchange Note Supplement in an amount equal the sum of (x) to the product of (i) one-twelfth (1/12th) (or, with respect to the first Payment Date, 58/360), times (ii) the Servicing Fee Rate, times (iii) the Aggregate Securitization Value as of the opening of business on
the first day of such Collection Period, plus (y) any Administrative Charges collected on the 2015-1 Lease Agreements and 2015-1 Leased Vehicles and any other expenses reimbursable to the Servicer. 

  
 7 

 SECTION 2.8. Third Party Claims. In addition to the requirements set forth in
Section 2.14 of the Basic Servicing Agreement, upon learning of a Claim or Lien of whatever kind of a third party that would be likely to have a material adverse effect on the interests of the Depositor or the Issuer with respect to the 2015-1
Exchange Note Assets, the Servicer shall immediately notify the Depositor, the Indenture Trustee and the Noteholders of any such Claim or Lien. 

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

(a) (i) On each Determination Date, prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the Indenture
Trustee, the Titling Trust and the Collateral Agent, a Servicer Report with respect to the next Payment Date and the related Collection Period, and (ii) no later than the twenty-second
(22nd) day of each month (or the preceding Business Day), prior to 12:00 p.m. (Central time), the Issuer shall cause the Servicer to deliver to the Rating Agencies, a Servicer Report with
respect to the next Payment Date and the related Collection Period. Notwithstanding Section 3.2(a) of the Basic Servicing Agreement, the Servicer shall deliver such Servicer Reports in accordance with this Section 2.9 until the date on
which the Notes are no longer Outstanding. 
 (b) In addition to the report with respect to the 2015-1 Exchange Note which the Servicer is
obligated to deliver pursuant to Section 3.1(c) of the Basic Servicing Agreement, the Servicer shall deliver to the Depositor, the Indenture Trustee and the Titling Trust, on or before March 31 (or ninety (90) days after the end of
the Servicer’s fiscal year, if other than December 31) of each year, beginning March 31, 2016, an Officer’s Certificate, dated as of March 31 (or other applicable date) of such year, stating that (i) a review of the
activities of the Servicer during the preceding twelve (12) month period (or such other period in the case of the first such report as shall have elapsed from the Closing Date to the date of the first such Officer’s Certificate) and of its
performance under the 2015-1 Servicing Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under the 2015-1 Servicing
Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 

(c) The Servicer will deliver to the Issuer, on or before March 31 of each year, beginning on March 31, 2016, a report regarding the
Servicer’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

(d) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to be participating in
the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 of each year, beginning on March 31, 2016, a report regarding such party’s assessment of compliance with certain
minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 

  
 8 

 (e) Wells Fargo Bank, National Association acknowledges, in its capacity as Collateral Agent
under this 2015-1 Servicing Supplement and in its capacity as Indenture Trustee under the Program Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any
action reasonably requested by the Servicer to ensure compliance with the requirements of Section 2.9(d) and Section 2.10(b) hereof and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by
March 15 of each calendar year. 
 (f) The Servicer shall deliver copies of all reports, notices and certificates delivered by it
pursuant to the 2015-1 Servicing Agreement to the Depositor, the Indenture Trustee and the Titling Trust on the date or dates due, including any notice of material failure given pursuant to Section 2.2(a) of the Basic Servicing Agreement and
the Officer’s Certificate relating to the 2015-1 Exchange Note delivered by it pursuant to Section 2.9(b) of this 2015-1 Servicing Supplement. 

SECTION 2.10. Annual Independent Accountant’s Report. 

(a) The Servicer shall cause the cause a firm of nationally recognized independent certified public accountants (the “Independent
Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee and the Collateral Agent, on or before March 31 (or 90 days after the end of the Issuer’s
fiscal year, if other than December 31) of each year, beginning in March 31, 2016, a report with respect to the preceding calendar year, addressed to the board of directors of the Servicer, providing its attestation report on the servicing
assessment delivered pursuant to Section 2.9(c), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in
accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 
 (b) Each party required to
deliver an assessment of compliance described in Section 2.9(d) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Indenture Trustee, the Owner Trustee, the Collateral
Agent and the Servicer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2016, a report with respect to the preceding calendar year,
addressed to the board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 2.9(d), including disclosure of any material instance of non-compliance, as required by Rule 13a-18
and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

(c) The Servicer shall cause the Independent Accountants to deliver to the Depositor, the Indenture Trustee, the Issuer and the Titling Trust,
on or before April 30 (or one-hundred and twenty (120) days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 2016 with respect to the twelve (12) months ended
the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the 2015-1 Closing Date to the date of such certificate (which period shall not be less than six (6) months)), a statement
(the “Accountants’ Report”) addressed to the Board of Directors of 

  
 9 

 
the Servicer, to the effect that such firm has audited the books and records of GM Financial, in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in
connection with the audit report on the consolidated financial statements of GM Financial and that (i) such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records
and such other auditing procedures as such firm considered necessary in the circumstances, and (ii) the firm is independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public
Accountants. 
 SECTION 2.11. Servicer Defaults; Termination of the Servicer. 

(a) Each of the following acts or occurrences constitutes a “Servicer Default” under the 2015-1 Servicing Agreement with
respect to the 2015-1 Exchange Note: 
 (i) any failure by the Servicer to deposit in the 2015-1 Exchange Note Collections
Account any required payment, any failure by the Servicer to make or cause the Titling Trust to make any required payments from the 2015-1 Exchange Note Collections Account on account of the 2015-1 Exchange Note or any failure of the Servicer to
make any required payment under any other Program Document, which failure continues unremedied for a period of five (5) Business Days after the earlier of the date on which (1) notice of such failure is given to the Servicer by the
Indenture Trustee, or (2) an Authorized Officer of the Servicer has actual knowledge of such failure; 
 (ii) any
failure by the Servicer duly to observe or to perform in any material respect any covenants or agreements of the Servicer set forth in the 2015-1 Servicing Agreement or any other Program Document (other than a covenant or agreement a default in the
observance or performance of which is elsewhere in this Section specifically dealt with), which failure shall materially and adversely affects the interests of the 2015-1 Secured Parties and shall continue unremedied for a period of sixty
(60) days after written notice of such failure is received by the Servicer from the Indenture Trustee or after discovery of such failure by the Servicer; 

(iii) any representation or warranty made or deemed made by the Servicer in the 2015-1 Servicing Agreement or in any other
Program Document or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection herewith or therewith shall prove to have been incorrect in any material respect, and such incorrectness
has a material adverse effect on the interests of the 2015-1 Secured Parties or the Issuer which failure, if capable of being cured, has not been cured for a period of sixty (60) days after written notice of such breach is received by the
Servicer from the Indenture Trustee or after discovery of such breach by the Servicer; or 
 (iv) an Insolvency Event occurs
with respect to the Servicer. 
 (b) Promptly after having obtained knowledge of any Servicer Default, but in no event later than two
(2) Business Days thereafter, the Servicer shall deliver to the Indenture Trustee and the Noteholders, written notice thereof in an Officer’s Certificate, accompanied in each case by a description of the nature of the default and the
efforts of the Servicer to remedy the same. 

  
 10 

 (c) In addition to the provisions of Section 4.1(d) of the Basic Servicing Agreement, if a
Servicer Default shall have occurred and be continuing with respect to the 2015-1 Exchange Note, the Titling Trust shall, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting
at the direction of Issuer Trust Certificateholder, by notice given to the Servicer, terminate the rights and obligations of the Servicer under the 2015-1 Servicing Agreement in accordance with such Section and the Indenture Trustee, acting at the
written direction of the Majority Noteholders, shall appoint a Successor Servicer to fulfill the obligations of the Servicer hereunder in respect of the 2015-1 Lease Agreements and 2015-1 Leased Vehicles. Any such Person shall accept its appointment
by a written assumption in a form acceptable to the Indenture Trustee. In the event the Servicer is removed as servicer of the 2015-1 Exchange Note Assets, (i) the Servicer shall deliver or cause to be delivered to or at the direction of the
Successor Servicer all Lease Documents with respect to the 2015-1 Lease Agreements and the 2015-1 Leased Vehicles that are then in the possession of the Servicer, (ii) the Servicer shall deliver or cause to be delivered to or at the direction
of the Successor Servicer all Security Deposits held by the Servicer with respect to the 2015-1 Exchange Note Assets, and (iii) the Servicer shall deliver to the Successor Servicer all servicing records directly maintained by the Servicer,
containing as of the close of business on the date of demand all of the data maintained by the Servicer, in computer format in connection with servicing the 2015-1 Exchange Note Assets. If no Person has accepted its appointment as Successor Servicer
when the predecessor Servicer ceases to act as Servicer in accordance with this Section 2.11, the Indenture Trustee, will, without further action, be automatically appointed the Successor Servicer. Notwithstanding the above, if the Indenture
Trustee is unwilling or legally unable to act as Successor Servicer, it may appoint, or petition a court of competent jurisdiction to appoint, an institution whose business includes the servicing of lease agreements and the related lease assets, as
Successor Servicer. The Indenture Trustee will be released from its duties and obligations as Successor Servicer on the date that a new servicer agrees to appointment as Successor Servicer hereunder. Any Successor Servicer shall be entitled to such
compensation as the Servicer would have been entitled to under this 2015-1 Servicing Supplement if the Servicer had not resigned or been terminated hereunder or such additional compensation as the Majority Noteholders and such Successor Servicer may
agree on. 
 (d) Notwithstanding the provisions of Section 4.1(f) of the Basic Servicing Agreement, with respect to any Servicer
Default related to the 2015-1 Exchange Note Assets, only the Indenture Trustee, acting at the written direction of the Majority Noteholders, or, if there are no Notes Outstanding, the Titling Trust, acting at the direction of the Issuer Trust
Certificateholder, may waive any default of the Servicer in the performance of its obligations under the 2015-1 Servicing Agreement and its consequences with respect to the 2015-1 Exchange Note and, upon any such waiver, such default shall cease to
exist and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of the 2015-1 Exchange Note Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent
thereto. 

  
 11 

 SECTION 2.12. Representations and Warranties. The Servicer makes the following
representations and warranties to the Depositor, the Indenture Trustee and the Noteholders as of the 2015-1 Closing Date: 
 (a) The
representations and warranties contained in Section 2.6(a) of the Basic Servicing Agreement as to each 2015-1 Lease Agreement and the related 2015-1 Leased Vehicle were true and correct as of the 2015-1 Cutoff Date with respect to such 2015-1
Lease Agreements; 
 (b) The representations and warranties set forth in Section 5.1 of the Basic Servicing Agreement are true and
correct as of the date hereof; 
 (c) Each 2015-1 Lease Agreement and 2015-1 Leased Vehicle is an Eligible Collateral Asset as of the date
hereof; 
 (d) All information heretofore furnished by the Servicer or any of its Affiliates to the Indenture Trustee or the Owner Trustee
for purposes of or in connection with the 2015-1 Servicing Agreement or any of the other Program Documents or any transaction contemplated hereby or thereby is, and all information hereafter furnished by the Servicer or any of its Affiliates to the
Indenture Trustee, the Owner Trustee or any of the Noteholders will be, (i) true and accurate in every material respect on the date such information is stated or certified, and (ii) does not and will not contain any material misstatement
of fact or omit to state a material fact or any fact necessary to make the statements contained therein misleading, in the case of each of (i) and (ii) when taken together with all other information provided on or prior to the date hereof;
and 
 (e) No Servicer Default or event which with the giving of notice or lapse of time, or both, would become a Servicer Default has
occurred and is continuing as of the 2015-1 Closing Date. 
 (f) With respect to any 2015-1 Lease Agreement that constitutes
“electronic chattel paper” under the UCC, the Servicer, as initial custodian of the Lease Documents relating to the 2015-1 Designated Pool, maintains control of a single electronically authenticated authoritative copy of the related 2015-1
Lease Agreement. 

  
 12 

 SECTION 2.13. Custody of Lease Documents. 

(a) Pursuant to Section 2.3 of the Basic Servicing Agreement, the Servicer, either directly or through an agent, will act as initial
custodian of the Lease Documents relating to the 2015-1 Designated Pool, as agent and bailee for the benefit of the Issuer and the Indenture Trustee. All Lease Documents relating to the 2015-1 Designated Pool shall be identified and maintained in
such a manner so as to permit retrieval and access. If a Successor Servicer has been appointed hereunder, the Servicer shall promptly deliver all such Lease Documents to the Successor Servicer. If the Servicer is terminated under the 2015-1
Servicing Agreement upon the occurrence of a Servicer Default, the costs associated with transferring all such Lease Documents shall be paid by the Servicer. 

(b) With respect to any 2015-1 Lease Agreement that constitutes “electronic chattel paper” under the UCC, the Servicer, as initial
custodian of the Lease Documents relating to the 2015-1 Designated Pool, shall at all times maintain control of a single electronically authenticated authoritative copy of the related 2015-1 Lease Agreement. 

(c) In accordance with Section 2.10(h)(ii) of the Indenture and with respect to any Indenture Collateral that constitutes an instrument
or tangible chattel paper, the Servicer, as initial custodian of the Lease Documents relating to the 2015-1 Designated Pool, acknowledges that it is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the
Indenture Trustee. 
 SECTION 2.14. Reserve Account. 

(a) On the 2015-1 Closing Date, GMF Leasing LLC shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held from time
to time in the Reserve Account shall be held by the Indenture Trustee for the benefit of the Noteholders. 
 (b) On each Payment Date
(i) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than the Specified Reserve Balance, then the Indenture Trustee shall,
after payment of any amounts required to be distributed pursuant to clauses (i) through (xiv) of Section 8.3(a) of the Indenture, deposit in the Reserve Account the Reserve Account Required Amount pursuant to Section 8.3(a)(xv)
of the Indenture, and (ii) if the amount on deposit in the Reserve Account, after giving effect to all other deposits thereto and withdrawals therefrom to be made on such Payment Date is greater than the Specified Reserve Balance, in which case
the Indenture Trustee shall distribute the amount of such excess as part of Available Funds on such Payment Date. 
 (c) On each Payment
Date, the Servicer shall instruct the Indenture Trustee to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Indenture Collections Account to be included as Total Available Funds for that Payment
Date. 
 SECTION 2.15. Liability of Successor Servicer. No Successor Servicer will have any responsibility and will not be in default
hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their duties under this Supplement if such failure 

  
 13 

 
or delay results from such Successor Servicer acting in accordance with information prepared or supplied by any Person other than the Successor Servicer or the failure of any such other Person to
prepare or provide such information. No Successor Servicer will have any responsibility for and will not be in default and will incur no liability for, (a) any act or failure to act of any third party, including the Servicer, (b) any
inaccuracy or omission in a notice or communication received by such Successor Servicer from any third party, (c) the invalidity or unenforceability of any 2015-1 Lease Agreement under applicable law, (d) the breach or inaccuracy of any
representation or warranty made with respect to any 2015-1 Lease Agreement or 2015-1 Leased Vehicle, or (e) the acts or omissions of any successor to it as Successor Servicer. 

SECTION 2.16. Merger or Consolidation of, or Assumption of Obligations of the Servicer. Notwithstanding the provisions of
Section 5.3 of the Basic Servicing Agreement, GM Financial shall not merge or consolidate with any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the
successor to GM Financial’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of GM Financial contained in this Agreement and
shall be an eligible servicer. Any corporation (a) into which GM Financial may be merged or consolidated, (b) resulting from any merger or consolidation to which GM Financial shall be a party, (c) which acquires by conveyance,
transfer, or lease substantially all of the assets of GM Financial, or (d) succeeding to the business of GM Financial, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of GM Financial under this
Agreement and, whether or not such assumption agreement is executed, shall be the successor to GM Financial under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement,
anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release GM Financial from any obligation. GM Financial shall provide notice of any merger, consolidation or
succession pursuant to this Section to the Owner Trustee, the Indenture Trustee and the Noteholders. Notwithstanding the foregoing, GM Financial shall not merge or consolidate with any other Person or permit any other Person to become a successor to
GM Financial’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 2.12 shall have been breached (for purposes hereof, such representations and warranties
shall speak as of the date of the consummation of such transaction), (y) GM Financial shall have delivered to the Owner Trustee, the Indenture Trustee and the Noteholders an Officer’s Certificate and an Opinion of Counsel each stating that
such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) GM
Financial shall have delivered to the Owner Trustee, the Collateral Agent and the Indenture Trustee an Opinion of Counsel stating, in the opinion of such counsel, either that (i) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the 2015-1 Exchange Note and the Other Conveyed Property (and reciting the details of the filings), or (ii) no such action
shall be necessary to preserve and protect such interest. 
 SECTION 2.17. Resignation of the Servicer. Notwithstanding
Section 5.4 of the Basic Servicing Agreement, the Servicer shall not resign as Servicer under the 2015-1 Servicing Agreement except if it is prohibited by law from performing its obligations in respect of the 

  
 14 

 
2015-1 Exchange Note Assets under the Basic Servicing Agreement or hereunder and delivers to the Trustee, the Indenture Trustee and the Noteholders an Opinion of Counsel to such effect
concurrently with the delivery of any notice of resignation pursuant to Section 5.4 of the Basic Servicing Agreement. 
 SECTION 2.18.
Separate Existence. The Servicer shall take all reasonable steps to maintain the Titling Trust’s, the Settlor’s, the Depositor’s and the Issuer’s identities as separate legal entities, and shall make it manifest to third
parties that each of the Titling Trust, the Settlor, the Depositor and the Issuer is an entity with assets and liabilities distinct from those of the Servicer and not a division of the Servicer. All transactions and dealings between the Servicer, on
the one hand, and the Settlor, the Titling Trust, the Depositor and the Issuer, on the other hand, will be conducted on an arm’s-length basis. The Servicer shall take all other actions necessary on its part to ensure that the Depositor complies
with Section 2.5(d) of the Exchange Note Certificate Transfer Agreement and, to the extent within its control, take all action necessary to ensure that the Issuer complies with Section 3.16 of the Indenture. The Servicer shall take all
action necessary to ensure that the Titling Trust shall not take any of the following actions: 
 (a) engage in any business other than that
contemplated by the Titling Trust Agreement or enter into any transaction or indenture, mortgage, instrument, agreement, contract, lease or other undertaking which is not directly or indirectly related to the transactions contemplated by the Titling
Trust Documents; and 
 (b) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any obligations,
liabilities or responsibilities other than as set forth in the Titling Trust Documents. 

  
 15 

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

(a) Notwithstanding the provisions of the Basic Servicing Agreement, a 2015-1 Leased Vehicle may be reallocated from the 2015-1 Designated
Pool to the Lending Facility Pool in connection with a Like Kind Exchange if the full Base Residual Value of the related 2015-1 Leased Vehicle is deposited to the 2015-1 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date of such reallocation; provided, that if the Net Liquidation Proceeds with respect to such 2015-1 Leased Vehicle are determined prior to the deposit of
such Base Residual Value to the 2015-1 Exchange Note Collections Account, then such Net Liquidation Proceeds may instead be deposited to the 2015-1 Exchange Note Collections Account in full satisfaction of this Section 2.19(a). If the Servicer
has deposited the full Base Residual Value of a 2015-1 Leased Vehicle to the 2015-1 Exchange Note Collections Account in connection with a Like Kind Exchange and (i) the related Net Liquidation Proceeds are determined thereafter to be less than
such Base Residual Value, then the Servicer shall be permitted to withdraw the excess of the related Base Residual Value so deposited over the related Net Liquidation Proceeds from the 2015-1 Exchange Note Collections Account for its own account,
and (ii) the related Net Liquidation Proceeds are determined thereafter to be greater than such Base Residual Value, then the Servicer shall be obligated to deposit the excess of the related Net Liquidation Proceeds over the Base Residual Value
to the 2015-1 Exchange Note Collections Account from its own funds by no later than the second (2nd) Business Day following the date on which such Net Liquidation Proceeds are determined.

 (b) Notwithstanding the provisions of the Basic Servicing Agreement, a 2015-1 Lease Agreement may be a Pull Ahead Lease Agreement
pursuant to a Pull Ahead Program if all amounts due and payable under the related 2015-1 Lease Agreement (other than (i) Excess Mileage/Wear and Tear Fees, which shall be charged to such Lessee to the extent applicable in accordance with the
terms of such 2015-1 Lease Agreement and the Servicer’s Customary Servicing Practices, and (ii) Monthly Payments that are waived in connection with such Lessee’s participation in the Pull Ahead Program and in connection with which a
Pull Ahead Payment is received by the Titling Trust or by the Servicer on its behalf and allocated to the 2015-1 Exchange Note Collections Account) are deposited to the 2015-1 Exchange Note Collections Account by no later than the second (2nd) Business Day following the date that such 2015-1 Lease Agreement would terminate pursuant to the Pull Ahead Program. The Servicer will not be entitled to reimbursement from any 2015-1
Designated Pool Collections for any amounts that it deposits to the 2015-1 Collections Account from its own funds in connection with any Pull Ahead Lease Agreement. 

ARTICLE III 
 MISCELLANEOUS 

SECTION 3.1. Termination of 2015-1 Servicing Supplement. This 2015-1 Servicing Supplement (and, accordingly, the Basic Servicing
Agreement insofar as it relates to the 2015-1 Exchange Note) will be terminated in the event that the Basic Servicing Agreement is terminated in accordance therewith and may also be terminated at the option of the Servicer or the Titling Trust at
any time following the payment in full of the 2015-1 Exchange Note. 

  
 16 

 SECTION 3.2. Amendment. 

(a) This 2015-1 Servicing Supplement (and, accordingly, the Basic Servicing Agreement, insofar as it relates to the 2015-1 Exchange Note) may
be amended by the parties hereto with the consent of the Majority Noteholders; provided, that to the extent that any such amendment materially affects any Other Exchange Note, such amendment shall require the consent of the Certificateholders
thereof affected thereby. 
 (b) The parties hereto acknowledge and agree that the right of the Indenture Trustee to consent to any
amendment of this 2015-1 Servicing Supplement is subject to the terms and provisions of Section 3.7(g) of the Indenture and that any consent provided by the Indenture Trustee in violation of such terms and provisions shall be of no force or
effect hereunder. 
 SECTION 3.3. GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 3.4. Relationship of 2015-1 Servicing Supplement to Other Trust Documents. Unless the context otherwise requires, this 2015-1
Servicing Supplement and the other Trust Documents shall be interpreted so as to give full effect to all provisions hereof and thereof. In the event of any actual conflict between the provisions of this 2015-1 Servicing Supplement and the Basic
Servicing Agreement, with respect to the servicing of any 2015-1 Exchange Note Assets, the provisions of this 2015-1 Servicing Supplement shall prevail. This 2015-1 Servicing Supplement shall supplement the Basic Servicing Agreement as it relates to
the 2015-1 Exchange Note and the 2015-1 Designated Pool and not to any other Exchange Note or Designated Pool or the Lending Facility Pool. 

SECTION 3.5. [Reserved]. 

SECTION 3.6. Notices. For purposes of the 2015-1 Servicing Agreement, all demands, notices, directions, requests and communications
hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or facsimile transmission, and addressed in each case as follows:
(a) if to the Servicer, GM Financial, 801 Cherry Street, Suite 3500, Fort Worth, Texas, 76102, Attention: Chief Financial Officer, and (b) if to the Indenture Trustee, Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC
N9311-161, Minneapolis, Minnesota 55479. Notices to the other parties to this 2015-1 Servicing Supplement shall be delivered as provided in Section 6.5 of the Basic Servicing Agreement. 

SECTION 3.7. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this 2015-1 Servicing
Supplement or the 2015-1 Servicing Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this
2015-1 Servicing Supplement or the 2015-1 Servicing Agreement, as applicable, and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions and terms of this 2015-1 Servicing Supplement or the 2015-1
Servicing Agreement. 

  
 17 

 SECTION 3.8. Binding Effect. The provisions of this 2015-1 Servicing Supplement and the
2015-1 Servicing Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns. 

SECTION 3.9. Table of Contents and Headings. The Table of Contents and Article and Section headings herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 3.10. Counterparts. This 2015-1
Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument. 

SECTION 3.11. Further Assurances. Each party shall take such acts, and execute and deliver to any other party such additional documents
or instruments as may be reasonably requested in order to effect the purposes of this 2015-1 Servicing Supplement and the 2015-1 Servicing Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies
hereunder. 
 SECTION 3.12. Third-Party Beneficiaries. The Issuer, the Depositor and each Noteholder shall be third-party
beneficiaries of the 2015-1 Servicing Agreement. Except as otherwise provided in the 2015-1 Servicing Agreement, no other Person shall have any rights hereunder. 

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

SECTION 3.14. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this 2015-1 Servicing
Supplement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as owner trustee of the Titling Trust and the Settlor, in the exercise of the powers and authority conferred and vested in it under the
Titling Trust Agreement and Settlor Trust Agreement, as applicable, (b) each of the representations, undertakings and agreements herein made on the part of the Titling Trust and the Settlor is made and intended not as personal representations,
undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Titling Trust and the Settlor, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust
Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto,
(d) Wilmington Trust Company has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement, and (e) under no 

  
 18 

 
circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Titling Trust and the Settlor or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the Titling Trust and the Settlor under this 2015-1 Servicing Supplement or the other related documents. 

SECTION 3.15. Execution of Securities and Exchange Commission Filings. The Servicer will file or will cause to be filed, on behalf of
the Issuer and the Depositor, any documents, forms or other items required to be filed by the Issuer or the Depositor pursuant to the rules and regulations set by the Commission and relating to the Notes or the Program Documents. 

[Remainder of Page Intentionally Left Blank] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this 2015-1 Servicing Supplement to be duly
executed by their respective officers duly authorized as of the day and year first above written. 
  

			
	ACAR LEASING LTD.,
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:		 /s/ Robin D. Henry

	Name:		Robin D. Henry
	Title:		Financial Services Officer
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, as Servicer
		
	By:		 /s/ Sheli Fitzgerald

	Name:		Sheli Fitzgerald
	Title:		Senior Vice President, Corporate Treasury
	
	APGO TRUST, as Settlor
		
	By:		Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
		
	By:		 /s/ Robin D. Henry

	Name:		Robin D. Henry
	Title:		Financial Services Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee and as Collateral Agent
		
	By:		 /s/ Marianna C. Stershic

	Name:		Marianna C. Stershic
	Title:		Vice President

 [Signature Page to the 2015-1 Servicing Supplement] 

 EXHIBIT A 

FORM OF SERVICER REPORT 

  
 A-1 

 GM Financial Automobile Leasing Trust 2015-1 

    % Exchange Note 

Class A-1     % Asset Backed Notes 

Class A-2     % Asset Backed Notes 

Class A-3     % Asset Backed Notes 

Class A-4     % Asset Backed Notes 

Class B     % Asset Backed Notes 

Class C     % Asset Backed Notes 

Class D     % Asset Backed Notes 

Servicer’s Certificate 
  

													
	Beginning of Period:	 	 	  	2015-1	 	 	  	 	  	 	  	Original Agg.
	End of Period:	 	 	  	 Designated Pool
	 	 Units
	  	 Start Date
	  	 Closing Date
	  	 Securitization Value

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

	Report Due Date: 	 		  	Total	 	  

	Distribution Date: 	 		  		 		  		  		  	
	Transaction Month: 	 		  		 		  		  		  	

  

															
	RECONCILIATION OF 2015-1 DESIGNATED POOL AGGREGATE SECURITIZATION VALUE
								
	 	 	 	 	 	  	 	 	 	 	 	 	 	 	 
		 	{1}	 	Beginning of period Aggregate Securitization Value	  		 		 		 	{1}	 	  

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

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

								
		 	{8}	 	Pool Factor	  		 		 		 	{8}	 	  

		
	RECONCILIATION OF 2015-1 EXCHANGE NOTE	 	
		 	{9}	 	Original Exchange Note Balance 	  		 		 		 	{9}	 	  

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

								
		 	{11}	 	Exchange Note Principal Payment Amount	  		 		 		 	{11}	 	  

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

								
		 	{13}	 	Note Pool Factor	  		 		 		 	{13}	 	  

  

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

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

						
		 	{21}	 	Note Pool Factor	 		 	{21}	  	  

									
	 	 	 	 	 	 	 	 	 	  	 Class B
	  	 Class C
	  	 Class D
	  	 TOTAL

		 	{22}	 	Original Note Balance	 		 	{22}	  	  

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

						
		 	{29}	 	Note Pool Factor	 		 	{29}	  	  

  
 1 

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

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

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

									
		 		 	Interest calculation:	 		 		 		 		 		 	
	 	 	 	 	                        Beg Note
Balance        Interest
Carryover        Interest Rate        Days        Days Basis     
   Interest
		 	{35}	 		 		 		 		 		 		 	
	
	RECONCILIATION OF EXCHANGE NOTE COLLECTION ACCOUNT
									
		 		 	Additions:	 		 		 		 		 		 	
		 	{36}	 	2015-1 Designated Pool Collections (net of Liquidation Proceeds and fees)	 		 		 	{36}	 	  
	 	
		 	{37}	 	Net Liquidation Proceeds collected during period	 		 		 	{37}	 	  
	 	
		 	{38}	 	Investment Earnings	 		 		 	{38}	 	  
	 	
		 	{39}	 	Investment Earnings - transferred to Indenture Note Collection Account	 		 		 	{39}	 	  
	 	
		 	{40}	 	Deposit from Servicer (LKE, Pull Ahead Program)	 		 		 	{40}	 	  
	 	
									
		 	{41}	 	Total Additions:	 		 		 		 		 	{41}	 	  

									
		 		 	Distributions:	 		 		 		 		 		 	
		 	{42}	 	To the Servicer, Designated Pool Servicing Fee	 		 		 	{42}	 	  
	 	
		 	{43}	 	To the 2015-1 Exchange Noteholder, the Exchange Note Interest Payment Amount	 	{43}	 	  
	 	
		 	{44}	 	To the 2015-1 Exchange Noteholder, the Exchange Note Principal Payment Amount	 	{44}	 	  
	 	
		 	{45}	 	To the 2015-1 Exchange Noteholder, any funds available to pay obligations pursuant to Indenture Section 8.3 (a)(i) through (xvii)	 		 		 	{45}	 	  
	 	
		 	{46}	 	To the Lending Facility Pool, all remaining funds to be applied as Collections on Residual Pool	 		 		 	{46}	 	  
	 	
									
		 	{47}	 	Total Distributions:	 		 		 		 		 	{47}	 	  

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

									
		 	{53}	 	Noteholders’ Principal Carryover Amount	 		 		 		 		 	{53}	 	  

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

									
		 		 	Noteholders’ Interest Distributable calculation:	 		 		 		 		 		 	
		 		 	       Class        Beg Note Balance        Interest 
Carryover        Interest Rate        Days        Days Basis      
  Interest
		 	{55}	 	    Class A-1	 		 		 		 		 		 	
		 	{56}	 	    Class A-2	 		 		 		 		 		 	
		 	{57}	 	    Class A-3	 		 		 		 		 		 	
		 	{58}	 	    Class A-4	 		 		 		 		 		 	
		 	{59}	 	      Class B	 		 		 		 		 		 	
		 	{60}	 	      Class C	 		 		 		 		 		 	
		 	{61}	 	      Class D	 		 		 		 		 		 	
	
	RECONCILIATION OF INDENTURE COLLECTION ACCOUNT
									
		 		 	Available Funds:	 		 		 		 		 		 	
		 	{62}	 	2015-1 Exchange Note Collections	 		 		 	{62}	 	  
	 	
		 	{63}	 	Investment Earnings	 		 		 	{63}	 	  
	 	
		 	{64}	 	Investment Earnings - transferred from Exchange Note Collection Account	 		 		 	{64}	 	  
	 	
		 	{65}	 	Investment Earnings - and amounts released from Reserve Account	 		 		 	{65}	 	  
	 	
		 	{66}	 	Optional Purchase Price	 		 		 	{66}	 	  
	 	
		 	{67}	 	Indenture Section 5.4 disposition of Collateral	 		 		 	{67}	 	  
	 	
		 	{68}	 	Reserve Account Withdrawal Amount	 		 		 	{68}	 	  
	 	
									
		 	{69}	 	Total Available Funds:	 		 		 		 		 	{69}	 	  

									
		 		 	Distributions:	 		 		 		 		 		 	
		 	{70}	 	To the Successor Servicer, unpaid transition expenses, pro rata	 		 		 	{70}	 	  
	 	
		 	{71}	 	To the Indenture Trustee, any accrued and unpaid fees & expenses, pro rata	 		 		 	{71}	 	  
	 	
		 	{72}	 	To the Issuer Owner Trustee, any accrued and unpaid fees & expenses, pro rata	 		 		 	{72}	 	  
	 	
		 	{73}	 	Class A-1 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{73}	 	  
	 	
		 	{74}	 	Class A-2 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{74}	 	  
	 	
		 	{75}	 	Class A-3 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{75}	 	  
	 	
		 	{76}	 	Class A-4 Noteholders’ Interest Distributable Amount pari passu	 		 		 	{76}	 	  
	 	
		 	{77}	 	Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{77}	 	  
	 	
		 	{78}	 	Class B Noteholders’ Interest Distributable Amount	 		 		 	{78}	 	  
	 	
		 	{79}	 	Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{79}	 	  
	 	
		 	{80}	 	Class C Noteholders’ Interest Distributable Amount	 		 		 	{80}	 	  
	 	
		 	{81}	 	Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{81}	 	  
	 	
		 	{82}	 	Class D Noteholders’ Interest Distributable Amount	 		 		 	{82}	 	  
	 	
		 	{83}	 	Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall	 		 		 	{83}	 	  
	 	
		 	{84}	 	Noteholders’ Principal Distributable Amount	 		 		 	{84}	 	  
	 	
		 	{85}	 	To the Reserve Account, the Reserve Amount Required Amount	 		 		 	{85}	 	  
	 	
		 	{86}	 	To the Noteholders, the Accelerated Principal Amount (as calculated below)	 		 		 	{86}	 	  
	 	
		 	{87}	 	To the Successor Servicer, any amounts in excess of the caps set forth, pro rata	 		 		 	{87}	 	  
	 	
		 	{88}	 	To the Indenture Trustee, any amounts in excess of the caps set forth, pro rata	 		 		 	{88}	 	  
	 	
		 	{89}	 	To the Issuer Owner Trustee, any amounts in excess of the caps set forth, pro rata	 		 		 	{89}	 	  
	 	
		 	{90}	 	To the Issuer Trust Certificateholders, the aggregate amount remaining	 		 		 	{90}	 	  
	 	
									
		 	{91}	 	Total Distributions:	 		 		 		 		 	{91}	 	  

  
 2 

																							
	 PRINCIPAL PARITY AMOUNT CALCULATION
  
	 	
	 	 	 	 	 Class
	 	 (X)

Cumulative
Note Balance
	 	 (Y)

Aggregate
Securitization Value
	 	 (I)

Excess of
(X) - (Y)
	 	 (II)

Total Available Funds
in Indenture Collection Account
	 	 Lesser of
(I) or (II)
	 	 	 	 
		 	{92}	 	Class A	 		 		 		 		 		 		 		 		 	
		 	{93}	 	Class B	 		 		 		 		 		 		 		 		 	
		 	{94}	 	Class C	 		 		 		 		 		 		 		 		 	
		 	{95}	 	Class D	 		 		 		 		 		 		 		 		 	
	
	ACCELERATED PRINCIPAL AMOUNT CALCULATION
										
		 	{96}	 	Excess Total Available Funds	 		 		 		 		 	{96}	 	  
	 	
										
		 	{97}	 	Beginning Note Balance	 		 		 	{97}	 	  
	 		 		 	
		 	{98}	 	Principal payments through Indenture Section 8.3 (i) through (xvii)	 	{98}	 	  
	 		 		 	
		 	{99}	 	Pro-Forma Note Balance	 		 		 		 	{99}	 	  
	 		 	
									
		 	{100}	 	Ending Aggregate Securitization Value	 		 	{100}	 	  
	 		 		 	
		 	{101}	 	    % of Aggregate Securitization Value as of Cutoff Date ($            )	 	{101}	 	  
	 		 		 	
		 	{102}	 	Required Pro Forma Note Balance {100} - {101}	 		 	{102}	 	  
	 		 	
						
		 	{103}	 	Excess of Pro Forma Balance minus Required Pro Forma Balance {99} - {102}	 	{103}	 	  
	 	
						
		 	{104}	 	Lesser of Excess Total Available Funds and Excess of Pro Forma Note Balance	 		 	{104}	 	  

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

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

	
	RECONCILIATION OF 2015-1 CASH RESERVE ACCOUNT
		 	{113}	 	Specified Reserve Balance	 		 		 		 		 		 	{113}	 	  

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

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

										
		 	{119}	 	Specified Reserve Balance	 		 		 		 		 		 	{119}	 	  

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

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

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

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

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

	Date:	 	  

  
 3 

 GM Financial 

GMALT 2015-1 

Supplemental Monthly Data 
  

 
  

									
	 	 	Aggregate
Securitization Value	 	Residual Value	 	 	 	 
	 Beginning of Period
	 		 		 		 	
	 Change
	 		 		 		 	
		 	  
	 	  
	 		 	
	 End of Period
	 		 		 		 	
	 Residual Value as     % of Agg. Securitization Value
	 		 		 		 	
		 		 	  
	 		 	
					
	 Delinquency
								
	 Leases with scheduled payment delinquent
	 	Number of Leases	 	Agg. Securitization Value	 	Percentage	 	
	 0 - 30 days
	 		 		 		 	
	 31 - 60 days
	 		 		 		 	
	 61 - 90 days
	 		 		 		 	
	 over 90 days
	 	            	 	
	 Total
	 	            	 	
			
	 Lease Terminations
	 	Current Period	 	Cumulative
		 	Number of Leases	 	Agg. Securitization Value	 	Number of Leases	 	Agg. Securitization Value
	 Retained vehicles by lessee
	 		 		 		 	
	 Early terminations
	 		 		 		 	
	 Standard terminations
	 		 		 		 	
		 	  
	 	  
	 	  
	 	  

	 Total retained by lessee
	 		 		 		 	
	 Returned Vehicles
	 		 		 		 	
	 Early terminations
	 		 		 		 	
	 Standard terminations
	 		 		 		 	
		 	  
	 	  
	 	  
	 	  

	 Total returned to dealer
	 		 		 		 	
	 Charged off leases / Repossessed vehicles
	 		 		 		 	
	 Repurchases
	 		 		 		 	
	 Other
	 		 		 		 	
		 	  
	 	  
	 	  
	 	  

	 Total terminations
	 		 		 		 	
					
	 Net Credit (Gain) Loss
	 		 	Current Period	 	Cumulative	 	
	 Agg. Securitized Value of early term defaults
	 		 		 		 	
	 less: Sales proceeds
	 		 		 		 	
	 less: Excess wear and excess mileage received
	 		 		 		 	
	 less: Other amounts received
	 		 		 		 	
		 		 	  
	 	  
	 	
	 Net Credit (Gain) Loss
	 		 		 		 	
					
	 Residual (Gain) Loss on Returned Vehicles
	 		 		 		 	
	 Agg. Securitized Value of returned vehicles sold by Servicer
	 		 		 		 	
	 add: Reimbursement of outstanding residual advance
	 		 		 		 	
	 less: Sales proceeds
	 		 		 		 	
	 less: Excess wear and excess mileage received
	 		 		 		 	
	 less: Other recovery amounts
	 		 		 		 	
		 		 	  
	 	  
	 	
	 Residual (Gain) Loss
	 		 		 		 	
					
		 		 	Current Period	 	Prev. Month	 	
					
	 Prepay Speed
	 		 		 		 	
					
	 Return RateEX-10.14

 Exhibit 10.14 

RECRO PHARMA, INC. 

2013 EQUITY INCENTIVE PLAN 

AWARD AGREEMENT 

FOR 

[                ] 

We are pleased to advise you that Recro Pharma, Inc. (the “Company”) hereby awards to you under the Recro Pharma, Inc. 2013 Equity
Incentive Plan (the “Plan”) the right to purchase (an “Option”) [            ] shares of Common Stock of the Company (“Shares”), subject to your signing
this Award Agreement (this “Agreement”). The date of award of the Options shall for all purposes be [                ],
201[    ] (the “Grant Date”). The Options issued hereunder are “non-qualified options” for tax purposes. 

This award is subject in all respects to the applicable provisions of the Plan, a complete copy of which has been furnished to you and receipt
of which you acknowledge by acceptance of the award. Such provisions are incorporated herein by reference and made a part hereof (including all defined terms). 

All capitalized terms used but not defined herein will have the meanings ascribed to them in the Plan. In addition to the terms, conditions
and restrictions set forth in the Plan, all terms, conditions and restrictions set forth in this Agreement are applicable to the award of Options as evidenced hereby: 

1. Vesting. The Options awarded by this Agreement shall vest, i.e., become exercisable, in accordance with the
following schedule and conditions: 
 (a) [            ] of the Options
shall be vested on the Grant Date. [            ] of the Options shall vest on
[                ], such that the Options shall be fully vested on
[                ]; provided, however, that no portion of the Options shall vest unless you continue to serve as a
[                ] of the Company on the applicable vesting date. 

(b) Notwithstanding the foregoing, any unvested Options shall become immediately and fully vested upon your death or Disability or a Change in
Control, provided you continue to serve as a [            ] of the Company prior to the date of such event. 

2. Expiration of Option. Your rights with respect to your Options, whether vested or unvested, shall expire on the
earliest to occur of the following: 
 (a) three months after termination of your service with the Company and/or its affiliates for any
reason other than death, Disability, or Cause; 
 (b) one year after termination of your service with the Company and/or its affiliates due
to death or Disability; 

 (c) the date and time of termination of your service with the Company and/or its affiliates for
Cause; and 
 (d) the tenth anniversary of the Grant Date. 

3. Exercise of Options. 

(a) The exercise price for each Share under your Option is $[            ]
(the “Option Price”). 
 (b) In order to exercise any Option which has vested, you must (i) provide the Company with written
notice of your intention to exercise the Option and the number of Shares you intend to acquire, (ii) execute a counterpart to any shareholders agreement or other agreement as requested by the Company which has been executed by other
shareholders of the Company and is in effect at the time of exercise (collectively, “Shareholders Agreement”), and (iii) deliver a check for the Option Price multiplied by the number of Shares being acquired or such other manner of
payment as approved by the Company. As an alternative to delivering a check you may choose to exercise any vested Option hereunder on a “cashless” basis. Under this method, you do not have to remit the Option Price under the option in
cash. Instead, the Option Price is paid by reducing the number of Shares otherwise issuable to you upon exercise by such number of Shares having a Fair Market Value (determined at the time of exercise) equal to the Option Price. You shall only have
rights as a shareholder of the Company with respect to Shares which have been issued after the Options have vested and been exercised. 

4. Withholding. The Company shall withhold all applicable income and employment taxes on the date of
exercise, cash-out of Options or such other date as required by the Code. If there is insufficient compensation due from the Company to you at the time such withholding is due, the Company shall have the right, prior to delivery of any certificate
or certificates for Shares, to require you to remit to the Company an amount equal to the excess of your share of the income and employment taxes subject to withholding over the amount of compensation then due from the Company to you. 

5. Registration of Shares. The Company may postpone the issuance and delivery of any Shares until the completion
or amendment of any registration or qualification of the shares under any federal or state law, rule or regulation which the Company may determine to be necessary or advisable. In the event that, at the time of issuance of the Shares to you, the
Shares have not been registered or otherwise qualified as may be required under applicable securities laws, you shall, prior to the issuance of the Shares: (i) represent to the Company in form satisfactory to counsel for the Company, that you
are acquiring the Shares for your own account and not with a view to the resale or distribution thereof, and (ii) agree that none of the Shares issued to you pursuant to exercise of the Option provided hereby may be sold, transferred or
otherwise disposed of unless: (a) the Shares to be sold, transferred or otherwise disposed of will be registered or qualified under applicable securities laws at the time of such sale, transfer or other disposition and the Company has received
an opinion of counsel satisfactory to it that such registration or qualification is effective; or (b) the Company shall have received an opinion of 

  
 -2- 

 
counsel or other information and representations, satisfactory to it, to the effect that such registration or qualification is not required. You shall also consent to execute any market standoff
or lock-up agreement as requested by the Company. 
 6. No Right of Continued Employment. Nothing contained in the Plan
or this Agreement shall restrict the right of the Company and/or its affiliates to terminate your employment or service. Any termination of your employment or service, regardless of the reason therefor, shall have the consequences provided for in
the Plan and this Agreement with respect to your rights under the Plan. 
 7. Change of Control. Notwithstanding any
terms or provisions of the Plan to the contrary, for purposes of this Agreement, a “Change of Control” under this Agreement and the Plan shall be deemed to have occurred upon the happening of any of the following events: (i) the
consummation of a plan of dissolution or liquidation of the Company; (ii) the consummation of the sale or disposition of all or substantially all of the assets of the Company; (iii) the consummation of a merger, consolidation or other
shareholder-approved fundamental business transaction in which the Company is a participant with another entity where the shareholders of the Company, immediately prior to the referenced transaction, will not beneficially own, immediately after the
referenced transaction, shares or other equity interests entitling such shareholders to more than 50% of all votes to which all equityholders of the surviving entity would be entitled in the election of directors; (iv) the date any entity,
person or group, (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended), (other than (A) the Company or any of its subsidiaries or any employee benefit plan (or related trust)
sponsored or maintained by the Company or any of its subsidiaries or (B) any person who, on the date the Plan is effective, is the beneficial owner of outstanding securities of the Company), shall have become the beneficial owner of, or shall
have obtained voting control over, more than fifty percent (50%) of the outstanding shares of the Common Stock; or (v) the first day after the date hereof when directors are elected such that a majority of the Board shall have been members
of the Board for less than twenty-four (24) months, unless the nomination for election of each new director who was not a director at the beginning of such twenty-four (24) month period was approved by a vote of at least two-thirds of the
directors then still in office who were directors at the beginning of such period. 
 8. Amendment. This Agreement may
be amended, in whole or in part and in any manner not inconsistent with the provisions of the Plan, at any time and from time to time, by written agreement between the Company and you. 

9. Notice. Any notice to be given to the Company shall be in writing and either hand delivered or mailed to the office of
the President of the Company. If mailed, it shall be addressed to the Company at 490 Lapp Road, Malvern, PA 19355. Any notice given to you shall be addressed to you at your address as reflected in the personnel records of the Company, or at such
other address as either party hereto may hereafter designate by like notice to the other. Notice shall be deemed to have been duly delivered when hand delivered or, if mailed, on the fifth day after such notice is postmarked. 

  
 -3- 

 [signature page follows] 

  
 -4- 

 The undersigned hereby acknowledges the award of Options on behalf of the Company. 

 

			
	 RECRO PHARMA, INC.

		
	By:		 
			Gerri Henwood, Chief Executive Officer

 In order to indicate your acceptance of the award of Options granted by this Agreement subject to the
restrictions and upon the terms and conditions set forth above and in the Plan, please execute and immediately return to the Company the enclosed duplicate original of this Agreement. 

 

	
	 ACCEPTED AND AGREED,
 Intending to be legally
bound:

	
	   

	
	   

	Date

 [Signature Page to Award Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00242-of-00352.parquet"}]]