Document:

EX-4.5

 Exhibit 4.5 
  

 
 ACAR LEASING LTD., 

as Borrower, 
 GM FINANCIAL 

as Lender and Servicer 
 And 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Administrative Agent and Collateral Agent, 
  

 

20    -   EXCHANGE NOTE SUPPLEMENT 

Dated as of             , 20     

 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I USAGE AND DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1.
	 	Usage and Definitions	  	 	1	  
		
	 ARTICLE II THE 20    -   EXCHANGE NOTE
	  	 	1	  
			
	 SECTION 2.1.
	 	Creation and Designation	  	 	1	  
	 SECTION 2.2.
	 	 Form of Execution, Authentication and Delivery of the 20    -   Exchange Note; Delivery and Payment
for the 20    -   Exchange Note
	  	 	2	  
	 SECTION 2.3.
	 	Transfer Restrictions with Respect to the 20    -   Exchange Note	  	 	2	  
	 SECTION 2.4.
	 	Interest Payments on the 20    -   Exchange Note	  	 	3	  
	 SECTION 2.5.
	 	Payments of Principal on the 20    -   Exchange Note	  	 	3	  
	 SECTION 2.6.
	 	Decreases in the Exchange Note Balance; Cancellation of the 20    -   Exchange Note	  	 	3	  
		
	 ARTICLE III THE 20    -   DESIGNATED POOL
	  	 	3	  
			
	 SECTION 3.1.
	 	The 20    -   Designated Pool	  	 	3	  
		
	 ARTICLE IV EXCHANGE NOTE DEFAULTS AND REMEDIES
	  	 	4	  
			
	 SECTION 4.1.
	 	20    -   Exchange Note Defaults	  	 	4	  
	 SECTION 4.2.
	 	Exchange Note Remedies	  	 	4	  
		
	 ARTICLE V APPLICATION OF COLLECTIONS ON THE 20    -   DESIGNATED POOL
	  	 	4	  
			
	 SECTION 5.1.
	 	 Application of Collections on the 20    -   Designated Pool when No Exchange Note Default Has
Occurred
	  	 	4	  
	 SECTION 5.2.
	 	Modified Priorities Following Liquidation	  	 	5	  
		
	 ARTICLE VI SECURITY INTEREST
	  	 	6	  
			
	 SECTION 6.1.
	 	Security Interest	  	 	6	  
		
	 ARTICLE VII MISCELLANEOUS
	  	 	6	  
			
	 SECTION 7.1.
	 	Amendments	  	 	6	  
	 SECTION 7.2.
	 	20    -   Exchange Noteholders Entitled to Benefits of this Supplement	  	 	7	  
	 SECTION 7.3.
	 	GOVERNING LAW	  	 	7	  
	 SECTION 7.4.
	 	Submission to Jurisdiction; Service of Process	  	 	7	  
	 SECTION 7.5.
	 	Severability	  	 	7	  

  
 i 

							
	 SECTION 7.6.
		Counterparts		 	7	  
	 SECTION 7.7.
		Headings		 	8	  
	 SECTION 7.8.
		No Petition		 	8	  
	 SECTION 7.9.
		Limitation of Liability		 	8	  
			
	 Schedule A
		Collateral Leases and Collateral Leased Vehicles in 20    -   Designated Pool		 	SA-1	  
			
	 Exhibit A
		Form of 20    -   Exchange Note		 	EA-1	  
			
	 Appendix 1
		Definitions		 	A1-1	  

  
 ii 

 20    -   EXCHANGE NOTE SUPPLEMENT, dated as of
            , 20    (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Supplement” or this
“Agreement”), among ACAR LEASING LTD., a Delaware statutory trust, as Borrower (the “Borrower”), AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as
lender (in such capacity, the “Lender”) and as servicer (in such capacity, the “Servicer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”). 

WHEREAS, Section 4.1 of the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the
same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Borrower, the Lender and Servicer, the Administrative Agent and the Collateral Agent
provides that the parties thereto may at any time and from time to time enter into a supplement to the Credit and Security Agreement for the purpose of authorizing the issuance, execution and authentication of one or more Exchange Notes; and 

WHEREAS, the Lender enters into this Supplement with the other parties hereto as required by Section 4.2(e)(i) of the
Credit and Security Agreement to provide for the issuance, authentication and delivery of the 20    -   Exchange Note. 

NOW, THEREFORE, the parties to this Supplement wish to create the 20    -   Exchange Note and
specify the principal terms thereof in accordance with the following terms and conditions. 
 ARTICLE I 

USAGE AND DEFINITIONS 

SECTION 1.1. Usage and Definitions. Capitalized terms used in this Supplement that are not otherwise defined herein or
in the Definitions Appendix hereto shall have the meanings assigned to them in the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Credit and Security Agreement are incorporated by
reference into this Supplement. 
 ARTICLE II 

THE 20    -   EXCHANGE NOTE 

SECTION 2.1. Creation and Designation. 

(a) An Exchange Note that is to be designated and known as the “20    -   Exchange
Note” is hereby created. 
 (b) The terms of the 20    -   Exchange Note are as
follows: 
 (i) the “Exchange Note Issuance Date” will be
            , 20    ; 

  
 1 

 (ii) the “Exchange Note Initial Principal
Balance” will be $            ; 
 (iii)
the “Cutoff Date” will be             , 20    ; 

(iv) the “Exchange Note Interest Rate” will be equal to     %; 

(v) the “Exchange Note Final Scheduled Payment Date” will be the Payment Date occurring in
            , 20    ; 
 (vi)
the 20    -   Exchange Note will be issued as a single class; and 
 (vii) the
20    -   Exchange Note will not be rated. 
 SECTION 2.2. Form of Execution,
Authentication and Delivery of the 20    -   Exchange Note; Delivery and Payment for the 20    -   Exchange Note. 

(a) The 20    -   Exchange Note, together with the Administrative Agent’s certificate of
authentication on the 20    -   Exchange Note, will be delivered in the form of a certificated note substantially in the form set forth as Exhibit A and will satisfy the requirements of Sections 4.1 and 4.2 of the
Credit and Security Agreement. The 20    -   Exchange Note may be Transferred only in whole and not in part. 

(b) Following satisfaction of the conditions set forth in Section 4.2(e) of the Credit and Security Agreement, the
Administrative Agent will (i) acknowledge this Supplement, and (ii) authenticate and deliver the 20    -   Exchange Note in accordance with Section 4.2(f) of the Credit and Security Agreement. 

(c) The Borrower represents and warrants that upon satisfaction of the conditions set forth in Sections 2.2(a) and (b), the
20    -   Exchange Note will have been duly authorized, executed and delivered under this Supplement. 

(d) The 20    -   Exchange Note will state that (i) if an Insolvency Event occurs with
respect to the Borrower, any claim that the 20    -   Exchange Noteholder may seek to enforce at any time against the Borrower will be limited in recourse to the 20    -   Designated Pool,
(ii) if, notwithstanding clause (i), the 20    -   Exchange Noteholder is deemed to have any claim against the assets of the Borrower other than the assets included in the 20    -  
Designated Pool, such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holders of (A) all other Exchange Notes, and (B) in the case of assets allocated to a
Specified Interest other than the Series CSA Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements, and (iii) such
recitation constitutes an enforceable subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 

SECTION 2.3. Transfer Restrictions with Respect to the 20    -   Exchange Note. By
acceptance of the 20    -   Exchange Note, the 20    -   Exchange Noteholder agrees to comply with the transfer restrictions set forth in Section 4.4 of the Credit and Security
Agreement. 

  
 2 

 SECTION 2.4. Interest Payments on the 20    -  
Exchange Note. For each Payment Date, the amount of interest due on the 20    -   Exchange Note (the “Exchange Note Interest Payment Amount”) will be an amount equal to the sum of (a) the sum
of the amounts calculated for each day during the related Interest Period equal to the product of (i) the Exchange Note Balance as of such day, times (ii) the Exchange Note Interest Rate on such day, times (iii) 30/360
(or, in the case of the first Payment Date, 32/360), plus (b) the portion of the Exchange Note Interest Payment Amount, if any, that was not paid on any prior Payment Date plus interest on such unpaid amount, to the extent permissible by
law, at the Exchange Note Interest Rate. 
 SECTION 2.5. Payments of Principal on the
20    -   Exchange Note. For each Payment Date, the amount of principal payable on the 20    -   Exchange Note (the “Exchange Note Principal Payment Amount”) will be an
amount equal to the sum of (a) the difference between (i) the Designated Pool Balance as of the close of business on the last day of the immediately preceding Collection Period, minus (ii) the Designated Pool Balance as of the
close of business on the last day of the related Collection Period, plus (b) the portion of the Exchange Note Principal Payment Amount, if any, that was not paid on any prior Payment Date; provided, that, for each Payment
Date occurring on or after the Exchange Note Final Scheduled Payment Date, the Exchange Note Principal Payment Amount will equal the entire outstanding 20    -   Exchange Note Balance as of such Payment Date;
provided, further, that, for each Payment Date occurring on or after the acceleration of the 20    -   Exchange Note following an Exchange Note Default, the Exchange Note Principal Payment Amount
will equal the entire unpaid Exchange Note Balance as of such Payment Date. 
 SECTION 2.6. Decreases in the Exchange
Note Balance; Cancellation of the 20    -   Exchange Note. 
 (a) At any time the Note
Principal Balance of the Notes is reduced to zero, the Exchange Note Balance will be reduced to zero at such time. 
 (b) GM
Financial may not effect the cancellation of the 20    -   Exchange Note pursuant to Section 4.7 of the Credit and Security Agreement unless the 20    -   Exchange Note has been
released from the lien of the Indenture pursuant to Section 8.4 thereof or unless it has purchased such 20    -   Exchange Note in accordance with an Optional Purchase. 

ARTICLE III 
 THE
20    -   DESIGNATED POOL 
 SECTION 3.1. The 20    -  
Designated Pool. 
 (a) The Collateral Lease Agreements and the Collateral Leased Vehicles listed on Schedule A hereto
(the “Schedule of 20    -   Lease Agreements and 20    -   Leased Vehicles”), will constitute the 20    -   Designated Pool as of the Cutoff
Date. The 20    -   Exchange Note will be payable solely from Collections on the Collateral Assets included in the 20    -   Designated Pool in accordance with the priorities in
Section 5.1. For purposes of determining the Collections that are applicable to the 20    -   Designated Pool, the Collateral Assets included in the 20    -   Designated Pool will be
deemed to have been included in the 20    -   Designated Pool from and after the Cutoff Date. 

  
 3 

 (b) Any Collateral Assets reallocated from the
20    -   Designated Pool, including following a sale of the related Leased Vehicle or upon an Optional Purchase of the Notes, will be deemed to have been reallocated to the Lending Facility Pool as of the date of such
sale. 
 (c) At any time that Collateral Assets are included in the 20    -   Designated Pool
they will not be included in the Lending Facility Pool or in any other Designated Pool. Collateral Assets that are included in the Lending Facility Pool or any other Designated Pool as of the Cutoff Date will not be included in the
20    -   Designated Pool. 
 (d) At any time the Exchange Note Balance is reduced to zero,
the Collateral Assets included in the 20    -   Designated Pool at such time will be reallocated to the Lending Facility Pool. 

(e) Upon repayment in full of the 20    -   Exchange Note, the
20    -   Designated Pool will be deemed to be terminated and all Collateral Assets included in the 20    -   Designated Pool at the time of such termination will be reallocated to the
Lending Facility Pool. 
 ARTICLE IV 

EXCHANGE NOTE DEFAULTS AND REMEDIES 

SECTION 4.1. 20    -   Exchange Note Defaults. Any of the following events or occurrences
shall constitute the “Exchange Note Defaults” with respect to the 20    -   Exchange Note: (a) the events set forth in Section 6.3(a) of the Credit and Security Agreement, or (b) the
acceleration of the Notes under the Indenture following the occurrence of an Event of Default set forth in Section 5.1 thereof. 

SECTION 4.2. Exchange Note Remedies. 

(a) If an Exchange Note Default has occurred, the 20    -   Exchange Noteholder may take the
actions set forth in Section 6.4(a) of the Credit and Security Agreement. 
 (b) Any Secured Party may submit a bid
with respect to any such liquidation or sale of the Collateral included in the 20    -   Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement. 

ARTICLE V 
 APPLICATION OF
COLLECTIONS ON THE 20    -   DESIGNATED POOL 
 SECTION 5.1. Application of Collections on the
20    -   Designated Pool when No Exchange Note Default Has Occurred. On each Payment Date (unless an Exchange Note Default has occurred prior to such Payment Date and the Exchange Note Balance has been
accelerated), the Indenture Trustee will, with respect to the 20    -   Designated Pool (based on the information contained in the Servicer’s Certificate delivered with respect to such Payment 

  
 4 

 
Date), withdraw from the 20    -   Exchange Note Collections Account an amount equal to the 20    -   Designated Pool Collections for
such Payment Date and apply such amounts in accordance with the following order of priority: 
 (a) to the Servicer, the
Designated Pool Servicing Fee for the related Collection Period, to the extent that such amounts have not been paid from 20    -   Designated Pool Collections that have been retained by the Servicer in a manner
permitted by any other Program Document; 
 (b) to the 20    -   Exchange Noteholder, the
Exchange Note Interest Payment Amount; 
 (c) to the 20    -   Exchange Noteholder, the
Exchange Note Principal Payment Amount, as a payment of principal of the 20    -   Exchange Note until the Exchange Note Balance has been reduced to zero; 

(d) to the 20    -   Exchange Noteholder, the amount, if any by which the amounts that it is
obligated to pay pursuant to Sections 8.3(a)(i) through (xvii) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (b) and (c), above, on such Payment Date; and 

(e) all remaining funds, to be applied as Collections on the Lending Facility Pool in the manner and in the priority set forth
in Section 10.2 of the Credit and Security Agreement. 
 All amounts payable to the
20    -   Exchange Noteholder pursuant to this Section 5.1 will be deposited by the Indenture Trustee into the Indenture Collections Account. 

SECTION 5.2. Modified Priorities Following Liquidation. Notwithstanding Section 5.1, on each Payment Date
following the acceleration of the 20    -   Exchange Note following an Exchange Note Default, the Indenture Trustee will, with respect to the 20    -   Designated Pool (based on the
information contained in the Servicer’s Certificate delivered with respect to such Payment Date), withdraw from the 20    -   Exchange Note Collection Accounts an amount equal to the
20    -   Designated Pool Collections for such Payment Date and apply such amounts, together with the proceeds of the sale or liquidation of any portion of the Collateral included in the
20    -   Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement, in accordance with the following priorities: 

(a) to pay to the Collateral Agent any amounts due with respect to the 20    -   Exchange Note
or the 20    -   Designated Pool under Section 3.1(c) or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed
$             in any consecutive twelve (12) month period; 

(b) to pay to the Administrative Agent any amounts due with respect to the 20    -   Exchange
Note or the 20    -   Designated Pool under Section 7.5 or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed
$             in any consecutive twelve (12) month period; 

(c) to make the payments described in Section 5.1(a); 

  
 5 

 (d) to make payments to the 20    -   Exchange
Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 20    -   Exchange Note and any interest on such accrued and unpaid interest at the Exchange Note Interest Rate; 

(e) to make payments to the 20    -   Exchange Noteholder, to the extent necessary to reduce the
Exchange Note Balance to zero; 
 (f) to the 20    -   Exchange Noteholder, the amount, if any
by which the amounts that it is obligated to pay pursuant to Sections 5.4(c)(FIRST) through (NINTH) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (d) and (e), above, on such Payment Date; and 

(g) to make payments in the manner described in Section 5.1(e). 

All amounts payable to the 20    -   Exchange Noteholder pursuant to this Section 5.2 will
be deposited by the Indenture Trustee into the Indenture Collections Account. 
 ARTICLE VI 

SECURITY INTEREST 

SECTION 6.1. Security Interest. 

(a) The Borrower hereby confirms its Grant under the Credit and Security Agreement of a security interest in the Collateral to
the Collateral Agent. In addition, the Borrower hereby Grants to the Collateral Agent on behalf of the 20    -   Secured Parties a security interest in the Collateral and acknowledges and agrees that such Grant includes
(but is not limited to) a Grant to the Collateral Agent on behalf of the 20    -   Exchange Noteholder a security interest in the Collateral Assets included in the 20    -   Designated
Pool. 
 (b) For so long as the 20    -   Exchange Note is outstanding, the Collateral Agent
agrees to deliver a copy of each opinion received by it pursuant to Section 5.5 of the Credit and Security Agreement to each Noteholder promptly after its receipt thereof. 

ARTICLE VII 
 MISCELLANEOUS 

SECTION 7.1. Amendments. 

(a) Subject to Sections 7.1(c) and (d) of this Supplement, this Supplement may only be amended in accordance with Article
IX of the Credit and Security Agreement. 
 (b) Promptly upon the execution of any such amendment, (i) the Servicer
will send a copy of such amendment to the Indenture Trustee, and (ii) the Indenture Trustee will notify each 20    -   Exchange Noteholder of the substance of such amendment. 

  
 6 

 (c) Notwithstanding Article IX of the Credit and Security Agreement, the parties
hereto agree that they shall not amend the Credit and Security Agreement or this Supplement pursuant to Section 9.1 of the Credit and Security Agreement without the consent of the 20    -   Exchange Noteholder
unless the 20    -   Exchange Noteholder shall have received an Opinion of Counsel to the effect that such amendment will not materially adversely affect the interests of the 20    -  
Exchange Noteholder. 
 (d) In the case of any amendment pursuant to Section 9.2 of the Credit and Security Agreement,
the consent of the 20    -   Exchange Noteholder shall be deemed to have been granted only upon receipt of the consent thereto by the Majority Noteholders. 

SECTION 7.2. 20    -   Exchange Noteholders Entitled to Benefits of this Supplement. GM
Financial, as Lender, will be the initial 20    -   Exchange Noteholder. Any subsequent 20    -   Exchange Noteholder, by accepting the 20    -   Exchange
Note, will be deemed to have agreed to the terms and conditions of the Credit and Security Agreement and this Supplement and will be entitled to the benefits of the Credit and Security Agreement and this Supplement with the same effect as if such
20    -   Exchange Noteholder had been a party thereto or hereto. 
 SECTION 7.3. 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 7.4. Submission to Jurisdiction; Service of Process. The Administrative Agent
submits to the nonexclusive jurisdiction of any United States District Court sitting in New York and of any New York state court for purposes of all legal proceedings arising out of or relating to this Supplement. The Administrative Agent
irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been
brought in an inconvenient forum. The Administrative Agent irrevocably appoints Wells Fargo Bank, National Association, at its Corporate Trust Office, as its authorized agent on which any and all legal process may be served in any such legal
proceeding brought in any such court. If for any reason such agent ceases to be available to act as such, the Administrative Agent agrees to designate a new agent in the State of New York for receipt of service of legal process. 

SECTION 7.5. Severability. If any one or more of the covenants, agreements, provisions or terms of this Supplement is
held invalid, illegal or unenforceable, then such covenants, agreements, provisions and terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Supplement and will in no way affect the validity, legality
or enforceability of the other covenants, agreements, provisions or terms of this Supplement. 
 SECTION 7.6.
Counterparts. This Supplement 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. 

  
 7 

 SECTION 7.7. Headings. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 7.8. No Petition.
Each party to this Supplement covenants that for a period of one (1) year and one (1) day (or, if longer, any applicable preference period) after payment in full of the Notes, all Exchange Notes, and all distributions to all
Certificateholders the payments on which are derived in any material part from amounts received with respect to any Trust Assets, it will not institute against, or join any Person in instituting against, the Issuer, the Depositor, the Borrower, the
Settlor or the Holder of the Series CSA Interest Certificate 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 20    -   Exchange Note, the Notes, this Supplement or any of the other Program Documents and agrees it will not cooperate with or encourage others to file a bankruptcy petition
against the Issuer, the Depositor, the Borrower, the Settlor or the Holder of the Series CSA Interest Certificate during the same period. 

SECTION 7.9. Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this
Supplement is executed and delivered by [Owner Trustee], not individually or personally but solely as Owner Trustee, Administrative Trustee and Delaware Trustee of the Borrower, in the exercise of the powers and authority conferred and vested in it
under the Titling Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Borrower is made and intended not as personal representations, undertakings and agreements by [Owner Trustee] but is
made and intended for the purpose for binding only the Borrower, (c) nothing herein contained shall be construed as creating any liability on [Owner Trustee], individually or personally, to perform any covenant either express or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, and (d) under no circumstances shall [Owner Trustee] be personally liable for the
payment of any indebtedness or expenses of the Borrower or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Borrower under this Supplement or the other related documents. 

[Remainder of Page Intentionally Left Blank] 

  
 8 

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

			
	 ACAR LEASING LTD.,
as Borrower

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

		
	By:		  

	Name:		
	Title:		
	
	 AMERICREDIT FINANCIAL SERVICES, INC.

d/b/a GM FINANCIAL, as Lender and as Servicer

		
	By:		  

	Name:		
	Title:		
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and as Collateral Agent

		
	By:		  

	Name:		
	Title:		

 [Signature Page to the 20    -   Exchange Note Supplement] 

 Schedule A 

Collateral Leases and Collateral Leased Vehicles in 20    -   Designated Pool 

(CD on File with Collateral Agent) 

  
 SA-1 

 Exhibit A 

Form of 20    -   Exchange Note 

THIS 20    -   EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 20    -   EXCHANGE NOTE, AGREES THAT THIS
20    -   EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY TO EITHER (1) A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, THAT IS ALSO A QUALIFIED PURCHASER (A “QUALIFIED PURCHASER”) WITHIN THE MEANING THEREOF IN SECTION 3(C)(7) OF THE INVESTMENT COMPANY ACT OF 1940, AS
AMENDED, (2) AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS A QUALIFIED PURCHASER OR (3) TO APGO TRUST OR ITS
AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE BORROWER OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
BORROWER THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS. 
 THIS
20    -   EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY
RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE LENDER, THE BORROWER, THE ADMINISTRATIVE AGENT OR ANY INTERMEDIARY. 

EACH HOLDER OF THIS 20    -   EXCHANGE NOTE SHALL BE DEEMED TO REPRESENT THAT IT IS NOT, AND IS NOT ACTING ON
BEHALF OF OR INVESTING THE ASSETS OF, (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)) THAT IS SUBJECT TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (B) A “PLAN” (AS DEFINED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)), (C) AN ENTITY WHOSE UNDERLYING ASSETS ARE DEEMED TO INCLUDE
ASSETS OF AN EMPLOYEE BENEFIT PLAN OR A PLAN DESCRIBED IN (A) OR (B) ABOVE BY REASON OF SUCH EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY (COLLECTIVELY, A “BENEFIT PLAN INVESTOR”), OR (D) AN EMPLOYEE
BENEFIT PLAN, A PLAN OR OTHER SIMILAR ARRANGEMENT THAT IS NOT A BENEFIT PLAN INVEST BUT IS SUBJECT TO FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT IS SUBJECT TO SECTION 4975 OF THE CODE (“SIMILAR LAW”), UNLESS
SUCH HOLDER’S ACQUISITION, HOLDING AND DISPOSITION OF 

  
 EA-1 

 
THIS 20    -   EXCHANGE NOTE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR A VIOLATION
OF ANY SIMILAR LAW. IN ADDITION, IF THE HOLDER IS, OR IS ACTING ON BEHALF OF OR INVESTING THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF ERISA, THE FIDUCIARIES OF SUCH PLAN WILL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED THAT THEY HAVE BEEN INFORMED OF AND UNDERSTAND THE BORROWER’ INVESTMENT OBJECTIVES, POLICIES AND STRATEGIES AND THAT THE DECISION TO INVEST SUCH PLAN’S ASSETS IN THIS 20    -  
EXCHANGE NOTE WAS MADE WITH APPROPRIATE CONSIDERATION OF RELEVANT INVESTMENT FACTORS WITH REGARD TO SUCH PLAN AND IS CONSISTENT WITH THE DUTIES AND RESPONSIBILITIES IMPOSED UPON FIDUCIARIES WITH REGARD TO THEIR INVESTMENT DECISIONS UNDER ERISA. 

  
 EA-2 

 REGISTERED 

No. 1 

20    -   EXCHANGE NOTE 

ACAR LEASING LTD., as Borrower (the “Borrower”), for value received, hereby promises to pay to AMERICREDIT
FINANCIAL SERVICES, INC. D/B/A GM FINANCIAL (“GM Financial”), as 20    -   Exchange Noteholder (the “20    -   Exchange Noteholder”), for its benefit and
the benefit of the other transferees from time to time acquiring interests herein pursuant to the 20    -   Exchange Note Supplement, dated as of             ,
20     (the “Exchange Note Supplement”), among the Borrower, GM Financial, as Lender and Servicer, and Wells Fargo Bank, National Association, as Administrative Agent and as Collateral Agent, and other
transferees or registered assigns, a principal sum equal to $            , payable on each Payment Date in an amount equal to the Exchange Note Principal Payment Amount for such Payment
Date pursuant to Section 2.5 of the Exchange Note Supplement. The entire unpaid principal amount of this 20    -   Exchange Note will be due and payable on
            , 20    . Capitalized terms used but not defined in this 20    -   Exchange Note are defined in Appendix 1 to the Exchange Note
Supplement or Appendix A to the Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (the “Credit and Security Agreement”), among the Borrower, GM Financial, as Lender and Servicer, and Wells Fargo Bank,
National Association, as Administrative Agent and as Collateral Agent. 
 The Borrower will pay interest on this
20    -   Exchange Note in an amount equal to the Exchange Note Interest Payment Amount until the principal of this 20    -   Exchange Note is paid or made available for payment. The amount
of interest due on this 20    -   Exchange Note on each Payment Date will be calculated on the basis of the Exchange Note Balance outstanding on each day of such Exchange Note Interest Period (after giving effect to all
payments of principal made on the preceding Payment Date), and will be subject to certain limitations contained in Section 2.4 of the Exchange Note Supplement. Such principal of and interest on this 20    -  
Exchange Note will be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this
20    -   Exchange 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 Borrower with
respect to this 20    -   Exchange Note will be applied to interest on and principal of this 20    -   Exchange Note in the manner set forth in the Exchange Note Supplement. 

Reference is made to the further provisions of this 20    -   Exchange Note set forth on the
reverse hereof, which will have the same effect as though fully set forth on the face of this 20    -   Exchange Note. 

Unless the certificate of authentication hereon has been executed by the Administrative Agent whose name appears below by
manual or facsimile signature, this 20    -   Exchange Note will not be entitled to any benefit under the Credit and Security Agreement or the Exchange Note Supplement referred to on the reverse hereof, or be valid or
obligatory for any purpose. 
 [Remainder of This Page Intentionally Left Blank] 

  
 EA-3 

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

			
	ACAR LEASING LTD., as Borrower
		
	 By:
		 [OWNER TRUSTEE],
not in its individual capacity but solely as Owner Trustee

		
	 By:
		  

			Authorized Signatory

 Date:             , 20     

  
 EA-4 

 ADMINISTRATIVE AGENT’S CERTIFICATE OF AUTHENTICATION 

This is the 20    -   Exchange Note designated above and referred to in the within-mentioned
Exchange Note Supplement. 
 Date:             , 20     

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Administrative Agent

		
	 By:
		  

			Authorized Signatory

  
 EA-5 

 REVERSE OF 20    -   EXCHANGE NOTE 

This 20    -   Exchange Note is one of the duly authorized issue of Exchange Notes, which may be
issued under the Credit and Security Agreement, to which Credit and Security Agreement and all Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective rights and obligations thereunder of the
Borrower, the Lender, the Servicer, the Administrative Agent, the Collateral Agent and the 20    -   Exchange Noteholders. This 20    -   Exchange Note is subject to all terms of the Credit
and Security Agreement and the Exchange Note Supplement. In the event of a conflict between the terms of this 20    -   Exchange Note, the terms of the Credit and Security Agreement and the terms of the Exchange Note
Supplement, the Exchange Note Supplement will prevail. 
 Interest on and principal of this
20    -   Exchange Note will be payable in accordance with the priority of payments set forth in Section 5.1 of the Exchange Note Supplement. 

Principal of this 20    -   Exchange Note will be payable on each Payment Date in an amount
equal to the Exchange Note Principal Payment Amount for such Payment Date. “Payment Date” means the     th day of each calendar month or, if any such day is
not a Business Day, the next Business Day, commencing             , 20    . 

As described on the face hereof, the entire unpaid principal amount of this 20    -   Exchange
Note will be due and payable on the Exchange Note Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of this 20    -   Exchange Note will be due and payable on the date on
which an Exchange Note Default with respect to this 20    -   Exchange Note has occurred and is continuing and the 20    -   Exchange Noteholder has declared this
20    -   Exchange Note to be immediately due and payable, or the 20    -   Exchange Note has automatically been declared immediately due and payable, in each case in the manner provided in
the Credit and Security Agreement and the Exchange Note Supplement. 
 Payments of interest on this
20    -   Exchange Note on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this 20    -   Exchange Note, will be made either by
wire transfer in immediately available funds, to the account of the 20    -   Exchange Noteholder or an account designated by the 20    -   Exchange Noteholder at a bank or other entity
having appropriate facilities therefor if such 20    -   Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if
not, by check mailed first-class mail postage prepaid to the 20    -   Exchange Noteholder’s address as it appears on the Exchange Note Register prior to such Payment Date, except that the final installment of
principal payable on this 20    -   Exchange Note on a Payment Date or the Exchange Note Final Scheduled Payment Date will be payable only upon the presentation and surrender of this
20    -   Exchange Note in the manner set forth the Credit and Security Agreement. Such payments will be made without requiring that this 20    -   Exchange Note be submitted for notation
of payment. Any reduction in the principal amount of this 20    -   Exchange Note effected by any payments made on any Payment Date or due to a reallocation of any Collateral Lease Agreements and Collateral Leased
Vehicle from the 20    -   Designated Pool will be binding upon all future 20    -   Exchange Noteholders of this
20    -   Exchange Note and of any 20    -   Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted

  
 EA-6 

 
hereon. If funds are expected to be available, as provided in the Exchange Note Supplement and the Credit and Security Agreement, for payment in full of the then remaining unpaid principal amount
of this 20    -   Exchange Note on a Payment Date, then the Administrative Agent will notify the 20    -   Exchange Noteholder of the date on which the Borrower expects that the final
installment of principal of and interest on this 20    -   Exchange Note will be paid not later than 5 days prior to such date. Such notice will specify that such final installment will be payable only upon presentation
and surrender of this 20    -   Exchange Note and will specify the place where this 20    -   Exchange Note may be presented and surrendered for payment of such installment. 

As provided in the Exchange Note Supplement, the principal amount of this 20    -   Exchange
Note may be decreased from time to time, in the manner and to the extent described in Section 2.6 of the Exchange Note Supplement. 

The transfer of this 20    -   Exchange Note is subject to the restrictions on transfer
specified on the face hereof and to the other limitations set forth in the Credit and Security Agreement and the Exchange Note Supplement. Subject to the satisfaction of such restrictions and limitations, the transfer of this
20    -   Exchange Note may be registered on the Exchange Note Register upon surrender of this 20    -   Exchange Note for registration of transfer at the office or agency designated by the
Borrower pursuant to the Credit and Security Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent duly executed by the 20    -   Exchange
Noteholder hereof or the 20    -   Exchange Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Exchange
Note Registrar, and thereupon a new 20    -   Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for any registration of transfer or
exchange of this 20    -   Exchange 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. 
 The 20    -   Exchange Noteholder, by accepting this
20    -   Exchange Note acknowledges and agrees that (i) if an Insolvency Event occurs with respect to the Borrower, any claim that the 20    -   Exchange Noteholder may seek to
enforce at any time against the Borrower will be limited in recourse to the 20    -   Designated Pool and (ii) if, notwithstanding clause (i), the 20    -   Exchange Noteholder is
deemed to have any claim against the assets of the Borrower other than the assets included in the 20    -   Designated Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and the holders of (A) all other Exchange Notes and
(B) in the case of assets allocated to a Series Interest other than the Series CSA Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related
hedging arrangements. 
 THE RECITATION SET FORTH IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN ENFORCEABLE
SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE. 

  
 EA-7 

 The 20    -   Exchange Noteholder, by accepting
this 20    -   Exchange Note, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all obligations under the Credit and Security
Agreement, the Exchange Note Supplement, the Exchange Notes, the outstanding Certificates and any other outstanding Securities, it will not institute against the Borrower or the Settlor, or join in any institution against the Borrower or the Settlor
of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law in connection with any obligations relating to this
20    -   Exchange Note, the Credit and Security Agreement, the Exchange Note Supplement or any of the other Program Documents. 

The Borrower has entered into the Exchange Note Supplement and this 20    -   Exchange Note is
issued with the intention that, for U.S. federal, State and local income, single business and franchise tax purposes, this 20    -   Exchange Note will qualify as indebtedness of the Borrower. The
20    -   Exchange Noteholder, by its acceptance of this 20    -   Exchange Note, will be deemed to agree to treat this 20    -   Exchange Note for U.S.
federal, State and local income, single business and franchise tax purposes as indebtedness of the Borrower. 
 Prior to the
due presentment for registration of transfer of this 20    -   Exchange Note, the Borrower and the Administrative Agent and any agent of the Borrower or the Administrative Agent may treat the Person in whose name this
20    -   Exchange Note (as of the day of determination or as of such other date as may be specified in the Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or not this
20    -   Exchange Note be overdue, and, to the fullest extent permitted by applicable law, none of the Borrower, the Administrative Agent or any such agent will be affected by notice to the contrary. 

The Credit and Security Agreement permits the amendment thereof (in any manner and for any purpose) by the Borrower, the
Collateral Agent, the Lender and the Administrative Agent so long as each Exchange Noteholder of an Outstanding Exchange Note has consented to such amendment. The Credit and Security Agreement also permits the amendment thereof to amend or waive
certain terms and conditions set forth therein without the consent of the Noteholders provided that certain conditions are satisfied. Any such consent by the 20    -   Exchange Noteholder will be conclusive and binding
upon the 20    -   Exchange Noteholder and upon all future holders of this 20    -   Exchange Note and of any 20    -   Exchange 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 20    -   Exchange Note. 

The term “Borrower”, as used in this 20    -   Exchange Note, includes any
successor to the Borrower under the Credit and Security Agreement. 
 This 20    -   Exchange
Note is issuable only in registered form as provided in the Credit and Security Agreement and the Exchange Note Supplement, subject to certain limitations therein set forth. 

This 20    -   Exchange Note, the Credit and Security Agreement and the Exchange Note Supplement
will be governed by, and construed in accordance with the laws of the State of New York. 

  
 EA-8 

 No reference herein to the Credit and Security Agreement or the Exchange Note
Supplement, and no provision of this 20    -   Exchange Note or of the Credit and Security Agreement will alter or impair the obligation of the Borrower, which is absolute and unconditional, to pay the principal of and
interest on this 20    -   Exchange Note at the time, place and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wells Fargo
Bank, National Association, in its individual capacity, or any of its affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor will recourse be had to any of them for,
the payment of principal or of interest on this 20    -   Exchange Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Credit and Security Agreement or
the Exchange Note Supplement. The 20    -   Exchange Noteholder, by its acceptance hereof, agrees that, except as expressly provided in the Program Documents, in the case of an Exchange Note Default under the Credit and
Security Agreement or the Exchange Note Supplement, the 20    -   Exchange Noteholder will have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein will be taken to prevent recourse to, and enforcement against, the assets of the Borrower for any and all liabilities, obligations and undertakings contained in the Credit and Security Agreement, the Exchange Note Supplement
or in this 20    -   Exchange Note. 

  
 EA-9 

 ASSIGNMENT 
  

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

	  

			
		
	
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers without recourse 
unto
		  

	  

	(name and address of assignee)

 the within 20    -   Exchange Note and all rights thereunder, and hereby
irrevocably constitutes and appoints                     , attorney, to transfer said 20    -   Exchange Note on the
books kept for registration thereof, with full power of substitution in the premises. 
 Date: 

 

	
	  

	Signature Guaranteed:*

  

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

  
 EA-10 

 APPENDIX 1 

DEFINITIONS 

  
 A1-1EX-10.1

 Exhibit 10.1 
  

 
 GM FINANCIAL, 

as Lender, 
 and 

GMF LEASING LLC, 
 as Depositor

  
  

20    -   EXCHANGE NOTE SALE AGREEMENT 

Dated as of             , 20     

 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 SECTION 1.1.
	 	 Definitions
	  	 	2	  
		
	 ARTICLE II TRANSFER OF THE CONVEYED ASSETS
	  	 	2	  
			
	 SECTION 2.1.
	 	 Transfer of the Conveyed Assets
	  	 	2	  
	 SECTION 2.2.
	 	 True Sale
	  	 	3	  
	 SECTION 2.3.
	 	 Representations and Warranties of the Lender and the Depositor
	  	 	4	  
	 SECTION 2.4.
	 	 Financing Statements and Books and Records
	  	 	7	  
	 SECTION 2.5.
	 	 Affirmative Covenants of the Lender
	  	 	7	  
	 SECTION 2.6.
	 	 Acceptance by the Depositor
	  	 	8	  
		
	 ARTICLE III CONDITIONS
	  	 	8	  
			
	 SECTION 3.1.
	 	 Conditions Precedent to Effectiveness of this Agreement
	  	 	8	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	9	  
			
	 SECTION 4.1.
	 	 Amendment
	  	 	9	  
	 SECTION 4.2.
	 	 GOVERNING LAW
	  	 	9	  
	 SECTION 4.3.
	 	 Severability
	  	 	9	  
	 SECTION 4.4.
	 	 Binding Effect
	  	 	10	  
	 SECTION 4.5.
	 	 Table of Contents and Headings
	  	 	10	  
	 SECTION 4.6.
	 	 Counterparts
	  	 	10	  
	 SECTION 4.7.
	 	 Further Assurances
	  	 	10	  
	 SECTION 4.8.
	 	 Third-Party Beneficiaries
	  	 	10	  
	 SECTION 4.9.
	 	 No Petition
	  	 	10	  
	 SECTION 4.10.
	 	 Limited Recourse
	  	 	10	  
	 SECTION 4.11.
	 	 Subordination
	  	 	10	  

  
 i 

 20    -   EXCHANGE NOTE SALE AGREEMENT, dated as of
            , 20    (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), between AmeriCredit
Financial Services, Inc. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as Lender (in such capacity, the “Lender”), and GMF Leasing LLC, a Delaware limited liability company, as Depositor (the
“Depositor”). 
 RECITALS 

WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of
            , 20    (the “Titling Trust Agreement”), among APGO Trust, as Settlor, and [Owner Trustee], as Owner Trustee, Administrative Trustee and
Delaware Trustee, the Titling Trust (the “Titling Trust”) was continued to, among other things, take assignments and conveyances of and hold in trust various assets (the “Trust Assets”); 

WHEREAS, pursuant to an Amended and Restated Credit and Security Agreement, dated as of May 23, 2013 (as the same may be further amended,
restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Titling Trust, the Lender and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the
“Administrative Agent”) and Collateral Agent (in such capacity, the “Collateral Agent”), the Lender has agreed to lend money to the Titling Trust from time to time to acquire Trust Assets and the Lender is entitled,
from time to time thereunder, to request that the Titling Trust issue, execute and deliver Exchange Notes to the Lender representing a portion of the debt incurred by the Titling Trust thereunder; 

WHEREAS, pursuant to the Credit and Security Agreement and the 20    -   Exchange Note Supplement, dated as of
            , 20    (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “20    -  
Exchange Note Supplement”), among the parties to the Credit and Security Agreement, the Titling Trust has so issued, executed and delivered to the Lender such an Exchange Note (the “20    -   Exchange
Note”); 
 WHEREAS, pursuant to (i) 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”), among the Titling Trust, GM Financial, as the Servicer (in such capacity, the
“Servicer”) and the Lender, and the Collateral Agent, the Servicer has agreed to perform certain servicing duties with respect to the Trust Assets, and (ii) a 20    -   Servicing Supplement, dated
as of             , 20    (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“20    -   Servicing Supplement”), among the Titling Trust, the Servicer, the Lender, the Collateral Agent and Wells Fargo, as Indenture Trustee, the Servicer has agreed to perform certain additional
and/or revised servicing duties with respect to those Trust Assets comprising the 20    -   Designated Pool relating to the 20    -   Exchange Note; 

WHEREAS, the Lender and the Depositor desire to provide for the transfer and assignment by the Lender to the Depositor, without recourse, of
all of the Lender’s right, title and interest in the Conveyed Assets (as defined below); and 

  
 1 

 WHEREAS, immediately after the transfer and assignment of the Conveyed Assets to the Depositor
pursuant to this Agreement, the Depositor shall transfer and assign all of its right, title and interest in the Conveyed Assets and this Agreement to GM Financial Automobile Leasing Trust 20    -   (the
“Issuer”), pursuant to the 20    -   Exchange Note Transfer Agreement, dated as of             , 20    (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “20    -   Exchange Note Transfer Agreement”), between the Depositor and the Issuer. 

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 
 SECTION 1.1.
Definitions. Capitalized terms used in this Agreement that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 20    -   Exchange Note Supplement or, if not defined
therein, in Appendix A to the Credit and Security Agreement. 
 ARTICLE II 

TRANSFER OF THE CONVEYED ASSETS 

SECTION 2.1. Transfer of the Conveyed Assets. 

(a) Effective as of the 20    -   Closing Date and immediately before the transactions contemplated by the
20    -   Exchange Note Transfer Agreement, the Lender sells and assigns to the Depositor, without recourse, all right, title and interest of the Lender, whether now owned or hereunder acquired, in the following
“Conveyed Assets”: 
 (i) the 20    -   Exchange Note; 

(ii) all of the Lender’s rights and benefits, as Exchange Noteholder of the 20    -  
Exchange Note under the 20    -   Exchange Note, the Credit and Security Agreement, the 20    -   Exchange Note Supplement and the 20    -   Servicing
Agreement; and 
 (iii) all proceeds, accounts, money, general intangibles, instruments, chattel paper, goods, investment
property and other property consisting of, arising from or relating to the foregoing. 
 (b) In consideration for the Conveyed Assets, the
Depositor will pay to the Lender an amount equal to the net proceeds of the sale of the Notes in cash by federal wire transfer on the 20    -   Closing Date. The Depositor and the Lender each represents and warrants to
the other that the amount of cash paid by the Depositor, together with the increase in the value in the Lender’s capital in the Depositor, is equal to the fair market value of the Conveyed Assets. 

(c) The sale, transfer, assignment and conveyance of the Conveyed Assets pursuant to this Agreement is without recourse, and the Lender does
not guarantee payment on the 20    -   Exchange Note or collection of any underlying asset included in the 20    -   Designated Pool. 

  
 2 

 SECTION 2.2. True Sale. 

(a) The parties hereto intend that the sale, transfer, assignment and conveyance of the Conveyed Assets hereunder constitutes a true sale and
assignment of the Conveyed Assets such that any interest in and title to the Conveyed Assets would not be property of the Lender’s estate in the event the Lender becomes a debtor in a case under any Insolvency Law. To the extent that the
conveyance of any Conveyed Asset hereunder is characterized by a court or similar Governmental Authority as a financing (a “Recharacterization”), it is intended by the Lender and the Depositor that the interest conveyed constitute a
grant of a first priority perfected security interest under the UCC as in effect in the State of New York by the Lender to the Depositor to secure the payment of the sale price of the Conveyed Assets to the Lender. The Lender does hereby grant to
the Depositor a security interest in all of its rights, title and privileges and interest, whether now owned or existing or hereafter acquired or arising, in the Conveyed Assets and the parties hereto agree that this Agreement constitutes a
“security agreement” under all applicable law. In the case of any Recharacterization, each of the Depositor and the Lender represents and warrants as to itself that each remittance of 20    -   Exchange Note
Collections made to the Depositor will have been (i) in payment of a debt incurred by the Lender in the ordinary course of business or financial affairs of the Lender and the Depositor, and (ii) made in the ordinary course of business or
financial affairs of the Lender and the Depositor. 
 (b) The Lender makes the following representations and warranties to the Depositor in
the event that, notwithstanding the express intent of the parties, the sale, transfer, assignment and conveyance of the Conveyed Assets hereunder is not a true sale and assignment of the Conveyed Assets to the Depositor. The representations and
warranties speak as of the 20    -   Closing Date and shall survive the sale of the Conveyed Assets to the Depositor hereunder, the transfer of the Conveyed Assets to the Issuer pursuant to the
20    -   Exchange Note Transfer Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture. 

(i) This Agreement creates a valid and continuing security interest (as defined in the UCC) in the Conveyed Assets in favor of
the Depositor, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Lender. 

(ii) The 20    -   Exchange Note constitutes a “certificated security” within the
meaning of the relevant UCC. 
 (iii) The Lender has caused or will have caused, within ten (10) days, the filing of all
appropriate financing statements in the proper filing offices in the appropriate jurisdictions under applicable law in order to perfect the Depositor’s security interest in the Conveyed Assets. 

  
 3 

 (iv) Other than the security interest granted to the Depositor pursuant to this
Agreement, the Lender has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Conveyed Assets. The Lender has not authorized the filing of and is not aware of any financing statements against the Lender that
include a description of collateral covering the Conveyed Assets other than any financing statement relating to the security interest granted to the Depositor hereunder or that has been terminated. The Lender is not aware of any judgment or tax lien
filings against it. 
 SECTION 2.3. Representations and Warranties of the Lender and the Depositor. 

(a) The Lender hereby represents and warrants to the Depositor as of the 20    -   Closing Date that: 

(i) Organization and Good Standing. The Lender is a corporation duly formed, validly existing and in good standing under
the laws of the State of Delaware, and has power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power,
authority and legal right to acquire, own and sell the Conveyed Assets. 
 (ii) Due Qualification. The Lender is duly
qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such
qualifications, except where the failure to have any such license, approval or qualification could not reasonably be expected to have a material adverse effect with respect to the Lender. 

(iii) Power and Authority. The Lender has the power and authority to execute and deliver this Agreement, and all other
Program Documents to which it is a party, and to carry out their respective terms; and the execution, delivery and performance of this Agreement and all other Program Documents to which it is a party have been or will be duly authorized by the
Lender by all necessary action. 
 (iv) Binding Obligation. Each of this Agreement and all other Program Documents to
which the Lender is a party constitutes a legal, valid and binding obligation of the Lender, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization,
moratorium, liquidation or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 

(v) No Violation. The execution, delivery and performance by the Lender of this Agreement and all other Program
Documents to which it is a party will not violate any Requirement of Law or Contractual Obligation applicable to the Lender, and will not, except as otherwise provided herein, result in, or require, the creation or imposition of any Lien on any of
its property, assets or revenues pursuant to any such Requirement of Law or Contractual Obligation, except as contemplated by the Program Documents. 

  
 4 

 (vi) No Proceedings. There are no proceedings or investigations pending
or, to the best of its knowledge, threatened before any court, arbitrator or other Governmental Authority having jurisdiction over the Lender or any of its properties which could reasonably be expected to have a material adverse effect with respect
to the Lender. 
 (vii) No Consent. Except as expressly contemplated by the Program Documents, no consent or
authorization of, filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with its execution, delivery or performance or the validity or enforceability against the Lender of the Program
Documents. 
 (viii) No Default. The Lender is not in default in any material respect under or with respect to any of
its Contractual Obligations. 
 (ix) Compliance with Law. The Lender has complied in all material respects with all
Requirements of Law. 
 (x) Title to Conveyed Assets. Immediately prior to the transfer of the Conveyed Assets
pursuant to this Agreement, the Lender (A) is the true and lawful owner of the Conveyed Assets and has the legal right to transfer the Conveyed Assets, (B) has good and valid title to the Conveyed Assets and the Conveyed Assets are on such
date free and clear of all Liens and (C) will convey good, valid and indefeasible title to the Conveyed Assets to the Depositor under this Agreement. 

(xi) Investment Company Act. The Lender is not an “investment company” within the meaning of the Investment
Company Act of 1940. 
 (xii) Solvency of the Lender. The Lender is, and after giving effect to the transactions
contemplated to occur on such date, will be, Solvent and is not the subject of any Insolvency Event. 
 (xiii) Tax
Returns. The Lender has filed or caused to be filed all tax returns which are required to be filed and has paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and has paid or
properly accrued and provided for payment at such time as is required or permitted all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any of the amount or validity of which is
currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books and records of the Lender); no tax Lien has been filed and, to the knowledge of the Lender,
no claim is being asserted with respect to any such tax, fee or other charge. 
 (b) The Depositor hereby represents and warrants to the
Lender as of the 20    -   Closing Date that: 
 (i) Organization and Good Standing. The
Depositor is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware, and has power and authority to own its properties and to conduct its

  
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business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and shall have, power, authority and legal right to acquire, own and
pledge the Conveyed Assets. 
 (ii) Due Qualification. The Depositor is duly qualified to do business as a foreign
statutory trust in good standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the failure to
have any such license, approval or qualification could not reasonably be expected to have a material adverse effect with respect to the Depositor. 

(iii) Power and Authority. The Depositor has the power and authority to execute and deliver this Agreement and all other
Program Documents to which it is a party and to carry out its terms; and the execution, delivery and performance of this Agreement and all other Program Documents to which it is a party have been duly authorized by the Depositor by all necessary
action. 
 (iv) Binding Obligation. Each of this Agreement and all other Program Documents to which the Depositor is a
party constitutes a legal, valid and binding obligation of the Depositor, enforceable against it in accordance with its terms, except as enforceability may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, liquidation
or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability shall be considered in a proceeding in equity or at law. 

(v) No Violation. The execution, delivery and performance by the Depositor of this Agreement and all other Program
Documents to which it is a party will not violate any Requirement of Law or Contractual Obligation applicable to the Depositor, and will not, except as otherwise provided herein, result in, or require, the creation or imposition of any Lien on any
of its property, assets or revenues pursuant to any such Requirement of Law or Contractual Obligation. 
 (vi) No
Proceedings. There are no proceedings or investigations pending or, to the best of its knowledge, threatened before any court, arbitrator or other Governmental Authority having jurisdiction over the Depositor or any of its properties which could
reasonably be expected to have a material adverse effect with respect to the Depositor. 
 (vii) No Consent. Except as
expressly contemplated by the Program Documents, no consent or authorization of, filing with, or other act by or in respect of, any Governmental Authority or any other Person is required in connection with its execution, delivery or performance or
the validity or enforceability against the Depositor of the Program Documents. 
 (viii) No Default. The Depositor is
not in default in any material respect under or with respect to any of its Contractual Obligations. 
 (ix) Compliance
with Law. The Depositor has complied in all material respects with all Requirements of Law. 

  
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 (c) The representations and warranties set forth in this Section shall survive the transfer,
sale, assignment and conveyance of the Conveyed Assets by the Lender to the Depositor hereunder, the transfer, sale, assignment and conveyance of the Conveyed Assets by the Depositor to the Issuer pursuant to the
20    -   Exchange Note Transfer Agreement and the pledge of the Conveyed Assets by the Issuer to the Indenture Trustee pursuant to the Indenture. Upon discovery by the Lender or the Depositor of a breach of any of the
foregoing representations and warranties, the party discovering such breach shall give prompt written notice to the other, the Noteholders and the Indenture Trustee. 

SECTION 2.4. Financing Statements and Books and Records. 

(a) In connection with the conveyance of the Conveyed Assets hereunder, the Lender agrees that on or prior to the
20    -   Closing Date, it will deliver at the direction of the Lender to the Depositor, with all requisite endorsements, the 20    -   Exchange Note and will file, at its own expense, one
or more financing statements with respect to the Conveyed Assets meeting the requirements of applicable State law in such manner as necessary to perfect the transfer of the Conveyed Assets to the Lender, and the proceeds thereof (and any
continuation statements as are required by applicable State law), and to deliver a file-stamped copy of each such financing statement (or continuation statement) or other evidence of such filings (which may, for purposes of this Section, consist of
telephone confirmation of such filings with the file stamped copy of each such filings to be provided to the Depositor in due course), as soon as is practicable after receipt by the Lender thereof. 

(b) The Lender further agrees that it will treat the transfer of the Conveyed Assets as a sale for accounting purposes, take no actions
inconsistent with the Depositor’s ownership of the assets sold to the Depositor pursuant to Section 2.1 hereof and on or prior to the 20    -   Closing Date indicate on its books, records and statements that
the 20    -   Exchange has been sold to the Depositor. 
 SECTION 2.5. Affirmative Covenants of the
Lender. Until the date on which all Issuer Obligations are paid in full, the Lender shall: 
 (a) Preservation of Existence.
Preserve, renew and keep in full force and effect its existence and good standing and take all necessary action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business and comply with all
Contractual Obligations, including, without limitation, all its obligations under the Program Documents, and all Requirements of Law. 
 (b)
Payment of Taxes. File (or cause to be filed on its behalf as a member of a consolidated group) all tax returns required by law to be filed by it and pay all taxes, assessments and governmental charges shown to be owing by it, except for any
such taxes, assessments or charges which are not yet delinquent or are being diligently contested in good faith by appropriate proceedings, for which adequate reserves in accordance with GAAP shall have been set aside on its books and that have not
given rise to any Liens. 
 (c) Books and Records. Keep proper books and records of account in which full, true and correct entries
in conformity with GAAP and all Requirements of Law shall be made of all 

  
 7 

 
dealings and transactions in relation to its business and activities; and, at its expense, shall permit representatives or designees of the Indenture Trustee, the Owner Trustee or any Noteholder
or their duly authorized attorneys or auditors to visit and inspect any of its properties, to examine and make abstracts from any of its books and records and to discuss its affairs, finances and accounts with its officers, directors, employees and
independent public accountants, all at such reasonable times upon reasonable notice and as often as may reasonably be requested. 
 (d)
Maintenance of Separate Existence. Do all things necessary to remain readily distinguishable from the Depositor and maintain its corporate existence separate and apart from that of the Depositor, including maintaining in place all policies
and procedures and taking all action, described in the factual assumptions set forth in the opinion letter of Katten Muchin Rosenman LLP, dated             , 20    
addressing the issues of substantive consolidation as they may relate to the Titling Trust, the Depositor and the Issuer on the one hand and the Lender on the other hand. 

SECTION 2.6. Acceptance by the Depositor. The Depositor agrees to comply with all covenants and restrictions applicable to an Exchange
Noteholder of the 20    -   Exchange Note, whether set forth in the 20    -   Exchange Note, in the Credit and Security Agreement, in the 20    -   Exchange
Note Supplement or otherwise, and assumes all obligations and liabilities, if any, associated therewith. 
 ARTICLE III 

CONDITIONS 
 SECTION 3.1.
Conditions Precedent to Effectiveness of this Agreement. The effectiveness of this Agreement and of the obligation of the Depositor to purchase, and of the Lender to sell, the Conveyed Assets in accordance with the terms hereof is subject to
the satisfaction of the following conditions: 
 (a) Agreement. The Depositor shall have received this Agreement, duly executed and
delivered by the Lender. 
 (b) 20    -   Exchange Note Transfer Agreement. The Depositor shall have
received the 20    -   Exchange Note Transfer Agreement, duly executed and delivered by the Issuer. 
 (c)
20    -   Exchange Note Supplement. The Depositor shall have received the 20    -   Exchange Note Supplement, duly executed and delivered by the parties thereto. 

(d) 20    -   Servicing Agreement. The Depositor shall have received the
20    -   Servicing Agreement, duly executed and delivered by the parties thereto. 
 (e) Effective
Date. All conditions set forth in Article III of the Note Purchase Agreement shall have been satisfied. 
 (f) Certificate of Trust;
Trust Agreement. The Depositor shall have received a true and complete copy of the certificate of incorporation and bylaws of the Lender, each certified as a true and correct copy by an Authorized Officer of GM Financial. 

  
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 (g) Resolutions. The Depositor shall have received copies of duly adopted resolutions of
the Lender as in effect on the date hereof and in form and substance reasonably satisfactory to the Depositor, authorizing the execution, delivery and performance of this Agreement, the 20    -   Exchange Note
Supplement and the 20    -   Servicing Agreement, the other documents to be delivered by the Lender hereunder and thereunder and the transactions contemplated hereby and thereby, certified by an Authorized Officer of GM
Financial. 
 (h) Lien Searches. The Depositor shall have received certified copies of requests for information or copies (Form
UCC-1) dated a date reasonably near the date hereof listing all effective financing statements which name the Lender (under its present name or any previous name) as transferor or debtor and which are filed in jurisdictions in which the filings were
made pursuant to item (i) below and in any other jurisdictions that are necessary or appropriate, together with copies of such financing statements (none of which shall cover any 20    -   Lease Agreements or other
20    -   Exchange Note Assets, except any filing made in connection with a security interest granted under the Credit and Security Agreement), and tax and judgment lien searches showing no such liens that are not
permitted by the Program Documents. 
 (i) UCCs. The Depositor shall have received acknowledgement copies of proper financing
statements (Form UCC-1), naming the Lender as the seller (debtor) of the Conveyed Assets and the Depositor as buyer (secured party) or other similar instruments or documents as may be necessary or in the opinion of the Depositor desirable under the
UCC or any comparable law to perfect the Depositor’s interest in the Conveyed Assets and executed copies of proper financing statements (Form UCC-3), if any, necessary to release all security interests and other rights of any Person in the
Conveyed Assets previously granted by the Lender. 
 ARTICLE IV 

MISCELLANEOUS 
 SECTION 4.1.
Amendment. 
 (a) This Agreement may be amended by the parties hereto, with the prior written consent of the Indenture Trustee
(acting at the direction of the Majority Noteholders). 
 (b) The parties hereto acknowledge and agree that the right of the Indenture
Trustee to consent to any amendment of this Agreement 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 4.2. GOVERNING LAW. THIS AGREEMENT 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 4.3. Severability. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such 

  
 9 

 
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement, as applicable, and shall in no way affect
the validity or enforceability of the other covenants, agreements, provisions and terms of this Agreement. 
 SECTION 4.4. Binding
Effect. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted successors and assigns. 

SECTION 4.5. 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 4.6. Counterparts. This Agreement 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 4.7. Further Assurances. Each party hereto shall do such acts, and execute and deliver to the other party such additional
documents or instruments as may be reasonably requested in order to effect the purposes of this Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder. For the avoidance of doubt, the parties
hereto agree to take all necessary actions (including filing of financing statements in accordance with the relevant UCC) to maintain perfections with respect to the Conveyed Assets. 

SECTION 4.8. Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the parties hereto and each
20    -   Exchange Noteholder or Pledgee of the 20    -   Exchange Note and each Noteholder who shall be considered third-party beneficiaries hereof. Except as otherwise provided in this
Agreement, no other Person shall have any right or obligation hereunder. 
 SECTION 4.9. No Petition. Each of the parties hereto, by
entering into this Agreement, hereby covenants and agrees that it will not institute, or join in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding, or other Proceeding under any Insolvency Law for a
period of one (1) year and one (1) day after the date upon which all the Notes and all other Issuer Obligations have been paid in full, against the Titling Trust or the Issuer. 

SECTION 4.10. Limited Recourse. Each of the parties hereto, by entering into this Agreement, agrees that any claim that the Lender or
the Depositor may seek to enforce against each other is limited to the Conveyed Assets only and does not represent a claim against the assets of the Lender or the Depositor as a whole or any assets other than the Conveyed Assets. 

SECTION 4.11. Subordination. 

(a) The Lender and the Depositor agree that any claim that the Lender or the Depositor may seek to enforce at any time against any assets of
the Lender or the Depositor other than the Conveyed Assets will be subordinate to payment in full of all other claims with respect to such other assets. However, this Section will not limit, subordinate or otherwise modify any claims against the
Lender or the Depositor with respect to any right to indemnification or other 

  
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obligation of the Lender or the Depositor relating to (i) the Conveyed Assets, (ii) any related credit enhancement, (iii) any transaction entered into in connection with the
Conveyed Assets, (iv) any administrative services performed in connection with the Conveyed Assets, or (v) any obligation to any Person acting as a trustee or an administrator. The Depositor hereby releases all claims to the assets of the
Titling Trust that are not allocated to the 20    -   Designated Pool, and, in the event that such release is not given effect, the Depositor hereby agrees to fully subordinate any claims it may have against such other
assets of the Titling Trust. 
 (b) The Lender agrees that any claim the Lender may seek to enforce against the Depositor or any of its
assets will be subordinate to the payment in full of all obligations of the Depositor under the 20    -   Exchange Note Transfer Agreement and the Note Purchase Agreement. 

(c) The parties to this Agreement intend that Section 4.11(a) constitutes an enforceable subordination agreement under
Section 510(a) of the Bankruptcy Code. 
 [Remainder of Page Intentionally Left Blank] 

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

			
	AMERICREDIT FINANCIAL SERVICES, INC.
	d/b/a GM FINANCIAL, as Lender
		
	By:		  

	Name:		
	Title:		
	
	GMF LEASING LLC,
	as Depositor
		
	By:		  

	Name:		
	Title:		

  
 [Signature Page to the
20    -   Exchange Note Sale Agreement]

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