Document:

Exhibit 10.8

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION

 

SUBSCRIPTION AGREEMENT

 

     

     

    

 

THE SHARES OF GOLUB CAPITAL DIRECT LENDING UNLEVERED
CORPORATION HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES OR OTHER
JURISDICTIONS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE
REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION, QUALIFICATION OR EXEMPTION
THEREFROM. THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER SECURITIES
COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING
OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

SUBSCRIPTION AGREEMENT

 

Golub Capital Direct Lending Unlevered Corporation 

200 Park Avenue, 25th Floor 

New York, NY 10166

 

Ladies and Gentlemen:

 

This Subscription Agreement
(“Subscription Agreement”) is being executed and delivered in connection with the subscription by the undersigned (the
 “Subscriber”) to purchase the number of shares of common stock, par value $0.001 per share (the “Shares”),
of Golub Capital Direct Lending Unlevered Corporation, a Maryland corporation (the “Company”), through periodic calls
of all or a portion of capital amounts of the Subscriber’s aggregate capital commitment (the “Capital Commitment”)
in the amount set forth on the signature page below. Capitalized terms used herein shall have the same meanings herein as defined
in the Company’s Confidential Private Placement Memorandum, as amended, restated and/or supplemented (the “Memorandum”),
unless otherwise defined herein.

 

In addition to completing
and signing the signature page to this Subscription Agreement, each Subscriber must complete any necessary attachments contained
in this package (such attachments, together with the Subscription Agreement, the “Subscription Documents”) in the manner
described below. For purposes of these Subscription Documents, the “Subscriber” is the person or entity for whose account
the Shares will be purchased and that can satisfy the representations and warranties set forth in the Subscription Documents. Another
person or entity with investment authority may execute the Subscription Documents on behalf of the Subscriber but should indicate the
capacity in which it is doing so and the name of the Subscriber. All appendices to this Subscription Agreement are incorporated by reference
herein.

 

(a)            Investor
Questionnaire. Complete Appendix A attached to this Subscription Agreement.

 

(b)            Tax
Forms. Fill in and sign and date the attached Form W-9. Each non-U.S. investor is required to fill in and date the relevant Form(s) W-8
(W-8BEN, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form. In the event that any applicable
reduction or exemption from U.S. federal withholding tax is claimed, each Subscriber is required to provide all applicable attachments
or addendums as required to claim such exemption or reduction.

 

(c)            Evidence
of Authorization. Each Subscriber must provide satisfactory evidence of authorization and may be required to submit further information
for “know your customer” and anti-money laundering purposes.

 

(i) For Corporations: certified
documentation evidencing the corporation’s existence and certified corporate resolutions authorizing the subscription and identifying
the corporate officer empowered to sign the Subscription Documents.

 

     

     

    

 

(ii)  For Partnerships:
certified documentation evidencing the partnership’s existence and a certified copy of the partnership agreement (which, in the
case of a limited partnership, identifies the general partner(s)).

 

(iii)  For Limited Liability
Companies: certified documentation evidencing the limited liability company’s existence and a certified copy of the limited liability
operating agreement identifying the manager or managing member, as applicable, empowered to sign the Subscription Documents.

 

(iv)  For Trusts:
a copy of the trust agreement

 

(v)  For Employee Benefit
Plans: Employee benefit plans must submit a certificate of an appropriate officer certifying that the subscription has been authorized
and identifying the individual empowered to sign the Subscription Documents.

 

(d)            Delivery
of Subscription Documents. Completed and executed copies of the Subscription Agreement and all of the documents referred to in clauses
(a) through (c) above, should be delivered to the Company at ic@golubcapital.com or through secure file transfer.

 

(e)            Acceptance
by the Company. If the Company accepts the Subscriber’s subscription (in whole or in part), a fully executed set of the Subscription
Documents will be returned to the Subscriber. The Company may accept and countersign this Subscription Agreement (in whole or in part)
at any time.

 

1.            Subscription.

 

(a)            The
Subscriber acknowledges and agrees that this subscription (i) is irrevocable on the part of the Subscriber, (ii) is conditioned
upon acceptance by the Company and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion at
any time. The Subscriber agrees to be bound by all the terms and provisions of this Subscription Agreement, the Memorandum, the Company’s
bylaws, in the form attached hereto as Appendix B (as amended, the “Bylaws”), the articles of incorporation
of the Company, in the form attached hereto as Appendix C (as amended, the “Charter”), the Investment Advisory
Agreement by and between GC Advisors LLC (the “Adviser”) and the Company, in the form attached hereto as Appendix
D (as amended, the “Advisory Agreement”), and the Administration Agreement by and between the Company and Golub
Capital LLC, the Company’s administrator (the “Administrator”), in the form attached hereto as Appendix E
(as amended, the “Administration Agreement” and, together with the Memorandum, the Bylaws, the Charter and the Advisory
Agreement, the “Operative Documents”) together with this Subscription Agreement.

 

(b)            The
Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable at such times and in such
amounts as required by the Company, under the terms and subject to the conditions set forth herein. The minimum Capital Commitment is
$25 million, subject to the discretion of the Company to accept a lower amount.

 

(c)            The
Company will file or has filed a registration statement on Form 10 (the “Registration Statement”) for the registration
of its common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). The Registration Statement is not the offering document pursuant to which
the Company is conducting this offering of securities. Accordingly, the Subscriber should rely exclusively on information contained in
the Memorandum, together with reports the Company may file under the Exchange Act from time to time, in making its investment decisions.
The Company expects to enter into separate Subscription Agreements (the “Other Subscription Agreements” and, together
with this Subscription Agreement, the “Subscription Agreements”) with other investors (the “Other Investors,”
and together with the Subscriber, the “Investors”), providing for the sale of Shares to the Other Investors. This Subscription
Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Investors
are to be separate sales.

 

2.            Acceptance
of Subscription; Closings.

 

This Subscription Agreement
is made subject to the following terms and conditions:

 

(a)            The
Company shall have the right to accept or reject the Subscriber’s subscription, in whole or in part, for any reason, including,
without limitation, (i) the inability of the Subscriber to meet the standards imposed by Regulation D promulgated by the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), (ii) the ineligibility
of the Subscriber under applicable state or foreign securities laws or (iii) for any other reason.

 

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(b)            If
the Subscriber’s subscription is accepted in part and rejected in part, the Subscriber will be so notified and the Subscriber agrees
to deliver promptly upon the Company’s request a new signature page to this Subscription Agreement with respect to which the
Subscriber’s Capital Commitment shall be such lesser amount as may be determined by the Company.

 

(c)            If
the Subscriber’s subscription is wholly rejected, the executed copies of this Subscription Agreement will be returned to the Subscriber.

 

(d)            The
closing of the subscription for the Shares by the Subscriber (the “Closing”) shall take place on the date that this
Subscription Agreement (having been executed and fully completed by the Subscriber) is accepted in whole or in part by the Company (such
date being the date filled in by the Company on the signature page hereto). On the date of the receipt of the Subscriber’s
first Drawdown Purchase, assuming the Closing has taken place, the Subscriber shall be registered as a stockholder of the Company (a “Stockholder”).

 

(e)            The
Subscriber agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations contained
herein, including the Investor Questionnaire attached hereto as Appendix A (the “Investor Questionnaire”).

 

(f)            In
the event that the Subscriber is permitted by the Company to make an additional capital commitment to purchase Shares on a date after
its initial subscription has been accepted, the Subscriber shall be required to enter into an addendum to this Subscription Agreement
covering such additional capital commitment.

 

3.            Drawdowns.

 

(a)            Subject
to Section 3(d), the Subscriber agrees to purchase Shares for an aggregate purchase price equal to its Capital Commitment, payable
at such times and in such amounts as required by the Company. Subscriber shall be required to fund a capital contribution to purchase
Shares (a “Drawdown Purchase”) each time the Company delivers a notice (the “Drawdown Notice”) to
the Subscriber. Drawdown Notices shall be delivered at least ten calendar days prior to the date on which payment will be due (each, a
 “Drawdown Date”) and shall set forth the amount, in U.S. dollars, of the aggregate purchase price (the “Drawdown
Purchase Price”) to be paid by the Subscriber to purchase Shares on such Drawdown Date. Each purchase of Shares pursuant to
a Drawdown Notice will be made at a per Share price equal to the then-current NAV per Share. “NAV per Share” equals
the most recent quarterly net asset value per Share, as determined by the board of directors of the Company (the “Board”);
provided that for any Drawdown Date that occurs prior to the determination of NAV per Share as of the end of the first fiscal quarter
during which the Company commences investment operations, the NAV per Share shall be $15.00. However, the NAV Per Share shall be subject
to adjustment to the extent required by Section 23 under the Investment Company Act of 1940, as amended (the “1940 Act”).
No Investor shall be required to invest more than the total amount of its Capital Commitment.

 

(b)            Each
Drawdown Purchase Price shall be payable, in U.S. dollars and in immediately available funds per the wire transfer instructions set forth
in such Drawdown Notice. In addition to the wire transfer instructions, each Drawdown Notice shall set forth (i) the Drawdown Date,
(ii) the aggregate amount of capital that is being drawn down from all Stockholders and (iii) the Subscriber’s share of
capital drawn. The delivery of a Drawdown Notice to the Subscriber shall be the sole and exclusive condition to the Subscriber’s
irrevocable and unconditional obligation to pay such Drawdown Purchase Price in the amount set forth therein, without any right of offset,
reduction, counterclaim or defense.

 

(c)            Concurrent
with any payment of all or a portion of the Drawdown Purchase Price, the Company shall issue to the Subscriber a number of Shares equal
to the amount of the Drawdown Purchase Price funded by the Subscriber on the applicable Drawdown Date divided by the NAV per Share as
of such Drawdown Date. For the avoidance of doubt, the Company shall not issue Shares for any portion of the Subscriber’s Capital
Commitment that has not been paid to the Company and used to purchase Shares pursuant to one or more Drawdown Notices (the “Undrawn
Capital Commitment”).

 

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(d)           Investment
Period

 

(i)              
Except as set forth below, the Subscriber shall be released from any obligation to fund any portion of its Capital Commitment for
which it has not received a Drawdown Notice prior to the termination of the Investment Period. The “Investment Period,”
means the period beginning on the Initial Closing and ending on the earliest of (A) the sixth anniversary of the Initial Closing, provided
that, upon request of the Board and the approval of the stockholders of the Company, the Investment Period can be extended, (B) a Key
Person Termination Event (as defined below) and (C) a determination of the Board to terminate the Investment Period, which the Board can
do at any time in its discretion if it determines that such termination is consistent with the Board’s exercise of its duties to
the Company (subject to any necessary approvals and applicable requirements of the 1940 Act).

 

(ii)              
After termination of the Investment Period, the Subscriber shall be released from any obligation to fund any portion of its Capital
Commitment for which it has not received a Drawdown Notice, except to the extent necessary to (A) pay expenses of the Company, including
management fees, amounts due or that may become due under any financing or similar obligations, and indemnity obligations, (B) fund investments
or obligations (including guarantees) of the Company in connection with any transaction for which there is a binding written agreement
as of the end of the Investment Period (including phased investments), or (C) make protective advances and investments related to restructurings
and similar transactions involving an existing investment.

 

(iii)              
The Subscriber acknowledges that, at any time following the expiration of the Investment Period, the Board can seek stockholder
approval of a transaction (an “Accelerated Liquidity Event”) pursuant to which the Company would (A) sell all or substantially
all of the assets of the Company or (B) engage in a merger, consolidation or statutory share exchange with one or more entities in which
all or substantially all of the shares of the Company’s common stock then outstanding are converted into cash or securities of another
entity. Potential acquirers could include other business development companies (“BDCs”) and entities that are not BDCs,
in each case, that are advised by the Adviser or its affiliates or by unaffiliated third parties. However, any Accelerated Liquidity Event
must (A) be approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on
the matter and (B) give stockholders the option to receive consideration, in the form of cash, in an amount per share that is not less
than the net asset value per share as of the closing of the Accelerated Liquidity Event. For the avoidance of doubt, an Accelerated Liquidity
Event does not include an initial public offering or listing on a national securities exchange of the Shares.

 

(iv)              
Upon the occurrence of a Key Person Event, there will be an immediate suspension of the Investment Period commencing as of the
date of the Key Person Event and the Company shall convene a meeting of the Board to be held no later than sixty days following the Key
Person Event for the purpose of reviewing the Company’s investment advisory agreement with the Adviser in accordance with the requirements
of Section 15(c) of the 1940 Act as if the Board were determining whether to renew such investment advisory agreement and to determine
whether the Investment Period shall be continued (the “Key Person Meeting”). If a majority of the Board, including
a majority of the Board members who are not interested persons (as defined in the 1940 Act) of the Company (the “Independent
Directors”) vote in favor of the proposal to continue the investment advisory agreement with the Adviser and continue the Investment
Period, including by approving Qualified Replacements recommended by the Adviser, the Investment Period shall be reinstated and continued,
effective as of the date of the Key Person Meeting, and the Company’s stockholders will be obligated to fund capital contributions
as if a Key Person Event had never occurred. Otherwise, the Investment Period shall be deemed to have terminated as of the date of the
Key Person Meeting (a “Key Person Termination Event”), and the Company’s rights to draw down Capital Commitments
under the Agreement shall terminate except as set forth in Section 3(d)(ii). A “Key Person Event” will occur if, during
the Investment Period, any five of Lawrence E. Golub, David B. Golub, Andrew H. Steuerman, Gregory W. Cashman, Spyro G. Alexopoulos,
Marc C. Robinson, Robert G. Tuchscherer and Jason J. Van Dussen, or their respective Qualified Replacements (such persons collectively,
the “Key Persons”), cease to be actively involved in and devoting sufficient time to the business and affairs of the
Adviser as deemed reasonably necessary by the Adviser. “Qualified Replacement” means a senior investment professional
selected by the Adviser and approved by a majority of the Independent Directors. 

 

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(e)            The
Subscriber acknowledges and agrees that the Company intends to request contributions from all Investors with an Undrawn Capital Commitment
pro rata in accordance with the Capital Commitments of all investors with Undrawn Capital Commitments; provided that the Company
shall retain the right, if determined by the Company in its sole discretion, to require the Subscriber (i) to fund a Drawdown Purchase
Price that is more or less than its pro rata share or (ii) to fund a Drawdown Purchase Price (but not require Other Investors to
do so), in either case, in order to accelerate the fulfillment of the Subscriber’s Capital Commitment if less than 20% of the Subscriber’s
Capital Commitment remains undrawn, to seek to equalize the percentage of the Subscriber’s total Capital Commitment that has been
contributed to the Company relative to the capital contributions of Other Investors, or to avoid any of the Default Remedy Limitations
(as defined below) or for other regulatory reasons. The Subscriber acknowledges and agrees that the Company may, if determined by the
Company in its sole discretion, from time to time require capital contributions from Other Investors and not the Subscriber. Accordingly,
Drawdown Notices may be issued only to selected investors and Stockholders (including or excluding the Subscriber) from time to time and
require a purchase of Shares by such investors in amounts determined by the Company in its sole discretion.

 

4.            Pledging.
Without limiting the generality of the foregoing, the Subscriber specifically agrees and consents that the Company may, at any time, without
further notice to or consent from the Subscriber (except to the extent otherwise provided in this Subscription Agreement), grant security
over and, in connection therewith, transfer its right to draw down capital from the Subscriber pursuant to Section 3, and the Company’s
right to receive the Drawdown Purchase Price (and any related rights of the Company), to lenders or other creditors of the Company, in
connection with any indebtedness, guarantee or surety of the Company; provided that, for the avoidance of doubt, any such grantee’s
right to draw down capital shall be subject to the limitations on the Company’s right to draw down capital pursuant to Section 3.

 

5.            Dividends;
Dividend Reinvestment Plan. As described more fully in the Memorandum, the Company generally intends to distribute on a quarterly
basis, out of assets legally available for distribution, substantially all of its available earnings in such amount so the Company will
not have to pay corporate-level income tax, subject to the discretion of the Board. The Company has adopted a dividend reinvestment plan
(as in effect from time to time, the “Dividend Reinvestment Plan”), pursuant to which, the Company shall reinvest all
cash distributions declared by the Board on behalf of any Stockholder, other than any Stockholder that has affirmatively elected to opt
out of the Dividend Reinvestment Plan, in exchange for such Stockholder receiving a number of newly issued Shares equal to the quotient
determined by dividing the amount of cash otherwise to be distributed to such Stockholder in connection with such distribution by the
NAV per Share as of the valuation date fixed by the Board for such distribution. The Subscriber may opt out of the Dividend Reinvestment
Plan in the Investor Questionnaire, in which case the Subscriber will receive cash distributions. An election to opt-out or to opt-in
to the Dividend Reinvestment Plan may be altered, subject to approval by the Company, by notifying the Company in writing at 200 Park
Avenue, 25th Floor, New York, NY 10166, Attention: Investor Relations. A change in election must be received by the Company at least ten
calendar days prior to any distribution date; otherwise, such election shall be effective only with respect to any subsequent distributions.
The Subscriber acknowledges and agrees that any distributions received by the Subscriber or reinvested by the Company on the Subscriber’s
behalf pursuant to the Dividend Reinvestment Plan shall have no effect on the amount of the Subscriber’s Undrawn Capital Commitment.

 

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6.            Remedies
Upon Drawdown Purchase Price Default. In the event that the Subscriber fails to pay all or any portion of the Drawdown Purchase Price
due from the Subscriber on any Drawdown Date (such amount, together with the amount of the Subscriber’s Undrawn Capital Commitment,
a “Defaulted Commitment”) and such default remains uncured for a period of ten days, then the Company shall be permitted
to declare the Subscriber to be in default on its obligations under this Subscription Agreement (in such capacity, a “Defaulting
Investor” and, collectively with any Other Investors declared to be in default, the “Defaulting Stockholders”)
and shall be permitted to pursue one or any combination of the following remedies:

 

(a)            Participation
in Future Drawdowns. The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date.

 

(b)            Forfeiture
of Shares. One-third of the Shares then held by the Defaulting Investor may be automatically forfeited and transferred on the books
of the Company to the Other Investors (other than any other Defaulting Stockholders), pro rata in accordance with their respective
number of Shares held; provided that no Shares shall be transferred to any Other Investor pursuant to this Section 6(b) in
the event that such transfer would (i) violate the Securities Act, the 1940 Act or any state (or other jurisdiction) securities or
 “blue sky” laws applicable to the Company or such transfer, (ii) constitute a non-exempt “prohibited transaction”
under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975
of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or (iii) cause all or any portion of the assets
of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code (the “Default Remedy Limitations”)
(it being understood that this proviso shall operate only to the extent necessary to avoid the occurrence of the consequences contemplated
herein and shall not prevent any Other Investor from receiving a partial allocation of its pro rata portion of Shares); and provided,
further, that any Shares that have not been transferred to one or more Other Investors pursuant to the previous proviso shall be
allocated among the participating Other Investors pro rata in accordance with their respective number of Shares held. The mechanism described
in this Section 6(b) is intended to operate as a liquidated damage provision since the damage to the Company and the Other Investors
resulting from a default by the Defaulting Investor is both significant and not easily susceptible to precise quantification. By entry
into this Subscription Agreement, the Subscriber agrees to this Section 6(b) and acknowledges that the automatic transfer of
one-third of its Shares constitutes a reasonable liquidated damages remedy for any default of the Subscriber’s obligations to fund
a Drawdown Purchase Price.

 

(c)            Inability
to Vote. To the maximum extent permitted by applicable law, the Defaulting Investor hereby makes, constitutes and appoints the Company
with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such Defaulting Investor with respect
to the Shares, at every annual, special or adjourned meeting of the stockholders of the Company and in every written consent in lieu of
such meeting in exact proportion to the votes or consents cast by Stockholders other than Defaulting Stockholders or, in the absence of
any such Stockholders, in the discretion of the proxy.

 

(d)            Other
Remedies. The Company may pursue any other remedies against the Defaulting Investor available to the Company at law or in equity.
No course of dealing between the Company and any Defaulting Stockholder and no delay in exercising any right, power or remedy conferred
in this Section 6 or now or hereafter existing at law or in equity or otherwise shall operate as a waiver or otherwise prejudice
any such right, power or remedy. In addition to the foregoing, the Company may in its discretion institute a lawsuit against the Defaulting
Investor for specific performance of its obligation to pay any Drawdown Purchase Price and any other payments to be made by the Defaulting
Investor pursuant to this Subscription Agreement and to collect any overdue amounts hereunder. Notwithstanding any other provision of
this Subscription Agreement, the Subscriber agrees (i) to pay on demand all costs and expenses (including attorneys’ fees)
incurred by or on behalf of the Company in connection with the enforcement of this Subscription Agreement against the Subscriber sustained
as a result of any default by the Subscriber and (ii) that any such payment shall not constitute payment of a Drawdown Purchase Price
or reduce the Subscriber’s Capital Commitment.

 

The Subscriber agrees that this Section 6
is solely for the benefit of the Company and shall be interpreted by the Company against the Defaulting Investor in the discretion of
the Company. The Subscriber further agrees that the Subscriber cannot and will not seek to enforce this Section 6 against the Company
or any other investor in the Company.

 

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7.            Representations
and Warranties of the Subscriber.

 

The Subscriber represents
and warrants as follows:

 

(a)            Private
Placement.

 

(i)            The
Subscriber understands that the offering and sale of the Shares are intended to be exempt from registration under the Securities Act,
applicable U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration
provided in Section 4(a)(2) of the Securities Act, exemptions under applicable U.S. state securities laws and exemptions under
the laws of any non-U.S. jurisdictions, and the Subscriber agrees that any Shares acquired by the Subscriber may not be Transferred (as
defined below) in any manner that would require the Company to register the Shares under the Securities Act, under any U.S. state securities
laws or under the laws of any non-U.S. jurisdictions. The Subscriber was offered the Shares through private negotiations, not through
any general solicitation or general advertising.

 

(ii)            The
Subscriber understands that the Company requires each investor in the Company to be an “accredited investor” as defined in
Rule 501(a) of Regulation D of the Securities Act (“Accredited Investor”), and the Subscriber represents
and warrants that it is an Accredited Investor.

 

(iii)            The
Subscriber understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions and
limitations and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and
other legal requirements applicable to the Subscriber, including the legal requirements of jurisdictions in which the Subscriber is resident
and in which such acquisition is being consummated. In furtherance, and not in limitation, of the foregoing, if the Subscriber is a resident
of any of the jurisdictions set forth in the Memorandum, the Subscriber represents, warrants and covenants as specified in the Memorandum
hereto for such jurisdiction.

 

(iv)            The
Shares to be acquired hereunder are being acquired by the Subscriber for the Subscriber’s own account for investment purposes only
and not with a view to resale or distribution. The Subscriber shall not, directly or indirectly, Transfer all or any portion of such Shares
(or solicit any offers to buy, purchase or otherwise acquire or take a pledge or charge of all or any part of such Shares) except in accordance
with (i) the registration provisions of the Securities Act or an exemption from such registration provisions, (ii) any
applicable U.S. federal or state or non-U.S. securities laws and (iii) the terms of this Subscription Agreement and the Charter.
The Subscriber understands that it may be required to bear the economic risk of its investment in the Shares for a substantial period
of time because, among other reasons, the offering and sale of the Shares have not been registered under the Securities Act and, therefore,
the Shares cannot be sold other than through a privately negotiated transaction unless they are subsequently registered under the Securities
Act or an exemption from such registration is available. “Transfer” (or any derivative thereof) shall mean to sell,
offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate, grant any option to purchase or otherwise dispose of or
agree to dispose of, in any case whether directly or indirectly.

 

(b)            The
Subscriber is not subject to and is not aware of any facts that would cause such Subscriber to be subject to any of the “Bad Actor”
disqualifications as described in Rule 506(d)(1)(i) to (viii) under the Securities Act.

 

(c)            The
Subscriber has received, read carefully in its entirety, and understands the Memorandum. The Subscriber has consulted with its own attorney,
accountant, investment adviser or other adviser with respect to the investment contemplated hereby and its suitability for the Subscriber,
and the Subscriber understands and consents to the fees, risks and other considerations relating to the purchase of the Shares and an
investment in the Company, including the fees outlined in the section titled “Management Agreements” of the Memorandum and
the risks and other considerations set forth in the sections titled “Risk Factors” and “Certain Relationships and Related
Party Transactions” in the Memorandum. The Subscriber has had the opportunity to ask questions of and receive answers from representatives
of the Company, all such questions have been answered to the Subscriber’s full satisfaction, and the Subscriber has obtained any
additional information concerning the Company sought by the Subscriber. The Subscriber acknowledges that no representations have been
made to the Subscriber in connection with its investment in the Company, other than the Offering Materials.

 

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(d)            The
Subscriber has substantial knowledge and experience in business and financial matters and is capable of evaluating the merits and risks
of a purchase of the Shares. The Subscriber understands that there can be no assurance that the Company will meet its investment objective
or otherwise be able to successfully carry out its investment program.

 

(e)            The
Subscriber has the financial ability to bear the economic risk of its investment in the Company (including the possible loss of its investment),
has adequate means for providing for its current needs and has no current need for liquidity in connection with its purchase of the Shares.

 

(f)            The
purchase of the Shares by the Subscriber is consistent with the general investment objectives of the Subscriber.

 

(g)            If
the Subscriber is a natural person, the Subscriber’s domicile and principal residence are at the address shown on the signature
page below. If the Subscriber is not a natural person, the Subscriber has its domicile, principal place of business, or principal
office at the address shown on the signature page below. The Subscriber received the Offering Materials, the Operative Documents,
and this Subscription Agreement at the address of the Subscriber on the signature page below.

 

(h)            The
Subscriber is not an entity (including a qualified retirement plan) in which a holder of an interest in the Subscriber may decide whether
or how much to invest through the Subscriber in various investment vehicles, including the Company, unless the Subscriber has so notified
the Company in writing.

 

(i)            If
the Subscriber is not a natural person, then, unless the Subscriber has notified the Company in writing that the Subscriber was formed
for the specific purpose of acquiring Shares and all of the equity holders of the Subscriber are accredited investors, the Subscriber’s
Capital Commitment does not exceed 40% of the Subscriber’s assets. If at any time the Subscriber holds Shares, the Subscriber shall
no longer be in compliance with the provisions of this Section 7(i), it shall promptly notify the Company.

 

(j)            If
the Subscriber is not a citizen of the United States, or a resident of or entity created under the laws of any state of the United States
(any such citizen, resident or entity being hereinafter called a “Domestic Person”), the Subscriber is not purchasing
the Shares on behalf of any Domestic Person, and the Subscriber has no present intention of becoming a Domestic Person.

 

(k)            If
the Subscriber is a natural person, the Subscriber is of legal age in its country or state of residence and has legal capacity to execute,
deliver and perform its obligations under this Subscription Agreement and the Charter and to subscribe for and purchase the Shares hereunder.
If the Subscriber is not a natural person, the Subscriber is an entity of the kind set forth under the applicable item of the Investor
Questionnaire and has been duly organized, formed or incorporated, as the case may be, and is validly existing and in good standing under
the laws of its jurisdiction of organization, formation or incorporation, and the Subscriber has all requisite power and authority to
execute, deliver and perform its obligations under this Subscription Agreement and to subscribe for and purchase the Shares hereunder.
The Subscriber’s purchase of the Shares and its execution, delivery and performance of this Subscription Agreement (i) has
been duly executed and delivered by the Subscriber, (ii) constitutes the legal, valid and binding obligation of the Subscriber (except
(A) as limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights and remedies
of creditors generally, as from time to time in effect, (B) as limited by general principles of equity, and (C) as the enforcement
of remedies rests in the discretion of any court) and (iii) does not result in the violation of, constitute a default under, or conflict
with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order, statute, rule or regulation applicable to
the Subscriber.

 

    - 8 -

     

    

 

(l)            The
execution and delivery of this Subscription Agreement, the consummation of the transactions contemplated hereby and under the Charter
and the performance of the Subscriber’s obligations hereunder and under the Charter do not and will not conflict with, or result
in any violation of or default under, (i) if the Subscriber is not a natural person, any provision of any certificate of formation,
certificate of incorporation, charter, by-laws, memorandum and articles of association, trust agreement, partnership agreement, limited
liability company agreement or other organizational or governing instrument applicable to the Subscriber, (ii) any agreement
or other instrument to which the Subscriber is a party or by which the Subscriber or any of its properties are bound, or (iii) any
permit, franchise, judgment, decree, statute, writ, injunction, order, law, rule or regulation applicable to the Subscriber or to
its business or properties. In addition, the Subscriber represents that its power of attorney contained in this Subscription Agreement
and to be exercised in connection with the Charter has been granted by the Subscriber, including as to the manner of any execution
by the Subscriber, in compliance with all laws applicable to the Subscriber, including the laws of the state or jurisdiction
in which the Subscriber executed this Subscription Agreement. The Subscriber has obtained all authorizations, consents, approvals and
clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Subscriber to enter
into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

 

(m)            The
Subscriber understands that the Company intends to file or has filed an election to be treated as a BDC under the 1940 Act and intends
to elect or has elected to be treated as a “regulated investment company” within the meaning of Section 851 of the Code
for U.S. federal income tax purposes. Pursuant to these elections, the Subscriber shall be required to furnish certain information to
the Company as required under U.S. Treasury Regulation §1.852-6(a) and other regulations. If the Subscriber is unable or refuses
to provide such information directly to the Company, the Subscriber understands that it shall be required to include additional information
on its income tax return as provided in U.S. Treasury Regulation § 1.852-7.

 

(n)            The
Subscriber: (i) is not registered or required to be registered as an “investment company” under the 1940 Act;
(ii) has not elected to be regulated as a BDC under the 1940 Act; and (iii) either (A) is not relying
on the exception from the definition of “investment company” under the 1940 Act set forth in Section 3(c)(1) or
3(c)(7) thereunder or (B) is otherwise permitted to acquire and hold more than 3% of the outstanding voting securities
of a BDC.

 

(o)            ERISA
Matters. If the Subscriber is or will be (i) an “employee benefit plan” as defined in Section 3(3) of
ERISA, that is subject to ERISA, (ii) a “plan” described in Section 4975(e)(1) of the Code, that is
subject to Section 4975 of the Code, or (iii) an entity that is, or is deemed to be, using (under the Plan Assets Regulation
or otherwise for purposes of ERISA or Section 4975 of the Code) “plan assets” to purchase or hold its investments (each,
a “Plan”), the Subscriber has so indicated in the Investor Questionnaire, and the Subscriber represents, warrants and
agrees that:

 

(i)            The
acquisition and the subsequent holding of such Shares do not and will not constitute a non-exempt “prohibited transaction”
within the meaning of Section 406 of ERISA or Section 4975 of the Code;

 

(ii)            The
decision to acquire Shares was made by a “fiduciary” of the Plan within the meaning of Section 3(21) of ERISA or Section 4975(e)(3) of
the Code (the “Plan Fiduciary”) that is independent of the Company, the Adviser and their respective employees, representatives
and affiliates, is qualified to make investment decisions on behalf of the Plan and has authorized the Subscriber’s investment in
the Company;

 

    - 9 -

     

    

 

(iii)            The
Subscriber’s investment in Shares conforms in all respects to the documents governing the Plan and, assuming the assets of the Company
do not constitute “plan assets” subject to the provisions of Title I of ERISA or Section 4975 of the Code, complies with
all applicable requirements of ERISA and Section 4975 of the Code;

 

(iv)            The
Plan Fiduciary has been informed about the fee structure of the Company, including the incentive fee component, and has concluded that
such fees are reasonable and the investment in the Company otherwise constitutes a reasonable contract or arrangement, and the Subscriber
acknowledges and agrees that none of the Adviser or its employees, representatives or affiliates have any discretion, or are otherwise
acting in a fiduciary capacity with respect to the Plan’s investment in the Company, whether pursuant to the provisions of ERISA,
Section 4975 of the Code or otherwise, and, without limiting the generality of the foregoing, the Subscriber has not relied on, and
is not relying on, any investment advice or recommendation of any such person with respect to the Plan’s investment in the Company;

 

(v)            The
Subscriber acknowledges that the Company has the authority to require the redemption, withdrawal or other cancellation of any Shares if
it is determined that the continued holding of such Shares could result in the Company being subject to the provisions of Title I of ERISA
or Section 4975 of the Code; and

 

(vi)            Without
limiting the remedies available in the event of a breach, the Subscriber agrees promptly to provide to the Company such information as
the Company may from time to time reasonably request for purposes of determining whether the assets of the Company are “plan assets”
within the meaning of the Plan Assets Regulation, and any other matters relating to ERISA or compliance with ERISA or Section 4975
of the Code arising in connection with the Subscriber’s investment in the Company, or the operation or investments of the Company.

 

The representations and warranties set forth in
this Section 7(o) shall be deemed repeated and reaffirmed on each day the Subscriber holds Shares. Without limiting the remedies
available in the event of a breach, if at any time the representations and warranties set forth in this Section 7(o) shall cease
to be true, including because there is a change in the Subscriber’s Plan status or the percentage of assets that constitute “plan
assets” subject to the provisions of Title I of ERISA or Section 4975 of the Code, then the Subscriber shall promptly notify
the Company in writing.

 

(p)            The
Subscriber has notified, or shall promptly notify, the Company if the Subscriber is or becomes a person that may be disqualified from
participating in the Company’s acquisition of Securities sold in a public offering under Rules 5130 and 5131 of the Financial
Industry Regulatory Authority, as in effect from time to time.

 

(q)            If
the Subscriber is a partnership or any other entity that is treated as a partnership for U.S. income tax purposes, a grantor trust within
the meaning of Sections 671-679 of the Code, or a S corporation within the meaning of Section 1361 of the Code, the Subscriber represents
that at no time during the term of the Company will 65% or more of the value of any beneficial owner’s direct or indirect interest
in the Subscriber be attributable to the Subscriber’s interest in the Company. Except as otherwise disclosed to the Company in writing,
the Subscriber is not disregarded as an entity separate from its owner within the meaning of Treasury Regulation Section 301.7701-3.

 

(r)            None
of the information concerning the Subscriber nor any statement, certification, representation or warranty made by the Subscriber in this
Subscription Agreement or in any document required to be provided under this Subscription Agreement (including the Investor Questionnaire
and any Form W-9 or the relevant Forms W-8 (W-8BEN, W-8IMY, W-8ECI or W-8EXP)), as applicable, contains any untrue statement of a
material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.

 

(s)            The
Subscriber agrees to provide such information and execute and deliver such documents as the Company may reasonably request to verify the
accuracy of the Subscriber’s representations and warranties herein or to comply with any law or regulation to which the Company,
the Adviser, the Administrator or a portfolio company of the Company may be subject.

 

    - 10 -

     

    

 

(t)            The
Subscriber, if an individual, has read carefully in its entirety, and understands and agrees with, the Company’s Investor Privacy
Notice attached hereto as Appendix F.

 

(u)            The
Subscriber agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance
of this Subscription Agreement, each Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting
the foregoing, the Subscriber agrees to give the Company prompt written notice in the event that any statement, certification, representation
or warranty of the Subscriber contained in this Section 7 or any information provided by the Subscriber herein or in any document
required to be provided under this Subscription Agreement (including the Investor Questionnaire and any Form W-9 or Forms W-8 (W-8BEN,
W-8IMY, W-8ECI or W-8EXP)), as applicable, ceases to be true at any time following the date hereof.

 

8.            Representations
and Warranties of the Company.

 

The Company represents and
warrants as follows (in reliance, where applicable, on the representations and warranties of the Subscriber contained in this Subscription
Agreement and the representations and warranties of the Other Investors):

 

(a)            The
Company is duly incorporated validly existing as a corporation under the laws of the State of Maryland and has all requisite corporate
power to conduct the business in which it proposes to engage as described in the Memorandum.

 

(b)            No
consent, approval or authorization of, or filing or registration with, any governmental authority on the part of the Company is required
for the execution and delivery of this Subscription Agreement by it, or the issuance of Shares as contemplated thereby, except for any
consents, approvals, authorizations or filings which are required under any applicable securities laws (federal, state or foreign) and
which have been made or obtained prior to the Closing or are made or obtained hereafter within the time prescribed by law. All action
required to be taken by the Company as a condition to the issuance and sale of the Shares will have been taken at or before the Closing.
The execution and delivery of this Subscription Agreement by the Company will not result in the violation of, constitute a default under,
or conflict with, any mortgage, indenture, contract, agreement, instrument, judgment, decree, order, statute, rule or regulation
applicable to the Company. Upon execution and delivery by the Company, this Subscription Agreement (i) will have been duly executed
and delivered by the Company, and (ii) will constitute the legal, valid and binding obligation of the Company, except (A) as
limited by any applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights and remedies of creditors
generally, as from time to time in effect, (B) as limited by general principles of equity and (C) as the enforcement of remedies
rests in the discretion of any court.

 

9.            Additional
Limitations on Transfer of Capital Commitments and Shares.

 

(a)            General
Restrictions on Transfer.

 

(i)            The
Subscriber may not Transfer its Capital Commitment. The Subscriber may not Transfer any of its Shares unless the Transfer is made in accordance
with applicable securities laws and is otherwise in compliance with the transfer restrictions set forth in Appendix G. Each transferee
must agree to be bound by these restrictions and all other obligations as an investor in the Company.

 

(ii)            The
Subscriber acknowledges that the Subscriber is aware and understands that there are other substantial restrictions on the transferability
of its Capital Commitment or Shares under this Subscription Agreement, the Charter and applicable law, including the fact that (A) there
is no established market for the Shares and it is possible that no public market for the Shares will develop; (B) the Shares
are not currently, and Stockholders have no rights to require that the Shares be, registered under the Securities Act or the securities
laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an
exemption from such registration is available; and (C) the Subscriber may have to hold the Shares herein subscribed for and
bear the economic risk of this investment indefinitely, and it may not be possible for the Subscriber to liquidate its investment in the
Company.

 

    - 11 -

     

    

 

10.            Compliance
with Specific Laws.

 

(a)            Anti-Money
Laundering.

 

(i)            Neither
the Subscriber, any of its affiliates or beneficial owners, nor any person for whom the Subscriber is acting as agent or nominee, (A) appears
on the list of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the U.S. Department
of the Treasury (“OFAC”), the list of Foreign Sanctions Evaders maintained by OFAC, or any other lists of restricted
parties maintained by the U.S. Government, nor are they otherwise a party with which any entity is prohibited to deal under the laws of
the United States, (B) is a senior foreign political figure or any immediate family member or close associate of a senior foreign
political figure or (C) is identified as a terrorist organization on any other relevant lists maintained by governmental authorities.
The Subscriber further represents and warrants that the monies used to fund the investment in the Shares are not derived from, invested
for the benefit of, or related in any way to, and that no monies or dividends received as a result of the investment in the Shares will
be provided to or for the benefit of, the governments of, or persons within, any country (1) under a U.S. embargo enforced by OFAC,
(2) that has been designated as a “non-cooperative country or territory” by the U.S. Financial Action Task Force on Money
Laundering or (3) that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern.”
The Subscriber further represents and warrants that the Subscriber: (x) has conducted thorough due diligence with respect to all
of its beneficial owners, (y) has established the identities of all beneficial owners and the source of each of the beneficial owner’s
funds and (z) will retain evidence of any such identities, any such source of funds and any such due diligence. The Subscriber further
represents and warrants that the Subscriber does not know or have any reason to suspect that (I) the monies used to fund the Subscriber’s
investment in the Shares have been or will be derived from or related to any illegal activities, including money laundering activities
and all Capital Contributions by the Subscriber were not, and will not be, directly or indirectly derived from activities that may contravene
federal, state or international laws and regulations, including anti-money laundering laws and regulations, and (II) the proceeds
from the Subscriber’s investment in the Shares will be used to finance any illegal activities.

 

(ii)            The
Subscriber shall provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to
comply with the USA PATRIOT Act or the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to
respond to requests for information concerning the identity of such Subscriber from any governmental authority, self-regulatory organization
or financial institution in connection with its anti-money laundering compliance procedures (which, notwithstanding anything in the Company’s
privacy policies to the contrary, may then be disclosed to such persons), or to update such information. The Subscriber hereby represents
that the Subscriber is in compliance with all such laws. Failure to provide such information upon request may result in the compulsory
redemption of the Subscriber’s Shares. Subscriber represents that all evidence of identity provided is genuine.

 

(iii)            To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Subscriber to the Company,
and all payments and distributions to the Subscriber, shall only be made in the Subscriber’s name and to and from a bank account
of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either based or incorporated
in or formed under the laws of the United States and that is not a “foreign shell bank” within the meaning of the U.S. Bank
Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury,
as such regulations may be amended.

 

(b)            Affirmation.
The representations and warranties set forth in this Section 10 shall be deemed repeated and reaffirmed by the Subscriber to the
Company as of each date that the Subscriber is required to make a Drawdown Purchase or other payment to, or receives dividends or other
distributions from (even if such distribution is reinvested pursuant to the Dividend Reinvestment Plan), the Company. If at any time during
the term of the Company, the representations and warranties set forth in this Section 10 cease to be true, the Subscriber shall promptly
so notify the Company in writing.

 

    - 12 -

     

    

 

(c)            Remedies
for Failure to Comply with Section 10. The Subscriber understands and agrees that the Company may not accept any amounts from
the Subscriber if it cannot make the representations set forth in this Section 10, and may require the compulsory Transfer of the
Subscriber’s Shares. In addition, the Subscriber understands and agrees that, in addition to the foregoing remedial measures, (1) in
order to comply with governmental regulations or if the Company determines in its sole discretion that such action is in the best interests
of the Company, the Company may “freeze the account” of the Subscriber, either by prohibiting additional investments by the
Subscriber, refusing to process a distribution to Subscriber or suspending other rights the Subscriber may have under this Subscription
Agreement or the Charter and the Bylaws and (2) the Company may be required to report such action or confidential information relating
to the Subscriber (including disclosing the Subscriber’s identity) to regulatory authorities.

 

11.            FATCA
Compliance. The Subscriber acknowledges and agrees that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance
Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company and the Administrator may from
time to time require further information or documentation from the Subscriber and, if and to the extent required under FATCA, the Subscriber’s
direct and indirect beneficial owners (if any), relating to or establishing such person’s identity, residence (or jurisdiction of
formation) and income tax status, and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. 
The Subscriber agrees that it shall provide such information and documentation concerning itself and its beneficial owners (if any), as
and when requested by the Company or the Administrator sufficient for the Company to comply with its obligations under FATCA.  The
Subscriber acknowledges that, if the Subscriber does not provide the requested information and documentation, the Company may, at its
sole option and in addition to all other remedies available at law or in equity, immediately redeem the Subscriber’s Shares or prohibit
the Subscriber from purchasing additional Shares or participating in additional investments in the Company. The Subscriber hereby agrees
to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered
by the Company on account of the Subscriber not providing all requested information and documentation in a timely manner.  The Subscriber
shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages
or liability as a result of any of the aforementioned actions.

 

12.            Subscriber
Information.

 

The Company reserves the right
to request such information as is necessary to verify the identity of the Subscriber or as may reasonably be requested by the Company
in connection with its operations, including such information requested by the Company in connection with entering into any borrowing
or other financing arrangement. The Subscriber shall promptly on demand provide such information and execute and deliver such documents
as the Company may request to verify the accuracy of the Subscriber’s representations and warranties or as required for the Company’s
operations. In the event of delay or failure by the Subscriber to produce any information required for verification purposes, or if otherwise
required by law or regulation, the Company may refuse to accept the Subscription or may refuse to process a distribution until proper
information has been provided.

 

The Subscriber agrees further
that the Adviser and the Company shall be held harmless and indemnified against any loss, claim, cost, damage or expense arising as a
result of a failure to process any subscription or distribution if such information as has been required by the Company has not been provided
by the Subscriber or which the Adviser or the Company may suffer as a result of any violations of law committed by the Subscriber.

 

13.            Applicable
Law.

 

This Subscription Agreement
shall be governed by, and construed in accordance with, the law of the State of Maryland. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.

 

    - 13 -

     

    

 

14.            Notices.

 

(a)            All
notices, demands, solicitations of consent or approval, statements, tax documents, reports, and other communications under the Operative
Documents, this Subscription Agreement or otherwise in connection with the Company (collectively, “Notices”) shall
be in writing, and shall be sufficiently given if personally delivered, sent by postage prepaid, registered or certified mail, return
receipt requested, sent by a reputable overnight courier service, or sent by Electronic Transmission (as defined below), addressed as
follows: if intended for the Company, to the Company’s principal office or to any physical address, facsimile number, e-mail address,
or other applicable identifier (each, an “Address”) that the Company may designate by notice given in accordance with
this Section 14 and, if intended for the Subscriber, to the Address of the Subscriber set forth on the signature page hereto,
or if subsequently updated in the books and records of the Company, to the Address set forth in the in the books and records of the Company,
or to such other Address as the Subscriber may designate by written notice in accordance with this Section 14. It is the Subscriber’s
responsibility to ensure that the Address of the Subscriber set forth on the signature page hereto and in the books and records of
the Company is current, true, accurate, and complete. Notices shall be deemed to have been given (i) when personally delivered, (ii) if
sent by registered or certified mail, three days after the date on which deposited in the mails, (iii) if sent by a reputable overnight
courier service, on the second business day after transmittal thereof to such courier service, (iv) if sent by Electronic Transmission,
on the date sent, or (v)  in any event and notwithstanding any provision of this Section 14 to the contrary, no later than when
actually received, provided that notices of a change of Address shall not be deemed given until the actual receipt thereof. Notwithstanding
any provision hereof to the contrary, any Notice may be given by posting such Notice to, or making such Notice otherwise available from,
any Web portal or other electronic network established or maintained by or for the benefit of the Company, the Adviser, or any affiliate
thereof, together with written notice given in any manner authorized by this Subscription Agreement (other than this sentence) to the
effect that such Notice has been so posted or is otherwise so available, in which case such Notice shall be deemed to have been given
on the later of (x) the date that such Notice is posted to, or otherwise accessible from, such Web portal or other electronic network
and (y) the date that such notice of posting or availability is deemed given hereunder. The provisions of this Section 14 shall
not prohibit the giving of written notice in any other manner; any such written notice shall be deemed given only when actually received.
 “Electronic Transmission” means any form of communication, not directly involving the physical transmission of paper,
that creates a record that may be retained, retrieved, and reviewed by the recipient thereof, and that may be printed or reproduced in
paper form by such recipient through an automated process, including without limitation facsimile transmission, e-mail communication,
and a .pdf file attached to an e-mail communication.

 

(b)            If
the Subscriber is a participant in any investment vehicle (other than the Company) or account established, sponsored, or managed by Golub
Capital LLC or any affiliate thereof (each, a “Golub Capital Product”), then the Subscriber agrees that all notices,
demands, solicitations of consent or approval, statements, tax documents, reports, and other communications under the constitutive documents
of or in connection with such Golub Capital Product (each, a “GC Notice”) may be given in the same manner as any Notices
as set forth in Section 14(a), even though the Subscriber may currently receive such GC Notices in a different manner.

 

(c)            The
Subscriber hereby agrees to enter into any commercially reasonable end user license agreement required of users of any Web portal or other
electronic network established, maintained, or made available by or for the benefit of the Company, the Adviser, or any affiliate thereof
pursuant to which Notices or GC Notices are or will be delivered.

 

15.            Power
of Attorney.

 

By executing this Subscription
Agreement, the Subscriber hereby makes, constitutes and appoints the Company with full power of substitution, its true and lawful attorney-in-fact,
in its name, place and stead for its use and benefit, to approve, execute, acknowledge, swear to, file and record:

 

(a)            any
and all filings required to be made by the Subscriber under the Exchange Act with respect to any of the Company’s securities that
may be deemed to be beneficially owned by the Subscriber under the Exchange Act;

 

    - 14 -

     

    

 

(b)            all
certificates and other instruments deemed advisable by the Company in order for the Company to enter into any borrowing or other financing
arrangement and to grant any pledge or other security interest, including over the Subscriber’s Capital Commitment, in connection
therewith;

 

(c)            all
certificates and other instruments deemed advisable by the Company to comply with the provisions of this Subscription Agreement and applicable
law or regulation to permit the Company to become or to continue as a BDC;

 

(d)            all
conveyances and other instruments necessary or appropriate to effect the dissolution and liquidation of the Company;

 

(e)            all
other instruments or papers not inconsistent with the terms of this Subscription Agreement that may be required by law to be filed on
behalf of the Company; and

 

(f)            any
amendment or modification to any of the foregoing and all other certificates, instruments and documents which said attorney-in-fact determines
in its sole discretion are necessary or desirable to effectuate the provisions of this Subscription Agreement or any Other Subscription
Agreements and the purposes of the Company.

 

It is expressly acknowledged
by the Subscriber that the foregoing power of attorney is coupled with an interest and shall survive death or legal incapacity of the
Subscriber and is irrevocable. Such power of attorney may be exercised by said attorney-in-fact either by signing separately as attorney-in-fact
for each of the Investors or by listing all the Investors with a single signature as attorney-in-fact for all of them. Such power of attorney
shall survive the termination or dissolution of the Subscriber or the assignment of its interest in the Company; provided, however,
that such power of attorney will so survive only to the extent necessary to enable said attorney-in-fact to effect substitution (if approved
by the Company) of the Subscriber’s successor-in-interest. Assignee hereby waives any and all defenses which may be available to
contest, negate or disaffirm the actions of said attorney-in-fact taken in good faith under such power of attorney.

 

This power of attorney does
not supersede the terms of this Subscription Agreement or any written agreement between the Company and the Subscriber nor is it to be
used to deprive the Subscriber of its rights as a Stockholder and is intended only to provide a simplified system for execution of documents.
The Subscriber shall execute and deliver to the Company, within five days after the receipt of a request therefor, such confirmatory powers
of attorney as the Company may request.

 

16.            Effect
of Representations; Survival; Indemnity

 

The Subscriber understands
that the offer and sale of the Shares is being made in reliance on specific exemptions from requirements of federal and state securities
laws and that the Company and the controlling persons thereof, will rely on the representations, warranties, agreements, acknowledgements
and understandings of the Subscriber set forth herein in determining the applicability of such exemptions. The Subscriber hereby confirms
that all such representations and warranties will remain true and complete on the date of acceptance by the Company of the Subscriber’s
subscription hereunder.

 

This Subscription Agreement,
including all representations and warranties of the Subscriber contained herein, shall survive the sale of the Shares to the Subscriber,
and the admission of the Subscriber as a Stockholder of the Company.

 

To the fullest extent permitted
under applicable law, the Subscriber agrees to indemnify and hold harmless the Company, the Adviser, the Administrator and their respective
affiliates, and each partner, member, shareholder, officer, director, employee and agent thereof, from and against any loss, damage or
liability due to or arising out of a breach of any representation, warranty or agreement of the Subscriber contained in this Subscription
Agreement (including the Investor Questionnaire) or in any other document provided by the Subscriber to the Company or in any agreement
executed by the Subscriber in connection with the Subscriber’s investment in Shares.

 

    - 15 -

     

    

 

17.            Confidentiality.

 

The Subscriber acknowledges
that the Memorandum and other information relating to the Company (the “Confidential Information”) have been submitted
to the Subscriber on a confidential basis for use solely in connection with the Subscriber’s consideration of the purchase of Shares.
In addition, Confidential Information includes non-public information regarding Golub Capital Direct Lending Corporation, Golub Capital
BDC 3, Inc., Golub Capital BDC, Inc. and any other investment vehicles whose investment adviser is the Adviser or an affiliate
of the Adviser. Subscriber agrees to comply with all laws, including securities laws, concerning Confidential Information, and Subscriber
agrees that it shall not trade in the securities of any issuer about which Subscriber receives material non-public information under this
Subscription Agreement or in its capacity as a holder of Shares and shall refrain from such trading until any material non-public
information no longer constitutes material non-public information. The Subscriber agrees that, without the prior written consent of the
Company (which consent may be withheld at the sole discretion of the Company), the Subscriber shall not (a) reproduce the Memorandum
or any other Confidential Information, in whole or in part, or (b) disclose the Memorandum or any other Confidential Information
to any person who is not an officer or employee of the Subscriber who is involved in its investments, or partner (general or limited)
or affiliate of the Subscriber (it being understood and agreed that if the Subscriber is a pooled investment fund, it shall only be permitted
to disclose the Memorandum or other Confidential Information if the Subscriber has required its investors to enter into confidentiality
undertakings no less onerous than the provisions of this Section 17 and the Subscriber remains liable for any breach of this Section 17
by its investors), except to the extent (i) such information is in the public domain (other than as a result of any action or omission
of the Subscriber or any person to whom the Subscriber has disclosed such information) or (ii) such information is required by applicable
law or regulation to be disclosed, in which case the Subscriber shall first notify the Company of such requirement (unless such notification
is prohibited by law) so that the Company may pursue a protective order or other appropriate remedy or waive compliance with the terms
of this Section 17, and if a protective order or other appropriate remedy is not obtained, or if the Company waives compliance with
the terms of this Section 17, then the Subscriber shall disclose only that portion of Confidential Information that the Subscriber
is advised by counsel is legally required to be disclosed and shall use its commercially reasonable efforts to protect the confidentiality
of such information disclosed, including by requesting that confidential treatment be accorded such information. The Subscriber further
agrees to return the Memorandum and any other information relating to the Company upon the Company’s request therefor. The Subscriber
acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this Section 17 by the Subscriber
and that, in addition to any other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific
performance and injunctive or other equitable relief as a remedy for any such breach.

 

18.            No
Joint Liability Among the Company, the Adviser, and the Administrator.

 

The Company shall not be liable
for the fulfillment of any obligation of the Adviser or the Administrator under or in connection with this Subscription Agreement.
The Adviser shall not be liable for the fulfillment of any obligation or for the accuracy of any representation of the Company or the
Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for the fulfillment
of any obligation or for the accuracy of any representation of the Company or the Adviser under or in connection with this Subscription
Agreement. There shall be no joint and several liability of the Company, the Adviser and the Administrator for any obligation under
or in connection with this Subscription Agreement.

 

19.            Independent
Nature of Subscribers’ Obligations and Rights.

 

The obligations of the Subscriber
hereunder are several and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by the Subscriber pursuant hereto or thereto, shall be deemed to constitute the
Stockholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Stockholders
are in any way acting in concert with respect to such obligations or the transactions contemplated by this Subscription Agreement.

 

20.            Construction.

 

The captions used herein are
intended for convenience of reference only and shall not modify or affect in any manner the meaning or interpretation of any of the provisions
of this Subscription Agreement.

 

    - 16 -

     

    

 

As used herein, the singular
shall include the plural, the masculine gender shall include the feminine and neuter, and the neuter gender shall include the masculine
and feminine, unless the context otherwise requires.

 

The words “hereof,”
 “herein,” and “hereunder,” and words of similar import, when used in this Subscription Agreement shall refer to
this Subscription Agreement as a whole and not to any particular provision of this Subscription Agreement.

 

All references herein to Sections
shall be deemed to refer to Sections of this Subscription Agreement, unless specified to the contrary.

 

Whenever the words “include”,
 “includes” or “including” are used in this Subscription Agreement, they shall be deemed to be followed by the
words “without limitation”, whether or not they are in fact followed by those words or words of like import.

 

Nothing in this Subscription
Agreement shall be deemed to create any right in or benefit for any Person other than the Company and the Subscriber and this Subscription
Agreement shall not be construed in any respect to be for the benefit of, and no provision of this Subscription Agreement may be enforced
by, any such Person, provided that, notwithstanding the foregoing, any of Golub Capital LLC and its affiliates, and any Golub Capital
Product may enforce the provisions of subsection (b) and (c) of Section 14 of this Subscription Agreement as if it were
a party hereto.

 

21.            Severability.

 

If any one or more of the
provisions contained in this Subscription Agreement, or any application thereof, shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in
any way be affected or impaired thereby.

 

22.            Entire
Agreement.

 

This Subscription Agreement,
together with any other document that may be delivered in connection herewith and signed by both parties hereto, sets forth the entire
understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations, and memoranda
or other writings being merged herein and replaced and being without effect hereon. No promises, covenants or representations of any character
or nature other than those expressly stated herein or in any such other document have been made to induce any party to enter into this
Subscription Agreement.

 

[End of page – signature pages follow]

 

    - 17 -

     

    

 

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION

Subscription Agreement Signature Page

 

IN WITNESS WHEREOF, the Subscriber
has executed this Subscription Agreement as of ____________________, 202__ with a capital commitment of $_________________________________.

 

 

	Name of the Subscriber (exactly as it
 appears in the Company’s records)

                                                                                 

                                                                                 
	 	 
	Signature of Subscriber or Authorized Signatory

                                                                                 

                                                                                 
	 	Additional Signature if Required
	Print Name

                                                                                 

                                                                                 
	 	Print Name of Additional Signatory
	Title	 	
    Print Title of Additional Signatory

     

    Record Address of the Subscriber

    (P.O. Boxes cannot be accepted):

     

	Federal Tax Identification Number	 	 
	(if applicable)	 	 
	 	 	 

 

Name of Trustees or Fiduciaries exercising investment
discretion with respect to the Subscriber:

 

	Signature	Printed Name	Title
	 
	 
	 

 

If applicable (including, without limitation,
in the case of a self-directed IRA or other custodied account), the custodian of the Subscriber should complete and sign the bottom line
of this signature page. By its signature, the custodian consents to the investment made hereby and, if the Subscriber is a self-directed
IRA or the custodian otherwise has the power to bind the Subscriber, the custodian executes this Subscription Agreement solely in its
capacity as custodian.

 

	Signature	Printed Name	Title
	 

 

*If the Subscriber is a self-directed
IRA or other custodied account, the underlying beneficial owner(s) should complete and sign the top part of this signature page (using
the Subscriber Name required by the custodian for the account), and, to the extent this Subscription Agreement will be executed by a custodian
on behalf of the Subscriber, the underlying beneficial owners should execute the representation on the next page.

 

    

     

    

 

ADDITIONAL REPRESENTATION WITH RESPECT TO INVESTMENT
FROM A SELF-DIRECTED IRA OR OTHER CUSTODIED ACCOUNT

 

If the Subscriber is a self-directed IRA or other
custodied account where this Subscription Agreement will be executed by a custodian on behalf of the Subscriber, the underlying beneficial
owner: (i) has directed the custodian to execute this Subscription Agreement as an Authorized Signatory; (ii) has exclusive
authority with respect to the decision to invest in the Company; and (iii) has signed below to indicate that he or she has reviewed
this Subscription Agreement and so directs the custodian, and certifies as to the accuracy of the representations and warranties made
by the Subscriber herein.

 

______________________________________

Signature of Person Directing the Investment

 

______________________________________

Print Name of Self-Directed IRA or

Other Custodied Non-Discretionary Account

 

______________________________________

Print Name of Custodian

 

Address and E-mail of Custodian and

Contact Person:

 

___________________________________

 

___________________________________

 

___________________________________

 

___________________________________

 

Account or Other Reference Number:

 

___________________________________

 

Custodian’s Tax I.D. Number

 

___________________________________

    

     

    

 

The foregoing Subscription Agreement is accepted
and agreed by the Company, for a Capital Commitment of $________________ as of __________________, 202__.

 

	 	GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

APPENDIX A

INVESTOR QUESTIONNAIRE

 

Please complete each Section of
this Investor Questionnaire.

 

I.            General
Information.

 

1.            If
Subscriber is not holding for Subscriber’s own account, provide the name and address for whom the interest is being held:

 

2.            Investor
category of Subscriber (check all that apply)

 

	_____	Individual U.S. person (including your trust)	_____	Banking or thrift institution
	_____	Individual Non-U.S. person (including trust)	_____	State or municipal government entity
	_____	Broker-dealer	 	  (excluding pension plans)
	_____	Insurance company	_____	State or municipal pension plan
	_____	Investment company registered with SEC	_____	Sovereign wealth fund and
	_____	Private fund	 	  foreign official institutions
	_____	Non-profit	_____	Other Non-U.S. person
	_____	Pension plan (excluding government plans)	_____	Other

 

3.            Form of
Subscriber (check all that are applicable):

 

	_____	Individual	_____	Grantor trust
	_____	Joint tenants	_____	Other trust
	_____	Tenants in common	_____	IRA/Keough Plan/SEP
	_____	Limited partnership	_____	Other Employee benefit plan
	_____	General partnership	_____	Non-profit, endowment or foundation
	_____ 	Limited liability company	_____	Other exempt organization
	_____ 	C corporation	_____	Nominee
	_____ 	S corporation	_____	Fiduciary
	_____	Estate	_____	Disregarded entity
	 	 	_____	Other (describe):_____________________

 

4.            If
the Subscriber is a disregarded entity that has its own U.S. federal tax identification number, please provide the entity’s tax
identification number: _____________________________________

 

5.            Tax
year end (month and day): _____________________

 

6.            Is
the Subscriber a “fund of funds”? _____ Yes _____ No

 

7.            If
the Subscriber is an individual, or if the Subscriber is an entity in which an individual holds, directly or indirectly, more than five
percent of the ownership or beneficial interests, please identify (i) all such individuals, and (ii) all entities for which
such individuals serve as employee, officer or director. 

 

    

     

    

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 

INVESTOR QUESTIONNAIRE

 

II.            Accredited
Investor Status

 

The Subscriber represents
and warrants that it is an “accredited investor” within the meaning of Regulation D under the U.S. Securities Act of 1933,
as amended (the “Securities Act”), and has indicated below each category under which the Subscriber qualifies as an
accredited investor.

 

The Subscriber is:

 

		____	(i)	A bank, as defined in Section 3(a)(2) of the Securities Act, whether acting in regard to this offering in its individual or
a fiduciary capacity.

 

		____	(ii)	A savings and loan or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in regard
to this offering in its individual or a fiduciary capacity.

 

		____	(iii)	A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as from time to time amended (the
 “Exchange Act”).

 

		____	(iv)	An investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940, as from time to time amended
(the “Investment Advisers Act”) or registered pursuant to the laws of a state.

 

		____	(v)	An investment adviser relying on the exemption from registering with the Securities
and Exchange Commission (the “SEC”) under Section 203(l) or Section 203(m) of the Investment
Advisers Act.

 

		____	(vi)	An insurance company, as defined in Section 2(a)(13) of the Securities Act.

 

		____	(vii)	An investment company registered under the Investment Company Act of 1940, as from time to time amended (the “Investment
Company Act”).

 

		____	(viii)	A business development company, as defined in Section 2(a)(48) of the Investment Company Act.

 

		____	(ix)	A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of
the Small Business Investment Act of 1958, as from time to time amended.

 

		____	(x)	A private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act.

 

		____	(xi)	A Rural Business Investment Company, as defined in Section 384A of the Consolidated Farm and Rural Development Act.

 

		____	(xii)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

 

		____	(xiii)	An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as from time to time amended
(“ERISA”), if the investment decision regarding this offering was made by a plan fiduciary (as such term is defined
in Section 3(21) of ERISA) which is either a bank, savings and loan association, insurance company (as described above) or investment
adviser duly registered under the Investment Advisers Act.

 

		____	(xiv)	An employee benefit plan within the meaning of ERISA with total assets in excess of $5,000,000, whether or not the investment decision
regarding this offering was made by a bank, insurance company or registered investment adviser.

 

		____	(xv)	An employee benefit plan within the meaning of ERISA which is a self-directed plan with investment decisions made solely by persons
described by one or more of the categories set forth in this Section II.

 

		____	(xvi)	Either (A) a corporation, (B) a Massachusetts or similar business trust, (C) a partnership, (D) a limited liability
company, or (E) an organization described in Section 501(c)(3) of the Internal Revenue Code, in any case not formed for
the specific purpose of acquiring the Shares and having total assets in excess of $5,000,000.

 

    A-2

     

    

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 

INVESTOR QUESTIONNAIRE

 

		____	(xvii)	A natural person whose individual net worth, or joint net worth1
with his or her spouse or spousal equivalent,2
excluding the value of his or her primary residence, exceeds $1,000,000.3

 

		____	(xviii)	A natural person who had individual income in excess of $200,000 in each of the two most recent years or joint income with that person’s
spouse or spousal equivalent in excess of $300,000 in each of those years and who reasonably expects income in excess of such amounts
in the current year.

 

		____	(xix)	A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Shares, whose purchase is directed
by a person who has, alone or together with his or her Purchaser Representative (as defined in the aforementioned Regulation D), such
knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of an investment
in Shares.

 

		____	(xx)	A trust pursuant to which the grantor(s) of the trust may revoke the trust at any time and regain title to the trust assets and
has (have) retained sole investment control over the assets of the trust, and the (each) grantor is described by one or more of the categories
set forth in subsections (xvii), (xviii), (xxiii) or (xxiv) of this Section II.

 

		____	(xxi)	A partnership, corporation or other entity in which all of the equity owners are persons described by one or more of the categories set
forth in subsections (i) through (xx) of this Section II.4

 

		____	(xxii)	An entity of a type not listed in subsections (i) through (xvi), (ix), or (xxi) of this Section II, not formed for the
specific purpose of acquiring Shares, owning investments in excess of $5,000,000.

 

		____	(xxiii)	A natural person holding in good standing one or more professional certifications, designations
or other credentials that the SEC has designated as qualifying an individual for accredited investor status, including Series 7,
Series 65 and Series 82 licenses.

 

		____	(xxiv)	A natural person who is a “knowledgeable employee,” within the meaning of Rule 3c-5(a)(4) under
the Investment Company Act with respect to the Company.

 

		____	(xxv)	A “family office,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, (i) with assets under
management in excess of $5,000,000; (ii) that was not formed for the specific purpose of acquiring Shares; and (iii) whose
prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family
office is capable of evaluating the merits and risks of an investment in the Shares.

 

 

1 For the purposes of calculating joint net worth in this
subsection, joint net worth can be the aggregate net worth of the Subscriber and spouse or spousal equivalent, and assets need not be
held jointly to be included in the calculation

 

2 For this purpose, a “spousal equivalent”
means a cohabitant occupying a relationship generally equivalent to that of a spouse.

 

3 For purposes of this net worth calculation, the Subscriber
may exclude the amount of indebtedness secured by the Subscriber’s primary residence up to the amount of the value of such residence.
However, if the amount of the indebtedness secured by the Subscriber’s primary residence exceeds the value of such residence, the
amount of that excess debt should be treated as a liability and deducted from the Subscriber’s net worth. In addition, indebtedness
secured by the Subscriber’s primary residence that is incurred within sixty (60) days of the date of the subscription made hereby
must be included as a liability unless such indebtedness is incurred in connection with the acquisition of the Subscriber’s primary
residence.

 

4 It is permissible to look through various forms of equity
ownership to natural persons in determining the accredited investor status of entities under this subsection. If relying on this subsection,
the Subscriber agrees to provide to the Company any information regarding the Subscriber’s direct and indirect equity owners in
order for the Company to determine whether or not such equity owners are accredited investors

 

    A-3

     

    

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 

INVESTOR QUESTIONNAIRE

 

		____	(xxvi)	A “family client,” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting
the requirements in subsection (xxv) of this Section II and whose prospective investment in the Company is directed by such
family office in accordance with clause (iii) of such subsection (xxv).

 

		____	(xxvii)	An employee benefit plan within the meaning of Title I of ERISA, acting for its own account or for the accounts of other “qualified
institutional buyers” as defined under Rule 144A promulgated under the Securities Act, that in the aggregate owns and invests
on a discretionary basis at least $100 million in securities of issuers that are not affiliated with the plan.

 

		____	(xxviii)	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, acting for its own account or for the accounts of other “qualified institutional
buyers” as defined under Rule 144A promulgated under the Securities Act, that in the aggregate owns and invests on a discretionary
basis at least $100 million in securities of issuers that are not affiliated with the plan.

 

    A-4

     

    

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION

 INVESTOR QUESTIONNAIRE

 

III.            Supplemental
Information

 

	1.	Is
the Subscriber, or will the Subscriber be, a Benefit Plan Investor (as defined below) or is it or will it use the assets of an entity
or other Person that is or will in the future be a Benefit Plan Investor to invest in the Company? 

 

	 	 ̈ yes    ̈
no

 

A “Benefit Plan Investor”
is

 

		•	Any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject
to ERISA.

 

		•	Any “plan” described in Section 4975(e)(1) of the Code that is subject to Section 4975
of the Code. Such a plan includes, without limitation, an “individual retirement account” described in Section 408 or
408A of the Code, a Keogh plan, an Archer MSA described in Section 220(d) of the Code, a Coverdell education savings account
described in Section 530 of the Code and a health saving account described in Section 223(d) of the Code.

 

		•	Any entity that is or would be deemed to be using “plan assets” (within the meaning of Section 3(42)
of ERISA) to purchase or hold its investments, including, without limitation, a collective investment trust.

 

	2.	Is the Subscriber, or
will the Subscriber be, an entity (other than an insurance company general account) whose assets will be deemed to constitute “plan
assets” subject to ERISA or Section 4975 of the Code by reason of investment in such entity by other Benefit Plan Investors?

 

	 	 ̈ yes    ̈
no

 

	3.	Answer this Question only if the answer to Question (2) above is “yes”: What is the maximum percentage of the Subscriber’s assets that constitutes or will constitute “plan assets” subject to ERISA or Section 4975 of the Code?

                                                                                 

	 	_____________%

                                                            

	4.	If the Subscriber is or will be an insurance company general account, will any portion of its underlying assets in its general account constitute “plan assets” subject to ERISA or Section 4975 of the Code?

 

	 	 ̈ yes    ̈
no

 

	5.	Answer this Question only if the answer to Question (4) above is “yes”: What is the maximum percentage of the assets in the Subscriber’s general account that constitutes or will constitute “plan assets” subject to ERISA or Section 4975 of the Code?

                                                                                 

	 	_____________%
	 	 
	 	 
	Without limiting the remedies available in the event of a breach, the Subscriber agrees promptly to notify the Company in writing if there is a change in the percentage as set forth in Question (3) or Question (5) or any other response set forth above, and at such other time or times as the Company may request.

 

    A-5

     

    

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 

INVESTOR QUESTIONNAIRE

 

Related Parties/Other Beneficial Parties;
Controlling Persons

 

	6.	Is the Subscriber
or will the Subscriber be a person (including an entity) that has discretionary authority or control with respect to the assets of the
Company or a person who provides investment advice with respect to the assets of the Company or an “affiliate” of such a
person (a “Controlling Person”)?  For purposes of this representation, an “affiliate” is any
person controlling, controlled by or under common control with any such person, including by reason of having the power to exercise a
controlling influence over the management or policies of such person. 

 

	 	 ̈ yes    ̈
no

 

	7.	To the best of the
Subscriber’s knowledge, does the Subscriber control, or is the Subscriber controlled by or under common control with, any other
investor in the Company? 

 

	 	 ̈ yes    ̈
no

 

	 	
    If the question above was answered “Yes,” please indicated
    the name of such other investor in the space below:

     

	8.	Will any other person or persons
have a beneficial interest in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial
owner of equity interests in the Subscriber)?  (By way of example, and not limitation, a “nominee” Subscriber or
a Subscriber who has entered into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired
herein would check “Yes.”)

 

	 	 ̈ yes    ̈
no

 

	 	If either question above was answered “Yes,” please contact the Administrator for additional information that will be required.

                                                             

	BHC Investor Status

                                                                         

	9.	Is the Subscriber a “BHC
Investor”?* 

 

	 	 ̈ yes    ̈
no

 

	 	*A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account.

                                                             

	New York State Tax Domicile

                                                                         

	10.	Is the Subscriber’s tax
domicile the State of New York? 

 

	 	 ̈ yes    ̈
no

 

    A-6

     

    

 

GOLUB CAPITAL DIRECT LENDING UNLEVERED CORPORATION 

INVESTOR QUESTIONNAIRE

 

IV.            Dividend
Reinvestment Plan.

 

Pursuant to the Company’s dividend
reinvestment plan, cash distributions to investors are automatically reinvested for additional Shares. Subscribers may opt in or opt out
of the plan by checking the appropriate box below. Elections may be altered, subject to approval by the Company, by notifying the Company
in writing at 200 Park Avenue, 25th Floor, New York, NY 10166, Attention: Investor Relations. A change in election must be received by
the Company at least ten calendar days prior to any distribution date; otherwise, such election shall be effective only with respect to
any subsequent distributions.

 

If neither box is checked, Subscriber
will be automatically enrolled in the Company’s dividend reinvestment plan.

 

 ̈  Opt-out of the Dividend Reinvestment Plan to receive cash
distributions

 

 ̈  Opt-in to the Dividend Reinvestment Plan to reinvest distributions
for additional Shares

 

    A-7

     

    

 

APPENDIX B

BYLAWS OF THE COMPANY

 

    

     

    

 

APPENDIX C

ARTICLES OF INCORPORATION OF THE COMPANY

 

    

     

    

 

APPENDIX D

INVESTMENT ADVISORY AGREEMENT

 

    

     

    

 

APPENDIX E

ADMINISTRATION AGREEMENT

 

    

     

    

 

APPENDIX F

INVESTOR PRIVACY NOTICE

 

Maintaining the confidentiality of the personal
information of our current and prospective investors is one of our highest priorities. This notice sets forth the type of personal information
we collect, how that information is used by us, and how we protect your personal information.

 

In this Investor Privacy Notice, “we”,
 “us” and “our” refers to the Company and GC Advisors and its or their affiliates or delegates.

 

HOW AND WHY WE COLLECT PERSONAL INFORMATION

 

1. Collection.

 

Personal information may be collected from investors
in order to comply with legal and regulatory requirements. Information may be collected from any of the following sources:

 

		a.	From You:  We collect information from investors when they enter into a subscription agreement
with the Company. We may also collect information from investor questionnaires, W-9’s and other applications or forms that investors
complete. This information may include items such as an investor’s name, address, e-mail address, social security number, birth
date, annual income, net worth, marital status, and investment risk tolerance. If an investor indicates he or she has a spouse or partner,
his/her personal and financial account information may also be requested. In order to establish the legitimacy of the subscribing entity,
as well as capacity and authority of controlling person(s), we may request copies of organizational documents.

 

		b.	From Transactions: If an investor invests in the Company, we keep records relating to the investor’s
interest in the Company.

 

		c.	From our Website: If investors visit GC Advisors’ website, we may collect the contact details
and other information that investors provide directly to us and we may track the amount of time each investor spends on our site, the
parts of our site visited and other technical information. We use this information to improve the functionality of our website.

 

		2.	Use of Personal Information

 

Investors’ personal information is collected
and maintained by us so that we may fulfill our legal and regulatory requirements.

 

DISCLOSURE OF PERSONAL INFORMATION

 

We do not, and do not intend, to sell or disclose
personal information about current or former investors to nonaffiliated third parties except as set forth below. If in the future this
policy changes investors will be notified and provided with an opportunity to opt out of such disclosure. We may share personal information
of investors as follows:

 

		a.	We will reveal or share personal information where the law permits or requires it, such as for tax reporting
purposes or pursuant to a court order, or to otherwise comply with applicable laws and regulations.

 

		b.	We may reveal or share personal information with our affiliates. Our affiliates include, for example,
investment funds that are manage or over which GC Advisors or its affiliates have control.

 

		c.	We may reveal or share personal information with unaffiliated service providers such as brokers, fund
administrators and transfer agents in connection with distributions or other transactions. An investor’s personal information may
also be provided to attorneys, accountants or auditors in order to enable us to comply with legal and regulatory requirements.

 

PROTECTION OF YOUR PERSONAL INFORMATION

 

Our employees may, from time to time, have access
to the personal information of investors in order to provide services to investors. All employees are subject to the terms of certain
privacy policies and practices. We also maintain physical, electronic and procedural safeguards designed to protect nonpublic personal
financial information.

 

    F-1

     

    

 

APPENDIX G

TRANSFER RESTRICTIONS

 

This Appendix G is attached to and made
a part of the Subscription Agreement with the Subscriber. Capitalized terms not defined herein shall have the meanings assigned to them
in the Subscription Agreement.

 

The Subscriber may not Transfer its Capital Commitment.
No Transfer of all or any portion of the Subscriber’s Shares may be made without (a) registration of the Transfer on the Company
books and (b) the prior written consent of the Company. In any event, the consent of the Company may be withheld (i) if the
creditworthiness of the proposed transferee, as determined by the Company in its sole discretion, is not sufficient to satisfy all obligations
under the Subscription Agreement or (ii) unless, in the opinion of counsel (who may be counsel for the Company) satisfactory in form
and substance to the Company, such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or “blue
sky” laws applicable to the Company or the Shares to be Transferred.

 

In addition, prior to a registration of the Shares
sufficient to cause the Company to treat the Shares as a “publicly-offered security” for purposes of the Plan Assets Regulation,
the Company intends to limit investment by Benefit Plan Investors so as to attempt to avoid its assets from being deemed to be “plan
assets” for purposes of ERISA or Section 4975 of the Code. The Company may reject any transfer of Shares if such transfer could
(i) cause all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975
of the Code or (ii) constitute or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code, or
a non-exempt violation of any law that is substantially similar to the prohibited transaction provisions of ERISA or Section 4975
of the Code.

 

Any person that acquires all or any portion of
the Shares of the Subscriber in a Transfer permitted under this Appendix G shall be obligated to pay to the Company the appropriate
portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest.
The Subscriber agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company it shall
remain liable for its Capital Commitment prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction
thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any purpose
any purported Transfer of all or any portion of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner
thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall
have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form
satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee,
and such notice (a) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription
Agreement and its agreement to be bound thereby, and (b) represents that such Transfer was made in accordance with this Subscription
Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the transferee and the transferor.

 

    G-1EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2 

CLASS A-1 1.527% ASSET BACKED NOTES 

CLASS A-2 2.93% ASSET BACKED NOTES 

CLASS A-3 3.42% ASSET BACKED NOTES 

CLASS A-4 3.54% ASSET BACKED NOTES 

CLASS B 4.02% ASSET BACKED NOTES 

CLASS C 4.33% ASSET BACKED NOTES 

CLASS D 0.00% ASSET BACKED NOTES 

GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2, 

as Issuer 
 GM FINANCIAL, 

as Servicer 
 and 

COMPUTERSHARE TRUST COMPANY, N.A., 

as Indenture Trustee 

                       
                                         
                     
 INDENTURE 

Dated as of March 29, 2022 

                       
                                         
                     
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 SECTION 1.1.
	 	Definitions	  	 	2	 
	 SECTION 1.2.
	 	Incorporation by Reference of the Trust Indenture Act	  	 	2	 
	 SECTION 1.3.
	 	Rules of Construction	  	 	3	 
		
	 ARTICLE II THE NOTES
	  	 	3	 
			
	 SECTION 2.1.
	 	Form	  	 	3	 
	 SECTION 2.2.
	 	Execution, Authentication and Delivery	  	 	4	 
	 SECTION 2.3.
	 	Temporary Notes	  	 	5	 
	 SECTION 2.4.
	 	Registration; Registration of Transfer and Exchange	  	 	5	 
	 SECTION 2.5.
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	7	 
	 SECTION 2.6.
	 	Persons Deemed Owner	  	 	8	 
	 SECTION 2.7.
	 	Payment of Principal and Interest	  	 	8	 
	 SECTION 2.8.
	 	Cancellation	  	 	9	 
	 SECTION 2.9.
	 	Tax Treatment	  	 	9	 
	 SECTION 2.10.
	 	Representations and Warranties as to the Security Interest of the Indenture Trustee in the Indenture Collateral	  	 	9	 
	 SECTION 2.11.
	 	Book-Entry Notes	  	 	12	 
	 SECTION 2.12.
	 	Notices to Clearing Agency	  	 	13	 
	 SECTION 2.13.
	 	Definitive Notes	  	 	13	 
		
	 ARTICLE III COVENANTS
	  	 	14	 
			
	 SECTION 3.1.
	 	Payment of Principal and Interest	  	 	14	 
	 SECTION 3.2.
	 	Maintenance of Office or Agency	  	 	14	 
	 SECTION 3.3.
	 	Money for Payments To Be Held in Trust	  	 	14	 
	 SECTION 3.4.
	 	Existence	  	 	15	 
	 SECTION 3.5.
	 	Protection of Issuer Trust Estate	  	 	15	 
	 SECTION 3.6.
	 	Opinions as to Issuer Trust Estate	  	 	16	 
	 SECTION 3.7.
	 	Performance of Issuer Obligations; Servicing of 2022-2 Designated Pool	  	 	17	 
	 SECTION 3.8.
	 	Certain Negative Covenants	  	 	17	 
	 SECTION 3.9.
	 	Annual Statement as to Compliance	  	 	18	 
	 SECTION 3.10.
	 	Payment of Taxes	  	 	18	 
	 SECTION 3.11.
	 	Limitation on Fundamental Changes and Sale of Assets	  	 	18	 
	 SECTION 3.12.
	 	No Other Business	  	 	19	 
	 SECTION 3.13.
	 	No Borrowing	  	 	19	 
	 SECTION 3.14.
	 	Issuer Obligations of Servicer	  	 	19	 
	 SECTION 3.15.
	 	Guarantees, Loans, Advances and Other Liabilities	  	 	19	 
	 SECTION 3.16.
	 	Transactions With Affiliates	  	 	19	 
	 SECTION 3.17.
	 	Capital Expenditures and Payments	  	 	19	 

  
 i 

							
	 SECTION 3.18.
	 	Compliance with Laws	  	 	20	 
	 SECTION 3.19.
	 	Restricted Payments	  	 	20	 
	 SECTION 3.20.
	 	Notice of Events of Default	  	 	20	 
	 SECTION 3.21.
	 	Other Notices	  	 	20	 
	 SECTION 3.22.
	 	Further Instruments and Acts	  	 	20	 
	 SECTION 3.23.
	 	Delivery of the 2022-2 Exchange Note	  	 	20	 
	 SECTION 3.24.
	 	Books and Records	  	 	21	 
	 SECTION 3.25.
	 	Income Tax Characterization	  	 	21	 
		
	 ARTICLE IV SATISFACTION AND DISCHARGE
	  	 	21	 
			
	 SECTION 4.1.
	 	Satisfaction and Discharge of the Indenture	  	 	21	 
	 SECTION 4.2.
	 	Application of Trust Money	  	 	22	 
		
	 ARTICLE V REMEDIES
	  	 	22	 
			
	 SECTION 5.1.
	 	Events of Default	  	 	22	 
	 SECTION 5.2.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	23	 
	 SECTION 5.3.
	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	 	23	 
	 SECTION 5.4.
	 	Remedies; Priorities	  	 	25	 
	 SECTION 5.5.
	 	Optional Preservation of the Issuer Trust Estate	  	 	27	 
	 SECTION 5.6.
	 	Unconditional Rights of Noteholders To Receive Principal and Interest	  	 	27	 
	 SECTION 5.7.
	 	Restoration of Rights and Remedies	  	 	28	 
	 SECTION 5.8.
	 	Rights and Remedies Cumulative	  	 	28	 
	 SECTION 5.9.
	 	Delay or Omission Not a Waiver	  	 	28	 
	 SECTION 5.10.
	 	Control by Noteholders	  	 	28	 
	 SECTION 5.11.
	 	Waiver of Past Events of Default	  	 	29	 
	 SECTION 5.12.
	 	Waiver of Stay or Extension Laws	  	 	29	 
	 SECTION 5.13.
	 	Action on Notes	  	 	29	 
	 SECTION 5.14.
	 	Performance and Enforcement of Certain Issuer Obligations	  	 	29	 
		
	 ARTICLE VI THE INDENTURE TRUSTEE
	  	 	30	 
			
	 SECTION 6.1.
	 	Duties of Indenture Trustee	  	 	30	 
	 SECTION 6.2.
	 	Rights of Indenture Trustee	  	 	32	 
	 SECTION 6.3.
	 	Individual Rights of Indenture Trustee	  	 	33	 
	 SECTION 6.4.
	 	Indenture Trustee’s Disclaimer	  	 	33	 
	 SECTION 6.5.
	 	Reports by Indenture Trustee to Noteholders	  	 	33	 
	 SECTION 6.6.
	 	Compensation and Indemnity	  	 	33	 
	 SECTION 6.7.
	 	Replacement of Indenture Trustee	  	 	34	 
	 SECTION 6.8.
	 	Successor Indenture Trustee by Merger	  	 	35	 
	 SECTION 6.9.
	 	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	  	 	35	 
	 SECTION 6.10.
	 	Eligibility; Disqualification	  	 	37	 
	 SECTION 6.11.
	 	Representations and Warranties of Indenture Trustee	  	 	38	 

  
 ii 

							
	 SECTION 6.12.
	 	Preferential Collection of Claims Against Issuer	  	 	38	 
		
	 ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS
	  	 	38	 
			
	 SECTION 7.1.
	 	Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders	  	 	38	 
	 SECTION 7.2.
	 	Preservation of Information; Communications to Noteholders	  	 	38	 
	 SECTION 7.3.
	 	Reports by Issuer	  	 	40	 
	 SECTION 7.4.
	 	Reports by Indenture Trustee	  	 	40	 
	 SECTION 7.5.
	 	Asset Review Reports	  	 	41	 
		
	 ARTICLE VIII ACCOUNTS, DISBURSEMENTS, RELEASES, REPORTS AND NOTICES
	  	 	41	 
			
	 SECTION 8.1.
	 	Collection of Money	  	 	41	 
	 SECTION 8.2.
	 	Servicer Report	  	 	41	 
	 SECTION 8.3.
	 	Disbursement of Funds	  	 	42	 
	 SECTION 8.4.
	 	Release of Issuer Trust Estate	  	 	45	 
	 SECTION 8.5.
	 	Opinion of Counsel	  	 	46	 
	 SECTION 8.6.
	 	Reports and Notices to Noteholders	  	 	46	 
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	 	47	 
			
	 SECTION 9.1.
	 	Supplemental Indentures Without Consent of Noteholders	  	 	47	 
	 SECTION 9.2.
	 	Supplemental Indentures with Consent of Noteholders	  	 	48	 
	 SECTION 9.3.
	 	Execution of Supplemental Indentures	  	 	50	 
	 SECTION 9.4.
	 	Effect of Supplemental Indenture	  	 	50	 
	 SECTION 9.5.
	 	Conformity With Trust Indenture Act	  	 	50	 
	 SECTION 9.6.
	 	Reference in Notes to Supplemental Indentures	  	 	50	 
		
	 ARTICLE X REDEMPTION OF NOTES
	  	 	50	 
			
	 SECTION 10.1.
	 	Redemption	  	 	50	 
	 SECTION 10.2.
	 	Form of Redemption Notice	  	 	51	 
	 SECTION 10.3.
	 	Notes Payable on Redemption Date	  	 	51	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	52	 
			
	 SECTION 11.1.
	 	Compliance Certificates and Opinions, etc	  	 	52	 
	 SECTION 11.2.
	 	Form of Documents Delivered to Indenture Trustee	  	 	53	 
	 SECTION 11.3.
	 	Acts of Noteholders	  	 	54	 
	 SECTION 11.4.
	 	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	  	 	55	 
	 SECTION 11.5.
	 	Notices to Noteholders; Waiver	  	 	55	 
	 SECTION 11.6.
	 	Alternate Payment and Notice Provisions	  	 	56	 
	 SECTION 11.7.
	 	Conflict with Trust Indenture Act	  	 	56	 
	 SECTION 11.8.
	 	Effect of Headings and Table of Contents	  	 	56	 
	 SECTION 11.9.
	 	Successors and Assigns	  	 	56	 
	 SECTION 11.10.
	 	Separability	  	 	56	 
	 SECTION 11.11.
	 	Benefits of Indenture	  	 	56	 

  
 iii 

							
	 SECTION 11.12.
	 	Legal Holidays	  	 	56	 
	 SECTION 11.13.
	 	GOVERNING LAW	  	 	57	 
	 SECTION 11.14.
	 	Counterparts and Consent to Do Business Electronically	  	 	57	 
	 SECTION 11.15.
	 	Recording of Indenture	  	 	57	 
	 SECTION 11.16.
	 	Trust Obligation	  	 	57	 
	 SECTION 11.17.
	 	No Petition the Issuer, Depositor, Settlor or Titling Trust	  	 	58	 
	 SECTION 11.18.
	 	No Recourse	  	 	58	 
	 SECTION 11.19.
	 	Execution of Financing Statements	  	 	59	 
	 SECTION 11.20.
	 	[Reserved]	  	 	59	 
	 SECTION 11.21.
	 	Indemnification	  	 	59	 
	 SECTION 11.22.
	 	AML Law	  	 	59	 
	 SECTION 11.23.
	 	Third Party Beneficiaries	  	 	59	 

  

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

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

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

	 EXHIBIT A-3 - Form of
Class A-3 Note

	 EXHIBIT A-4 - Form of
Class A-4 Note

	 EXHIBIT B - Form of Class B Note

	 EXHIBIT C - Form of Class C Note

	 EXHIBIT D - Form of Class D Note

  
 iv 

 INDENTURE dated as of March 29, 2022 (as the same may be amended,
restated, supplemented or otherwise modified, this “Indenture” or this “Agreement”), among GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2, a Delaware statutory trust (the
“Issuer”), AMERICREDIT FINANCIAL SERVICES, INC. D/B/A GM FINANCIAL, a Delaware corporation (“GM Financial”), as servicer (the “Servicer”), and COMPUTERSHARE TRUST COMPANY, N.A.
(“Computershare”), a national banking association, as indenture trustee and not in its individual capacity (the “Indenture Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the
Issuer’s Class A-1 1.527% Asset Backed Notes (the “Class A-1 Notes”), Class A-2 2.93%
Asset Backed Notes (the “Class A-2 Notes”), Class A-3 3.42% Asset Backed Notes (the “Class A-3
Notes”), Class A-4 3.54% Asset Backed Notes (the “Class A-4 Notes” and together with the
Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), Class B
4.02% Asset Backed Notes (the “Class B Notes”), Class C 4.33% Asset Backed Notes (the “Class C Notes”) and Class D 0.00% Asset Backed Notes (the “Class D Notes” and together with the
Class A Notes, the Class B Notes and the Class C Notes, the “Notes”). 
 GRANTING CLAUSE 

The Issuer hereby Grants to the Indenture Trustee on the 2022-2 Closing Date, as
Indenture Trustee for the benefit of the 2022-2 Secured Parties, all of the Issuer’s right, title and interest in and to (a) the 2022-2 Exchange Note,
(b) the 2022-2 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account and the rights of the Issuer to the funds on deposit from time to time
in the 2022-2 Exchange Note Collections Account, the Indenture Collections Account, the Note Payment Account and the Reserve Account and any other account or accounts established pursuant to the 2022-2 Servicing Agreement and all cash, investment property and other property from time to time credited thereto and all proceeds thereof, (c) the rights of the Depositor, as transferee under the 2022-2 Exchange Note Sale Agreement, (d) the rights of the Issuer, as transferee under the 2022-2 Exchange Note Transfer Agreement, (e) the rights and benefits of
the Issuer, as 2022-2 Exchange Noteholder under the 2022-2 Servicing Agreement, the 2022-2 Exchange Note Supplement and the
Credit and Security Agreement (as defined in Section 1.1), (f) the rights of the Issuer as a third-party beneficiary of the 2022-2 Servicing Agreement, the 2022-2
Exchange Note Supplement and the Credit Security Agreement, and (g) all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every
kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or
part of or are included in the proceeds of any of the foregoing (collectively, the “Indenture Collateral”), in each case as such terms are defined herein. 

The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in
respect of, the Notes, equally and ratably without prejudice, 

 
priority or distinction, except as otherwise provided in this Indenture and to secure all other Issuer Obligations and to secure compliance with the provisions of this Indenture, all as provided
in this Indenture. 
 The Indenture Trustee, as trustee on behalf of the Noteholders, acknowledges such Grant, accepts the
trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders of the Notes may be adequately
and effectively protected. 
 ARTICLE I 

DEFINITIONS 

SECTION 1.1.      Definitions» . Capitalized terms used in this Indenture
that are not otherwise defined herein shall have the meanings assigned to them in Appendix 1 to the 2022-2 Exchange Note Supplement, dated as of March 29, 2022 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “2022-2 Exchange Note Supplement”), among ACAR Leasing Ltd., as Borrower (the “Borrower”), GM Financial, as Lender
(in such capacity, the “Lender”) and as Servicer (in such capacity, the “Servicer”), Computershare, as successor in interest to Wells Fargo Bank, National Association (“Wells Fargo”), as
Administrative Agent (the “Administrative Agent”) under the Credit and Security Agreement (as defined below), and Wells Fargo, as Collateral Agent (the “Collateral Agent”) or, if not defined therein, in Appendix A
to the Second Amended and Restated Credit and Security Agreement, dated as of January 24, 2018 (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, the Servicer, the Administrative Agent and the Collateral Agent. 

SECTION 1.2.      Incorporation by Reference of the Trust Indenture Act» .
Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the indenture securities means the Issuer. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined
by Commission rule have the meaning assigned to them by such definitions. 

  
 2 

 SECTION 1.3.    Rules of Construction.

 (a)      For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires, (i) terms used in this Indenture include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “this Indenture”, “herein”,
“hereof” and the like shall refer to this Indenture as a whole and not to any particular part, Article or Section within this Indenture, (iii) references to an Article, Section or Exhibit such as “Article One”, “Section
1.1” or Exhibit A shall refer to the applicable Article, Section or Exhibit of this Indenture, (iv) the term “include” and all variations thereof means “include without limitation”, (v) the term “or” shall
include “and/or”, (vi) the term “proceeds” shall have the meaning ascribed to such term in the UCC, (vii) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in
connection herewith means such agreement, instrument or statute as from time to time amended, restated, modified, supplemented or replaced (in the case of a statute) and includes (in the case of agreements or instruments) references to all
attachments, annexes, exhibits and schedules thereto and instruments incorporated therein, except that references to the Credit and Servicing Agreement and the Basic Servicing Agreement include only such items as relate to the 2022-2 Exchange Note and/or the 2022-2 Designated Pool, as applicable, and (viii) any defined term which relates to a Person shall include within its definition the
successors and permitted assigns of such Person. 
 (b)    As used in this Indenture and in any
certificate or other document made or delivered pursuant hereto, accounting terms not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture or in any such certificate or other
document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture or in any such certificate or other
document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Indenture or in any such certificate or other document shall control. 

ARTICLE II 
 THE NOTES 

SECTION 2.1.      Form. 

The Class A-1 Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes, in each case, together with the Indenture
Trustee’s certificate of authentication, shall be in substantially the forms set forth in Exhibit A-1, Exhibit A-2-1,
Exhibit A-2-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit C and Exhibit D,
respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the Authorized Officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note. 

  
 3 

 The Definitive Notes shall be typewritten, printed, lithographed or engraved
or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2-1, A-2-2,
A-3, A-4, B, C and D are part of the terms of this Indenture. 

SECTION 2.2.      Execution, Authentication and Delivery. 

The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized
Officer on the Notes may be manual or facsimile. 
 Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the
date of such Notes. 
 The Indenture Trustee shall upon Issuer Order authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of $216,290,000, Class A-2 Notes for original issue in an aggregate principal amount of
$535,980,000, Class A-3 Notes for original issue in an aggregate principal amount of $424,320,000, Class A-4 Notes for original issue in an aggregate principal
amount of $121,420,000, Class B Notes for original issue in an aggregate principal amount of $69,620,000, Class C Notes for original issue in an aggregate principal amount of $64,820,000 and Class D Notes for original issue in an
aggregate principal amount of $40,010,000. The Class A Notes, Class B Notes, Class C Notes and Class D Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

The Class A-1 Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes and Class D Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in integral multiples of $1,000. 
 No Note shall be entitled to any benefit under this Indenture
or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

The Issuer represents that its indebtedness issued hereunder is a debt instrument that is excluded from the definition of
“covered security” under Treasury Regulation 1.6045-1(a)(15) because such indebtedness is subject to Code Section 1272(a)(6). 

  
 4 

 SECTION 2.3.    Temporary Notes. Pending
the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced,
of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the
preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the
Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

SECTION 2.4.      Registration; Registration of Transfer and Exchange. 

(a)      The Issuer shall cause to be kept a register (the “Note Register”) in
which, subject to reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee initially shall be the “Note Registrar” for the
purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

 If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer will give the
Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all
reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders and
the principal amounts and number of such Notes. 
 (b)      Subject to Sections 2.11 and 2.13
hereof, upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(a) of the UCC
are met the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations
of the same Class and of a like aggregate principal amount. 
 At the option of a Noteholder, Notes may be exchanged
for other Notes in any authorized denominations, of the same Class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to
Sections 2.11 and 2.13 hereof, if the requirements of Section 8-401(a) of the UCC are met the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

  
 5 

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

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder thereof or such Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. 

(c)      Notwithstanding the foregoing, in the case of any sale or other transfer of a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note,
Class B Note, Class C Note or Class D Note that is a Definitive Note, the prospective transferee of such Definitive Note shall be required to represent and warrant in writing to the Note Registrar that it is not, and is not acting on
behalf of or investing the assets of, (i) an “employee benefit plan” (as defined in Section 3(3) of ERISA), that is subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) a “plan” (as defined
in Section 4975(e)(1) of the Code), that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are deemed to include assets of an employee benefit plan or a plan described in (i) or (ii) above by reason
of such employee benefit plan’s or plan’s investment in the entity (each, a “Benefit Plan Investor”), or (iv) an employee benefit plan, a plan or other similar arrangement that is not a Benefit Plan Investor but is
subject to federal, state, local, non-U.S. or other laws or regulations substantially similar to Section 406 of ERISA or Section 4975 of the Code (“Similar Law”), unless such
purchaser’s or transferee’s acquisition, holding and disposition of such Definitive Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law (each of (i) – (iv) a “Benefit Plan Entity”). Each transferee of a
Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note,
Class B Note, Class C Note or Class D Note that is a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent that its acquisition, holding and disposition of the Book Entry Note (or a beneficial interest therein)
will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or a non-exempt violation of any
Similar Law. No Benefit Plan Entity may acquire a Class D Note unless the Opinion of Counsel described in clause (ii)(A) in the first sentence of Section 2.4(d) has been delivered. 

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

  
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 (d)      No sale or transfer of a beneficial
interest in a Class D Note shall be permitted (including, without limitation, by pledge or hypothecation) to a person other than the Depositor (or a person disregarded as separate from the Depositor for U.S. federal income tax purposes), and
such sale or transfer shall be void ab initio, unless (i) the Class D Note has been registered under the Securities Act or, as evidenced by an Opinion of Counsel, such sale or transfer is otherwise exempt from the Securities Act,
and (ii) at the time of such sale or transfer an Opinion of Counsel is provided to the effect that either (A) as of the date of such sale or transfer the Class D Notes will be treated as indebtedness for U.S. federal income tax
purposes, or (B) such transfer will not cause the Issuer to be a publicly traded partnership treated as association taxable as a corporation for U.S. federal income tax purposes and will not cause the Class D Notes to be subject to U.S.
withholding tax. 
 SECTION 2.5.      Mutilated, Destroyed, Lost or Stolen
Notes. If (a) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (b) there is delivered to the Indenture
Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a
Protected Purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met, the Issuer shall execute, and upon receipt of an Issuer Request
the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a
mutilated Note, shall have become or within seven (7) days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable
or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a Protected Purchaser of the original Note in
lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person
taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a Protected Purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent
of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 
 Upon the
issuance of any replacement Note under this Section, the Issuer may require the payment by the Noteholder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
 Every replacement Note issued
pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

  
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 The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.6.      Persons Deemed Owner. Prior to due presentment for registration
of transfer of any Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee will treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of the Issuer or the Indenture Trustee shall
be affected by notice to the contrary. 
 SECTION 2.7.    Payment of Principal and
Interest. 
 (a)      The Notes shall accrue interest as provided in the
forms of the Class A-1 Note, the Class A-2 Note, Class A-3 Note, the
Class A-4 Note, the Class B Note, the Class C Note and the Class D Note set forth in Exhibits A-1, A-2-1, A-2-2, A-3, A-4, B, C and D,
respectively, and such interest shall be due and payable on each Payment Date. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that,
unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made
by wire transfer in immediately available funds to the account designated by such nominee, and except for the final installment of principal payable with respect to such Note on a Payment Date (and except for the Redemption Price for any Note called
for redemption pursuant to Section 10.1) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

(b)      The principal of each Note shall be payable in installments on each Payment Date as
provided herein and in the forms of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class A-4 Note, the Class B Note, the Class C Note and the Class D Note set forth in Exhibits A-1, A-2-1, A-2-2, A-3, A-4, B, C and D,
respectively. The entire unpaid principal amount of each Note shall be due and payable on its Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously
paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee, at the written direction of the Majority Noteholders, has declared the Notes to be immediately due and payable in the manner provided in
Section 5.2. All principal payments on each Class of Notes shall be made pro rata to the related Noteholders. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record
Date preceding the Payment Date, as the case may be, on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment
Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for 

  
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payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

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

 SECTION 2.9.      Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for all purposes, including federal, State and local income, single business and franchise tax purposes, the Notes that are owned or beneficially owned by a Person other than the Depositor or
its Affiliates will qualify as indebtedness secured by the Issuer Trust Estate. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note, agree (a) to treat the Notes for all purposes, including federal,
State and local income, single business and franchise tax purposes, as indebtedness, and (b) not to take any action inconsistent with the agreement in clause (a), including claiming ownership of any assets comprising the 2022-2 Designated Pool or the right to take deductions for depreciation or otherwise. 

SECTION 2.10.      Representations and Warranties as to the Security Interest of the
Indenture Trustee in the Indenture Collateral. The Issuer makes the following representations and warranties to the Indenture Trustee. The representations and warranties speak as of the 2022-2
Closing Date, and shall survive the sale of the Issuer Trust Estate to the Issuer and the pledge thereof to the Indenture Trustee pursuant to this Indenture. 

(a)      This Indenture creates a valid and continuing security interest (as defined in the UCC)
in the 2022-2 Exchange Note and the other Indenture Collateral in favor of the Indenture Trustee, which security interest is prior to all other liens, and is enforceable as such as against creditors of and
purchasers from the Issuer. 
 (b)      The 2022-2
Exchange Note constitutes a “certificated security” within the meaning of the UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts or securities accounts. 

(c)      The Issuer owns and has good and marketable title to the Indenture Collateral free and
clear of any Liens, claim or encumbrance of any Person, excepting only Liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable
grace period shall not have expired, or that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a Lien is not

  
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imminent and the use and value of the property to which the Liens attaches is not impaired during the pendency of such proceeding. 

(d)      All of the Indenture Collateral that constitutes securities entitlements (other than
the 2022-2 Exchange Note to the extent the 2022-2 Exchange Note constitutes a certificated security) has been or will have been credited to one of the Accounts. The
securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of the applicable UCC. 

(e)      The Issuer has received all consents and approvals to the grant of the security
interest in the Indenture Collateral hereunder to the Indenture Trustee required by the terms of the Indenture Collateral that constitutes instruments or payment intangibles. 

(f)      The Issuer has received all consents and approvals required by the terms of the
Indenture Collateral that constitutes securities entitlements, certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Indenture Collateral hereunder. 

(g)      The Issuer has caused or will have caused, within ten (10) days after the
effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Indenture Collateral granted to
the Indenture Trustee hereunder. 
 (h)      With respect to Indenture Collateral that
constitutes an instrument or tangible chattel paper, either: 
 (i)      All
original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; 

(ii)      Such instruments or tangible chattel paper are in the possession of a
custodian and the Indenture Trustee has received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 

(iii)      A custodian received possession of such instruments or tangible
chattel paper after the Indenture Trustee received a written acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 

(i)      With respect to Indenture Collateral that constitutes electronic chattel paper: 

(i)        Only one authoritative copy (within the meaning of the UCC)
of each item of Indenture Collateral that constitutes or evidences electronic chattel paper exists; 

(ii)    Each such authoritative copy (a) is unique, identifiable and unalterable
(other than with the participation of the custodian thereof on behalf of the Indenture Trustee in the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized
revision), and (b) has been communicated to and is maintained by or on behalf of the custodian thereof for the 

  
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benefit of the Indenture Trustee. The Issuer has confirmed that the authoritative copy of each contract that constitutes or evidences electronic chattel paper does not have any marks or notations
indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee; 

(iii)      The Issuer has marked all copies of each item of Indenture Collateral
that constitutes or evidences electronic chattel paper other than the authoritative copy with a legend to the following effect: “View of Authoritative Copy;” 

(iv)      Each item of Indenture Collateral which is electronic chattel paper
has been established in a manner such that (A) all copies or revisions that add or change an identified assignee of the authoritative copy of each contract that constitutes or evidences Indenture Collateral must be made with the participation
of the custodian thereof on behalf of the Indenture Trustee, and (B) all revisions of the authoritative copy of each contract that constitutes or evidences Indenture Collateral must be readily identifiable as an authorized or unauthorized
revision; and 
 (v)      The Issuer has received a written acknowledgement
from the Servicer that the Servicer is acting solely as agent of the Indenture Trustee with respect to the Indenture Collateral which is electronic chattel paper. 

(j)      With respect to the Accounts and all subaccounts thereof that constitute deposit
accounts, either: 
 (i)      The Issuer has delivered to the Indenture
Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent
by the Issuer; or 
 (ii)      The Issuer has taken all steps necessary to
cause the Indenture Trustee to become the account holder of the Accounts. 
 (k)      With
respect to Indenture Collateral or Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either: 

(i)      The Issuer has caused or will have caused, within ten (10) days
after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the Indenture
Collateral to the Indenture Trustee; or 
 (ii)      The Issuer has delivered
to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuer; or 

  
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 (iii)      The Issuer has
taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities intermediary in the Accounts. 

(l)      With respect to Indenture Collateral that constitutes certificated securities (other
than securities entitlements), all original executed copies of each security certificate that constitutes or evidences the Indenture Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in
bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. Other than the transfer of the
2022-2 Exchange Note from the Lender to the Depositor under the 2022-2 Exchange Note Sale Agreement, the transfer of the 2022-2
Exchange Note from the Depositor to the Issuer under the 2022-2 Exchange Note Transfer Agreement and the security interest in the Indenture Collateral granted to the Indenture Trustee pursuant to the
Indenture, none of the Lender, the Depositor or the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Indenture Collateral or the Accounts or any subaccounts thereof. The Issuer has not authorized
the filing of, and is not aware of any financing statements against the Issuer that include a description of collateral covering the Indenture Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the
security interest granted to the Indenture Trustee hereunder or that has been terminated. 

(m)      Neither the Accounts nor any subaccounts thereof are in the name of any person other
than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any Account to comply with entitlement orders of any person other than the Indenture Trustee. 

(n)      None of the instruments, certificated securities or tangible chattel paper that
constitute or evidence the Indenture Collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee or the Collateral Agent, as applicable. 

SECTION 2.11.      Book-Entry Notes. The Class A Notes, Class B Notes, Class C Notes and
Class D Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes
shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as
provided in Section 2.13. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.13: 

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

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

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

(d)      the rights of Note Owners shall be exercised only through the Clearing Agency and shall
be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.13, the initial Clearing Agency
will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; 

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

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

 SECTION 2.12.      Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all such notices and communications specified
herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 
 SECTION
2.13.      Definitive Notes. If (a) the Servicer advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the
Notes representing the Book Entry Notes, and the Servicer is unable to locate a qualified successor, or (b) after the occurrence of an Event of Default, the Majority Noteholders advise the Indenture Trustee through the Clearing Agency in
writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such
event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders. 

  
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 ARTICLE III 

COVENANTS 

SECTION 3.1.      Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Payment
Account on a Payment Date deposited therein (a) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (b) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (c) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (d) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders, (e) for the
benefit of the Class B Notes, to the Class B Noteholders, (f) for the benefit of the Class C Notes, to the Class C Noteholders, and (g) for the benefit of the Class D Notes, to the Class D Noteholders. If any
withholding tax is imposed with respect to any payment by the Issuer under the Notes to any Noteholder, such tax shall reduce the amount otherwise payable to such Noteholder. The Indenture Trustee is hereby authorized and directed by the Issuer to
cause the Collateral Agent to retain from amounts otherwise payable to any Noteholder sufficient funds for the payment of any tax that is legally required to be withheld (but such authorization shall not prevent the Indenture Trustee from contesting
any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to any Noteholder shall be treated as having been paid
to such Noteholder at the time it is withheld by the Indenture Trustee and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a payment, the Indenture Trustee may in its sole
discretion withhold such tax. If any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the
Indenture Trustee and the Collateral Agent for any out-of-pocket expenses incurred. 

SECTION 3.2.      Maintenance of Office or Agency. The Issuer will maintain in
Minneapolis, Minnesota, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby
initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at
any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 
 SECTION
3.3.      Money for Payments To Be Held in Trust. As provided in Section 8.3, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Note
Payment Account pursuant to Section 8.3 shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from the Note Payment Account for payments of Notes shall be paid over to the Issuer except as provided in this
Section. 

  
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 The Issuer shall allocate or deposit, or cause to be allocated or deposited,
to the Indenture Collections Account all 2022-2 Exchange Note Collections, all amounts collected with respect to the Issuer Trust Estate, such amounts to be held in trust for the benefit of the Persons
entitled thereto, and shall promptly notify the Indenture Trustee of its action or failure so to act. 
 Subject to
applicable laws with respect to escheat of funds, any money caused to be held by the Indenture Trustee in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and
payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the related Noteholder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent
of the amounts so paid to the Issuer), and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease. The Indenture Trustee shall adopt and employ, at the expense and direction of the Issuer, any reasonable means
of notification of such repayment (including, but not limited to, mailing notice of such repayment to Noteholders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but
not claimed is determinable from the records of the Indenture Trustee, at the last address of record for each such Noteholder). 

SECTION 3.4.      Existence. The Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the
Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary
to protect the validity and enforceability of this Indenture, the Notes, the Issuer Trust Estate and each other instrument or agreement included in the Issuer Trust Estate. 

SECTION 3.5.      Protection of Issuer Trust Estate. 

(a)      The Issuer intends the security interest Granted pursuant to this Indenture in favor of
the Indenture Trustee on behalf of the 2022-2 Secured Parties to be prior to all other liens in respect of the Issuer Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, for
the benefit of the Indenture Trustee on behalf of the 2022-2 Secured Parties, a first lien on and a first priority, perfected security interest in the Issuer Trust Estate. The Issuer will from time to time
execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

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

 (ii)      maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

(iii)      perfect, publish notice of or protect the validity of any Grant made
or to be made by this Indenture; 
 (iv)      enforce any of the Indenture
Collateral; 

  
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 (v)      preserve and defend
title to the Issuer Trust Estate and the rights of the Indenture Trustee and the 2022-2 Secured Parties in such Issuer Trust Estate against the claims of all Persons; and 

(vi)      pay all taxes and assessments levied or assessed upon the Issuer Trust
Estate when due. 
 (b)      The Issuer hereby authorizes the Indenture Trustee to execute any
financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.5. If the Indenture Trustee prepares or files any such financing statement, continuation statement or amendment thereto, the
Indenture Trustee’s responsibility with respect to such financing statement, continuation statement or amendment shall be subject to the provisions of Section 6.1 hereof. 

(c)      Except in the case of continuation statements prepared or filed by the Indenture
Trustee, the Indenture Trustee shall not be responsible or liable for the preparation, filing, correctness, or accuracy of any UCC financing statement(s), or the existence, validity, or perfection of any lien or security interest created by this
Indenture, or to monitor the status of any such lien or security interest. 
 SECTION
3.6.      Opinions as to Issuer Trust Estate. 

(a)      On the 2022-2 Closing Date, the Issuer shall
furnish to the Indenture Trustee an Opinion of Counsel to the effect that, in the opinion of such counsel, the execution and delivery of the Indenture and the delivery for value to and taking of physical possession in the State of Minnesota by the
Indenture Trustee of the 2022-2 Exchange Note, endorsed or registered in the name of the Indenture Trustee, will create a valid first priority perfected security interest, for the benefit of the Indenture
Trustee on behalf of the 2022-2 Secured Parties in the 2022-2 Exchange Note and all such other action has been taken with respect to the recording and filing of this
Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and
security interest of this Indenture in the remainder of the Indenture Collateral and reciting the details of such action. 

(b)      Within one-hundred and twenty (120) days
after the beginning of each calendar year, beginning with the first calendar year beginning more than six (6) months after the 2022-2 Closing Date, the Issuer shall furnish to the Indenture Trustee an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures
supplemental hereto and any other requisite documents and with respect to the filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the
details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will,
in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until the one-hundred and twentieth (120th) day in the following calendar year. 

  
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 SECTION 3.7.      Performance of Issuer
Obligations; Servicing of 2022-2 Designated Pool. 

(a)      The Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Issuer Trust Estate or that would result in the amendment, hypothecation,
subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture and the other Program Documents or such other instrument or agreement. 

(b)      The Issuer may contract with other Persons to assist it in performing its duties under
this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the
Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. 

(c)      The Issuer will punctually perform and observe all of its obligations and agreements
contained in this Indenture, the other Program Documents and in the instruments and agreements included in the Issuer Trust Estate, including but not limited to filing or causing to be filed all UCC financing statements and continuation statements
required to be filed by the terms of this Indenture and the other Program Documents, in accordance with and within the time periods provided for herein and therein. 

(d)      If the Issuer shall have knowledge of the occurrence of a Servicer Default, the Issuer
shall promptly notify the Indenture Trustee, and shall specify in such notice the action, if any, the Issuer is taking with respect to such event. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or
obligations under the 2022-2 Servicing Agreement with respect to the 2022-2 Exchange Note Assets, the Issuer shall take all reasonable steps available to it to remedy
such failure. Upon the occurrence of a Servicer Default, the Indenture Trustee, at the direction of the Majority Noteholders, shall in turn direct the Titling Trust to terminate, pursuant to Section 2.11(c) of the
2022-2 Servicing Supplement, all of the rights and obligations of the Servicer with respect to the 2022-2 Exchange Note Assets only and the Indenture Trustee, at the
direction of the Majority Noteholders, shall appoint a Successor Servicer pursuant to the 2022-2 Servicing Supplement. 

(e)      Upon any termination of the rights and powers of the Servicer or the resignation of the
Servicer pursuant to the 2022-2 Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee. As soon as any Successor Servicer is appointed pursuant to the
2022-2 Servicing Agreement, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Servicer. 

SECTION 3.8.      Certain Negative Covenants. Until the date on which all Issuer
Obligations are paid in full, the Issuer shall not directly or indirectly: 
 (a)      engage
in any activities other than financing, acquiring, pledging and managing the 2022-2 Exchange Note as contemplated by this Indenture and the other Program Documents; 

  
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 (b)      except as expressly permitted by this
Indenture or the other Program Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Issuer Trust Estate, unless directed to do so by the Indenture Trustee (acting
at the direction of the Majority Noteholders); 
 (c)      claim any credit on, or make any
deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments pursuant to Section 3.1) or assert any claim against any present or former Noteholder by reason of the payment of
the taxes levied or assessed upon any part of the Issuer Trust Estate; 
 (d)      dissolve or
liquidate in whole or in part; or 
 (e)      (i) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (ii) permit any Lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden
the Issuer Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other Liens that arise by operation of law, in each case on any of the
2022-2 Leased Vehicles and arising solely as a result of an action or omission of the related Lessee), or (iii) permit the lien of this Indenture not to constitute a valid first priority security interest
in the Issuer Trust Estate. 
 SECTION 3.9.      Annual Statement as to
Compliance. The Issuer will deliver to the Indenture Trustee and the Noteholders, within one hundred twenty (120) days after the end of each fiscal year of the Issuer (commencing with the fiscal year 2022), and otherwise in
compliance with the requirements of TIA Section 314(a)(4), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 

(a)      a review of the activities of the Issuer during such year and of its performance under
this Indenture and the other Program Documents to which it is a party has been made under such Authorized Officer’s supervision; and 

(b)      to the best of such Authorized Officer’s knowledge, based on such review, the
Issuer has complied with all conditions and covenants under this Indenture and the other Program Documents to which it is a party throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying
each such default known to such Authorized Officer and the nature and status thereof. 
 SECTION
3.10.      Payment of Taxes. The Issuer will 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 that 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. 
 SECTION
3.11.      Limitation on Fundamental Changes and Sale of Assets. 

  
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 (a)    The Issuer will not enter into any merger,
consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, any of its property, business or assets except as contemplated by
this Indenture» 
 . 

(b)      The Issuer will not make any change to its name or use any trade names, fictitious
names, assumed names or “doing business as” names or change the jurisdiction under the laws of which it is organized. 

SECTION 3.12.      No Other Business. The Issuer will not engage in any business
other than financing, purchasing, owning, selling and managing the 2022-2 Exchange Note and the underlying 2022-2 Exchange Note Assets and the other components of the
Issuer Trust Estate, issuing the Issuer Trust Certificates and issuing and selling the Notes in the manner contemplated by this Indenture and the other Program Documents 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 Program Documents. 

SECTION 3.13.      No Borrowing. The Issuer will not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any Indebtedness other than the Notes. 
 SECTION
3.14.      Issuer Obligations of Servicer. The Issuer will cause the Servicer to comply with its obligations under the 2022-2 Servicing Agreement. 

SECTION 3.15.      Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by the 2022-2 Servicing Agreement or this Indenture, the Issuer will not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of
assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.16.      Transactions With Affiliates. The Issuer will not enter into,
or be a party to any transaction with any Affiliate of the Issuer, except for (a) the transactions contemplated by the Program Documents, and (b) to the extent not otherwise prohibited under this Indenture, other transactions in the nature
of employment contracts and directors’ fees, upon fair and reasonable terms materially no less favorable to the Issuer than would be obtained in a comparable arm’s-length transaction with a Person
not an Affiliate. The Issuer will do all things necessary to continue to be readily distinguishable from GM Financial and its Affiliates (other than the Depositor) and maintain its statutory trust existence separate and apart from that of GM
Financial and each of its Affiliates. 
 SECTION 3.17.      Capital Expenditures and
Payments. The Issuer will not make any payments to any Person (including, without limitation, any salaries or bonuses) or make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or
personalty), except as contemplated by the 2022-2 Servicing Agreement and the other Program Documents. 

  
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 SECTION 3.18.      Compliance with
Laws. The Issuer will comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the
Issuer to perform its obligations under the Notes, this Indenture or any Program Document. 
 SECTION
3.19.      Restricted Payments. The Issuer will not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities
or a combination thereof, to the Issuer Owner Trustee (provided, that any payment of fees, expenses and indemnities to the Issuer Owner Trustee in the manner specified herein shall not be prohibited by this Section) or any owner of a
beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security, or
(c) set aside or otherwise segregate any amounts for any such purpose; provided, however, that so long as no Event of Default has occurred and is continuing or would result therefrom, the Issuer may make, or cause to be made,
distributions as contemplated by, and to the extent funds are available for such purpose under, this Indenture or the Issuer Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Indenture
Collections Account or the Note Payment Account except in accordance with this Indenture and the other Program Documents. 

SECTION 3.20.      Notice of Events of Default. The Issuer will give the Indenture
Trustee and the Issuer Owner Trustee prompt written notice of each Event of Default and Servicer Default of which an Authorized Officer of the Issuer has knowledge. 

SECTION 3.21.      Other Notices. The Issuer will promptly give notice to the
Indenture Trustee and the Issuer Owner Trustee of any default or event of default under any Contractual Obligation of the Issuer or any litigation, investigation or proceeding which may exist at any time with respect to the Issuer. 

Each notice pursuant to this Section 3.21 shall be accompanied by a statement of an Authorized Officer of the Issuer setting forth details of the
occurrence referred to therein and stating what action the Issuer proposes to take with respect thereto. 
 SECTION
3.22.      Further Instruments and Acts. Upon request of the Indenture Trustee or any Agent, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION
3.23.      Delivery of the 2022-2 Exchange Note. 

(a)      On the 2022-2 Closing Date, the Issuer shall
deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the 2022-2 Exchange Note. The Indenture Trustee shall take possession of the
2022-2 Exchange Note in Minneapolis, Minnesota and shall at all times during the period of this Indenture maintain custody of the 2022-2 Exchange Note in Minneapolis,
Minnesota. 
 (b)      For the benefit of any holder, assignee or pledgee from time to time of
any Exchange Note other than the 2022-2 Exchange Note and the Lender, as a Secured Party under 

  
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the Credit and Security Agreement, the Indenture Trustee, as grantee of the interest in the 2022-2 Exchange Note hereunder, hereby releases all claims to
the assets of the Titling Trust allocated to the Lending Facility Pool and each Designated Pool other than the 2022-2 Designated Pool and, in the event that such release is not given effect, the Indenture
Trustee hereby fully subordinates all claims it may be deemed to have against the assets of the Titling Trust allocated to the Lending Facility or any Designated Pool other than the 2022-2 Designated Pool.

 SECTION 3.24.      Books and Records. The Issuer will 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 dealings and transactions in relation to its business and activities. 

SECTION 3.25.      Income Tax Characterization. For purposes of federal income, state and
local income and franchise and any other income taxes, the Issuer will treat the Notes that are owned or beneficially owned by a Person other than the Depositor or its Affiliates as indebtedness and hereby instructs the Indenture Trustee and each
Noteholder (or beneficial Note Owner) shall be deemed, by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 

ARTICLE IV 
 SATISFACTION AND
DISCHARGE 
 SECTION 4.1.      Satisfaction and Discharge of the Indenture. This
Indenture shall cease to be of further effect with respect to the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to
receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.12, 3.13, 3.14, 3.17, 3.23, and 3.25, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.6 and the obligations of the Indenture Trustee under Section 4.2). and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited into the Accounts payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(i)        All Notes theretofore authenticated and delivered (other
than (A) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5, and (B) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by
the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; 

(ii)        The Issuer has paid or caused to be paid all Issuer
Obligations; and 
 (iii)        the Issuer has delivered to the
Indenture Trustee and the Noteholders an Officer’s Certificate and Opinion of Counsel and if required by the TIA or the Indenture Trustee an Independent Certificate from a firm of certified public accountants, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

  
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 SECTION 4.2.      Application of Trust
Money. All moneys deposited into the Accounts pursuant to Section 4.1 shall be caused to be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment to the
Noteholders of the particular Notes for the payment or redemption of which such moneys have been deposited into the Accounts, of all sums due and to become due thereon for principal and interest; provided, that such moneys need not be
segregated from other funds except to the extent required herein or in the 2022-2 Servicing Agreement or required by law. 

ARTICLE V 
 REMEDIES 

SECTION 5.1.      Events of Default. “Event of Default,” wherever
used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body): 

(a)        default in the payment of any interest when it becomes due and payable on
(i) the Class A Notes, (ii) if no Class A Notes are Outstanding, the Class B Notes, (iii) if no Class A Notes or Class B Notes are Outstanding, the Class C Notes, or (iv) if no Class A Notes,
Class B Notes or Class C Notes are Outstanding, the Class D Notes and such default, in each case, shall continue for a period of five (5) days; 

(b)      default in the payment of the Outstanding Amount of any Note on the applicable Final
Scheduled Payment Date; 
 (c)      failure to observe or perform in any material respect any
covenant or agreement of (i) the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is specifically dealt with elsewhere in this Section 5.1), or (ii) the Issuer, the
Depositor, the Settlor, the Titling Trust or GM Financial (in any capacity) in any other Program Document relating to the issuance of and payment of the Notes or the servicing of the 2022-2 Exchange Note
Assets and, in each case, such failure shall continue for a period of sixty (60) days after the date on which a written notice stating that such notice is a Notice of Event of Default requiring the same to be remedied shall have been given to
the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial, as the case may be, by the Indenture Trustee acting on behalf of the Holders of Notes representing at least 25% of the principal balance of the most senior Class of
Notes specifying such failure; 
 (d)      any representation or warranty made by the Issuer
in this Indenture or by the Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial (in any capacity) 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 manner that is materially adverse to any 2022-2 Secured Party on or as of the date made or deemed made which failure,
if capable of being cured, has not been cured for a period of sixty (60) days after the date on which a written notice stating that such notice is a Notice of Event of Default requiring the same to be remedied shall have been given to the
Issuer, the Depositor, the Settlor, the Titling Trust or GM Financial, as the case may be, by the 

  
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Indenture Trustee or the Holders of Notes representing at least 25% of the principal balance of the most senior Class of Notes specifying such incorrectness; and 

(e)      an Insolvency Event shall have occurred with respect to the Issuer or the Titling
Trust. 
 SECTION 5.2.      Acceleration of Maturity; Rescission and Annulment.
If an Event of Default specified in Section 5.1(e) shall have occurred and be continuing, the Notes shall become immediately due and payable, together with accrued and unpaid interest thereon through the date of acceleration. If any other Event
of Default should occur and be continuing, then and in every such case the Indenture Trustee shall, if directed to do so in writing by the Majority Noteholders, declare all the Notes to be immediately due and payable, by a notice in writing to the
Issuer and to the Indenture Trustee, and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 

At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of
the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, the Majority Noteholders, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

 (a)      the Issuer has paid or deposited into the Accounts a sum sufficient to pay: 

(i)      all payments of principal of and interest on all Notes and all other
amounts that would then be due hereunder or upon such Notes (including monthly costs and expenses) if the Event of Default giving rise to such acceleration had not occurred; and 

(ii)      all sums paid or advanced by the Indenture Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 

(b)      all Events of Default, other than the nonpayment of the principal of the Notes that has
become due solely by such acceleration, have been cured or waived as provided in Section 5.11. 
 No such rescission shall affect any subsequent
default or impair any right consequent thereto. 
 SECTION 5.3.      Collection of
Indebtedness and Suits for Enforcement by Indenture Trustee. 
 (a)      The Issuer
covenants that if (i) there is an Event of Default relating to the payment of any interest or fees payable to any Noteholders when the same becomes due and payable, and such default continues for a period of five (5) days, or
(ii) there is an Event of Default relating to the payment of principal payable to any Noteholders, and such default continues for a period of one (1) day, the Issuer will, upon demand of the Indenture Trustee, pay to it, for the benefit of
the Noteholders, the whole amount then due and payable on such Notes, with interest on any overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on overdue installments of interest at the Note Interest
Rate and, in addition 

  
 23 

 
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel. 
 (b)      In case the Issuer shall fail forthwith to pay
such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and
may enforce the same against the Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable.

 (c)      If an Event of Default occurs and is continuing, the Indenture Trustee may, as
more particularly provided in Section 5.4, and shall at the direction of the Majority Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee or the
Majority Noteholders, as the case may be, shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or
to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 

(d)      In case there shall be pending, relative to the Issuer or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Issuer Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or in case a
receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other
comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise: 
 (i)        to file and prove a claim or
claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for
reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings; 

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

  
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 (iii)        to
collect and receive any moneys or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 

(iv)        to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such
Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of the Indenture Trustee’s or any predecessor Indenture Trustee’s negligence or bad faith. 

(e)      Nothing herein contained shall be deemed to authorize the Indenture Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholders or to authorize the Indenture Trustee to vote
in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

(f)      All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and
attorneys, shall be for the ratable benefit of the Noteholders. 
 (g)      In any Proceedings
brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it
shall not be necessary to make any Noteholder a party to any such Proceedings. 
 SECTION
5.4.      Remedies; Priorities. 
 (a)      If an Event of Default
shall have occurred and be continuing, the Indenture Trustee, if so requested in writing by the Majority Noteholders, shall do one or more of the following: 

(i)        institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer and any other obligor upon such
Notes moneys adjudged due; 

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

(iii)        exercise any remedies of a secured party under the UCC
and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders; and 

(iv)        sell the Issuer Trust Estate or any portion thereof or
rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Issuer Trust Estate following
an Event of Default, other than an Event of Default described in Section 5.1(a) or (b), unless (A) all Noteholders consent thereto, (B) the Majority Noteholders consent thereto and all amounts due and owing under the Notes and the
other Program Documents to the Noteholders shall be paid in full with the proceeds of such sale or liquidation, or (C) the Issuer Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the
Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee provides prior written notice to the Issuer (who shall deliver such notice to the Rating Agencies) and obtains the consent of the
Required Noteholders. 
 (b)      If the Indenture Trustee collects any money or property
pursuant to this Article V, it shall apply such money or property to (i) first, reimburse itself for any amounts due under Section 6.6, (ii) second, pay the Issuer Owner Trustee for unpaid fees, indemnities and expenses owing to it under
the Issuer Trust Agreement, and (iii) third, pay to the Servicer any due and unpaid Servicing Fee and then apply the remainder of such money or property in accordance with Section 5.4(c). The Indenture Trustee may fix a record date and
payment date for any payment to Noteholders pursuant to this Section. At least fifteen (15) days before such record date, the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date
and the amount to be paid. 
 (c)      Following (i) the acceleration of the Notes
pursuant to Section 5.2, or (ii) the occurrence of an Event of Default pursuant to Section 5.1 of this Indenture (other than an Event of Default pursuant to Sections 5.1(c) or (d)), or (iii) the liquidation of the Issuer Trust
Estate, in full or in part, pursuant to Section 5.4(a)(iv), the Available Funds, plus any amounts on deposit in the Reserve Account, including any money or property collected pursuant to Section 5.4 of this Indenture, shall be applied by
the Indenture Trustee on the related Payment Date in the following order of priority: 
 FIRST: amounts due
and owing and required to be distributed to the Asset Representations Reviewer, the Successor Servicer, the Issuer Owner Trustee and the Indenture Trustee, respectively, pursuant to clause (i) of Section 8.3(a) and not previously
distributed, ratably and without preference or priority of any kind and without regard to any caps set forth in clause (i) of Section 8.3(a); 

SECOND: to the Class A Noteholders for amounts due and unpaid on the Class A Notes in respect of
interest (including any premium), ratably by principal balance of such Class A Notes, without preference or priority of any kind, according to the amounts due and payable on the Class A Notes in respect of interest (including any premium);

  
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 THIRD: to Holders of the
Class A-1 Notes, until the Outstanding Amount of the Class A-1 Notes is reduced to zero, and second, ratably, without preference or priority of any kind,
according to the amounts due and payable to the Holders of the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes, until the aggregate Outstanding Amount of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes is reduced to zero; 
 FOURTH: to the Class B
Noteholders for amounts due and unpaid on the Class B Notes in respect of interest (including any premium), according to the amounts due and payable on the Class B Notes in respect of interest (including any premium); 

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

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

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

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

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

TENTH: any other amount due and owing and required to be distributed to the Noteholders pursuant to the
Program Documents and not previously distributed; and 
 ELEVENTH: to the Issuer Trust Certificateholder.

 SECTION 5.5.      Optional Preservation of the Issuer Trust Estate. If the
Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may nonetheless, at the direction of the
Majority Noteholders, elect to maintain possession of the Issuer Trust Estate. 
 SECTION
5.6.      Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, any such Noteholder shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on its Note on or after the respective due dates thereof expressed in such Note or in this 

  
 27 

 
Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent
of such Noteholder. 
 SECTION 5.7.      Restoration of Rights and Remedies. If
the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee
or to such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

SECTION 5.8.      Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy. 
 SECTION 5.9.      Delay or Omission Not a Waiver. No delay
or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every
right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 

SECTION 5.10.      Control by Noteholders. The Majority Noteholders shall have the
right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee. Furthermore, if any Noteholders
have directed the Indenture Trustee to participate in dispute resolution pursuant to Section 2.20 of the 2022-2 Servicing Supplement, such Noteholders shall have the right to direct the time, method and
place of conducting such dispute resolution, in accordance with Section 2.20 of the 2022-2 Servicing Supplement. Notwithstanding the foregoing: 

(a)      no such direction shall be in conflict with any rule of law or with this Indenture; and

 (b)      the Indenture Trustee may take any other action deemed proper by the Indenture
Trustee that is not inconsistent with such direction. 
 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.1,
the Indenture Trustee need not take any action that it determines might involve it in liability without receiving indemnity reasonably satisfactory to it. 

  
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 SECTION 5.11.        Waiver of
Past Events of Default. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Majority Noteholders may waive any past Event of Default and its consequences except an Event of
Default resulting from a default (a) in payment of principal of or interest on any of the Notes, or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder. Any waiver of
a Default or an Event of Default of a type set forth in (a) or (b) of the preceding sentence shall require the consent of all Noteholders. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored
to their former positions and rights hereunder, respectively; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 

Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred,
for every purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. 

SECTION 5.12.      Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 5.13.      Action on Notes. The Indenture Trustee’s right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the
Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Issuer Trust Estate or upon any of the
assets of the Issuer. 
 SECTION 5.14.      Performance and Enforcement of Certain Issuer
Obligations. 
 (a)      Promptly following a request from the Indenture Trustee to
do so and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer, of each of its obligations to the Issuer under or in
connection with any of the Program Documents, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Program Documents to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer of its obligations under
the Program Documents. 
 (b)      If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Majority Noteholders shall, exercise all rights, remedies, powers,

  
 29 

 
privileges and claims of the Issuer against the Servicer under or in connection with the Program Documents, including the right or power to take any action to compel or secure performance or
observance by the Servicer, of its obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Program Documents and any right of the Issuer to take such action shall be
suspended. 
 ARTICLE VI 
 THE
INDENTURE TRUSTEE 
 SECTION 6.1.      Duties of Indenture Trustee. 

(a)      If an Event of Default has occurred and is continuing, the Indenture Trustee shall
exercise the rights and powers vested in it by this Indenture and the other Program Documents and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b)      Except during the continuance of an Event of Default:

 (i)        the Indenture Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture and the other Program Documents and no implied covenants or obligations shall be read into this Indenture or the other Program Documents against the Indenture Trustee, and
any discretion, permissive right, or privilege shall not be deemed to be or otherwise construed as a duty or obligation; and 

(ii)        in the absence of bad faith on its part, the Indenture
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however,
the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform as to form to the requirements of this Indenture. 

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

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

(iii)        the Indenture Trustee shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.10; and 

(iv)        only in the event the Indenture Trustee has acted
negligently, the Indenture Trustee shall not be liable for special, consequential or indirect damages (including, among other things, lost profits). 

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

(e)      Money caused to be held in trust by the Indenture Trustee need not be segregated from
other funds except to the extent required by law or the terms of this Indenture or the 2022-2 Servicing Agreement. 

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

(h)      The Indenture Trustee shall (i) not be charged with knowledge of any event,
default or Event of Default or be required to act based on any other event unless either (A) a Responsible Officer shall have actual knowledge of such event or (B) written notice of such event shall have been given to a Responsible Officer
of the Indenture Trustee in accordance with the provisions of this Indenture and the other Program Documents and (ii) shall have no duty to take any action to determine whether any such event, default or Event of Default has occurred. Publicly
available information by itself shall not constitute actual or constructive knowledge unless a Responsible Officer shall have actual knowledge or has received written notice of such publicly available information. 

(i)      The Indenture Trustee shall, upon two (2) Business Days’ prior notice to the
Indenture Trustee, permit any representative of the Noteholders at the expense of the Issuer, during the Indenture Trustee’s normal business hours, to examine all books of account, records, reports and other papers of the Indenture Trustee
relating to the Notes, to make copies and extracts therefrom and to discuss the Indenture Trustee’s affairs and actions, as such affairs and actions relate to the Indenture Trustee’s duties with respect to the Notes, with the Indenture
Trustee’s officers and employees responsible for carrying out the Indenture Trustee’s duties with respect to the Notes. 

(j)      Subject to Sections 6.1(a) and (c), in no event shall the Indenture Trustee be
responsible for delays or failures in performance resulting directly or indirectly from forces beyond its control (including, without limitation, acts of God, strikes, work stoppages, accidents, severe weather, floods, nuclear or natural
catastrophes, lockouts, riots, civil or military disturbances, acts of war or terrorism, pandemics or epidemics, any provision of any present or future law or regulation or any act of any governmental authority, and any interruption, loss or
malfunction of utilities, communications, computer services (software or hardware) or Federal Reserve Bank wire service), provided such default or delay could not have been prevented by the taking of commercially reasonable precautions such as the
implementation and execution of disaster recovery plans. Notwithstanding the occurrence of a foregoing event, the Indenture Trustee shall perform its obligations hereunder to the extent it is able to do so under such event. The Indenture Trustee
shall use reasonable efforts which are consistent with accepted practices 

  
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in the banking industry to prevent any failure or delay in performance and to resume performance as soon as practicable under the circumstances. 

SECTION 6.2.    Rights of Indenture Trustee. 

(a)      The Indenture Trustee may conclusively rely on any document believed by it to be
genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document and shall not be responsible for determining whether a document defect or breach of
representation of warranty has occurred (including, whether such defect or breach is material). Notwithstanding the foregoing, the Indenture Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents,
directions, consents, requests, orders or other instruments furnished to the Indenture Trustee that shall be specifically required to be furnished pursuant to any provision of this Indenture, shall examine them to determine whether they comply as to
form to the requirements of this Indenture. 
 (b)      Before the Indenture Trustee acts or
refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of
Counsel. 
 (c)      The Indenture Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such
agent, attorney, custodian or nominee appointed with due care by it hereunder. 
 (d)      The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful
misconduct, negligence or bad faith. 
 (e)      The Indenture Trustee may consult with
counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it
hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f)      The Indenture Trustee shall, for so long as any Notes are Outstanding, be entitled to
exercise all the rights and powers of the registered 2022-2 Exchange Noteholder under the Program Documents. 

(g)      The Indenture Trustee will not be responsible for filing any financing statements or
continuation statements in connection with the Notes, but will cooperate with the Issuer in connection with the filing of such financing statements or continuation statements. 

(h)      In no event shall the Indenture Trustee, its directors, officers, agents or employees
be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture 

  
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Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i)      The rights, privileges, protections, immunities and benefits given to the Indenture
Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder. 

(j)      In no event shall the Indenture Trustee be liable for the selection of investments or
for investment losses incurred thereon. The Indenture Trustee shall have no liability in respect of losses incurred as a result of the liquidation of any such investment prior to its stated maturity or the failure of any party directing such
investment to provide timely written investment direction. The Indenture Trustee shall have no obligation to cause the investment or reinvestment of any amounts held hereunder in the absence of such written investment direction. 

SECTION 6.3.      Individual Rights of Indenture Trustee». The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Note Registrar or co-registrar may do the same with like rights. However, the Indenture Trustee must comply with Section 6.10. 

SECTION 6.4.      Indenture Trustee’s Disclaimer. The Indenture Trustee
(i) shall not be responsible for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes, (ii) shall not be accountable for the Issuer’s use of the proceeds from the Notes or responsible for any
statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication, (iii) shall not be required to investigate
claims of any document defect or breach of a representation or warranty made in the 2022-2 Exchange Note Sale Agreement, the 2022-2 Exchange Note Transfer Agreement or
the 2022-2 Servicing Supplement, (iv) shall not be responsible or liable for the acts or omissions of any other party, including the Servicer, the Titling Trust and the Depositor, and may assume each
other party’s performance of its obligations under the Trust Agreement, the 2022-2 Exchange Note Sale Agreement, the 2022-2 Exchange Note Transfer Agreement and the
2022-2 Servicing Supplement absent written notice or actual knowledge of a Responsible Officer of the Indenture Trustee to the contrary. 

SECTION 6.5.      Reports by Indenture Trustee to Noteholders. The Indenture
Trustee shall deliver such information that is either required by applicable law or is requested in writing by a Noteholder in order to enable such Noteholder to prepare its federal and State income tax returns. 

SECTION 6.6.      Compensation and Indemnity. The Issuer shall, or shall cause the
Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services pursuant to a fee agreement between the Administrator and the Indenture Trustee. The Indenture Trustee’s compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Issuer shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable
out-of-pocket expenses, disbursements and advances incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuer shall, or shall 

  
 33 

 
cause the Administrator to, indemnify and hold harmless the Indenture Trustee and its officers, directors, employees, representatives and agents against any and all loss, liability, tax (other
than taxes based on the income of the Indenture Trustee) or expense (including attorneys’ fees) of whatever kind or nature regardless of their merit directly or indirectly incurred by it or them without willful misconduct, negligence or bad
faith on their part, arising out of or in connection with the acceptance or administration of the transactions contemplated by this Indenture, including the reasonable costs and expenses of defending themselves against any claim or liability in
connection with the exercise or performance of any of their powers or duties under this Indenture or under any of the other Program Documents. The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder. The Issuer shall, or shall cause the Administrator to, defend any such
claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuer nor the Administrator need reimburse any expense or indemnify against
any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 

The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this
Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United
States Code or any other applicable federal or State bankruptcy, insolvency or similar law. 
 Notwithstanding anything else
set forth in this Indenture or the other Program Documents, the Indenture Trustee agrees that the obligations of the Issuer to the Indenture Trustee hereunder and under the other Program Documents shall be recourse to the Issuer Trust Estate only.
In addition, the Indenture Trustee agrees that its recourse to the Issuer and the Issuer Trust Estate shall be limited to the right to receive amounts available pursuant to Sections 5.4(b) and 8.3. 

SECTION 6.7.      Replacement of Indenture Trustee. No resignation or removal of
the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.7. The Indenture Trustee may resign at any time
by so notifying the Issuer. The Issuer, at the direction of the Majority Noteholders, shall remove the Indenture Trustee if: 

(a)      the Indenture Trustee fails to comply with Section 6.10; 

(b)      the Indenture Trustee is adjudged bankrupt or insolvent; 

(c)      a receiver or other public officer takes charge of the Indenture Trustee or its
property; or 
 (d)      the Indenture Trustee otherwise becomes incapable of acting. 

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event
being referred to herein as the 

  
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retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee acceptable to the Majority Noteholders. 

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

 If the Indenture Trustee fails to comply with Section 6.10, any Noteholder may petition any court of competent
jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the
Administrator’s obligations under Section 6.6 shall continue for the benefit of the retiring Indenture Trustee. 

The Issuer shall pay any costs and expenses associated with the replacement of the Indenture Trustee. To the extent the Issuer
fails to pay any such costs or expenses on or before the Payment Date following the replacement of the Indenture Trustee, the Administrator shall pay such amount then-outstanding. 

SECTION 6.8.      Successor Indenture Trustee by Merger». If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further
act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.10. The Indenture Trustee shall provide the Issuer prior written notice of any
such transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the
Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor
trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 

SECTION 6.9.      Appointment of Co-Indenture Trustee
or Separate Indenture Trustee. 

  
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 (a)      Notwithstanding any other provisions
of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Issuer Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Issuer Trust
Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Issuer Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 6.10 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.7. 

(b)      Every separate trustee and co-trustee shall, to
the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i)        all rights, powers, duties and obligations conferred or
imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate
trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are
to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Issuer Trust Estate or any portion thereof in
any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 

(ii)        no trustee hereunder shall be personally liable by reason
of any act or omission of any other trustee hereunder; and 

(iii)        the Indenture Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee. 

(c)      Any notice, request or other writing given to the Indenture Trustee shall be deemed to
have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or
co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall
be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every
provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

(d)      Any separate trustee or co-trustee may at any
time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all

  
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of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee. 
 SECTION 6.10.    Eligibility; Disqualification». 

(a)      The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).
The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of BBB-,
or an equivalent rating, or better by Standard & Poor’s and Moody’s and, if rated by Fitch, Fitch’s equivalent rating. The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by
the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 (b)      Within
ninety (90) days after the occurrence of an Event of Default which shall not have been cured or waived, unless authorized by the Commission, the Indenture Trustee shall resign with respect to the Class A Notes, the Class B Notes, the
Class C Notes and/or the Class D Notes in accordance with Section 6.7 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for each of such Classes, as applicable, so that there will be separate Indenture
Trustees for the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes. In the event the Indenture Trustee fails to comply with the terms of the preceding sentence, the Indenture Trustee shall comply with
clauses (ii) and (iii) of TIA Section 310(b). 
 (c)      In the case of the
appointment hereunder of a successor Indenture Trustee with respect to any Class of Notes pursuant to this Section 6.10, the Issuer, the retiring Indenture Trustee and the successor Indenture Trustee with respect to such Class of
Notes shall execute and deliver an indenture supplemental to this Indenture which shall contain: 

(i)        provisions by which each successor Indenture Trustee shall
accept such appointment; 
 (ii)        provisions necessary or
desirable to transfer and confirm to, and to vest in, the successor Indenture Trustee all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of the Class to which the appointment of such successor
Indenture Trustee relates; 
 (iii)        if the retiring Indenture
Trustee is not retiring with respect to all Classes of Notes, provisions deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Indenture Trustee with respect to the Notes of each Class as to
which the retiring Indenture Trustee is not retiring shall continue to be vested in the Indenture Trustee; and 

(iv)        provisions necessary to provide for or facilitate the
administration of the trusts under this Indenture by more than one Indenture Trustee. 

  
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 Nothing in this Indenture or in such supplemental indenture shall constitute such Indenture
Trustees co-trustees of the same trust and each such Indenture Trustee shall be a trustee of a trust or trusts under this Indenture separate and apart from any trust or trusts under this Indenture administered
by any other such Indenture Trustee. The indenture supplement will become effective on the removal of the retiring Indenture Trustee. 

SECTION 6.11.      Representations and Warranties of Indenture Trustee. The
Indenture Trustee hereby makes the following representations and warranties on which the Issuer and Noteholders shall rely: 

(a)      the Indenture Trustee is a national banking association duly organized, validly
existing and in good standing under the laws of the United States; and 
 (b)      the
Indenture Trustee has full power, authority and legal right to execute, deliver and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture. 

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

ARTICLE VII 
 NOTEHOLDERS’
LISTS AND REPORTS 
 SECTION 7.1.      Issuer to Furnish Indenture Trustee Names and
Addresses of Noteholders. The Issuer will furnish or cause to be furnished to the Indenture Trustee (a) not more than five (5) days after each Record Date, a list, in such form as the Indenture Trustee may reasonably require, of
the names and addresses of the Noteholders as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing, within thirty (30) days after receipt by the Issuer of any such request, a list of similar form
and content as of a date not more than ten (10) days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be required to be furnished. Upon
the request of the Noteholders, the Indenture Trustee or, if the Indenture Trustee is not the Note Registrar, the Issuer, shall furnish a copy of the list of the names and addresses of the Noteholders to the Noteholders. 

SECTION 7.2.      Preservation of Information; Communications to Noteholders. 

(a)      The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity
as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished. 

  
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 (b)      Noteholders may communicate pursuant
to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 

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

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

  
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make a demand on the Indenture Trustee to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to conduct an Asset Review of
the Asset Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each demand must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form of documentation
evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. If Noteholders and Note Owners, as applicable, of at least 5% of the aggregate Note Principal Balance of the
Notes as of the date on which such Delinquency Trigger occurred (exclusive of Notes held by the Sponsor or any of its Affiliates) demand a vote within 90 days of the filing of the Form 10-D reporting the
occurrence of the Delinquency Trigger, the Indenture Trustee will promptly request such a vote of the Noteholders through the Clearing Agency, which vote will remain open until the 150th day after
the filing of the related Form 10-D. If (i) a voting quorum of Noteholders holding at least 5% of the aggregate Note Principal Balance (exclusive of Notes held by the Sponsor or any of its Affiliates)
participate in the related vote and (ii) Noteholders of a majority of the Note Principal Balance of Notes voted agree to an Asset Review, then the Indenture Trustee will send an Asset Review Notice to the Asset Representations Reviewer and the
Servicer under the Asset Representations Review Agreement directing the Asset Representations Reviewer to conduct the Asset Review. 

SECTION 7.3.      Reports by Issuer. 

(a)      The Issuer shall: 

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

(ii)        file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required
from time to time by such rules and regulations; and 

(iii)        supply to the Indenture Trustee (and the Indenture Trustee
shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the Commission. 

(b)      Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on
December 31 of each year. 
 SECTION 7.4.      Reports by Indenture
Trustee. 

  
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 (a)      If required by TIA
§ 313(a), within sixty (60) days after each May 31, beginning with May 31, 2023, the Indenture Trustee shall mail to each Noteholder if required by TIA § 313(c) a brief report dated as of such date that complies
with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b). 

(b)      A copy of each report at the time of its mailing to Noteholders shall be filed by the
Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange. 

SECTION 7.5.    Asset Review Reports. 

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

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS, RELEASES, REPORTS AND NOTICES 
 SECTION 8.1.      Collection of
Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary other
than the Collateral Agent, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Issuer Trust Estate, the Indenture Trustee may take such action as may be appropriate to
enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim an Event of Default under this Indenture and any right to proceed thereafter
as provided in Article V. 
 SECTION 8.2.      Servicer Report. 

  
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 (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) the Issuer shall also cause the Servicer to deliver a Servicer Report to each Rating Agency on the same date the Servicer’s Report is publicly available (provided that if the Servicer’s Report is not made publicly available, the
Servicer will deliver it to each Rating Agency, no later than the twenty-second (22nd) of each month (or if not a Business Day, the next succeeding Business Day)). 

(b)      The Indenture Trustee shall have no duty or obligation to verify or confirm the
accuracy of any of the information or numbers set forth in the Servicer Report delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in conclusively relying upon such Servicer Report.

 SECTION 8.3.      Disbursement of Funds. 

(a)      On each Payment Date, other than any Payment Date on which amounts are required to be
distributed pursuant to Section 5.4(c), prior to 12:00 p.m. (Central time), in accordance with the related Servicer Report and pursuant to the instructions of the Servicer, the Indenture Trustee shall transfer from the Indenture Collections
Account the sum of (i) the Available Funds for such Payment Date, plus (ii) the Reserve Account Withdrawal Amount for such Payment Date (such sum, “Total Available Funds”) and shall apply the Total Available Funds
for such Payment Date in accordance with the following priorities: 

(i)        from the Total Available Funds, on a pro rata basis
(A) to the Successor Servicer, an amount equal to any unpaid transition expenses that were required to be paid pursuant to Section 4.1(d) of the Servicing Agreement but not so paid in an amount not to exceed $200,000, (B) to the Indenture
Trustee, any accrued and unpaid amounts, including fees, expenses and indemnities (to the extent such amounts have not been previously paid by the Administrator) in an amount not to exceed $100,000 in any consecutive twelve (12) month period
(provided, however, that, such cap will not be applicable any time that an Event of Default has occurred and is continuing), (C) to the Issuer Owner Trustee, any accrued and unpaid amounts, including fees, expenses and
indemnities (in each case, to the extent such amounts have not been previously paid by the Administrator) in an amount not to exceed $100,000 in any consecutive twelve (12) month period, and (D) to the Asset Representations Reviewer, any
accrued and unpaid amounts, including fees, expenses, indemnities and, with respect to any successor Asset Representations Reviewer, transition expenses (in each case, to the extent such amounts have not been previously paid by the Servicer) in an
amount not to exceed $200,000 in any calendar year. 
 (ii)      from the Total
Available Funds, to the Note Payment Account for payment to the Class A Noteholders, pari passu, the Noteholders’ Interest Distributable Amount for the Class A Notes for such Payment Date; 

(iii)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, the Class A Principal Parity Amount; 

  
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 (iv)       from the Total
Available Funds, to the Note Payment Account for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class A Notes; 

(v)      from the Total Available Funds, to the Note Payment Account for payment
to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes for such Payment Date; 

(vi)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, the Class B Principal Parity Amount; 

(vii)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class B Notes; 

(viii)      from the Total Available Funds, to the Note Payment Account for
payment to the Class C Noteholders, the Noteholders’ Interest Distributable Amount for the Class C Notes for such Payment Date; 

(ix)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, the Class C Principal Parity Amount; 

(x)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class C Notes; 

(xi)      from the Total Available Funds, to the Note Payment Account for payment
to the Class D Noteholders, the Noteholders’ Interest Distributable Amount for the Class D Notes for such Payment Date; 

(xii)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, the Class D Principal Parity Amount; 

(xiii)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class D Notes; 

(xiv)      from the Total Available Funds, to the Note Payment Account for
distribution as provided in paragraph (b) below, the Noteholders’ Principal Distributable Amount; 

(xv)      from the Total Available Funds, to the Reserve Account, the Reserve
Account Required Amount for such Payment Date; 
 (xvi)      from the Total
Available Funds, to the Note Payment Account for distribution as provided in paragraph (b) below, the Accelerated Principal Amount; 

  
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 (xvii)      from the Total
Available Funds, on a pro rata basis to the Successor Servicer, the Indenture Trustee, the Asset Representations Reviewer and the Issuer Owner Trustee any amounts due to such parties in excess of the caps set forth in clause (i); and 

(xviii)      from the Total Available Funds, to the Issuer Trust
Certificateholders the aggregate amount remaining in the Indenture Collections Account. 
 On any Payment Date with respect
to which no Servicer Report was delivered, to the extent there are Available Funds in the Indenture Collections Account, the Indenture Trustee will make payments of the Noteholders’ Interest Distributable Amounts described in (ii), (v), (viii)
and (xi) above as well as any Matured Principal Shortfalls described in (iv), (vii), (x) and (xiii) above. 

(b)      On each Payment Date, the Indenture Trustee shall apply or cause to be applied the
aggregate of the amounts described in clause (iii), (iv), (vi), (vii), (ix), (x), (xii), (xiii), (xiv) and (xvi) of paragraph (a) above on that Payment Date in the listed order of priority: 

(i)      to the Class A-1
Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(ii)      to the Class A-2
Noteholders in reduction of the remaining principal balance of the Class A-2 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(iii)      to the Class A-3
Noteholders in reduction of the remaining principal balance of the Class A-3 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(iv)      to the Class A-4
Noteholders in reduction of the remaining principal balance of the Class A-4 Notes, until the outstanding principal balance thereof has been reduced to zero; 

(v)      to the Class B Noteholders in reduction of the remaining principal
balance of the Class B Notes, until the outstanding principal balance thereof has been reduced to zero; 

(vi)      to the Class C Noteholders in reduction of the remaining principal
balance of the Class C Notes, until the outstanding principal balance thereof has been reduced to zero; and 

(vii)      to the Class D Noteholders in reduction of the remaining
principal balance of the Class D Notes, until the outstanding principal balance thereof has been reduced to zero; 

  
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 provided, however, that, (A) following an acceleration of
the Notes pursuant to Section 5.2, or (B) the occurrence of an Event of Default pursuant to Section 5.1, amounts deposited in the Note Payment Account shall be paid to the Noteholders pursuant to Section 5.4(c). 

(c)      In the event that the Indenture Collections Account is maintained with an institution
other than the Collateral Agent, the Servicer shall instruct the Indenture Trustee to cause such institution to make all deposits and distributions pursuant to Section 8.3(a) on the related Payment Date. 

(d)      In the event that any withholding tax is imposed on the Issuer’s payment (or
allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Indenture Trustee is hereby authorized and directed to retain or cause to be retained from
amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Issuer (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld
by the Issuer and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Noteholder), the
Indenture Trustee may in its sole discretion may cause the Collateral Agent to withhold such amounts in accordance with this clause (d). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee
shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses
(including legal fees and expenses) incurred. 
 (e)      Notwithstanding Sections
5.4(c)(SECOND) – (TENTH) and 8.3(a)(ii) – (xiv) and (xvi), distributions required to be made to the Noteholders on any Payment Date shall be made to each Noteholder of record on the preceding Record Date either by (i) wire transfer,
in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate written instructions at least five Business
Days prior to such Payment Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000, or (ii) by check mailed to such Noteholder at the address of such holder appearing in the Note Register.
Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Payment Date or otherwise) will be payable only upon presentation and surrender of such Note at the office or agency maintained for that
purpose by the Note Registrar pursuant to Section 2.3. 
 (f)      Subject to
Section 2.5(h) of the 2022-2 Servicing Supplement and this section, monies received by the Indenture Trustee hereunder need not be segregated in any manner except to the extent required by law and may be
deposited under such general conditions as may be prescribed by law, and the Indenture Trustee shall not be liable for any interest thereon. 

SECTION 8.4.      Release of Issuer Trust Estate. 

(a)      Subject to the payment of its fees and expenses pursuant to Section 6.6, the
Indenture Trustee may, and when required by the provisions of this Indenture shall, execute 

  
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instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with
the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys. 
 (b)      The Indenture
Trustee shall, at such time as there are no Notes Outstanding, all Issuer Obligations have been paid in full and all sums due the Indenture Trustee pursuant to Section 6.6 have been paid, release any remaining portion of the Issuer Trust Estate
that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the 2022-2 Exchange Note Collections Account, the Indenture
Collections Account or the Note Payment Account. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer’s Certificate
and an Opinion of Counsel. 
 SECTION 8.5.      Opinion of Counsel. The
Indenture Trustee shall receive at least seven (7) days’ notice when requested by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee may also require
as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Issuer Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the
accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

SECTION 8.6.      Reports and Notices to Noteholders. The Indenture Trustee shall
make available to each Noteholder, to the extent not already provided in accordance with the Program Documents, the following reports and notices received by the Indenture Trustee pursuant to the Program Documents: 

(a)      on each Payment Date, a copy of the Servicer Report with respect to such Payment Date
and the related Collection Period; 
 (b)      if an Event of Default or a Servicer Default
occurs and is continuing and it is known to a Trust Officer of the Indenture Trustee, as promptly as practicable after obtaining such knowledge, written notice of such Event of Default or Servicer Default; 

(c)      as promptly as practicable after receipt, a copy of each Officer’s Certificate
delivered by the Issuer to the Indenture Trustee pursuant to Section 3.9; 
 (d)      as
promptly as practicable after receipt, a copy of each report, notice or certificate delivered by the Servicer to the Indenture Trustee pursuant to the 2022-2 Servicing Supplement; 

  
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 (e)      as promptly as practicable after
receipt, a copy of any notice of a breach of representation or warranty by GM Financial or the Depositor delivered to the Indenture Trustee pursuant to the 2022-2 Exchange Note Sale Agreement; 

(f)      as promptly as practicable after receipt, a copy of any notice of a breach of
representation or warranty by the Depositor or the Issuer delivered to the Indenture Trustee pursuant to the 2022-2 Exchange Note Transfer Agreement; 

(g)      as promptly as practicable after receipt, a copy of any notice received by the
Indenture Trustee pursuant to the 2022-2 Exchange Note Supplement, the 2022-2 Exchange Note Sale Agreement and the 2022-2
Exchange Note Transfer Agreement; 
 (h)      as promptly as practicable after receipt, any
Officer’s Certificate or Opinion of Counsel provided by GM Financial to the Indenture Trustee pursuant to the 2022-2 Servicing Supplement; and 

(i)      as promptly as practicable after receipt, a copy of each notice delivered by the Issuer
to the Indenture Trustee pursuant to Section 3.7(e). 
 The Indenture Trustee will make available each month to each
Noteholder the statements referred to in Sections 8.2 and 8.6 above (and certain other documents, reports and information regarding the 2022-2 Designated Pool provided by the Servicer from time to time) via
the Indenture Trustee’s internet website, with the use of a password provided by the Indenture Trustee. The Indenture Trustee’s internet website will be located at CTSLink.com or at such other address as the Indenture Trustee shall notify
the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Indenture Trustee’s Corporate Trust Office at (866) 846-4526. The Indenture Trustee shall have the
right to change the way the statements referred to in Sections 8.2 and 8.6 above are distributed in order to make such distributions more convenient and/or more accessible to the parties entitled to receive such statements so long as such statements
are only provided to the then current Noteholders. The Indenture Trustee shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Sections 11.4 and 11.5, as appropriate. 

ARTICLE IX 
 SUPPLEMENTAL
INDENTURES 
 SECTION 9.1.      Supplemental Indentures Without Consent of
Noteholders. 
 (a)      Without the consent of the Holders of any Notes and with
prior notice to the Rating Agencies by the Issuer, as evidenced to the Indenture Trustee, the Issuer, the Servicer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 

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

  
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 Trustee any property subject or required to be subjected to
the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

(ii)      to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 

(iii)      to add to the covenants of the Issuer, for the benefit of the Holders
of the Notes, or to surrender any right or power herein conferred upon the Issuer; 

(iv)      to convey, transfer, assign, mortgage or pledge any property to or with
the Indenture Trustee; 
 (v)      to cure any ambiguity, to correct or
supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this
Indenture or in any supplemental indenture; provided, that such action shall not adversely affect the interests of the Holders of the Notes; 

(vi)      to evidence and provide for the acceptance of the appointment hereunder
by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Article VI; or 
 (vii)      to modify, eliminate or add to the provisions of
this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by
the TIA. 
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations that may be therein contained. 

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

SECTION 9.2.      Supplemental Indentures with Consent of Noteholders. The Issuer
and the Indenture Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies by the Issuer, and with the consent of the Majority Noteholders, by Act of such Noteholders delivered to the Issuer and the Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the 

  
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rights of the Noteholders under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Noteholder of each Outstanding Note affected
thereby: 
 (a)      change the date of payment of any installment of principal of or interest
on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the
Issuer Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on
or after the Redemption Date); 
 (b)      change the definition of Majority Noteholders or
Required Noteholders or otherwise reduce the percentage of the outstanding principal amount of the Notes, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of the Noteholders of which is required
for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 

(c)      modify or alter the provisions of the proviso to the definition of the term
“Outstanding;” 
 (d)      modify any provision of this Section except to increase
any percentage specified herein or to provide that certain additional provisions of this Indenture or the Program Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby; 

(e)      modify any of the provisions of this Indenture in such manner as to affect the
calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of
any provisions for the mandatory redemption of the Notes contained herein; or 
 (f)    permit the
creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Issuer Trust Estate or, except as otherwise permitted or contemplated herein or in any Program Document, terminate the lien of this
Indenture on any property at any time subject hereto or deprive Noteholders of any Noteholder of the security provided by the lien of this Indenture. 

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the
execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice setting forth in general
terms the 

  
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substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture. 
 SECTION 9.3.      Execution of Supplemental
Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled
to receive, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 

SECTION 9.4.      Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.5.      Conformity With Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.6.      Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in
such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by
the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 

REDEMPTION OF NOTES 

SECTION 10.1.      Redemption. The Servicer shall be permitted at its option to
purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate from the Issuer on a Payment Date if, either before or after giving effect to any payment of principal required to be made on
such Payment Date, the Note Principal Balance is less than or equal to 10% of the Note Principal Balance as of the 2022-2 Closing Date (the exercise of such option is referred to as an “Optional
Purchase”). In connection with the exercise of an Optional Purchase, the Servicer will 

  
 50 

 
deposit an amount equal to the Exchange Note Balance into the Indenture Collections Account on the Payment Date relating to the Redemption Date; provided, that the Servicer will be
permitted to purchase the 2022-2 Exchange Note only if the related Exchange Note Balance is at least equal to the sum of (a) the Note Principal Balance plus accrued and unpaid interest thereon to and
excluding the Payment Date on which the Notes will be redeemed, and (b) all other outstanding Issuer Obligations payable by the Issuer under the Program Documents (the “Optional Purchase Price”); provided,
further, that if the Optional Purchase Price is less than such Exchange Note Balance, the Servicer may deposit only the Optional Purchase Price to the Indenture Collections Account in full satisfaction of its obligations to deposit the
Exchange Note Balance therein. In connection with an Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the
2022-2 Exchange Note shall be discharged and released. If the outstanding Notes are to be redeemed pursuant to this Section, the Administrator or the Issuer shall furnish notice of such election to the
Indenture Trustee not later than twenty (20) days prior to the Redemption Date. In connection with the exercise of an Optional Purchase, on the Redemption Date, prior to 10:00 a.m. (Eastern time), the Indenture Trustee shall transfer the
Optional Purchase Price as part of Available Funds from the Indenture Collections and use such funds to pay the Redemption Price. 

SECTION 10.2.      Form of Redemption Notice. Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile and mailed or transmitted not later than ten (10) days prior to the applicable Redemption Date to each Noteholder, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such Noteholder’s address or facsimile number appearing in the Note Register. 

All notices of redemption shall state: 

(a)      the Redemption Date; 

(b)      the Redemption Price; and 

(c)      the place where such Notes are to be surrendered for payment of the Redemption Price
(which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2). 
 Notice of redemption of the Notes
shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 

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

  
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 ARTICLE XI 

MISCELLANEOUS 

SECTION 11.1.      Compliance Certificates and Opinions, etc. 

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

(i)      a statement that each signatory of such certificate or opinion has read
or has caused to be read such covenant or condition and the definitions herein relating thereto; 

(ii)      a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 

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

(iv)      a statement as to whether, in the opinion of each such signatory, such
condition or covenant has been complied with. 
 (b)      (i) Prior to the deposit of any
Indenture Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed
in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within ninety (90) days of
such deposit) to the Issuer of the Indenture Collateral or other property or securities to be so deposited. 

(ii)      Whenever the Issuer is required to furnish to the Indenture Trustee an
Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the
fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such 

  
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withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is
10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than
$25,000 or less than 1% of the Outstanding Amount of the Notes. 

(iii)      Whenever any property or securities are to be released from the lien
of this Indenture, the Issuer shall furnish to the Indenture Trustee and the Noteholders an Officer’s Certificate of the Issuer certifying or stating the opinion of each person signing such certificate as to the fair value (within ninety
(90) days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

 (iv)      Whenever the Issuer is required to furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same
matters if the fair value of the property or securities and of all other property, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause
(iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related
Officer’s Certificate is less than $25,000 or less than 1% of the then Outstanding Amount of the Notes. 

(v)      Notwithstanding any other provision of this Section, the Issuer may
(A) collect, liquidate, sell or otherwise dispose of the Indenture Collateral as and to the extent permitted or required by the Program Documents and (B) make cash payments out of the 2022-2 Exchange
Note Collections Account as and to the extent permitted or required by the Program Documents. 

(vi)      If the Commission issues an exemptive order under Section 304(d)
of the TIA modifying the Indenture Trustee’s obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the lien of this Indenture only in accordance with the Program Documents and the
conditions and procedures set forth in the exemptive order. 
 SECTION 11.2.      Form of
Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the
opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents. 

  
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 Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with
respect to the matters upon which such officer’s certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Servicer, the Issuer or the Administrator stating that the information with respect to such factual matters is in the possession of the Servicer, Issuer or the Administrator, unless
such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is
provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of
such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or
to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided
in Article VI. 
 SECTION 11.3.      Acts of Noteholders. 

(a)      Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

(b)      The fact and date of the execution by any person of any such instrument or writing may
be proved in any manner that the Indenture Trustee deems sufficient. 
 (c)      The ownership
of Notes shall be proved by the Note Register. 
 (d)      Any request, demand, authorization,
direction, notice, consent, waiver or other action by any Noteholder shall bind the Noteholder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered

  
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to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

SECTION 11.4.      Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction,
notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed with: 

(a)      the Indenture Trustee by any Noteholder or by the Issuer shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office, or 

(b)      the Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every
purpose hereunder if in writing and mailed first-class, postage prepaid to the Issuer addressed to: Issuer, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust
Administration or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Servicer; with a copy to the Administrator addressed to: 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief
Financial Officer, or at any other address previously furnished in writing to the Indenture Trustee by the Administrator. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

(c)    Notices required to be given to the Rating Agencies shall be provided by the Issuer in writing,
personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested, to (i) in the case of Fitch, to 33 Whitehall Street, New York, New York 10004, or (ii) in the case of
S&P, via electronic delivery to Servicer_reports@sandp.com, and for any information not available in electronic format, hard copies should be sent to S&P Global Ratings, 55 Water Street, 41st Floor, New York, New York 10041-0003, Attention:
ABS Surveillance Group; or, as to each of the foregoing, at such other address as shall be designated by written notice to the parties hereto. 

SECTION 11.5.    Notices to Noteholders; Waiver. Where this Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Noteholder’s address as it
appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly
given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person
entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such a waiver. 

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

SECTION 11.6.      Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee to such Noteholder, that is different from the methods
provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such
agreements. 
 SECTION 11.7.      Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions
automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

SECTION 11.8.      Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 11.9.      Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 

SECTION 11.10.    Separability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11.    Benefits of Indenture. Nothing in this Indenture or in the Notes, express
or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Issuer Trust Estate,
any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION
11.12.    Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this 

  
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Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date. 
 SECTION 11.13.    GOVERNING
LAW. THIS INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 
 SECTION
11.14.    Counterparts and Consent to Do Business Electronically. This Indenture may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and
the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this
Indenture and any documents to be delivered in connection with this Indenture may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the
Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Indenture and such other documents are the same as handwritten signatures
for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature
of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

SECTION 11.15.    Recording of Indenture. If this Indenture is subject to recording in any
appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture
Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture. 

SECTION 11.16.    Trust Obligation. 

(a)      No recourse may be taken, directly or indirectly, with respect to the obligations of
the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Issuer Owner Trustee,
as such or in its individual capacity, (ii) any Issuer Certificateholder, (iii) any other owner of a beneficial interest in the Issuer, or (iv) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Issuer Owner Trustee in its individual capacity, any Issuer Trust Certificateholder, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Issuer Owner Trustee, as
such or in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and

  
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except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure
to pay any installment or call owing to such entity. 
 (b)      It is expressly understood
and agreed by the parties hereto that (i) this Indenture is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Issuer Owner Trustee of the Issuer, in the exercise of the powers and authority
conferred and vested in it under the Issuer Trust Agreement, (ii) each of the representations, covenants, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and
agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Issuer, (iii) 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, (iv) 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 (v) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness
or expenses of the Issuer or be liable for the breach or failure of any obligation, duty (including fiduciary duty, if any), representation, warranty or covenant made or undertaken by the Issuer under this Agreement or the other related documents.

 SECTION 11.17.      No Petition the Issuer, Depositor, Settlor or Titling
Trust. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not institute, or join in instituting, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or other proceeding under any United States, federal or state bankruptcy or similar law for a period of one year and a day after: 

(a)      termination of the Titling Trust Agreement, against the Settlor or the Titling Trust;
and 
 (b)      payment in full of the Notes, against the Depositor or the Issuer. 

SECTION 11.18.  No Recourse. The Notes represent obligations of the Issuer only and do not represent
an interest in or obligations of the Titling Trust, the Servicer, the Settlor, GM Financial, the Depositor, the Issuer Owner Trustee (as such or in its individual capacity) or any of their respective Affiliates, and no recourse may be had against
such parties or their assets, except as may be set forth in this Indenture and the other Program Documents. Each Noteholder, by acceptance of a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (a) the Indenture Trustee or the Issuer Owner
Trustee, as such or in its individual capacity, (b) any owner of a beneficial interest in the Issuer, or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Issuer Owner Trustee, as
such or in its individual capacity or any holder of a beneficial interest in the Issuer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Issuer Owner Trustee, as such or in its
individual capacity, except as any 

  
 58 

 
such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 SECTION
11.19.  Execution of Financing Statements. Pursuant to any applicable law, the Indenture Trustee is authorized to file or record financing statements and other filing or recording documents or instruments with respect to the
Indenture Collateral without the signature of the Issuer in such form and in such offices as the Indenture Trustee determines appropriate to perfect the security interests of the Indenture Trustee under this Indenture. The Issuer hereby authorizes
the Indenture Trustee to use the collateral description “all personal property” or “all assets” in any such financing statements. The Issuer hereby ratifies and authorizes the filing by the Indenture Trustee of any
financing statement with respect to the Indenture Collateral made prior to the date hereof; provided that, at the request of the Issuer, the Indenture Trustee shall amend any such statement (and any other financing statement filed by the Indenture
Trustee in connection with this Indenture) to exclude any property that is released from, or otherwise not included in, the Indenture Collateral. 

SECTION 11.20.  [Reserved]. 

SECTION 11.21.  Indemnification. The indemnification provided by any party under any Program Document shall
include all reasonable legal fees and expenses and court costs incurred by any respective indemnified party in connection with any proceeding to enforce such indemnification obligation. 

SECTION 11.22.  AML Law. The parties hereto acknowledge that in accordance with laws, regulations and
executive orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without
limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control (collectively, “AML Law”), the Indenture Trustee is required to obtain,
verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Indenture. Each applicable party hereby agrees that it shall provide the Indenture Trustee with such identifying
information and documentation as the Indenture Trustee may request from time to time in order to enable the Indenture Trustee to comply with all applicable requirements of AML Law. 

SECTION 11.23.      Third Party Beneficiaries. The Issuer Owner Trustee is an express
third party beneficiary of this Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 59 

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

					
	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
		
	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee,
			
	By:	 	 /s/ Clarice Wright
	 	
	Name:	 	Clarice Wright	 	
	Title:	 	Vice President	 	
	
	COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture Trustee,
			
	By:	 	 /s/ Marianna Stershic
	 	
	Name:	 	Marianna Stershic	 	
	Title:	 	Vice President	 	
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Servicer
			
	By:	 	 /s/ Robert T. Pigott III
	 	
	Name:	 	Robert T. Pigott III	 	
	Title:	 	Senior Vice President, Corporate Treasury	 	

  

  
 [Signature Page to the
Indenture] 

 EXHIBIT A-1 

REGISTERED                        
                                         
                                         
                                         
           $216,290,000 
 No. A-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36266F AA7 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS A-1 1.527% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of TWO HUNDRED SIXTEEN MILLION TWO HUNDRED
NINETY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the May 22, 2023 Payment Date (the “Final
Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-1-1 

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

  
 A-1-2 

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

					
	Date: May 11, 2022	 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
			
		 	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 A-1-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

					
	Date: May 11, 2022	 	 COMPUTERSHARE TRUST COMPANY,
 N.A.,
not in its individual capacity but solely as Indenture Trustee

			
		 	By:	 	
                     
                    

		 		 	Authorized Signatory

  
 A-1-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-1 1.527% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of March 29, 2022 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company,
N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-1 Notes will be payable on each Payment Date in an
amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day,
commencing June 21, 2022. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 A-1-5 

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

The Issuer shall pay interest on overdue installments of interest at the
Class A-1 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2022-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2022-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 A-1-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 A-1-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 A-1-8 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
               
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers unto: 
  

                       
                                         
                                         
                                         
                                         
                                         
               
 (name and address of assignee) 

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

			
	 Dated:
                                        

	  	                                    
                                         
              */
	 	  	Signature Guaranteed:
	 	  	                                  
                                         
        */

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-1-9 

 EXHIBIT A-2-1

  

					
	 REGISTERED
	  	 	$500,000,000    	 

 No. A-2-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36266F AB5 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS A-2 2.93% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS payable on
each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the October 21, 2024 Payment Date (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-2-1-1 

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

  
 A-2-1-2 

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

					
	Date: May 11, 2022	 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
			
		 	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 A-2-1-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

					
	Date: May 11, 2022	 	COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture Trustee
			
		 	By:	 	
                     
                                        

	 	 	 	 	Authorized Signatory

  
 A-2-1-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-2 2.93% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of March 29, 2022 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company,
N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-2 Notes will be payable on each Payment Date in an
amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day,
commencing June 21, 2022. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 A-2-1-5 

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

The Issuer shall pay interest on overdue installments of interest at the
Class A-2 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2022-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2022-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 A-2-1-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 A-2-1-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 A-2-1-8 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
         
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

 

                       
                                         
                                         
                                         
                                         
                                         
         
 (name and address of assignee) 

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

			
	 Dated:
                                        

	  	                                    
                                         
              */
	 	  	Signature Guaranteed:
	 	  	                                  
                                         
        */

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-2-1-9 

 EXHIBIT A-2-2

  

			
	REGISTERED	  	$35,980,000       

 No. A-2-2 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36266F AB5 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS A-2 2.93% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THIRTY-FIVE MILLION NINE HUNDRED EIGHTY
THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the October 21, 2024 Payment Date (the “Final
Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-2-2-1 

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

  
 A-2-2-2 

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

							
	Date: May 11, 2022	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
				
		 		 	By:	 	 Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee

				
		 		 	By:	 	                                      
                                         
                 
		 		 		 	Authorized Signatory

  
 A-2-2-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: May 11, 2022	 		 	 COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture
Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-2-2-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-2 2.93% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of March 29, 2022 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company,
N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-2 Notes will be payable on each Payment Date in an
amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day,
commencing June 21, 2022. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 A-2-2-5 

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

The Issuer shall pay interest on overdue installments of interest at the
Class A-2 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2022-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2022-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 A-2-2-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 A-2-2-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 A-2-2-8 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto: 
  

                       
                                         
                                         
                                         
                                         
                                         
                 
 (name and address of assignee)

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

 

									
	Dated:                                     
             	  	 	                                    
                                         
    */	 	  			
	 	  	Signature Guaranteed:	 	  	 	 
	 	  	                                 
                                         
       */	 	  	 	 

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-2-2-9 

 EXHIBIT A-3 

 

			
	 REGISTERED
	  	$424,320,000

 No. A-3 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36266F AC3 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS A-3 3.42% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED TWENTY-FOUR MILLION THREE
HUNDRED TWENTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 20, 2025 Payment Date (the
“Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will
accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 A-3-1 

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

  
 A-3-2 

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

							
	Date: May 11, 2022	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
				
		 		 	By:	 	 Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee

				
		 		 	By:	 	                                      
                                         
               
		 		 		 	Authorized Signatory

  
 A-3-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: May 11, 2022	 		 	 COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture
Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-3-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-3 3.42% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of March 29, 2022 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company,
N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-3 Notes will be payable on each Payment Date in an
amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day,
commencing June 21, 2022. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 A-3-5 

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

The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2022-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2022-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 A-3-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 A-3-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 A-3-8 

 ASSIGNMENT 

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

                       
                                         
                                         
                                         
                                         
                                         
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto: 

                       
                                         
                                         
                                         
                                         
                                         
             
 (name and address of assignee) 

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

 

									
	Dated:                                     
             	  	 	                                    
                                         
    */	 	  			
	 	  	Signature Guaranteed:	 	  	 	 
	 	  	                                 
                                         
       */	 	  	 	 

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-3-9 

 EXHIBIT A-4 

 

			
	REGISTERED	  	$121,420,000

 No. A-4 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 36266F AD1 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS A-4 3.54% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of ONE HUNDRED
TWENTY-ONE MILLION FOUR HUNDRED TWENTY THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the May 20, 2026 Payment Date (the “Final Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or
made available for payment. Interest on this Note will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022.
Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 

  
 A-4-1 

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

  
 A-4-2 

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

							
	Date: May 11, 2022	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
				
		 		 	By:	 	Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
				
		 		 	By:	 	                                      
                                         
               
		 		 		 	Authorized Signatory

  
 A-4-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: May 11, 2022	 		 	 COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture
Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-4-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its
Class A-4 3.54% Asset Backed Notes (herein called the “Class A-4 Notes”), all issued under an Indenture dated as of March 29, 2022 (such
indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company,
N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class A-4 Notes will be payable on each Payment Date in an
amount described on the face hereof. “Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day,
commencing June 21, 2022. If GM Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Payment Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Majority Noteholders have declared the Notes to be immediately due and payable in the manner
provided in the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled thereto. 

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

  
 A-4-5 

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

The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Interest Rate to the extent lawful. 
 As provided in the Indenture
and the 2022-2 Servicing Agreement, the Servicer will be permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and
to terminate the pledge of the 2022-2 Exchange Note on any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount
of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note
shall equal the unpaid principal balances of the outstanding Notes, together with accrued interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture
Collections Account on the related Payment Date fixed for redemption. In connection with an Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 A-4-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 A-4-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 A-4-8 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
     
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

 

                       
                                         
                                         
                                         
                                         
                                         
     
 (name and address of assignee) 

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

									
	Dated:                                     
             	  	 	                                    
                                         
    */	 	  			
	 	  	Signature Guaranteed:	 	  	 	 
	 	  	                                 
                                         
       */	 	  	 	 

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 A-4-9 

 EXHIBIT B 
  

			
	REGISTERED	  	$69,620,000 

 No. B 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 36266F AE9 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS B 4.02% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SIXTY-NINE MILLION SIX HUNDRED TWENTY
THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the May 20, 2026 Payment Date (the “Final
Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 B-1 

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

  
 B-2 

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

							
	Date: May 11, 2022	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2
				
		 		 	By:	 	 Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee

				
		 		 	By:	 	                                      
                                         
               
		 		 		 	Authorized Signatory

  
 B-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date: May 11, 2022	 		 	 COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture
Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 B-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class B 4.02% Asset Backed Notes
(herein called the “Class B Notes”), all issued under an Indenture dated as of March 29, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit
Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee
under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class B Notes will be payable on each Payment Date in an amount described on the face hereof.
“Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing June 21, 2022. If GM
Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 B-5 

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

The Issuer shall pay interest on overdue installments of interest at the Class B Interest Rate to the extent lawful. 

As provided in the Indenture and the 2022-2 Servicing Agreement, the Servicer will be
permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2022-2 Exchange Note on
any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on
the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued
interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an
Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and
the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 B-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 B-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 B-8 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto: 
  

                       
                                         
                                         
                                         
                                         
                                         
             
 (name and address of assignee) 

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

									
	Dated:                                     
             	  	 	                                    
                                         
    */	 	  			
	 	  	Signature Guaranteed:	 	  	 	 
	 	  	                                 
                                         
       */	 	  	 	 

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 B-9 

 EXHIBIT C 
  

					
	 REGISTERED
	  	$	64,820,000	 

 No. C 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 36266F AF6 

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

GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 

CLASS C 4.33% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SIXTY-FOUR MILLION EIGHT HUNDRED TWENTY
THOUSAND DOLLARS payable on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the May 20, 2026 Payment Date (the “Final
Scheduled Payment Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each
Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

  
 C-1 

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

  
 C-2 

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

									
	Date: May 11, 2022	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2	 	
					
		 		 	By:	 	 Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
	 	
					
		 		 	By:	 	
                     
                    
	 	
		 		 		 	Authorized Signatory	 	

  
 C-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

											
	Date: May 11, 2022	 		 		 	 COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture Trustee
	 	
						
		 		 		 	By:	 	
                     
                    
	 	
		 		 		 	Authorized Signatory	 	

  
 C-4 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class C 4.33% Asset Backed Notes
(herein called the “Class C Notes”), all issued under an Indenture dated as of March 29, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit
Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee
under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class C Notes will be payable on each Payment Date in an amount described on the face hereof.
“Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing June 21, 2022. If GM
Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 C-5 

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

The Issuer shall pay interest on overdue installments of interest at the Class C Interest Rate to the extent lawful. 

As provided in the Indenture and the 2022-2 Servicing Agreement, the Servicer will be
permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2022-2 Exchange Note on
any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on
the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued
interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an
Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and
the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 C-6 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) it is, or is acting on behalf of or investing the assets of, a
Benefit Plan Entity and its acquisition, holding and disposition of this Note will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code
or a non-exempt violation of any Similar Law. If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to
represent that its acquisition, holding and disposition of this Note or any beneficial interest herein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code or a non-exempt violation of any Similar Law. 
 Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer,
the Issuer Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner
Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee
or the Issuer Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity,
and (ii) to treat the Notes that are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such 

  
 C-7 

 
consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term
“Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations
therein set forth. 
 THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 C-8 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto: 
  

                       
                                         
                                         
                                         
                                         
                                         
             
 (name and address of assignee) 

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

 

									
	Dated:
                                         
   	  	 	                                    
                                         
                */	 	  			
	 	  	Signature Guaranteed:	 	  	 	 
	 	  	                                 
                                         
                   */	 	  	 	 

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 C-9 

 EXHIBIT D 
  

					
	 REGISTERED
	  	$	40,010,000	 

 No. D 
 SEE
REVERSE FOR CERTAIN DEFINITIONS 
 CUSIP NO. 36266F AG4 

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS
DEEMED TO REPRESENT TO THE DEPOSITOR AND THE ISSUER OWNER TRUSTEE THAT IT (I) IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT (A “QIB”) AND IS ACQUIRING SUCH NOTE FOR ITS
OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (II) IS AN “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE
ACCREDITED INVESTORS) OR (III) IS OTHERWISE ACQUIRING THIS NOTE IN A TRANSACTION EXEMPT FROM THE SECURITIES ACT. 
 NO
SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE DEPOSITOR, (II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT,
SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE
QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (III) SUCH SALE, PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
IN 

  
 D-1 

 
WHICH CASE (A) THE ISSUER SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE ISSUER AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH
TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER AND THE DEPOSITOR, AND (B) THE ISSUER SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE ISSUER, THE DEPOSITOR OR THE
ISSUER OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE ISSUER TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING
RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES. 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF
THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 GM FINANCIAL AUTOMOBILE LEASE TRUST 2022-2 
 CLASS D 0.00% ASSET BACKED NOTE 

GM Financial Automobile Lease Trust 2022-2, a statutory trust organized and existing
under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY MILLION TEN THOUSAND DOLLARS payable
on each Payment Date pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the September 21, 2026 Payment Date (the “Final Scheduled Payment
Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Payment Date from
the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from May 11, 2022. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same
effect as though fully set forth on the face of this Note. 

  
 D-2 

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

  
 D-3 

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

									
	Date: May 11, 2022	 		 	GM FINANCIAL AUTOMOBILE LEASING TRUST 2022-2	 	
					
		 		 	By:	 	 Wilmington Trust Company, not in its individual capacity but solely as Issuer Owner Trustee
	 	
					
		 		 	By:	 	
                     
                    
	 	
		 		 		 	Authorized Signatory	 	

  
 D-4 

 CERTIFICATE OF AUTHENTICATION 

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

 

									
	Date: May 11, 2022	 		 	 COMPUTERSHARE TRUST COMPANY, N.A., not in its individual capacity but solely as Indenture Trustee
	 	
					
		 		 	By:	 	
                     
                    
	 	
		 		 		 	Authorized Signatory	 	

  
 D-5 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class D 0.00% Asset Backed Notes
(herein called the “Class D Notes”), all issued under an Indenture dated as of March 29, 2022 (such indenture, as supplemented or amended, is herein called the “Indenture”), among the Issuer, AmeriCredit
Financial Services Inc., d/b/a GM Financial (“GM Financial”), as servicer, and Computershare Trust Company, N.A., as indenture trustee (the “Indenture Trustee,” which term includes any successor Indenture Trustee
under the Indenture) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes (together, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 

Principal of the Class D Notes will be payable on each Payment Date in an amount described on the face hereof.
“Payment Date” means the twentieth (20th) day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing June 21, 2022. If GM
Financial is no longer acting as Servicer, the Payment Date may be a different day of the month. The term “Payment Date,” shall be deemed to include the Final Scheduled Payment Date. 

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

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

  
 D-6 

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

The Issuer shall pay interest on overdue installments of interest at the Class D Interest Rate to the extent lawful. 

As provided in the Indenture and the 2022-2 Servicing Agreement, the Servicer will be
permitted at its option to purchase the 2022-2 Exchange Note and other components of the Issuer Trust Estate and to terminate the pledge of the 2022-2 Exchange Note on
any Redemption Date if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Amount of all Notes is less than or equal to 10% of the Outstanding Amount of all Notes measured on
the 2022-2 Closing Date. The purchase price for the 2022-2 Exchange Note shall equal the unpaid principal balances of the outstanding Notes, together with accrued
interest thereon for the related Interest Accrual Period and certain other amounts, which amount shall be deposited by the Servicer into the Indenture Collections Account on the related Payment Date fixed for redemption. In connection with an
Optional Purchase, the Notes will be redeemed on such Payment Date in whole, but not in part, for the Redemption Price and thereupon the pledge of the 2022-2 Exchange Note shall be discharged and released and
the 2022-2 Exchange Note shall be returned to or upon the order of the Servicer. 

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

  
 D-7 

 
that either (a) it is not, and it is not acting on behalf of or investing the assets of, a Benefit Plan Entity or (b) an Opinion of Counsel described below and in clause (ii)(A) in the
first sentence of Section 2.4(d) of the Indenture has been delivered. 
 Each Noteholder or Note Owner, by acceptance
of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Issuer Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity,
(b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its individual capacity,
any holder of a beneficial interest in the Issuer, the Depositor, the Servicer, the Issuer Owner Trustee or the Indenture Trustee or of any successor or assign of the Depositor, the Servicer, the Indenture Trustee or the Issuer Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Issuer Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that
are owned or beneficially owned by a Person other than the Depositor, or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes. 

The Notes represent obligations of the Issuer only and do not represent interests in, recourse to or obligations of the
Titling Trust, the Depositor, the Settlor, the Servicer or any of their respective Affiliates. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuer and the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Majority Noteholders. The Indenture also contains provisions permitting the Noteholders representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or
in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder. 

  
 D-8 

 The term “Issuer” as used in this Note includes any
successor to the Issuer under the Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 
 The Notes
are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AN CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW). 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Program Documents, none of Wilmington
Trust Company in its individual capacity, Computershare Trust Company, N.A. in its individual capacity, any owner of a beneficial interest in the Issuer, or any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in
the Indenture. The Noteholder of this Note by its acceptance hereof agrees that, except as expressly provided in the Program Documents, in the case of an Event of Default the Noteholder shall have no claim against any of the foregoing for any
deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note. 

  
 D-9 

 ASSIGNMENT 

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

 

                       
                                         
                                         
                                         
                                         
                                         
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto: 
  

                       
                                         
                                         
                                         
                                         
                                         
             
 (name and address of assignee) 

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

									
	Dated:
                                         
       	  	 	                                    
                                         
    */	 	  			
	 	  	Signature Guaranteed:	 	  	 	 
	 	  	                                 
                                         
       */	 	  	 	 

  

	*/	 NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears
on the face of the within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. 

  
 D-10

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