Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 TRANSFER AND
SERVICING 
 AGREEMENT 
 among

 GMF FLOORPLAN OWNER REVOLVING TRUST, 

Issuer, 
 GMF WHOLESALE RECEIVABLES
LLC, 
 Transferor, 
 and 

AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, 

Servicer 
 Dated as of
March 27, 2013 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitional Provisions	  	 	1	 
		
	 ARTICLE II TRANSFER OF RECEIVABLES
	  	 	2	 
			
	 Section 2.01
	 	Transfer of Receivables	  	 	2	 
	 Section 2.02
	 	Acceptance by the Issuer	  	 	5	 
	 Section 2.03
	 	Representations and Warranties of Transferor Relating to Itself and this Agreement	  	 	6	 
	 Section 2.04
	 	Representations and Warranties of Transferor Relating to Receivables and Accounts	  	 	8	 
	 Section 2.05
	 	Covenants of Transferor	  	 	10	 
	 Section 2.06
	 	Designation of Additional Accounts	  	 	12	 
	 Section 2.07
	 	Redesignation of Accounts Without Removal of Receivables	  	 	14	 
	 Section 2.08
	 	Redesignation of Accounts With Removal of Receivables	  	 	15	 
	 Section 2.09
	 	Transfer of Ineligible Receivables	  	 	17	 
		
	 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	 	17	 
			
	 Section 3.01
	 	Acceptance of Appointment and Other Matters Relating to Servicer	  	 	17	 
	 Section 3.02
	 	Servicing Compensation	  	 	18	 
	 Section 3.03
	 	Representations, Warranties and Covenants of Servicer	  	 	19	 
	 Section 3.04
	 	Preparation of Servicer’s Certificate	  	 	22	 
	 Section 3.05
	 	Annual Statement as to Compliance	  	 	22	 
	 Section 3.06
	 	Annual Independent Public Accountants’ Reports	  	 	23	 
	 Section 3.07
	 	Notices to GMF	  	 	24	 
	 Section 3.08
	 	Adjustments	  	 	24	 
	 Section 3.09
	 	Reports	  	 	24	 
	 Section 3.10
	 	Excess Funding Account	  	 	24	 
	 Section 3.11
	 	Cash Management Account	  	 	24	 
		
	 ARTICLE IV OTHER MATTERS RELATING TO TRANSFEROR
	  	 	25	 
			
	 Section 4.01
	 	Increases in the Overcollateralization Amount	  	 	25	 
		
	 ARTICLE V OTHER MATTERS RELATING TO SERVICER
	  	 	25	 
			
	 Section 5.01
	 	Liability of Servicer	  	 	25	 

  
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	 Section 5.02
	 	Merger or Consolidation of, or Assumption of Obligations of, Servicer	  	 	25	 
	 Section 5.03
	 	Limitation on Liability of Servicer and Others	  	 	25	 
	 Section 5.04
	 	Servicer Indemnification of Issuer, Owner Trustee and Indenture Trustee	  	 	26	 
	 Section 5.05
	 	Servicer Not to Resign	  	 	26	 
	 Section 5.06
	 	Access to Certain Documentation and Information Regarding Receivables	  	 	27	 
	 Section 5.07
	 	Delegation of Duties	  	 	27	 
	 Section 5.08
	 	Examination of Records	  	 	27	 
		
	 ARTICLE VI SERVICER DEFAULTS
	  	 	28	 
			
	 Section 6.01
	 	Servicer Termination Event	  	 	28	 
	 Section 6.02
	 	Indenture Trustee to Act; Appointment of Successor	  	 	28	 
	 Section 6.03
	 	Notification to Noteholders	  	 	30	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	30	 
		
	 ARTICLE VII TERMINATION
	  	 	30	 
			
	 Section 7.01
	 	Termination of Agreement	  	 	30	 
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	 	31	 
			
	 Section 8.01
	 	Amendment	  	 	31	 
	 Section 8.02
	 	Protection of Right, Title and Interest to Issuer	  	 	32	 
	 Section 8.03
	 	No Petition	  	 	33	 
	 Section 8.04
	 	Governing Law	  	 	33	 
	 Section 8.05
	 	Notices	  	 	33	 
	 Section 8.06
	 	Severability of Provisions	  	 	34	 
	 Section 8.07
	 	Further Assurances	  	 	34	 
	 Section 8.08
	 	No Waiver; Cumulative Remedies	  	 	34	 
	 Section 8.09
	 	Counterparts	  	 	34	 
	 Section 8.10
	 	Third-Party Beneficiaries	  	 	34	 
	 Section 8.11
	 	Rule 144A Information	  	 	35	 
	 Section 8.12
	 	Merger and Integration	  	 	35	 
	 Section 8.13
	 	Headings	  	 	35	 
	 Section 8.14
	 	Limitation of Liability of Owner Trustee	  	 	35	 

 EXHIBIT A – Form of Assignment of Receivables in Additional Accounts 

EXHIBIT B – Form of Reassignment of Receivables in Redesignated Accounts 

EXHIBIT C – Servicing Items 

SCHEDULE I – Account Schedule 
  

  
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 TRANSFER AND SERVICING AGREEMENT, dated as of March 27, 2013 (as modified,
supplemented, amended or restated from time to time, this “Agreement”) by and among GMF WHOLESALE RECEIVABLES LLC, a Delaware limited liability company (“GMWR”, or the “Transferor”), GMF FLOORPLAN
OWNER REVOLVING TRUST, a Delaware statutory trust (the “Issuer”), and AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, a Delaware corporation (“GMF”, or the “Servicer”). 

RECITALS 
 A. The parties hereto
desire, among other things, to provide for the sale by the Transferor to the Issuer on the first Series Issuance Date and from time to time thereafter of the Receivables arising in connection with the Accounts and to provide for the servicing
of such Receivables by the Servicer. 
 B. Such Receivables have been originally purchased by the Transferor from GMF, as Seller, pursuant to
the Receivables Purchase Agreement and, upon the sale of such Receivables by the Transferor to the Issuer pursuant to the terms hereof, will secure the Notes issued by the Issuer from time to time under the Indenture and the Indenture Supplements.

 In consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows. 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. 

All terms used herein and not otherwise defined herein have the meanings ascribed to them in the Annex of Definitions attached as
Annex A to the Indenture, dated as of March 27, 2013, between the Issuer and Wells Fargo Bank, National Association, as indenture trustee. Whenever used in this Agreement, such terms are applicable to the singular as
well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

Section 1.02 Other Definitional Provisions. 

(a) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or
other document made or delivered pursuant hereto unless otherwise defined therein. 
 (b) As used in this Agreement, in any instrument
governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement, the Annex of Definitions or in any such instrument, certificate or other document, and accounting
terms partly defined in this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of
this Agreement or any such instrument, certificate or other document, as applicable. To the 

 
extent that the definitions of accounting terms in this Agreement, Annex of Definitions or in any such instrument, certificate or other document are inconsistent with the meanings of such terms
under generally accepted accounting principles, the definitions contained in this Agreement, Annex of Definitions or in any such instrument, certificate or other document shall control. 

(c) Unless otherwise specified, references to any dollar amount on any particular date mean such amount at the close of business on such day.

 (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless
otherwise specified; and the term “including” shall mean “including without limitation.” 
 (e) Any agreement, instrument
or statute defined or referred to herein or in any instrument governed hereby or certificate or other document delivered or made in connection herewith means such agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 

(f) As used herein, uncapitalized terms shall have the meanings, if any, ascribed thereto in the UCC in effect in the applicable
jurisdiction(s). 
 ARTICLE II 

TRANSFER OF RECEIVABLES 

Section 2.01 Transfer of Receivables. 

(a) By execution of this Agreement, the Transferor does hereby acknowledge and confirm that on the first Series Issuance Date it will and
hereby will continue to sell, transfer, assign, set-over and otherwise convey, without recourse (except as expressly provided herein), to the Issuer and grant a security interest to the Issuer in, the
following property, in each case, on and as of the dates specified below: 
 (i) on the first Series Issuance Date,
(A) all of its right, title and interest in, to and under each Receivable existing in or arising in connection with each Initial Account (from and including the Cutoff Date to and including the first Series Issuance Date) and all Related
Security, including the Transferor’s interest in the security interests granted by the Dealers in the related Vehicles and any subordinated security interests in other Collateral with respect to such Receivable owned by the Transferor at the
close of business on the Cutoff Date, (B) all of its rights under the Receivables Purchase Agreement with respect to such Receivable, (C) all of its rights under the related Sales and Service Agreement, (D) all of its rights under
intercreditor agreements with third-party creditors of Dealers with respect to each such Initial Account, (E) all of its rights under the related Floorplan Financing Agreement, (F) all proceeds of the foregoing

  
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owned by the Transferor at the close of business on the Cutoff Date and (G) all monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including
“proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto; 

(ii) on the applicable Addition Date, (A) all of its right, title and interest in, to and under each Receivable existing
in or arising in connection with each Additional Account (from and including the related Additional Cutoff Date to and including the related Addition Date) related to such Addition Date and all Related Security, including the Transferor’s
interest in the security interests granted by the Dealers in the related Vehicles and any subordinated security interests in other Collateral with respect to such Receivable owned by the Transferor at the close of business on the applicable
Additional Cutoff Date and not previously transferred to the Issuer pursuant hereto, (B) all of its rights under the Receivables Purchase Agreement with respect to such Receivable, (C) all of its rights under the related Sales and Service
Agreement, (D) all of its rights under intercreditor agreements with third-party creditors of Dealers with respect to each such Additional Account, (E) all of its rights under the related Floorplan Financing Agreement, (F) all
proceeds of the foregoing owned by the Transferor at the close of business on the Additional Cutoff Date and (G) all monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including
“proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto; and 

(iii) on each Business Day occurring before the earlier of (x) the occurrence of an Early Amortization Event specified in
clause (1) of Section 5.01 of the Indenture and (y) the Trust Termination Date, on which day a new Receivable is created in connection with an Account other than a Redesignated Account after the related Redesignation Date or related
Removal and Reassignment Date, as applicable (each such Business Day being a “Transfer Date”), (A) all of its right, title and interest in, to and under such Receivable and all Related Security, including the Transferor’s
interest in the security interests granted by the Dealers in the related Vehicles and any subordinated security interests in other Collateral with respect to such Receivable owned by the Transferor at the close of business on the applicable Transfer
Date, (B) all of its rights under the Receivables Purchase Agreement with respect to such Receivable, (C) all of its rights under the related Sales and Service Agreement, (D) all of its rights under intercreditor agreements with
third-party creditors of Dealers with respect to the related Account, (E) all of its rights under the related Floorplan Financing Agreement, (F) all proceeds of the foregoing owned by the Transferor at the close of business on the Transfer
Date and (G) all monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect
thereto. 
 The parties intend that all transfers described above constitute sales and not transfers for security for a loan. The parties agree that if any
transfer described above is not deemed to be a sale, (i) the Transferor is deemed to have granted, and does hereby grant, to the Issuer a first priority perfected security interest in all of the Transferor’s right, title and interest,
whether now owned or hereafter acquired, in, to and under the Receivables arising in connection with the Accounts now 

  
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existing and hereafter created, all Related Security, all other personal property described from time to time in Section 2.01(a) and all proceeds thereof (including “proceeds,” as
defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto, (ii) this Agreement constitutes a security agreement and (iii) the Transferor and the Issuer each represents and warrants as to itself
only that each remittance of any collections with respect to the Receivables or any other proceeds to the Issuer, or its assignee, thereof under this Agreement, will have been (A) in payment of a debt incurred by the Transferor in the ordinary
course of business or financial affairs of the Transferor and the Issuer and (B) made in the ordinary course of business or financial affairs of the Transferor and the Issuer. 

Notwithstanding anything herein to the contrary, the Issuer hereby acknowledges and agrees that it shall be subject to the first sentence of
Section 6.01(c) of the Receivables Purchase Agreement. 
 (b) The foregoing sales, and any subsequent transfers of additional assets, do
not constitute, and are not intended to result in, the creation or an assumption by the Issuer of any obligation of the Transferor, the Servicer, the Seller, GM or any other Person in connection with the Accounts, the related Receivables or any
agreement or instrument relating thereto, including any obligation to any Dealers or GM. The foregoing transfers are not transfers of the Accounts; they are transfers of the Receivables arising in connection therewith and the Related Security. 

(c) In connection with such sales, the Transferor will, to the extent it has not done so, record and file, at its own expense, a financing
statement on form UCC-1 or any other applicable form (and continuation statements when applicable) with respect to the Receivables transferred by the Transferor for the sale of “instruments”,
“chattel paper”, “general intangibles”, “payment intangibles” or “accounts” (each as defined in the UCC as in effect in the applicable jurisdiction) meeting the requirements of Applicable Law in such manner
and in such jurisdictions as are necessary to perfect the sale and assignment of the Receivables and the Related Security to the Issuer, and to deliver a file-stamped copy of such financing statements or other evidence of such filing to the Issuer
within 10 days after the first Series Issuance Date, in the case of the Initial Accounts, and (if any additional filing is so necessary) the applicable Addition Date, in the case of Additional Accounts. The Owner Trustee and the Indenture
Trustee will be under no obligation whatsoever to file such financing statement, or a continuation statement to such financing statement, or to make any other filing under Applicable Law in connection with such sales. 

(d) In connection with such sales, at its own expense, on or before the first Series Issuance Date, in the case of the Initial Accounts,
and the applicable Addition Date, in the case of Additional Accounts, the Transferor has or will (to the extent it has not done so): 

(i) indicate in its books and records (and with respect to (C) below, in its computer files), and cause the Seller to
indicate in its books and records (and with respect to (C) below, in its computer files) as required by the Receivables Purchase Agreement, that the Receivables arising in connection with the Accounts and the Related Security: (A) have
been sold or assigned, as the case may be, to the Transferor pursuant to the Receivables Purchase Agreement, then (B) transferred by the Transferor to the Issuer pursuant to this Agreement and then (C) pledged by the Issuer to the
Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture; 

  
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 (ii) in the case of the Initial Accounts, deliver to the Issuer and the
Indenture Trustee (or cause the Seller to do so) the Initial Account Schedule; and 
 (iii) in the case of Additional
Accounts, deliver to the Issuer and the Indenture Trustee (or cause the Seller to do so) each applicable Additional Account Schedule. 
 The Account
Schedule, as amended, supplemented or otherwise modified from time to time will be marked as Schedule I to this Agreement and is hereby incorporated into and made a part of this Agreement. 

(e) In consideration for the sale of Receivables arising in connection with each Initial Account and the Related Security and other personal
property described in Section 2.01(a)(i), on the first Series Issuance Date, the Issuer has paid to the Transferor consideration in the form of cash, an increase in value of the Transferor Interest or other valuable consideration having
value reasonably equivalent to the value of the assets so conveyed on such date. On any date after the first Series Issuance Date on which the Transferor has acquired from GMF additional Receivables and Related Security and other related
personal property pursuant to the Receivables Purchase Agreement, the Issuer shall purchase such assets from the Transferor. In consideration for any such purchase of Receivables and the Related Security and other related personal property, the
Issuer will pay to the Transferor on the related Transfer Date or less frequently if so agreed by the Transferor and the Issuer an amount equal to the amount paid therefor by the Transferor in the form of any cash drawn or withheld from amounts on
deposit in the Collection Account or the Excess Funding Account or amounts held by the Servicer in accordance with the Basic Documents, which amounts have not been, and are not required to be, allocated to the Noteholders or otherwise allocated to
the holders of the Transferor Interest pursuant to the Indenture or any Indenture Supplement or other valuable consideration having value reasonably equivalent to the value of the assets so conveyed on such date. The purchase price will not be
materially less favorable than prices for transactions of a generally similar character at the time of the acquisition, taking into account the quality of the Receivables, the Transferor’s cost of acquiring the Receivables and a reasonable
return on such costs, and other pertinent factors; provided, that such consideration will in any event not be less than reasonably equivalent value therefor. 

Section 2.02 Acceptance by the Issuer. 

The Issuer hereby acknowledges its acceptance of all right, title and interest previously held by the Transferor to the property, now existing
and hereafter created, conveyed to the Issuer pursuant to Section 2.01, and declares it will maintain all right, title and interest in the property in accordance with and subject to the terms of the Basic Documents. The Issuer further
acknowledges that, before or simultaneously with the execution and delivery of this Agreement, the Transferor has delivered the Initial Account Schedule in accordance with the terms hereof. 

  
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 Section 2.03 Representations and Warranties of Transferor Relating to Itself and
this Agreement. 
 (a) Representations and Warranties. The Transferor hereby represents and warrants to the Issuer (and agrees
that the Indenture Trustee may conclusively rely on each such representation and warranty) as of each Series Issuance Date (unless another date is specified below) that: 

(i) Organization and Good Standing. The Transferor is a limited liability company duly formed and validly existing and
in good standing under the laws of the jurisdiction of its formation and has, in all material respects, full power, authority and legal right to own its properties and conduct its business as such properties are currently owned and such business is
currently conducted, and to execute, deliver and perform its obligations under this Agreement and the Receivables Purchase Agreement. 

(ii) Due Qualification. The Transferor is duly qualified to do business and, where necessary, is in good standing as a
foreign corporation (or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction where the conduct of its business requires such qualification, except where the failure to so qualify or obtain
licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Agreement or the Receivables Purchase Agreement. 

(iii) Due Authorization. The Transferor has duly authorized by all necessary action on its part the execution and
delivery of this Agreement and the Receivables Purchase Agreement and the consummation by the Transferor of the transactions provided for or contemplated by this Agreement and the Receivables Purchase Agreement. 

(iv) No Conflict. The Transferor’s execution and delivery of this Agreement and the Receivables Purchase Agreement,
its performance of the transactions contemplated by this Agreement and the Receivables Purchase Agreement and the fulfillment of the terms hereof and thereof applicable to it, will not conflict with, result in any breach of any of the material terms
and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any material indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Transferor is a party or by which it
or its properties are bound. 
 (v) No Violation. The Transferor’s execution and delivery of this Agreement and
the Receivables Purchase Agreement, its performance of the transactions contemplated by this Agreement and the Receivables Purchase Agreement and the fulfillment of the terms hereof and thereof applicable to it, will not conflict with or violate any
material Requirements of Law applicable to it. 

  
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 (vi) No Proceedings. There are no proceedings pending or, to the best
of its knowledge, no proceedings threatened or investigations pending or threatened against the Transferor before or by any Governmental Authority (A) asserting the invalidity of this Agreement or the Receivables Purchase Agreement,
(B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or the Receivables Purchase Agreement, (C) seeking any determination or ruling that, in its reasonable judgment, would materially and
adversely affect its performance of its obligations under this Agreement or the Receivables Purchase Agreement, (D) seeking any determination or ruling that would materially and adversely affect the validity or enforceability of this Agreement
or the Receivables Purchase Agreement or (E) seeking to affect adversely the income tax characterization of the Issuer under the United States federal or any other applicable state or local jurisdiction’s income, single business or
franchise tax systems. 
 (vii) All Consents Required. All material authorizations, consents, orders, approvals or
other actions of any Governmental Authority required to be obtained or effected by the Transferor in connection with its execution and delivery of this Agreement and the Receivables Purchase Agreement, its performance of the transactions
contemplated by this Agreement and the Receivables Purchase Agreement and the fulfillment of the terms hereof and thereof applicable to it, have been duly obtained or effected and are in full force and effect. 

(viii) Enforceability. This Agreement and the Receivables Purchase Agreement each constitutes a legal, valid and binding
obligation of the Transferor, enforceable against it in accordance with the terms hereof or thereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

(ix) Valid Transfer. This Agreement or, in the case of Additional Accounts, the related Assignment constitutes a valid
transfer and assignment to the Issuer of all right, title and interest of the Transferor in the related Receivables and the Related Security and the proceeds thereof and all of the Transferor’s rights, remedies, powers and privileges with
respect to the Receivables under the Receivables Purchase Agreement or constitutes a granting to the Issuer of an enforceable first priority perfected security interest (as defined in the UCC as in effect in the applicable jurisdiction) in the
property now existing and hereafter created, and, upon the filing of the financing statements described in Section 2.01(c) and, in the case of the Receivables and the Related Security hereafter created and the proceeds thereof, upon the
creation thereof, the Issuer will have a first priority perfected ownership interest or security interest in such property, except for Permitted Liens. Except as otherwise provided in the Basic Documents, neither the Transferor nor any Person
claiming through or under it has any claim to or interest in the Trust Property. 
 (b) Notice of Breach. The representations and
warranties set forth in Section 2.03(a) survive the transfer and assignment of the Receivables and Related Security to the Issuer. If any Responsible Officer of the Transferor, the Owner Trustee or the Servicer, or any Trustee Officer of the
Indenture Trustee, has actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering such breach will give prompt written notice thereof to the other parties. 

  
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 Section 2.04 Representations and Warranties of Transferor Relating to Receivables
and Accounts. 
 (a) Representations and Warranties. The Transferor hereby represents and warrants to the Issuer that: 

(i) Each Receivable and its Related Security existing (x) on the first Series Issuance Date in the case of the Receivables
in an Initial Account, (y) on the related Addition Date in the case of Receivables existing in an Additional Account on such date and (z) on the related Transfer Date in the case of Receivables not included in clause (x) or (y), is
being sold on such date free and clear of any Lien (other than Permitted Liens), and all consents, licenses, approvals or authorizations of or registrations or declarations with any Governmental Authority required to be obtained, effected or given
by the Transferor in connection with the transfer of such Receivable and Related Security on such date have been duly obtained, effected or given and are in full force and effect. 

(ii) (A) Each Initial Account is an Eligible Account as of the Cutoff Date and (B) each Additional Account is an
Eligible Account as of the applicable Additional Cutoff Date. 
 (iii) As of the Cutoff Date (in the case of Receivables
existing in an Initial Account on such date), the related Additional Cutoff Date (in the case of a Receivable existing in the related Additional Account on such date), or the related Transfer Date (in the case of any other Receivable), such
Receivable is an Eligible Receivable or, if such Receivable is not an Eligible Receivable, such Receivable is being conveyed to the Transferor in accordance with Section 2.01 and no selection procedures reasonably believed to be adverse to the
Noteholders have been used in selecting the Accounts.  
 (iv) This
Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables, Related Security and other personal property described in Section 2.01(a) in favor of the Issuer, which security interest is prior to all
other Liens (other than Permitted Liens), and is enforceable as such as against creditors of and purchasers from the Transferor. 

(v) The Receivables constitute “instruments”, “chattel paper”, “general intangibles”,
“payment intangibles” or “accounts” within the meaning of the UCC. 
 (vi) The Transferor owns and has
good and marketable title to the Receivables, Related Security and other personal property described in Section 2.01(a), free and clear of any Lien (other than Permitted Liens). 

(vii) The Transferor has caused or will have caused, within ten days after the initial Series Issuance Date, 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 Receivables, Related Security and other personal property described in
Section 2.01(a), to the extent perfection with respect to such property may be effected by filing under the UCC, granted to the Issuer hereunder. 

  
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 (viii) The Transferor has not authorized the filing of and is not aware of
any financing statements against the Transferor that include a description of collateral covering the Receivables, Related Security or other personal property described in Section 2.01(a) other than any financing statement (i) relating to
the security interest granted to the Issuer hereunder, (ii) that has been terminated or as to which the secured party has released its security interest with respect to collateral covering the Receivables, Related Security or other personal
property described in Section 2.01(a), or (iii) that was filed with respect to Permitted Liens. 
 (ix) Account
Schedule. As of the Cutoff Date, the Initial Account Schedule is an accurate and complete listing in all material respects of all the Initial Accounts and the information contained therein with respect to the identity of such Initial Accounts
and the Principal Receivables arising in connection therewith is true and correct in all material respects. As of the applicable Additional Cutoff Date, the Additional Account Schedule is an accurate and complete listing in all material respects of
all the related Additional Accounts and the information contained therein with respect to the identity of such Additional Accounts and the Principal Receivables arising in connection therewith is true and correct in all material respects. 

(b) Notice of Breach. The representations and warranties set forth in Section 2.04(a) survive the transfer and assignment of the
Receivables and Related Security to the Issuer. If any Responsible Officer of the Transferor, the Owner Trustee or the Servicer, or any Trustee Officer of the Indenture Trustee, has actual knowledge of a breach of any of the foregoing
representations and warranties, the party discovering such breach will give prompt written notice thereof to the other parties. 
 (c)
Reassignment upon Breach. If any representation or warranty under Section 2.04(a) is not true and correct as of the date specified therein with respect to a Receivable and such breach has a material adverse effect on such Receivable,
then, within 60 days after the earlier to occur of the discovery of any such breach by the Transferor, or receipt by the Transferor of written notice of any such breach (specifying the nature thereof) given by the Issuer, the Indenture Trustee
or the Servicer, the Transferor will accept reassignment of such Receivable on the Determination Date immediately succeeding the expiration of such 60-day period on the terms and conditions set forth in the
next succeeding paragraph; provided, however, that no such reassignment will be required to be accepted if, by the end of such 60-day period, the representations and warranties that were the
subject of such breach are then true and correct and any material adverse effect caused by the breach has been cured. 
 The balance of any
Principal Receivable subject to reassignment pursuant to this Section 2.04(c) shall be excluded from the Pool Balance on or before the last day of the Collection Period in which the reassignment obligation arises. If such deduction would cause
the Adjusted Pool Balance to fall below the Required Participation Amount, then either (i) pursuant to Section 2.06, the Transferor shall designate additional Eligible Accounts as Additional Accounts, such that the Adjusted Pool Balance
exceeds the Required Participation Amount, or (ii) the 

  
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Transferor shall deposit into the Excess Funding Account in immediately available funds the Transferor Deposit Amount; provided, however, that if the Transferor fails to transfer
the Receivables and Related Security arising in connection with such Additional Accounts, or if the related Transferor Deposit Amount is not deposited as required by this sentence, then collections in respect of such Reassigned Receivable will
continue to be included in Interest Collections and Principal Collections. After the transfer by the Transferor of Receivables and Related Security with respect to Additional Accounts or payment by the Transferor of the Transferor Deposit Amount, if
any, the Issuer will automatically and without further action be deemed to transfer, assign, set over and otherwise convey to the Transferor, without recourse, representation or warranty, all the right, title and interest of the Issuer in and to
such Receivable, all Related Security and all moneys due or to become due with respect thereto and all proceeds thereof. The Issuer will execute such documents and instruments of transfer or assignment and take such other actions as are reasonably
requested by the Transferor to effect the conveyance of such Receivable pursuant to this Section. The obligation of the Transferor to accept reassignment of any such Receivable and to transfer Receivables and Related Security arising in connection
with Additional Accounts or pay any related Transferor Deposit Amount constitutes the sole remedy with respect to the event of the type specified in the first sentence of this Section 2.04(c) available to the Issuer and the Noteholders (or the
Indenture Trustee on behalf of the Noteholders). 
 Section 2.05 Covenants of Transferor. 

The Transferor hereby covenants that: 

(a) No Liens. Except for the conveyances hereunder or as provided in the Basic Documents, the Transferor will not sell, pledge, assign
or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on, any Receivable or any Related Security or the other personal property described in Section 2.01(a), whether now
existing or hereafter created, or any interest therein, or the Transferor’s rights, remedies, powers or privileges with respect to such Receivables under the Receivables Purchase Agreement to which it is a party, and the Transferor will defend
the right, title and interest of the Issuer and the Indenture Trustee in, to and under such Receivables and the Related Security and other personal property, whether now existing or hereafter created, and such rights, remedies, powers and
privileges, against all claims of third parties claiming through or under the Transferor. 
 (b) Account Allocations. If the
Transferor is unable for any reason to transfer Receivables to the Issuer, then the Transferor agrees that it will allocate, after the occurrence of such event, Collections received in respect of each related Account as follows: (i) Principal
Collections will be allocated first to the oldest outstanding Principal Receivables owned by the Issuer until the amount of such Principal Receivables (measured as of the date the Transferor is unable for any reason to transfer Receivables to the
Issuer, for purposes of this Section 2.05(b)) has been reduced to zero; and (ii) Interest Collections in respect of such Account will be allocated to the Issuer on the basis of the ratio of the Principal Receivables owned by the Issuer in
connection with such Account on the date of determination to the total amount of Principal Receivables in connection with such Account on such date of determination, and the remainder of such Interest Collections will be allocated to the Transferor.

  
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 (c) Delivery of Collections. If the Transferor, the Seller or any Affiliate thereof
receives payments in respect of the Receivables transferred to the Issuer by the Transferor, the Transferor and the Seller will pay or cause to be paid to the Servicer all such payments as soon as practicable after receipt thereof, but in no event
later than two Business Days after such receipt. 
 (d) Notice of Liens. The Transferor will notify the Owner Trustee and the
Indenture Trustee promptly after becoming aware of any Lien on any Receivable, Related Security or other personal property transferred by the Transferor hereunder other than Permitted Liens. 

(e) Compliance with Law. The Transferor will comply in all material respects with all Requirements of Law applicable to it. 

(f) Transferor Interest. Except for (A) the conveyances hereunder, in connection with any transaction permitted by
Section 2.12 of the Indenture or (B) conveyances with respect to which a Required Federal Income Tax Opinion has been delivered to the Issuer and the Indenture Trustee, the Transferor agrees not to sell, transfer, assign, participate,
pledge, exchange or otherwise convey or pledge, hypothecate or otherwise grant a security interest in the share of the Transferor Interest owned by it and any such attempted sale, transfer, assignment, exchange, conveyance, pledge, hypothecation or
grant will be void; provided, however, that nothing in this Section 2.05(f) prevents the owner of an interest in the Transferor Interest from granting to an Affiliate a participation interest or other beneficial interest in the
rights to receive cash flows related to the Transferor Interest so long as (1) such interest does not grant such Affiliate any rights hereunder or delegate to such Affiliate any obligations or duties hereunder, (2) the transferor of such
interest obtains the prior written consent of the Transferor and (3) a Required Federal Income Tax Opinion has been delivered to the Issuer and the Indenture Trustee. 

(g) Limited Liability Company Agreement. The Transferor will comply in all material respects with the Limited Liability Company
Agreement. 
 (h) Board of Managers. The board of managers of the Transferor shall consider the interests of the Transferor’s
creditors when making decisions. 
 (i) Consolidation or Merger. Upon any consolidation or merger of the Transferor, the person formed
by or surviving such consolidation or merger (if other than the Transferor) shall expressly assume in writing the performance or observance of every agreement and covenant on the part of the Transferor under the Basic Documents. The Transferor shall
provide copies of such assumption agreement to the Rating Agencies. 
 (j) Possession. The Servicer, or a custodian appointed by the
Servicer, is holding the Floorplan Financing Agreements that create the Receivables solely on behalf and for the benefit of the Indenture Trustee, to the extent relating to the Receivables. 

(k) Amounts Related to Adjustments. If the principal balance of any Receivable is reduced due to a Dealer rebate, billing error,
returned merchandise or other similar noncash items, then the Transferor Interest will be reduced by a corresponding amount and, if the Adjusted Pool Balance is less than the Required Participation Amount as a result of such reduction, the
Transferor will deposit the lesser of (i) the amount of such reduction or (ii) the 

  
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difference between the Adjusted Pool Balance and the Required Participation Amount into the Excess Funding Account on the Business Day on which such reduction occurs. In addition, if GMF, as
Seller, pays any amounts received by GMF, as Seller, from non-GM Manufacturers in connection with any Dealer termination, to the Transferor, as Purchaser, pursuant to the Receivables Purchase Agreement
(including Section 2.04(viii) thereof) or any other provision thereof, the Transferor shall pay such amounts to the Issuer and deposit, or cause to be deposited, such amounts into the Collection Account on the date such amount is received by
the Transferor. 
 Section 2.06 Designation of Additional Accounts. 

(a) Required Addition or Deposit. If, on the last day of any Collection Period, the Adjusted Pool Balance on such day is less than the
Required Participation Amount on such day, then the Transferor shall, by the Distribution Date following the last day of such Collection Period, either (i) designate additional Eligible Accounts as Additional Accounts such that, after giving
effect to the transfer to the Issuer on the applicable Addition Date of all Receivables (and the Related Security) arising in connection with such Additional Accounts, the Adjusted Pool Balance at the close of business on such Addition Date will be
at least equal to the Required Participation Amount as of the last day of such Collection Period or (ii) deposit into the Excess Funding Account in immediately available funds the amount by which the Adjusted Pool Balance is less than the
Required Participation Amount as of the last day of such Collection Period. The Transferor will satisfy the conditions specified in Section 2.06(d) in designating such Additional Accounts and transferring the related Receivables to the Issuer.
The failure of the Transferor to transfer Receivables (and the Related Security) in connection with any Additional Account to the Issuer as provided in this Section 2.06(a) solely as a result of the unavailability of a sufficient amount of
Receivables will not constitute a breach of this Agreement; provided, however, that any such failure may nevertheless result in the occurrence of an Early Amortization Event. 

(b) Optional Addition. The Transferor may, from time to time, at its sole discretion and subject to the conditions specified in
Section 2.06(d), designate additional Eligible Accounts as Additional Accounts and transfer to the Issuer the Receivables (and the Related Security) arising in connection with such Additional Accounts. If (i) the aggregate number of
Additional Accounts designated by the Transferor in any calendar quarter or the aggregate amount of Principal Receivables arising in connection with such Additional Accounts as of the related Additional Cutoff Dates in such calendar quarter exceeds
10% of the number of all designated Accounts or 10% of the aggregate amount of all Principal Receivables, respectively, as of the first day of such calendar quarter, or (ii) the aggregate number of Additional Accounts designated by the
Transferor in any calendar year or the aggregate amount of Principal Receivables arising in connection with such Additional Accounts as of the related Additional Cutoff Dates in such calendar year exceeds 20% of the number of all designated Accounts
or 20% of the aggregate amount of all Principal Receivables, respectively, as of the first day of such calendar year, then notice of such designations of Additional Accounts shall be given to each Rating Agency. 

  
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 (c) Addition Notices. All Receivables, Related Security and other personal property
arising in connection with any Additional Accounts owned by the Transferor at the close of business on the applicable Additional Cutoff Date will be transferred to the Issuer under Section 2.01(a)(ii) on a date (the “Addition Date”)
specified in a written notice provided by the Transferor (or the Servicer on its behalf) to the Issuer and the Indenture Trustee and, if required pursuant to Section 2.06(b), each Rating Agency, specifying the Additional Cutoff Date and the
Addition Date for such Additional Accounts (the “Addition Notice”) on or before the second Business Day but not earlier than the 30th day before the related Addition Date (the “Notice Date”). 

(d) Conditions. On or before the related Addition Date each of the following conditions shall be satisfied: 

(i) the Servicer shall provide to the Issuer, the Indenture Trustee and, if applicable, each Rating Agency, a timely Addition
Notice; 
 (ii) the Transferor shall deliver to the Issuer a duly executed written assignment (including an acceptance by the
Issuer and the Servicer) in substantially the form of Exhibit A (the “Assignment”), along with the applicable Additional Account Schedule in accordance with Section 2.01(d)(iii); 

(iii) the Transferor shall deliver (or cause to be delivered) to the Servicer all Collections with respect to such Additional
Accounts for all Dates of Processing after the Additional Cutoff Date; 
 (iv) the Transferor shall represent and warrant
that: 
 (A) each such Additional Account is an Eligible Account as of the Additional Cutoff Date; 

(B) no selection procedures reasonably believed by the Transferor to be adverse to the interests of the Noteholders were used
in selecting such Additional Accounts; 
 (C) the Additional Account Schedule delivered pursuant to clause (ii) above is
true and correct in all material respects as of the Additional Cutoff Date; 
 (D) as of each of the Notice Date and the
Addition Date, none of the Seller, the Transferor or the Servicer is insolvent or will be made insolvent by the transfer contemplated by the related Addition Notice and none of them is aware of any events or circumstances that could reasonably be
expected to lead to its insolvency; and 
 (E) the addition of the Receivables arising in connection with such Additional
Accounts will not, in the reasonable belief of the Transferor, cause an Early Amortization Event to occur; and 
 (v) the
Transferor shall deliver to the Issuer and the Indenture Trustee an Officer’s Certificate confirming, to the best of such officer’s knowledge, the satisfaction of each of the conditions set forth in clauses (i) through
(iv) above. The Indenture Trustee may conclusively rely on such Officer’s Certificate and has no duty to make inquiries with regard to the matters set forth therein and will incur no liability in so relying. 

  
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 (e) Representations and Warranties. The Transferor hereby represents and warrants on
each Addition Date as to the matters set forth in clause (iv) of Section 2.06(d). These representations and warranties will survive the transfer of the respective Receivables and the Related Security to the Issuer. Upon discovery by the
Transferor, the Servicer, the Issuer or the Indenture Trustee of a material breach of any of these representations and warranties, the party discovering such breach will give prompt written notice thereof to the other parties. If any such breach has
a material adverse effect on the related Receivable, the provisions of Section 2.04(c) will apply. 
 Section 2.07
Redesignation of Accounts Without Removal of Receivables. 
 (a) Optional Redesignation. On any date, the
Transferor has the right to redesignate one or more Accounts as Redesignated Accounts and cease transferring to the Issuer Receivables and the Related Security arising in such Redesignated Accounts after the Redesignation Date. 

(b) Conditions. To redesignate Accounts as provided in Section 2.07(a), the Transferor (or the Servicer on its behalf) shall take
the following actions and make the following determinations: 
 (i) not less than five Business Days prior to the
Redesignation Date, deliver to the Issuer, the Servicer (if the Servicer is not GMF), the Indenture Trustee and each Rating Agency a written notice specifying the Accounts to be designated as Redesignated Accounts and the applicable Redesignation
Date (a “Redesignation Notice”); 
 (ii) on or prior to the date that is five Business Days after the
Redesignation Date, deliver to the Indenture Trustee a computer file or written list containing a true and complete list of the Redesignated Accounts and specifying for each such Redesignated Account, as of the Redesignation Date, its account number
and the aggregate amount of Principal Receivables outstanding in such Redesignated Account; 
 (iii) from and after such
Redesignation Date, cease to transfer to the Issuer any and all Receivables arising in such Redesignated Accounts; 
 (iv)
from and after such Redesignation Date, allocate all principal collections received on any Receivables relating to each such Redesignated Account until the Determination Date on which the amount of the remaining Principal Receivables owned by the
Issuer is reduced to zero (the “Removal Date”); 
 (v) on each Business Day from and after such
Redesignation Date to and until the related Removal Date, allocate (A) to the Issuer, all Interest Collections in respect of each Redesignated Account on the basis of the ratio of the Principal Receivables owned by the Issuer in connection with
such Redesignated Account on the date of determination to the total amount of Principal Receivables in connection with such Redesignated Account on such date of determination and (B) to the Transferor the remainder of the Interest Collections
in respect of each such Redesignated Account; 

  
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 (vi) the redesignation of any such Account on the Redesignation Date will
not, in the reasonable belief of the Transferor, cause an Early Amortization Event to occur or cause the Adjusted Pool Balance to be less than the Required Participation Amount; 

(vii) no selection procedures reasonably believed by the Transferor to be materially adverse to the interests of the
Noteholders were used in selecting the Redesignated Accounts; 
 (viii) the Redesignation Notice delivered pursuant to
clause (i) above is true and correct in all material respects as of its date; and 
 (ix) deliver to the Issuer and the
Indenture Trustee an Officer’s Certificate confirming, to the best of such officer’s knowledge, the satisfaction of each of the conditions set forth in clauses (vi) through (viii) above. The Indenture Trustee may
conclusively rely on such Officer’s Certificate and has no duty to make inquiries with regard to the matters set forth therein and will incur no liability in so relying. 

(c) Subject to Section 2.07(b) and upon satisfaction of the conditions therein, on the Removal Date with respect to any such Redesignated
Account, such Redesignated Account shall be deemed removed from designation to the Issuer for all purposes. Within five Business Days after the Removal Date, the Issuer shall deliver to the Transferor a reassignment in substantially the form of
Exhibit B (the “Reassignment”), together with appropriate UCC financing statements. 
 (d) Notwithstanding the foregoing,
the Transferor may, for administrative convenience, remove from the Account Schedule Accounts for which the financing has been terminated and that have an outstanding balance of zero without delivering a Redesignation Notice, Additional Account
Schedule or a Reassignment. The Transferor (or the Servicer) will reflect such removals on each Account Schedule delivered pursuant to Section 2.1(d). 

Section 2.08 Redesignation of Accounts With Removal of Receivables. 

(a) If, as of the close of business as of the last day of any Collection Period, the Adjusted Pool Balance is greater than the Required
Participation Amount as of the related Distribution Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Distribution Date), then the Transferor may redesignate one or more Accounts as Redesignated
Accounts and cause the Issuer to reassign the then existing Receivables in such Redesignated Accounts (the “Removed Receivables”) to the Transferor, without any consideration therefor in the manner prescribed in
Section 2.08(b); provided, however, that no more than one such redesignation of Accounts and reassignment of Receivables pursuant to this Section 2.08(a) may occur during any calendar month. 

  
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 (b) To redesignate Accounts and cause the Issuer to reassign the Removed Receivables as
provided in Section 2.08(a), the Transferor (or the Servicer on its behalf) shall take the following actions and make the following determinations: 

(i) not less than five Business Days before the Removal and Reassignment Date furnish a written notice (the “Removal
Notice”) to the Issuer, the Servicer (if the Servicer is not GMF), the Indenture Trustee and each Rating Agency specifying the Redesignated Accounts and the balance of the then existing Principal Receivables in such Redesignated Accounts
which are to be reassigned from the Issuer to the Transferor and the date on which such designation of Redesignated Accounts and reassignment of such Removed Receivables is to occur (the “Removal and Reassignment Date”); 

(ii) on or prior to the date that is five Business Days after the Removal and Reassignment Date, deliver to the Indenture
Trustee a computer file or written list containing a true and complete list of the Redesignated Accounts and specifying for each such Redesignated Account, as of the Removal and Reassignment Date, its account number and the aggregate amount of
Principal Receivables outstanding in such Redesignated Account; 
 (iii) from and after the Removal and Redesignation Date,
cease to transfer to the Issuer any and all Receivables arising in such Redesignated Account; 
 (iv) deliver an
Officer’s Certificate confirming, to the best of such officer’s knowledge, that: 
 (a)    the
list delivered pursuant to clause (ii) above, as of the Removal and Reassignment Date, is true and complete in all material respects; 

(b)    such reassignment will not, in the reasonable belief of the Transferor, cause an Early Amortization
Event to occur or cause the Adjusted Pool Balance to be less than the Required Participation Amount after giving effect to such reassignment; and 

(c) no selection procedures reasonably believed by the Transferor to be materially adverse to the interests of the Noteholders
were used in selecting the Redesignated Accounts; 
 (v) the Rating Agency Condition shall have been satisfied with respect
to such removal of Receivables and redesignation of Accounts. 
 On each Business Day from and after the Removal and Reassignment Date with
respect to a Redesignated Account, the Servicer shall distribute all Collections received with respect to the related Removed Receivables at the direction of the Transferor. 

  
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 Upon satisfaction of the above conditions, on the Removal and Reassignment Date with respect
to any Redesignated Account, the Transferor and the Servicer shall cease to allocate to the Issuer any Collections therefrom. On the Removal and Reassignment Date, each such Redesignated Account shall be deemed removed from designation to the Issuer
for all purposes. Within five Business Days after the Removal and Reassignment Date, the Issuer shall deliver to the Transferor a Reassignment, together with appropriate UCC financing statements. 

Section 2.09 Transfer of Ineligible Receivables. 

The Transferor may, at its sole option, transfer to the Issuer on each Transfer Date all or any portion of the Ineligible Receivables
originated in any Account, provided, however, that (i) on the applicable Transfer Date, such Account is an Eligible Account and (ii) the Transferor indicates in its books and records that the related Ineligible Receivables were sold to the
Issuer on the related Transfer Date. 
 ARTICLE III 

ADMINISTRATION AND SERVICING OF RECEIVABLES 

Section 3.01 Acceptance of Appointment and Other Matters Relating to Servicer. 

(a) The Servicer will service, manage, administer and make collections on the Receivables, all in accordance with its customary and usual
servicing procedures for servicing dealer floorplan receivables comparable to the Receivables that the Servicer services for its own account or others, in accordance with the Floorplan Financing Agreements and in accordance with the applicable
Floorplan Financing Guidelines, except where the failure to comply with the Floorplan Financing Agreements and the Floorplan Financing Guidelines will not materially and adversely affect the rights or interests of the Issuer or the Noteholders. The
Servicer has full power and authority, acting alone or through any party properly designated by it hereunder, to do any and all things in connection with such servicing and administration that it may deem necessary or desirable. Without limiting the
generality of the foregoing and subject to Section 6.01, the Servicer is hereby authorized and empowered, unless such power and authority is revoked by the Indenture Trustee upon the occurrence of a Servicer Termination Event pursuant to
Section 6.01, to do, and the Servicer shall do, each of the following: 
 (i) to make deposits into the Collection
Account and to instruct the Indenture Trustee to make withdrawals and payments from the Collection Account, the Excess Funding Account and any Series Account as set forth in this Agreement, the Indenture or any Indenture Supplement and, in
connection therewith, perform all calculations (including any allocations of funds and other amounts) required to be performed by the Servicer as provided in this Agreement, the Indenture or any Indenture Supplement; 

(ii) to execute and deliver, on behalf of the Issuer, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge, and all other comparable instruments, with respect to the Receivables and, after the delinquency of any Receivable and to the extent permitted under and in compliance with applicable Requirements of Law, to commence
enforcement proceedings with respect to such Receivables; 
 (iii) to make any filings, reports, notices, applications,
registrations with, and seek any consents or authorizations from, the Securities and Exchange Commission and any state securities authority on behalf of the Issuer as may be necessary or advisable to comply with any federal or state securities laws
or reporting requirement; and 

  
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 (iv) to execute and deliver any filings, certificates, affidavits or other
instruments required under the Sarbanes-Oxley Act of 2002, to the extent permitted by Applicable Law. 
 The Issuer, the Owner Trustee and,
at the written request of the Servicer, the Indenture Trustee will furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties
hereunder. 
 (b) If the Transferor is unable for any reason to transfer Receivables to the Issuer in accordance with the provisions of this
Agreement then, in any such event, the Servicer agrees (i) to give prompt written notice thereof to the Indenture Trustee and the Issuer and (ii) after the occurrence of such event, to allocate Collections received (on a “first in,
first out” basis) in respect of each related Account in a manner consistent with Section 2.05(b). 
 (c) The Servicer will not be
obligated to use servicing procedures, offices, employees or accounts for servicing the Receivables different from the procedures, offices, employees and accounts used by the Servicer in connection with servicing other floorplan receivables. 

(d) The Servicer will comply with the applicable Floorplan Financing Agreements relating to the Accounts and the applicable Floorplan Financing
Guidelines, except insofar as any failure to so comply or perform would not materially and adversely affect the rights or interests of the Issuer or the Noteholders. Subject to compliance with all Requirements of Law, the Servicer may change the
terms and provisions of any of the Floorplan Financing Agreements (including the reference rate and the spread over the reference rate upon which interest on the Receivables is calculated) or its Floorplan Financing Guidelines in any respect in
accordance with the terms thereof and its customary servicing practices. 
 (e) The Servicer hereby agrees to perform the obligations and
actions referred to in the Indenture, any Indenture Supplement or any other Basic Document as being performed or taken by the Servicer. 

Section 3.02 Servicing Compensation. 

(a) As full compensation for its servicing activities hereunder and under the other Basic Documents and reimbursement for its expenses as set
forth in the immediately following paragraph, the Servicer is entitled to receive the Servicing Fee on each Distribution Date on or before the Trust Termination Date payable in arrears. The Servicing Fee is payable to the Servicer solely to the
extent amounts are available for payment therefor in accordance with the terms of the Indenture Supplements and the terms hereof. The Servicer may, in its sole discretion, waive the Servicing Fee for any Distribution Date by written notice to the
Indenture Trustee on or before the related Determination Date; provided, that delivery of the Servicer’s Certificate indicating waiver of the Servicing Fee shall be deemed to constitute such written notice. 

  
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 (b) The Servicer will be required to pay all expenses incurred by it in connection with its
servicing activities hereunder and under the other Basic Documents, including (i) to the extent not paid pursuant to the Indenture and the Indenture Supplements, all reasonable fees and disbursements of the Owner Trustee, the Indenture Trustee
and independent accountants, (ii) taxes imposed on the Servicer and (iii) expenses incurred in connection with making distributions and providing reports to the Noteholders and others. 

(c) On each Distribution Date, the holders of the Transferor Interest shall pay to the Servicer, or the Servicer may retain from Interest
Collections otherwise distributable to holders of the Transferor Interest, the portion of the Servicing Fee equal to the Servicing Fee minus the aggregate of the Monthly Servicing Fees for all Outstanding Series, as specified in the related
Indenture Supplements, and in no event will the holders of the Transferor Interest be liable for the Monthly Servicing Fee with respect to any Series. In the event that the Servicer waives the Servicing Fee for any Distribution Date, the portion of
the waived Servicing Fee payable by the holders of the Transferor Interest shall be reimbursed to the Servicer solely to the extent that Interest Collections allocated to the holders of the Transferor Interest are available therefor in accordance
with the Basic Documents. 
 Section 3.03 Representations, Warranties and Covenants of Servicer. 

(a) Representations and Warranties. GMF, as Servicer, hereby makes to the Issuer and the Transferor, and any Successor Servicer by its
appointment hereunder will make (with appropriate adjustments to clause (i), if necessary, because of its form of organization), on each Series Issuance Date (and on the date of any such appointment) the following representations, warranties
and covenants: 
 (i) Organization and Good Standing. It is a corporation duly formed, validly existing and in good
standing under the laws of the jurisdiction of its formation and has, in all material respects, full corporate power, authority and legal rights to own its properties and conduct its floorplan receivable servicing business as such properties are
currently owned and as such business is currently conducted, and to execute, deliver and perform its obligations under this Agreement. 

(ii) Due Qualification. It is duly qualified to do business and, where necessary, is in good standing as a foreign
corporation (or is exempt from such requirements) and has obtained all necessary licenses and approvals in each jurisdiction where the servicing of the Receivables as required by this Agreement requires such qualification, except where the failure
to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Agreement. 

(iii) Due Authorization. It has duly authorized by all necessary action on its part the execution and delivery of this
Agreement and the consummation of the transactions provided for or contemplated by this Agreement. 

  
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 (iv) No Conflict. Its execution and delivery of this Agreement, its
performance of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to it, do not conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice
or lapse of time or both) a material default under, any material indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it or its properties are bound. 

(v) No Violation. Its execution and delivery of this Agreement, its performance of the transactions contemplated by this
Agreement and its fulfillment of the terms hereof applicable to it do not conflict with or violate any material Requirement of Law applicable to it. 

(vi) No Proceedings. There are no proceedings pending or, to the best of its knowledge, no proceedings threatened or
investigations pending or threatened against it before or by any Governmental Authority (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement,
(C) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect its performance of its obligations under this Agreement or (D) seeking any determination or ruling that would materially and
adversely affect the validity or enforceability of this Agreement. 
 (vii) All Consents Required. All material
authorizations, consents, orders, approvals or other actions of any Governmental Authority required to be obtained or effected by the Servicer in connection with its execution and delivery of this Agreement, its performance of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof applicable to it, have been duly obtained or effected and are in full force and effect. 

(viii) Enforceability. This Agreement constitutes the legal, valid and binding obligation of the Servicer, enforceable
against it in accordance with the terms hereof, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereinafter in effect affecting the enforcement of creditors’
rights and except as such enforceability may be limited by general principles of equity (whether considered in a proceeding at law or in equity). 

(ix) Compliance with Requirements of Law. It has satisfied and will continue to duly satisfy all obligations on its part
to be fulfilled under or in connection with the Receivables and the Accounts, will maintain in effect all qualifications required under Requirements of Law in order to service properly the Receivables and the Accounts and has complied and will
continue to comply in all material respects with all Requirements of Law in connection with servicing the Receivables and the Accounts the failure to comply with which would have a material adverse effect on the interests of the Noteholders or the
holders of the Transferor Interest. 
 (x) No Rescission or Cancellation. It has not permitted and will continue not
to permit any rescission or cancellation of a Receivable except as ordered by a court of competent jurisdiction or other Governmental Authority. 

  
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 (xi) Protection of Beneficiaries’ Rights. It has not taken and
will continue to take no action, nor omit to take any action, that would impair the rights or interests of the Noteholders or the holders of the Transferor Interest in the Receivables nor has it nor will it reschedule, revise or defer payments due
on any Receivable except in accordance with the applicable Floorplan Financing Guidelines. 
 (xii) Negative Pledge.
Except for Permitted Liens, it has not and will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on, any Receivable transferred and assigned to the Issuer, whether now existing or
hereafter created, or any interest therein, and it has and will continue to defend the rights, title and interest of the Issuer in, to and under any Receivable transferred and assigned to the Issuer, whether now existing or hereafter created,
against all claims of third parties claiming through or under the Transferor or the Servicer. 
 (b) Notice of Breach. The
representations and warranties set forth in Section 3.03(a) survive the transfer and assignment of the Receivables and Related Security to the Issuer. If any Responsible Officer of the Transferor, the Owner Trustee or the Servicer, or any
Trustee Officer of the Indenture Trustee, has actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering such breach will give prompt written notice thereof to the other parties. 

(c) Purchase upon Breach. If any representation or warranty or covenant set forth in clauses (ix) through (xii) of
Section 3.03(a) is not true and correct in any material respect (or, in the case of (ix), in any respect) as of the date made with respect to any Receivable and such breach has a material adverse effect on a Receivable included in the
Collateral, then, within 60 days of the earlier to occur of the discovery of any such breach by the Servicer, or receipt by the Servicer of written notice of any such breach given by the Issuer, the Indenture Trustee or the Transferor, the Servicer
will purchase such Receivable at the end of such 60-day period on the terms and conditions set forth in the next succeeding paragraph; provided, however, that no such purchase will be required to
be made if, by the end of such 60-day period the representations and warranties that were the subject of such breach are then true and correct in all material respects and any material adverse effect caused by
the breach has been cured. 
 The Servicer will effect such purchase by depositing into the Collection Account in immediately available
funds an amount equal to the Purchase Price of such Receivable. Upon purchase of any such Receivable, but only after the deposit by the Servicer of the Purchase Price of such Receivable, the Issuer will automatically and without further action be
deemed to transfer, assign, set over and otherwise convey to the Servicer, without recourse, representation or warranty, all the right, title and interest of the Issuer in and to such Receivable, all Related Security and all moneys due or to become
due with respect thereto and all proceeds thereof. The Issuer will execute such documents and instruments of transfer or assignment and take such other actions as are reasonably requested by the Servicer to effect the conveyance of such Receivables
pursuant to this Section. The obligation of the Servicer to purchase any such Receivable and to deposit the Purchase Price of such Receivable into the Collection Account, constitutes the sole remedy with respect to the event of the type specified in
the first sentence of this Section 3.03(c) available to the Issuer and the Noteholders (or the Indenture Trustee on behalf of the Noteholders). 

  
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 Section 3.04 Preparation of Servicer’s Certificate.

 On or before each Distribution Date, with respect to each outstanding Series, the Servicer will deliver (facsimile delivery being
acceptable) to the Issuer, the Owner Trustee and the Indenture Trustee the monthly Servicer’s Certificate for such Distribution Date substantially in the form set forth in the related Indenture Supplement. The Servicer will also deliver the
Servicer’s Certificate to each Rating Agency on the same date the Servicer’s Certificate is publicly available (provided that if the Servicer’s Certificate is not made publicly available, the Servicer will deliver it to each Rating
Agency, no later than the 15th of each month (or if not a Business Day, the next succeeding Business Day)). The Indenture Trustee shall make such Servicer’s Certificate available to the
Noteholders in accordance with the related Indenture Supplement. 
 Section 3.05 Annual Statement as to Compliance. 

(a) To the extent required by Section 1123 of Regulation AB, the Servicer shall deliver to the Indenture Trustee, the Owner Trustee and
each Rating Agency, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year (regardless of whether the Seller has ceased filing reports under the Exchange Act), beginning on
March 31, 2014, an officer’s certificate signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar year, stating that (i) a review of the activities of the Servicer during the preceding
calendar year (or such other period as shall have elapsed from the Initial Closing Date to the date of the first such certificate) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such
officer’s knowledge, based on such review, the Servicer has fulfilled in all material respects all its obligations under this Agreement throughout such period, or, if there has been a failure to fulfill any such obligation in any material
respect, identifying each such failure known to such officer and the nature and status of such failure. 
 (b) The Servicer will deliver to
the Issuer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning on March 31, 2014, a report regarding the Servicer’s assessment of compliance with
certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of
Regulation AB. 
 (c) To the extent required by Regulation AB, the Servicer will cause any affiliated servicer or any other party deemed to
be participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the Issuer, on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning on
March 31, 2014, a report regarding such party’s assessment of compliance with certain minimum servicing criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 
 (d) Wells Fargo Bank, National Association
acknowledges, in its capacity as Indenture Trustee under the Basic Documents, that to the extent it is deemed to be participating in the servicing function pursuant to Item 1122 of Regulation AB, it will take any action reasonably requested by the
Servicer to ensure compliance with the requirements of Section 3.05(d) and Section 3.06(b) hereof and with Item 1122 of Regulation AB. Such required documentation will be delivered to the Servicer by March 15 of each calendar
year.     

  
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 Section 3.06 Annual Independent Public Accountants’
Reports. 
 (a) The Servicer shall cause a firm of nationally recognized independent certified public accountants (the
“Independent Accountants”), who may also render other services to the Servicer or its Affiliates, to deliver to the Owner Trustee and the Indenture Trustee, on or before March 31 (or 90 days after the end of the Issuer’s
fiscal year, if other than December 31) of each year, beginning in March 31, 2014, a report, dated as of December 31 of the preceding calendar year, addressed to the board of directors of the Servicer, providing its attestation report on
the servicing assessment delivered pursuant to Section 3.05(b), including disclosure of any material instance of non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g)
of Regulation S-X under the Securities Act and the Exchange Act. 
 (b) Each party required to
deliver an assessment of compliance described in Section 3.05(c) shall cause Independent Accountants, who may also render other services to such party or its Affiliates, to deliver to the Owner Trustee, the Indenture Trustee and the Servicer,
on or before March 31 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2014, a report, dated as of December 31 of the preceding calendar year, addressed to the
board of directors of such party, providing its attestation report on the servicing assessment delivered pursuant to Section 3.05(c), including disclosure of any material instance of non-compliance, as
required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. 

(c) The Servicer shall cause a firm of Independent Accountants, who may also render other services to the Servicer or to the Transferor,
(1) to deliver to the Owner Trustee and the Indenture Trustee, on or before April 30 (or 120 days after the end of the Servicer’s fiscal year, if other than December 31) of each year, beginning on April 30, 2014, with respect to
the twelve months ended the immediately preceding December 31 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy
of the Form 10-K filed with the United States Securities and Exchange Commission for General Motors Financial Company, Inc., which filing includes a statement that such audit was made in accordance with
generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; and (2) upon request of the Owner Trustee or the
Indenture Trustee, to issue an acknowledgement to the effect that such firm has audited the books and records of General Motors Financial Company, Inc., in which the Servicer is included as a consolidated subsidiary, and issued its report pursuant
to item (1) of this section and that the accounting firm is independent of the Transferor and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants. 

  
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 Section 3.07 Notices to GMF. 

If GMF is no longer acting as Servicer, any Successor Servicer appointed pursuant to Section 6.02 will deliver or make available to GMF,
as the case may be, each certificate and report required to be prepared, forwarded or delivered thereafter pursuant to Sections 3.04, 3.05 and 3.06. 

Section 3.08 Adjustments. 

If (i) the Servicer makes a deposit into the Collection Account in respect of a Collection of a Receivable and such Collection was
received by the Servicer in the form of a check that is not honored for any reason or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such
Collection, the Servicer will appropriately adjust the amount subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Receivable in respect of which a dishonored check is received will be deemed not to
have been paid. 
 Section 3.09 Reports. 

The Servicer will, on behalf of the Issuer, cause to be filed with the Securities and Exchange Commission any periodic reports required to be
filed under the provisions of the Exchange Act and the rules and regulations of the Securities and Exchange Commission thereunder, and also cause to be filed those reports required to be filed by the Issuer pursuant to Section 7.03 of the
Indenture. The Transferor will, at the expense of the Servicer, cooperate in any reasonable request of the Servicer in connection with such filings. 

Section 3.10 Excess Funding Account. 

On each Business Day on which funds are on deposit in the Excess Funding Account, the Servicer will determine the amount, if any, by which the
Adjusted Pool Balance exceeds the Required Participation Amount on such date and may instruct the Indenture Trustee in writing to withdraw any such excess from the Excess Funding Account and pay such amount to the Issuer for distribution to the
holders of the Transferor Interest in accordance with the Trust Agreement. 
 Section 3.11 Cash Management Account.
 
 If GMF receives a payment from a Dealer under a Floorplan Financing Agreement relating to an Account and the Dealer directs the
Servicer to credit such payment to the Cash Management Account, such payment shall be allocated to the holders of the Transferor Interest and distributed to such holders; provided, that GMF shall deposit all or a portion of such amount to the Excess
Funding Account to the extent necessary, if at all, so that, at the time of such receipt and after giving effect to other deposits to the Excess Funding Account under the Indenture and any Indenture Supplement, the Adjusted Pool Balance is not less
than the Required Participation Amount. 

  
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 ARTICLE IV 

OTHER MATTERS RELATING TO TRANSFEROR 

Section 4.01 Increases in the Overcollateralization Amount. 

To the extent provided in an Indenture Supplement, the Transferor may increase the related Overcollateralization Amount (or a portion thereof),
and rescind all or a part of such increase, in accordance with the terms of such Indenture Supplement. 
 ARTICLE V 

OTHER MATTERS RELATING TO SERVICER 

Section 5.01 Liability of Servicer. 

The Servicer will be liable under this Agreement and the other Basic Documents only to the extent of the obligations specifically undertaken by
the Servicer in its capacity as Servicer. 
 Section 5.02 Merger or Consolidation of, or Assumption of Obligations of,
Servicer(a) . The Servicer may not dissolve, liquidate, consolidate with or merge into any other Person or convey, transfer or sell its properties and assets substantially as an entirety to any Person unless such Person is an Eligible
Servicer and the Person (if other than the Servicer) formed by or surviving such consolidation or merger or that acquires by conveyance, transfer or sale the properties and assets of the Servicer substantially as an entirety, the case may be, will
be and existing under the laws of the United States of America or any state thereof or the District of Columbia, and expressly assumes, by a supplemental agreement executed and delivered to the Owner Trustee and the Indenture Trustee, in form
reasonably satisfactory to the Owner Trustee and the Indenture Trustee, the performance of every covenant and obligation of the Servicer hereunder. The Servicer shall provide the Rating Agencies notice of such consolidation, merger or transfer of
assets.. 
 Section 5.03 Limitation on Liability of Servicer and Others. 

Subject to Section 5.01, neither the Servicer nor any of its directors, officers, employees or agents will be under any liability to the
Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or any other Person for any action taken in good faith or for refraining in good faith from the taking of any action in the capacity as Servicer under this Agreement whether arising
from express or implied duties under this Agreement; provided, however, that this provision does not protect the Servicer or any such Person against any liability which would otherwise be imposed by reason of willful wrongdoing, bad
faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties hereunder. The Servicer and any of its directors, officers, employees or agents may rely in good faith on any document of any kind
prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Servicer will not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its servicing
responsibilities hereunder and that in its reasonable opinion may involve it in any expense or liability. 

  
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 Section 5.04 Servicer Indemnification of Issuer, Owner Trustee and Indenture
Trustee. 
 (a) The Servicer will indemnify and hold harmless each of the Issuer, the Owner Trustee, the Indenture Trustee and any
trustees predecessor thereto and their respective directors, officers, employees and agents from and against any and all loss, liability, claim, expense, damage or injury suffered or sustained thereby by reason of (1) any acts of the Servicer
in connection with this Agreement or any failure to act in accordance with this Agreement or (2) the acceptance or performance of the trusts and duties contained herein in the case of the Owner Trustee and the Indenture Trustee;
provided, however, that the Servicer will not indemnify the Issuer, the Owner Trustee or the Indenture Trustee for: 

(i) any such loss, liability, claim, expense, damage or injury arising from the willful misconduct, negligence or bad faith of
the Owner Trustee or from the willful misconduct, negligence or bad faith of the Indenture Trustee, as applicable; 
 (ii)
any liabilities, costs or expenses of the Issuer with respect to any action taken by the Owner Trustee or the Indenture Trustee at the request of any Noteholders to the extent that the Owner Trustee or the Indenture Trustee is fully indemnified by
such Noteholders with respect to such action; or 
 (iii) with respect to any United States federal, state or local income or
franchise taxes (or any interest or penalties with respect thereto) required to be paid by the Issuer or any Noteholder in connection herewith or with the Indenture to any taxing authority. 

(b) Any indemnification pursuant to this Section will not be payable from the Trust Property. The Servicer’s obligations under this
Section survive the termination of this Agreement or the Issuer or the earlier removal or resignation of the Owner Trustee or the Indenture Trustee, as applicable. 

Section 5.05 Servicer Not to Resign. 

The Servicer may not resign from the obligations and duties hereby imposed on it, except: 

(i) upon determination that (A) the performance of its duties hereunder is no longer permissible under Applicable Law and
(B) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible under Applicable Law; or 

(ii) upon the assumption of such obligations and duties by a successor Servicer in compliance with the requirements set forth
in Section 6.02. 
 Any determination permitting the resignation of the Servicer must be evidenced as to clause (i) above by an Opinion of Counsel
to such effect delivered to the Issuer and the Indenture Trustee. Upon such determination permitting such resignation, the Indenture Trustee shall, at the written direction of Holders of Notes evidencing more than 50% of the Outstanding Principal
Amount of all Notes, appoint any Person qualifying as an Eligible Servicer as the Successor Servicer. If within 120 days after the date of the determination that the Servicer may no longer act as Servicer under clause (i) above the
Indenture Trustee is unable to appoint a Successor Servicer, the Indenture Trustee shall serve as Successor Servicer. The Indenture Trustee may, however, delegate certain or all of its servicing, collection, enforcement and administrative

  
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duties hereunder with respect to the Accounts and the Receivables to any Person who agrees to conduct such duties in accordance with the applicable Floorplan Financing Guidelines and this
Agreement, or later appoint a Successor Servicer. Notwithstanding the foregoing, the Indenture Trustee shall, if it is unwilling or legally unable so to act, petition a court of competent jurisdiction to appoint any Person qualifying as an Eligible
Servicer as the Successor Servicer hereunder. No resignation will become effective until the Indenture Trustee or a Successor Servicer has assumed the responsibilities and obligations of the Servicer in accordance with Section 6.02. The
Indenture Trustee shall give prompt notice to the Administrator (which shall give prompt notice to each Rating Agency) upon the appointment of a Successor Servicer. 

Section 5.06 Access to Certain Documentation and Information Regarding Receivables. 

The Servicer will provide to the Owner Trustee and the Indenture Trustee access to the documentation regarding the Accounts and the related
Receivables in such cases where the Owner Trustee or the Indenture Trustee, as applicable, is required in connection with the enforcement of the rights of the Noteholders, or by applicable statutes or regulations to review such documentation, such
access being afforded without charge but only (i) upon reasonable written request, (ii) during normal business hours, (iii) subject to the Servicer’s normal security and confidentiality procedures and (iv) at offices
designated by the Servicer. Nothing in this Section will derogate from the obligation of the Transferor, the Owner Trustee, the Indenture Trustee or the Servicer to observe any Applicable Law prohibiting disclosure of information regarding the
Dealers and the failure of the Servicer to provide access as provided in this Section as a result of such law will not constitute a breach of this Section. 

Section 5.07 Delegation of Duties. 

The Servicer may, at any time without notice or consent, delegate (a) any or all of its duties (including, without limitation, its duties
as custodian under this Agreement and any other Basic Document) to any of its Affiliates or (b) specific duties to sub-contractors who are in the business of performing such duties; provided, that no such
delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the Issuer and the Indenture Trustee for its duties hereunder as if the Servicer alone were performing such
duties. For any servicing activities delegated to third parties in accordance with this Section 5.07, the Servicer shall follow such policies and procedures to monitor the performance of such third parties and compliance with such servicing
activities as the Servicer follows with respect to comparable receivables serviced by the Servicer for its own account. 
 Section 5.08
Examination of Records. 
 The Transferor and the Servicer will indicate generally in its respective computer files or other
records that the Receivables arising in connection with the Accounts have been transferred to the Issuer pursuant to this Agreement for the benefit of the Noteholders. Each of the Transferor and the Servicer will, before the sale or transfer to a
third party of any receivable held in its custody, examine its computer and other records to determine that such receivable is not a Receivable. 

  
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 ARTICLE VI 

SERVICER DEFAULTS 

Section 6.01 Servicer Termination Event. 

(a) If any Servicer Termination Event shall have occurred, so long as the Servicer Termination Event has not been remedied, either the
Indenture Trustee or the Holders of Notes evidencing more than 50% of the Outstanding Principal Amount of all Notes, by notice then given to the Servicer and the Owner Trustee (and to the Indenture Trustee if given by the Noteholders) (a
“Termination Notice”), may terminate all but not less than all the rights and obligations of the Servicer as Servicer under this Agreement and the other Basic Documents. 

(b) After receipt by the Servicer of a Termination Notice, and on the date that a Successor Servicer is appointed by the Indenture Trustee
pursuant to Section 6.02, all authority and power of the Servicer under this Agreement will pass to and be vested in the Successor Servicer (a “Servicing Transfer”); and, without limitation, the Indenture Trustee is hereby
authorized and empowered (upon the failure of the Servicer to cooperate) to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all
documents and other instruments upon the failure of the Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such Servicing Transfer. The
Servicer agrees to cooperate with the Indenture Trustee and such Successor Servicer in effecting the termination of the responsibilities and rights of the Servicer to conduct servicing hereunder, including the transfer to such Successor Servicer of
all authority of the Servicer to service the Receivables provided for under this Agreement, including all authority over all Collections that are held by the Servicer for deposit on the date of transfer, or that have been deposited by the Servicer,
in the Collection Account, or that thereafter are received with respect to the Receivables, and in assisting the Successor Servicer. The Servicer will within 20 Business Days transfer its electronic records relating to the Receivables to the
Successor Servicer in such electronic form as the Successor Servicer may reasonably request and will promptly transfer to the Successor Servicer all other records, correspondence and documents necessary for the continued servicing of the Receivables
in the manner and at such times as the Successor Servicer reasonably requests; provided, that the Servicer shall not be required to transfer any licensed software or trademarked products to the Successor Servicer. To the extent that compliance with
this Section requires the Servicer to disclose to the Successor Servicer information of any kind which the Servicer deems to be confidential, the Successor Servicer will enter into such customary licensing and confidentiality agreements as the
Servicer deems reasonably necessary to protect its interests. The Successor Servicer shall not be responsible for acts or errors of the predecessor Servicer, and will not be responsible to pay the fees and disbursements described in
Section 3.02(b)(i), to make any advances of delinquent interest, to repurchase Receivables, or to pay any taxes on behalf of the Issuer. 

Section 6.02 Indenture Trustee to Act; Appointment of Successor. 

(a) On and after the receipt by the Servicer of a Termination Notice pursuant to Section 6.01(a), the Servicer will continue to perform
all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by the Indenture Trustee or until a date mutually agreed upon by the Servicer and the Indenture Trustee.

  
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The Indenture Trustee shall, at the written direction of Holders of Notes evidencing more than 50% of the Outstanding Principal Amount of all Notes and as promptly as possible after the giving of
a Termination Notice, appoint an Eligible Servicer as a successor servicer (the “Successor Servicer”), and such Successor Servicer will accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. If
a Successor Servicer has not been appointed or has not accepted its appointment at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action will automatically be appointed the Successor Servicer. The
Indenture Trustee, as Successor Servicer, may delegate any or all of its servicing obligations to an Affiliate or agent in accordance with Sections 3.01(a), 5.02 and 5.05. Notwithstanding the foregoing, the Indenture Trustee may, if it is
unwilling or legally unable to so act, solicit bids from Eligible Servicers as described in Section 6.02(c) or petition at the expense of the Servicer a court of competent jurisdiction to appoint any Person qualifying as an Eligible Servicer as
the Successor Servicer hereunder. The Indenture Trustee shall give prompt notice to the Administrator (which shall give prompt notice to each Rating Agency) upon the appointment of a Successor Servicer. 

(b) Upon its appointment, the Successor Servicer will be the successor in all respects to the Servicer with respect to servicing functions
under this Agreement and will be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer will be deemed to refer to
the Successor Servicer. 
 (c) In connection with any Termination Notice, if a Successor Servicer is not appointed by Noteholders as
described in Section 6.02(a), and the Indenture Trustee is unwilling or legally unable to act as Successor Servicer, the Indenture Trustee may solicit and review bids which it obtains from Eligible Servicers and may appoint any Eligible
Servicer submitting such a bid as a Successor Servicer for servicing compensation not in excess of the Servicing Fee (provided that if all such bids exceed the Servicing Fee, the holder of the Transferor Interest at its own expense shall pay when
due the amount of any compensation in excess of the Servicing Fee); provided, however, that the holder of the Transferor Interest shall be responsible for payment of the holder of the Transferor Interest’s portion of the Servicing Fee as
determined pursuant to the Basic Documents and all other amounts in excess of the Monthly Servicing Fee, and that no such monthly compensation paid out of Collections allocable to the Noteholders shall be in excess of the Monthly Servicing Fee
permitted to be paid to the Servicer. The holder of the Transferor Interest agrees that if GMF (or any Successor Servicer) is terminated as Servicer hereunder, the portion of Interest Collections to be paid to the holder of the Transferor Interest
shall be reduced by an amount sufficient to pay the holder of the Transferor Interest’s share of the compensation of the Successor Servicer. 

(d) All authority and power granted to the Successor Servicer under this Agreement will automatically cease and terminate upon termination of
the Indenture and the Trust Termination Date, and will pass to and be vested in the Transferor and, without limitation, the Transferor is hereby authorized and empowered to execute and deliver, on behalf of the Successor Servicer, as attorney-in-fact or otherwise, all documents and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such
transfer of servicing rights. The Successor Servicer agrees to cooperate with the Transferor in effecting the termination of the responsibilities and rights of the Successor Servicer to conduct 

  
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servicing of the Receivables. The Successor Servicer will transfer its electronic records relating to the Receivables to GMF or its designee in such electronic form as it may reasonably request
and will transfer all other records, correspondence and documents to it in the manner and at such times as it may reasonably request. To the extent that compliance with this Section requires the Successor Servicer to disclose to GMF information of
any kind which the Successor Servicer deems to be confidential, GMF will enter into such customary licensing and confidentiality agreements as the Successor Servicer may deem necessary to protect its interests. 

(e) By its acknowledgement and acceptance of this Agreement, the Indenture Trustee agrees to perform the obligations and duties imposed on the
Indenture Trustee under this Agreement. 
 Section 6.03 Notification to Noteholders. 

Within five Business Days after the Servicer becomes aware of any Servicer Termination Event, the Servicer will give written notice thereof, in
the form of an Officer’s Certificate including a description of its efforts to perform its obligations, to the Issuer, the Indenture Trustee and each Rating Agency and the Indenture Trustee will provide a copy of such notice to the Noteholders.
Upon any termination or appointment of a Successor Servicer pursuant to this Article VI, the Indenture Trustee will give prompt notice thereof to the Noteholders and to the Transferor and the Transferor will provide a copy of such notice to
each of the Rating Agencies. 
 Section 6.04 Waiver of Past Defaults. 

Holders of Notes evidencing a majority of the Outstanding Principal Amount of the Notes of all affected Series as of the close of business on
the preceding Distribution Date (or, if all of the Notes have been paid in full and the Indenture has been discharged in accordance with its terms, the holder of the Transferor Interest) voting as a single class, may, on behalf of all Noteholders
and holders of the Transferor Interest, waive any default by the Servicer in the performance of its obligations hereunder and under the Receivables Purchase Agreement and its consequences. Upon any such waiver of a past default, such default shall
cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement, the Receivables Purchase Agreement and the other Basic Documents. No such waiver shall extend to any
subsequent or other default or impair any right consequent thereon. 
 ARTICLE VII 

TERMINATION 

Section 7.01 Termination of Agreement. 

This Agreement and the respective obligations and responsibilities of the Transferor and the Servicer under this Agreement will terminate,
except with respect to the duties described in Section 5.04, on the Trust Termination Date. 

  
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 ARTICLE VIII 

MISCELLANEOUS PROVISIONS 

Section 8.01 Amendment. 

(a) This Agreement may be amended by the parties hereto from time to time prior to, or in connection with, the issuance of the first Series of
Notes under the Indenture without the requirement of any consents or the satisfaction of any conditions set forth below. This Agreement may be amended from time to time by the parties hereto, by a written instrument signed by each of them, without
the consent of any of the Noteholders; provided that: 
 (i) the Transferor or the Servicer has delivered to the
Indenture Trustee and the Issuer an Officer’s Certificate, dated the date of any such amendment, stating that it reasonably believes that such amendment will not adversely affect in any material respect the interests of any Noteholder; and 

(ii) the Transferor has delivered to the Indenture Trustee and the Issuer a Required Federal Income Tax Opinion; 

Additionally, notwithstanding the preceding sentence, this Agreement may be amended by the parties hereto without the consent of any of the
Noteholders to add, modify or eliminate such provisions as may be necessary or advisable in order to enable all or a portion of the Issuer to avoid the imposition of state or local income or franchise taxes imposed on the Issuer’s property or
its income; provided, however, that: 
 (i) the Transferor delivers to the Indenture Trustee and the Issuer an
Officer’s Certificate to the effect that the proposed amendments meet the requirements set forth in this subsection; 

(ii) the Transferor has delivered to the Indenture Trustee and the Issuer a Required Federal Income Tax Opinion; and 

(iii) such amendment does not affect the rights, duties or obligations of the Indenture Trustee hereunder. 

(b) This Agreement may also be amended from time to time by the parties hereto, with the consent of the Majority Noteholders of all affected
Series for which the Transferor has not delivered an Officer’s Certificate stating that the amendment will not adversely affect in any material respect the interests of any Noteholder, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, that the Transferor has delivered to the Indenture Trustee and the Issuer a Required Federal Income Tax
Opinion; and provided, however, that no such amendment may: 
 (i) reduce in any manner the amount of or delay
the timing of any distributions to be made to Noteholders or deposits of amounts to be so distributed (by way of illustration, and not limitation, changes in the definition of Early Amortization Event that decrease the likelihood of the occurrence
thereof will not be considered delays in the timing of distributions for purposes of this clause) without the consent of each affected Noteholder; or 

  
 31 

 (ii) reduce the aforesaid percentage required to consent to any such
amendment without the consent of each Noteholder. 
 (c) Prior to the execution of any such amendment, the Servicer shall give notice of the
substance thereof to each Rating Agency. Promptly after the execution of any such amendment, the Administrator will notify the Indenture Trustee, and the Servicer will notify each Rating Agency of the substance of such amendment. 

(d) If Noteholders or the Owner Trustee are required to consent to any proposed amendment pursuant to this Section, such Person need not
consent to or approve the particular form of such amendment. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Noteholders is subject to such reasonable requirements as the Indenture Trustee
prescribes. 
 (e) Any amendment entered into pursuant to this Section 8.01 which affects the rights, duties, immunities or liabilities
of the Owner Trustee shall require the Owner Trustee’s written consent. 
 Section 8.02 Protection of Right, Title and
Interest to Issuer. 
 (a) The Servicer will cause this Agreement, all amendments hereto and/or all financing statements and
continuation statements and any other necessary documents covering the Indenture Trustee’s and the Issuer’s right, title, and interest in and to the Trust Property to be promptly recorded, registered and filed, and at all times to be kept
recorded, registered and filed, all in such manner and in such places as may be required by law to preserve and protect the right, title and interest of the Indenture Trustee and the Issuer hereunder to all property of the Issuer. The Servicer will
deliver to the Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Transferor will cooperate fully
with the Servicer in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section. 

(b) Within 30 days after the Transferor or GMF makes any change in its name, identity or corporate structure which would make any
financing statement or continuation statement filed in accordance with Section 8.02(a) seriously misleading within the meaning of Section 9-506 of the UCC as in effect in the applicable jurisdiction,
the Transferor or GMF, as applicable, will give the Issuer notice of any such change and will file such financing statements or amendments as may be necessary to continue the perfection of the Issuer’s security interest (as defined in the UCC
as in effect in the applicable jurisdiction) in the Receivables and the proceeds thereof. 
 (c) The Transferor or the Servicer, as
applicable, will give the Issuer and the Indenture Trustee prompt written notice of any (i) relocation of any office from which it services Receivables or keeps records concerning the Receivables or of its principal executive office and
(ii) change in the jurisdiction of its formation and whether, as a result of such relocation or 

  
 32 

 
change, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and will file
such financing statements or amendments as may be necessary to perfect or to continue the perfection of the Issuer’s security interest (as defined in the UCC as in effect in the applicable jurisdiction) in the Receivables and the proceeds
thereof. The Transferor and the Servicer will at all times maintain each office from which it services Receivables and its principal executive office and jurisdiction of formation within the United States of America. 

(d) The Servicer will deliver to the Issuer and the Indenture Trustee, upon the execution and delivery of each amendment of this Agreement, an
Opinion of Counsel to the effect that any such amendment of this Agreement: 
 (i) has been entered into in accordance with
the terms of this Agreement; 
 (ii) has been duly authorized, executed and delivered by the Transferor and the Servicer and
constitutes the legal, valid and binding agreement of the Transferor and the Servicer, as applicable, enforceable in accordance with its terms. 

Section 8.03 No Petition. 

Each of the Transferor, the Servicer, GMF (if it is no longer the Servicer and other than in its capacity as a member of the Transferor), each
Noteholder (by accepting a Note or a beneficial interest therein), each holder of an interest in the Transferor Interest (by accepting such interest) and the Indenture Trustee (by accepting the benefits of this Agreement) hereby covenants and agrees
that it will not at any time institute, or join with any other Person in instituting, against the Transferor or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under any
United States federal or state bankruptcy or similar law. 
 Section 8.04 Governing Law. 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws. 
 Section 8.05 Notices. 

All notices, demands, instructions, consents and other communications required or permitted under this Agreement must be in writing and will be
deemed to have been duly given if personally delivered or sent by first class or express mail (postage prepaid) or national courier service or by facsimile transmission or other electronic communication device capable of transmitting or creating a
written record and followed by first class mail. Unless otherwise specified in a notice sent in accordance with the provisions of this Section, notices, demands, instructions, consents and other communications in writing will be given to the
respective parties at their respective addresses as follows: (i) in the case of the Transferor, 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (ii) in the case of GMF, 801 Cherry Street, Suite
3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer and 

  
 33 

 
(iii) in the case of the Issuer or Owner Trustee, to GMF Floorplan Owner Revolving Trust, c/o Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200, Wilmington, DE 19805-1266,
Attention: Corporate Trust Administration—GMF Floorplan Owner Revolving Trust, with a copy to Deutsche Bank Trust Company Americas, 60 Wall Street, 27th floor, New York, NY 10005, Attn: TAS/Structure Finance Services; or, as to each party, at
such other address as may be designated by such party in a written notice to each other party. All notices are deemed to be duly given upon receipt. 

Section 8.06 Severability of Provisions. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 Section 8.07 Further Assurances. 

The Transferor and the Servicer agree to do and perform, from time to time, any and all acts and to execute any and all further instruments
required or reasonably requested by the Issuer or the Indenture Trustee more fully to effect the purposes of this Agreement, including the execution of any financing statements or continuation statements relating to the Receivables for filing under
the provisions of the UCC of any applicable jurisdiction. The Transferor hereby authorizes the Issuer to file any financing statement, including financing statements describing the collateral as “all assets of the debtor” or words to
similar effect. 
 Section 8.08 No Waiver; Cumulative Remedies. 

No failure to exercise and no delay in exercising, on the part of the Issuer or the Indenture Trustee, any right, remedy, power or privilege
under this Agreement will operate as a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges provided under this Agreement are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

Section 8.09 Counterparts. 

This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which will be an
original, but all of which together will constitute one and the same instrument. Delivery of executed signature pages to this Agreement by facsimile or other electronic transmission shall constitute and be effective as delivery of a manually
executed signature page hereto. 
 Section 8.10 Third-Party Beneficiaries. 

This Agreement will be binding upon and inure to the benefit of the parties hereto, the Indenture Trustee, the Owner Trustee, the holders of
the Transferor Interest, and their respective successors and permitted assigns. Except as otherwise expressly provided in this Agreement, no other Person will have any right or obligation hereunder. 

  
 34 

 Section 8.11 Rule 144A Information. 

For so long as any of the Notes of any Series or Class are “restricted securities” within the meaning of
Rule 144(a)(3) under the Securities Act, at any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and is not exempt from reporting pursuant to Rule 12g3-2(b) under the
Exchange Act, each of the Transferor, the Issuer, the Servicer agree to cooperate with one another to provide to any Noteholders of such Series or Class and to any prospective purchaser of Notes designated by such Noteholder, upon the
request of such Noteholder or prospective-purchaser, any information required to be provided to such holder or prospective purchaser to satisfy the condition set forth in Rule 144A(d)(4) under the Securities Act. 

Section 8.12 Merger and Integration. 

Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject
matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived, or supplemented except as provided herein. 

Section 8.13 Headings. 

The headings herein are for purposes of reference only and do not otherwise affect the meaning or interpretation or any provision of this
Agreement. 
 Section 8.14 Limitation of Liability of Owner Trustee. 

It is expressly understood and agreed by the parties that (a) this Agreement is executed and delivered by Deutsche Bank Trust Company
Delaware, not individually or personally, but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, pursuant to the Trust Agreement, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Deutsche Bank Trust Company Delaware, but is made and intended for the purpose for binding only the Issuer, (c) nothing herein
contained shall be construed as creating any liability on Deutsche Bank Trust Company Delaware, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by
the parties hereto and by any person claiming by, through or under the parties hereto, and (d) under no circumstances shall Deutsche Bank Trust Company Delaware 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, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents. 

  
 35 

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

					
	 GMF WHOLESALE RECEIVABLES LLC,

as Transferor

		
	By:	 	 /s/ Robert T. Pigott III

	Name:	 	Robert T. Pigott III
	Title:	 	 Assistant Vice President, Corporate Finance

	
	 GMF FLOORPLAN OWNER REVOLVING TRUST,

as Issuer

		
	By:	 	Deutsche Bank Trust Company Delaware, not in its individual capacity, but solely as Owner Trustee
			
		 	By:	 	 /s/ Eileen M. Hughes

		 	Name:	 	Eileen M. Hughes
		 	Title:	 	Attorney-in-fact
			
		 	By:	 	 /s/ Maria Inoa

		 	Name:	 	Maria Inoa
		 	Title:	 	Attorney-in-fact
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Servicer
		
	By:	 	 /s/ Sheli Fitzgerald

	Name:	 	Sheli Fitzgerald
	Title:	 	Vice President, Corporate Finance

  

			
	ACKNOWLEDGED AND ACCEPTED:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Indenture Trustee
		
	By:	 	 /s/ Marianna C. Stershic

	Name:	 	Marianna C. Stershic
	Title:	 	Vice President

  

					
		  	S-1	  	[Transfer & Servicing Agreement]

 Exhibit A 

FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS 

(As required by Section 2.06 

of the Transfer and Servicing Agreement) 

This ASSIGNMENT NO. ___ OF RECEIVABLES IN ADDITIONAL ACCOUNTS, dated as of
[                     , 20 ], is by and among GMF WHOLESALE RECEIVABLES LLC, as Transferor, AMERICREDIT FINANCIAL
SERVICES, INC. d/b/a GM FINANCIAL, as Servicer, and GMF FLOORPLAN OWNER REVOLVING TRUST, as Issuer, pursuant to the Transfer and Servicing Agreement referred to below. 

RECITALS 
 A. The Transferor, the
Servicer and the Issuer are parties to a Transfer and Servicing Agreement, dated as of March 27, 2013 (as amended, supplemented or otherwise modified from time to time, the “Transfer and Servicing Agreement”). 

B. Pursuant to the Transfer and Servicing Agreement, the Transferor wishes to designate Additional Accounts as Accounts and to transfer the
Receivables and Related Security arising in connection with such Additional Accounts, whether now existing or hereafter created, to the Issuer, to be further pledged to the Indenture Trustee. 

C. The Issuer is willing to accept such designation and sale subject to the terms and conditions hereof. 

The Transferor, the Servicer and the Issuer hereby agree as follows: 

STATEMENT OF AGREEMENT 
 1.
Defined Terms. All capitalized terms used herein have the meanings ascribed to them in the Annex of Definitions or the Transfer and Servicing Agreement unless otherwise defined herein: 

“Addition Date” means, with respect to the Additional Accounts designated hereby, , 20 . 

“Additional Cutoff Date” means, with respect to the Additional Accounts designated hereby, , 20
. 
 2. Designation of Additional Accounts. The Transferor hereby delivers herewith an updated Account Schedule reflecting such
Additional Accounts, along with the Additional Account Schedule specifying for each such Additional Account, as of the Additional Cutoff Date, its account number and the aggregate amount of Principal Receivables of such Account. 

  
 A-1 

 3. Transfer of Receivables. The Transferor does hereby transfer, assign, set-over and otherwise convey, without recourse (except as expressly provided in the Transfer and Servicing Agreement), to the Issuer, on the Addition Date all of its right, title and interest in, to and under the
Receivables arising in connection with such Additional Accounts and all Related Security with respect thereto owned by the Transferor and existing at the close of business on the Additional Cutoff Date and thereafter created from time to time, all
monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto. The foregoing
transfer, assignment, set-over and conveyance does not constitute and is not intended to result in the creation, or an assumption by the Issuer, of any obligation of the Servicer, the Transferor, GM or any
other Person in connection with the Accounts, the Receivables or under any agreement or instrument relating thereto, including any obligation to any Dealers, or GM. 

In connection with such transfer, to the extent necessary giving effect to UCC financing statements already filed, the Transferor agrees to
record and file, at its own expense, a financing statement on form UCC-1 (and continuation statements when applicable) with respect to the Receivables now existing and hereafter created for the sale of
“instruments”, “chattel paper”, “general intangibles”, “payment intangibles” or “accounts” (as defined in the UCC as in effect in the applicable jurisdiction) meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to perfect the transfer and assignment of the Receivables and the Related Security to the Issuer, and to deliver a file-stamped copy of such financing statements or other evidence
of such filing to the Issuer within 10 days after the Addition Date. The Issuer is under no obligation whatsoever to file such financing statement, or a continuation statement to such financing statement, or to make any other filing under the UCC in
connection with such transfer. 
 In connection with such transfer, the Transferor further agrees, at its own expense, on or before the
Addition Date, to indicate in its books and records (and with respect to (B) below, in its computer records) that the Receivables and the Related Security (A) have been transferred or assigned to the Issuer pursuant to this Assignment and
then (B) pledged by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. 
 4.
Acceptance by Issuer. Subject to the satisfaction of the conditions set forth in Section 2.06(d) of the Transfer and Servicing Agreement, the Issuer hereby acknowledges its acceptance of all right, title and interest to the property, now
existing and hereafter created, transferred to the Issuer pursuant to Section 3 of this Assignment. The Issuer further acknowledges that, before or simultaneously with the execution and delivery of this Assignment, the Transferor delivered to
the Issuer the updated Account Schedule and the Additional Account Schedule described in Section 2 of this Assignment. 

  
 A-2 

 5. Representations and Warranties of Transferor. The Transferor hereby represents and
warrants to the Issuer, on behalf of the Issuer, as of the date of this Assignment and as of the Addition Date that: 
 (i)
Organization and Good Standing. The Transferor is a limited liability company duly formed and validly existing and in good standing under the laws of the jurisdiction of its formation and has, in all material respects, full power, authority
and legal right to own its properties and conduct its business as such properties are currently owned and such business is currently conducted, and to execute, deliver and perform its obligations under this Assignment. 

(ii) Due Qualification. The Transferor is duly qualified to do business and, where necessary, is in good standing as a
foreign corporation (or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction where the conduct of its business requires such qualification, except where the failure to so qualify or obtain
licenses or approvals would not have a material adverse effect on its ability to perform its obligations under this Assignment. 

(iii) Due Authorization. The Transferor has duly authorized by all necessary action on its part the execution and
delivery of this Assignment and the consummation by the Transferor of the transactions provided for or contemplated by this Assignment. 

(iv) No Conflict. The Transferor’s execution and delivery of this Assignment, its performance of the transactions
contemplated by this Assignment and the fulfillment of the terms hereof applicable to it, will not conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a
material default under, any material indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Transferor is a party or by which it or its properties are bound. 

(v) No Violation. The Transferor’s execution and delivery of this Assignment, its performance of the transactions
contemplated by this Assignment and the fulfillment of the terms hereof applicable to it, will not conflict with or violate any material Requirements of Law applicable to it. 

(vi) No Proceedings. There are no proceedings pending or, to the best of its knowledge, no proceedings threatened or
investigations pending or threatened against the Transferor before or by any Governmental Authority (A) asserting the invalidity of this Assignment or the applicable Related Documents, (B) seeking to prevent the consummation of any of the
transactions contemplated by this Assignment, (C) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect its performance of its obligations under this Assignment, (D) seeking any
determination or ruling that would materially and adversely affect the validity or enforceability of this Assignment or (E) seeking to affect adversely the income tax characterization of the Issuer under the United States federal or any other
applicable state or local jurisdiction’s income, single business or franchise tax systems. 
 (vii) All Consents
Required. All material authorizations, consents, orders, approvals or other actions of any Governmental Authority required to be obtained or effected by the Transferor in connection with its execution and delivery of this Assignment, its
performance of the transactions contemplated by this Assignment and the fulfillment of the terms hereof and thereof applicable to it, have been duly obtained or effected and are in full force and effect. 

  
 A-3 

 (viii) Enforceability. This Assignment constitutes a legal, valid and
binding obligation of the Transferor, enforceable against it in accordance with the terms hereof or thereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

(ix) Account Schedule. The Additional Account Schedule delivered pursuant to Section 2 of this Assignment is an
accurate and complete listing in all material respects of all the related Additional Accounts and the information contained therein with respect to the identity of such Additional Accounts and the Principal Receivables arising in connection
therewith is true and correct in all material respects as of the Additional Cutoff Date. 
 (x) Valid Transfer. This
Assignment constitutes a valid transfer and assignment to the Issuer of all right, title and interest of the Transferor in the related Receivables and the Related Security and the proceeds thereof and all of the Transferor’s rights, remedies,
powers and privileges with respect to the Receivables under the Receivables Purchase Agreement or constitutes a granting to the Issuer of an enforceable first priority perfected security interest (as defined in the UCC in effect in the applicable
jurisdiction) in the property now existing and hereafter created and, upon the filing of the financing statements described in Section 2.01(c) of the Transfer and Servicing Agreement and, in the case of the Receivables and the Related Security
hereafter created and the proceeds thereof, upon the creation thereof, the Issuer will have a first priority perfected security interest in such property except for Permitted Liens. Except as otherwise provided in this Assignment, neither the
Transferor nor any Person claiming through or under it has any claim to or interest in the Trust Property. 
 6. Ratification of
Agreement. As supplemented by this Assignment, the Transfer and Servicing Agreement is in all respects ratified and confirmed and the Transfer and Servicing Agreement as so supplemented by this Assignment is to be read, taken and construed as
one and the same instrument. 
 7. Counterparts. This Assignment may be executed in two or more counterparts (and by different parties
in separate counterparts), each of which will be an original but all of which together shall constitute one and the same instrument. 
 8.
Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions (other than
Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

  
 A-4 

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

			
	GMF WHOLESALE RECEIVABLES LLC, as Transferor
		
	By:	 	              

		 	Name:
		 	Title:
	
	GMF FLOORPLAN OWNER REVOLVING TRUST, as Issuer
	
	By: AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Administrator
		
	By:	 	              

		 	Name:
		 	Title:
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Servicer
		
	By:	 	              

		 	Name:
		 	Title:

  
 A-5 

 Exhibit B 

FORM OF REASSIGNMENT OF RECEIVABLES IN REDESIGNATED ACCOUNTS 

(Pursuant to Section [2.07][2.08] 

of the Transfer and Servicing Agreement) 

This REASSIGNMENT NO. __ OF RECEIVABLES IN REDESIGNATED ACCOUNTS dated as of [
                     , 20        ], is by and among GMFWHOLESALE RECEIVABLES
LLC, as Transferor, AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Servicer, and GMF FLOORPLAN OWNER REVOLVING TRUST, as Issuer, pursuant to the Transfer and Servicing Agreement referred to below. 

RECITALS 
 A. The Transferor, the
Servicer and the Issuer are parties to a Transfer and Servicing Agreement, dated as of March 27, 2013 (as amended, supplemented or otherwise modified from time to time, the “Transfer and Servicing Agreement”). 

B. Pursuant to the Transfer and Servicing Agreement, the Transferor wishes to redesignate certain Accounts as Redesignated Accounts and to
cause the Issuer to reconvey the Receivables in such Redesignated Account and the Related Security, whether now existing or hereafter created, and all amounts currently held by the Issuer or thereafter received by the Issuer in respect of such
Redesignated Accounts. 
 C. The Issuer is willing to accept such redesignation and to reconvey such Receivables, Related Security and any
related amounts held or received by the Issuer with respect thereto subject to the terms and conditions hereof. 
 The Transferor, the
Servicer and the Issuer hereby agree as follows: 
 STATEMENT OF AGREEMENT 

1. Defined Terms. All capitalized terms used herein have the meanings ascribed to them in the Annex of Definitions or the Transfer and
Servicing Agreement unless otherwise defined herein: 
 [”Removal Date” means, with respect to the Redesignated Accounts
designated hereby,        ,         .] 

[”Removal and Reassignment Date” means, with respect to the Redesignated Accounts designated hereby,
    ,         .] 
 2. Notice of
[Redesignation][Removal]. Prior to or simultaneously with the execution and delivery of this Reassignment, the Transferor has delivered to the Issuer, the Servicer (if the Servicer is not GMF), the Indenture Trustee and the Rating Agencies the
[Redesignation][Removal] Notice as provided in Section [2.07(b)(i)][2.08(b)(i)] of the Transfer and Servicing Agreement and the Issuer hereby acknowledges receipt thereof. 

  
 B-1 

 3. Conveyance of Receivables. The Issuer does hereby transfer, assign, set-over and otherwise convey to the Transferor, without recourse, representation or warranty on and after the Removal [and Reassignment] Date, all right, title and interest of the Issuer in, to and under all
Receivables existing at the close of business on the Removal [and Reassignment] Date and thereafter created from time to time in the Redesignated Accounts identified on the [Redesignation][Removal] Notice, all Related Security thereof, all monies
due or to become due and all amounts received with respect thereto (including all Interest Receivables), all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with
respect thereto. 
 If requested by the Transferor, in connection with such transfer, the Issuer agrees to execute and deliver to the
Transferor on or before the date of this Reassignment, a termination statement with respect to the Receivables existing at the close of business on the Removal [and Reassignment] Date and thereafter created from time to time and Related Security
thereof in the Redesignated Accounts identified on the [Redesignation][Removal] Notice (which may be a single termination statement with respect to all such Receivables and Related Security) evidencing the release by the Issuer of all of its right,
title and interest in the Receivables in the Redesignated Accounts identified on the [Redesignation][Removal] Notice and the Related Security, and meeting the requirements of applicable state law, in such manner and such jurisdictions as are
necessary to remove such lien. 
 4. Ratification of Agreement. As supplemented by this Reassignment, the Transfer and Servicing
Agreement is in all respects ratified and confirmed and the Transfer and Servicing Agreement as so supplemented by this Reassignment is to be read, taken and construed as one and the same instrument. 

5. Counterparts. This Reassignment may be executed in two or more counterparts (and by different parties in separate counterparts), each
of which will be an original but all of which together shall constitute one and the same instrument. 
 6. GOVERNING LAW. THIS
REASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

[signature page to follow] 

  
 B-2 

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

			
	GMF WHOLESALE RECEIVABLES LLC, as Transferor
		
	By;	 	              

		 	Name:
		 	Title:
	
	GMF FLOORPLAN OWNER REVOLVING TRUST, as Issuer
	
	By: AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Administrator
		
	By:	 	              

		 	Name:
		 	Title:
	
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Servicer
		
	By:	 	              

		 	Name:
		 	Title:

  
 B-3 

 Schedule I 

ACCOUNT SCHEDULE 
 [ON FILE WITH
THE INDENTURE TRUSTEE] 

  
 C-1EX-10.4

 Exhibit 10.4 

Execution Version 
 RECEIVABLES
PURCHASE AGREEMENT 
 between 

GMF WHOLESALE RECEIVABLES LLC, 

Purchaser 
 and 

AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, 

Seller 
 Dated as of March 27,
2013 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS 
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitional Provisions	  	 	1	 
		
	 ARTICLE II SALE OF RECEIVABLES
	  	 	2	 
			
	 Section 2.01
	 	Sale of Receivables	  	 	2	 
	 Section 2.02
	 	Representations and Warranties of Seller Relating to Itself and This Agreement	  	 	5	 
	 Section 2.03
	 	Representations and Warranties of Seller Relating to Receivables and Accounts	  	 	7	 
	 Section 2.04
	 	Covenants of Seller	  	 	9	 
	 Section 2.05
	 	Designation of Additional Accounts	  	 	10	 
	 Section 2.06
	 	Removal of Accounts Without Removal of Receivables	  	 	11	 
	 Section 2.07
	 	Removal of Accounts With Removal of Receivables	  	 	13	 
	 Section 2.08
	 	Sale of Ineligible Receivables.	  	 	14	 
	 Section 2.09
	 	Treatment of Prepayments and Advances Made Pursuant to Cash Management Agreements	  	 	14	 
		
	 ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	 	15	 
			
	 Section 3.01
	 	Acceptance of Appointment and Other Matters Relating to Servicer	  	 	15	 
	 Section 3.02
	 	Servicing Compensation	  	 	15	 
		
	 ARTICLE IV OTHER MATTERS RELATING TO SELLER
	  	 	15	 
			
	 Section 4.01
	 	Merger or Consolidation, or Assumption of Obligations of, Seller	  	 	15	 
	 Section 4.02
	 	Seller Indemnification of Purchaser	  	 	16	 
		
	 ARTICLE V TERMINATION
	  	 	16	 
			
	 Section 5.01
	 	Termination of Agreement	  	 	16	 
		
	 ARTICLE VI INTERCREDITOR PROVISIONS
	  	 	17	 
			
	 Section 6.01
	 	Nonfloorplan Agreements Between Seller and Dealer	  	 	17	 
		
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	19	 
			
	 Section 7.01
	 	Amendment	  	 	19	 
	 Section 7.02
	 	Protection of Right, Title and Interest to Receivables	  	 	19	 
	 Section 7.03
	 	Limited Recourse	  	 	20	 
	 Section 7.04
	 	No Petition	  	 	20	 
	 Section 7.05
	 	Governing Law	  	 	21	 
	 Section 7.06
	 	Notices	  	 	21	 
	 Section 7.07
	 	Severability of Provisions	  	 	21	 

							
	 Section 7.08
	 	Assignment	  	 	21	 
	 Section 7.09
	 	Further Assurances	  	 	21	 
	 Section 7.10
	 	No Waiver; Cumulative Remedies	  	 	22	 
	 Section 7.11
	 	Counterparts	  	 	22	 
	 Section 7.12
	 	Third-Party Beneficiaries	  	 	22	 
	 Section 7.13
	 	Merger and Integration	  	 	22	 
	 Section 7.14
	 	Headings	  	 	22	 

 EXHIBIT A – Form of Assignment of Receivables in Additional Accounts 

EXHIBIT B – Form of Reassignment of Receivables in Removed Accounts 

SCHEDULE I – Account Schedule 

  
 ii 

 RECEIVABLES PURCHASE AGREEMENT 

RECEIVABLES PURCHASE AGREEMENT, dated as of March 27, 2013 (as modified, supplemented, amended or restated from time to time, this
“Agreement”), by and between AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL (“GMF”), a Delaware corporation, as Seller (the “Seller”), and GMF WHOLESALE RECEIVABLES LLC
(“GMWR”), a Delaware limited liability company, as Purchaser (the “Purchaser”). 
 RECITALS 

A. The Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, the Receivables arising from time to
time in connection with the Accounts designated hereunder. 
 B. Pursuant to the Transfer and Servicing Agreement, the Purchaser has agreed
to transfer to the Issuer all such Receivables purchased by the Purchaser hereunder. 
 C. Pursuant to the Indenture and the Indenture
Supplements, the Issuer will issue from time to time Notes secured by such Receivables. 
 In consideration of the mutual covenants and
agreements herein contained, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows. 

ARTICLE I 
 DEFINITIONS 

Section 1.01 Definitions. 

All terms used herein and not otherwise defined herein have the meanings ascribed to them in the Annex of Definitions attached as Annex
A to the Indenture, dated as of March 27, 2013, between GMF Floorplan Owner Revolving Trust, as Issuer, and Wells Fargo Bank, National Association, as Indenture Trustee. Whenever used in this Agreement, such terms are applicable to the
singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

Section 1.02 Other Definitional Provisions. 

(a) All terms defined in this Agreement or in the Annex of Definitions shall have the defined meanings when used in any instrument governed
hereby and in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
 (b) As used in this
Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement, the Annex of Definitions or in any such instrument, certificate or
other document, and accounting terms partly defined in this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective 

 
meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other document, as applicable. To the
extent that the definitions of accounting terms in this Agreement, Annex of Definitions or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the
definitions contained in this Agreement, Annex of Definitions or in any such instrument, certificate or other document shall control. 
 (c)
Unless otherwise specified, references to any dollar amount on any particular date mean such amount at the close of business on such day. 

(d) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless
otherwise specified; and the term “including” shall mean “including without limitation.” 
 (e) Any agreement, instrument
or statute defined or referred to herein or in any instrument governed hereby or certificate or other document made or delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns. 

(f) As used herein, uncapitalized terms shall have the meanings, if any, ascribed thereto in the UCC in effect in the applicable
jurisdiction(s). 
 ARTICLE II 

SALE OF RECEIVABLES 

Section 2.01 Sale of Receivables. 

(a) By execution of this Agreement, the Seller does hereby: 

(i) on the first Series Issuance Date, sell, transfer, assign, set over and otherwise convey, without recourse (except as
expressly provided herein), to the Purchaser (A) all of its right, title and interest in, to and under each Receivable existing in or arising in connection with each Initial Account (from and including the Cutoff Date to and including the first
Series Issuance Date) and all Related Security, including the Seller’s interest in the security interests granted by the Dealers in the related Vehicles and any subordinated security interests in other Collateral with respect to such Receivable
owned by the Seller at the close of business on the Cutoff Date, (B) all of its rights under the related Sales and Service Agreement, (C) all of its rights under intercreditor agreements with third-party creditors of Dealers with respect
to the each such Initial Account, (D) all of its rights under the related Floorplan Financing Agreement, (E) all proceeds of the foregoing owned by the Seller at the close of business on the Cutoff Date and (F) all monies due or to
become due and all amounts received with respect thereto and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto; 

  
 2 

 (ii) on the Addition Date for each Additional Account, sell, transfer,
assign, set over and otherwise convey, without recourse (except as expressly provided herein), to the Purchaser (A) all of its right, title and interest in, to and under each Receivable existing in or arising in connection with each such
Additional Account (from and including the related Additional Cutoff Date to and including the related Addition Date) and all Related Security, including the Seller’s interest in the security interests granted by the Dealers in the related
Vehicles and any subordinated security interests in other Collateral with respect to such Receivable owned by the Seller at the close of business on the related Additional Cutoff Date and not previously sold to the Purchaser pursuant hereto,
(B) all of its rights under the related Sales and Service Agreement, (C) all of its rights under intercreditor agreements with third-party creditors of Dealers with respect to each such Additional Account, (D) all of its rights under
the related Floorplan Financing Agreement, (E) all proceeds of the foregoing owned by the Seller at the close of business on such Additional Cutoff Date and (F) all monies due or to become due and all amounts received with respect thereto
and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto; and 

(iii) subject to Section 5.01, on each Business Day occurring before the earlier of (x) the occurrence of an Early
Amortization Event specified in clause (1) of Section 5.01 of the Indenture and (y) the Trust Termination Date, on which day a new Receivable is created in connection with an Account other than a Redesignated Account after the related
Redesignation Date (each such Business Day being a “Transfer Date”) sell, transfer, assign, set over and otherwise convey, without recourse (except as expressly provided herein), to the Purchaser (A) all of its right, title and
interest in, to and under such Receivable and all Related Security, including the Seller’s interest in the security interests granted by the Dealers in the related Vehicles and any subordinated security interests in other Collateral with
respect to such Receivable owned by the Seller at the close of business on the applicable Transfer Date, (B) all of its rights under the related Sales and Service Agreement, (C) all of its rights under intercreditor agreements with
third-party creditors of Dealers with respect to the related Account, (D) all of its rights under the related Floorplan Financing Agreement, (E) all proceeds of the foregoing owned by the Seller at the close of business on the Transfer
Date and (F) all monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect
thereto. 
 (b) The foregoing sales, transfers, assignments, set-overs and conveyances, and any
subsequent sales, transfers, assignments, set-overs and conveyances of additional assets, do not constitute, and are not intended to result in, the creation, or an assumption by the Purchaser, of any
obligation of the Servicer, the Seller, GM or any other Person in connection with the Accounts, the related Receivables or any agreement or instrument relating thereto, including any obligation to any Dealers or GM. Such sales, transfers,
assignments, set-overs and conveyances are not sales, transfers, assignments, set-overs and conveyances of the Accounts; they are sales, transfers, assignments, set-overs and conveyances of the Receivables arising in connection therewith and the Related Security. 

  
 3 

 (c) In connection with such sales, the Seller will record and file, to the extent it has not
done so, at its own expense, a financing statement on form UCC-1 or any other applicable form (and continuation statements when applicable) naming the Seller as “seller” and the Purchaser as
“buyer” thereon with respect to the Receivables subject to this Agreement for the sale of “instruments”, “chattel paper”, “general intangibles”, “payment intangibles” or “accounts” (as
defined in the UCC as in effect in the applicable jurisdiction) meeting the requirements of Applicable Law in such manner and in such jurisdictions as are necessary to perfect the sale and assignment of the Receivables and the Related Security to
the Purchaser, and to deliver a file-stamped copy of such financing statements or other evidence of such filing to the Purchaser within 10 days after the first Series Issuance Date, in the case of the Initial Accounts, and (if any additional
filing is necessary) the applicable Addition Date, in the case of Additional Accounts. The Purchaser is under no obligation whatsoever to file such financing statement, or a continuation statement to such financing statement, or to make any other
filing under Applicable Law in connection with such sales. 
 (d) The Seller and the Purchaser intend that all transfers of Receivables under
this Agreement constitute sales of the Receivables and not transfers for security for a loan. However, if the transfers of the Receivables hereunder were to be characterized as transfers for security and not as sales, then (i) the Seller will
be deemed to have granted, and hereby grants, to the Purchaser a security interest in all of the Seller’s right, title and interest, whether now owned or hereafter acquired, in, to and under each Receivable, the Related Security, all other
personal property described from time to time in Section 2.01(a) and all monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in
the applicable jurisdiction) and Recoveries with respect thereto, (ii) this Agreement constitutes a security agreement and (iii) the Seller and the Purchaser each represents and warrants as to itself only that each remittance of any
collections with respect to the Receivables or any other proceeds to the Purchaser, or its assignee, thereof under this Agreement, will have been (A) in payment of a debt incurred by the Seller in the ordinary course of business or financial
affairs of the Seller and the Purchaser and (B) made in the ordinary course of business or financial affairs of the Seller and the Purchaser. 

(e) At its own expense, on or before the first Series Issuance Date, in the case of the Initial Accounts, and on or before the applicable
Addition Date, in the case of Additional Accounts, the Seller has (in the case of the Initial Accounts) or will (to the extent it has not done so): 

(i) indicate in its books and records (and with respect to (C) below, in its computer files) that the Receivables arising
in connection with the Accounts and the Related Security: (A) have been sold or assigned, as the case may be, to the Purchaser pursuant to this Agreement, then (B) transferred by the Purchaser to the Issuer pursuant to the Transfer and
Servicing Agreement and then (C) pledged by the Issuer to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture; and 

(ii) deliver the Initial Account Schedule and each applicable Additional Account Schedule. 

  
 4 

 The Account Schedule, as amended, supplemented or otherwise modified from time to time will be marked as
Schedule I to this Agreement and is hereby incorporated into and made a part of this Agreement. 
 (f) In consideration for the sale of
Receivables indicated on Schedule I hereto on the first Series Issuance Date and the Related Security and other personal property described in Section 2.01(a)(i), the Purchaser has paid to the Seller consideration in the form of cash
and other valuable consideration having value reasonably equivalent to the value of the assets so conveyed on such date. The purchase prices for the Receivables, Related Security and other personal property described in Section 2.01(a)(i) or
(ii), as applicable, sold pursuant to this Agreement on subsequent Series Issuance Dates and on any other date on which Receivables are sold to the Purchaser by the Seller, will be agreed to by the Purchaser and the Seller at the time of such
sales, and will be paid in the form of cash or other valuable consideration having value reasonably equivalent to the value of the assets so conveyed on such date. In each case, the purchase price will not be materially less favorable than prices
for transactions of a generally similar character at the time of the acquisition, taking into account the quality of such Receivables, the Seller’s cost of originating such Receivables and a reasonable return on such costs, and other pertinent
factors; provided that such consideration will in any event not be less than reasonably equivalent value therefor. 
 Notwithstanding
anything in this Agreement or in the other Basic Documents to the contrary, in originating the Receivables, the Seller acts solely in its individual capacity and not in the capacity of agent or nominee of the Purchaser or the Issuer. In connection
with all sales of Receivables by the Seller to the Purchaser under this Agreement, the Seller is under no obligation and does not intend to inform the related Dealers of such sales by the Seller to the Purchaser or the transfer thereof by the
Purchaser to the Issuer under the Transfer and Servicing Agreement. 
 If and to the extent that the Purchaser does not have sufficient
funds available to pay to the Seller the purchase price for the Receivables in a transfer hereunder, the amount of the excess of such purchase price over the amount of such available funds shall be considered a contribution of capital from the
Seller to the Purchaser. 
 Section 2.02 Representations and Warranties of Seller Relating to Itself and This Agreement.

 (a) Representations and Warranties. The Seller hereby represents and warrants to the Purchaser as of each Series Issuance Date
(unless another date is specified below) that: 
 (i) Organization and Good Standing. The Seller is a corporation duly
formed and validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power, authority and legal right to own its properties and conduct its business as such properties are currently owned
and such business is currently conducted, and to execute, deliver and perform its obligations under this Agreement. 

  
 5 

 (ii) Due Qualification. The Seller is duly qualified to do business
and, where necessary, is in good standing as a foreign corporation (or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction where the conduct of its business requires such qualification, except
where the failure to so qualify or obtain licenses or approvals would not have a material adverse effect on its ability to perform its obligations hereunder. 

(iii) Due Authorization. The Seller has duly authorized by all necessary action on its part the execution and delivery
of this Agreement and the consummation of the transactions provided for or contemplated by this Agreement. 
 (iv) No
Conflict. The Seller’s execution and delivery of this Agreement, its performance of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to it, will not conflict with, result in any breach of
any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default under, any material indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Seller is a
party or by which it or its properties are bound. 
 (v) No Violation. The Seller’s execution and delivery of
this Agreement, its performance of the transactions contemplated by this Agreement and the fulfillment of the terms hereof applicable to it, will not conflict with or violate any material Requirements of Law applicable to it. 

(vi) No Proceedings. There are no proceedings pending or, to the best of its knowledge, no proceedings threatened or
investigations pending or threatened against the Seller before or by any Governmental Authority (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement, (C) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect the performance of its obligations under this Agreement, (D) seeking any determination or ruling that would
materially and adversely affect the validity or enforceability of this Agreement or (E) seeking to affect adversely the income tax characterization of the Issuer under the United States federal or any other applicable state or local
jurisdiction’s income, single business or franchise tax systems. 
 (vii) All Consents Required. All material
authorizations, consents, orders, approvals or other actions of any Governmental Authority required to be obtained or effected by the Seller in connection with its execution and delivery of this Agreement, its performance of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof applicable to it, have been obtained or effected. 

(viii) Enforceability. This Agreement constitutes a legal, valid and binding obligation of the Seller, enforceable
against it in accordance with the terms hereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of
creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

  
 6 

 (ix) Valid Sale. This Agreement or, in the case of Additional
Accounts, the related Assignment constitutes a valid sale, transfer and assignment to the Purchaser of all right, title and interest of the Seller in the related Receivables and the Related Security and the proceeds thereof or constitutes a granting
to the Purchaser of an enforceable first priority perfected security interest (as defined in the UCC as in effect in the applicable jurisdiction) in the property now existing and hereafter created, and, upon the filing of the financing statements
described in Section 2.01(c) and, in the case of the Receivables and the Related Security hereafter created and the proceeds thereof, upon the creation thereof, the Purchaser will have a first priority perfected ownership interest or security
interest in such property, except for Permitted Liens. Except as otherwise provided in the Basic Documents, neither the Seller nor any Person claiming through or under it has any claim to or interest in the Trust Property. 

(b) Notice of Breach. The representations and warranties set forth in Section 2.02(a) will survive the sale and assignment of the
Receivables and Related Security to the Purchaser. If any Responsible Officer of the Seller or the Purchaser has actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt
written notice to the other party. 
 Section 2.03 Representations and Warranties of Seller Relating to Receivables and
Accounts. 
 (a) Representations and Warranties. The Seller hereby represents and warrants to the Purchaser that: 

(i) Each Receivable and its Related Security existing (x) on the first Series Issuance Date in the case of the Receivables
in an Initial Account, (y) on the related Addition Date in the case of Receivables existing in an Additional Account on such date and (z) on the related Transfer Date in the case of Receivables not included in clause (x) or (y), is
being sold on such date free and clear of any Lien (other than Permitted Liens), and all consents, licenses, approvals or authorizations of or registrations or declarations with any Governmental Authority required to be obtained, effected or given
by the Seller in connection with the sale of such Receivable and Related Security on such date have been duly obtained, effected or given and are in full force and effect. 

(ii) (A) Each Initial Account is an Eligible Account as of the Cutoff Date and (B) each Additional Account is an Eligible
Account as of the related Additional Cutoff Date. 
 (iii) As of the Cutoff Date (in the case of Receivables existing in an
Initial Account on such date), the related Additional Cutoff Date (in the case of a Receivable existing in the related Additional Account on such date), or the related Transfer Date (in the case of any other Receivable), such Receivable is an
Eligible Receivable or, if such Receivable is not an Eligible Receivable, such Receivable is being conveyed to the Transferor in accordance with Section 2.08 and no selection procedures reasonably believed to be adverse to the Noteholders have
been used in selecting the Accounts. 

  
 7 

 (iv) This Agreement creates a valid and continuing security interest (as
defined in the UCC) in the Receivables, Related Security and other personal property described in Section 2.01(a) in favor of the Purchaser, which security interest is prior to all other Liens (other than Permitted Liens), and is enforceable as
such as against creditors of and purchasers from the Seller. 
 (v) The Receivables constitute “instruments”,
“chattel paper”, “general intangibles”, “payment intangibles” or “accounts” within the meaning of the UCC. 

(vi) The Seller owns and has good and marketable title to the Receivables, Related Security and other personal property
described in Section 2.01(a), free and clear of any Lien (other than Permitted Liens). 
 (vii) The Seller has caused or
will have caused, within ten days after the initial Series Issuance Date, 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 Receivables, Related Security and other personal property described in Section 2.01(a), to the extent perfection with respect to such property may be effected by filing under the UCC, granted to the Purchaser hereunder. 

(viii) The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include
a description of collateral covering the Receivables, Related Security or other personal property described in Section 2.01(a) other than any financing statement (i) relating to the security interest granted to the Purchaser hereunder,
(ii) that has been terminated or as to which the secured party has released its security interest with respect to collateral covering the Receivables, Related Security or other personal property described in Section 2.01(a), or
(iii) that was filed with respect to Permitted Liens. 
 (ix) As of the Cutoff Date, the Initial Account Schedule is an
accurate and complete listing in all material respects of all the Initial Accounts and the information contained therein with respect to the identity of such Initial Accounts and the Principal Receivables arising in connection therewith is true and
correct in all material respects. As of the applicable Additional Cutoff Date, the Additional Account Schedule is an accurate and complete listing in all material respects of all the related Additional Accounts and the information contained therein
with respect to the identity of such Additional Accounts and the Principal Receivables arising in connection therewith is true and correct in all material respects. 

(b) Notice of Breach. The representations and warranties set forth in Section 2.03(a) survive the sale and assignment of the
Receivables and the Related Security to the Purchaser. If any Responsible Officer of the Seller or the Purchaser has actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering such breach will give
prompt written notice to the other party. 

  
 8 

 (c) Repurchase upon Breach. If any of the representations and warranties set forth in
Section 2.03(a) is not true and correct as of the date specified therein with respect to a Receivable and such breach has a material adverse effect on such Receivable and, in connection therewith, the Purchaser is obligated to accept
reassignment of such Receivable pursuant to Section 2.04(c) of the Transfer and Servicing Agreement, then the Seller will repurchase such Receivable. In such event, the Seller will pay an amount not less than the Purchase Amount for the
repurchase of such Receivable on the Determination Date on which the Purchaser is required to accept reassignment pursuant to the Transfer and Servicing Agreement. The Seller will repurchase such Receivable by making a payment to the Purchaser, in
immediately available funds, in an amount equal to the Purchase Amount for such Receivable. Upon payment of such purchase price and reassignment of such Receivables to the Purchaser in accordance with the Transfer and Servicing Agreement, the
Purchaser will automatically and without further action be deemed to sell, transfer, assign, set over and otherwise convey to the Seller, without recourse, representation or warranty, all the right, title and interest of the Purchaser in and to such
Receivable, all Related Security and all monies due or to become due with respect thereto and all proceeds thereof. The Purchaser will execute such documents and instruments of sale or assignment mutually agreed to by the Purchaser and the Seller.
The Purchaser will also take such other actions as are reasonably requested by the Seller to effect the conveyance of such Receivable. The Seller’s obligation to repurchase a Receivable or all the Receivables with respect to an Account pursuant
to this Section 2.03(c) constitutes the sole remedy with respect to the event of the type specified in the first sentence of this Section 2.03(c) available to the Purchaser and to the Noteholders (or the Owner Trustee or the Indenture
Trustee on behalf of the Noteholders). 
 Section 2.04 Covenants of Seller. The Seller hereby covenants that: 

(i) No Liens. Except for the conveyances hereunder or as provided in the Basic Documents, the Seller will not sell,
pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on, any Receivable or any Related Security or the other personal property described in Section 2.01(a),
whether now existing or hereafter created, or any interest therein, and the Seller will defend the right, title and interests of the Purchaser, the Issuer and the Indenture Trustee in, to and under such Receivables and the Related Security and other
personal property, whether now existing or hereafter created, and such rights, remedies, powers and privileges, against all claims of third parties claiming through or under the Seller. 

(ii) Floorplan Financing Agreements and Guidelines. The Seller will comply with and perform its servicing obligations
with respect to the Accounts and the Receivables in conformity with its then-current policies and procedures and in accordance with the applicable Floorplan Financing Agreements relating to the Accounts and the applicable Floorplan Financing
Guidelines, except insofar as any failure to so comply or perform would not materially and adversely affect the rights of the Purchaser, the Issuer or the Noteholders. Subject to compliance with all Requirements of Law, the Seller, in its capacity
as Servicer, may change the terms and provisions of any Floorplan Financing Agreement or the Floorplan Financing Guidelines in any respect (including the calculation of the amount or the timing of charge-offs and the rate of the finance charge
assessed thereon) only if such change would be permitted pursuant to Section 3.01(d) of the Transfer and Servicing Agreement. 

  
 9 

 (iii) Account Allocations. If the Seller is unable for any reason to
sell Receivables to the Purchaser, then the Seller will allocate, after the occurrence of such event, payments on each related Account in accordance with the terms of the Transfer and Servicing Agreement. 

(iv) Delivery of Collections. If the Seller or any Affiliate thereof receives payments in respect of the Receivables,
the Seller will pay or cause to be paid to the Servicer all such payments as soon as practicable after receipt thereof, but in no event later than two Business Days after such receipt. 

(v) Notice of Liens. The Seller will notify the Purchaser, the Owner Trustee and the Indenture Trustee promptly after
becoming aware of any Lien on any Receivable, Related Security or other personal property sold by the Seller hereunder other than Permitted Liens. 

(vi) Compliance with Law. The Seller will comply in all material respects with all Requirements of Law applicable to it.

 (vii) Enforcement of Agreements. The Seller will enforce, on behalf of the Purchaser (and its successors and
assigns) and at the direction of the Servicer, the Receivables and all rights sold to the Purchaser under the related Floorplan Financing Agreements, the related Sales and Service Agreement and intercreditor agreements with third-party creditors of
Dealers with respect to the Accounts. 
 (viii) Amounts Related to Adjustments. The Seller shall pay to the Purchaser
all amounts received by the Seller from non-GM Manufacturers in connection with any Dealer termination, on the date such amount is received by the Seller. 

Section 2.05 Designation of Additional Accounts. 

(a) The Seller may from time to time offer to voluntarily designate additional Eligible Accounts as Accounts, subject to the conditions
specified in paragraph (b) below. If any such offer is accepted by the Purchaser, Receivables and the Related Security arising in connection with such Additional Accounts will be sold to the Purchaser under Section 2.01(a)(ii) effective on
a date (the “Addition Date”) specified in a written notice provided by the Seller (or the Servicer on its behalf) to the Purchaser specifying the Additional Cutoff Date and the Addition Date for such Additional Accounts (the
“Addition Notice”) on or before the second Business Day but not earlier than the 30th day before the related Addition Date (the “Notice Date”). 

(b) On or before the related Addition Date the Seller shall: 

(i) provide the Purchaser with a timely Addition Notice; 

(ii) deliver to the Purchaser a duly executed written assignment (including an acceptance by the Purchaser) in substantially
the form of Exhibit A hereto (the “RPA Assignment”), along with the applicable Additional Account Schedule in accordance with Section 2.01(e)(ii); 

  
 10 

 (iii) deliver (or caused to be delivered) to the Servicer all Collections
with respect to such Additional Accounts for all Dates of Processing after the Additional Cutoff Date; 
 (iv) represent and
warrant that: 
 (A) each such Additional Account is an Eligible Account as of the Additional Cutoff Date; 

(B) no selection procedures reasonably believed by the Seller to be adverse to the interests of the Purchaser or the
Noteholders were used in selecting such Additional Accounts; 
 (C) the Additional Account Schedule delivered pursuant to
clause (ii) above, is true and correct in all material respects as of the Additional Cutoff Date; 
 (D) as of each of
the Notice Date and the Addition Date, the Seller is not insolvent nor will it be made insolvent by the sale contemplated by the related Addition Notice and it is not aware of any events or circumstances that could reasonably be expected to lead to
its insolvency; and 
 (E) the addition of the Receivables arising in connection with such Additional Accounts will not, in
the reasonable belief of the Seller, cause an Early Amortization Event to occur; and 
 (v) deliver to the Purchaser an
Officer’s Certificate confirming, to the best of such officer’s knowledge, the satisfaction of each of the conditions set forth in clauses (i) through (iv) above. The Purchaser may conclusively rely on such Officer’s
Certificate and has no duty to make inquiries with regard to the matters set forth therein and will incur no liability in so relying. 
 (c)
The Seller hereby represents and warrants on each Addition Date as to the matters set forth in clause (iv) of Section 2.05(b). These representations and warranties will survive the sale and assignment of the respective Receivables and the
Related Security to the Purchaser. If any Responsible Officer of the Seller or the Purchaser has actual knowledge of a breach of any of the foregoing representations and warranties, the party discovering the breach will give prompt written notice to
the other party and the Indenture Trustee. If any such breach has a material adverse effect on the related Receivable, the provisions of Section 2.03(c) will apply. 

Section 2.06 Removal of Accounts Without Removal of Receivables. 

(a) On each date on which Accounts are redesignated as Redesignated Accounts pursuant to Section 2.07 of the Transfer and Servicing
Agreement, the Purchaser shall be deemed to have offered to the Seller automatically and without notice to or action by or on behalf of the Purchaser, the right to remove such Redesignated Accounts from the operation of this Agreement in the manner
prescribed in Section 2.06(b). The Seller shall be deemed to have accepted such offer with respect to each Redesignated Account on the related Redesignation Date. 

  
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 (b) To remove Accounts from the operation of this Agreement, the Seller (or the Servicer on
its behalf) shall take the following actions and make the following determinations: 
 (i) not less than five Business Days
prior to the Redesignation Date, furnish to the Purchaser, the Servicer (if the Servicer is not GMF), the Indenture Trustee and each Rating Agency a Redesignation Notice specifying the Accounts to be designated as Designated Accounts and the
applicable Redesignation Date; 
 (ii) on or prior to the date that is five Business Days after the Redesignation Date,
deliver to the Indenture Trustee a computer file or written list containing a true and complete list of the Redesignated Accounts and specifying for each such Redesignated Account, as of the Redesignation Date, its account number and the aggregate
amount of Principal Receivables outstanding in such Redesignated Account; 
 (iii) from and after the Redesignation Date,
cease to transfer to the Purchaser any and all Receivables arising in each such Redesignated Account; 
 (iv) from and after
the Redesignation Date, allocate all principal collections received on any Receivables relating to each such Redesignated Account until the amount of the remaining Principal Receivables owned by the Issuer (measured as of the Redesignation Date) has
been reduced to zero; 
 (v) on each Business Day from and after the Redesignation Date to and until the related Removal
Date, allocate (A) to the Issuer, all Interest Collections in respect of each Redesignated Account on the basis of the ratio of the Principal Receivables owned by the Issuer in connection with such Redesignated Account on the date of
determination to the total amount of Principal Receivables in connection with such Redesignated Account on such date of determination, (B) to the Purchaser, all Interest Collections in respect of each Redesignated Account on the basis of the
ratio of the Principal Receivables owned by the Purchaser in connection with such Redesignated Account on the date of determination to the total amount of Principal Receivables in connection with such Redesignated Account on such date of
determination and (C) to the Seller, the remainder of the Interest Collections in respect of each Redesignated Account; 

(vi) the redesignation of any such Account as a Redesignated Account will not, in the reasonable belief of the Seller, cause an
Early Amortization Event to occur or cause the Adjusted Pool Balance to be less than the Required Participation Amount; 

(vii) no selection procedures reasonably believed by the Seller to be materially adverse to the interests of the Noteholders
were used in selecting the Redesignated Accounts; 
 (viii) the Redesignation Notice delivered pursuant to clause
(i) above is true and correct in all material respects as of its date; and 
 (ix) on or before the related Removal
Date, deliver to the Indenture Trustee an Officer’s Certificate confirming, to the best of such officer’s knowledge, the items set forth in clauses (vi) through (viii) above. 

  
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 (c) Subject to Section 2.06(b), and upon the satisfaction of the conditions therein, on
the Removal Date with respect to any such Redesignated Accounts, such Redesignated Accounts shall be deemed removed from the operation of this Agreement for all purposes. Within five (5) Business Days after the Removal Date and upon the written
request of the Servicer or the Seller, the Purchaser shall deliver to the Seller a Reassignment in substantially the form of Exhibit B with respect to the Redesignated Accounts. 

Section 2.07 Removal of Accounts With Removal of Receivables. 

(a) On each date on which Accounts are redesignated as Redesignated Accounts and the related Removed Receivables are assigned to the Purchaser
pursuant to Section 2.08 of the Transfer and Servicing Agreement, the Purchaser shall be deemed to have offered to the Seller automatically and without notice to, or action by or on behalf of, the Purchaser, the right to remove such
Redesignated Accounts and Removed Receivables from the operation of this Agreement in the manner prescribed in Section 2.07(b). The Seller shall be deemed to have accepted such offer with respect to each Redesignated Account and Removed
Receivable on the related Removed and Reassignment Date. The consideration for such removal of Receivables will be an amount equal to the principal amount of such Receivables, or such other amount as may be mutually agreed to by the Purchaser and
the Seller. 
 (b) To redesignate Accounts and cause the Purchaser to reassign the Removed Receivables as provided in Section 2.07(a),
the Seller shall take the following actions and make the following determinations: 
 (i) not less than five Business Days
before the Removal and Reassignment Date furnish a Removal Notice to the Purchaser, the Servicer (if the Servicer is not GMF), and the Indenture Trustee specifying the Redesignated Accounts and the balance of the then existing Principal Receivables
in such Redesignated Accounts which are to be reassigned from the Purchaser to the Seller and the Removal and Reassignment Date; 

(ii) on or prior to the date that is five Business Days after the Removal and Reassignment Date, deliver to the Indenture
Trustee a computer file or written list containing a true and complete list of the Redesignated Accounts and specifying for each such Redesignated Account, as of the Removal and Reassignment Date, its account number and the aggregate amount of
Principal Receivables outstanding in such Redesignated Account; 
 (iii) from and after the Removal and Redesignation Date,
cease to transfer to the Purchaser any and all Receivables arising in such Redesignated Account; 
 (iv) deliver an
Officer’s Certificate confirming, to the best of such officer’s knowledge, that: 
  

	 	(a)	 the list delivered pursuant to clause (ii) above, as of the Removal and Reassignment Date, is true and
complete in all material respects; 

  
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	 	(b)	 such reassignment will not, in the reasonable belief of the Seller, cause an Early Amortization Event to occur
or cause the Adjusted Pool Balance to be less than the Required Participation Amount after giving effect to such reassignment; and 

  

	 	(c)	 no selection procedures reasonably believed by the Seller to be materially adverse to the interests of the
Noteholders were used in selecting the Redesignated Accounts; and 

 (v) the Rating Agency Condition shall
have been satisfied with respect to such removal of Receivables and redesignation of Accounts. 
 On each Business Day from and after the
Removal and Reassignment Date with respect to a Redesignated Account. 
 Subject to Section 2.07(b) and upon satisfaction of the
conditions therein, on the Removal and Reassignment Date with respect to any Redesignated Account, the Seller and the Servicer shall cease to allocate to the Purchaser any Collections therefrom and on each Business Day from and after such Removal
and Reassignment Date, the Servicer shall distribute all Collections received with respect to the related Removed Receivables at the direction of the Seller. On the Removal and Reassignment Date, each such Redesignated Account shall be deemed
removed from designation to the Seller for all purposes. Within five Business Days after the Removal and Reassignment Date, the Purchaser shall deliver to the Seller a Reassignment, together with appropriate UCC financing statements. 

Section 2.08 Sale of Ineligible Receivables.  

The Seller may, at its sole option, sell to the Purchaser on each Transfer Date all or any portion of the Ineligible Receivables originated in
any Account; provided, however, that (i) on the applicable Transfer Date, such Account is an Eligible Account and (ii) the Seller indicates in its books and records that related Ineligible Receivables were sold to the Purchaser on the
related Transfer Date. 
 Section 2.09 Treatment of Prepayments and Advances Made Pursuant to Cash Management Agreements.
If prepayments are made by a Dealer to the Seller under a Floorplan Financing Agreement relating to an Account and such Dealer directs the Seller to credit such payment to the Cash Management Account, such payment shall be allocated to the holders
of the Transferor Interest and distributed to such holders; provided, that the Seller shall deposit all or a portion of such amount to the Excess Funding Account to the extent necessary, if at all, so that, at the time of such receipt and
after giving effect to other deposits to the Excess Funding Account under the Indenture and any Indenture Supplement, the Adjusted Pool Balance is not less than the Required Participation Amount. 

  
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 ARTICLE III 

ADMINISTRATION AND SERVICING OF RECEIVABLES 

Section 3.01 Acceptance of Appointment and Other Matters Relating to Servicer. 

The Seller agrees to act as the Servicer under the Transfer and Servicing Agreement and to fulfill the duties specified as being duties of the
Servicer in this Agreement, and the Purchaser consents to the Seller acting as the Servicer. The Seller will have ultimate responsibility for servicing, managing and making collections on the Receivables and will have the authority to make any
management decisions relating to such Receivables to the extent such authority is granted to the Servicer under this Agreement and the Transfer and Servicing Agreement. 

Section 3.02 Servicing Compensation. 

The Servicer is entitled to receive the Servicing Fee on each Distribution Date, and payment thereof will constitute full compensation for its
servicing activities hereunder as well as under the Transfer and Servicing Agreement. The Servicing Fee will be paid in accordance with the terms of the Transfer and Servicing Agreement, the Indenture and the Indenture Supplements. 

ARTICLE IV 
 OTHER MATTERS
RELATING TO SELLER 
 Section 4.01 Merger or Consolidation, or Assumption of Obligations of, Seller. 

The Seller may not dissolve, liquidate, consolidate with or merge into any other Person or convey, transfer or sell its properties and assets
substantially as an entirety to any Person unless: 
 (i) the Person (if other than the Seller) formed by or surviving such
consolidation or merger or that acquires by conveyance, transfer or sale the properties and assets of the Seller substantially as an entirety, as the case may be, will be organized and existing under the laws of the United States of America or any
state thereof or the District of Columbia, and expressly assumes, by a supplemental agreement executed and delivered to the Purchaser, the Owner Trustee and the Indenture Trustee, in form reasonably satisfactory to the Purchaser and the Indenture
Trustee, the performance of every covenant and obligation of the Seller hereunder; 
 (ii) the Person (if other than the
Seller) formed by or surviving such consolidation or merger or that acquires by conveyance, transfer or sale the properties and assets of the Seller substantially as an entirety, as the case may be, has delivered to the Purchaser, the Owner Trustee
and the Indenture Trustee (with a copy to each Rating Agency) an Officer’s Certificate and an Opinion of Counsel each stating that (A) such consolidation, merger, conveyance, transfer or sale and such supplemental agreement provided in
clause (i) above comply with this Section, (B) such supplemental agreement is a valid and binding obligation of such Person enforceable against such Person in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally from time to time in effect or general principles of equity, and (C) all conditions precedent herein provided for
relating to such transaction have been complied with; and 

  
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 (iii) notice of such consolidation, merger, conveyance, transfer or sale has
been given to each Rating Agency at least 10 days prior to such event. 
 Section 4.02 Seller Indemnification of
Purchaser. 
 The Seller will indemnify and hold harmless the Purchaser, from and against any loss, liability, expense, claim, damage
or injury suffered or sustained by the Purchaser by reason of any acts, omissions or alleged acts or omissions arising out of activities of the Seller pursuant to this Agreement or arising out of or based on the arrangement created by this Agreement
and the activities of the Seller taken pursuant hereto, including any judgment, award, settlement, reasonable attorneys’ fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or
claim; provided, however, that the Seller is not required to indemnify the Purchaser for any loss, liability, expense, claim, damage or injury of the Purchaser resulting from acts, omissions or alleged acts or omissions that constitute
fraud, gross negligence or willful misconduct by the Purchaser; and, provided, further, that the Seller is not required to indemnify the Purchaser for any loss, liability, expense, claim, damage or injury with respect to any United
States federal, state or local income or franchise taxes (or any interest or penalties with respect thereto) required to be paid by the Purchaser in connection herewith to any taxing authority. Any indemnification under this Section 4.02 will
survive the termination of this Agreement. 
 ARTICLE V 

TERMINATION 

Section 5.01 Termination of Agreement. 

This Agreement will terminate immediately after the legal existence of the Issuer terminates pursuant to the Trust Agreement. In addition, the
Purchaser will immediately cease purchasing Receivables and the Seller will immediately cease selling Receivables and will not designate any Additional Accounts if the Seller shall become the subject of any proceeding provided for by any insolvency,
readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Seller or relating to all or substantially all of its property (an “Involuntary Case”) and such Involuntary Case shall have
continued for a period of 20 Business Days from and including the day of receipt by the Seller at its principal, corporate office of notice of such Involuntary Case; provided that during such 20 Business Day period, the Purchaser shall suspend its
purchase of Receivables and shall hold all Collections of Principal Receivables that would have been available to purchase Receivables in the Collection Account and (a) if by the first Business Day after such 20 Business Day period, neither the
Seller nor the Purchaser has obtained an order from the court having jurisdiction of such case or filing which order approves the continuation of the sale of Receivables by the Seller to the Purchaser and which provides that the Seller and any of
its transferees (including the Issuer, the Owner Trustee and the Indenture Trustee) may conclusively rely on such order for the validity and non-avoidance of such transfer (the “Order”), the
Purchaser shall hold such Collections in the Collection Account until such time as they may be paid as elsewhere provided herein and shall 

  
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not purchase Receivables thereafter, or (b) if by such first Business Day, the Seller or the Purchaser has obtained such Order, the Seller may continue selling Receivables, and the Purchaser
may continue purchasing Receivables, pursuant to the terms hereof, as modified by the immediately succeeding sentence. During the period after the 20 Business Day period described above and before the end of the
60-day period described below, the purchase price of the Receivables transferred during such period, notwithstanding anything in this Agreement to the contrary, shall be paid to the Seller by the Purchaser in
cash not later than the same Business Day of any sale of Receivables. During such period, Receivables will be considered transferred to the Purchaser only to the extent that the purchase price therefor has been paid in cash on the same Business Day.
If an Order is obtained but subsequently is reversed or rescinded or expires, the Seller shall immediately cease selling Receivables to the Purchaser and the Purchaser shall immediately cease buying Receivables. The Seller shall give prompt written
notice to each of the Purchaser, the Owner Trustee, the Indenture Trustee and each Rating Agency immediately upon becoming a party to an Involuntary Case. If by the first Business Day after the 60-day period
after such involuntary filing, such Involuntary Case has not been dismissed, the Purchaser shall not thereafter purchase Receivables or designate Additional Accounts for transfer to the Issuer. Notwithstanding any cessation of the sale of
Receivables to the Purchaser pursuant to this Section, Receivables sold to the Purchaser prior to the Seller becoming a party to an Insolvency Case and Collections in respect of such Receivables will continue to be property of the Purchaser
available for transfer by the Purchaser to the Issuer pursuant to the Transfer and Servicing Agreement. 
 ARTICLE VI 

INTERCREDITOR PROVISIONS 

Section 6.01 Nonfloorplan Agreements Between Seller and Dealer. 

(a) With respect to any Dealer that is the obligor under Receivables that have been or will be sold to the Purchaser hereunder, the Seller may
be or become a lender to such Dealer under a Nonfloorplan Agreement pursuant to which the Seller (either directly, or as assignee of the originator of the Account) has been or may be granted a security interest in Common Collateral, which Common
Collateral may include Common Vehicle Collateral. 
 (b) The Seller hereby agrees that (i) any security interest it now has or may
hereafter acquire from time to time in, to or under any and all Common Vehicle Collateral (whether now existing or hereafter arising) shall, without further action by the Seller, the Purchaser or any other Person, at all times be subordinate and
junior in priority to any security interest in the Common Vehicle Collateral created from time to time pursuant to the related Floorplan Financing Agreements (and the Seller hereby agrees to take such further actions as the Purchaser, the Issuer or
the Indenture Trustee may reasonably request to more fully effectuate such subordination), (ii) it shall not foreclose or otherwise realize upon any Common Vehicle Collateral (except in its capacity as Servicer, acting for the benefit of the
Issuer and the Noteholders) or exercise its rights under any Nonfloorplan Agreement (or otherwise) with respect to any Common Vehicle Collateral (including, without limitation, by way of setoff against any deposit or other amount at any time owing
by the Seller to the related Dealer), in each case, in any manner that is materially adverse to the Purchaser, the Issuer or the Noteholders, until all scheduled or required payments in respect of the Receivables under the

  
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related Floorplan Financing Agreement(s) have been paid in full and (iii) in realizing upon such Common Vehicle Collateral, neither the Purchaser, the Issuer nor the Indenture Trustee has
any obligation to notify the Seller or to protect or preserve the rights of the Seller in such Common Vehicle Collateral (and, without limiting the generality of the foregoing, the Purchaser, the Issuer and the Indenture Trustee may liquidate or
otherwise deal with the Common Vehicle Collateral as it or they deem appropriate in accordance with the Indenture and the other Basic Documents). The Purchaser agrees that if another creditor of a Dealer has a security interest in any Common Non-Vehicle Collateral, such security interest may be senior to the interest therein of the Purchaser and the Seller has no obligation whatsoever to attempt to remove or challenge or satisfy such other security
interest in any manner or to limit in any way the exercise of remedies by such other creditor with respect thereto, and is not responsible for replacing any such Common Non-Vehicle Collateral or for any
shortfalls or loss, claims or damages relating to or resulting therefrom whatsoever. 
 (c) The Purchaser hereby agrees that (i) any
security interest it now has or may hereinafter acquire from time to time in, to or under any and all Common Non-Vehicle Collateral (whether now existing or hereafter arising) shall, without further action by
the Seller, the Purchaser or any other Person, at all times be subordinate and junior in priority to any security interest in the Common Non-Vehicle Collateral created from time to time pursuant to the related
Nonfloorplan Agreements (and the Purchaser hereby agrees to take such further actions as the Seller may reasonably request to more fully effectuate such subordination), (ii) it shall not foreclose or otherwise realize upon any Common Non-Vehicle Collateral or exercise its rights under any Floorplan Financing Agreement (or otherwise) with respect to any Common Non-Vehicle Collateral, in each case, in any
manner that is materially adverse to the Seller, until all scheduled or required payments in respect of the obligations created or secured by the Nonfloorplan Agreement(s) have been paid in full and (iii) in realizing on such Common Non-Vehicle Collateral, the Seller has no obligation to notify the Purchaser, the Issuer or the Indenture Trustee or to protect or preserve the rights of the Purchaser, the Issuer or the Indenture Trustee in such
Common Non-Vehicle Collateral (and, without limiting the generality of the foregoing, the Seller may liquidate or otherwise deal with the Common Non-Vehicle Collateral
as it deems appropriate). The Transfer and Servicing Agreement will provide that the Issuer is subject to the preceding sentence. 
 (d) If
the Seller in any manner assigns or transfers any rights under, or any obligation evidenced or secured by, a Nonfloorplan Agreement, the Seller will make such assignment or transfer subject to the provisions of this Article VI and require such
assignee or transferee to acknowledge that it takes such assignment or transfer subject to the provisions of this Article VI and to agree that it will require the same acknowledgment from any subsequent assignee or transferee. 

  
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 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

Section 7.01 Amendment. 

(a) This Agreement may be amended from time to time by the Seller and the Purchaser without the consent of any Noteholder and with notice to
each Rating Agency; provided, however, that such amendment does not adversely affect in any material respect the interests of any Noteholder. The absence of any material adverse effect may be evidenced by an Officer’s Certificate
of the Seller or the Purchaser delivered to the Issuer and the Indenture Trustee, to the effect that, in the reasonable belief of the Seller or the Purchaser, as applicable, such amendment will not adversely affect in any material respect the
interests of any Noteholder. 
 (b) This Agreement may also be amended from time to time by the Purchaser and the Seller with notice to each
Rating Agency and the consent of the Majority Noteholders of all materially adversely affected Series, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Purchaser or the Noteholders; provided, however, that no such amendment may (i) reduce in any manner the amount of or delay the timing of any distributions to be made to Noteholders or deposits of
amounts to be so distributed without the consent of each affected Noteholder (provided that changes in Early Amortization Events that decrease the likelihood of the occurrence of those events will not be considered delays in the timing of
distributions for purposes of this clause) or (ii) reduce the aforesaid percentage required to consent to any such amendment without the consent of each Noteholder. Any amendment to be effected pursuant to this paragraph will be deemed to
materially adversely affect all outstanding Series, other than any Series with respect to which such action will not, as evidenced by an Officer’s Certificate of the Seller, addressed and delivered to the Issuer and the Indenture Trustee,
adversely affect in any material respect the interests of any Noteholder of such Series. 
 (c) Promptly after the execution of any such
amendment or consent (other than an amendment pursuant to paragraph (a)), the Seller will furnish notification of the substance of such amendment to the Indenture Trustee. 

(d) If the Noteholders are required to consent to any proposed amendments pursuant to this Section, such Noteholders need not consent to or
approve the particular form of such amendment. 
 (e) The Seller will deliver to the Purchaser, upon the execution and delivery of each
amendment to this Agreement, an Opinion of Counsel to the effect that any such amendment to this Agreement: 
 (i) has been
entered into in accordance with the terms of this Agreement; and 
 (ii) has been duly authorized, executed and delivered by
the Seller and constitutes the legal, valid and binding agreement of the Seller, enforceable in accordance with its terms. 

Section 7.02 Protection of Right, Title and Interest to Receivables. 

(a) The Seller will cause this Agreement, all amendments hereto and/or all financing statements and continuation statements and any other
necessary documents covering the Purchaser’s right, title and interest to the Receivables and Related Security to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in
such places as may be required by law fully to preserve and protect the right, title and interest of the Purchaser hereunder. The Seller will deliver to the Purchaser file-

  
 19 

 
stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Purchaser will
cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this Section. 

(b) Within 30 days after the Seller makes any change in its name, identity or corporate structure which would make any financing statement
or continuation statement filed in accordance with Section 7.02(a) seriously misleading within the meaning of the UCC as in effect in the applicable jurisdiction, the Seller will give the Purchaser and the Indenture Trustee notice of any such
change and file such financing statements or amendments as may be necessary to continue the perfection of the Purchaser’s security interest in the Receivables and the proceeds thereof. 

(c) The Seller will give the Purchaser and the Indenture Trustee prompt written notice of any (i) relocation of any office at which it
keeps records concerning the Receivables or of its principal executive office and (ii) change in the Seller’s jurisdiction of organization and whether, as a result of such relocation or change, the applicable provisions of the UCC would
require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and will file such financing statements or amendments as may be necessary to perfect or to continue the perfection of
the Purchaser’s security interest in the Receivables and the proceeds thereof. The Seller will at all times maintain its principal executive office and jurisdiction of organization within the United States of America. 

Section 7.03 Limited Recourse. 

Notwithstanding anything to the contrary contained herein, the obligations of the Purchaser hereunder will not be recourse to the Purchaser (or
any person or organization acting on behalf of the Purchaser or any Affiliate, officer or director of the Purchaser), other than to (a) the amount by which the Adjusted Pool Balance on any date of determination exceeds the Required
Participation Amount and (b) any other assets of the Purchaser not pledged to third parties or otherwise encumbered in a manner permitted by the Purchaser’s organizational documents; provided, however, that any payment by the
Purchaser made in accordance with this Section will be made only after payment in full of any amounts that the Seller is obligated to deposit into the Collection Account and any Series Accounts pursuant to this Agreement; and, provided,
further, that the Noteholders will be entitled to the benefits of the subordination of the Collections allocable to the Transferor Interest to the extent provided in the Indenture Supplements. 

Section 7.04 No Petition. 

The Seller (other than in its capacity as member of the Purchaser) hereby covenants and agrees that it will not at any time institute, or join
with any other Person in instituting, against the Purchaser or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings or any proceedings seeking the appointment of a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or the Issuer or any substantial part of their respective property, or an order regarding the winding up or liquidation of the affairs of the Purchaser
or the Issuer, under any United States federal or state bankruptcy or similar law. 

  
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 Section 7.05 Governing Law. 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflict of
law provisions (other than Section 5-1401 of the General Obligations Law of the State of New York), and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with
such laws. 
 Section 7.06 Notices. 

All notices, demands, instructions, consents and other communications required or permitted under this Agreement must be in writing and will be
deemed to have been duly given if personally delivered or sent by first class or express mail (postage prepaid), national courier service or by facsimile transmission or other electronic communication device capable of transmitting or creating a
written record and followed by first class mail. Unless otherwise specified in a notice sent in accordance with the provisions of this Section, notices, demands, instructions, consents and other communications in writing will be given to the
respective parties at their respective addresses indicated in the Transfer and Servicing Agreement. All notices are deemed to be duly given upon receipt. 

Section 7.07 Severability of Provisions. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 Section 7.08 Assignment. 

Notwithstanding anything to the contrary contained herein, except as provided in Section 4.01, this Agreement may not be assigned by the
Seller without the prior consent of the Purchaser and the Indenture Trustee. The Purchaser may (and will) assign its rights, remedies, powers and privileges under this Agreement to the Issuer pursuant to the Transfer and Servicing Agreement and the
Issuer may (and will) pledge its assigned rights, remedies, powers and privileges under this Agreement to the Indenture Trustee pursuant to the Indenture. The Seller hereby expressly acknowledges and consents to the assignment to the Issuer of the
Transferor’s rights relating to the Receivables sold hereunder. 
 Section 7.09 Further Assurances. 

The Seller agrees to do and perform, from time to time, any and all acts and to execute any and all further instruments required or reasonably
requested by the Purchaser more fully to effect the purposes of this Agreement, including the execution of any financing statements or continuation statements relating to the Receivables for filing under the provisions of the UCC of any applicable
jurisdiction. 

  
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 Section 7.10 No Waiver; Cumulative Remedies. 

No failure to exercise and no delay in exercising, on the part of the Purchaser, any right, remedy, power or privilege under this Agreement
will operate as a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. 

Section 7.11 Counterparts. 

This Agreement may be executed in two or more counterparts (and by different parties on separate counterparts), each of which will be an
original, but all of which together will constitute one and the same instrument. Delivery of executed signature pages to this Agreement by facsimile or other electronic transmission shall constitute and be effective as delivery of a manually
executed signature page hereto. 
 Section 7.12 Third-Party Beneficiaries. 

This Agreement will be binding upon and inure to the benefit of the parties hereto, the Indenture Trustee, the Issuer and the holders of the
Transferor Interest and their respective successors and permitted assigns. Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder. 

Section 7.13 Merger and Integration. 

Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject
matter hereof, and all prior understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived, or supplemented except as provided herein. 

Section 7.14 Headings. 

The headings herein are for purposes of reference only and are not intended to otherwise affect the meaning or interpretation of any provision
hereof. 

  
 22 

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

					
	AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM FINANCIAL, as Seller
		
	By:	 	 /s/ Sheli Fitzgerald

		 	Name:	 	Sheli Fitzgerald
		 	Title:	 	Vice President, Corporate Finance
	
	GMF WHOLESALE RECEIVABLES LLC, as Purchaser
		
	By:	 	 /s/ Robert T. Pigott III

		 	Name:	 	Robert T. Pigott III
		 	Title:	 	Assistant Vice President, Corporate Finance

  

					
		  	S-1	  	[Receivables Purchase Agreement]

 Exhibit A 

FORM OF ASSIGNMENT OF RECEIVABLES IN ADDITIONAL ACCOUNTS 

(As required by Section 2.05 

of the Receivables Purchase Agreement) 

This ASSIGNMENT NO. __ OF RECEIVABLES IN ADDITIONAL ACCOUNTS, dated as of [_______ __, 20_], is by and between AMERICREDIT FINANCIAL
SERVICES, INC. d/b/a GM FINANCIAL, as Seller, and GMF WHOLESALE RECEIVABLES LLC, as Purchaser, pursuant to the Receivables Purchase Agreement referred to below. 

RECITALS 
 A. The Seller and the
Purchaser are parties to a Receivables Purchase Agreement, dated as of March 27, 2013 (as amended, supplemented or otherwise modified from time to time, the “Receivables Purchase Agreement”). 

B. Pursuant to the Receivables Purchase Agreement, the Seller wishes to designate Additional Accounts as Accounts and to sell the Receivables
and Related Security arising in connection with such Additional Accounts, whether now existing or hereafter created, to the Purchaser, to be further transferred to the Issuer and pledged to the Indenture Trustee. 

C. The Purchaser is willing to accept such designation and sale subject to the terms and conditions hereof. 

The Seller and the Purchaser hereby agree as follows: 

STATEMENT OF AGREEMENT 
 1.
Defined Terms. All capitalized terms used herein have the meanings ascribed to them in the Annex of Definitions or the Receivables Purchase Agreement unless otherwise defined herein: 

“Addition Date” means, with respect to the Additional Accounts designated hereby, ________, 20__. 

“Additional Cutoff Date” means, with respect to the Additional Accounts designated hereby, __________, 20__. 

2. Designation of Additional Accounts. The Seller hereby delivers herewith an Additional Account Schedule specifying for each such
Additional Account, as of the Additional Cutoff Date, its account number and the aggregate amount of Principal Receivables of such Account. 

3. Sale of Receivables. The Seller does hereby sell, transfer, assign, set over and otherwise convey, without recourse (except as
expressly provided in the Receivables Purchase Agreement), to the Purchaser, on the Addition Date (a) all of its right, title and interest in, to and 

  
 A-1 

 
the Receivable existing in or arising in connection with such Additional Accounts (from and including the related Additional Cutoff Date to and including the related Addition Date) and all
Related Security with respect to such Receivables, including the Seller’s interest in the security interests granted by the Dealers in the related Vehicles and any subordinated security interests in other Collateral with respect to such
Receivable, owned by the Seller at the close of business on the Additional Cutoff Date and thereafter created from time to time, (b) all of its rights under the related Sales and Service Agreement, (c) all of its rights under intercreditor
agreements with third-party creditors of Dealers with respect to each such Additional Account, (d) all of its rights under the related Floorplan Financing Agreement, (e) all proceeds of the foregoing owned by the Seller at the close of
business on such Additional Cutoff Date and (f) all monies due or to become due and all amounts received with respect thereto and all proceeds thereof (including “proceeds,” as defined in the UCC as in effect in the applicable
jurisdiction) and Recoveries with respect thereto. The foregoing sale, transfer, assignment, set-over and conveyance does not constitute and is not intended to result in the creation, or an assumption by the
Purchaser, of any obligation of the Servicer, the Seller, GM or any other Person in connection with the Accounts, the related Receivables or under any agreement or instrument relating thereto, including any obligation to any Dealers or GM. 

In connection with such sale, to the extent necessary giving effect to UCC financing statements already filed, the Seller agrees to record and
file, at its own expense, a financing statement on form UCC-1 (and continuation statements when applicable) with respect to the Receivables now existing and hereafter created for the sale of
“instruments”, “chattel paper”, “general intangibles”, “payment intangibles” or “accounts” (as defined in the UCC as in effect in the applicable jurisdiction) meeting the requirements of applicable
state law in such manner and in such jurisdictions as are necessary to perfect the sale and assignment of the Receivables and the Related Security to the Purchaser, and to deliver a file-stamped copy of such financing statements or other evidence of
such filing to the Purchaser within 10 days after the Addition Date. The Purchaser is under no obligation whatsoever to file such financing statement, or a continuation statement to such financing statement, or to make any other filing under the UCC
in connection with such sale. The parties hereto intend that the sales of Receivables effected by this Assignment be sales. 
 In connection
with such sale, the Seller further agrees, at its own expense, on or before the Addition Date, to indicate in its books and records (and with respect to (C) below, in its computer records) that the Receivables and the Related Security:
(A) have been sold or assigned, as the case may be, to the Purchaser pursuant to this Assignment, then (B) transferred by the Purchaser to the Issuer pursuant to the Transfer and Servicing Agreement and then (C) pledged by the Issuer
to the Indenture Trustee pursuant to the Indenture and the Indenture Supplements for the benefit of the Noteholders. 
 4. Acceptance by
Purchaser. Subject to the satisfaction of the conditions set forth in Section 2.05(b) of the Receivables Purchase Agreement, the Purchaser hereby acknowledges its acceptance of all right, title and interest to the property, now existing and
hereafter created, sold to the Purchaser pursuant to Section 3 of this Assignment. The Purchaser further acknowledges that, before or simultaneously with the execution and delivery of this Assignment, the Seller delivered to the Purchaser the
Additional Account Schedule described in Section 2 of this Assignment. 

  
 A-2 

 5. Representations and Warranties of Seller. The Seller hereby represents and
warrants to the Purchaser, on behalf of the Issuer, as of the date of this Assignment and as of the Addition Date that: 
 (i)
Organization and Good Standing. The Seller is a corporation duly formed and validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, full power, authority and legal right to own its
properties and conduct its business as such properties are currently owned and such business is currently conducted, and to execute, deliver and perform its obligations under this Assignment. 

(ii) Due Qualification. The Seller is duly qualified to do business and, where necessary, is in good standing as a foreign corporation
(or is exempt from such requirement) and has obtained all necessary licenses and approvals in each jurisdiction where the conduct of its business requires such qualification except where the failure to so qualify or obtain licenses or approvals
would not have a material adverse effect on its ability to perform its obligations hereunder. 
 (iii) Due Authorization. The Seller
has duly authorized by all necessary action on its part the execution and delivery of this Assignment and the consummation of the transactions provided for or contemplated by this Assignment. 

(iv) No Conflict. The Seller’s execution and delivery of this Assignment, its performance of the transactions contemplated by this
Assignment and the fulfillment of the terms hereof applicable to it, will not conflict with, result in any breach of any of the material terms and provisions of, or constitute (with or without notice or lapse of time or both) a material default
under, any material indenture, contract, agreement, mortgage, deed of trust or other instrument to which the Seller is a party or by which it or its properties are bound. 

(v) No Violation. The Seller’s execution and delivery of this Assignment, its performance of the transactions contemplated by this
Assignment and the fulfillment of the terms hereof applicable to it, will not conflict with or violate any material Requirements of Law applicable to it. 

(vi) No Proceedings. There are no proceedings pending or, to the best of its knowledge, no proceedings threatened or investigations
pending or threatened against the Seller before or by any Governmental Authority (A) asserting the invalidity of this Assignment, (B) seeking to prevent the consummation of any of the transactions contemplated by this Assignment,
(C) seeking any determination or ruling that, in its reasonable judgment, would materially and adversely affect the performance of its obligations under this Assignment, (D) seeking any determination or ruling that would materially and
adversely affect the validity or enforceability of this Assignment or (E) seeking to affect adversely the income tax characterization of the Issuer under the United States federal or any other applicable state or local jurisdiction’s
income, single business or franchise tax systems. 
 (vii) All Consents Required. All material authorizations, consents, orders,
approvals or other actions of any Governmental Authority required to be obtained or effected by the Seller in connection with its execution and delivery of this Assignment, its performance of the transactions contemplated by this Assignment and the
fulfillment of the terms hereof applicable to it, have been obtained or effected. 

  
 A-3 

 (viii) Enforceability. This Assignment constitutes a legal, valid and binding
obligation of the Seller, enforceable against it in accordance with the terms hereof, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect
affecting the enforcement of creditors’ rights in general and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

(ix) Account Schedule. The Additional Account Schedule delivered pursuant to Section 2 of this Assignment is an accurate and
complete listing in all material respects of all the related Additional Accounts and the information contained therein with respect to the identity of such Additional Accounts and the Principal Receivables arising in connection therewith is true and
correct in all material respects. 
 (x) Valid Sale. This Assignment constitutes a valid sale, transfer and assignment to the
Purchaser of all right, title and interest of the Seller in the Receivables and the Related Security and the proceeds thereof and upon the filing of the financing statements described in Section 3 of this Assignment and, in the case of the
Receivables and the Related Security hereafter created and the proceeds thereof, upon the creation thereof, the Purchaser will have a first priority perfected ownership interest in the Receivables and a perfected security interest in the Related
Security and such proceeds. 
 6. Ratification of Agreement. As supplemented by this Assignment, the Receivables Purchase Agreement is
in all respects ratified and confirmed and the Receivables Purchase Agreement as so supplemented by this Assignment is to be read, taken and construed as one and the same instrument. 

7. Counterparts. This Assignment may be executed in two or more counterparts (and by different parties in separate counterparts), each
of which will be an original but all of which together will constitute one and the same instrument. 
 8. Governing Law. THIS
ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

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

  
 A-4 

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

		 	Name:
		 	Title:
	
	GMF WHOLESALE RECEIVABLES LLC, as Purchaser
		
	By:	 	
                 

		 	Name:
		 	Title:

  
 A-5 

 EXHIBIT B 

FORM OF REASSIGNMENT OF RECEIVABLES IN REDESIGNATED ACCOUNTS 

(Pursuant to Section [2.06][2.07] 

REASSIGNMENT NO. ____ OF RECEIVABLES IN REDESIGNATED ACCOUNTS, dated as of______________, by and between GMF WHOLESALE RECEIVABLES LLC
(“GMWR”), as Purchaser, and AMERICREDIT FINANCIAL SERVICES, INC., d/b/a GM FINANCIAL (“GMF”), as seller, pursuant to the Receivables Purchase Agreement referred to below. 

W I T N E S S E T H: 
 A.
WHEREAS, GMF and GMWR are parties to the Receivables Purchase Agreement dated as of March 27, 2013 (as amended or supplemented, the “Receivables Purchase Agreement”); and 

B. WHEREAS, pursuant to the Receivables Purchase Agreement, GMF and GMWR have agreed to remove certain Accounts (as defined in the Receivables
Purchase Agreement) and to reconvey the Receivables in such Redesignated Account and the Related Security, whether now existing or hereafter created, and all amounts currently held by GMWR or thereafter received by GMWR from the operation of the
Receivables Purchase Agreement; and 
 NOW, THEREFORE, GMF and GMWR hereby agree as follows: 

1. Defined Terms. All terms defined in the Receivables Purchase Agreement and used herein shall have such defined meanings when used
herein, unless otherwise defined herein. 
 [”Removal Date” shall mean, with respect to the Redesignated
Accounts designated hereby, ______________, ____].] 
 [”Removal and Reassignment Date” means, with respect
to the Redesignated Accounts designated hereby, ___, _____.] 
 2. Notice of [Redesignation][Removal]. Prior to or simultaneously with
the execution and delivery of this Reassignment, GMF has delivered to GMWR, the Servicer (if GMF is not the Servicer), the Indenture Trustee and the Rating Agencies the [Redesignation][Removal] Notice as provided in Section [2.06(b)(i)][2.07(b)(i)]
of the Receivables Purchase Agreement and GMWR hereby acknowledges receipt thereof. 
 3. Conveyance of Receivables. 

(a) After giving effect to Section [2.06][2.07] of the Receivables Purchase Agreement, GMWR does not own any Receivables in the Redesignated
Accounts identified in the Removal Notice. However, in order to conclusively evidence such fact, GMWR does hereby 

  
 B-1 

 
sell, transfer, assign, set-over and otherwise convey to GMF, without recourse, representation or warranty, on and after the Removal [and Reassignment]
Date, all right, title and interest of GMWR (to the extent, if at all, GMWR has any such right, title and interest after giving effect to Section [2.06][2.07] of the Receivables Purchase Agreement) in, to and under all Receivables now existing at
the close of business on the Removal [and Reassignment] Date and thereafter created from time to time in the Redesignated Accounts identified on the [Redesignation][Removal] Notice, all Related Security thereof, all monies due or to become due and
all amounts received with respect thereto (including all Interest Receivables), all proceeds thereof (including “proceeds” as defined in the UCC as in effect in the applicable jurisdiction) and Recoveries with respect thereto. 

(b) If requested by GMF, in connection with such transfer, GMWR agrees to execute and deliver to GMF on or prior to the date of this
Reassignment, a termination statement or release with respect to the Receivables existing at the close of business on the Removal [and Reassignment] Date and thereafter created from time to time and Related Security thereof in the Redesignated
Accounts identified on the [Redesignation][Removal] Notice (which may be a single termination statement with respect to all such Receivables and Related Security) evidencing the release by GMWR of all of its right, title and interest in such
Receivables in the Redesignated Accounts identified on the [Redesignation][Removal] Notice and the Related Security, and meeting the requirements of applicable state law, in such manner and such jurisdictions as are necessary to remove such lien.

 4. Ratification of Agreement. As supplemented by this Reassignment, the Receivables Purchase Agreement as so supplemented by this
Reassignment shall be read, taken and construed as one and the same instrument. 
 5. Counterparts. This Reassignment may be executed
in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. 

6. GOVERNING LAW. THIS REASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REFERENCE TO ITS OR ANY OTHER JURISDICTION’S CONFLICT OF LAW PROVISIONS, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 [signature page to follow]

  
 B-2 

 IN WITNESS WHEREOF, the undersigned have caused this Reassignment to be duly executed and delivered by their
respective duly authorized officer on the day and year first above written. 
  

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

	Name:
	Title:
	
	GMF WHOLESALE RECEIVABLES LLC
		
	By:	 	
                 

	Name:
	Title:

  
 -1- 

 Schedule I 

ACCOUNT SCHEDULE 
 [ON FILE WITH
INDENTURE TRUSTEE] 

  
 Schedule 1-I

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